KEYWORDS STUDIOSCOMPANY PRESENTATIONJUNE 2023

KEYWORDS SNAPSHOT#1 technical

3 service lines& creative solutions
provider to the video
games industry

covering entire
gaming value chain

24 out of top 25

10 out of top 10

gaming companies
are clients*Sources: Market sizing conducted by IDG Consulting Inc.

mobile games
companies are clients

26 countries
and more thanstudios~12,000

employees that speak
languages

7050

$12bn

~3x size ofc.
Video gameexternal services
market*next largest
industry player

Keywords Studios – Company Presentation

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OUR GLOBAL FOOTPRINTChicago
Mexico City
VancouverCincinnati
RaleighOrlandoKatowice

Portsmouth

Leamington Spa

Liverpool

BerlinDublin (HQ)

Montreal

Newcastle

Bucharest
St Petersburg*

LondonAustinKunshanWarsaw
Volgograd*

Beijing
Yanjiao

Changsha

YerevanDalianSeoul

ValettaSeattleBrighton
Quebec CIty
Saint Jerome

New York

OttawaNew Orleans

CreateGlobalize
EngageManilaPortland

Adelaide
Melbourne

New Delhi

Los Angeles

BrisbanePune

San Francisco

TaipeiBangalore
Madrid~12,000 people, working in over
60 cities in 26 countries, on 5continents, providing global
workflow capability

ChengduBarcelona

Paris
Rio de JaneiroSão PauloZhengzhou
Shanghai

The Hague

Singapore

Hamburg

BelgradeMilan* Offices closing in 2023

Krakow

Rome

Yogyakarta

QingdaoTokyo

Keywords Studios – Company Presentation

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S E R V I CI N G E N T I R E C O N T E N T D E V E L O P M E N T L I F E C Y C L E
Game Development

Audio Services

Includes full & co-development, porting &remastering, tool development and consulting
services

Multi-language voiceover recording, originallanguage voice production, music management,sound effects

Functional Testing

Art Services
Creation of video game graphical art, including
concept, 2D and 3D asset production & animation

Player Support
365/24/7, multilingual support delivered in game,on digital community and social platforms andthrough proprietary tech platform, Helpshift

ContentDevelopment
Lifecycle

Quality assurance, testing for defects, compliancewith hardware/platform specifications, as well as
test automation tools and services

Localization
Translation of in-game text, audio scripts, culturaland local adaptation, accreditation, packaging andmarketing materials in 50+ languages

Localization Testing
Marketing Services
Creation of game trailers, marketing art andmaterials, PR and full brand campaign strategies

Testing for out of context translations,truncations, overlaps, spelling, grammar,geopolitical and cultural sensitivities andcompliance requirements
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L O N G - S T A N D I N G R E L A T I O N SH I P S W I T H T H E L E A D I N G
PLAYERS IN THE MARKET
We work with 24 of the top 25 games companies by revenue and 10 of the top 10 mobile games publishers by revenue*

No. of clients using 3 or more services

9910820182019

12020201332021150

7 the average

number of services
taken by our Top
10 clients

21 of Top 25clients take 5 ofmore services

2022* Newzoo, Top 25 public companies by game revenues in Q2 2022 and App Annie, Top publishers of 2022

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CLEAR MARKET LEADER IN OUR FRAGMENTED AND
GROWING EXTERNAL PROVISION MARKET
Market share versus competitors (%)

Market landscape
1~6%

c.3x

External Service Provider Market Sizing*

Clear market leader,but only 6% of market$bn~9% CAGR

~11#1

#2#3

Unrivalled global scale in a market
with large white space
Market share of outsourced game services* Source: IDG Market research March 2023

#4#52021

Only full-scale service platform
across the entire content
development lifecycle~18~122022

2027E

Highly fragmented industry
provides opportunities forselective consolidation
Keywords Studios – Company Presentation

6STRONG TRACK RECORD OF GROWTH
Revenue – 5-year CAGR of 35%
€m

691
512

151
2017

251
2018

327

2019

16%

15%

374

2020

Organic Revenue growth%

10%

2021

Adjusted PBT – 5-year CAGR of 37%€m2022

112

20172018

2019

19%
12%

2020

232017412018201931
2021

2022

114
8955

2020

2021

Adjusted EPS – 5-year CAGR of 29%c86

3822%

2022

20174849

2018

2019

61

2020

2021

2022

Keywords Studios – Company Presentation

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M&A FOCUS AREAS
CreateMarketingTechnologyAdjacencies• Build scale• Video games and• Expand offering• Build M&E capability• Live Ops• Access to talent &geographies• Asia / Central
Europe /Americas

broader M&E• Social media

marketing• Influencer marketing• Automate• Stay at the forefrontof the industry• Virtual production• Audio dubbing andsubtitling• Brand / campaign
strategy• PR• Data / analytics

