Marketing material for professional clients only.

Investment Conference 2021

23–25 March 2021 Remi Olu-Pitan

Head of Multi-Asset Growth and Income

Schroder ISF* Sustainable Multi-Asset Income

*Schroder International Selection Fund is referred to as Schroder ISF.

0%

1%

2%

3%

4%

5%

6%

Treasuries IG Credit Equities Infrastructure REITs High YieldDebt

EMD Local EMD$ Global Eq &Call

Overwriting

PreferredSecurities

Seeking income in a low rate environment

2

Source: Schroders, Thomson Reuters, 31 January 2021. Yields for indices: Global equities: MSCI ACWI USD, Global High Yield: Bloomberg Barclays Global High Yield excl. CMBS and EMG 2% Cap USD, Global Investment Grade: Bloomberg Barclays Global Aggregate – Corporate USD, Global Treasuries: Barclays Global Aggregate – Government, EMD USD: JPM EMBI Global Diversified, EMD Local: JPM GBI-EM Global Diversified Composite, Global REITs: FTSE EPRA NAREIT Global, Infrastructure: S&P Global Infrastructure Index, Equities + call overwriting: MSCI ACWI plus current call overwriting premia.

Average yield on MA Income funds

Current yield at 31 January 2021

3

Incorporating ESG can help

Companies that cancelled dividends have worse sustainability scores

Source: Schroders, as at 31 May 2020. The universe is MSCI World Index. Sustainability score is based on our proprietary tool, SustainEx. SustainEx is a robust, objective framework to measure the social and environmental costs companies impose, or the benefits they provide, which are not currently recognised as financial costs or benefits. The average sustainability score of companies with cancelled dividends is worse than the average for those who have continued their dividend.

Dividends from sustainable companies may be less at risk of being cut

-9%

-8%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0%

Dividend cancelled Dividend continued

Average sustainability score

Hig

her

sust

aina

bilit

y sc

ore

Schroder ISF Sustainable Multi-Asset Income

4

Income and sustainability are equally important

Sustainable Multi-Asset

Income

Aims to provide an income of 3–5% p.a. by investing in a diversified range of securities that meet our environmental, social and governance criteria

Impact reporting to show the difference that investors make to the planet and people

100% of investment assets analysed from a sustainability perspective

Source: Schroders. The Fund was awarded the European SRI Transparency Code in May 2020, the German FNG label in November 2020 and the Belgium Febelfin label in November 2020.

Sustainable income derived from a broad range of assets

5

Diversification across asset classes, regions and themes

Source: Schroders. Diagram for illustrative purposes only.

Sustainable fixed income ESG leaders through hybrids

Sustainable equities Thematic SDG investing

19.0%

4.5%

2.0%3.3%

3.4%2.6%

8.6%2.2%15.7%

25.0%

5.6%

8.2%

Schroder ISF Sustainable Multi-Asset Income

6

Asset allocation

Portfolio of high yielding securities, active in all areas of ESG

Source: Schroders, as at 31 January 2021. For illustrative purposes only and not to be viewed as a recommendation to buy/sell securities.

Contribution to total yield

Cash

Sustainable Global Equities

Sustainable Investment Grade Credit

Sustainable Emerging Market Debt

Sustainable US High Yield

ESG leaders preferred securities

Sustainable REITs

Sustainable Developed Market Government Bonds

Sustainable European Equities

Sustainable Thematic Equities0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Equi

ty

Hig

h Yi

eld

Bond

s

Inve

stm

ent

Gra

de EMD

Gov

ernm

ent

Bond

s

Hyb

rids

Tota

l

Sustainable US Financials

Sustainable EM Equities

Equity HybridsFixed Income TotalEquities Hybrids Fixed IncomeCash

34.8%

8.6%

54.4%

Impact on planet

Impact on people

Transparent impact reporting

7

Make a lasting impact with your investment choices

Source: Schroders as of 31 January 2021. The overall impact score, impact on people and impact on planet is calculated using our proprietary tool SustainEx. SustainEx measures the net benefits or harms to society that companies create per $100 of revenue they produce, expressed as a percentage. For example, a SustainEx score of +2% means that the aggregated companies in the portfolio adds $2 of benefits to society for every $100 of sales. Please note this SustainEx data covers 79% of the portfolio. Comparator represents by 30% MSCI AC World Index + 70% Barclays Global Aggregate Corporate Index. For illustrative purposes only and not to be viewed as a recommendation to buy/sell securities. ¹Carbon intensity represents Scope 1&2 emissions relative to each $1m of sales. Please note the Carbon intensity data covers 79% of the portfolio. ²Carbon value at risk (VaR) quantifies the impact on a company’s cost base of direct and indirect carbon emissions and represents the weighted average percentage of company earnings at risk if carbon prices rise to $100/ton. Please note the carbon VaR data covers 57% of the portfolio.

