Schroder ISF Global Sustainable Growth Schroders Investment Conference

19–23 October Katherine Davidson

Marketing material for professional Portfolio Manager investors or advisers only.

¹Schroder International Selection Fund is referred to as Schroder ISF. Global Sustainable Growth The Elevator Pitch

Approach: High conviction global equity portfolio with long term focus “There is no trade- Philosophy: long-term value creation driven by stakeholder relationships off between

Process: unique collaboration underpins a proprietary approach shareholder return and stakeholder Active ownership: targeted engagement to improve shareholder and societal outcomes interests over the long-term.” Results: Strong track record of delivering value and social benefit

Past performance is no guarantee of future results. Source: Schroders. The opinions stated in this presentation are those of the Schroder Global and International Equities team and are subject to change.

2 returns all stakeholdersall term - sustaingrowth and supernormal account of their impact impact on of theiraccount for the longfor the un aking R T We believe thatthat only are companiesbelieve We – – able to be will

Customers

term value creation shaped by relationships with stakeholders with relationships by shaped creation value term - Suppliers

3 Source: Source: Schroders. What isWhat‘sustainability’? Long Sustainable businesses beat the fade The alpha potential of sustainability

Forward earnings Superior operational performance

Market persistently under-estimates long term growth

Market inefficiency

‘Beat the fade’  compounding returns

Time Lower volatility and drawdown risk Company earnings Consensus estimates Lower cost of capital

Source: Schroders, as at 30 June 2020. The ‘company earnings’ and ‘consensus estimates’ lines are for illustrative purposes only.

4 Investment process Breadth of resource; focused expertise

Idea Active Sustainability Investability generation engagement

Global Research Platform Sustainable Investor Group Portfolio Managers Sustainable Investor Group

Name Responsibility Industry experience (yrs) Katherine Davidson Lead Portfolio Manager 11 Charles Somers Portfolio Manager 21 Equal partnership with Sustainability team Simon Webber Portfolio Manager Global & International Equities 20 provides accountability Elly Irving Head of Engagement 12 and credibility Andrew Howard Head of Sustainable Research 22 Ovidiu Patrascu Sustainability Analyst 8

Source: Schroders.

5 The Sustainability Quotient (SQ) Framework Going beyond ‘box-ticking’

Qualitative Wide-ranging High bar for Dynamic and rather than research, incl inclusion forward-looking quantitative engagement approach with company ~50% of companies rejected

Source: Schroders, as at 30 June 2020.

6 The Sustainability Quotient (SQ) Framework Going beyond ‘box-ticking’

Products Do the company's products have a significant positive or negative environmental impact?

Respect for the Operations Does the company use resources efficiently and responsibly, and seek to minimise its environmental impact? environment Suppliers Does the company hold suppliers to high environmental standards? Controversies Has the company faced significant environmental controversies in recent years? Has it responded to controversies appropriately? Employees Does the company provide fair pay and working conditions to employees? Does the company guard against discrimination or oppressive working environment? Fair and equitable Does the company take steps to ensure a safe working environment? treatment Does the company take steps to ensure standards commensurate with those afforded to its employees are applied to suppliers? of employees, suppliers and Suppliers Does the company have a fair and constructive relationship with suppliers? customers Customers Does the company provide value for money and communicate to customers in good faith?

Does the company take appropriate measures to manage and mitigate cybersecurity risk? Does it collect, use and store customer data responsibly and ethically?

Tax Does the company use aggressive and unsustainable tax planning? Society Do the company’s activities create significant positive or negative externalities (benefit/harm to society)? Good corporate Does the company have a constructive relationship with the government and regulators in countries where they operate? citizens Does the company support local communities around its operations? Business ethics Does the company ensure high ethical standards across its business? Shareholder returns Does the company allocate capital with an appropriate consideration of long-term risk and reward? Prudent allocation Does the company have a governance structure that protects shareholder interests? of capital Transparency Does the company's reporting and communication enable investors to reasonably appraise results? How seriously does the company take CSR? Does the governance structure ensure oversight of corporate responsibility activities?

Source: Schroders, as at 30 June 2020.

