Company Announcements

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the “Code”)

1.         KEY INFORMATION

(a) Full name of discloser:                 Global Alpha Capital Management Ltd.

(b) Owner or controller of interests and
short positions disclosed, if different
from 1(a):The naming of nominee or vehicle  N/A
companies is insufficient. For a trust, the
trustee(s), settlor and beneficiaries must
be named.

(c) Name of offeror/offeree in relation to
whose relevant securities this form         Keywords Studios plc
relates:Use a separate form for each
offeror/offeree

(d) If an exempt fund manager connected
with an offeror/offeree, state this and
specify identity of offeror/offeree:

(e) Date position held/dealing
undertaken:For an opening position          21/05/2024
disclosure, state the latest practicable
date prior to the disclosure

(f) In addition to the company in 1(c)
above, is the discloser making disclosures
in respect of any other party to the        N/A
offer?If it is a cash offer or possible
cash offer, state “N/A”

2.         POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(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:

                                                      Interests      Short
                                                                     positions

                                                      Number    %    Number %

(1) Relevant securities owned and/or controlled:      3,077,889 3.87

(2) Cash-settled derivatives:

(3) Stock-settled derivatives (including options) and
agreements to purchase/sell:

TOTAL:                                                3,077,889 3.87

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)        Rights to subscribe for new securities (including directors’ and other employee 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 PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security Purchase/sale Number of securities Price per unit

1p ordinary                Sale          23,746               GBP 23.0012

(b)        Cash-settled derivative transactions

                              Nature of dealing
                              e.g.
                  Product     opening/closing a   Number of
Class of relevant description long/short          reference  Price per unit
security          e.g. CFD    position,           securities
                              increasing/reducing
                              a long/short
                              position

(c)        Stock-settled derivative transactions (including options)

(i)         Writing, selling, purchasing or varying

                         Writing,    Number of           Type             Option
Class of Product         purchasing, securities Exercise e.g.      Expiry money
relevant descriptione.g. selling,    to which   price    American, date   paid/
security call option     varying     option     per unit European         received
                         etc.        relates             etc.             per unit

(ii)        Exercise

Class of relevant Product          Exercising/       Number of  Exercise price
security          description      exercised against securities per unit
                  e.g. call option

(d)        Other dealings (including subscribing for new securities)

                           Nature of dealing          Price per unit (if
Class of relevant security e.g. subscription, Details applicable)
                           conversion

4.         OTHER INFORMATION

(a)        Indemnity and other dealing 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 person making
the disclosure and any party to the offer or any person acting in concert with a
party to the offer:Irrevocable commitments and letters of intent should not be
included. If there are no such agreements, arrangements or understandings, state
“none”

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal,
between the person 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 or future acquisition or disposal of any relevant securities to which any
derivative is referenced:If there are no such agreements, arrangements or
understandings, state “none”

(c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached? NO

        22/05/2024
Date of disclosure:

                    Adam Gartland
Contact name:

                    +1 604 685 2020
Telephone number:

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.