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Schroder Real Estate Investment Trust Limited (‘SREIT’)Results to 31 March 2021

2 June 2021 Nick Montgomery

Frank Sanderson

Contents

2

01 Overview of Schroder Real Estate Investment Trust (‘SREIT’)

02 Financial results and performance for year ended 31 March 2021

03 Portfolio overview as at 31 March 2021

04 Summary

Schroder Real Estate Investment Trust (‘SREIT’)

Introductory video

Year ended 31 March 2021

Financial results

Highlights over the year ended 31 March 2021

5

Resilient performance delivering 3.9% total return

Financial Performance

Property Portfolio Performance Portfolio Balance Sheet Strategy

NAV total return of 3.9% for the year to 31 March

2021

NAV total return of 3.8% for the quarter to 31

March 2021

Sustained relative total return outperformance

of the portfolio

+2.8% over one year;+2.4% p.a. over three

years; +1.1% p.a. since IPO in

20041

Accretive industrial acquisitions at average

6.8% net initial yield

Focused on multi-let industrial, good quality

offices and retail warehousing

32% net loan to value at 2.4% total cost p.a.

£40 million of cash and undrawn debt facilities

for investment

Evolution of strategy to address acceleration in structural changes and

emerging occupier trends due to pandemic

Further 5% dividend increase to 0.656 pence per share (‘pps’), paid in

quarter ending June 2021

Targeting progressive and sustainable dividend

policy

Performance driven by 6.5% income return

(MSCI 4.4%) with 7.1% reversion (MSCI 5.2%)1

80 leasing transactions totalling £7.9m2 of

annual rent, reducing void to 4.8%

Pipeline of value enhancing projects to drive income and total

returns

Three Green Stars in 2020 GRESB survey and top in

peer group

£9.5 million shares repurchased delivering 1.3 pps of accretion to

shareholders

Acquired at an average discount of -41% to

March 2020 NAV

Reduction in Investment Manager’s fees to generate saving of

approximately £600,000 per annum with effect

from 1 July 2021

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 amount originally invested.Source: Schroders, June 2021. 1. Source: Compared against MSCI property level returns gross of fees on a like-for-like basis including direct and indirect. 2. This includes activity post-year end.

MSCI sector/total return SREIT total return p.a. (%) MSCI Index total return p.a. (%) Relative p.a. (%)

To 31 March 2021 One Year Three years Since IPO* One Year Three years Since IPO* One Year Three years Since IPO*

Industrial 14.9 14.0 9.9 14.2 11.1 9.0 0.6 2.6 0.8

Offices 3.6 5.2 7.8 -0.5 3.0 7.1 4.1 2.2 0.6

Retail -5.1 -5.7 3.8 -6.7 -6.0 3.2 1.7 0.3 0.6

Other commercial -11.8 -5.0 1.9 -0.6 3.1 7.3 -11.2 -7.9 -5.1

All 4.6 4.5 7.2 1.8 2.2 6.0 2.8 2.3 1.1

SREIT portfolio performance to 31 March 2021

6

Higher income return, industrials and asset management generating outperformance

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 amount originally invested.Source: MSCI property level returns gross of fees on a like-for-like basis including direct and indirect property investments. *IPO in July 2004.

Since IPO Total Return *

2.3% relative outperformance p.a. 1.1% relative outperformance p.a.

Three Year Total ReturnOne Year Total Return

2.8% relative outperformance p.a.

0.0

2.0

4.0

6.0

8.0

SREIT MSCI Benchmark01234567

SREIT MSCI Benchmark0

2

4

6

8

10

SREIT MSCI Benchmark

Total Return Income Return(%)(%)(%)

SREIT– discrete yearly performance

7

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.

Schroder Real Estate Investment Trust – Risk Considerations:

Investments in real estate are relatively illiquid and more difficult to realise than equities or bonds. Yields may vary and are not guaranteed. The use of gearing is likely to lead to volatility in the Net Asset Value (‘NAV’) meaning that a relatively small movement either down or up in the value of the Company’s total assets will result in a magnified movement in the same direction of that NAV. There is no guarantee that the market price of shares in Investment Companies such as SREIT will fully reflect their underlying NAV. The value of real estate is a matter of a valuer’s opinion rather than fact.

The trust may be concentrated in a limited number of geographic regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the fund, both up or down, which may adversely impact the performance of the funds.

The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the assets purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.

Source: 1. Source: Schroders, Datastream, bid to bid price with net income reinvested in GBP. 2. Source: Schroders, NAV to NAV (per share) plus dividends paid. 3. Source: MSCI Quarterly Version of Balanced Monthly Index Funds (including indirect investments on a like-for-like basis).

