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:			23 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:				268,191	0.34%	282,429	0.36%
(2) Cash-settled derivatives:				270,022	0.34%	257,830	0.33%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:				0	0.00%	0	0.00%
TOTAL:				538,213	0.68%	540,259	0.68%

(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	38592	22.3400 GBP	22.0184 GBP
1p ordinary	Sale	92127	22.3389 GBP	21.9600 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	Decreasing Long	11	22.0401 GBP
1p ordinary	SWAP	Decreasing Long	22	22.0501 GBP
1p ordinary	SWAP	Decreasing Long	2,481	22.0697 GBP
1p ordinary	SWAP	Decreasing Short	173	22.0000 GBP
1p ordinary	SWAP	Decreasing Short	183	22.2392 GBP
1p ordinary	SWAP	Decreasing Short	208	22.2965 GBP
1p ordinary	SWAP	Decreasing Short	233	22.1496 GBP
1p ordinary	SWAP	Decreasing Short	640	22.2983 GBP
1p ordinary	SWAP	Decreasing Short	721	22.0814 GBP
1p ordinary	SWAP	Decreasing Short	1,589	22.1782 GBP
1p ordinary	SWAP	Decreasing Short	1,615	22.1344 GBP
1p ordinary	SWAP	Decreasing Short	1,783	22.2181 GBP
1p ordinary	SWAP	Decreasing Short	1,920	22.3389 GBP
1p ordinary	SWAP	Decreasing Short	3,207	22.2972 GBP
1p ordinary	SWAP	Decreasing Short	12,862	22.0385 GBP
1p ordinary	SWAP	Decreasing Short	26,828	22.0444 GBP
1p ordinary	SWAP	Decreasing Short	28,680	22.3000 GBP
1p ordinary	SWAP	Increasing Long	154	22.1927 GBP
1p ordinary	SWAP	Increasing Long	259	22.0696 GBP
1p ordinary	SWAP	Increasing Long	313	22.1925 GBP
1p ordinary	SWAP	Increasing Long	508	21.9998 GBP
1p ordinary	SWAP	Increasing Long	525	22.0705 GBP
1p ordinary	SWAP	Increasing Long	619	22.0586 GBP
1p ordinary	CFD	Increasing Long	1,097	22.1095 GBP
1p ordinary	SWAP	Increasing Long	1,413	22.0575 GBP
1p ordinary	CFD	Increasing Long	3,025	22.1679 GBP
1p ordinary	SWAP	Increasing Short	42	21.9800 GBP
1p ordinary	SWAP	Increasing Short	192	22.2338 GBP
1p ordinary	SWAP	Increasing Short	340	22.0233 GBP
1p ordinary	SWAP	Increasing Short	3,919	22.3339 GBP
1p ordinary	SWAP	Increasing Short	5,121	22.1703 GBP
1p ordinary	SWAP	Increasing Short	5,498	22.0080 GBP
1p ordinary	SWAP	Increasing Short	13,726	22.1796 GBP
1p ordinary	SWAP	Opening Long	106	22.2995 GBP
1p ordinary	SWAP	Opening Short	1,270	22.3022 GBP
1p ordinary	SWAP	Opening Short	2,504	22.2586 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:				24 May 2024
Contact name:				Large Holdings Regulatory Operations
Telephone number:				020 3134 7213