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:

24 Apr 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:

1,090,700

1.20%

712,649

0.78%

(2)

Cash-settled derivatives:

and/or controlled:

677,087

0.75%

1,085,675

1.20%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,767,787

1.95%

1,798,324

1.98%

(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

181,845

9.5840 GBP

9.3993 GBP

0.25p ordinary

Sale

251,673

9.5820 GBP

9.3999 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

560

9.3999 GBP

0.25p ordinary

SWAP

Decreasing Short

31,973

9.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

5,288

9.4058 GBP

0.25p ordinary

SWAP

Decreasing Short

1,136

9.4100 GBP

0.25p ordinary

SWAP

Decreasing Short

430

9.4179 GBP

0.25p ordinary

SWAP

Decreasing Short

2,770

9.4282 GBP

0.25p ordinary

SWAP

Decreasing Short

1,823

9.4316 GBP

0.25p ordinary

SWAP

Decreasing Short

4,304

9.4319 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.4320 GBP

0.25p ordinary

SWAP

Decreasing Short

2

9.4380 GBP

0.25p ordinary

SWAP

Decreasing Short

2,677

9.4409 GBP

0.25p ordinary

SWAP

Decreasing Short

274

9.4417 GBP

0.25p ordinary

SWAP

Decreasing Short

885

9.4463 GBP

0.25p ordinary

SWAP

Decreasing Short

20,982

9.4480 GBP

0.25p ordinary

SWAP

Decreasing Short

3,324

9.4512 GBP

0.25p ordinary

SWAP

Decreasing Short

22,862

9.4518 GBP

0.25p ordinary

SWAP

Decreasing Short

384

9.4529 GBP

0.25p ordinary

SWAP

Decreasing Short

395

9.4546 GBP

0.25p ordinary

SWAP

Decreasing Short

2,677

9.4548 GBP

0.25p ordinary

SWAP

Decreasing Short

2,546

9.4579 GBP

0.25p ordinary

SWAP

Decreasing Short

174

9.4640 GBP

0.25p ordinary

SWAP

Decreasing Short

717

9.4665 GBP

0.25p ordinary

SWAP

Decreasing Short

2

9.4669 GBP

0.25p ordinary

SWAP

Decreasing Short

634

9.4673 GBP

0.25p ordinary

SWAP

Decreasing Short

9,557

9.4677 GBP

0.25p ordinary

SWAP

Decreasing Short

14,290

9.4678 GBP

0.25p ordinary

SWAP

Decreasing Short

339

9.4781 GBP

0.25p ordinary

SWAP

Decreasing Short

157

9.4860 GBP

0.25p ordinary

SWAP

Decreasing Short

25,200

9.4881 GBP

0.25p ordinary

SWAP

Decreasing Short

389

9.4931 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.5500 GBP

0.25p ordinary

SWAP

Increasing Short

7,982

9.4000 GBP

0.25p ordinary

SWAP

Increasing Short

1,078

9.4004 GBP

0.25p ordinary

SWAP

Increasing Short

4,629

9.4031 GBP

0.25p ordinary

SWAP

Increasing Short

800

9.4149 GBP

0.25p ordinary

SWAP

Increasing Short

559

9.4324 GBP

0.25p ordinary

SWAP

Increasing Short

16

9.4380 GBP

0.25p ordinary

SWAP

Increasing Short

407

9.4407 GBP

0.25p ordinary

SWAP

Increasing Short

365

9.4414 GBP

0.25p ordinary

SWAP

Increasing Short

2

9.4420 GBP

0.25p ordinary

SWAP

Increasing Short

623

9.4500 GBP

0.25p ordinary

SWAP

Increasing Short

355

9.4549 GBP

0.25p ordinary

SWAP

Increasing Short

42

9.4607 GBP

0.25p ordinary

SWAP

Increasing Short

57

9.4610 GBP

0.25p ordinary

SWAP

Increasing Short

4,466

9.4648 GBP

0.25p ordinary

SWAP

Increasing Short

4,792

9.4667 GBP

0.25p ordinary

SWAP

Increasing Short

68

9.4700 GBP

0.25p ordinary

SWAP

Increasing Short

155

9.4796 GBP

0.25p ordinary

SWAP

Increasing Short

165

9.4851 GBP

0.25p ordinary

SWAP

Increasing Short

67,078

9.4860 GBP

0.25p ordinary

SWAP

Increasing Short

246

9.4893 GBP

0.25p ordinary

CFD

Decreasing Short

3,431

9.4564 GBP

0.25p ordinary

CFD

Decreasing Short

3,288

9.4761 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:

27 Apr 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213