Our Gender Pay Gap Report

Keywords International Ltd. (Dublin Studio) – December 2023

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Content

Gender Pay Gap

Keywords Studios

Overview

Dec. 2023

01.

Our gender pay gap – overview

02.

Our overall pay gap at a glance03.

Our full-time employee gender pay gap

04.

Our temporary employee gender pay gap

05.

Our part-time employee gender pay gap

05.

General equality initiatives & action plans

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Our gender pay gap –overview

Gender Pay Gap

Overview

Keywords Studios

Dec. 2023

This report covers the 2022-2023 reporting cycle, using a snapshot date of 30th June 2023. We are reporting on Keywords International
Limited which is at present the only Keywords Ireland entity with an employee base of 250+ and it is important to note that this report pertains
to data for this branch of the business only. Our remaining Irish entities - Keywords Studios Limited & Xcelerator Machine Translations Limited– each employed less than 30 people respectively on the snapshot date. Keywords International Ireland primarily provides testing andlocalization services in up to 50 languages to a range of established clients in the gaming industry globally. 

Additionally, approximately 20% of our employees provide support across our IT, Marketing, Legal, Finance, HR & Admin Service Lines, both
locally and globally. On the snapshot date, Keywords International employed a total of 329 employees of which 181 men and 144 women. 4
employees stated their gender as non-binary or did not disclose this information and are therefore not included in the report which is ananalysis of the data for 325 people in total. Our overall representation between men and women employees remains unchanged year-on-year,
at a men:women ratio of 27:22. As a result of intra-group employment transfers effected in January 2023, our current overall mean pay gap
stands at 33.1% (against an EU average of 13%, and our 2022 mean pay gap of 2.2%). While this represents a significant widening, rather thannarrowing, of our gender pay gap, the intra-group transfers involved 25 employees, 16 of whom are senior employees who are men and anumber of whom are among our most senior executives globally. 

It is this cohort of employees, given their remuneration and equity awards, that has resulted in the broadening in our mean pay gap. To
contextualize, excluding these transfers, the mean gender pay gap for 2023 would be 12.73%, and the median pay gap would be 4.62%. This
represents a +9.93% widening of the mean gap, and a widening of +1.82% for the median gap. Which means that even without the intra-grouptransfers, using the mean women at Keywords Ireland are paid 12.73% less than men, and using the median women earn 4.62% less.

We recognize that this widening represents an undesirable change, and that there are underlying dynamics associated with the growth of thegap. We have strengthened our commitment to address this by investing in further analysis and targeted actions. We have planned activities
on both group and studio level to ensure fair, inclusive, and equitable practices and this remains a core component of our People & Culture
agenda as we strive to address imbalances.

Important notes

It is possible to have a gender pay gap & still pay men and women equally. At Keywords we are fully confident that our employees are paid
equally for equal work. Gender pay gap reporting, as distinct from Equal Pay, reflects the difference in the average hourly rate of pay
between men and women in the organisation, regardless of their seniority or role. The hourly pay for all male employees and all female
employees has been calculated using gross hourly pay (including overtime, performance related bonus pay and , share options at grant
date where applicable) for the reference period 1st July 2022–30th June 2023.

The mean gender pay gap is established by adding the rate of pay for each gender and dividing it by the number of employees with thepay gap being reported as a percentage. The median gender pay is calculated by ranking the hourly pay rate by gender from lowest to
highest, with the middle number being taken for both and the difference calculated.

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Overview

continued

Gender Pay Gap

Overview

Keywords Studios

Dec. 2023

From June 2022, the Gender Pay Gap Information Act 2021 requires organisations
in Ireland to report on their hourly gender pay gap across a range of metrics,
falling broadly into the reporting requirements below:
The mean and median pay gap in hourly pay between men andwomen employees

The percentage of men and women employees who received
bonus pay

The mean and median pay gap in hourly pay between part–time men and women employees

The percentage of men and women employees who received
benefit in kind

The mean and median pay gap in hourly pay between temporary
men and women employees

The percentage of men and women employees in each of four pay
band quartiles

The mean and median bonus pay gap between men and women
employees.

Quartiles – this separates the list of earners – from lowest to
highest – into four equal groups. This provides a picture of where
men and women employees sit in terms of pay hierarchy.

The following data is an analysis of the required data in detail
We welcome annual gender pay gap reporting as an opportunity to track the success of our People and Culture strategies and identify
opportunities for improvement in fostering a diverse and inclusive work environment.

We use the gender pay gap analysis process to identify imbalances and differences in pay; development and promotion trajectories;
high paid vs low paid roles; and in salaries and benefits. We then design interventions to tackle these differences.

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Our overall
pay gap at a glance

Gender Pay Gap

Overview

Keywords Studios

Dec. 2023

Encouraging more women to pursue a career in the gaming sector has traditionally been a challenge and our experience in this is in line withindustry norms. The gaming sector has traditionally attracted a predominantly male workforce and the pay distribution variance evident in thequartiles is evidence of this, with a greater representation of men in mid-level and senior leadership roles, which typically command higher
remuneration and benefits.