Carbon intensity¹

Carbon value at risk²

5.6%More positive

impact on People

1.8%More positive

impact on Planet

0.5%Better

Salaries and benefits for employees

2.9%Less

Tobacco

0.2%Less

Fertiliser and pesticides use

1.0%LowerCarbon

emissions

4.6%

-2.8%

-5%

-3%

0%

3%

5%

Fund Comparator

Overall impact

7.4%More positive

Overall impact on people and planet

050

100150200250

Fund Comparator

-69%

-10%-8%-6%-4%-2%0%

Fund Comparator

-67%

+7.4%

Schroder ISF Sustainable Multi-Asset Income

8

Performance

Risk considerationsCredit risk: a decline in the financial health of an issuer could cause the value of its bonds to fall or become worthless.Liquidity risk: in difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares.Operational risk: operational processes, including those related to the safekeeping of assets, may fail. This may result in losses to the fund.Derivatives risk (maximiser funds): derivatives are used to generate income (which is paid to investors) and to reduce the volatility of returns but they may also reduce fund performance or erode capital value.Capital risk/distribution policy: as the fund intends to pay dividends regardless of its performance, a dividend may represent a return of part of the amount you investedEmerging markets and frontier risk: emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty, operational and liquidity risk than developed markets.Default risk: if a bond held in the portfolio defaults, this may reduce interest payments and could result in the capital value of the fund at maturity being lower than the initial investment.ABS and MBS risk: the fund may invest in mortgage or asset-backed securities. The underlying borrowers of these securities may not be able to pay back the full amount that they owe, which may result in losses to the fund.Currency risk: the fund may lose value as a result of movements in foreign exchange rates.High yield bond risk: high yield bonds (normally lower rated or unrated) generally carry greater market, credit and liquidity risk.IBOR: the transition of the financial markets away from the use of interbank offered rates (IBORs) to alternative reference rates may impact the valuation of certain holdings and disrupt liquidity in certain instruments. This may impact the investment performance of the fund.Performance risk: investment objectives express an intended result but there is no guarantee that such a result will be achieved. Depending on market conditions and the macro-economic environment, investment objectives may become more difficult to achieve.

2020 2019 2018 2017 2016

Schroder ISF Sustainable Multi-Asset Income C Acc EUR – – – – –

1m 3m 6m YTD 1y S.I. (p.a.)

SISF Sustainable Multi-asset Income C Acc EUR 0.4% 0.6% 2.9% -0.2% 5.0% -0.3%

Source: Datastream, as 28 February 2021. Performance in euros. Performance for Schroder ISF Sustainable Multi-Asset Income C Acc EUR, net of fees. OGC is 1.12%. ¹Annualised performance since inceptiondate of 21 January 2020. Please note the proportion of the capital and income split is calculated using the gross return of the fund. Volatility defined as the standard deviation of daily returns since inception.

Income and impact. Sustainably.

9

Schroder ISF Sustainable Multi-Asset Income

Source: Schroders.

Targets a stable natural base level of income of 3–5% p.a.

1 100% analysedfrom a sustainabilityperspective

2Proprietary ESG toolkit for best-in-class ideas

3Transparent reporting for measurable positive impact

4Expertise of Schroders multi-asset and ESG teams

5

Appendix

The experience and expertise to deliver

11

Experienced team well integrated with Schroders’ global resources

Source: Schroders as of December 2020. ¹SIGMA – Strategic Investment Group – Multi-Asset (risk premia research).

