TR-1: Standard form for notification of major holdings

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 attachedⁱⁱ:			Keywords Studios plc (Company No. 08548351)
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 obligation^iv
Name			TIAA-CREF Investment Management, LLC on behalf of the accounts listed in Exhibit B. Teachers Advisors, LLC on behalf of the fund listed in Exhibit C. Nuveen Asset Management, LLC on behalf of the account listed in Exhibit D.
City and country of registered office (if applicable)			TIAA-CREF Investment Management, LLC - New York, USA Teachers Advisors, LLC. - New York, USA Nuveen Asset Management, LLC. - Chicago, USA
4. Full name of shareholder(s) (if different from 3.)^v
Name			See Number 3.
City and country of registered office (if applicable)			See Number 3.
5. Date on which the threshold was crossed or reached^vi:			20 October 2020
6. Date on which issuer notified (DD/MM/YYYY):			22 October 2020
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	3.002%	0%		3.002%	73,963,867
Position of previous notification (if applicable)	2.971%	0%		2.971%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% 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)
GB00BBQ38507		2,220,560		0%			3.002%		0%


SUBTOTAL 8. A		2,220,560					3.002%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights
N/A		N/A	N/A			N/A			N/A


			SUBTOTAL 8. B 1			N/A			N/A

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 date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights
N/A	N/A		N/A		N/A			N/A	N/A


					SUBTOTAL 8.B.2			N/A	N/A

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) issuer^xiii				X
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 entity^xiv(please add additional rows as necessary)
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold






10. In case of proxy voting, please identify:
Name of the proxy holder		TIAA-CREF Investment Management, LLC/ Teachers Advisors, LLC/ Nuveen Asset Management, LLC
The number and % of voting rights held		N/A
The date until which the voting rights will be held		N/A

11. Additional information^xvi
The College Retirement Equities Fund ("CREF") hereby informs you that as of October 20, 2020, CREF owns 1,249,800 voting shares of Keywords Studios plc equivalent to a 1.690% voting share ownership percentage of Keywords Studios plc. CREF owns these shares through two of its investment accounts: the Global Equities Account and the Stock Account. It is our understanding the total voting shares outstanding is 73,963,867. For your information, CREF is a U.S. based investment company, which is registered with the Securities and Exchange Commission ("SEC"). CREF has multiple investment accounts, each with separate investment objectives and policies. All assets in the accounts are beneficially owned by CREF, and all the accounts are managed by TIAA-CREF Investment Management, LLC ("TCIM"), an SEC registered investment adviser. Additionally, a fund managed by an affiliate of CREF, Teachers Advisors, LLC ("TAL"), owns 678,168 voting shares of Keywords Studios plc equivalent to a 0.917% voting share ownership percentage of Keywords Studios plc. These holdings are owned by mutual funds which are investment portfolios of the TIAA-CREF Funds or the TIAA-CREF Life Funds (collectively, the "Funds"). The Funds are SEC registered investment companies and the Funds are managed by Teachers Advisors, LLC ("TAL"), an SEC registered investment adviser that is affiliated with TCIM. In addition, Nuveen Asset Management, LLC ("NAM"), an affiliate of CREF, bought 15,203 shares on October 20, 2020 bringing its ownership to 292,592 voting shares of Keywords Studios plc, equivalent to a 0.396% voting share ownership percentage of Keywords Studios plc held through the separate accounts that it advises. A total of 2,220,560 voting shares or 3.002% of the outstanding voting shares of Keywords Studios plc are owned, in aggregate, by CREF and these affiliated funds and accounts. TAL and TCIM follow the same policies when voting on behalf of CREF and the Funds. Additionally, each of TAL, TCIM and NAM separately and independently vote all proxies for shares held in Keywords Studios plc. We are therefore aggregating the holdings in Keywords Studios plc as requested by the current FCA Disclosure and Transparency Rules for purposes of this form. (See Exhibit A)

Place of completion	TIAA-CREF Investment Management, LLC, 730 Third Avenue, New York, New York 10017-3206 USA
Date of completion	22 October 2020

Exhibit A

	TIAA-CREF
	Summary of Holdings in Keywords Studios plc
	Between October 19, 2020 - October 20, 2020

	TIAA-CREF Investment Management LLC ("CREF")				Teachers Advisors LLC		TCIM & TAL Aggregate Holdings
	Global Equities Account	Stock Account	Total CREF Holdings	Total CREF %	TIAA-CREF International Opportunities Fund	Total Mutual Funds %	Total Holdings	Total %
Holdings as of October 19, 2020	614,784	635,016	1,249,800	1.690%	678,168	0.917%	1,927,968	2.607%
Transactions as of October 20, 2020	-	-	-	0.000%	-	0.000%	-	0.000%
Holdings as of October 20, 2020	614,784	635,016	1,249,800	1.690%	678,168	0.917%	1,927,968	2.607%

Total Voting Shares Outstanding October 20, 2020	73,963,867

	Nuveen Asset Management LLC (NAM)
	NAM	Total NAM Holdings	Total NAM %
Holdings as of October 19, 2020	277,389	277,389	0.375%
Transactions as of October 20, 2020	15,203	15,203	-
Holdings as of October 20, 2020	292,592	292,592	0.396%

			Total Combined as of October 20, 2020	Total Percentage as of October 20, 2020
			2,220,560	3.002%

Exhibit B

TIAA-CREF Investment Management, LLC

College Retirement Equities Fund ("CREF") *

· CREF Stock Account

· CREF Global Equities Account

* Registered Investment Company

Exhibit C

Teachers Advisors, LLC

TIAA-CREF Funds *

· International Opportunities Fund

* Registered Investment Company

Exhibit D

· Nuveen Asset Management, LLC*

* Registered Investment Adviser.