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:

25 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:

1,526,613

1.71%

506,861

0.57%

(2)

Cash-settled derivatives:

and/or controlled:

504,764

0.57%

1,497,305

1.68%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,031,377

2.28%

2,004,166

2.25%

(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

196,042

11.2005 GBP

10.9418 GBP

0.25p ordinary

Sale

196,788

11.2000 GBP

10.9300 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

984

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

208

11.2005 GBP

0.25p ordinary

SWAP

Increasing Short

1,603

11.0483 GBP

0.25p ordinary

SWAP

Increasing Short

12,860

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Long

6,080

11.0488 GBP

0.25p ordinary

SWAP

Decreasing Long

409

11.0888 GBP

0.25p ordinary

SWAP

Decreasing Short

289

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

9,108

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

12,241

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

67

11.0200 GBP

0.25p ordinary

SWAP

Decreasing Short

916

11.1477 GBP

0.25p ordinary

SWAP

Decreasing Long

45

11.0000 GBP

0.25p ordinary

SWAP

Increasing Long

128

10.9805 GBP

0.25p ordinary

SWAP

Increasing Long

194

11.1662 GBP

0.25p ordinary

SWAP

Opening Long

33,468

10.9672 GBP

0.25p ordinary

SWAP

Decreasing Long

4,040

11.2005 GBP

0.25p ordinary

SWAP

Increasing Long

5,826

11.0726 GBP

0.25p ordinary

SWAP

Increasing Long

44

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

10.8424 GBP

0.25p ordinary

SWAP

Decreasing Short

7,206

10.9900 GBP

0.25p ordinary

SWAP

Increasing Short

4,188

11.1153 GBP

0.25p ordinary

SWAP

Decreasing Short

561

11.0533 GBP

0.25p ordinary

SWAP

Decreasing Short

208

11.0533 GBP

0.25p ordinary

CFD

Increasing Short

5,016

11.0092 GBP

0.25p ordinary

SWAP

Decreasing Short

184

11.0346 GBP

0.25p ordinary

SWAP

Increasing Short

95

11.0308 GBP

0.25p ordinary

SWAP

Increasing Long

1,000

11.0620 GBP

0.25p ordinary

SWAP

Decreasing Short

6,775

10.9993 GBP

0.25p ordinary

SWAP

Decreasing Short

171

11.1910 GBP

0.25p ordinary

SWAP

Decreasing Short

1,499

11.1994 GBP

0.25p ordinary

SWAP

Decreasing Short

2,908

11.1212 GBP

0.25p ordinary

SWAP

Decreasing Short

4,452

11.0874 GBP

0.25p ordinary

SWAP

Decreasing Short

385

10.9432 GBP

0.25p ordinary

SWAP

Increasing Short

17,234

11.1903 GBP

0.25p ordinary

SWAP

Increasing Short

734

11.1648 GBP

0.25p ordinary

SWAP

Increasing Long

201

11.0382 GBP

0.25p ordinary

SWAP

Increasing Long

33,468

10.9654 GBP

0.25p ordinary

SWAP

Decreasing Long

6,517

11.1223 GBP

0.25p ordinary

SWAP

Increasing Long

17

10.9617 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

10.9323 GBP

0.25p ordinary

SWAP

Decreasing Short

441

10.9700 GBP

0.25p ordinary

SWAP

Decreasing Short

54

11.0000 GBP

0.25p ordinary

SWAP

Increasing Short

11,605

10.9994 GBP

0.25p ordinary

SWAP

Decreasing Short

625

10.9484 GBP

0.25p ordinary

SWAP

Increasing Short

1,326

11.0041 GBP

0.25p ordinary

SWAP

Closing Long

2,825

11.1725 GBP

0.25p ordinary

SWAP

Opening Short

1,172

11.1725 GBP

0.25p ordinary

SWAP

Closing Long

2,719

11.2005 GBP

0.25p ordinary

SWAP

Opening Short

5,375

11.2005 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

10.7979 GBP

0.25p ordinary

SWAP

Decreasing Short

969

11.2000 GBP

0.25p ordinary

SWAP

Increasing Short

1,906

10.9991 GBP

0.25p ordinary

SWAP

Increasing Short

42

10.9950 GBP

0.25p ordinary

SWAP

Increasing Short

2,448

10.9997 GBP

0.25p ordinary

SWAP

Decreasing Short

248

10.9885 GBP

0.25p ordinary

SWAP

Decreasing Short

148

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.0006 GBP

0.25p ordinary

SWAP

Increasing Short

2,992

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

3,512

10.9987 GBP

0.25p ordinary

SWAP

Increasing Short

609

11.0057 GBP

0.25p ordinary

SWAP

Increasing Short

490

11.0305 GBP

0.25p ordinary

SWAP

Closing Short

5,227

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

10.8823 GBP

0.25p ordinary

SWAP

Decreasing Short

888

11.0935 GBP

0.25p ordinary

SWAP

Closing Short

226

11.0752 GBP

0.25p ordinary

SWAP

Closing Short

1,414

11.2000 GBP

0.25p ordinary

SWAP

Opening Long

1,112

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

10.9278 GBP

0.25p ordinary

SWAP

Decreasing Short

694

11.0600 GBP

0.25p ordinary

SWAP

Decreasing Long

349

11.2000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

10.7978 GBP

0.25p ordinary

SWAP

Decreasing Short

944

11.0978 GBP

0.25p ordinary

SWAP

Increasing Long

1,214

10.9900 GBP

0.25p ordinary

SWAP

Increasing Long

126

11.0733 GBP

0.25p ordinary

SWAP

Decreasing Long

418

11.0015 GBP

0.25p ordinary

SWAP

Closing Long

1,685

11.0526 GBP

0.25p ordinary

SWAP

Opening Short

7,100

11.0526 GBP

0.25p ordinary

SWAP

Closing Short

7,100

11.0972 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:

26 Aug 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213