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:

23 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:

1,179,648

1.32%

587,945

0.66%

(2)

Cash-settled derivatives:

and/or controlled:

551,607

0.62%

1,178,276

1.32%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,731,255

1.93%

1,766,221

1.97%

(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

174,410

9.5938 GBP

9.4275 GBP

0.25p ordinary

Sale

103,060

9.5347 GBP

9.4275 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 Long

375

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Short

425

9.4995 GBP

0.25p ordinary

SWAP

Decreasing Long

1,511

9.4777 GBP

0.25p ordinary

SWAP

Increasing Short

23

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Long

6,120

9.4995 GBP

0.25p ordinary

SWAP

Decreasing Long

90

9.5000 GBP

0.25p ordinary

SWAP

Increasing Long

158

9.5050 GBP

0.25p ordinary

SWAP

Increasing Short

978

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Long

1,824

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Long

420

9.5075 GBP

0.25p ordinary

SWAP

Closing Long

1,203

9.5025 GBP

0.25p ordinary

SWAP

Increasing Long

1,203

9.5025 GBP

0.25p ordinary

SWAP

Increasing Long

2,160

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Long

1,053

9.4697 GBP

0.25p ordinary

SWAP

Decreasing Long

852

9.4602 GBP

0.25p ordinary

SWAP

Increasing Long

8,878

9.4500 GBP

0.25p ordinary

SWAP

Decreasing Long

926

9.4730 GBP

0.25p ordinary

SWAP

Decreasing Long

239

9.4825 GBP

0.25p ordinary

SWAP

Decreasing Long

15,267

9.5004 GBP

0.25p ordinary

SWAP

Decreasing Long

106

9.4809 GBP

0.25p ordinary

SWAP

Increasing Short

33

9.5537 GBP

0.25p ordinary

SWAP

Decreasing Long

1,713

9.4810 GBP

0.25p ordinary

SWAP

Decreasing Long

637

9.4810 GBP

0.25p ordinary

CFD

Decreasing Long

4,029

9.5285 GBP

0.25p ordinary

CFD

Opening Long

152

9.4205 GBP

0.25p ordinary

SWAP

Increasing Short

309

9.4735 GBP

0.25p ordinary

SWAP

Opening Short

35,000

9.4818 GBP

0.25p ordinary

SWAP

Decreasing Long

532

9.5039 GBP

0.25p ordinary

SWAP

Increasing Short

3,641

9.5271 GBP

0.25p ordinary

SWAP

Increasing Long

577

9.4461 GBP

0.25p ordinary

SWAP

Decreasing Long

1,958

9.4850 GBP

0.25p ordinary

SWAP

Increasing Long

420

9.5075 GBP

0.25p ordinary

SWAP

Decreasing Long

437

9.4941 GBP

0.25p ordinary

SWAP

Increasing Long

361

9.4449 GBP

0.25p ordinary

SWAP

Decreasing Long

6

9.4626 GBP

0.25p ordinary

SWAP

Increasing Long

6

9.4623 GBP

0.25p ordinary

SWAP

Decreasing Long

4,915

9.4801 GBP

0.25p ordinary

SWAP

Increasing Short

560

9.5046 GBP

0.25p ordinary

SWAP

Increasing Short

1,983

9.5078 GBP

0.25p ordinary

SWAP

Decreasing Long

2,819

9.4875 GBP

0.25p ordinary

SWAP

Increasing Long

1,958

9.4850 GBP

0.25p ordinary

SWAP

Increasing Long

3,557

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Long

209

9.5103 GBP

0.25p ordinary

SWAP

Increasing Long

2,632

9.5025 GBP

0.25p ordinary

SWAP

Decreasing Short

278

9.4950 GBP

0.25p ordinary

SWAP

Decreasing Long

761

9.5056 GBP

0.25p ordinary

SWAP

Increasing Long

2,819

9.4875 GBP

0.25p ordinary

SWAP

Decreasing Long

144

9.4275 GBP

0.25p ordinary

SWAP

Decreasing Long

3,126

9.4973 GBP

0.25p ordinary

SWAP

Closing Long

43,850

9.5000 GBP

0.25p ordinary

SWAP

Decreasing Short

7,625

9.5000 GBP

0.25p ordinary

SWAP

Increasing Long

5,771

9.4992 GBP

0.25p ordinary

SWAP

Decreasing Long

84

9.5100 GBP

0.25p ordinary

SWAP

Decreasing Short

1,747

9.4691 GBP

0.25p ordinary

SWAP

Increasing Long

136

9.4300 GBP

0.25p ordinary

SWAP

Decreasing Short

109

9.5151 GBP

0.25p ordinary

SWAP

Increasing Long

275

9.4850 GBP

0.25p ordinary

SWAP

Decreasing Short

6,092

9.4500 GBP

0.25p ordinary

SWAP

Increasing Long

5,399

9.5000 GBP

0.25p ordinary

SWAP

Increasing Long

1,750

9.4849 GBP

0.25p ordinary

SWAP

Increasing Long

18,350

9.4368 GBP

0.25p ordinary

SWAP

Increasing Long

252

9.4875 GBP

0.25p ordinary

SWAP

Decreasing Long

370

9.4947 GBP

0.25p ordinary

SWAP

Decreasing Long

8,086

9.5054 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:

24 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213