7 Sustainability in practice Safaricom – corporate responsibility underpins sustainable growth

Safaricom: ‘growth gap’ in action 350 0.018

0.016 300

0.014 250 Customers Employees 0.012 200 0.010

150 0.008

100 0.006

Jul 16 Jul

Jan 20 Jan

Jun 19 Jun

Oct 14 Oct

Apr 18 Apr

Feb17

Sep 17 Sep

Dec 15 Dec

Aug 13 Aug 18 Nov Mar 14 Mar Society Shareholders 15 May

Stock Price relative to MSCI AC World (US$ lhs) EPS FY1 (US$, rhs)

Performance shown is past performance. Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. The stocks shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. Source: Factset, EIKON, USD, as at 03 August 2020. Forecasts are EIKON consensus estimates. For illustrative purposes only and are not to be considered a recommendation to buy or sell.

8 Sustainability in practice Trane Technologies – green leadership driving share gains

Trane: short-term volatility provides buying opp 7.0 110 6.5

100 6.0 5.5 90 Environment Employees 5.0 80 4.5

70 4.0 3.5 60 3.0

50 2.5

Jul 17 Jul 18 Jul 19 Jul 20 Jul

Jan 17 Jan 18 Jan 19 Jan 20 Jan

Oct 17 Oct 18 Oct 19 Oct

Apr 17 Apr 18 Apr 19 Apr 20 Apr Customers Shareholders Share price (USD) (LHS) Fwd EPS est. (USD) (RHS)

9 Active ownership Proactive engagement – no company is perfect!

Focus for our engagement Respect for the environment Sustainable investing is as much about how we own Fair and equitable treatment of employees, suppliers and customers companies as which we choose to own

Good corporate citizens

Targeted engagement LOW SQassessment LOW HIGH SQ assessment SQ HIGH improves outcomes Prudent allocation of capital

Source: Schroders. For illustrative purposes only. Bubbles denote portfolio holdings and qualitative assessment (low to high) against the relevant factors. Bubble size reflects portfolio weight.

10 Active ownership Engagement Activity YTD

Engaged to get clarification on employee data, ESG governance, & cyber security. Largely satisfied with their response, but we also Trane raised concerns on corporate governance and management compensation which were not addressed; plan to vote against at AGM.

Bunzl Engaged to encourage them to commit to a higher % of EVs in their fleet; transport accounts for 60% of scope 1 emissions.

Engaged on cybersecurity after minor breach: reassuring - reorganisation of domestic operations to bring in best practice. Also Recruit observe that the co has made corporate governance improvements consistent with our previous requests.

Engaging on a range of topics incl employee relations and regulatory risk. Particular focus on whistleblower protections and corporate GOOG culture. Can be unresponsive so have agreed escalation plan with GSS and ESG team.

WTB Leading collective engagement on Modern Slavery and living wages.

Engagement – Noted improved environmental disclosure (which we have been pushing for since 2017) and requested further info on workforce and Danaher supply chain.

Ongoing engagement on human capital management, protection of plasma donors and business ethics. Requested specific CSL

disclosures. Holding Greggs Engaged on Modern Slavery statement; now updated.

Thermo-Fisher Wrote to mgmt and board voicing concerns over board structure and management compensation.

Source: Schroders as at 31 March 2020. For illustrative purposes only and not a recommendation to buy or sell.

11 Performance – Share Class Schroder ISF Global Sustainable Growth

Performance to 31 August 2020 (% returns in USD) 1 Month 3 Months YTD 1 Year 3 Years p.a. 5 Years p.a. Since Inception

Schroder ISF Glbl Sust Gr C Acc USD +6.6 +18.9 +13.8 +27.9 +15.6 +14.1 +11.1

MSCI ACWI NR USD +6.1 +15.3 +4.7 +16.5 +9.0 +10.2 +8.8

Relative performance +0.5 +3.6 +9.1 +11.4 +6.6 +3.9 +2.3

Calendar years performance (% returns in USD) 2019 2018 2017 2016 2015 2014 2013 2012 2011

Schroder ISF Glbl Sust Gr C Acc USD +32.0 -2.5 +29.5 -0.1 +2.2 +0.0 +25.9 +23.6 -10.2

MSCI ACWI NR USD +26.6 -9.4 +24.0 +7.9 -2.4 +4.2 +22.8 +16.1 -7.3

Relative performance +5.4 +6.9 +5.5 -8.0 +4.6 -4.2 +3.1 +7.5 -2.9

Past performance is not a guide to future performance and may not be repeated. The value of investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Schroder International Selection Fund is referred to as Schroder ISF or SISF. Source: Morningstar. USD, net of fees. Total performance is calculated on the USD Schroder ISF Glbl Sust Gr C Acc USD share class. The fund and benchmark have different pricing points (intra-day versus closing price respectively) so there may be a performance timing effect at month-end. In times of high market volatility, this timing effect may be larger than usual during specific periods and may have either a positive or negative impact on the NAV. However, these effects are expected to even out over time. p.a represents annualised performance.

