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:

16 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:

1,084,367

1.21%

644,819

0.72%

(2)

Cash-settled derivatives:

and/or controlled:

607,775

0.68%

1,084,366

1.21%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,692,142

1.89%

1,729,185

1.93%

(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

133,088

9.4800 GBP

9.2110 GBP

0.25p ordinary

Sale

65,910

9.4800 GBP

9.2970 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

508

9.3800 GBP

0.25p ordinary

SWAP

Decreasing Short

124

9.3795 GBP

0.25p ordinary

SWAP

Decreasing Long

3,725

9.3811 GBP

0.25p ordinary

SWAP

Decreasing Long

148

9.3800 GBP

0.25p ordinary

SWAP

Increasing Short

408

9.4242 GBP

0.25p ordinary

SWAP

Increasing Short

377

9.4237 GBP

0.25p ordinary

SWAP

Decreasing Long

8,685

9.4305 GBP

0.25p ordinary

SWAP

Increasing Short

11

9.3757 GBP

0.25p ordinary

SWAP

Increasing Long

182

9.3749 GBP

0.25p ordinary

SWAP

Increasing Short

397

9.3800 GBP

0.25p ordinary

SWAP

Decreasing Long

2,431

9.3800 GBP

0.25p ordinary

SWAP

Decreasing Long

8,212

9.3800 GBP

0.25p ordinary

SWAP

Decreasing Long

5,249

9.3800 GBP

0.25p ordinary

SWAP

Increasing Long

728

9.3781 GBP

0.25p ordinary

SWAP

Decreasing Long

835

9.3975 GBP

0.25p ordinary

SWAP

Decreasing Long

92

9.4548 GBP

0.25p ordinary

SWAP

Increasing Long

216

9.3828 GBP

0.25p ordinary

SWAP

Increasing Long

152

9.3814 GBP

0.25p ordinary

SWAP

Increasing Short

3,375

9.4218 GBP

0.25p ordinary

SWAP

Increasing Short

27

9.4188 GBP

0.25p ordinary

CFD

Decreasing Long

1

9.3800 GBP

0.25p ordinary

CFD

Closing Long

12,174

9.4534 GBP

0.25p ordinary

SWAP

Increasing Short

405

9.4576 GBP

0.25p ordinary

SWAP

Increasing Short

158

9.4262 GBP

0.25p ordinary

SWAP

Decreasing Long

170

9.4105 GBP

0.25p ordinary

SWAP

Closing Long

4,329

9.4104 GBP

0.25p ordinary

SWAP

Decreasing Short

2,292

9.3795 GBP

0.25p ordinary

SWAP

Decreasing Long

5,205

9.3978 GBP

0.25p ordinary

SWAP

Increasing Long

100

9.3799 GBP

0.25p ordinary

SWAP

Decreasing Long

1,102

9.3800 GBP

0.25p ordinary

SWAP

Increasing Short

1,448

9.3706 GBP

0.25p ordinary

SWAP

Decreasing Long

1,128

9.4169 GBP

0.25p ordinary

SWAP

Decreasing Long

2,219

9.3789 GBP

0.25p ordinary

SWAP

Decreasing Long

260

9.4199 GBP

0.25p ordinary

SWAP

Decreasing Long

90

9.4420 GBP

0.25p ordinary

SWAP

Decreasing Long

5

9.4626 GBP

0.25p ordinary

SWAP

Increasing Long

95

9.4427 GBP

0.25p ordinary

SWAP

Increasing Short

3,375

9.2118 GBP

0.25p ordinary

SWAP

Decreasing Short

99

9.4300 GBP

0.25p ordinary

SWAP

Decreasing Long

2,578

9.4337 GBP

0.25p ordinary

SWAP

Decreasing Long

698

9.3871 GBP

0.25p ordinary

SWAP

Increasing Long

61

9.4800 GBP

0.25p ordinary

SWAP

Increasing Short

4,688

9.4629 GBP

0.25p ordinary

SWAP

Decreasing Short

563

9.3800 GBP

0.25p ordinary

SWAP

Increasing Long

1,316

9.3819 GBP

0.25p ordinary

SWAP

Decreasing Short

8,063

9.2971 GBP

0.25p ordinary

SWAP

Increasing Short

2,460

9.3800 GBP

0.25p ordinary

SWAP

Decreasing Long

133

9.3600 GBP

0.25p ordinary

SWAP

Increasing Short

827

9.4120 GBP

0.25p ordinary

SWAP

Increasing Long

195

9.3800 GBP

0.25p ordinary

SWAP

Decreasing Short

190

9.4150 GBP

0.25p ordinary

SWAP

Decreasing Long

803

9.3800 GBP

0.25p ordinary

SWAP

Increasing Short

672

9.3795 GBP

0.25p ordinary

SWAP

Increasing Long

610

9.4549 GBP

0.25p ordinary

SWAP

Decreasing Short

227

9.4598 GBP

0.25p ordinary

SWAP

Decreasing Long

780

9.3830 GBP

0.25p ordinary

SWAP

Decreasing Short

733

9.4139 GBP

0.25p ordinary

SWAP

Increasing Long

411

9.4625 GBP

0.25p ordinary

SWAP

Increasing Short

663

9.3900 GBP

0.25p ordinary

SWAP

Decreasing Long

1,157

9.4070 GBP

0.25p ordinary

SWAP

Increasing Long

2,852

9.4238 GBP

0.25p ordinary

SWAP

Decreasing Long

3,952

9.4293 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:

17 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213