trusted heritageadvanced thinking

Schroders2009 Interim Results

Data Pack

PageFunds under management 2FUM by client domicile 4Currency profile 5Funds under management diversification 6Asset Management business flows 9Focus on high margin products 10Income and cost metrics for the Group 11Net Revenue and margins – Asset Management 12Total income 14Total costs 15Compensation costs: operating revenues 16Cost: income ratio 17Headcount 18Income statement progression 19Balance sheet 20Movement in capital 21Private Equity interests 22

Contents

1

110.2 113.3

Net new business of £0.1bn

Funds under management (£bn) Institutional FUM (£bn)

Intermediary FUM (£bn) Private Banking FUM (£bn)

Funds under management are 3% (£3.1bn) above December 2008 levels.

Dec 08 Jun 09

59.759.6

Dec 08 Jun 09

42.438.9

Dec 08 Jun 09

11.211.7

Dec 08 Jun 09

Funds under management£113.3 billion at June 2009

2

Net outflows fell to £0.8bn. Q2 net inflows of £1.6bn

Net inflows of £2.5bn. High levels of inflows in European Corporate Bonds.

Funds under management£113.3 billion at end June 2009

113.311.242.459.730 June 2009

1.3(0.6)1.00.9Market movements, foreign exchange impact & other

1.80.12.5(0.8)Net flows

110.211.738.959.631 December 2008

TotalPrivate BankingIntermediaryInstitutional£bn

Institutional net outflows

– Reduced level of outflows at £0.8 billion (H1 2008: £1.1 billion) as Institutional business is successfully repositioned

Intermediary net inflows

– Inflows of £2.5 billion (H1 2008: £0.2 billion outflows) driven by continued low withdrawals coupled with strong inflows from European investors

3

£5.6bn China joint venture

FUM by client domicile

China joint venture funds under management are not reported within Group funds under management

NorthAmerica£10.6bn

South America£3.1bn

ContinentalEurope£26.7bn

UK£43.8bn

Asia Pacific £27.1bn

MiddleEast

£2.0bn

• £69.5 billion funds under management from clients outside the UK

4

Currency profile of Funds under managementFunds under management £113.3 billion

5

11%

14%

43%

5%

7%

20%

GBP EUR USD JPY CHF Other

Total funds under management

37%

10%

53%

Funds under management £113.3 billion

Private Banking

IntermediaryInstitutional

6

39%

24%

12%

25%

Asia PacificContinental Europe

UK

Americas

By channel By region

17%

13%

47%

13%

10%

By product

Equities Fixed IncomeAlternatives Multi-assetPrivate Banking

Asset Management FUM by channel and product

60%

8%

12%

20%

Intermediary FUM £42.4bn

Multi-assetFixed IncomeEquitiesAlternatives

46%

27%

16%

11%

Institutional FUM £59.7bn

7

Asset Management FUM by channel and region

44%

17%

18%

21%

Institutional FUM £59.7bn

26%

39%

7%

28%

Intermediary FUM £42.4bn

Asia PacificContinental EuropeUK

Americas

8

H1 2009H1 2008

12.6

6.2

6.4

Inflows

(10.9)

(3.7)

(7.2)

Outflows

1.7

2.5

(0.8)

Net

14.8

7.5

7.3

Inflows

(16.1)

(7.7)

(8.4)

Outflows

(1.3)

(0.2)

(1.1)

Net£bn

Institutional

Intermediary

Total Asset Management

Asset Management business flows

9

Focus on high margin products

• Asset Management margins up 18% since 2005

• Channel diversity

• H1 2009 impacted by sales mix changes

• Strong pipeline base across products

Institutional (lhs) Intermediary (lhs) margin (rhs)

(bps)FUM (£bn)

Asset Managementfunds under management and margins

10

20

40

60

80

100

120

140

H1 2005 H1 2006 H1 2007 H1 2008 H1 200930

40

50

60

70

Income and cost metrics for the Group

2%

5%

81%

78%

48%

H1-09

12%

16%

69%

65%

45%

H1-08

Compensation costs : operating revenues

Group cost : income ratio

Group cost : net revenue

Return on average capital (pre-tax)*

Return on average capital (post-tax)*

– Compensation costs : operating revenues = total Group compensation costs divided by net revenue for the Asset Management and Private Banking business segments

– Group cost : income ratio = total Group costs divided by total Group income

– Group cost : net revenue = total Group costs divided by total Group net revenue

– Return on average capital (pre-tax) = total Group profit before tax divided by average capital

– Return on average capital (post-tax) = total Group profit after tax divided by average capital

11

Before exceptional items, except for *

Asset Management net revenue £277.4 million(H1 2008: £394.2 million)