Discrete Yearly Performance (%) 12 months to Mar-2021

12 months to Mar-2020

12 months to Mar-2019

12 months to Mar-2018

12 months to Mar-2017

Share Price1 7.1 -26.3 -1.7 -0.9 6.2

SREIT NAV Total Returns2 3.9 -9.4 4.5 10.5 7.2

SREIT Real Estate Total Returns3 4.6 1.9 7.2 11.8 8.5

MSCI UK Balanced Monthly and Quarterly Funds Quarterly Property Index3 1.8 0.0 4.8 10.3 4.7

Results for the year ended 31 March 2021

Source: Schroders June 2021. 1European Public Real Estate Association (“EPRA”) earnings calculated as total comprehensive net income (i.e. after fund expenses and finance costs) excluding realised and unrealised gains/losses on investment property and share of profit on joint venture investments. Earnings per share based on weighted average number of shares. 2Independent valuers’ valuation of property and joint ventures.

Year to 31 March 2021 31 March 2020 % change

Profit/(loss) for the year £4.5m (£32.5m) +114%

EPRA1 earnings £11.6m £12.7m -9%

EPRA1 earnings per share £2.3p £2.5p -7%

Dividend per share paid £1.59p £2.72p -42%

As at 31 March 2021 31 March 2020 % change

Net Asset Value £296.8m £309.8m -4.2%

Net Asset Value per share (pence) 60.4 59.7 +1%

Property valuation2 £438.8m £406.2m +8%

Loan to Value, net of cash 32.3% 23.7% +9%

Key metrics

8

NAV movement for the year ended 31 March 2021

9

NAV per share increase of 1.2% and a NAV total return of 3.9%£m PPS Comments

NAV as at 31 March 2020 309.8 59.7

Unrealised increase in the valuations of the direct real estate portfolio and Joint Ventures

2.5 0.5Full year valuation movement net of capex -1.8% vs. MSCI Benchmark of -2.5%. H1 capital value decline of -3.4% (MSCI -3.4%) compared with H2 of +1.7% (MSCI +1%). Quarter to March 2021 valuation movement net of capex of +1.3% (MSCI 0.9%).

Capital expenditure included £1.7m St John‘s Retail Park, Bedford (Lidl and Home Bargains lettings); £1.7m Milton Keynes, Stacey Bushes (new multi-let industrial development); £1.3m Headingley (The Gym Group letting); £900,000 Millshaw, Leeds (rolling industrial refurbishment).

Capital expenditure (direct portfolio and share of Joint Ventures) (7.1) (1.4)

Acquisition costs (2.3) (0.4) Acquisition costs relating to two multi-let industrial estates in December 2020 for combined £36.5m and 6.8% net initial yield (Chippenham c.£1.2m, and Stanley Green c.£1.1m).

Realised gains on disposals 0.1 - Sale of Commercial Road, Portsmouth for a total of £2.4m and The Portergate, Sheffield for £4.2m.

Net revenue 11.6 2.3 Annual EPRA earnings.

Dividends paid (8.0) (1.5) Dividend for the March 2020 quarter withheld; 0.38575 pps paid for the June 2020 quarter; 0.575 pps paid for the September 2020 quarter and 0.625 pps paid for the December 2020 quarter.

Others (0.3) (0.1) All other items.

NAV as at 31 March 2021 (excluding the share buyback) 306.3 59.1 Based on 518,513,409 shares

Share buyback (9.5) 1.3 Purchase of c.27.1m shares in the year at an average discount of 41% to the March 2020 NAV.

NAV as at 31 March 2021 296.8 60.4 Based on 491,418,641 shares

EPRA Earnings for the year ended 31 March 2021

10

EPRA earnings of £11.6m; future growth to drive progressive dividend policy

£m 12 months to 31 March 2020

Six months to 30 September 2020

Six months to 31 March 2021

12 months to 31 March 2021 Commentary

Rental income – direct portfolio 22.2 10.3 11.2 21.5 Multi-let industrial acquisitions completed in December 2020 generate £2.7m p.a. of rent

Portfolio reversion, (re)investment, development and asset management to support future income growthRental income – joint ventures 2.6 1.3 1.2 2.5

Other income 1.3 0.1 0.1 0.2 - Other income dependent on asset management

Rental and related income 26.1 11.7 12.5 24.2 Portfolio gross rent of £28.3m p.a. at 31 March 2021

Property operating expenses (1.7) (1.2) (1.1) (2.3) Property expenses could increase due to leasing activity, void and possible tenant failures

Fund and other expenses (6.1) (2.6) (2.7) (5.3) Investment Manager fee reduction saving c.£600,000 per annum from 1 July 2021

Bad debt provisions/write offs (0.3)1 (0.5)1 (0.3) (0.8) Progress on rent and arrears collection to reduce bad debt provision

Finance costs (5.3) (2.3) (1.9) (4.2) - Low cost, flexible and long term debt at average 2.4% p.a.

EPRA earnings 12.7 5.1 6.5 11.6 EPRA earnings -9% (-7% per share) vs. y/e 31 March 2020

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 amount originally invested. Source: Schroders, June 2021. 1 The Company recognised a bad debt provision of £320,000 in its 31/03/2020 audited Financial Statements relating to a period post financial year end. This was reversed in the June 2020 quarter following a change of policy by the Company’s Auditor.

Targeting a sustainable and progressive dividend policy

11

The dividend will continue to be reviewed by the Board

Source: Schroders, June 2021.

