Gamma Communications Regulatory News (GAMA)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft

Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are at- tachedii:

GAMMA COMMUNICATIONS PLC

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

ELEVA Capital SAS

City and country of registered office (if applicable)

France

4. Full name of shareholder(s) (if different from 3.)v

Name

ELEVA UCITS FUND

City and country of registered office (if applicable)

LUXEMBOURG

5. Date on which the threshold was crossed or reachedvi:

24/09/2019

6. Date on which issuer notified (DD/MM/YYYY):

25/09/2019

7. Total positions of person(s) subject to the notification obligation

% of voting rights at- tached to shares (to- tal of 8. A)

% of voting rights through financial instru- ments

(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of is- suervii

Resulting situation on the date on which

threshold was crossed or reached

3.93%

1.08%

5.01%

94 566 371

Position of previous notification (if applicable)

3.21%

0.89%

4.10%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BQS10J50

3 712 310

3.93%

SUBTOTAL 8. A

3 712 310

3.93%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial in- strument

Expiration datex

Exercise/ Conversion Periodxi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration datex

Exercise/ Conversion Pe- riod xi

Physical or cash settlementxii

Number of voting rights

% of voting rights

CFD

N/A

N/A

Cash settle- ment

1 021 978

1.08%

SUBTOTAL 8.B.2

1 021 978

1.08%

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

X

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial in- struments if it equals or is higher than the

notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

ELEVA capital UK Limi- ted

ELEVA CAPITAL SAS

3.93%

1.08%

5.01%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

ELEVA CAPITAL SAS, a French asset manager, holds through the portfolios it manages 5.01% of Gamma Communications PLC.

Place of completion

Paris

Date of completion

25/09/2019