Change In South African Dividend Witholding Tax Rate Schroder European Real Estate Investment Trust PLC (Incorporated in England and Wales) Registration number: 09382477 JSE Share Code: SCD LSE Ticker: SERE ISIN number: GB00BY7R8K77 28 February 2017 CHANGE IN SOUTH AFRICAN DIVIDEND WITHHOLDING TAX RATE The Board of Schroder European Real Estate Investment Company plc (the “Company”) notes the announcement by the South African Minister of Finance on 22 February 2017, advising that the South African dividend withholding tax rate has been increased from 15 per cent to 20 per cent, effective for South African dividends declared with a payment date on or after 22 February 2017. On 9 February 2017, the Company announced its first interim dividend for the period to 30 September 2017 of 1.0 euro cents per share. While the dividend declaration timetable will remain unchanged, South African shareholders are hereby advised that the net dividend amount announced on 21 February 2017 has now been adjusted to take account of the increased withholding tax rate, as set out below. Declared dividend Exchange rate Dividend in South African cents per share 1.0 euro cents per share 13.85250 13.85250 Dividend tax will be withheld from the amount of the gross dividend of 13.85250 South African cents per share paid to shareholders on the South African register at the rate of 20 per cent unless a shareholder qualifies for exemption. After the dividend tax has been withheld, the net dividend will be 11.08200 South African cents per share. For the avoidance of doubt, dividend tax, and therefore the information provided in this announcement, is only of direct application to shareholders on the South African register. Enquiries: Duncan Owen/Tony Smedley Schroder Real Estate Investment Management Limited Tel: 020 7658 6000 Ria Vavakis Schroder Investment Management Limited Tel: 020 7658 2371 Dido Laurimore FTI Consulting Tel: 020 3727 1000 Shareholders on the South African branch register should direct any questions regarding the application of the dividend tax to the Company's Transfer Secretary: Computershare Investor Services (Pty) Limited Rosebank Towers, 15 Biermann Avenue Rosebank, 2196, South Africa Postal Address - PO Box 61051 Marshalltown 2107 Telephone +27 11 373 0033 Facsimile +27 11 688 5218 Email enquiries: web.queries@computershare.co.za JSE Sponsor: PSG Capital Proprietary Limited Date: 28/02/2017 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.