Fund objectives and investment policy

The fund aims to provide capital growth and income by investing in equities of companies worldwide.

The fund is actively managed and invests at least 80% of its assets in equities of companies worldwide. The fund invests in companies that have certain "Value" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the manager believes have been undervalued by the market. The fund may also invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or currencies, collective investment schemes (including Schroder funds), warrants and money market instruments, and hold cash. The fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the fund more efficiently.

Relevant risk as associated with this Fund are shown overleaf and should be carefully considered before making any investment. Share class performance Fund facts

Cumulative Fund manager QEP Investment Team 1 month 3 months YTD 1 year 3 years 5 years 10 years performance led by Justin Abercrombie Share class (Net) 0.6 1.6 14.3 14.3 14.4 50.7 131.3 Managed fund since 21.12.2005 Comparator 1.1 1.3 21.7 21.7 32.6 76.2 - Fund management Schroder Unit Trusts company Limited Discrete yearly Dec 14 - Dec Dec 15 - Dec Dec 16 - Dec Dec 17 - Dec Dec 18 - Dec Domicile performance 15 16 17 18 19 Fund launch date 21.12.2005 Share class (Net) -1.3 33.5 8.1 -7.4 14.3 Share class launch 08.11.2011 Comparator 3.3 28.7 13.2 -3.8 21.7 date Fund base currency GBP Calendar year Share class currency GBP 2015 2016 2017 2018 2019 performance Fund size (Million) GBP 1,085.30 Share class (Net) -1.1 33.5 8.1 -7.4 14.3 Number of holdings 662 Comparator 3.3 28.7 13.2 -3.8 21.7 Comparator MSCI ACWI NR Unit NAV GBP 1.0970 Performance over 5 years (%) Dealing frequency Daily Distribution Annually 50.0% frequency

25.0% Fees & expenses

Ongoing charge 0.93% 0.0% Purchase details -25.0% 2015 2016 2017 2018 2019 Minimum initial GBP 1M Schroder QEP Global Active Value Fund Z Accumulation GBP MSCI ACWI NR subscription

Past Performance is not a guide to future performance and may not be repeated. Codes The value of investments and the income from them may go down as well as up and ISIN GB00B76V8G74 investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Bloomberg SCGLQZA LN Source: Morningstar, bid to bid, net income reinvested, net of fees. SEDOL B76V8G7 Benchmarks: The fund does not have a target benchmark. The fund’s performance should be compared against the MSCI AC World (Net Total Return) index. The investment manager Ratings and accreditation invests on a discretionary basis and is not limited to investing in accordance with the composition of the benchmark. * ** Please see the Benchmark section under Important information for more details. From 29.02.2016 the MSCI AC World index, which includes emerging markets, replaced the MSCI World index as the primary index used for reference purposes. The MSCI World index has continued to be shown for further reference purposes. As the fund is unconstrained, the change in the reference indices has no impact on how the fund is managed or its Please refer to the Important information performance. The rationale for the proposed change is to present the performance of this section for the disclosure. The above are benchmark unconstrained fund to investors in the clearest and most representative manner. external ratings and the internal ESG Please note that this fund changed its name from Global Quantitative Active Value Fund to accreditation. QEP Global Active Fund with effect from 18.04.2008. The fund is not managed with reference to a benchmark but its performance may be measured against one or more.

Learn more about Schroders' funds visit: schroders.co.uk 1 5 year return of GBP 10,000 Synthetic risk & reward indicator (SRRI)

16,000 60.0% LOWER RISK HIGHER RISK Potentially lower reward Potentially higher reward 15,000 50.0%

14,000 40.0% 1 2 3 4 5 6 7 13,000 30.0% The risk category was calculated using historical 12,000 20.0% performance data and may not be a reliable indicator of the fund’s future risk profile. The 11,000 10.0% fund’s risk category is not guaranteed to remain 10,000 0.0% fixed and may change over time. A fund in the lowest category does not mean a risk-free 9,000 -10.0% investment. The fund is in this category because it can take higher risks in search of higher 8,000 -20.0% Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 rewards and its price may rise and fall accordingly. Schroder QEP Global Active Value Fund Z Accumulation GBP MSCI ACWI NR Risk statistics & financial ratios 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 Fund Comparator investors may not get back the amounts originally invested. Exchange rate changes may Annual volatility (%) 10.4 9.8 cause the value of any overseas investments to rise or fall. (3y) The chart is for illustrative purposes only and does not reflect an actual return on any Alpha (%) (3y) -4.7 - investment. Returns are calculated bid to bid (which means performance does not include the effect of any Beta (3y) 1.0 - initial charges), net income reinvested, net of fees. Sharpe ratio (3y) 0.4 1.0 Risk considerations Dividend Yield (%) 3.5 - Price to book 1.5 - Counterparty risk: The counterparty to a derivative or other contractual agreement or Price to earnings 12.3 - synthetic financial product could become unable to honour its commitments to the fund, potentially creating a partial or total loss for the fund. Currency risk: The fund can be exposed to different currencies. Changes in foreign exchange Comparator refers to the Benchmark listed in rates could create losses. the Fund facts section and described under the Derivatives risk: A derivative may not perform as expected, and may create losses greater Share class performance section on page 1. than the cost of the derivative. Source: Morningstar. The above ratios are based Emerging markets & frontier risk: Emerging markets, and especially frontier markets, on bid to bid price based performance data. generally carry greater political, legal, counterparty and operational risk. These financial ratios refer to the average of the Equity risk: Equity prices fluctuate daily, based on many factors including general, economic, equity holdings contained in the fund’s portfolio industry or company news. and in the benchmark (if mentioned) Leverage risk: The fund uses derivatives for leverage, which makes it more sensitive to respectively. certain market or interest rate movements and may cause above-average volatility and risk of Please note this is an accumulation share class loss. and as such the investor will not receive an Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for full income distribution. Any income will be value or at all. This could affect performance and could cause the fund to defer or suspend reinvested into the fund. redemptions of its shares. Operational risk: Failures at service providers could lead to disruptions of fund operations or losses.

