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 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:

1,140,881

1.26%

693,002

0.76%

(2)

Cash-settled derivatives:

and/or controlled:

655,711

0.72%

1,133,886

1.25%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,796,592

1.98%

1,826,888

2.01%

(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

194,724

9.6264 GBP

9.3780 GBP

0.25p ordinary

Sale

593,280

9.6400 GBP

9.3300 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

46

9.3920 GBP

0.25p ordinary

SWAP

Decreasing Short

341

9.3933 GBP

0.25p ordinary

SWAP

Decreasing Short

14,402

9.3938 GBP

0.25p ordinary

SWAP

Decreasing Short

881

9.4213 GBP

0.25p ordinary

SWAP

Decreasing Short

470

9.4625 GBP

0.25p ordinary

SWAP

Decreasing Short

4,606

9.4794 GBP

0.25p ordinary

SWAP

Decreasing Short

3,198

9.4872 GBP

0.25p ordinary

SWAP

Decreasing Short

599

9.4923 GBP

0.25p ordinary

SWAP

Decreasing Short

1,326

9.5013 GBP

0.25p ordinary

SWAP

Decreasing Short

8,082

9.5052 GBP

0.25p ordinary

SWAP

Decreasing Short

7,288

9.5079 GBP

0.25p ordinary

SWAP

Decreasing Short

764

9.5095 GBP

0.25p ordinary

SWAP

Decreasing Short

80,574

9.5100 GBP

0.25p ordinary

SWAP

Decreasing Short

19,906

9.5103 GBP

0.25p ordinary

SWAP

Decreasing Short

15

9.5144 GBP

0.25p ordinary

SWAP

Decreasing Short

43,839

9.5189 GBP

0.25p ordinary

SWAP

Decreasing Short

3,391

9.5199 GBP

0.25p ordinary

SWAP

Decreasing Short

73,813

9.5250 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.5268 GBP

0.25p ordinary

SWAP

Decreasing Short

1,823

9.5287 GBP

0.25p ordinary

SWAP

Decreasing Short

8,349

9.5293 GBP

0.25p ordinary

SWAP

Decreasing Short

137,449

9.5340 GBP

0.25p ordinary

SWAP

Decreasing Short

12,086

9.5423 GBP

0.25p ordinary

SWAP

Decreasing Short

2,611

9.5424 GBP

0.25p ordinary

SWAP

Decreasing Short

2,935

9.5425 GBP

0.25p ordinary

SWAP

Decreasing Short

2,884

9.5476 GBP

0.25p ordinary

SWAP

Decreasing Short

6,011

9.5482 GBP

0.25p ordinary

SWAP

Decreasing Short

2,000

9.5490 GBP

0.25p ordinary

SWAP

Decreasing Short

3,314

9.5513 GBP

0.25p ordinary

SWAP

Decreasing Short

2,580

9.5648 GBP

0.25p ordinary

SWAP

Decreasing Short

39

9.5758 GBP

0.25p ordinary

SWAP

Decreasing Short

3,238

9.5884 GBP

0.25p ordinary

SWAP

Increasing Short

26,610

9.3780 GBP

0.25p ordinary

SWAP

Increasing Short

375

9.4081 GBP

0.25p ordinary

SWAP

Increasing Short

165

9.4512 GBP

0.25p ordinary

SWAP

Increasing Short

2,751

9.4962 GBP

0.25p ordinary

SWAP

Increasing Short

1,263

9.4992 GBP

0.25p ordinary

SWAP

Increasing Short

70

9.5060 GBP

0.25p ordinary

SWAP

Increasing Short

7,328

9.5097 GBP

0.25p ordinary

SWAP

Increasing Short

11,249

9.5100 GBP

0.25p ordinary

SWAP

Increasing Short

1,264

9.5104 GBP

0.25p ordinary

SWAP

Increasing Short

4,792

9.5162 GBP

0.25p ordinary

SWAP

Increasing Short

25

9.5691 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.5700 GBP

0.25p ordinary

SWAP

Increasing Short

15

9.5847 GBP

0.25p ordinary

SWAP

Increasing Short

195

9.6000 GBP

0.25p ordinary

SWAP

Increasing Short

39

9.6033 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.6180 GBP

0.25p ordinary

SWAP

Increasing Short

37

9.6260 GBP

0.25p ordinary

CFD

Decreasing Short

1

9.5100 GBP

0.25p ordinary

CFD

Decreasing Short

5,019

9.5310 GBP

0.25p ordinary

CFD

Increasing Short

904

9.5875 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 Apr 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213