Form 8.5 EPT/Non RI GAMMA COMMUNICATIONS PLC

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b)

Name of offeror/offeree in relation to whose

GAMMA COMMUNICATIONS PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

GAMMA COMMUNICATIONS PLC

principal trader is connected

(d)

Date position held/dealing undertaken:

13 Jul 2026

(e)

In addition to the company in 1(b) above, is the exempt principal

NO

trader making disclosures in respect of any other party to the offer?

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing (if any)

Class of relevant security:

0.25p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

900,705

1.01%

1,008,127

1.13%

(2)

Cash-settled derivatives:

and/or controlled:

970,785

1.08%

903,901

1.01%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,871,490

2.09%

1,912,028

2.13%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Total number of

Highest price per unit

Lowest price per unit

security

securities

paid/received

paid/received

0.25p ordinary

Purchase

284,617

9.1650 GBP

8.9350 GBP

0.25p ordinary

Sale

111,122

9.1613 GBP

8.9500 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

0.25p ordinary

SWAP

Increasing Long

137

9.1450 GBP

0.25p ordinary

SWAP

Increasing Short

766

9.1454 GBP

0.25p ordinary

SWAP

Decreasing Long

2

9.1450 GBP

0.25p ordinary

SWAP

Increasing Short

569

9.0469 GBP

0.25p ordinary

SWAP

Increasing Short

592

9.0474 GBP

0.25p ordinary

SWAP

Decreasing Long

8,571

9.0558 GBP

0.25p ordinary

SWAP

Decreasing Long

1,882

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

2,753

9.1473 GBP

0.25p ordinary

SWAP

Closing Short

3,123

9.1450 GBP

0.25p ordinary

SWAP

Opening Long

5,548

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

21,976

8.9350 GBP

0.25p ordinary

SWAP

Closing Long

209

9.0935 GBP

0.25p ordinary

SWAP

Decreasing Long

39

9.1469 GBP

0.25p ordinary

SWAP

Decreasing Long

107

9.1469 GBP

0.25p ordinary

SWAP

Decreasing Long

352

9.1469 GBP

0.25p ordinary

SWAP

Decreasing Long

3,830

9.1469 GBP

0.25p ordinary

SWAP

Decreasing Long

730

9.1246 GBP

0.25p ordinary

SWAP

Decreasing Long

1,332

9.1293 GBP

0.25p ordinary

SWAP

Decreasing Long

225

9.0288 GBP

0.25p ordinary

SWAP

Decreasing Long

4,004

9.1357 GBP

0.25p ordinary

SWAP

Decreasing Long

3,817

9.1365 GBP

0.25p ordinary

SWAP

Decreasing Long

11,972

9.1454 GBP

0.25p ordinary

SWAP

Decreasing Long

396

9.0817 GBP

0.25p ordinary

SWAP

Increasing Short

322

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

24

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

9

9.1450 GBP

0.25p ordinary

CFD

Decreasing Short

3,792

9.1001 GBP

0.25p ordinary

CFD

Decreasing Long

20,255

9.0453 GBP

0.25p ordinary

CFD

Opening Long

757

9.1614 GBP

0.25p ordinary

CFD

Opening Short

10,400

9.1556 GBP

0.25p ordinary

SWAP

Increasing Short

275

9.0807 GBP

0.25p ordinary

SWAP

Decreasing Short

600

9.0589 GBP

0.25p ordinary

SWAP

Closing Long

3,202

9.0897 GBP

0.25p ordinary

SWAP

Decreasing Long

1,534

9.0897 GBP

0.25p ordinary

SWAP

Opening Short

24,998

9.0670 GBP

0.25p ordinary

SWAP

Decreasing Long

1,331

9.1480 GBP

0.25p ordinary

SWAP

Decreasing Short

1,035

9.1445 GBP

0.25p ordinary

SWAP

Decreasing Long

18,705

9.1315 GBP

0.25p ordinary

SWAP

Decreasing Long

2,618

9.1156 GBP

0.25p ordinary

SWAP

Increasing Long

3,123

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

14,867

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

1,506

9.1131 GBP

0.25p ordinary

SWAP

Decreasing Long

117

9.0621 GBP

0.25p ordinary

SWAP

Increasing Long

5,664

9.1264 GBP

0.25p ordinary

SWAP

Decreasing Long

937

9.0515 GBP

0.25p ordinary

SWAP

Decreasing Short

342

9.1450 GBP

0.25p ordinary

SWAP

Increasing Long

1,623

9.0477 GBP

0.25p ordinary

SWAP

Increasing Long

603

9.0477 GBP

0.25p ordinary

CFD

Decreasing Short

5,599

9.0172 GBP

0.25p ordinary

SWAP

Increasing Short

2,776

9.1455 GBP

0.25p ordinary

SWAP

Decreasing Long

10,991

9.0679 GBP

0.25p ordinary

SWAP

Decreasing Long

6,453

9.1258 GBP

0.25p ordinary

SWAP

Decreasing Long

117

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

6,505

9.1181 GBP

0.25p ordinary

SWAP

Decreasing Long

413

9.0535 GBP

0.25p ordinary

SWAP

Increasing Short

596

9.1481 GBP

0.25p ordinary

SWAP

Decreasing Short

2,176

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

697

9.1074 GBP

0.25p ordinary

SWAP

Increasing Long

103

9.1450 GBP

0.25p ordinary

SWAP

Increasing Long

351

9.1450 GBP

0.25p ordinary

SWAP

Increasing Short

7,714

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

350

9.1365 GBP

0.25p ordinary

SWAP

Increasing Long

36,716

9.1450 GBP

0.25p ordinary

SWAP

Increasing Short

2,719

9.0608 GBP

0.25p ordinary

SWAP

Increasing Long

2,644

9.1449 GBP

0.25p ordinary

SWAP

Increasing Long

794

9.1450 GBP

0.25p ordinary

SWAP

Increasing Short

9,419

9.1076 GBP

0.25p ordinary

SWAP

Decreasing Long

4,919

9.1450 GBP

0.25p ordinary

SWAP

Decreasing Long

2,629

9.0597 GBP

0.25p ordinary

SWAP

Increasing Long

74

8.9500 GBP

0.25p ordinary

SWAP

Decreasing Long

660

9.0330 GBP

0.25p ordinary

SWAP

Decreasing Long

29,114

9.0608 GBP

0.25p ordinary

SWAP

Increasing Long

1,902

9.0425 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the exempt principal trader making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

14 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213