12 Schroder ISF Global Sustainable Growth

Counterparty risk: The fund may have contractual agreements with counterparties. If a counterparty is unable to fulfil their obligations, the sum that they owe to the fund may be lost in part or in whole. Currency risk: The fund may lose value as a result of movements in foreign exchange rates. Derivatives risk – efficient portfolio management: Derivatives may be used to manage the portfolio efficiently. A derivative may not perform as expected, may create losses greater than the cost of the derivative and may result in losses to the fund. Emerging Markets & Frontier rise: Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty, operational and liquidity risk than developed markets. IBOR Risk: 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. 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. Market Risk: The value of investments can go up and down and an investor may not get back the amount initially invested. Operational risk: Operational processes, including those related to the safekeeping of assets, may fail. This may result in losses to 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.

Source: Schroders.

13 Schroder ISF Global Sustainable Growth Risk considerations

Schroder Global Sustainable Growth – risk factors

The capital is not Investments denominated The fund will not hedge its Emerging markets will Changes in China's guaranteed in a currency other than market risk in a down cycle. generally be subject to political, legal, economic or that of the share-class may The value of the fund will greater political, legal, tax policies could cause not be hedged. The market move similarly to the counterparty and losses or higher costs for movements between those markets operational risk the fund currencies will impact the share-class

Source: Schroders, as at 31 August 2020.

14 Performance driven by stock selection Testament to philosophy and process

Sector Attribution time series Region Attribution time series 9 14

8 12 7 10 6 8 5 6 4 4 3 2 2

1 0

0 -2

-1 -4 2017 2018 2019 YTD 2020 2017 2018 2019 YTD 2020

Stock Selection Sector Allocation Stock Selection Region Allocation

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, FactSet. As at 31 August 2020. Performance provided is gross of fees, in USD. Schroder ISF Global Sustainable Growth USD. Benchmark MSCI All Country World Index (ACWI).

15 Non-financial impact Benefits and harms to society

Overall Impact Impact on People 4% 4.0% Relative to 3.7% Benefits to People 3.5% benchmark More exposed to salaries and benefits 0.7% expenses 3% 2.0% 1.5% +2.2% Relative to Harms to People benchmark 2% 0.0% Less exposed to tobacco production 1.9% Fund Benchmark Less exposed to alcohol production 0.8% +4.3% Less exposed to armaments production 0.6% 1% Impact on Planet

0.0% Relative to 0% Benefits to Planet -0.2% benchmark -1.0% +2.1% -1% -0.8% Relative to -2.0% Harms to Planet benchmark -2.3% -3.0% Less exposed to carbon emissions 0.9% Less exposed to water withdrawal 0.3% -2% Fund Benchmark Fund Benchmark Less exposed to fertilizer use 0.2%

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 company/portfolio adds $2 of benefits to society for every $100 of sales.

16 Life (and investing) after COVID

Employees Communities – Higher wages for key workers – Populist politics – More demand for job security and s – More focus on corporate benefits, at expense of flexibility citizenship “The Covid-19 crisis is a litmus test that shows who has been Suppliers – Simplification of supply chains ‘swimming naked’ – Vertical integration/direct Customers investment in critical – Share gains for while endorsing suppliers ‘responsible’ companies – De-globalisation? stakeholder

capitalism.”

s s Chairman of World Economic Forum Environment Regulators – Less business travel; more WFH – Higher corporate taxes – Greater awareness of global fragility? – Restrictions on capital – OR do environmental goals get side-lined? allocation

Source: FT, Schroders.

17 Appendix Katherine Davidson Portfolio Manager Katherine joined Schroders as a graduate on the Global and International Equities team in 2008. Katherine is lead portfolio manager for the team’s Global Sustainable Growth fund that evolved from the Global Demographic Opportunities strategy launched in 2010. Katherine was instrumental in the conception, launch and management of both strategies. She also has global sector responsibility for consumer durables and services as one of the team’s Team Global Sector Specialists. Katherine is a CFA Charterholder.