Quarterly Dividend Payments (pence per share)

0.650

0.772

0.386

0.5750.625

0.656

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

pps Debt refinancing Withheld Reinstate sustainable and progressive

dividend policy

Dividend Policy

‒ The dividend will continue to be reviewed by the Boardtargeting a sustainable and progressive dividend policywith future growth driven by active management, progresson rent/arrears collection and investments

35%

34%

31%

98%

65%

98%

Retail, Leisure & Other

Industrial

Office

89%

Overview of March-June 2021 Expected Rent Collection (as at 27 May 2021)

Sustainable income and total returns

Strategy overview

Future strategy

13

Well placed to address acceleration in structural changes and emerging occupier trends

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 amount originally invested. Source: Schroders, June 2021.

Diversified portfolio, specialist capabilities ESG Leadership Hospitality mindset and

operational excellenceReinvestment into larger

assets Balance sheet resilience

• 80 new lettings, renewals and reviews completed, which contributed £7.9m p.a. of rental income and underpinned a significant reduction in portfolio vacancy to 4.8%

• Divergence in performance between main sectors expected to narrow and create opportunities to invest in sectors currently out of favour

• Retained three star rating in the 2020 GRESB Benchmark and came first in peer group of UK Diversified Listed Companies

• SREIT published sustainability guide in November 2020, and Schroder Real Estate its Net Zero Carbon Pathway in December 2020

• Stanley Green development has the potential to be Schroders’ first operational NZC property

• Hospitality-driven approach will be required to optimise the building services to cater to the occupiers’ business model and sustainability objectives

• More specialist real estate resource to drive operational performance, closer management of supply chains and investment in new technologies

• Elevate concept at City Tower in Manchester is direct offering to occupiers

• Sale of smaller, non-core assets on completion of business plans, with proceeds reinvested into larger, more resilient assets which offer a high standard of operational and sustainability performance

• Two multi-let industrials acquired for £36.5m and blended net initial yield of 6.8%, delivering £2.8m of income per annum

• Flexible balance sheet with two debt facilities with average 13 year maturity and low average cost of 2.4% per annum

• Cash and undrawn loan facilities totalling c. £40m

• £9.5m of buybacks executed since programme commenced resulting in 1.3 pps of NAV accretion and improvement in dividend cover

Leveraging Schroders sector specialisms

Continue to outperform in GRESB benchmark

Lead NZC initiative

Greater levels of flexibility and service to attract and

retain occupiers

More sustainable income and total returns over the long

term

Low cost of debt

Strong operational flexibility

Balanced portfolio, specialist capabilities (1)

14

MSCI all property index – capital value

UK market has experienced divergence across the sectors, expected to narrow

Source: MSCI as at 30 April 2021; 1Range shows highest and lowest change across 10 segments: Standard retail SE and rest UK; Shopping centres; Retail warehouses; Offices City, West End/Midtown, rest SE and rest UK; Industrial SE and RUK; other.

-7%-6%-5%-4%-3%-2%-1%0%1%2%3%4%5%6%

-7%-6%-5%-4%-3%-2%-1%0%1%2%3%4%5%6%

201

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Monthly change Range Cumulative

EU referendum SDLT increase

Retail sector

% age change – month-on-month (average – bars; range1 – drop-down lines) and cumulative from end 2015 (line)

Industrial sector Industrial sector

Retail sector

Industrial sector

Balanced portfolio, specialist capabilities (2)

15

High quality portfolio well positioned to capitalise on structural trends

Source: Schroders, June 2021. (March 2021 valuation shown in brackets). Denotes 12-month total return to 31 March 2021.

Multi-let Industrials Winning City Offices Value and Convenience Retail

Stacey Bushes, Milton Keynes (£46.0m) City Tower, Manchester (£40.2m; 25% share) St John’s Retail Park, Bedford (£26.6m)

Millshaw Industrial Estate, Leeds (£41.8m) University of Law, Bloomsbury (£39.3m; 50% share) Headingley Central, Leeds (£24.0m)

+17.3% +2.8% -3.7%

+24.5% +11.6% -10.8%

%

ESG leadership

16

Integrated and relevant ESG strategy

Source: Schroders, June 2021. Shown for illustrative purposes only and not a recommendation to buy or sell.

Formalising environmental and social objectives:

– Determine Pillars of Impact, SDG alignment and reporting.

– Responsible business operations through the supply chain.

– Net Zero Carbon Pathway to include portfolio targets.

– Taskforce on Climate-Related Financial Disclosure compliance.

– Alignment with Article 8 EU SFDR principles.

Case Study: Stanley Green Trading Estate, Manchester– 150,000 sq ft freehold industrial estate and adjoining 3.4 acre site.

– Planning application submitted for 85,000 sq ft net carbon zero (“NZC”) schemewith decision expected July 2021.

– NZC driven by PV use plus recycled materials; insulated cladding to mitigateheat loss; LED lighting; EV charging; cycle storage to promote active travel.

– Contractors to use local suppliers and encourage local employment includingengaging with local colleges to offer apprenticeship schemes.

