Market Uncertainty And Strategic Positioning 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 23 March 2020 MARKET UNCERTAINTY AND STRATEGIC POSITIONING This is an update due to the market uncertainty relating to Covid-19 (Coronavirus). The following key points underpin Schroder European Real Estate Investment Trust plc’s ("SEREIT"/ the "Company" / "Group") defensive position during this period of uncertainty: • Diversified: The SEREIT portfolio comprises 13 assets and approximately 100 tenants across multiple countries, winning cities and sectors, with a broad spread of lease expiries. • Stable balance sheet: Loan to value of c. 30% LTV as at 31 December 2019 is within the target range with no loan maturities until 2023. • Office / industrial / mixed use data centre exposure : c.75% of the portfolio invested in business space assets in cities such as Paris, Stuttgart and Hamburg. These assets are let at affordable rents to tenants across a range of industries and located in winning cities and regions with diverse economies. • Limited retail exposure: Retail represents c. 25% of the portfolio of which 15% is invested in a Lidl supermarket in Frankfurt and a Hornbach DIY unit in Berlin let for c. 5 and 6 years respectively. The Metromar Shopping Centre in Seville represents 10% of the portfolio value. • Local market presence: Schroders local market presence brings us closer to our tenants, to understand how each of them will be impacted, what support we can provide and the potential effects on the portfolio. The Manager continues to be focused on active management to improve the defensive characteristics of the portfolio. The Company remains an attractive and differentiated long term investment proposition given its underlying diversification and exposure to those winning cities and regions in Continental Europe. In light of the rapidly evolving situation, all forthcoming RICS independent valuations as at 31 March 2020 will include a statement highlighting Material Valuation Uncertainty - such wording to be applied to all independent valuations and this is industry wide. Accordingly, the Company’s Independent Valuers have informed us that the industry standard wording as at 31 March 2020 will include a statement highlighting Material Valuation Uncertainty. The Company will announce its half year results for the six month period ending 31 March 2020 in June 2020. There will be an event for analysts and investors on the morning of the results. For details of the meeting, please contact FTI Consulting. For further information: Schroder European Real Estate Investment Management 020 7658 6000 Limited: Duncan Owen / Jeff O’Dwyer Schroder Investment Management Limited: 020 7658 2371 Ria Vavakis FTI Consulting: 020 3727 1000 Dido Laurimore / Richard Gotla JSE Sponsor PSG Capital Date: 23-03-2020 12:15:00 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.