Security specialists

Fixed Income teamsGlobal CreditTeam of 45London and New York

Asian CreditTeam of 15Singapore and Hong Kong

EMD RelativeTeam of 10New York and Buenos Aires

EMD Absolute ReturnTeam of 15London

Equity teamsGlobalTeam of 100+across 11 countries

EuropeTeam of 45London

AsiaTeam of 52across 6 offices

QEPTeam of 30London, New York and Sydney

Alternative teams Catastrophe bondsTeam of 25Zurich

Securitised DebtTeam of 15New York

Manager SelectionTeam of 5London

Multi-Asset Income team

Remi Olu-PitanFund Manager

Dorian CarrellFund Manager

JingJing CuiFund Manager

Mina ShankarAnalyst

Jerome LeiboviciAnalyst

Caroline Rushmore Investment Director

John CooperProduct Executive

Global Multi-AssetTeam of over 100

SIGMA¹7 risk premia groups6 cross-asset groups Quantitative and qualitative research

Global Asset Allocation Committee (GAAC)5 voting members (Senior Portfolio Managers)All Multi-Asset analysts and portfolio managers attend

Multi-Asset Research and Idea Generation

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%Sustainability score

Energy

Utilities

Key features

12

Yield vs. sustainability score by industry groups

Top down approach can be suboptimal

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Schroders, DataStream, at 31 January 2020. Median yields and median sustainability score (measured by SustainEx) for the constituents of the MSCI AC Utilities sector. Sustainability score uses SustainEx is a robust, objective framework to measure the social and environmental costs companies impose, or the benefits they provide, which are not currently recognised as financial costs or benefits.

Yield

3.0%

0.0%

3.0%

6.0%

9.0%

12.0%

-200% -150% -100% -50% 0% 50% 100% 150%Sustainability score

Key features

13

Yield vs. sustainability score within the utilities sector

A bottom up approach to selecting high yielding sustainable securities

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Schroders, DataStream, at 31 January 2020. Median yields and median sustainability score (measured by SustainEx) for the constituents of the MSCI AC Utilities sector. SustainEx is a robust, objective framework to measure the social and environmental costs companies impose, or the benefits they provide, which are not currently recognised as financial costs or benefits.

3.0%

Yield

Proprietary ESG toolkit

14

Investing in the future; identify and understand unpriced future risks

Forward looking measure of ESG impacts not yet reflected on financial statementsSource: Schroders. proprietary ESG tool, SustainEx is a robust, objective framework to measure the social and environmental costs companies impose, or the benefits they provide, which are not currently recognised as financial costs or benefits.

Business activities with measurable social costs or benefits

Negative screening

15

Exclusions for a sustainable universe

Source: Schroders, exclusions applicable as at December 2020. At a firm level, Schroders fully supports the international conventions on cluster munitions and anti-personnel mines (APM). ¹We define controversial weapons as biological and chemical weapons, landmines, cluster munitions and depleted uranium manufacturers. ²T means any tie to this industry including producer, distributor, retailer, licensor, supplier. ³Fail means companies failing to comply with United Nations Global Compact principles.

Corporate issuers SectorSchroder ISF Sustainable

Multi-Asset Incomethreshold

MSCI ESG Screened Index threshold Example company

Environmental

Thermal coal extraction and production (% of revenue)>=5% >=5% (Thermal coal)

>=5% (Oil sands) BPUnconventional oil and gas extraction and production (% of revenue)Conventional oil and gas extraction (% of revenue)Uranium nuclear mining (% of revenue) >=5% Corporation CamecoNuclear power generation (% of revenue) >=5% Dominion EnergyThermal coal power generation (% of revenue) >=25% PPL CorporationUtility oil and coal power generation (% of power) >=10% ENELUtility coal power generation (% of power) >=10% CenterPoint EnergyUtility oil and gas power generation (% of power) >=30% OSAKA GasUtility nuclear power generation (% of power) >=30% Duke Energy

Social

Alcohol producer (% of revenue) >=5% LVMHAlcohol total (% of revenue) >=10% CK Asset HoldingsTobacco total (% of revenue) >=5% >=5% (Producer) Philip MorrisGambling (% of revenue) >=5% Las Vegas SandsAdult entertainment (% of revenue) >=5% Scores HoldingCivilian firearms (% of revenue) >=5% >=5% Olin CorporationWeapons (% of revenue) >=5% TransdigmNuclear weapons >0% All Berkshire HathawayControversial weapons¹ >0% T² Boeing