– Development cost £8m to generate rent of c. £950,000 p.a., a 7.5% yield.

Hospitality mindset and operational excellence

17

Adapting and innovating in order to attract and retain tenants

Source: Schroders, June 2021. 1. This includes where lease completed or AFL exchanged. 2. No rent free provided (underwrite assumed 3 months). 3. Suites capex amortised over 7 years (i.e. £57.16/7 = £8.17).

‒ The pandemic has accelerated pre-existing trends such as the growth of e-commerce and changed occupier behaviour.

‒ Increasingly hospitality-driven approachwill required to optimise building services tocater to the tenant’s business model andsustainability objectives.

‒ Sharing of cost and data with tenants keyto delivering operational excellence andfacilitate improvements.

‒ This will require more specialist real estateresource to drive operational performance,closer management of supply chains andinvestment in new technologies.

‒ Schroders increasing investment in theseareas and adapting business plans toprovide greater levels of flexibility andservice.

Case Study: Elevate Concept, City Tower, Manchester ‒ Elevate offers a flexible workspace solution and establishes a

brand and direct relationship with the occupiers at City Tower

‒ 8,444 sq ft space let out of 12,421 sq ft fitted out1 equating to70% of initial space delivered as hybrid space

‒ Communal lounge on the part 28th floor (3,000 sq ft) includinga board room, two meeting rooms and an auditorium

‒ Further 55,000 sq ft of space targeted for Elevate to providehybrid and incubator space. Targeting inclusive rents of £45per sq ft+ and a c. 20% target yield on cap ex

Total space let1 8,444 sq ft

Total office contracted rent p.a.2 £363,600 (£43.00 per sq ft)

Total amortised capex costs p.a.3 -£69,987 (£8.17 per sq ft)

Total service charge p.a. -£89,084 (£10.55 per sq ft)

Net receipt vs. ERV c. £18-20 per sq ft £204,529 (£24.22 per sq ft)

Total car parking rent £48,000

Total net receipts £252,529

Reinvestment into larger assets

18

Recycling assets to deliver more sustainable income and total returns

Source: Schroders, June 2021.

‒ Top ten assets represent 66% ofportfolio value and offer strongfundamentals in terms of location andspecification, with opportunities to addvalue through active management.

‒ Whilst smaller assets providediversification benefits, larger assetstypically offer higher returns fromactive management due to being multi-letwith a range of lease expiries

‒ Larger assets more likely to includecorporate occupiers demanding higherservice levels and sustainabilityperformance, creating value addopportunities.

‒ Strategy to sell smaller assets oncompletion of business plans, withproceeds reinvested into larger, highergrowth assets offering high standards ofoperational / sustainability performance.

Case Studies: Good quality assets with long term development potential

Chippenham, Langley Park (Ind)400,000 sq ft on a 28 acre site; valued at£19.75m as at 31 March 2021

‒ Acquired for £19.25m in December 2020, a yield of 8.2%‒ Targeting lease re-gear opportunities to rationalise investment

and improvements to the existing‒ Ongoing discussions with Siemens (exp. 2026) and Littlefuse (exp.

2021) regarding lease regears in return for carrying out buildingand energy efficiency improvements

‒ Carrying out initial viability studies of development options toincrease massing and potentially provide a small unit warehousescheme. Part of the site could also be reconfigured for alternativeuses

‒ Exploring the installation of additional photo-voltaic (‘PV’) panelsand electric vehicle charging points to enhance the overall qualityof the estate from a sustainability perspective

London, Bloomsbury (office)86,000 sq ft freehold office in a stronglocation; valued at £39.4m as at 31 March2021

‒ Two offices let to the University of law until 2026‒ Located in a London-submarket benefiting from Crossrail and

surrounding developments at Tottenham Court Road, as well aspublic realm improvements linked to the West End Project

‒ Rent review with the University of Law completed at a new rent of£1.85m p.a. or £42 per sq ft, delivering a £415,500 p.a. or 30%increase

‒ Low rise, low density, existing buildings provide potential for futureredevelopment and feasibility study commenced with design teamappointment

‒ Continued engagement with adjoining building owners exploringopportunities for wider site assembly

Balance sheet resilience

19

Consolidated net LTV is 32.3% vs the target leverage range of 25-35%

Source: Schroders as at April 2021. 1 Loan to Value (‘LTV’) is the loan balance divided by the property value as at 31 March 2021. 2 For the quarter preceding the Interest Payment Date (‘IPD’), ((rental income received – void rates, void service charge and void insurance)/interest paid). In addition, there is a forward ICR covenant of for the four quarters following the IPD (rental income to be received void rates, void service charge and void insurance)/interest paid). Arrears over 90 days are excluded from the calculation. 3 Maximum valuation decline is based on the existing security pool. In the event that uncharged assets were added to the security pool, the maximum decline on the Canada Life portfolio prior to a covenant breach would be -42%. 4 Maximum rental decline is based on the existing security pool, and makes the assumption that for rent declines, 25% of rent is incurred as additional non recoverable cost of void space. In the event that uncharged assets were added to the security pool, the maximum decline on the Canada Life portfolio prior to a covenant breach would be -58%. 5 Fixed total interest rate for the loan term. 6 Total interest rate as at 31 March 2021 comprising 3 months LIBOR of 0.09% and the margin of 1.6% at an LTV below 60% and a margin of 1.90% above 60% LTV. Interest rate of 0.64% on unutilised RCF. 7 This covenant drops to 60% after year three of the five-year term. 8 The fully drawn cost of debt is 2.2% per annum.

