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:

19 Aug 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:

1,520,450

1.70%

203,179

0.23%

(2)

Cash-settled derivatives:

and/or controlled:

199,602

0.22%

1,487,661

1.67%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,720,052

1.93%

1,690,840

1.90%

(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

61,012

9.8600 GBP

9.7118 GBP

0.25p ordinary

Sale

128,143

9.8500 GBP

9.6850 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

Increasing Short

285

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

1,096

9.8195 GBP

0.25p ordinary

SWAP

Decreasing Long

4,819

9.8250 GBP

0.25p ordinary

SWAP

Increasing Short

1,520

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

191

9.7466 GBP

0.25p ordinary

SWAP

Increasing Short

166

9.7421 GBP

0.25p ordinary

SWAP

Increasing Long

2,545

9.7043 GBP

0.25p ordinary

SWAP

Decreasing Long

1

9.7200 GBP

0.25p ordinary

SWAP

Opening Long

151

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

3,804

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

2,077

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Long

723

9.8200 GBP

0.25p ordinary

SWAP

Closing Short

1,881

9.7447 GBP

0.25p ordinary

SWAP

Opening Long

57

9.7447 GBP

0.25p ordinary

SWAP

Decreasing Short

464

9.8102 GBP

0.25p ordinary

SWAP

Increasing Short

1,827

9.8119 GBP

0.25p ordinary

SWAP

Increasing Long

627

9.8202 GBP

0.25p ordinary

SWAP

Increasing Long

961

9.8200 GBP

0.25p ordinary

SWAP

Increasing Long

27

9.6881 GBP

0.25p ordinary

SWAP

Decreasing Short

72,212

9.7200 GBP

0.25p ordinary

SWAP

Closing Long

1,040

9.7714 GBP

0.25p ordinary

SWAP

Opening Short

386

9.7714 GBP

0.25p ordinary

SWAP

Closing Long

387

9.7714 GBP

0.25p ordinary

SWAP

Opening Short

143

9.7714 GBP

0.25p ordinary

CFD

Decreasing Short

895

9.7033 GBP

0.25p ordinary

CFD

Opening Short

6,049

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

676

9.7816 GBP

0.25p ordinary

SWAP

Increasing Short

85

9.7108 GBP

0.25p ordinary

SWAP

Decreasing Short

815

9.8196 GBP

0.25p ordinary

SWAP

Decreasing Short

73

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

2,190

9.8204 GBP

0.25p ordinary

SWAP

Decreasing Short

55

9.7074 GBP

0.25p ordinary

SWAP

Decreasing Long

808

9.8200 GBP

0.25p ordinary

SWAP

Closing Long

151

9.8200 GBP

0.25p ordinary

SWAP

Opening Short

4,349

9.8200 GBP

0.25p ordinary

SWAP

Increasing Long

1,690

9.7482 GBP

0.25p ordinary

SWAP

Increasing Short

303

9.8228 GBP

0.25p ordinary

SWAP

Decreasing Short

132

9.7388 GBP

0.25p ordinary

SWAP

Increasing Long

334

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

474

9.7402 GBP

0.25p ordinary

CFD

Increasing Short

1,420

9.8315 GBP

0.25p ordinary

CFD

Decreasing Short

3,545

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

2,911

9.7743 GBP

0.25p ordinary

SWAP

Decreasing Short

393

9.7039 GBP

0.25p ordinary

SWAP

Increasing Short

151

9.7675 GBP

0.25p ordinary

SWAP

Closing Long

1,747

9.8200 GBP

0.25p ordinary

SWAP

Opening Short

955

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

350

9.7025 GBP

0.25p ordinary

SWAP

Increasing Long

18

9.6866 GBP

0.25p ordinary

SWAP

Decreasing Short

153

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

69

9.7750 GBP

0.25p ordinary

SWAP

Decreasing Short

229

9.8273 GBP

0.25p ordinary

SWAP

Increasing Short

182

9.7118 GBP

0.25p ordinary

SWAP

Increasing Long

38

9.6886 GBP

0.25p ordinary

SWAP

Increasing Short

364

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

234

9.8500 GBP

0.25p ordinary

SWAP

Decreasing Short

51

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Long

1

9.7510 GBP

0.25p ordinary

SWAP

Increasing Short

2,710

9.8200 GBP

0.25p ordinary

SWAP

Increasing Short

132

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

187

9.8300 GBP

0.25p ordinary

SWAP

Increasing Short

1,861

9.8200 GBP

0.25p ordinary

SWAP

Decreasing Short

507

9.7399 GBP

0.25p ordinary

SWAP

Increasing Short

291

9.7921 GBP

0.25p ordinary

SWAP

Decreasing Short

5,684

9.7531 GBP

0.25p ordinary

SWAP

Decreasing Short

55

9.7050 GBP

0.25p ordinary

SWAP

Increasing Short

515

9.7426 GBP

0.25p ordinary

SWAP

Decreasing Short

11,275

9.7523 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:

20 Aug 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213