Second Interim Dividend 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 25 May 2017 SECOND INTERIM DIVIDEND Schroder European Real Estate Investment Trust plc (the “Company”) announces its second interim dividend for the year ended 30 September 2017 of 1.2 euro cents per share. The dividend represents an annualised rate of 3.5% based on the euro equivalent of the issue price as at admission. The dividend is fully covered from contractual income receivable from the current portfolio. Once fully invested, including the debt being drawn, the Company’s objective is to pay an annualised euro dividend yield of 5.5% based on the euro equivalent of the issue price as at admission. The interim dividend payment will be made on 7 July 2017 to shareholders on the register on the record date of 23 June 2017. In South Africa, the last day to trade will be 20 June 2017 and the ex- dividend date will be 21 June 2017. In the UK, the last day to trade will be 21 June 2017 and the ex- dividend date will be 22 June 2017. The interim dividend will be paid in GBP to shareholders on the UK register and rand to shareholders on the South African register. The exchange rate for determining the interim dividend paid in rand will be confirmed by way of an announcement on 13 June 2017. UK shareholders are able to make an election to receive dividends in euros. The form for applying for such election can be obtained from the Company’s UK registrars (Equiniti Limited) and any such election must be received by the Company no later than 23 June 2017. The exchange rate for determining the interim dividend paid in GBP will be confirmed following the election cut off date by way of an announcement on 26 June 2017. Shares cannot be moved between the South African register and the UK register between 13 June 2017 and 23 June 2017, both days inclusive. Shares may not be dematerialised or rematerialised in South Africa between 21 June 2017 and 23 June 2017, both days inclusive. The Company has a total of 133,734,686 shares in issue on the date of this announcement. The dividend will be distributed by the Company (UK tax registration number 21696 04839) and is regarded as a foreign dividend for shareholders on the South African register. In respect of South African shareholders, dividend tax will be withheld from the amount of the dividend noted above at the rate of 20% unless the shareholder qualifies for the exemption. Further dividend tax information for South African shareholders will be included in the exchange rate announcement to be made on 13 June 2017. 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 Tel: 020 3727 1000 FTI Consulting LEI number: 549300BHT1Z8NI4RLD52 JSE Sponsor: PSG Capital Proprietary Limited Date: 25/05/2017 08:01:00 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.