– The Company has two debt facilities – a £129.6 million long term fixed loan and a £52.5 million revolving credit facility (‘RCF’) –providing operational flexibility.

– The covenants as at 31 March 2021 are included in the finance presentation based on:– Total debt £154.1 million (of which £24.5 million of RCF drawn)– Portfolio value of £438.8 million and cash of £12.2 million

– £40 million of balance sheet capacity comprising cash of £12.2 million and £28 million undrawn on the RCF– The table below shows the position based on valuations as at 31 March 2021:

Lender Loan (£m) MaturityTotal

interest rate (%)

Assets Value (£m) Cash

Net Loan to Value ratio

(%)1

LTV ratio covenant

(%)1

Interest cover ratio

(%)2

ICR ratio covenant

(%)2

Forward interest

cover ratio (%)2

Forward ICR ratio covenant

(%)2

Maximum Valuation Decline to

Breach (%)3

Maximum Rental

Decline to Breach(%)4

Fixed Loan(Canada Life) 129.6

50%: 15/10/2032

50%: 15/10/2039

2.5% 5 273.6 0 47.4% 65% 562% 185 423% 185% -27% -41%

RCF (RBSI) 24.5 03/07/2023 1.7% 6 125.9 0 19.5% 65% 7 1,151% 185 864% 250% -70% -51%

Unchargedassets 39.4 12.1

Total 154.1 2.4% 8 438.8 12.2 32.3%

to 31 March 2021

Portfolio

SREIT 31 March 2021(MSCI 31 March 2021)

SREIT 31 March 2020 (MSCI 31 March 2020)

Portfolio value (£m)/number of properties/average lot size 438.8/39/11.3 406.2/39/10.4

Net initial yield (%) 6.0 (4.4) 5.7 (4.8)

Reversionary yield1 (%) 7.1 (5.2) 7.3 (5.2)

Rent (£m) 28.3 24.9

Estimated rental value (£m) 31.2 29.5

Unconditional contracted uplifts for the next 24 months (£m p.a.) 1.8 2.0

Average unexpired lease term (years)2 5.3 (12.1) 5.8 (13.6)

Void rate (%) 3 4.8 (7.8) 7.3 (7.2)

Industrial weighting (%) 38.8 (28.5) 28.6 (25.3)

Office weighting (%) 34.4 (27.2) 39.6 (26.8)

Retail weighting (%)‒ Retail warehouse‒ Retail ancillary to main use‒ Retail single use

20.0 (24.1)11.3%5.0%3.7%

24.6 (28.3)12.8%6.6%5.3%

Other weighting (leisure etc.) (%) 6.8 (17.2) 7.2 (16.2)

Unattributable (% e.g. mixed sector) - (3.0) - (3.4)

Property portfolio

21

As at 31 March 2021

1Like-for-like with MSCI i.e. ignoring standard acquisition costs. 2Assuming earlier of lease break and expiry. 3 % of Estimated Recovery Value.

Portfolio overview

22

Industrial and office exposure totals 73% of total portfolio value

Top 10 Properties Structure as a % of value

Source: Schroders, June 2021. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

# Property Sector Value (£m) % Portfolio

1 Milton Keynes, Stacey BushesIndustrial Estate

Industrial 46.0 10.5

2 Leeds, Millshaw Industrial Estate Industrial 41.8 9.5

3 Manchester, City Tower (25% share)Mixed use

office 40.2 9.2

4 London, The University of Law (50% share)

Office 39.4 9.0

5 Bedford, St John’s Retail ParkRetail

warehouse 26.6 6.1

6 Leeds, Headingley CentralMixed use

retail 24.0 5.5

7 Chippenham, Langley Park IndustrialEstate

Industrial 19.8 4.5

8 Norwich, Union Park Industrial Estate Industrial 18.9 4.3

9 Cheadle, Stanley Green Trading Estate

Industrial 18.0 4.1

10 Uxbridge, 106 Oxford Road Office 16.0 3.6

Sub-total top 10 properties 290.5 66.2

20.0

9.2

3.2

4.3

7.9

10.2

17.9

7.7

8.7

7.2

3.7

6.8

11.3

0.0

7.8

0.9

27.5

11.3

19.2

6.2

9.0

0.0

0 5 10 15 20 25 30

Others

Retail - Warehouse

Retail - Shopping centre

Retail - Rest of UK

Retail - South East

Industrial - Rest of UK

Industrial - South East

Office - Rest of UK

Office - Rest South East

Office - Mid and West End

Office - City

Portfolio MSCI Benchmark

SREIT rental income at 31 March 2021

23

Diversified income base with 299 tenants across a range of sectors

Top 20 Tenants % by industry1

Source: Schroders, June 2021. For illustrative purposes only and should not be viewed as a recommendation to buy or sell. 1 Data is as at 31 March 2021. Highlighted tenants part of December 2020 acquisitions.