UN Global Compact MSCI United Nations (UN) Global Compact Fail³ Fail³ Walmart

Sovereign issuers

Exclusion criteria

‘Not free’ classified countries according to Freedom HouseCountries that have not ratified the UN Convention on biological diversityCountries that rank in the < 40% of Transparency Internationals Corruption Perception IndexCountries who have not signed the Nuclear Non-Proliferation TreatyCountries not legally bound to the Paris Agreement

Best in class positive tilting

16

Tools and models

Using Schroders’ proprietary tools

Source: Schroders, for illustration purposes only.

Carbon VaR as an example

– SustainExQuantifying companies’ unpriced environmental and social costs

– Quantitative Equity Product (QEP) governance scoringTailored quantitative interactions

– Carbon Value at Risk (VaR)Quantifying how companies’ profitability would be impacted if carbon prices rise to $100 a tonne

– CONTEXTProvides a structured and data-driven method for analysts and investors to apply stakeholder analysis to investment research 0%

10%

20%

30%

40%

50%

60%

<-50% -50% to -25% -25% to -10% -10% to -2.5% >-2.5%

MSCI AC World Sustainable Global Equity

Worst Best

Portfolio breakdown by Carbon VaR

Dynamic asset allocation ranges

17

Capitalising on an evolving income opportunity set

Source: Schroders, as at 31 January 2021. For illustrative purposes only and not to be viewed as a recommendation to buy/sell securities. Asset class ranges are internal guidelines and may be subject to change.

Portfolio weight Years

0

1

2

3

4

5

6

7

0%

10%

20%

30%

40%

50%

60%

Equities High Yield InvestmentGrade

Green Bonds GovernmentBonds

EM HardCurrency

EM LocalCurrency

Hybrids Cash Duration (RHS)

Potential range Current weight

EnvironmentUNSDG Measure Description Fund Comparator Improvement

(reduction)

Carbon intensity Scope 1&2 emissions relative to each $1m of sales 67 217 -69%

Carbon emissions Scope 1&2 emissions (metric tons) 1,112,93 6,148,381 -82%

Carbon VaR Weighted average percentage of company earnings at risk if carbon prices rise to U$100/ton -2.9% -8.9% -67%

SOx emissions Tons 1,265 4,437 -71%

NOx emissions Tons 3,754 10,106 -63%

Thermal coal

Exposure to E&P (>5% revenue exposure) 0% 2.6% -2.6%Unconventional oil and gas

Conventional oil and gas

% power generation

Exposure to: Oil and coal (% of power) >=10% Coal (% of power) >=10% Oil and gas (% of power) >=30%Nuclear (% of power) >=30%

0% 1.4% -1.4%

Impact reporting

18

Positive characteristics by UN SDGs

Source: Schroders. Analysis for the fund holdings as of 31 January 2021. Comparator represents by 30% MSCI AC World Index + 70% Barclays Global Aggregate Corporate Index. For illustrative purposes only and not to be viewed as a recommendation to buy/sell securities. Carbon intensity and carbon emissions data covers 79% of the portfolio. SOx and NOx emissions data covers 74% of the portfolio. Carbon VaRdata covers 55% of the portfolio.

United Nations Global CompactUNSDG Measure Description Fund Comparator Improvement

(reduction)

MSCI UNGC Exposure to MSCI UNGC exclusions 0% 1.4% -1.4%

Impact reporting

19

Positive characteristics by UN SDGs

Source: Schroders. Analysis for the fund holdings as of 31 January 2021. Comparator represents by 30% MSCI AC World Index + 70% Barclays Global Aggregate Corporate Index. For illustrative purposes only and not to be viewed as a recommendation to buy/sell securities.

