BPEA Fund VIII Co-Investment L.P.1 a fund managed by EQT Private Capital Asia, Rosa Investments Pte. Ltd and Canada Pension Plan Investment Board have reached agreement to acquire Keywords Studios plc (AIM:KWS) from Franklin Templeton Institutional, LLC, Banque Pictet & Cie SA and other shareholders for on July 3, 2024. A cash consideration of £1.96 billion valued at £24.5 per share will be paid by BPEA Fund VIII Co-Investment L.P.1 and EQT Private Capital Asia. As part of consideration, £1.96 billion is paid towards common equity of Keywords Studios plc. Under the terms of the Acquisition, each Keywords Studios Shareholder shall be entitled to receive: for each Keywords Studios Share 2,450 pence in cash ("Acquisition Price"). The Acquisition values the entire issued and to be issued ordinary share capital of Keywords Studios at approximately £2.1 billion on a fully diluted basis, and implies an enterprise value of approximately £2.2 billion and a multiple of approximately 15.9 times Keywords Studios' adjusted EBITDA for the 12-month period ended 31 December 2023 of £139 million. As at the Effective Date, it is intended that Bidco will be owned in the following proportions: (i) EQT's BPEA Fund VIII will indirectly own 51.0 per cent. and (ii) each of CPPIB PHI4 and Rosa Investments will indirectly own 24.5 per cent. The Acquisition will be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act (although Bidco reserves the right to effect the Acquisition by way of an Offer, subject to the consent of the Panel and the terms of the Cooperation Agreement). The cash consideration payable to Keywords Studios Shareholders under the terms of the Acquisition will be financed by i. equity to be invested by investment vehicles managed by affiliates of EQT, CPP Investments, acting through its wholly-owned subsidiary CPPIB PHI4, and Rosa Investments and ii. debt to be provided under the Facilities Agreement. It is expected that on or following the Effective Date, certain of EQT's equity commitments will be provided by equity co-investors in investment vehicles managed by EQT (such co-investors would be passive and not be granted any governance or control rights over Bidco or any member of the Bidco Group or Keywords Studios Group).

The Acquisition is conditional on, subject to the satisfaction or (where applicable) waiver of the Conditions, among other things, (i) the approval of a majority in number of the Scheme Shareholders present and voting (and entitled to vote), either in person or by proxy, at the Court Meeting (or any adjournment thereof), representing not less than 75 per cent. in value of the Scheme Shares held by such Scheme Shareholders; (ii) the resolution(s) necessary to approve and implement the Scheme as set out in the notice of the Keywords Studios General Meeting (including, without limitation, the special resolution(s) to be specified therein) being passed by the requisite majority or majorities of Keywords Studios Shareholders at the Keywords Studios General Meeting (or any adjournment thereof); (iii) following the Court Meeting and the Keywords Studios General Meeting and satisfaction and/or waiver (where applicable) of the other Conditions, the Scheme is sanctioned by the Court (with or without modification but subject to any modification being on terms acceptable to Keywords Studios and Bidco); and (iv) following the sanction of the Scheme by the Court, the delivery of a copy of the Court Order to the Registrar of Companies. In addition, the transaction is also subject to Antitrust United Kingdom, the CMA, USA Hart Scott Rodino Antitrust Improvements Act of 1976 relating to the Acquisition having expired, lapsed or been terminated; Ireland Irish Competition Act 2002 (as amended), the Irish Competition and Consumer Protection Commission having applicable waiting periods under Part 3 of the Irish Competition Act 2002 (as amended) having expired or having been terminated; Finland the Finnish Competition and Consumer Authority having approved the consummation of the Acquisition, Austria the Austrian Federal Competition Authority and the Austrian Federal Cartel Prosecutor having waived, Cyprus the Cyprus Commission for the Protection of Competition having approved the consummation of the Acquisition (whether conditionally or unconditionally) and/or the applicable waiting periods having expired or having been terminated; Denmark the Danish Competition Act, the Danish Competition and Consumer Authority or Danish Competition Council having approved the consummation of the Acquisition (whether conditionally or unconditionally) and/or the applicable waiting periods having expired or having been terminated; Turkey the Protection of Competition, the Turkish Competition Board having approved the consummation of the Acquisition (whether conditionally or unconditionally) and/or the applicable waiting periods having expired and other Third Party Clearances.

The Keywords Studios Directors intend to unanimously recommend that Keywords Studios Shareholders vote in favour of the Scheme at the Court Meeting and that Keywords Studios Shareholders vote in favour of the resolutions to be proposed at the Keywords Studios General Meeting (or in the event the Acquisition is implemented by way of an Offer, to accept or procure acceptance of such Offer), as the Keywords Studios Directors who hold interests in Keywords Studios Shares have irrevocably undertaken to do in respect of their own legal and/or beneficial holdings which are under their control being, in aggregate, 51,019 Keywords Studios Shares (representing approximately 0.06 per cent. of Keywords Studios' issued ordinary share capital on the Latest Practicable Date). The Acquisition is currently expected to complete in the fourth quarter of 2024.

Robey Warshaw is providing independent financial advice to the Keywords Studios Directors for the purposes of Rule 3 of the Takeover Code. Dwayne Lysaght, Jonty Edwards and Edward Hatter of J.P. Morgan Cazenove acted as financial advisor to EQT. Stuart Skinner, Alec Pratt, William Baunton and Alexander Kladov of Numis Securities Limited and Simon Robey and Daniel Zumbuehl of Robey Warshaw LLP acted as financial advisor to Keywords Studios Plc. DLA Piper UK LLP is acting as legal adviser to Keywords Studios in connection with the Acquisition. Simpson Thacher & Bartlett LLP is acting as legal adviser to EQT and Bidco. Kirkland & Ellis is acting as finance counsel to EQT and Houting B.V. Freshfields Bruckhaus Deringer LLP is acting as legal adviser to CPP Investments. Allen Overy Shearman Sterling is acting as finance counsel to the Arranger (as defined in the Facilities Agreement).