Biographies

Charles Somers Portfolio Manager Charles is a Portfolio Manager for the Changing Lifestyles strategy, Global Sustainable Growth strategy, and a specialist institutional global equity portfolio. He also has global sector responsibility for consumer staples as one of the team’s Global Sector Specialists. Charles initially joined Schroders in 1998 as a research analyst on the US desk in London. In 2001 he was seconded to Schroders' New York office, where he covered healthcare and financial stocks. He returned to London in 2002 to join the Pan European research team, taking responsibility for the consumer staples sector. In 2006 Charles left Schroders to take a position as a portfolio manager at Intrinsic Value Investors, a long-only fund management company focused on European equities. He returned to Schroders in 2008 to take the position of Global Sector Specialist for consumer discretionary and consumer staples. Source: Schroders. Schroders as at 30 June 2020. Charles is a CFA Charterholder.

19 Investment process Portfolio construction

Factors defining position size Portfolio guidelines Portfolio risk management

No. of holdings 30–50 Valuation/upside Risk characteristics 5% max at Stock level purchase Fundamental risk Factor exposures Sector/country No constraints limits Conviction Scenario analysis Expected turnover <25% Liquidity Portfolio sensitives Average <5% Cash Max 10%

Source: Schroders, as at 30 June 2020.

20 Investment process Fundamental risk – dynamic risk assessment

A robust risk calibration tool designed to enhance downside protection – A proprietary, forward-looking and dynamic view of risk based on GSS’ assessment of Fundamental risk score company fundamentals

– All companies are scored across the same fundamental Financial leverage Leverage risk categories 45% operating leverage – Increasing consistency of risk assessment Industry metrics/ – Risk scores provide team with: Quality and competitive positioning 45% sustainability assessment /management quality/ – A transparent and debatable view of risk transparency/ESG

– A useful position-sizing tool to ensure portfolio risk Assessment of consistently reflects conviction 10% Country risk geographical revenue and earnings exposure

Source: Schroders, as at 30 June 2020.

21 Investment process Sell discipline

A holding is sold when:

We lose conviction in the long-term sustainability of the business model due to a material deterioration in its sustainability profile and/or a lack of engagement progress

Our ‘growth gap’ closes and the stock is considered to have reached fair market value

Our investment thesis has been undermined or we have lost confidence in the company’s ability to achieve the level of expected growth

We have identified a better alternative offering stronger sustainability characteristics and a higher risk- adjusted return potential

Source: Schroders, as at 30 June 2020.

22 CONTEXT and SustainEx Complementing and enhancing our process

How does How does CONTEXT fit SustainEx fit into our into our process? process?

Idea generation: identifies companies with best sustainability Idea generation; initial vetting: provides quick view of a company’s net profile in their sector impact on society

Initial vetting: provides snapshot of company performance on a SQ analysis; fundamental risk: highlights financial risks/opportunities range of stakeholder metrics companies face as externalities crystallise, provides focus for SQ

Active ownership: informs engagement pipeline to drive positive change SQ analysis: accelerates process by collating a wealth of audited conventional and unconventional data points, plus analyst comments Reporting: demonstrating positive outcomes Flexible framework capitalises on our proprietary tools

Source: Schroders.

23 Global Sustainable Growth Exclusions

Hard exclusions

Involvement Revenue threshold

Adult entertainment >=3% Fossil fuels >=5% Tar sands, thermal coal >=10% Tobacco >=10% Gambling >=10% Civilian firearms >=10% Weapons >=10% Biochemical weapons >=10% High interest rate lending >=10% Human embryonic cloning >=10% Alcohol >=10%

Source: Schroders. Schroders as at 30 June 2020.

24 Sector positions Schroder ISF Global Sustainable Growth

As at 31 August 2020 Portfolio (%) Benchmark1 (%) Underweight Overweight Industrials 21.6 9.4 12.2% Information Technology 25.3 21.7 3.6% Consumer Staples 8.5 7.8 0.7% Health Care 12.1 12.3 -0.2% Communication Services 9.2 9.5 -0.3% Financials 12.0 12.8 -0.8% Real Estate 0.0 2.7 -2.7% Utilities 0.0 3.0 -3.0% Energy 0.0 3.1 -3.1% Consumer Discretionary 8.5 12.8 -4.3% Materials 0.0 4.7 -4.7% [Cash] 2.7 0.0 2.7% Total 100.0 100.0

Portfolio (%) Benchmark1 (%) Underweight Overweight Continental Europe 22.6 13.1 9.5% United Kingdom 9.5 3.6 5.9% Emerging Markets 15.1 11.8 3.3% Pacific X Japan 5.1 3.3 1.8% Africa/Middle East 0.0 0.2 -0.2% Japan 3.0 6.6 -3.6% North America 42.0 61.3 -19.3% [Cash] 2.7 0.0 2.7% Total 100.0 100.0 Source: Schroders, FactSet. 1MSCI All Country World. The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell.