SocialUNSDG Measure Description Fund Comparator Improvement

(reduction)

Controversial weapons Exposure to controversial weapons (any time) 0% 0.7% -0.7%

Military weapons Exposure to military weapons (>5% revenue exposure) 0% 0.1% -0.1%

Nuclear weapons Exposure to nuclear weapons (>0% revenue exposure) 0% 1.2% -1.2%

Tobacco exposure Exposure to tobacco (>5% revenue exposure) 0% 1.0% -1.0%

Alcohol exposure Exposure to alcohol (>5% revenue exposure) 0% 1.0% -1.0%

Gambling exposure Exposure to gambling (>5% revenue exposure) 0% 0.2% -0.2%

Remi Olu-Pitan, CFAHead of Multi-Asset Growth and Income

20

Biographies

– Joined Schroders in 2006 and is based in London

– Remi is responsible for Multi-Asset Income and Diversified Growth mandates. Remi is the lead fund manager of the Schroder ISF Global Multi-Asset Income and Co-fund manager of the Schroder Diversified Growth Fund

– She is a member of the Equity risk premium team of the Strategic Investment Group Multi-Asset (SIGMA) and a member of the Global Asset Allocation Committee

– CFA Charterholder

– Masters in Statistics, London School of Economics. Bachelors in Business Finance, Durham University

Source: Schroders.

Important information

Our Schroders Sustainability Accreditation helps investors distinguish how ESG factors are considered across our products. The fund has been awarded an integrated accreditation. ESG factors are embedded into the investment process and can be clearly evidenced. There is a strong commitment to stewardship and company engagement. The fund has been awarded a Sustainable accreditation. Sustainability is a cornerstone of the investment process. The fund aims to avoid controversial business practices. The fund has been awarded a Screened accreditation. The fund has additional stock/security restrictions beyond cluster munitions, anti-personnel mines and biological and chemical weapons. For further information about our Schroders Sustainability Accreditation please visit www.schroders.lu/sustainabilityaccreditation.

The European SRI Transparency logo signifies that the Schroder Investment Management Limited commits to provide accurate, adequate and timely information to enable stakeholders, in particular consumers, to understand the Sustainable Responsible Investment (SRI) policies and practices relating to the fund. Detailed information about the European SRI Transparency Code can be found on www.eurosif.org and information of the SRI policies and practices of the Schroder ISF Sustainable Multi-Asset Income can be found at www.schroders.lu/sustainability. The Transparency Code are managed by Eurosif, an independent organisation. The European SRI Transparency Logo reflects the fund manager’s commitment as detailed above and should not be taken as an endorsement of any particular company, organisation or individual. Schroder ISF are not available to US investors.

21

Important information – Global audience

Schroder ISF

This presentation does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder International Selection Fund (the 'Company'). Nothing in this presentation should be construed as advice and is therefore not a recommendation to buy or sell shares.

Subscriptions for shares of the Company can only be made on the basis of its latest Key Investor Information Document and prospectus, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained, free of charge, from Schroder Investment Management (Europe) S.A.

An investment in the Company entails risks, which are fully described in the prospectus.

Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get the amount originally invested.

Schroders has expressed its own views and opinions in this presentation and these may change.

Important information (1 of 2) – European audience

For reader/viewers in European Union/European Economic Area: Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage.

This presentation is issued by Schroder Investment Management (Europe) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Luxembourg. Registered No. B 37.799. For your security, communications may be taped or monitored.

For reader/viewers in Austria: further fund-specific information can be obtained from the Key Investor Information in the current version and the current Sales Prospectus, which are available free of charge in paper form in German from the Austrian Paying Agent (Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna, Austria) and in German from Schroder Investment Management (Europe) S.A., German Branch, Taunustor 1, D-60310 Frankfurt am Main [Information Agent only]). In addition, a current version of the key investor information is available at www.schroders.at. Investments in the Company are associated with risks that are described in more detail in the key investor information and the Sales Prospectus.

For reader/viewers in France: the Company is created under Luxembourg law and is complying with the Directive 2009/65/CE (UCITS). The Company and some of its compartment have been authorised for distribution in France by the AMF.

For reader/viewers in Germany: further fund-specific information can be obtained from the key investor information in the current version and the current Sales Prospectus, which are available free of charge in paper form in German from the Paying and Information Agents in Germany (UBS Deutschland AG, OpernTurm, Bockenheimer Landstraße 2–4, D-60306 Frankfurt am Main and Schroder Investment Management (Europe) S.A., German Branch, Taunustor 1, D-60310 Frankfurt am Main [information agent only]). In addition, a current version of the key investor information is available at www.schroders.de. Investments in the Company are associated with risks that are described in more detail in the key investor information and the Sales Prospectus.