# Tenant Rent p.a. (£m) % Portfolio1 University of Law 2.00 7.12 Buckinghamshire New University 1.15 4.13 Siemens Mobility 0.97 3.44 The Secretary of State 0.88 3.15 Matalan Retail 0.57 2.06 Express Bi Folding Doors 0.53 1.97 TJX UK Limited T/A Homesense 0.51 1.88 Jupiter Hotels Limited T/A Mercure 0.46 1.69 Premier Inn Hotels 0.42 1.5

10 Lidl 0.42 1.511 Geldards 0.41 1.512 Schneider Electric 0.41 1.413 Wickes Building Supplies 0.40 1.414 Sportsdirect.Com Retail 0.40 1.415 Morgan Sindall 0.38 1.316 Cineworld 0.37 1.317 The Gym 0.36 1.318 IXYS UK (Littlefuse) 0.36 1.319 Lloyds Banking Group 0.35 1.220 Pilgrim’s Pride 0.34 1.2

Sub-total top 20 tenants 11.67 41.2

18%

16%

11%

10%

8%

6%

5%

5%

5%

4% 3% 3% 1%

Manufacturing Retail Non-Food Education

Business Services Leisure Wholesale

Public Sector Retail Food Other Industries

Financial Construction IT

Transport Other Services Utilities

Charity Healthcare

Summary

25

Summary of results

Dividend Policy

Focus on delivering a fully covered, progressive and sustainable dividend

policy

Dividend increased 5% to 2.625 ppsper annum

Dividend reviewed by the Board quarterly

Source: Schroders, June 2021.

Financial Highlights

‒ NAV total return for the year to 31 March 2021 of 3.9%, supported by an accretive share buy-back programme

‒ EPRA earnings of £11.6 million, a decrease of 9%, reflecting the impact of the pandemic on rent collection rates and a prudent approach to recognising bad debts

‒ Continued outperformance of the underlying portfolio with a total return of 4.6% vs. the MSCI Benchmark Index at 1.8%

‒ Net LTV of 32.3%, within the long-term strategic range of 25% to 35% and c.£40 million of cash and undrawn debt facilities

‒ Further 5% increase in the quarterly dividend to 0.656 pps, to be paid in the quarter ending June 2021

‒ Reduction in the Investment Manager’s fees to generate an annualised saving of approximately £600,000 per annum with effect from 1 July 2021

Operational Highlights

‒ Robust collection rate of 90% of rents due over the financial year‒ Two multi-let industrial acquisitions in December 2020 for £36.5 million,

reflecting an above average net initial yield of 6.8%‒ 80 new lettings, renewals and reviews completed, which contributed £7.9 million

per annum of increased rental income and underpinned a significant reduction in portfolio vacancy to 4.8%

‒ 73% of the portfolio weighted to the industrial and office sectors with a below Benchmark retail weighting and no shopping centres

‒ Successful execution of Responsible and Impact Investment strategy recognised with the retention of a three Green Star rating in the 2020 GRESB survey, top in the peer group of UK Diversified Listed Companies.

Key strengths of Schroder Real Estate Investment Trust Ltd (‘SREIT’)Focused on delivering sustainable and progressive income and total returns

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Source: Schroders, June 2021. 1 Based on the share price as at 28 May 2021.

High quality and diverse portfolioPortfolio focussed on industrial, high quality offices and retail warehousing. Active recycling of smaller assets into larger, more resilient assets in higher growth sectors which offer a high standard of operational and sustainability performance.

Long term track record of real estate outperformance

Balanced fund benefiting from large and experienced team of sector specialists that drive returns through in depth knowledge of markets and hospitality mindset.

Leadership in Environmental, Social and Governance (‘ESG’)

Leadership on climate change and the requirement to act on net zero commitments and evidence positive social impact.

Strong and flexible capital structure

Two debt facilities providing long-term, flexible debt and a blend of maturities in 2023, 2032 and 2039, reducing refinancing risk.

Robust income targeting a sustainable and progressive dividend policy

The Company’s income is diverse with 299 tenants of which the Company’s top twenty tenants represent 41.2% of the portfolio as a percentage of annual rent.

39Assets

2.8%1 year vs.

B’mark

32%Net LTV

6.0%Net Initial

Yield

66%Top 10

2.4%Cost of

debt

7.1%ERV yield

2.3%3 year vs.

B’mark

39%Industrial

13Yr Avg. term

5.7%Dividend

yield1

1.1%IPO vs. B’mark

Questions and Answers

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Investment market

£ billion

Source: CBRE, RCA, Schroders. May 2021. Other includes residential, leisure, hotel, student halls and healthcare.