Net revenue margins – Asset Management

13bps

45bps

1bps

58bps

H1 2009

20bps21bpsAM operating profit on average AM FUM

44bps

3bps

65bps

H1 2008 FY 2008

AM net revenue on average AM FUM 66bps

Of which: performance fees 4bps

AM costs on average AM FUM 46bps

12

Net revenue margin quarterly progressionExcluding performance fees

61 63 6655 55 60

104 100 10192 92

81

64 66 7058 59 62

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Asset Management Private Banking Combined

13

Total income

Income is the sum of net revenue; net finance income; and share of profit of associates and joint ventures2005 uses underlying income adjusted for £20.4m gain on discontinued outsourcing project2008 & 2009 figure quoted before exceptional items

£m

14

326.9

391.6

471.5491.9

345.7

H1 2005 H1 2006 H1 2007 H1 2008 H1 2009

2008 & 2009 figure quoted before exceptional items

Total costs

£m

15

148.3 165.8 187.1 203.7 160.7

75.593.5 98.8 114.9

108.1223.8

259.3285.9 268.8

318.6

H1 2005 H1 2006 H1 2007 H1 2008 H1 2009

Staff Costs Non-staff costs

Compensation costs: operating revenues

Total Group compensation costs divided by net revenue for the Asset Management and Private Banking business segments

16

52%

48%48% 47%45%

H1 2005 H1 2006 H1 2007 H1 2008 H1 2009

Cost: income ratio

17

Total Group costs divided by total Group income2005 uses underlying profit adjusted for £20.4m gain on discontinued outsourcing project

68%

78%

66%61%

65%

H1 2005 H1 2006 H1 2007 H1 2008 H1 2009

Headcount

18

2,834

2,998

2,891

2,626

2,782

30 Jun 07 31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09

(0.4)-(1.5)---Private Banking exceptionals

Profit before tax

24.112.2(90.6) 78.0 93.5 42.2 Profit before tax

(10.8)(17.2)(119.1)8.1(1.1)(35.1)Group exceptionals

(4.5)0.2(11.1)(0.8)12.10.8Group profit before exceptionals

6.68.35.811.6 11.4 10.9 Private Banking profit before exceptionals

33.220.935.359.1 71.1 65.6 Asset Management profit

(0.6)

(130.5)

196.7

Q12008

(0.8)

(136.1)

208.0

Q22008

(1.6)

(127.4)

188.1

Q32008

Q22009

Q12009

Q42008£m

(15.7)

(124.6)

175.6 Asset Management income 130.7 152.8

Asset Management costs (103.1) (114.1)

Asset Management exceptionals (6.7) (5.5)

Income statement progression

19

Balance sheet

7,485.6

3,063.8

2,472.4

330.0

1,619.4

7,485.6

3,063.8

17.4

3,494.0

755.3

155.1

30 Jun 2008

7,593.8

3,234.7

2,410.0

316.9

1,632.2

7,593.8

3,234.7

2.0

3,489.1

704.5

163.5

31 Dec 2008

8,021.2

3,718.7

2,256.1

549.9

1,496.5

8,021.2

3,718.7

0.8

3,257.1

903.3

141.3

30 Jun 2009

Total equity and liabilities

Unit-linked liabilities

Current liabilities

Non-current liabilities

Total equity*

Total assets

Assets backing unit-linked liabilities

Non-current assets held for sale

£m

Intangible assets including goodwill

Other non-current assets

Current assets

* Includes minority interests (Jun 2009: £(0.1)m; Dec 2008: £0.3m; Jun 2008: £2.1m)

20

Movement in capital

21

1,496.6Closing balance

1,631.9Opening balance

36.3Profit before tax

4.6Tax and minority interests

(57.4)Dividends

6.3Other transactions with equity holders

21.5Net decrease in AFS reserve

(74.4)Net actuarial losses on defined benefit pension schemes

H1 2009£m

2.4Other

(74.6)Exchange differences

Other

Schroders plc

Carried interest

SVG Capital plc

SVIL

GP & LP Interests

Fund of Funds I, II, III, IV

Permira

Other SV fundsQuoted Investment Trust

Co-investment vehicle

Permira and other funds

Stand-alone portfolio

Funds I + II

US, Canada, Japan, SapphireLife Sciences, Asia Pacific

(Total £53m)

£15m

£12m

£4m

£18m

£4m

(Total £15m)

Investments

Private Equity interests

22

Forward-looking statements

These presentation slides may contain certain forward-looking statements with respect to the financial condition and results of the operations and businesses of Schroders plc

These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future

There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by those forward-looking statements and forecasts. The forward-looking statements and forecasts are based on the Directors’ current view and information known to them at the date of this presentation. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast

23