Barclays Regulatory News (BARC)

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:

21 May 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:

1,383,580

1.53%

970,183

1.07%

(2)

Cash-settled derivatives:

and/or controlled:

938,384

1.04%

1,385,274

1.53%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,321,964

2.57%

2,355,457

2.60%

(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

172,868

9.9225 GBP

9.6800 GBP

0.25p ordinary

Sale

110,884

9.9000 GBP

9.5870 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

3

9.5100 GBP

0.25p ordinary

SWAP

Decreasing Short

241

9.6950 GBP

0.25p ordinary

SWAP

Decreasing Short

6

9.6966 GBP

0.25p ordinary

SWAP

Decreasing Short

2,627

9.7025 GBP

0.25p ordinary

SWAP

Decreasing Short

7

9.7200 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.7223 GBP

0.25p ordinary

SWAP

Decreasing Short

30

9.7300 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.7373 GBP

0.25p ordinary

SWAP

Decreasing Short

357

9.7380 GBP

0.25p ordinary

SWAP

Decreasing Short

3,783

9.7390 GBP

0.25p ordinary

SWAP

Decreasing Short

3,833

9.7395 GBP

0.25p ordinary

SWAP

Decreasing Short

600

9.7396 GBP

0.25p ordinary

SWAP

Decreasing Short

12,872

9.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

2,288

9.7423 GBP

0.25p ordinary

SWAP

Decreasing Short

1,798

9.7506 GBP

0.25p ordinary

SWAP

Decreasing Short

846

9.7529 GBP

0.25p ordinary

SWAP

Decreasing Short

194

9.7550 GBP

0.25p ordinary

SWAP

Decreasing Short

717

9.7669 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.7700 GBP

0.25p ordinary

SWAP

Decreasing Short

2,000

9.7840 GBP

0.25p ordinary

SWAP

Decreasing Short

75

9.7902 GBP

0.25p ordinary

SWAP

Decreasing Short

1,047

9.8148 GBP

0.25p ordinary

SWAP

Decreasing Short

1,080

9.8173 GBP

0.25p ordinary

SWAP

Decreasing Short

2,162

9.8180 GBP

0.25p ordinary

SWAP

Decreasing Short

1,137

9.8256 GBP

0.25p ordinary

SWAP

Decreasing Short

268

9.8287 GBP

0.25p ordinary

SWAP

Decreasing Short

165

9.8525 GBP

0.25p ordinary

SWAP

Decreasing Short

8,313

9.8619 GBP

0.25p ordinary

SWAP

Decreasing Short

27

9.8738 GBP

0.25p ordinary

SWAP

Decreasing Short

294

9.8997 GBP

0.25p ordinary

SWAP

Decreasing Short

237

9.9000 GBP

0.25p ordinary

SWAP

Increasing Short

2,924

9.7003 GBP

0.25p ordinary

SWAP

Increasing Short

2,627

9.7025 GBP

0.25p ordinary

SWAP

Increasing Short

3,398

9.7078 GBP

0.25p ordinary

SWAP

Increasing Short

2,328

9.7152 GBP

0.25p ordinary

SWAP

Increasing Short

603

9.7220 GBP

0.25p ordinary

SWAP

Increasing Short

546

9.7221 GBP

0.25p ordinary

SWAP

Increasing Short

2,976

9.7222 GBP

0.25p ordinary

SWAP

Increasing Short

8,055

9.7285 GBP

0.25p ordinary

SWAP

Increasing Short

2

9.7301 GBP

0.25p ordinary

SWAP

Increasing Short

607

9.7350 GBP

0.25p ordinary

SWAP

Increasing Short

1,435

9.7360 GBP

0.25p ordinary

SWAP

Increasing Short

8,762

9.7364 GBP

0.25p ordinary

SWAP

Increasing Short

1,196

9.7370 GBP

0.25p ordinary

SWAP

Increasing Short

27,702

9.7400 GBP

0.25p ordinary

SWAP

Increasing Short

1,523

9.7404 GBP

0.25p ordinary

SWAP

Increasing Short

4,477

9.7408 GBP

0.25p ordinary

SWAP

Increasing Short

238

9.7500 GBP

0.25p ordinary

SWAP

Increasing Short

37,100

9.7660 GBP

0.25p ordinary

SWAP

Increasing Short

1,144

9.7875 GBP

0.25p ordinary

SWAP

Increasing Short

174

9.7949 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.7950 GBP

0.25p ordinary

SWAP

Increasing Short

1,166

9.7991 GBP

0.25p ordinary

SWAP

Increasing Short

843

9.8416 GBP

0.25p ordinary

SWAP

Increasing Short

765

9.8417 GBP

0.25p ordinary

SWAP

Increasing Short

388

9.8625 GBP

0.25p ordinary

CFD

Decreasing Short

1,330

9.7528 GBP

0.25p ordinary

CFD

Increasing Short

1,306

9.7132 GBP

0.25p ordinary

CFD

Increasing Short

139

9.8976 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:

22 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213