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:

15 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:

1,077,367

1.20%

704,997

0.79%

(2)

Cash-settled derivatives:

and/or controlled:

667,526

0.75%

1,077,366

1.20%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,744,893

1.95%

1,782,363

1.99%

(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

253,360

9.4625 GBP

9.1690 GBP

0.25p ordinary

Sale

82,943

9.4500 GBP

9.2650 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 Long

23

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Short

160

9.4195 GBP

0.25p ordinary

SWAP

Increasing Long

215

9.3323 GBP

0.25p ordinary

SWAP

Decreasing Long

2,475

9.4200 GBP

0.25p ordinary

SWAP

Increasing Short

594

9.3293 GBP

0.25p ordinary

SWAP

Increasing Short

582

9.3279 GBP

0.25p ordinary

SWAP

Decreasing Long

12,368

9.3307 GBP

0.25p ordinary

SWAP

Decreasing Long

1,687

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Long

4,285

9.4200 GBP

0.25p ordinary

SWAP

Increasing Long

1,398

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Long

10,509

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Long

32

9.4375 GBP

0.25p ordinary

SWAP

Increasing Long

18

9.4375 GBP

0.25p ordinary

SWAP

Opening Long

7

9.4375 GBP

0.25p ordinary

SWAP

Decreasing Long

50

9.4488 GBP

0.25p ordinary

SWAP

Increasing Long

3,213

9.4275 GBP

0.25p ordinary

SWAP

Decreasing Long

1,188

9.3091 GBP

0.25p ordinary

SWAP

Decreasing Long

285

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Long

20

9.4200 GBP

0.25p ordinary

SWAP

Increasing Long

94

9.3250 GBP

0.25p ordinary

SWAP

Increasing Short

3,115

9.2114 GBP

0.25p ordinary

SWAP

Decreasing Short

1,222

9.3148 GBP

0.25p ordinary

SWAP

Decreasing Long

890

9.4112 GBP

0.25p ordinary

SWAP

Decreasing Long

332

9.4112 GBP

0.25p ordinary

CFD

Increasing Long

320

9.1844 GBP

0.25p ordinary

SWAP

Increasing Short

218

9.4157 GBP

0.25p ordinary

SWAP

Increasing Short

2,060

9.4205 GBP

0.25p ordinary

SWAP

Opening Long

7

9.4375 GBP

0.25p ordinary

SWAP

Closing Long

4,437

9.3754 GBP

0.25p ordinary

SWAP

Decreasing Long

160

9.3753 GBP

0.25p ordinary

SWAP

Opening Short

75,000

9.3352 GBP

0.25p ordinary

SWAP

Increasing Long

401

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Long

1,422

9.4491 GBP

0.25p ordinary

SWAP

Decreasing Long

32,610

9.3058 GBP

0.25p ordinary

SWAP

Decreasing Long

34

9.4378 GBP

0.25p ordinary

SWAP

Closing Long

977

9.4378 GBP

0.25p ordinary

SWAP

Opening Short

347

9.4378 GBP

0.25p ordinary

SWAP

Decreasing Long

1,640

9.4023 GBP

0.25p ordinary

SWAP

Decreasing Long

125

9.4200 GBP

0.25p ordinary

SWAP

Increasing Long

939

9.3139 GBP

0.25p ordinary

SWAP

Increasing Long

2

9.4142 GBP

0.25p ordinary

SWAP

Decreasing Long

5

9.4200 GBP

0.25p ordinary

SWAP

Increasing Short

260

9.1699 GBP

0.25p ordinary

SWAP

Increasing Short

228

9.4200 GBP

0.25p ordinary

CFD

Decreasing Long

22,614

9.3615 GBP

0.25p ordinary

SWAP

Decreasing Long

6,493

9.3404 GBP

0.25p ordinary

SWAP

Increasing Long

1,072

9.4074 GBP

0.25p ordinary

SWAP

Increasing Long

308

9.3310 GBP

0.25p ordinary

SWAP

Decreasing Long

2

9.3676 GBP

0.25p ordinary

SWAP

Increasing Long

2

9.3673 GBP

0.25p ordinary

SWAP

Decreasing Short

254

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Long

3,381

9.3884 GBP

0.25p ordinary

SWAP

Increasing Long

2,034

9.3307 GBP

0.25p ordinary

SWAP

Increasing Short

4,667

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Long

111

9.4124 GBP

0.25p ordinary

SWAP

Decreasing Short

1,999

9.2922 GBP

0.25p ordinary

SWAP

Decreasing Long

82

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Short

611

9.3621 GBP

0.25p ordinary

SWAP

Increasing Long

85

9.4200 GBP

0.25p ordinary

SWAP

Decreasing Short

9,550

9.3326 GBP

0.25p ordinary

SWAP

Decreasing Long

2,377

9.4200 GBP

0.25p ordinary

SWAP

Increasing Long

2,317

9.3043 GBP

0.25p ordinary

SWAP

Increasing Long

1,008

9.3181 GBP

0.25p ordinary

SWAP

Decreasing Long

346

9.3393 GBP

0.25p ordinary

SWAP

Increasing Long

10,178

9.3366 GBP

0.25p ordinary

SWAP

Decreasing Long

9,504

9.3350 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:

16 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213