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 Jun 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:

674,875

0.75%

1,304,262

1.45%

(2)

Cash-settled derivatives:

and/or controlled:

1,271,495

1.41%

670,538

0.75%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,946,370

2.16%

1,974,800

2.19%

(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

233,702

8.9190 GBP

7.8100 GBP

0.25p ordinary

Sale

773,591

8.7850 GBP

7.8550 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

485

8.3250 GBP

0.25p ordinary

SWAP

Increasing Short

3,313

8.3254 GBP

0.25p ordinary

SWAP

Increasing Long

3,095

8.2930 GBP

0.25p ordinary

SWAP

Increasing Long

16,501

8.1027 GBP

0.25p ordinary

SWAP

Increasing Long

20,725

8.0964 GBP

0.25p ordinary

SWAP

Increasing Long

1,144

8.2235 GBP

0.25p ordinary

SWAP

Decreasing Long

928

8.2648 GBP

0.25p ordinary

SWAP

Decreasing Short

2,805

8.8000 GBP

0.25p ordinary

SWAP

Opening Short

281

8.3250 GBP

0.25p ordinary

SWAP

Increasing Long

28,868

8.3250 GBP

0.25p ordinary

SWAP

Decreasing Long

857

8.3149 GBP

0.25p ordinary

SWAP

Increasing Long

416

8.2950 GBP

0.25p ordinary

SWAP

Decreasing Long

724

8.9405 GBP

0.25p ordinary

SWAP

Decreasing Long

24

8.1700 GBP

0.25p ordinary

SWAP

Increasing Long

29

8.2400 GBP

0.25p ordinary

SWAP

Decreasing Short

801

8.0442 GBP

0.25p ordinary

SWAP

Opening Long

6,893

8.3245 GBP

0.25p ordinary

SWAP

Decreasing Long

6,023

8.3254 GBP

0.25p ordinary

SWAP

Increasing Long

21

8.3250 GBP

0.25p ordinary

SWAP

Increasing Short

4,043

8.8328 GBP

0.25p ordinary

SWAP

Decreasing Short

1,303

8.2128 GBP

0.25p ordinary

SWAP

Opening Short

8

8.3250 GBP

0.25p ordinary

SWAP

Decreasing Long

493

8.4099 GBP

0.25p ordinary

SWAP

Increasing Long

114

8.1811 GBP

0.25p ordinary

CFD

Increasing Long

1,860

8.2723 GBP

0.25p ordinary

CFD

Decreasing Long

985

8.7476 GBP

0.25p ordinary

SWAP

Opening Short

485

8.3697 GBP

0.25p ordinary

SWAP

Increasing Short

6,000

7.9557 GBP

0.25p ordinary

SWAP

Decreasing Long

3,038

8.3251 GBP

0.25p ordinary

SWAP

Decreasing Short

476

8.3245 GBP

0.25p ordinary

SWAP

Closing Long

1,465

8.2750 GBP

0.25p ordinary

SWAP

Decreasing Long

1,958

8.2750 GBP

0.25p ordinary

SWAP

Increasing Long

2,000

8.2392 GBP

0.25p ordinary

SWAP

Decreasing Long

471

8.3219 GBP

0.25p ordinary

SWAP

Decreasing Short

2,318

8.3245 GBP

0.25p ordinary

SWAP

Increasing Long

9,793

8.3321 GBP

0.25p ordinary

SWAP

Increasing Short

7,819

8.3250 GBP

0.25p ordinary

SWAP

Increasing Long

5,512

8.2935 GBP

0.25p ordinary

SWAP

Decreasing Long

2,951

8.9155 GBP

0.25p ordinary

SWAP

Decreasing Long

21

8.2439 GBP

0.25p ordinary

SWAP

Increasing Long

10

8.2048 GBP

0.25p ordinary

SWAP

Decreasing Short

50,000

7.9944 GBP

0.25p ordinary

SWAP

Increasing Long

7,300

8.2314 GBP

0.25p ordinary

SWAP

Increasing Long

11

8.2789 GBP

0.25p ordinary

SWAP

Increasing Short

1,348

8.9197 GBP

0.25p ordinary

SWAP

Decreasing Short

515

8.0711 GBP

0.25p ordinary

SWAP

Decreasing Short

4

8.7850 GBP

0.25p ordinary

SWAP

Increasing Long

307

8.1811 GBP

0.25p ordinary

SWAP

Decreasing Long

183

8.4099 GBP

0.25p ordinary

CFD

Increasing Long

5,685

8.0983 GBP

0.25p ordinary

SWAP

Decreasing Short

2,000

8.3141 GBP

0.25p ordinary

SWAP

Increasing Short

476

8.3250 GBP

0.25p ordinary

SWAP

Increasing Long

4,717

8.2414 GBP

0.25p ordinary

SWAP

Increasing Long

39,933

8.9190 GBP

0.25p ordinary

SWAP

Decreasing Short

12,085

8.0290 GBP

0.25p ordinary

SWAP

Decreasing Long

16,601

8.1695 GBP

0.25p ordinary

SWAP

Increasing Short

2,695

8.8017 GBP

0.25p ordinary

SWAP

Decreasing Short

70,548

8.1642 GBP

0.25p ordinary

SWAP

Increasing Long

485

8.5403 GBP

0.25p ordinary

SWAP

Increasing Long

112

8.0495 GBP

0.25p ordinary

SWAP

Decreasing Short

286

8.0350 GBP

0.25p ordinary

SWAP

Decreasing Long

298

8.3250 GBP

0.25p ordinary

SWAP

Increasing Long

1,803

8.3250 GBP

0.25p ordinary

SWAP

Increasing Short

819

8.3250 GBP

0.25p ordinary

SWAP

Increasing Long

256

8.7450 GBP

0.25p ordinary

SWAP

Decreasing Short

2,702

8.3250 GBP

0.25p ordinary

SWAP

Decreasing Long

151

8.2950 GBP

0.25p ordinary

SWAP

Increasing Short

572

8.5674 GBP

0.25p ordinary

SWAP

Increasing Long

1,588

8.3250 GBP

0.25p ordinary

SWAP

Decreasing Short

643

8.1532 GBP

0.25p ordinary

SWAP

Decreasing Short

273,938

8.0817 GBP

0.25p ordinary

SWAP

Decreasing Short

45,660

7.8963 GBP

0.25p ordinary

SWAP

Decreasing Short

2,696

8.0764 GBP

0.25p ordinary

SWAP

Increasing Short

877

8.7339 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:

25 Jun 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213