Investment transactions – main sectors Prime yields (cap rates)Yield %

0

2

4

6

8

10

12

14

16

18

20

22

Retail Office Industrial Other

Industrial yields now at historical lows. Retail yields back to GFC. Office yields stable

3

4

5

6

7

8

9

Shopping Centre Retail ParkWest End Office Regional OfficeLondon Multi-Let Distribution Warehouse

Acquisition: £17.25m Stanley Green, ManchesterMulti-let trade park with reversionary rental profile and development site

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‒ Industrial trade park in prime location at the junction of A34 and A555 comprising atrading estate (‘Estate’) and adjoining development site (‘Site’). Combined pricing of£17.25m represents a net initial yield of 5.2% with reversionary yield of 7.5%

‒ The Estate comprises 150,000 sq ft of trade accommodation across 14 units on a nineacre site:

‒ Fully let to thirteen tenants generating £960,000 per annum or an average rent of£6.55 per sq ft. ERV is £1.25 million per annum.

‒ Average unexpired lease term, assuming all tenant breaks are exercised, is threeyears.

‒ 97% of rents due collected during the Covid-19 pandemic.

‒ Strong tenant line up including Apex Self Storage Limited (19% of rental income),Howden Joinery Properties Limited (9.4% of rental income), Screwfix Direct Limited(7.3% of rental income) and Toolstation Limited (7.1% of rental income).

‒ Strategy is to work with the occupiers to align their occupation with various estatemanagement improvements.

‒ Apportioned price for the Estate of £14.4 million reflects net initial yield of 6.3% and areversionary yield of 7.1%.

‒ Site comprises a 3.4 acre serviced plot. The apportioned site price is £2.85 million.

‒ Strategy is to obtain an improved planning consent for 80,000 sq ft and develop a highquality BREEAM Excellent trade centre and warehouse units during 2021.

Source: Schroders, February 2021.

Acquisition: £19.25m Langley Park, ChippenhamHigh-yielding multi-let industrial with income underpinned by strong tenants

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‒ Multi-let industrial acquisition at £19.25m, reflecting a net initial yield of 8.2%.

‒ Located in Chippenham town centre close to the railway station and four miles south ofjunction 17 of the M4 motorway.

‒ 400,000 sq ft of warehouse and ancillary office accommodation on a 28 acre site,equating to a low site cover of approximately 30%.

‒ Let to five tenants producing a total net rent of £1.68 million per annum or an averagerent of £4.21 per sq ft.

‒ Global headquarters for Siemens Mobility Limited who represent 53% of the rentalincome and employ 800 people at the site.

‒ Other tenants include a UK subsidiary of Littlefuse Inc., global manufacturer of powersystems for the transport industry (20% of rent), Schneider Electric Limited (11%) andNHS Property Services Limited (8%).

‒ 100% of rents due collected during the Covid-19 pandemic.

‒ ERV approximately £1.8 million per annum. The average unexpired lease term,assuming all tenant breaks are exercised, is four years.

‒ The strategy is to work closely with the occupiers to align their occupation with variousestate management improvements. The low site density could enable the creation ofnew accommodation.

‒ Infrastructure and related investments in Chippenham, including rail improvements andadditional housing should support alternative use values and the surrounding area.

Source: Schroders, February 2021.

SREIT GRESB 2020

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Achieved 3 Green Stars and 1st in peer group

Source: Schroders, November 2020. GRESB, November 2020. *Peer group comprises: AEW UK REIT; BMO Commercial; BMO Real Estate Investments; Capital & Countries Properties; Custodian REIT; LondonMetric; RDI REIT; and UK Commercial Property REIT

Rankings 2020

Participation and GRESB scoreSREIT has participated in GRESB since 2016Achieved Green Star rating for the past three consecutive yearsSignificant change to structure and scoring methodology for the 2020 Assessment so 2020 score is not comparable to 2019

Despite significant fundamental changes in the 2020 GRESB Assessment structure SREIT retained its 3 Green Star rating and was 1st in the peer group

Our Net Zero Carbon commitment

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Our commitment builds on our integrated sustainability programmeWe published our Net Zero Carbon Pathway in December 2020

Source: Schroders, February 2021. The Better Buildings Partnership (BBP) is a collaboration of the UK's leading commercial property owners who are working together to improve the sustainability of existing commercial building stock. The Net Zero Asset Managers initiative is a group of international asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius; and to supporting investing aligned with net zero emissions by 2050 or sooner.

– In 2019 we committed to the Better Building Partnership’s Climate Change Commitment requiring us to:✓ Publish a net zero carbon pathway (by end of 2020) – Annually disclose progress against our pathway✓ Publicly disclose the energy performance of our portfolios, where we have permission to do so

✓ We produce annual sustainability reports for our funds which include energy and carbon – Develop comprehensive climate change resilience strategies for our portfolios (by 2022)

– Our Pathway to Net Zero Carbon outlines our approach to net zero carbon by 2050, we will:– Align our portfolios with short, medium and longer term carbon budgets to support the Paris Agreement– Apply Energy Hierarchy principles to focus firstly on reducing energy demand and improving efficiency– Address operational (both landlord and tenant) and embodied carbon, across the real estate investment life cycle– We are integrating the Task Force on Climate-related Financial Disclosures recommendations and the EU Sustainable

Finance rules✓ We included TCFD disclosures in our fund reporting in 2020

– Our programme includes energy and carbon reduction targets, and to procure 100% renewable electricity– Our targets expire in March 2021 and new targets will be set in the context our net zero carbon commitment

Schroders’ a founding signatory of the Net Zero Asset Managers Initiative commits to support investing aligned with net zero emissions by 2050 or sooner across all assets under management.

