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:

14 Sep 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:

1,776,566

1.99%

270,566

0.30%

(2)

Cash-settled derivatives:

and/or controlled:

265,328

0.30%

1,770,243

1.99%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,041,894

2.29%

2,040,809

2.29%

(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

395,889

11.5500 GBP

11.1070 GBP

0.25p ordinary

Sale

248,738

11.3200 GBP

11.1802 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

2,035

11.2400 GBP

0.25p ordinary

SWAP

Decreasing Short

4,320

11.2183 GBP

0.25p ordinary

SWAP

Decreasing Short

504

11.2155 GBP

0.25p ordinary

SWAP

Increasing Long

997

11.2400 GBP

0.25p ordinary

SWAP

Decreasing Long

48

11.2800 GBP

0.25p ordinary

SWAP

Increasing Long

3,432

11.2400 GBP

0.25p ordinary

SWAP

Increasing Short

12,295

11.2505 GBP

0.25p ordinary

SWAP

Increasing Short

13,754

11.2505 GBP

0.25p ordinary

SWAP

Increasing Short

521

11.2157 GBP

0.25p ordinary

SWAP

Increasing Short

1,965

11.2262 GBP

0.25p ordinary

SWAP

Decreasing Long

11,393

11.2535 GBP

0.25p ordinary

SWAP

Decreasing Short

9,643

11.2405 GBP

0.25p ordinary

SWAP

Increasing Short

27,000

11.1077 GBP

0.25p ordinary

SWAP

Increasing Short

53,629

11.2419 GBP

0.25p ordinary

SWAP

Increasing Short

22

11.5500 GBP

0.25p ordinary

SWAP

Decreasing Long

1,843

11.2503 GBP

0.25p ordinary

SWAP

Decreasing Long

684

11.2503 GBP

0.25p ordinary

CFD

Decreasing Long

349

11.3025 GBP

0.25p ordinary

CFD

Decreasing Short

2,599

11.1962 GBP

0.25p ordinary

CFD

Decreasing Short

7,422

11.2095 GBP

0.25p ordinary

SWAP

Increasing Short

1,068

11.3009 GBP

0.25p ordinary

SWAP

Increasing Short

67

11.2207 GBP

0.25p ordinary

SWAP

Opening Short

253

11.2932 GBP

0.25p ordinary

SWAP

Opening Long

5,292

11.2479 GBP

0.25p ordinary

SWAP

Increasing Long

285

11.2292 GBP

0.25p ordinary

SWAP

Decreasing Long

195

11.2646 GBP

0.25p ordinary

SWAP

Increasing Short

6,370

11.2135 GBP

0.25p ordinary

SWAP

Decreasing Short

5,214

11.2515 GBP

0.25p ordinary

SWAP

Increasing Short

8,100

11.4018 GBP

0.25p ordinary

SWAP

Increasing Short

1,227

11.3440 GBP

0.25p ordinary

SWAP

Decreasing Short

32

11.2300 GBP

0.25p ordinary

CFD

Increasing Short

20,390

11.2400 GBP

0.25p ordinary

SWAP

Increasing Short

16,820

11.2486 GBP

0.25p ordinary

SWAP

Increasing Long

132

11.2300 GBP

0.25p ordinary

SWAP

Decreasing Long

836

11.2625 GBP

0.25p ordinary

SWAP

Increasing Short

8,580

11.2394 GBP

0.25p ordinary

SWAP

Increasing Short

13,517

11.2411 GBP

0.25p ordinary

SWAP

Increasing Short

16,200

11.2156 GBP

0.25p ordinary

SWAP

Increasing Short

103

11.3800 GBP

0.25p ordinary

SWAP

Closing Short

17,073

11.2400 GBP

0.25p ordinary

SWAP

Closing Long

869

11.2884 GBP

0.25p ordinary

SWAP

Opening Short

208

11.2884 GBP

0.25p ordinary

SWAP

Increasing Short

8,985

11.2303 GBP

0.25p ordinary

SWAP

Increasing Short

6,282

11.2400 GBP

0.25p ordinary

SWAP

Increasing Short

16,200

11.1705 GBP

0.25p ordinary

SWAP

Decreasing Short

522

11.2400 GBP

0.25p ordinary

SWAP

Closing Short

208

11.3200 GBP

0.25p ordinary

SWAP

Increasing Short

10,471

11.2400 GBP

0.25p ordinary

SWAP

Increasing Short

365

11.2100 GBP

0.25p ordinary

SWAP

Increasing Short

1,826

11.2400 GBP

0.25p ordinary

SWAP

Decreasing Short

56,327

11.2500 GBP

0.25p ordinary

SWAP

Decreasing Short

16,939

11.2500 GBP

0.25p ordinary

SWAP

Decreasing Short

16,939

11.2500 GBP

0.25p ordinary

SWAP

Increasing Short

810

11.2719 GBP

0.25p ordinary

SWAP

Increasing Short

6,715

11.2545 GBP

0.25p ordinary

SWAP

Increasing Short

26,052

11.2427 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:

15 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213