For reader/viewers in Greece: UCITS FUNDS DO NOT HAVE A GUARANTEEDPERFORMANCE AND PREVIOUS PERFORMANCE DOES NOT GUARANTEE THE FUTURE PERFORMANCE. OI OΣΕΚΑ ΔΕΝ ΕΧΟΥΝ ΕΓΓΥΗΜΕΝΗ ΑΠΟΔΟΣΗ ΚΑΙ ΟΙ ΠΡΟΗΓΟΥΜΕΝΕΣ ΑΠΟΔΟΣΕΙΣ ΔΕΝ ΔΙΑΣΦΑΛΙΖΟΥΝ ΤΙΣ ΜΕΛΛΟΝΤΙΚΕΣ.

For reader/viewers in Guernsey and Isle of Man: issued by Schroder Investment Management (Europe) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Luxembourg. Registered No. B 37.799

Important information (2 of 2) – European audience

For reader/viewers in Poland: subscriptions for the Company's shares may be made only on the basis of the latest available prospectus and key investor information document (KIID) and the latest audited annual report (and subsequent unaudited half-yearly report, if published), copies of which may be obtained free of charge from the law firm Wierzbowski Eversheds Sutherland Sp. k., Centrum Jasna, ul. Jasna 14/16a, 00–141 Warsaw, Poland and from Schroder Investment Management (Europe) S.A.

The Company is a Luxembourg registered undertaking for collective investment in transferable securities recognised in the United Kingdom and operates in Poland pursuant to the Act of 27 May 2004 on Investment Funds and Alternative Investment Fund Management (Journal of Laws of 2004, No. 146, item 1546, as amended).

The investor may, depending on the applicable tax obligations, be required to pay tax directly charged on income resulting from investments in fund units. An investment in the Company involves risks which are fully described in the prospectus.

For reader/viewers in United Kingdom: Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage. Issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 1893220 England. Authorised and regulated by the Financial Conduct Authority.

For Russian Qualified Investors only: none of the sub-funds mentioned in the conference agenda are registered in Russia

For reader/viewers in Switzerland: the Schroder International Selection Fund ('Company') is an open-ended investment company organised as a 'société anonyme' under the laws of the Grand Duchy of Luxembourg and qualifies as a Société d’Investissement à Capital Variable ('SICAV'). The prospectus and the key investor information document(s) for Switzerland, the articles of association, the annual and semi-annual reports can be obtained, free of charge, at the offices of the Swiss representative, Schroder Investment Management (Switzerland) AG, Central 2, CH-8001 Zurich and the Swiss paying agent, Schroder & Co. Bank AG, Central 2, CH-8001 Zurich, both authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA.

For reader/view in Israel: note regarding the Marketing material for Qualified Clients or Sophisticated Investors only. This communication has been prepared by certain personnel of Schroder Investment Management (Europe) S.A (Registered No. B 37.799) or its subsidiaries or affiliates (collectively, 'SIM'). Such personnel are not licensed by the Israeli Securities Authority. Such personnel may provide investment marketing, to the extent permitted and in accordance with the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 1995 (the 'Investment Advice Law'). This communication is directed at persons (i) who are Sophisticated Investors (ii) Qualified Clients ('Lakoach Kashir') as such term is defined in the Investment Advice Law; and (iii) other persons to whom it may otherwise lawfully be communicated. No other person should act on the contents or access the products or transactions discussed in this communication. In particular, this communication is not intended for retail clients and SIM will not make such products or transactions available to retail clients.

Important information – UAE audience

Schroder Investment Management Limited (Dubai Branch) is located in the Office 506, Level 5, Precinct Building 5, DIFC, Dubai, PO Box 506612 United Arab Emirates and is regulated by the Dubai Financial Services Authority (DFSA).

This presentation is not subject to any form of regulation or approval by the DFSA. The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund. Accordingly, the DFSA has not approved any associated documents nor taken any steps to verify the information set out in the Prospectus for the fund, and has no responsibility for it. This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect. This presentation is intended for professional investors only as defined by the DFSA rules which can be accessed from their website www.dfsa.ae.