Learn more about Schroders' funds visit: schroders.co.uk 2 Asset allocation Sector (%) Geographical Breakdown (%)

15.4 25.5 Financials United States 16.7 55.3 14.2 11.3 Health Care Japan 11.8 7.2 12.3 8.0 Industrials 10.3 United Kingdom 4.9 11.2 7.8 Information Technology Liquid Assets 17.2 0.0 9.3 5.6 Consumer Discretionary Global 10.7 0.0 7.8 5.1 Communication Services 8.8 France 3.3 7.5 3.3 Materials China 4.8 4.2 7.0 3.2 Energy Switzerland 5.2 2.9 5.6 2.7 Derivatives 0.0 Australia 2.2 4.2 2.6 Consumer Staples 8.0 Taiwan 1.4 2.1 2.5 Liquid Assets Singapore 0.0 0.4 2.0 2.5 Real estate 3.2 Canada 2.9 1.2 19.9 Other 3.3 Other 15.3 0% 3% 5% 8% 10% 13% 15% 18% 0% 10% 20% 30% 40% 50% Fund Benchmark Fund Benchmark Region (%)

28.0 Americas 58.2

17.7 Europe ex-UK/Middle East 13.6

14.3 Emerging markets 12.0

11.3 Japan 7.2

8.0 United Kingdom 4.9

7.8 Liquid Assets 0.0

7.2 Pacific ex-Japan 3.7

5.8 Other 0.4

0% 10% 20% 30% 40% 50% 60% Fund Benchmark Top 10 holdings (%)

Holding name %

1 Intel Corp 1.0 2 AbbVie Inc 1.0 3 Sanofi 1.0 4 International Business Machines Corp 1.0 5 Roche Holding AG 1.0 6 GlaxoSmithKline PLC 1.0 7 Novartis AG 1.0 8 Amgen Inc 0.9 9 Pfizer Inc 0.9 10 Johnson & Johnson 0.9

Comparator refers to the Benchmark listed in the Fund facts section and described under the Share class performance section on page 1. Source: Schroders. Top holdings and asset allocation are at fund level.

Learn more about Schroders' funds visit: schroders.co.uk 3 Share class available

Z Accumulation GBP Z Distribution GBP

Distribution Annually Annually frequency ISIN GB00B76V8G74 GB00B76V8H81 Bloomberg SCGLQZA LN SCGLQZI LN SEDOL B76V8G7 B76V8H8 Contact information

Schroder Unit Trusts Limited 1 Wall Place London United Kingdom EC2Y 5AU Tel: 0207 658 1000 Fax: 0207 658 3827

For your security, communications may be taped or monitored. Important information

The fund is an authorised . A Key Investor Information Document and Supplementary Information Document are available. These can be requested via our website at www.schroders.co.uk or call one of our Investor Services Team on 0800 718 777 for a printed version. For investors’ security, telephone calls to Schroder Unit Trusts Limited may be recorded. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Nothing in this material should be construed as advice or a recommendation to buy or sell. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. Schroders has expressed its own views and opinions in this document 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. For your security, communications may be taped or monitored. Issued by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registration No 4191730 England. Authorised and regulated by the Financial Conduct Authority. 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. 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. Exchange rate changes may cause the value of any overseas investments to rise or fall. Third party 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 Prospectus and/or www.schroders.com contains additional disclaimers which apply to the third party data.

Benchmarks: The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

* Morningstar Rating: © Morningstar 2019. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

** Sustainability Accreditation Our Schroders Sustainability Accreditation aims to help investors distinguish how we consider Environmental, Social and Governance (“ESG”) factors across our products. This 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.

Learn more about Schroders' funds visit: schroders.co.uk 4