Among the upper quartiles on this snapshot date are a number of highly-remunerated ‘C-Level’ executives, in addition to several other longtenured employees whose careers have progressed, and/or who have received incremental pay increases, over time before the industry
started focusing on attracting women. The gender representation ratio overall at Keywords Dublin on the snapshot date of 30th June 2023
was 56:44 in favor of men, unchanged in the year since our last review. In the reference period 1st July 2022-30th June 2023, more men than
women joined our organisation - a ratio of 56:41:3 (men : women : non-binary). 

This indicates that despite our efforts in the past year to attract more women applicants to our vacant roles, there is still work to be done interms of attracting a more diverse talent pool. By contrast, a greater number of men chose to leave our employment in the same timeframe,with the ratio of leavers being 66:34 (men:women), which is encouraging in terms of our retention strategies for female employees.

Our mean bonus gap of 72.5% is reflective of the higher proportion of men occupying more senior level roles, which place greater emphasison performance-related (both personal and Company) bonus element. Also included in this figure, is the value of Share Option awards, thevalue of which has been calculated on the share price on date of grant. As indicated in our overview, in 2023 the relative proportion of men inthese senior roles grew by 16 in a single instance, due to intra-group transfers, causing a significant skew in the data.

Health insurance is the main benefit-in-kind (BIK) and the gap between genders is 10%. Health insurance, a voluntary benefit, has generally
seen low uptake within the Company, largely due to demographic factors (a combination of age-related factors and a work populationconsisting of a large proportion of transient employees). In the past year we have encouraged more employees to avail of this benefit and theoverall uptake has increased from 24% to 38%, although we acknowledge still more can be done here.

2020 European Video Games Industry Insights Report – https://www.egdf.eu/wp-content/uploads/2022/09/ISFE_EGDF-report2022_V08-05092022_45FIXED.pdf

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Gender Pay Gap

Overview

Keywords Studios

Dec. 2023

Gender Distribution

Our overall
gender pay
gap at aglance

Women

44%

Men

Gender pay gap (Monetary)

Pay Gap (Mean)

12.73% excluding

intra-group transfers

33.1%

€16 ​

Irish average of (17.3%)€24

Pay Gap (Median)

4.62% excluding
intra-group transfers ​9%Gender distribution per pay quartile
Lower quartile

Lower middle quartile

Upper middle quartile

Upper quartile

56%
51%

49%

51%

49%

44%

56%

30%

70%

Count 325

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Overall bonus & BIK
at a glance​

Gender Pay Gap

Overview

Women

Keywords Studios

Dec. 2023

Men

Bonuses gap (Monetary)(Mean)

72.5%€4,484(Median)€16,302

Right 

to bonuses​

62.8%

Benefits in
kind

50%

59%

14%

24%

Of womenreceived bonuses

Of menreceived bonuses

Of womenreceived any typeof benefits in kind​

Of menreceived any typeof benefits in kind​07

Gender Pay Gap

Overview

Keywords Studios

Dec. 2023

Gender Distribution

Our full-time
employeegender pay
gap

Our Full-Time employee pay gap shows a mean and a median pay gap of 36.8% and 10.1% respectively, and a total gender distribution ratio of
56:44 men to women. Here the legacy issues are more prominent in the variance between the quartiles, given that our full-time employees
tend to be amongst our most tenured, with similar trends in the bonus and BIK gaps in evidence for the same reasons.

Women

44%

Men
Pay Gap (Mean)

Gender pay gap (Monetary)

36.8%

Irish average of (17.3%)

17

Pay Gap (Median)

27

10.1%

Gender distribution per pay quartile
Lower quartile

Lower middle quartile

Upper middle quartile

Upper quartile

56%
57%

43%

44%

56%

47%

53%

27%

73%

Count #

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Bonuses & BIK at aglance – full-time
employees

Gender Pay Gap

Overview

Women

Keywords Studios

Dec. 2023

Men

Bonuses gap (Monetary)(Mean)

75.2%€4,297(Median)€17,300

Right 

to bonuses​

69.1%

Benefits in
kind

63%

70%

16%

28%

Of womenreceived bonuses

Of menreceived bonuses

Of womenreceived any typeof benefits in kind​

Of menreceived any typeof benefits in kind​

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Our
temporaryemployeegender pay
gap

Gender Pay Gap

Overview

Keywords Studios

Dec. 2023

In this employee category, we see a 17.5% mean and a 6.6% median pay gap. This data represents a very small portion of the workforce – just
8 employees, comprising 7 men and 1 woman. The gap is representative of a small number of men who, on the snapshot date, happened tooccupy more senior roles, which command a higher salary. There are justifiable reasons for the temporary nature of these roles, and we
consider this data set to be atypical, however, we will continue to closely monitor this category to ensure fairness and equity.