25 Style exposures and structural portfolio biases As at 30 June 2020

Portfolio style skyline – Schroder ISF Global Sustainable Growth Style TiltTM Negative tilt to Positive tilt to High quality Value metrics ESG/Sustainability metrics 4.00 Value Yield Growth Quality Size Vol Momentum Other ESG 3.00

2.00

1.00

0.00

-1.00

-2.00

-3.00

beta

price

yield

Market

Bookto

growth

overall

Earnings Earnings

Dividend

MSCI ESG

Forecast

Market cap

Momentum Momentum

MSCI ESG

Stability

MSCI ESG

FY1 revisions

Return on

Foreign sales

Forecast

Debt equity to

corp scoregov

climatechange

Invested Capital

Earnings Growth GrowthLong Term Value Yield Growth Quality Size Vol Momentum Other ESG Past performance is no guarantee of future results. Source: Style Research, Schroders, Skyline represents style factor exposures for a model portfolio versus MSCI AC World index as of 30 June 2020. The fund is not managed with reference to a benchmark but its performance may be measured against one or more.

26 High bar for inclusion Companies rejected following SQ analysis

Sustainalytics Company MSCI Rank Issues flagged by SQ Percentile Rank

Zoetis A 46% Concerns around the durability of antibiotics franchise and weak approach toward CSR

Mediocre returns on capital, weak on employee diversity/satisfaction/health and safety. Structure of Kubota A 86% management compensation. Mid-term business plan lacks auditable targets

Lindt A 60% Health and environmental concerns around the product and high risk of supply chain controversy

Sika A 77% Weakness on environmental factors is material given carbon-intensive up/downstream. Engaging on governance, set milestones for reassessment Surprisingly mediocre across the board, may reconsider contingent on improvements in LTIP and Straumann A 59% governance (engaging/voting against) c1/3 energy buss which is diesel generators, not sustainable and will be supplanted by renewables; Wartsila¹ AAA 95% company has experienced serious contracting problems in marine in 2019, undermining quality of buss Critical mass of minor but troubling issues – customer allegations of price gouging (being sued by SAP¹ AAA 99.5% Diageo), corruption investigations, unresponsive to engagement attempts on compensation Concerns over aggressive corp culture, also shortfalls vs. Adidas in env mgmt and supply chain. Nike¹ A 51% Milestones set for improvement – monitor

~50% of companies rejected, ongoing review of bench The stocks shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. Source: Schroders, MSCI, Sustainalytics, as of 31 March 2020. ¹Stocks that were removed from bench following periodic review.

27 Important information (1 of 2) – European 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.

The authors have expressed their own views and opinions in this presentation and these may change.

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.

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.

European Union/European Economic Area: 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.

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.

28 Important information (2 of 2) – European audience

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.

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.

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.

Greece: UCITS funds do not have a guaranteed performance and previous performance does not guarantee the future performance. OI OΣΕΚΑ ΔΕΝ ΕΧΟΥΝ ΕΓΓΥΗΜΕΝΗ ΑΠΟΔΟΣΗ ΚΑΙ ΟΙ ΠΡΟΗΓΟΥΜΕΝΕΣ ΑΠΟΔΟΣΕΙΣ ΔΕΝ ΔΙΑΣΦΑΛΙΖΟΥΝ ΤΙΣ ΜΕΛΛΟΝΤΙΚΕΣ.

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.

Please note not all funds are registered in all jurisdictions For Russian Qualified Investors only: None of the sub-funds mentioned in the conference agenda are registered in Russia

29 Important information (1 of 1) – Singapore audience

The information in this presentation (the ‘Presentation’) is only for institutional investors based in Singapore.

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.

Investors may wish to seek advice from a financial adviser before purchasing units of any Fund. In the event that the investor chooses not to seek advice from a financial adviser, he should consider whether the Fund in question is suitable for him. Investors should read the prospectus, available from Schroder Investment Management (Singapore) Ltd or its distributors, before deciding to subscribe for or purchase units in any Fund. Funds may carry a sales charge of up to 5%.

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

Schroder Investment Management (Singapore) Ltd 138 Market Street #23–01 CapitaGreen Singapore 048946 Telephone: +65 6534 4288 Fax: +65 6536 6626 Registration No.: 199201080H

30 Important information (1 of 1) – Israel audience

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.