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:

25 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:

2,004,682

2.25%

156,700

0.18%

(2)

Cash-settled derivatives:

and/or controlled:

154,035

0.17%

1,998,375

2.24%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,158,717

2.42%

2,155,075

2.42%

(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

106,316

11.2487 GBP

11.1849 GBP

0.25p ordinary

Sale

134,589

11.2511 GBP

11.1900 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

319

11.2386 GBP

0.25p ordinary

SWAP

Decreasing Long

294

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Long

249

11.2258 GBP

0.25p ordinary

SWAP

Decreasing Long

11,140

11.2200 GBP

0.25p ordinary

SWAP

Increasing Short

258

11.2199 GBP

0.25p ordinary

SWAP

Decreasing Short

76

11.2500 GBP

0.25p ordinary

SWAP

Increasing Short

1,529

11.2034 GBP

0.25p ordinary

SWAP

Increasing Short

10

11.1900 GBP

0.25p ordinary

SWAP

Increasing Long

111

11.2200 GBP

0.25p ordinary

SWAP

Decreasing Short

4,832

11.2204 GBP

0.25p ordinary

SWAP

Increasing Short

10,800

11.1578 GBP

0.25p ordinary

SWAP

Decreasing Short

1,521

11.2200 GBP

0.25p ordinary

SWAP

Opening Short

3

11.1900 GBP

0.25p ordinary

SWAP

Decreasing Long

793

11.2035 GBP

0.25p ordinary

SWAP

Decreasing Long

295

11.2035 GBP

0.25p ordinary

CFD

Increasing Short

540

11.2208 GBP

0.25p ordinary

CFD

Increasing Short

253

11.2306 GBP

0.25p ordinary

SWAP

Increasing Short

1,774

11.2447 GBP

0.25p ordinary

SWAP

Decreasing Short

9,200

11.2109 GBP

0.25p ordinary

SWAP

Increasing Short

562

11.2043 GBP

0.25p ordinary

SWAP

Decreasing Long

350

11.1849 GBP

0.25p ordinary

SWAP

Increasing Long

1,665

11.2200 GBP

0.25p ordinary

SWAP

Increasing Short

1,187

11.2197 GBP

0.25p ordinary

SWAP

Increasing Short

572

11.2136 GBP

0.25p ordinary

SWAP

Increasing Short

299

11.2300 GBP

0.25p ordinary

SWAP

Decreasing Long

5,908

11.2114 GBP

0.25p ordinary

SWAP

Increasing Short

4,092

11.2012 GBP

0.25p ordinary

SWAP

Decreasing Short

10,800

11.1578 GBP

0.25p ordinary

SWAP

Decreasing Short

14,532

11.2104 GBP

0.25p ordinary

SWAP

Decreasing Long

1,808

11.2310 GBP

0.25p ordinary

SWAP

Decreasing Short

161

11.2160 GBP

0.25p ordinary

SWAP

Decreasing Short

208

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Long

1,043

11.2237 GBP

0.25p ordinary

SWAP

Increasing Short

2,967

11.2205 GBP

0.25p ordinary

SWAP

Decreasing Short

1,930

11.2003 GBP

0.25p ordinary

SWAP

Decreasing Long

77

11.2363 GBP

0.25p ordinary

SWAP

Decreasing Short

572

11.2136 GBP

0.25p ordinary

SWAP

Decreasing Short

483

11.2200 GBP

0.25p ordinary

SWAP

Decreasing Long

13,754

11.2200 GBP

0.25p ordinary

SWAP

Closing Short

52,179

11.2200 GBP

0.25p ordinary

SWAP

Decreasing Short

642

11.2000 GBP

0.25p ordinary

SWAP

Closing Long

543

11.2357 GBP

0.25p ordinary

SWAP

Increasing Short

225

11.1999 GBP

0.25p ordinary

SWAP

Decreasing Short

920

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Long

2,575

11.2200 GBP

0.25p ordinary

SWAP

Decreasing Short

838

11.1958 GBP

0.25p ordinary

SWAP

Increasing Short

1,216

11.2058 GBP

0.25p ordinary

SWAP

Decreasing Short

4,123

11.1993 GBP

0.25p ordinary

SWAP

Decreasing Long

1,020

11.2200 GBP

0.25p ordinary

SWAP

Decreasing Short

662

11.1900 GBP

0.25p ordinary

SWAP

Increasing Short

15,902

11.2000 GBP

0.25p ordinary

SWAP

Closing Long

2,553

11.2200 GBP

0.25p ordinary

SWAP

Decreasing Short

7,171

11.2511 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:

28 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213