12.7 -0.7 -1.1

-0.81.5 11.6

0

5

10

15

20

FY 2020 Rental income Other income Property expenses(including bad debt)

Expenses FY 2021

Underlying EPRA profitability9% reduction in underlying profit

Source: Schroders, June 2021.

Past performance is not a guide to future performance and may not be repeated.

£ (million)

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Balance sheet

Source: Schroders as at June 2021. 1 Excludes leasehold interests grossed up under IFRS 16.

As at 31 March 2021£million

30 September 2020£million

31 March 2020£million

Investment properties 1 428.9 388.3 397.0

Cash 12.2 78.7 33.1

Net current assets 9.1 11.1 8.5

Debt (153.4) (181.4) (128.7)

Net Asset Value 296.8 296.7 309.8

NAV (pence per share) 60.4p 58.0p 59.7p

Loan to Value (%) 32.3% 25.9% 23.7%

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Statement of comprehensive income

Source: Schroders as at June 2021.

Year to 31 March 2021 £m 31 March 2020 £m

Rental income – direct portfolio 21.5 22.2

Rental income – joint ventures 2.4 2.6

Other income 0.2 1.3

Property operating expenses (3.0) (2.2)

Net rental and related income 21.1 23.9

Profit on disposal of investment property 0.1 1.9

Net valuation loss on investment property (8.3) (17.4)

Expenses (5.3) (5.8)

Refinancing costs - (27.4)

Finance costs – net interest payments (4.2) (5.3)

Joint venture gain/(loss) 1.1 (2.4)

Profit/(loss) before tax 4.5 (32.5)

Ongoing charges – fund only expenses 1.4% 1.4%

Ongoing charges – fund and property expenses 2.5% 2.3%

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Earnings excluding property revaluations, gains on disposals and non-recurring expenditure

EPRA earnings

Source: Schroders, June 2021

Year to 31 March 2021£m

31 March 2020£m

Profit/(loss) after tax 4.5 (32.5)

Excluding:

Profit on disposal of investment property (0.1) (1.9)

Net valuation loss on investment property 8.3 17.3

Joint venture gain/(loss) (1.1) 2.4

Refinancing costs - 27.4

EPRA earnings 11.6 12.7

Weighted average number of shares 508,699,880 518,513,409

EPRA earnings per share (pence) 2.3 2.5

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Important information

For professional investors only. Not suitable for retail clients.

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 amount originally invested.

Important Information:

Any reference to sectors/countries/stocks/securities are for illustrative purposes only and not a recommendation to buy or sell any financial instrument/securities or adopt any investment strategy. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.

Schroders has expressed its own views and opinions in this document and these may change. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. This document may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.

Third party data including MSCI data is owned or licensed by the data provider and may not be reproduced or extracted and used for any other purpose without the data provider's consent. Third party data is provided without any warranties of any kind. The data provider and issuer of the document shall have no liability in connection with the third party data. The terms of the third party’s specific disclaimers, if any, are set forth in the Important Information section at www.schroders.com. 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.

Use of MSCI data and indices: © and database right MSCI and its Licensors 2021. All rights reserved. IPD has no liability to any person for any losses, damages, costs or expenses suffered as a result of any use of or reliance on any of the information which may be attributed to it.

Schroder Real Estate Investment Trust (‘SREIT’) is a real estate investment company with a premium listing on the Official List of the UK Listing Authority and whose shares are traded on the Main Market of the London Stock Exchange. On 1 May 2015 SREIT converted to UK-REIT status. SREIT continues to be an authorised closed ended investment scheme registered in Guernsey with number 41959. Registered office: PO Box 255 Trafalgar Court Les Banques St Peter Port GUERNSEY GY1 3QL.

37

Important information (continued)

Risk considerations of The Real Estate Investment Trust.

Investments in real estate are relatively illiquid and more difficult to realise than equities or bonds. Yields may vary and are not guaranteed. The use of gearing is likely to lead to volatility in the Net Asset Value (‘NAV’) meaning that a relatively small movement either down or up in the value of the Company’s total assets will result in a magnified movement in the same direction of that NAV. There is no guarantee that the market price of shares in Investment Companies such as SREIT will fully reflect their underlying NAV. The value of real estate is a matter of a valuer’s opinion rather than fact.

The trust may be concentrated in a limited number of geographic regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the fund, both up or down, which may adversely impact the performance of the funds.

The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the assets purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.

Issued in June 2021 by Schroder Real Estate Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Schroder Real Estate Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Registration number 1188240 England.

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