The Units to which this presentation relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Units. If you do not understand the contents of this presentation, you should consult an authorized financial advisor.

The Securities and Commodities Authority assumes no liability for the accuracy of the information set out in this presentation, nor for the failure of any persons engaged in the investment fund in performing their duties and responsibilities. The relevant parties whose names are listed in the relevant documents shall assume such liability, each according to their respective roles and duties. If you do not understand the contents of this presentation, you should consult an authorized financial advisor.

The Fund/s are only being offered to a limited number of Qualified investors in the UAE as per Article 2 clause 3 of the SCA decision 3 R/M of 2017.

Important information – Canada

Schroder Investment Management North America Inc. ('SIMNA Inc.') is registered as an investment adviser with the US Securities and Exchange Commission and as a Portfolio Manager with the securities regulatory authorities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan.

It provides asset management products and services to clients in the United States and Canada. Schroder Fund Advisors LLC ('SFA') markets certain investment vehicles for which another Schroders entity is an investment adviser. SFA is a wholly-owned subsidiary of SIMNA Inc. and is registered as a limited purpose broker-dealer with the Financial Industry Regulatory Authority and as an Exempt Market Dealer with the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan.

This presentation does not purport to provide investment advice and the information contained in this material is for informational purposes and not to engage in a trading activities. It does not purport to describe the business or affairs of any issuer and is not being provided for delivery to or review by any prospective purchaser so as to assist the prospective purchaser to make an investment decision in respect of securities being sold in a distribution. SIMNA Inc. and SFA are indirect, wholly-owned subsidiaries of Schroders plc, a UK public company with shares listed on the London Stock Exchange. Further information about Schroders can be found at www.schroders.com/us or www.schroders.com/ca.

Important information – US Offshore and Bermuda

Schroders has expressed its own views and opinions in this presentation and these may change.

This presentation does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder International Selection Fund (the 'Company'). Nothing in this presentation should be construed as advice and is therefore not a recommendation to buy or sell shares. Subscriptions for shares of the company can only be made on the basis of its latest key investor information document and prospectus, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained, free of charge, from Schroder Investment Management (Europe) S.A.

An investment in the company entails risks, which are fully described in the prospectus.

Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get the amount originally invested.

Forecast warning

The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions that may be affected by external economic or other factors.

Sustainability accreditation

Our Schroders Sustainability Accreditation helps investors distinguish how ESG factors are considered across our products. The fund has been awarded an integrated accreditation. ESG factors are embedded into the investment process and can be clearly evidenced. There is a strong commitment to stewardship and company engagement. For further information about our Schroders Sustainability Accreditation please visit www.schroders.lu/sustainabilityaccreditation.

Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our privacy policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage.

Issued by Schroder Investment Management Limited, 1 London Wall Place, EC2Y 5AU. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped or monitored.

Important information (1 of 2) – LATAM audience

The distribution of this presentation may be restricted in certain jurisdictions. The information contained herein is for general guidance only, and it is the responsibility of any person or persons in possession of this presentation to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants should inform themselves of any applicable legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.

Please read and take careful note of the country specific restrictions applicable to your country of residence.

Argentina: it is expressly stated that the information provided in this presentation is not intended for distribution to the public in general as the foreign assets herein mentioned are not authorised for distribution through public offering in the Argentine Republic. This presentation is for educational purposes only and is not meant for commercial distribution.

Brazil: the Fund and the distribution of its shares are not registered at the Brazilian Securities and Exchange Commission (CVM), and therefore do not meet certain requirements and procedures usually observed in public offerings of securities registered with the CVM, with which investors in Brazilian capital markets may be familiar. For this reason, the access of the investors to certain information regarding the Fund may be restricted.

Chile: this is not a public offering of securities. These instruments have not been registered with the Financial Market Commission of Chile.

Colombia: this presentation does not constitute a public offer in the Republic of Colombia. The offer of the fund is addressed to less than one hundred specifically identified investors. The fund may not be promoted or marketed in Colombia or to Colombian residents, unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign funds in Colombia.

