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:

24 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:

2,073,724

2.33%

197,469

0.22%

(2)

Cash-settled derivatives:

and/or controlled:

194,661

0.22%

2,067,355

2.32%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,268,385

2.54%

2,264,824

2.54%

(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

82,325

11.2200 GBP

11.1120 GBP

0.25p ordinary

Sale

104,323

11.2161 GBP

11.1750 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

Opening Long

1,012

11.2000 GBP

0.25p ordinary

SWAP

Increasing Long

12,687

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

1,727

11.2069 GBP

0.25p ordinary

SWAP

Increasing Short

13

11.2076 GBP

0.25p ordinary

SWAP

Decreasing Short

391

11.1818 GBP

0.25p ordinary

SWAP

Decreasing Long

14,336

11.2005 GBP

0.25p ordinary

SWAP

Decreasing Short

1,195

11.1994 GBP

0.25p ordinary

SWAP

Increasing Short

779

11.1822 GBP

0.25p ordinary

SWAP

Decreasing Short

182

11.1900 GBP

0.25p ordinary

SWAP

Closing Short

28

11.1828 GBP

0.25p ordinary

SWAP

Increasing Long

390

11.2012 GBP

0.25p ordinary

SWAP

Increasing Long

145

11.2012 GBP

0.25p ordinary

CFD

Increasing Short

2,811

11.2000 GBP

0.25p ordinary

CFD

Decreasing Short

2,883

11.1856 GBP

0.25p ordinary

SWAP

Increasing Short

42

11.2109 GBP

0.25p ordinary

SWAP

Decreasing Short

15,502

11.2003 GBP

0.25p ordinary

SWAP

Opening Short

750

11.2032 GBP

0.25p ordinary

SWAP

Decreasing Short

3,772

11.2017 GBP

0.25p ordinary

SWAP

Decreasing Short

2,626

11.2013 GBP

0.25p ordinary

SWAP

Increasing Short

162

11.2146 GBP

0.25p ordinary

SWAP

Increasing Short

44

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

6,750

11.1122 GBP

0.25p ordinary

SWAP

Decreasing Short

8,750

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Long

180

11.2050 GBP

0.25p ordinary

SWAP

Decreasing Long

67

11.2050 GBP

0.25p ordinary

CFD

Increasing Short

927

11.2029 GBP

0.25p ordinary

SWAP

Decreasing Short

4,325

11.2011 GBP

0.25p ordinary

SWAP

Increasing Short

259

11.2174 GBP

0.25p ordinary

SWAP

Decreasing Short

6,568

11.2012 GBP

0.25p ordinary

SWAP

Increasing Short

13,500

11.1377 GBP

0.25p ordinary

SWAP

Decreasing Short

8,323

11.2009 GBP

0.25p ordinary

SWAP

Decreasing Short

172

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

4,621

11.1298 GBP

0.25p ordinary

SWAP

Decreasing Short

1,298

11.1950 GBP

0.25p ordinary

SWAP

Decreasing Short

816

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

6,708

11.2078 GBP

0.25p ordinary

SWAP

Decreasing Short

387

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

860

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

244

11.2100 GBP

0.25p ordinary

SWAP

Decreasing Short

505

11.1849 GBP

0.25p ordinary

SWAP

Decreasing Short

1,821

11.1969 GBP

0.25p ordinary

SWAP

Increasing Short

2,011

11.2000 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:

25 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213