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:

17 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:

1,101,693

1.23%

613,908

0.69%

(2)

Cash-settled derivatives:

and/or controlled:

577,593

0.65%

1,101,692

1.23%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,679,286

1.88%

1,715,600

1.92%

(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

93,396

9.5329 GBP

9.3170 GBP

0.25p ordinary

Sale

45,159

9.5322 GBP

9.3296 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

68

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Short

276

9.4095 GBP

0.25p ordinary

SWAP

Decreasing Long

3,769

9.4189 GBP

0.25p ordinary

SWAP

Closing Long

765

9.4100 GBP

0.25p ordinary

SWAP

Opening Short

4,953

9.4100 GBP

0.25p ordinary

SWAP

Increasing Short

32

9.3550 GBP

0.25p ordinary

SWAP

Increasing Short

351

9.3772 GBP

0.25p ordinary

SWAP

Increasing Short

330

9.3662 GBP

0.25p ordinary

SWAP

Increasing Long

427

9.3539 GBP

0.25p ordinary

SWAP

Increasing Long

32

9.3949 GBP

0.25p ordinary

SWAP

Decreasing Short

1,756

9.4100 GBP

0.25p ordinary

SWAP

Opening Short

1,182

9.4100 GBP

0.25p ordinary

SWAP

Increasing Long

2,957

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Long

4,019

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Long

841

9.4265 GBP

0.25p ordinary

SWAP

Decreasing Long

5,425

9.4222 GBP

0.25p ordinary

SWAP

Decreasing Long

345

9.4252 GBP

0.25p ordinary

SWAP

Decreasing Long

310

9.4573 GBP

0.25p ordinary

SWAP

Decreasing Long

8

9.3170 GBP

0.25p ordinary

SWAP

Decreasing Long

14

9.4700 GBP

0.25p ordinary

SWAP

Decreasing Short

3,375

9.4581 GBP

0.25p ordinary

SWAP

Decreasing Short

137

9.4300 GBP

0.25p ordinary

SWAP

Closing Short

1

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Long

1,147

9.3825 GBP

0.25p ordinary

SWAP

Decreasing Long

426

9.3825 GBP

0.25p ordinary

CFD

Decreasing Long

78

9.3866 GBP

0.25p ordinary

SWAP

Increasing Short

505

9.5107 GBP

0.25p ordinary

SWAP

Decreasing Short

2,000

9.4990 GBP

0.25p ordinary

SWAP

Increasing Short

3

9.3705 GBP

0.25p ordinary

SWAP

Increasing Long

40

9.3600 GBP

0.25p ordinary

SWAP

Closing Long

3,842

9.4090 GBP

0.25p ordinary

SWAP

Decreasing Long

550

9.4090 GBP

0.25p ordinary

SWAP

Decreasing Long

776

9.4111 GBP

0.25p ordinary

SWAP

Increasing Short

1,679

9.4104 GBP

0.25p ordinary

SWAP

Increasing Short

5,866

9.4082 GBP

0.25p ordinary

SWAP

Decreasing Long

5,073

9.4251 GBP

0.25p ordinary

SWAP

Decreasing Long

919

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Long

2,446

9.4476 GBP

0.25p ordinary

SWAP

Decreasing Long

1,283

9.4075 GBP

0.25p ordinary

SWAP

Decreasing Long

176

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Long

11

9.4425 GBP

0.25p ordinary

SWAP

Increasing Long

142

9.4096 GBP

0.25p ordinary

SWAP

Increasing Short

1,688

9.3818 GBP

0.25p ordinary

SWAP

Decreasing Short

224

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Long

58

9.3550 GBP

0.25p ordinary

SWAP

Decreasing Long

3,709

9.4361 GBP

0.25p ordinary

SWAP

Increasing Long

187

9.4547 GBP

0.25p ordinary

SWAP

Decreasing Long

139

9.4145 GBP

0.25p ordinary

SWAP

Increasing Long

36

9.5323 GBP

0.25p ordinary

SWAP

Decreasing Long

31

9.5326 GBP

0.25p ordinary

SWAP

Increasing Short

6,750

9.3852 GBP

0.25p ordinary

SWAP

Increasing Short

318

9.4100 GBP

0.25p ordinary

SWAP

Increasing Long

23

9.4475 GBP

0.25p ordinary

SWAP

Decreasing Long

8

9.4076 GBP

0.25p ordinary

SWAP

Increasing Short

1,688

9.4118 GBP

0.25p ordinary

SWAP

Increasing Short

202

9.3650 GBP

0.25p ordinary

SWAP

Increasing Long

76

9.4100 GBP

0.25p ordinary

SWAP

Increasing Short

1,688

9.3218 GBP

0.25p ordinary

SWAP

Decreasing Short

445

9.4497 GBP

0.25p ordinary

SWAP

Decreasing Long

59

9.4100 GBP

0.25p ordinary

SWAP

Increasing Short

730

9.3200 GBP

0.25p ordinary

SWAP

Decreasing Long

899

9.3989 GBP

0.25p ordinary

SWAP

Decreasing Short

636

9.4300 GBP

0.25p ordinary

SWAP

Increasing Long

4,075

9.4643 GBP

0.25p ordinary

SWAP

Decreasing Short

1,789

9.4329 GBP

0.25p ordinary

SWAP

Increasing Long

1,301

9.4303 GBP

0.25p ordinary

SWAP

Decreasing Long

384

9.3200 GBP

0.25p ordinary

SWAP

Increasing Long

677

9.4530 GBP

0.25p ordinary

SWAP

Decreasing Long

2,713

9.4070 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:

20 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213