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:

21 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:

1,150,496

1.28%

658,200

0.74%

(2)

Cash-settled derivatives:

and/or controlled:

623,822

0.70%

1,150,485

1.28%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,774,318

1.98%

1,808,685

2.02%

(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

72,175

9.5100 GBP

9.4400 GBP

0.25p ordinary

Sale

131,476

9.5000 GBP

9.4421 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

173

9.4750 GBP

0.25p ordinary

SWAP

Decreasing Short

1,299

9.4745 GBP

0.25p ordinary

SWAP

Decreasing Long

3,982

9.4733 GBP

0.25p ordinary

SWAP

Increasing Short

441

9.4750 GBP

0.25p ordinary

SWAP

Increasing Short

46

9.4478 GBP

0.25p ordinary

SWAP

Increasing Short

87

9.4551 GBP

0.25p ordinary

SWAP

Decreasing Long

246

9.4451 GBP

0.25p ordinary

SWAP

Decreasing Long

395

9.4750 GBP

0.25p ordinary

SWAP

Increasing Long

32

9.4750 GBP

0.25p ordinary

SWAP

Closing Long

12,470

9.4750 GBP

0.25p ordinary

SWAP

Opening Short

1,536

9.4750 GBP

0.25p ordinary

SWAP

Decreasing Long

3,194

9.4750 GBP

0.25p ordinary

SWAP

Decreasing Long

1,899

9.4746 GBP

0.25p ordinary

SWAP

Increasing Long

731

9.4715 GBP

0.25p ordinary

SWAP

Increasing Long

299

9.4720 GBP

0.25p ordinary

SWAP

Decreasing Long

173

9.4900 GBP

0.25p ordinary

SWAP

Increasing Long

1,885

9.4679 GBP

0.25p ordinary

SWAP

Increasing Long

1,512

9.4734 GBP

0.25p ordinary

SWAP

Opening Short

5,272

9.4754 GBP

0.25p ordinary

SWAP

Increasing Long

540

9.4675 GBP

0.25p ordinary

SWAP

Increasing Short

136

9.4750 GBP

0.25p ordinary

SWAP

Decreasing Long

1,703

9.4735 GBP

0.25p ordinary

SWAP

Decreasing Long

633

9.4735 GBP

0.25p ordinary

SWAP

Decreasing Short

362

9.4714 GBP

0.25p ordinary

SWAP

Increasing Short

388

9.4957 GBP

0.25p ordinary

SWAP

Decreasing Short

4,162

9.4750 GBP

0.25p ordinary

SWAP

Closing Long

91

9.4727 GBP

0.25p ordinary

SWAP

Decreasing Long

3,897

9.4726 GBP

0.25p ordinary

SWAP

Increasing Long

292

9.4750 GBP

0.25p ordinary

SWAP

Increasing Short

2,326

9.4794 GBP

0.25p ordinary

SWAP

Decreasing Long

336

9.4743 GBP

0.25p ordinary

SWAP

Increasing Long

1,334

9.4677 GBP

0.25p ordinary

SWAP

Decreasing Long

1,605

9.4732 GBP

0.25p ordinary

SWAP

Increasing Long

72

9.4852 GBP

0.25p ordinary

SWAP

Decreasing Short

1,042

9.4792 GBP

0.25p ordinary

SWAP

Decreasing Short

115

9.4750 GBP

0.25p ordinary

SWAP

Increasing Short

4,752

9.4826 GBP

0.25p ordinary

SWAP

Closing Long

876

9.4770 GBP

0.25p ordinary

SWAP

Decreasing Long

174

9.4700 GBP

0.25p ordinary

SWAP

Increasing Short

4,078

9.4725 GBP

0.25p ordinary

SWAP

Decreasing Short

6,386

9.4750 GBP

0.25p ordinary

SWAP

Increasing Long

131

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Short

375

9.4750 GBP

0.25p ordinary

SWAP

Decreasing Short

718

9.4692 GBP

0.25p ordinary

SWAP

Decreasing Long

45

9.4750 GBP

0.25p ordinary

SWAP

Closing Short

7,933

9.4750 GBP

0.25p ordinary

SWAP

Opening Long

68,862

9.4750 GBP

0.25p ordinary

SWAP

Decreasing Short

993

9.4765 GBP

0.25p ordinary

SWAP

Increasing Long

42

9.4750 GBP

0.25p ordinary

SWAP

Increasing Long

11,165

9.4750 GBP

0.25p ordinary

SWAP

Increasing Long

487

9.4726 GBP

0.25p ordinary

SWAP

Decreasing Long

1,326

9.4699 GBP

0.25p ordinary

SWAP

Decreasing Long

112

9.4658 GBP

0.25p ordinary

SWAP

Increasing Long

60

9.4900 GBP

0.25p ordinary

SWAP

Increasing Long

1,782

9.4777 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:

22 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213