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:

09 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:

1,606,416

1.80%

320,769

0.36%

(2)

Cash-settled derivatives:

and/or controlled:

313,965

0.35%

1,624,745

1.82%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,920,381

2.15%

1,945,514

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

171,617

11.8500 GBP

11.7220 GBP

0.25p ordinary

Sale

202,108

11.8262 GBP

11.7499 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

3,601

11.7585 GBP

0.25p ordinary

SWAP

Decreasing Short

3,765

11.7499 GBP

0.25p ordinary

SWAP

Decreasing Short

3,346

11.7874 GBP

0.25p ordinary

SWAP

Decreasing Long

1,467

11.7500 GBP

0.25p ordinary

SWAP

Opening Short

2,825

11.7500 GBP

0.25p ordinary

SWAP

Increasing Long

10,484

11.7500 GBP

0.25p ordinary

SWAP

Increasing Short

6,108

11.7734 GBP

0.25p ordinary

SWAP

Increasing Short

5,733

11.7734 GBP

0.25p ordinary

SWAP

Decreasing Short

6,005

11.7647 GBP

0.25p ordinary

SWAP

Decreasing Short

4,146

11.7577 GBP

0.25p ordinary

SWAP

Increasing Long

67,550

11.8100 GBP

0.25p ordinary

SWAP

Decreasing Long

10,453

11.7505 GBP

0.25p ordinary

SWAP

Decreasing Short

7,598

11.7967 GBP

0.25p ordinary

SWAP

Increasing Short

13,500

11.7223 GBP

0.25p ordinary

SWAP

Increasing Short

26,302

11.7864 GBP

0.25p ordinary

SWAP

Increasing Short

19

11.8100 GBP

0.25p ordinary

SWAP

Increasing Long

2,092

11.7839 GBP

0.25p ordinary

SWAP

Increasing Long

778

11.7839 GBP

0.25p ordinary

CFD

Decreasing Short

2,222

11.7961 GBP

0.25p ordinary

CFD

Decreasing Short

2,017

11.7760 GBP

0.25p ordinary

CFD

Decreasing Short

1,493

11.7879 GBP

0.25p ordinary

CFD

Increasing Short

10,087

11.7921 GBP

0.25p ordinary

CFD

Decreasing Short

1,087

11.7961 GBP

0.25p ordinary

SWAP

Decreasing Short

752

11.7943 GBP

0.25p ordinary

SWAP

Increasing Short

800

11.7988 GBP

0.25p ordinary

SWAP

Increasing Short

5,911

11.7728 GBP

0.25p ordinary

SWAP

Increasing Long

2,000

11.7575 GBP

0.25p ordinary

SWAP

Decreasing Short

19,298

11.7925 GBP

0.25p ordinary

SWAP

Decreasing Long

379

11.7667 GBP

0.25p ordinary

SWAP

Decreasing Short

1,500

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Short

5,798

11.7854 GBP

0.25p ordinary

SWAP

Increasing Long

1,789

11.7506 GBP

0.25p ordinary

SWAP

Increasing Short

183

11.8100 GBP

0.25p ordinary

SWAP

Increasing Short

2,229

11.8190 GBP

0.25p ordinary

SWAP

Decreasing Short

5,508

11.7649 GBP

0.25p ordinary

CFD

Increasing Short

2

11.8400 GBP

0.25p ordinary

CFD

Decreasing Short

423

11.8032 GBP

0.25p ordinary

SWAP

Decreasing Short

427

11.7736 GBP

0.25p ordinary

SWAP

Increasing Short

1,500

11.8050 GBP

0.25p ordinary

SWAP

Decreasing Long

244

11.8036 GBP

0.25p ordinary

SWAP

Decreasing Short

4,121

11.7841 GBP

0.25p ordinary

SWAP

Increasing Short

390

11.8500 GBP

0.25p ordinary

SWAP

Decreasing Long

198

11.8200 GBP

0.25p ordinary

SWAP

Increasing Short

1,066

11.7505 GBP

0.25p ordinary

SWAP

Decreasing Short

56

11.7500 GBP

0.25p ordinary

SWAP

Increasing Long

132

11.7738 GBP

0.25p ordinary

SWAP

Decreasing Short

178

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Short

1,912

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Long

7

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Short

3,127

11.7500 GBP

0.25p ordinary

SWAP

Increasing Long

20

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Short

863

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Long

68,783

11.8100 GBP

0.25p ordinary

SWAP

Decreasing Long

266

11.7948 GBP

0.25p ordinary

SWAP

Increasing Long

79

11.7748 GBP

0.25p ordinary

SWAP

Increasing Long

960

11.7731 GBP

0.25p ordinary

SWAP

Decreasing Long

814

11.7929 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:

10 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213