Update On Management 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 17 November 2017 Update on management The Board of Schroder EUROPEAN Real Estate Investment Trust plc (the “Company”) announces that, from 1 January 2018, Jeff O’Dwyer will take over all day-to-day responsibilities for portfolio management of the Company, and Tony Smedley will cease to be involved. Jeff has been involved in the management of the portfolio since IPO, and the Board considers this to be a natural progression. The Company’s investment strategy and objectives will remain unchanged. The Schroder Real Estate Investment Committee will continue to provide oversight and approvals for key transactions. Duncan Owen (Global Head of Real Estate and chair of the Investment Committee) and Andrew MacDonald will continue to work closely with Jeff O’Dwyer on the Company. The local real estate teams in France, Germany and Scandinavia will continue to manage the portfolio’s assets. Enquiries: Duncan Owen Schroder Real Estate Investment Management Limited Tel: 020 7658 6000 Estelle Bibby Schroder Investment Management Limited Tel: 020 7658 3431 JSE Sponsor: PSG Capital Proprietary Limited This announcement contains inside information. JSE Sponsor PSG Capital Date: 17/11/2017 03:30:00 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.