Costa Rica: this presentation has been produced for the purpose of providing information about the Shares and will be provided to a maximum of 50 investors per fund in Costa Rica who are Institutional or Sophisticated Investors in accordance with the exemptions established in the Regulations on Public Offers of Values. This Document is made available on the condition that it is for the use only by the recipient and may not be passed onto any other person or be reproduced in any part. The Shares have not been and will not be offered in the course of a public offering or of equivalent marketing in Costa Rica. The Shares are the product of a private offer, in accordance with the exceptions established in the Regulation on Public Offer of Securities. No collective communication media has been used. The holder acknowledges and accepts the legal and tax regimes that apply to the private offer of securities.

Mexico: the securities have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking Commission and, as a result, may not be offered or sold publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the securities in Mexico, to Institutional and Accredited Investors, on a private placement basis, pursuant to Article 8 of the Mexican Securities Market Law.

Panama: this Private Investment Fund is not registered nor is it subject to the supervision of the Securities Superintendence of Panama.

Important information (2 of 2) – LATAM audience

Perú: the Shares have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This presentation is not for public offering.

Uruguay: the sale of the shares qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The shares must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The shares are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay. The shares correspond to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as amended.

Venezuela: the securities may not be offered or sold in the Bolivarian Republic of Venezuela, except in circumstances which do not constitute a public offering of securities under Venezuelan securities laws and regulations. The securities have not and will not be registered with the Venezuelan National Securities Superintendence. This presentation is not for public distribution.

Important information – APAC audience

Notice for readers in Indonesia: the information in this presentation (the ‘Presentation) is only for institutional investors based in Indonesia and as the Schroders fund (the ‘Fund’) is not recognised or registered by the Indonesian Financial Service Authority (OJK), units/shares in the Fund are not allowed to be offered to the retail public or accredited investors.

Potential investors should be aware that such investments involve market risk and should be regarded as long-term investments. Derivatives carry a high degree of risk and should only be considered by sophisticated investors.

This Presentation has not been reviewed by the Indonesian Financial Services Authority (OJK).

PT Schroder Investment Management Indonesia (PTSIMI) had received an investment manager license from, and is supervised by the Indonesian Financial Services Authority (OJK).

PT. Schroder Investment Management IndonesiaIndonesian Stock Exchange Building, Tower 1, 30th FloorJl. Jend. Sudirman Kav. 52–53,Jakarta 12190, Indonesia

Note to readers/viewers in People’s Republic of China with QDII quota/MRF client and readers/viewers in Hong Kong S.A.R.: this material contains information on Fund that are not authorised by the Securities & Futures Commission of Hong Kong (the 'SFC') pursuant to Section 104 of the Securities and Futures Ordinance ('SFO'). No offer shall be made to the public of Hong Kong in respect of the unauthorised Fund. Such unauthorised Fund may only be offered or sold in Hong Kong to persons who are 'professional investors' as defined in the SFO (and any rules made under the SFO) or in other circumstances which do not otherwise contravene the SFO. In addition, this material may only be distributed, circulated or issued to persons who are 'professional investors' under the SFO (and any rules made thereunder) or as otherwise permitted under the Hong Kong laws.

Issued by Schroder Investment Management (Hong Kong) Limited. Level 33, Two Pacific Place, 88 Queensway, Hong Kong. This material has not been reviewed by the Securities and Futures Commission of Hong Kong.

Note to readers/viewers in People’s Republic of China with QDII quota/MRF client and readers/viewers in Hong Kong S.A.R.: issued by Schroder Investment Management (Hong Kong) Limited. Level 33, Two Pacific Place, 88 Queensway, Hong Kong. This material has not been reviewed by the Securities and Futures Commission of Hong Kong.

Note to readers/viewers in Singapore: The information in this presentation (the ‘Presentation’) is only for institutional investors based in Singapore and as the Schroders fund (the ‘Fund’) is not recognised or registered by the Monetary Authority of Singapore, units/shares in the Fund are not allowed to be offered to the retail public or accredited investors.

Potential investors should be aware that such investments involve market risk and should be regarded as long-term investments. Derivatives carry a high degree of risk and should only be considered by sophisticated investors.

This Presentation has not been reviewed by the Monetary Authority of Singapore.

Schroder Investment Management (Singapore) Ltd138 Market Street #23–01 CapitaGreen Singapore 048946Telephone: +65 6534 4288 Fax: +65 6536 6626Registration No.: 199201080H