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:

08 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:

1,634,226

1.83%

318,088

0.36%

(2)

Cash-settled derivatives:

and/or controlled:

310,692

0.35%

1,627,333

1.83%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,944,918

2.18%

1,945,421

2.18%

(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

203,298

11.9420 GBP

11.7200 GBP

0.25p ordinary

Sale

197,067

11.8400 GBP

11.6000 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

2,133

11.8199 GBP

0.25p ordinary

SWAP

Increasing Long

2,084

11.8200 GBP

0.25p ordinary

SWAP

Increasing Long

7,574

11.8200 GBP

0.25p ordinary

SWAP

Closing Short

50

11.7098 GBP

0.25p ordinary

SWAP

Decreasing Short

3,031

11.7200 GBP

0.25p ordinary

SWAP

Increasing Short

6,007

11.7200 GBP

0.25p ordinary

SWAP

Increasing Short

5,638

11.7200 GBP

0.25p ordinary

SWAP

Decreasing Short

8,728

11.7200 GBP

0.25p ordinary

SWAP

Decreasing Short

769

11.7709 GBP

0.25p ordinary

SWAP

Decreasing Short

1,177

11.7926 GBP

0.25p ordinary

SWAP

Decreasing Long

204

11.6000 GBP

0.25p ordinary

SWAP

Increasing Long

38,174

11.8200 GBP

0.25p ordinary

SWAP

Increasing Short

3,859

11.8205 GBP

0.25p ordinary

SWAP

Increasing Short

3,375

11.9423 GBP

0.25p ordinary

SWAP

Increasing Short

49,578

11.7609 GBP

0.25p ordinary

SWAP

Decreasing Short

433

11.6000 GBP

0.25p ordinary

SWAP

Increasing Long

3,670

11.7836 GBP

0.25p ordinary

SWAP

Increasing Long

1,363

11.7836 GBP

0.25p ordinary

CFD

Increasing Long

2,364

11.7233 GBP

0.25p ordinary

CFD

Decreasing Short

1,226

11.7396 GBP

0.25p ordinary

CFD

Increasing Short

5,410

11.7846 GBP

0.25p ordinary

CFD

Decreasing Short

2,628

11.7911 GBP

0.25p ordinary

CFD

Opening Long

400

11.7836 GBP

0.25p ordinary

CFD

Decreasing Short

1,081

11.7396 GBP

0.25p ordinary

SWAP

Decreasing Short

647

11.7498 GBP

0.25p ordinary

SWAP

Increasing Short

729

11.8009 GBP

0.25p ordinary

SWAP

Increasing Short

12,111

11.7728 GBP

0.25p ordinary

SWAP

Increasing Short

15,000

11.8011 GBP

0.25p ordinary

SWAP

Closing Long

6,972

11.8202 GBP

0.25p ordinary

SWAP

Increasing Long

2,000

11.7821 GBP

0.25p ordinary

SWAP

Decreasing Short

340

11.8099 GBP

0.25p ordinary

SWAP

Increasing Long

126

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Short

269

11.7136 GBP

0.25p ordinary

SWAP

Increasing Short

4,502

11.7200 GBP

0.25p ordinary

SWAP

Increasing Short

4,226

11.7200 GBP

0.25p ordinary

SWAP

Decreasing Short

8,614

11.7200 GBP

0.25p ordinary

SWAP

Decreasing Short

8,540

11.7842 GBP

0.25p ordinary

SWAP

Decreasing Long

254

11.7347 GBP

0.25p ordinary

SWAP

Decreasing Short

9,439

11.7675 GBP

0.25p ordinary

SWAP

Increasing Short

1,688

11.9423 GBP

0.25p ordinary

SWAP

Increasing Short

2,569

11.7709 GBP

0.25p ordinary

CFD

Decreasing Short

5,065

11.7452 GBP

0.25p ordinary

CFD

Decreasing Long

253

11.7850 GBP

0.25p ordinary

SWAP

Increasing Long

523

11.7980 GBP

0.25p ordinary

SWAP

Increasing Short

633

11.7597 GBP

0.25p ordinary

SWAP

Increasing Short

594

11.7597 GBP

0.25p ordinary

SWAP

Increasing Short

2,010

11.7408 GBP

0.25p ordinary

SWAP

Decreasing Long

465

11.7200 GBP

0.25p ordinary

SWAP

Increasing Short

3,772

11.8171 GBP

0.25p ordinary

SWAP

Increasing Short

1,687

11.8275 GBP

0.25p ordinary

SWAP

Decreasing Short

6,948

11.8200 GBP

0.25p ordinary

CFD

Closing Long

147

11.7354 GBP

0.25p ordinary

CFD

Opening Short

7,542

11.7354 GBP

0.25p ordinary

SWAP

Increasing Short

1,586

11.7336 GBP

0.25p ordinary

SWAP

Increasing Long

144

11.7091 GBP

0.25p ordinary

SWAP

Increasing Short

39,982

11.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

370

11.8400 GBP

0.25p ordinary

CFD

Decreasing Short

4,705

11.7600 GBP

0.25p ordinary

SWAP

Decreasing Short

616

11.7652 GBP

0.25p ordinary

SWAP

Increasing Long

110

11.7589 GBP

0.25p ordinary

SWAP

Decreasing Short

408

11.8200 GBP

0.25p ordinary

SWAP

Increasing Short

247

11.7442 GBP

0.25p ordinary

SWAP

Increasing Long

2,211

11.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

8,788

11.7100 GBP

0.25p ordinary

SWAP

Decreasing Short

860

11.7900 GBP

0.25p ordinary

SWAP

Increasing Long

141

11.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

11,180

11.7100 GBP

0.25p ordinary

SWAP

Increasing Long

1,298

11.7538 GBP

0.25p ordinary

SWAP

Decreasing Short

1,655

11.7644 GBP

0.25p ordinary

SWAP

Increasing Long

655

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

3,040

11.7687 GBP

0.25p ordinary

SWAP

Decreasing Long

252

11.7442 GBP

0.25p ordinary

SWAP

Increasing Long

6,013

11.7536 GBP

0.25p ordinary

SWAP

Decreasing Long

5,354

11.7796 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:

09 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213