Keywords Studios – Company Presentation

8P R O G R E S S A G A I N ST O U R F I V E S T R A T E G I C P R I O R I T I E S
12345

Strategic client
partnerships

Technology

One Keywords

Destination for
talentAdjacent markets

 Undertaken StrategicPartnership Reviews
with a range of Top 25
clients

 Acquired AI
platforms in Helpshift& Mighty Games tocomplement existing
offering

 Scaled our strategic
and tactical Shared
Services to empower
every studio with theexpertise of the Group Created a global
talent acquisitionteam modelled on theapproach used at
Snowed In Studios

 Developing our LiveOps
offering to work morestrategically with clientson their GaaS projects

 Hired CDIO tospearhead deeper
integration oftechnology acrossthe Group Launched new
Leadership Principles
capturing the essenceof the Group, while
retaining uniquestudio characteristics

 Broad range of staff
received a one-off
cost of living payment& additional interim
salary increases

 Tangible improvementin the overall visibility
and understanding of
KWS’s unique offering Ongoing discussions
with a range of clients
about complex multiservice line projects

 Launching Labs @Keywords Studios todrive innovation
across the Group Enhanced our strong
track record of M&A
execution with deeper
integration processes Expanding initiatives
to develop talentthrough Academies &Bootcamps

 Demonstrated our inhouse VirtualProduction (VP) skill set
through end-to-end
creation of VP video
 Expanded knowledge ofthe opportunity across
M&E space (audio,marketing, VP)

Keywords Studios – Company Presentation

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D E T E R M I N E D T O B E A T E C H - E N A B L ED L E A D E R

Embracing new technologies is at the core of our ambitions to scale our platform and Imagine More forour clients
 Delivering tech-enabled services is part of our DNA• 4,000 technologists within our Create division• Work on the latest tools and game engines• Solve complex technical challenges for clients Growing tech product suite to complement existing
service offerings• Three key product offerings addressing criticalpost-production client needs• 150+ product engineers across the group New Gen-AI tools will drive enhanced productivities
and content generation, when clients are ready• Key role to play in supporting clients navigate
evolving landscape

Localization
Workflow management andmachine translation solution

Game development andFunctional testing
AI-led automated testing
platform
Player Support
Conversational AI customer
support platform
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FOCUS ON KANTAN

Pioneering partnership with Microsoft to automate localization of their LiveOps games
 Started partnership in May 2022

 Microsoft wanted a turn-around of under 48 hours for localization of its
LiveOps titles• Doing the traditional manual method would likely take 5+ days• Started with 15 titles

 Project going very well, and has now grown to 28 titles• Process on average 3,000 projects a week
• Average turn-around of 32 hours• Working with a community of over 700 linguists providing translations in35 languages

 We have now translated over 30 million words as part of the project Looking to roll-out the platform to other clients in the coming months

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OUR RESPONSIBLE BUSINESS PRIORITIESCOMMUNITY
Making a positive impact
through Keywords Cares

Dedicated regional CSR leads€46k fundraisingSupport fund utilised

PLANET
Minimising our impact
on the planet

PEOPLE
Our largest and mostvaluable assetEnhanced employeeengagement
Great place to work awards
Women in Games Partnership
Employee NPS of 30

Sustainable Studios initiative toreduce emissions and waste
GHG intensity reduced by 16%
Offsetting balance ofoperational emissions

CLIENT
Clients at the heart ofeverything we do

Pursuing closer partnerships tobetter support our clients
Increased NPS to 37 in 2022

GOVERNANCE
Setting the highest standards of behaviour, honesty and integrity underpins everything we do
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SUMMARY010203

Determined to be a techenabled leader in theindustry

Continuing to deliver against
our strategy, build ourplatform, and execute on
healthy M&A pipeline

Well positioned to drive
sustainable growth andpotential acceleration of
external service provision
over the medium-term

Expect to further grow our platform and cement our position as the partner of choicefor tech-enabled and creative solutions to a global client base
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