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:

22 Oct 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:

2,209,615

2.47%

130,837

0.15%

(2)

Cash-settled derivatives:

and/or controlled:

108,818

0.12%

2,202,801

2.47%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,318,433

2.60%

2,333,638

2.61%

(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

164,213

10.9300 GBP

10.8700 GBP

0.25p ordinary

Sale

110,658

10.9300 GBP

10.8700 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

152

10.9300 GBP

0.25p ordinary

SWAP

Increasing Long

173

10.9100 GBP

0.25p ordinary

SWAP

Increasing Long

2,649

10.9300 GBP

0.25p ordinary

SWAP

Increasing Short

174

10.8993 GBP

0.25p ordinary

SWAP

Increasing Short

269

10.9147 GBP

0.25p ordinary

SWAP

Increasing Short

654

10.8791 GBP

0.25p ordinary

SWAP

Decreasing Short

67,500

10.8923 GBP

0.25p ordinary

SWAP

Increasing Short

60,962

10.9000 GBP

0.25p ordinary

SWAP

Increasing Short

3,092

10.8943 GBP

0.25p ordinary

SWAP

Increasing Short

1,149

10.8943 GBP

0.25p ordinary

CFD

Decreasing Short

4,231

10.8693 GBP

0.25p ordinary

SWAP

Decreasing Short

5,878

10.9067 GBP

0.25p ordinary

SWAP

Opening Short

20,000

10.8800 GBP

0.25p ordinary

SWAP

Increasing Long

172

10.8900 GBP

0.25p ordinary

SWAP

Increasing Short

394

10.8922 GBP

0.25p ordinary

SWAP

Decreasing Short

244

10.9027 GBP

0.25p ordinary

SWAP

Decreasing Short

339

10.8700 GBP

0.25p ordinary

SWAP

Increasing Short

20,350

10.8931 GBP

0.25p ordinary

CFD

Increasing Short

13,048

10.9009 GBP

0.25p ordinary

SWAP

Increasing Short

320

10.8863 GBP

0.25p ordinary

SWAP

Increasing Short

317

10.8800 GBP

0.25p ordinary

SWAP

Increasing Short

462

10.9000 GBP

0.25p ordinary

SWAP

Increasing Short

976

10.9231 GBP

0.25p ordinary

SWAP

Increasing Short

105

10.9300 GBP

0.25p ordinary

SWAP

Increasing Short

294

10.8750 GBP

0.25p ordinary

SWAP

Decreasing Short

1,717

10.8700 GBP

0.25p ordinary

SWAP

Increasing Short

60

10.9000 GBP

0.25p ordinary

SWAP

Increasing Short

841

10.9300 GBP

0.25p ordinary

SWAP

Increasing Short

260

10.8801 GBP

0.25p ordinary

SWAP

Increasing Short

4,804

10.9300 GBP

0.25p ordinary

SWAP

Increasing Short

6,605

10.8800 GBP

0.25p ordinary

SWAP

Increasing Short

130

10.8900 GBP

0.25p ordinary

SWAP

Decreasing Short

1,876

10.9300 GBP

0.25p ordinary

SWAP

Increasing Short

2,953

10.8896 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:

23 Oct 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213