Notification Of Major Holdings 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 TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i 1a. Identity of the issuer or the underlying issuer of ex- Schroder European Real Estate Investment Trust plc isting shares to which voting rights are attached ii: 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an “X”) An acquisition or disposal of voting rights X An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify) iii: Type 1 Disclosure as per the Transparency Directive II Regulation X 3. Details of person subject to the notification obligation iv Name Schroders plc City and country of registered office (if applicable) London, UK 4. Full name of shareholder(s) (if different from 3.) v Name N/A City and country of registered office (if applicable) N/A 5. Date on which the threshold was crossed or reached vi: 19.01.2018 6. Date on which issuer notified (DD/MM/YYYY): 23.01.2018 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights at- through financial in- Total number of tached to shares (to- struments Total of both in % voting rights of is- tal of 8. A) (total of 8.B 1 + 8.B 2) (8.A + 8.B) suer vii Resulting situation on the date on which threshold was crossed or reached 18.029% N/A 18.029% 133,734,686 Position of previous notification (if 18.466% N/A 18.466% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii A: Voting rights attached to shares Class/type of Number of voting rights ix % of voting rights shares ISIN code (if possible) Direct Indirect Direct Indirect (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.1) (DTR5.2.1) (DTR5.2.1) Ordinary Shares GB00BY7R8K77 10,750,000 13,361,611 8.038% 9.991% SUBTOTAL 8. A 24,111,611 18.029% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting rights Type of financial in- Expiration Exercise/ that may be acquired if % of voting rights strument date x Conversion Period xi % of voting rights the instrument is exercised/converted. SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Exercise/ Type of financial Expiration Conversion Pe- Physical or cash Number of instrument date x riod xi settlement xii voting rights % of voting rights SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity xiv X (please add additional rows as necessary) % of voting rights % of voting rights if it through financial instru- Total of both if it equals Namexv equals or is higher than ments if it equals or is or is higher than the noti- the notifiable threshold higher than the notifiable fiable threshold threshold Schroders plc Schroder Administration Limited Schroder International Holdings Limited Schroder Investment Man- agement Limited 9.990% N/A 9.990% Schroders plc Schroder Administration Limited Schroder Wealth Holdings Limited Schroder & Co. Limited Schroders plc Schroder Administration Limited Schroder Financial Hold- ings Limited Schroder Investment Com- pany Limited 8.038% N/A 8.038% 10. In case of proxy voting, please identify: Name of the proxy holder N/A The number and % of voting rights held N/A The date until which the voting rights will be held N/A 11. Additional information xvi This notification is being made due to the legal entity Schroder Investment Management Limited position falling be- low the 10% threshold. The Schroders plc position remains within the threshold disclosed 15/02/2016. Place of completion London Date of completion 23.01.2018 JSE Sponsor: PSG Capital Date: 24/01/2018 11:00:00 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.