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 relevant securities this form relates:			KEYWORDS STUDIOS PLC
(c)	Name of the party to the offer with which exempt principal trader is connected			KEYWORDS STUDIOS PLC
(d)	Date position held/dealing undertaken:			20 May 2024
(e)	In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to the offer?			NO
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:				1p ordinary
				Interests		Short Positions
				Number	(%)	Number	(%)
(1) Relevant securities owned and/or controlled:				331,324	0.42%	433,183	0.55%
(2) Cash-settled derivatives:				406,809	0.51%	319,616	0.40%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:				0	0.00%	0	0.00%
TOTAL:				738,133	0.93%	752,799	0.95%

(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)	Purchase and sales
Class of relevant security	Purchase/sale	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
1p ordinary	Purchase	716691	24.5122 GBP	22.8200 GBP
1p ordinary	Sale	311092	24.1824 GBP	22.9831 GBP

(b)	Cash-settled derivative transactions
Class of relevant security	Product description	Nature of dealing	Number of reference securities	Price per unit
1p ordinary	SWAP	Opening Long	17	23.6564 GBP
1p ordinary	SWAP	Opening Long	96	23.2594 GBP
1p ordinary	CFD	Opening Long	339	23.3561 GBP
1p ordinary	SWAP	Opening Long	404	23.6953 GBP
1p ordinary	CFD	Opening Long	415	23.5161 GBP
1p ordinary	CFD	Opening Long	541	23.6768 GBP
1p ordinary	SWAP	Opening Long	564	23.6458 GBP
1p ordinary	SWAP	Opening Long	779	24.0402 GBP
1p ordinary	CFD	Opening Long	781	23.8167 GBP
1p ordinary	SWAP	Opening Long	903	23.6926 GBP
1p ordinary	CFD	Opening Long	1,458	22.8220 GBP
1p ordinary	CFD	Opening Long	3,226	23.5975 GBP
1p ordinary	SWAP	Opening Long	3,249	23.4380 GBP
1p ordinary	SWAP	Opening Long	6,683	23.8073 GBP
1p ordinary	SWAP	Opening Long	10,464	23.7397 GBP
1p ordinary	SWAP	Opening Long	10,902	22.8874 GBP
1p ordinary	CFD	Opening Long	25,000	22.8218 GBP
1p ordinary	SWAP	Opening Long	33,968	23.4377 GBP
1p ordinary	SWAP	Opening Long	38,990	24.5122 GBP
1p ordinary	SWAP	Opening Long	43,156	24.0120 GBP
1p ordinary	SWAP	Opening Long	82,144	23.5136 GBP
1p ordinary	SWAP	Opening Short	19	23.3000 GBP
1p ordinary	SWAP	Opening Short	33	23.1490 GBP
1p ordinary	SWAP	Opening Short	150	23.2888 GBP
1p ordinary	SWAP	Opening Short	252	23.2594 GBP
1p ordinary	SWAP	Opening Short	1,387	23.7691 GBP
1p ordinary	SWAP	Opening Short	1,994	23.8744 GBP
1p ordinary	SWAP	Opening Short	2,270	23.0212 GBP
1p ordinary	SWAP	Opening Short	4,402	23.6686 GBP
1p ordinary	SWAP	Opening Short	4,623	23.7157 GBP
1p ordinary	SWAP	Opening Short	5,202	23.7138 GBP
1p ordinary	SWAP	Opening Short	5,612	23.7541 GBP
1p ordinary	SWAP	Opening Short	5,957	23.7273 GBP
1p ordinary	SWAP	Opening Short	6,042	23.8003 GBP
1p ordinary	SWAP	Opening Short	6,268	22.8228 GBP
1p ordinary	SWAP	Opening Short	7,500	22.8257 GBP
1p ordinary	SWAP	Opening Short	8,820	23.7055 GBP
1p ordinary	SWAP	Opening Short	13,708	23.7081 GBP
1p ordinary	SWAP	Opening Short	57,761	23.6203 GBP
1p ordinary	SWAP	Opening Short	61,351	23.5908 GBP
1p ordinary	SWAP	Opening Short	125,000	23.4754 GBP
1p ordinary	SWAP	Opening Short	216,361	22.8200 GBP

(c)	Stock-settled derivative transactions (including options)
(i)	Writing, selling, purchasing or varying
Class of relevant security	Product description	Writing, purchasing, selling, varying etc	Number of securities to which option relates	Exercise price per unit	Type	Expiry date	Option money paid/ received per unit


(ii)	Exercising
Class of relevant security	Product description	Exercising/ exercised against	Number of securities	Exercise price per unit


(d)	Other dealings (including subscribing for new securities)
Class of relevant security	Nature of Dealings	Details	Price per unit (if 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:				21 May 2024
Contact name:				Large Holdings Regulatory Operations
Telephone number:				020 3134 7213