Women

Men

13%

Pay Gap (Mean)

17.5%

Gender pay gap (Monetary)

Irish average of (17.3%)

12

Pay Gap (Median)

15

6.6%

Gender distribution per pay quartile
Lower quartile

Lower middle quartile

Upper middle quartile

Upper quartile

87%
33%

67%

0%

100%

33%

67%

0%

100%

Count 8

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Bonuses & BIK at aglance –temporaryemployees

Gender Pay Gap

Overview

Women

Keywords Studios

Dec. 2023

Men

Bonuses gap (Monetary)(Mean)

N/A€0(Median)€1,904Right 

to bonuses​

N/A

Benefits in
kind

0%

88%

0%

25%

Of womenreceived bonuses

Of menreceived bonuses

Of womenreceived any typeof benefits in kind​

Of menreceived any typeof benefits in kind​11

Gender Pay Gap

Keywords Studios

Overview

Dec. 2023

Gender Distribution

Our part-time

In this category, our pay gap switches to a negative: -7.3% mean but 0.1% median respectively. This group comprises a total of 60 employees,

employeeindication of increasing representation of women in senior roles.

gender pay
gap

52%

with a 48:52 men:women ratio. The significant bonus gap indicates that this category is representative of a larger proportion of women
occupying management roles (since bonus payments are restricted to management level roles in the main), and we view this as a positive

Women

Men
Pay Gap (Mean)

It is important to note that not all are on
part-time contracts per se but for the

Gender pay gap (Monetary)-7.3%
Irish average of (17.3%)€13​

purposes of reporting we havecategorized them as such. The reason
for this is that the nature of our business
in Dublin requires a constant supply of“casual” workers amongst our Tester

population due to lot of project-based
work. This cohort do not work full-time
but are available to work on projects as

Pay Gap €12​

they arise. 

(Median)0.1%

To establish how to classify our “casual”
workforce for the purposes ofreporting, we have taken the decision totreat a casual worker who works 20hours per week or less, as a Part-Time
employee in line with the Department ofEnterprise, Trade & Employment’s

categorization of a Part-Time employeewith a Stamp 2 Visa.

Gender distribution per pay quartile
Lower quartile

Lower middle quartile

Upper middle quartile

Upper quartile

48%
Count 60
47%

53%

67%

33%

47%

53%

47%

53%

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Bonuses & BIK at aglance – part-time
employees

Gender Pay Gap

Overview

Women

Keywords Studios

Dec. 2023

Men

Bonuses gap (Monetary)(Mean)€11,131 ​(Median)N/A€0

Right 

to bonuses​

N/A

Benefits in
kind

6%

0%

6%

0%

Of womenreceived bonuses

Of menreceived bonuses

Of womenreceived any typeof benefits in kind​

Of menreceived any typeof benefits in kind​13

Generalequality
initiatives &action plans

Gender Pay Ga
Overviewp

Keywords Studio
Dec. 2023s

As an employer we know that having a diverse workforce is key to our success as a business and we are fully committed to fostering an evermore diverse and gender-balanced organisation. In 2023 we renewed our sponsorship of the Women in Games Ambassador programme, of
which our new Ireland Studio Operations Manager is an Ambassador. We have hosted several wellbeing webinars and workshops specificallyfor our women employees – including the very popular “Women’s Wellbeing: Am I Enough? Women that get things done”. 

We continued to roll out our Dignity at Work training programme and have assessed our Job Descriptions to ensure gender neutral language.
With regards to the Ireland Gender Pay Gap we have identified several key areas for action over the coming year:

Representation

Knowledge and skills

Talent Acquisition

Leverage the WiG partnership to benefit
Keywords Ireland. As an ambassador ourstudio operations manager will be driving
this agenda and activities
Conduct gender analysis of the staff
engagement survey data to identify areas
for improvement.

Ensure all employees complete basic
diversity and inclusion training
Provide Inclusive Leadership training forsenior leaders
Offer Inclusive Communications E-learning
for all employees.

Aim to ensure gender balanced
interviewing teams
Provide inclusive recruitment training for
all those involved in hiring
Review of job architecture and total reward
structure to ensure fairness and equity.

SupportHost awareness raising events on gender
equityRun a communications campaign on
support that women can access in
Keywords Ireland whatever their life stage
e.g. transitioning back to work after familyleave, menopause awareness, balancing
home and work commitments.

On a group level one of our key diversity and inclusion KPIs is the percentage of women in theorganisation, for which we have reached the 2023 target of 27%. Our gender equity activities
included a Global Women’s Summit, expansion of the Women at Keywords Affinity Group,
Mental Health and Wellbeing events, and individual studio focused activities, such as a women
only cohort at our Lakshya InGame academy, and Keywords Philippines sign up to the Women
Empowerment Principles. 

We further developed our partnership with Women in Games, participating in three Careers
Development and Networking Expos, linking women in the sector to open positions at
Keywords, and collaborated on the Individual Ambassador Event, providing the opportunity
for knowledge exchange and connections for women at Keywords and in the industry.

From this gender pay gap analysis and employee feedback we know that our ongoing
gender equity work needs to target access and representation; retention anddevelopment; and equitable policies and processes. Locally we recognise that we havemuch to do in terms of improving our representation of woman employees in senior
management roles. Closing the gap here will take time but we are committed to this aim.

Gender Pay Gap Report © Keywords Studios PLC. December 2023