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:

23 Sep 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:

2,096,283

2.35%

198,030

0.22%

(2)

Cash-settled derivatives:

and/or controlled:

195,010

0.22%

2,089,865

2.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,291,293

2.57%

2,287,895

2.57%

(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

168,991

11.2770 GBP

11.1100 GBP

0.25p ordinary

Sale

165,852

11.2341 GBP

11.1100 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

Decreasing Short

2,705

11.1333 GBP

0.25p ordinary

SWAP

Decreasing Long

254

11.2000 GBP

0.25p ordinary

SWAP

Closing Short

280

11.1100 GBP

0.25p ordinary

SWAP

Opening Long

9,624

11.1100 GBP

0.25p ordinary

SWAP

Decreasing Short

338

11.1845 GBP

0.25p ordinary

SWAP

Decreasing Short

1,099

11.1226 GBP

0.25p ordinary

SWAP

Decreasing Short

2

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Long

12,484

11.1990 GBP

0.25p ordinary

SWAP

Decreasing Short

2,499

11.1094 GBP

0.25p ordinary

SWAP

Increasing Short

9,492

11.1922 GBP

0.25p ordinary

SWAP

Decreasing Short

138

11.1300 GBP

0.25p ordinary

SWAP

Increasing Short

45

11.1397 GBP

0.25p ordinary

SWAP

Decreasing Long

1,098

11.1377 GBP

0.25p ordinary

SWAP

Decreasing Long

409

11.1377 GBP

0.25p ordinary

CFD

Increasing Short

640

11.1108 GBP

0.25p ordinary

CFD

Increasing Short

1,481

11.2254 GBP

0.25p ordinary

CFD

Decreasing Short

108

11.2393 GBP

0.25p ordinary

SWAP

Increasing Short

4,794

11.2130 GBP

0.25p ordinary

SWAP

Decreasing Short

4,250

11.1510 GBP

0.25p ordinary

SWAP

Decreasing Long

1,013

11.1522 GBP

0.25p ordinary

SWAP

Decreasing Short

1,226

11.1690 GBP

0.25p ordinary

SWAP

Increasing Short

119

11.2300 GBP

0.25p ordinary

SWAP

Decreasing Long

8,937

11.1100 GBP

0.25p ordinary

SWAP

Decreasing Short

3,764

11.1893 GBP

0.25p ordinary

SWAP

Increasing Short

13,500

11.2178 GBP

0.25p ordinary

SWAP

Decreasing Short

17,849

11.1571 GBP

0.25p ordinary

SWAP

Decreasing Short

11

11.2000 GBP

0.25p ordinary

CFD

Increasing Short

1,640

11.1201 GBP

0.25p ordinary

SWAP

Decreasing Short

709

11.1417 GBP

0.25p ordinary

SWAP

Decreasing Short

230

11.2123 GBP

0.25p ordinary

SWAP

Increasing Short

1,435

11.1414 GBP

0.25p ordinary

SWAP

Increasing Short

27,000

11.2778 GBP

0.25p ordinary

SWAP

Increasing Short

5,681

11.1100 GBP

0.25p ordinary

SWAP

Decreasing Short

17

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

3,629

11.1395 GBP

0.25p ordinary

SWAP

Increasing Short

697

11.1998 GBP

0.25p ordinary

SWAP

Decreasing Short

775

11.1436 GBP

0.25p ordinary

SWAP

Decreasing Short

1,761

11.1874 GBP

0.25p ordinary

SWAP

Decreasing Short

120

11.1300 GBP

0.25p ordinary

SWAP

Decreasing Short

3,803

11.1528 GBP

0.25p ordinary

SWAP

Increasing Short

3,815

11.1100 GBP

0.25p ordinary

SWAP

Decreasing Short

1,818

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

892

11.1100 GBP

0.25p ordinary

SWAP

Decreasing Short

9,442

11.2018 GBP

0.25p ordinary

SWAP

Decreasing Short

3,077

11.1472 GBP

0.25p ordinary

SWAP

Increasing Short

270

11.2100 GBP

0.25p ordinary

SWAP

Decreasing Short

270

11.1900 GBP

0.25p ordinary

SWAP

Increasing Short

1,409

11.1791 GBP

0.25p ordinary

SWAP

Decreasing Short

22,868

11.1828 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:

24 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213