Fund objectives and investment policy

The fund aims to provide an absolute return after fees have been deducted by investing directly or indirectly through the use of derivatives, in equity and equity related securities of companies incorporated, headquartered, listed or having their principal business activities in the UK.The fund is actively managed and invests at least two thirds of its assets in equities of companies incorporated, headquartered, listed or having their principal business activities in the UK.The fund may also invest in bonds issued by UK companies, the UK government or government agencies and supranationals in the UK.Investments will be made directly (through physical holdings) and/or indirectly (through derivatives). The fund may use derivatives (including total return swaps and contracts for difference), long and short, with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. The fund may exceptionally hold up to 100% of its assets in cash. The fund may not invest more than 10% of its assets into open ended investment funds.The fund may also invest directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, warrants and money market investments.

Relevant risk as associated with this Fund are shown overleaf and should be carefully considered before making any investment. Above is the Investment Objective of the fund. For details on the fund’s Investment Policy please see the KIID. 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. Share class performance (%) Fund facts

Cumulative Fund manager Paul Marriage & John 1 month 3 months YTD 1 year 3 years 5 years Since inception Warren (Tellworth performance Investments LLP) Share class (Net) 1,0 -0,3 9,0 18,7 - - 17,1 Managed fund since 14.11.2018 Fund management Schroder Investment Comparator 2,7 3,4 14,7 26,9 - - 17,8 company Management (Europe) S.A. Discrete yearly performance - Aug Calendar year performance Domicile Luxembourg Fund launch date 14.11.2018 2016 2017 2018 2019 2020 12 month - - - - - 2016 2017 2018 2019 2020 Share class launch date 14.11.2018 performance 2017 2018 2019 2020 2021 Fund base currency GBP Share class currency GBP Share class (Net) - - - -2,7 18,7 - - - 7,2 1,4 Fund size (Million) GBP 37,81 Comparator - - - -12,6 26,9 - - - 19,2 -9,8 Comparator FTSE AllSh TR Share Price End of GBP 117,0500 Performance over 5 years (%) Month Dealing frequency Daily 40,0% Settlement timing T+3 days Distribution frequency No Distribution 20,0% Notice period Subscriptions: T-0 ; Redemptions: T-0 0,0% Fees & expenses

-20,0% Performance fee 20% of the absolute 2016 2017 2018 2019 2020 outperformance over a High Water Mark Schroder GAIA UK Dynamic Absolute Return C Accumulation GBP FTSE AllSh TR Ongoing charge 1,13% Redemption fee 0,00% Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year End Entry charge up to 1,00% 2019 Purchase details Share class (Net) -1,3 0,5 0,2 2,0 0,6 -0,2 0,7 0,0 -0,4 3,0 -1,1 3,0 7,2 Comparator 4,2 2,3 2,7 2,7 -3,0 3,7 2,0 -3,6 3,0 -1,4 2,2 3,3 19,2 Minimum initial GBP 10.000 ; EUR 10.000 subscription or their near equivalent 2020 in any other freely convertible currency. Share class (Net) 0,2 -3,3 -7,0 3,5 -0,5 0,9 -0,5 -0,0 -2,4 1,5 5,7 4,0 1,4 Comparator -3,2 -8,9 -15,1 4,9 3,4 1,5 -3,6 2,4 -1,7 -3,8 12,7 3,9 -9,8 Codes 2021 ISIN LU1861627146 Share class (Net) 0,1 2,7 1,1 2,4 2,8 -1,0 -0,4 1,0 - - - - - Bloomberg SCHUDCG LX SEDOL BG0C3X1 Comparator -0,8 2,0 4,0 4,3 1,1 0,2 0,5 2,7 - - - - - Reuters code LU1861627146.LUF

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Derivatives risk – efficient portfolio management and investment purposes: 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. The fund may also materially invest in derivatives including using short selling and leverage techniques with the aim of making a return. When the value of an asset changes, the value of a derivative based on that asset may change to a much greater extent. This may result in greater losses than investing in the underlying asset. Please see the KIID and Prospectus for a full list of risk considerations applicable to this fund. Asset allocation

Source: Schroders. Top holdings and asset allocation are at fund level. Exposure Analysis (%) Sector (%)

Short Long Net Equity Long 85,6 Index -34,1 - -34,1 Equity Short -62,5 Consumer Discretionary -6,1 22,4 16,3 Fund Net Exposure 23,1 Fund Gross Exposure 148,1 Industrials -8,0 20,5 12,5

Information Technology -2,5 15,2 12,7

Financials -5,1 5,1 -0,0

Materials -2,7 4,7 2,1

Communication Services -1,2 6,2 5,0

Consumer Staples -1,7 5,6 3,8

Health Care -1,1 4,7 3,6

Real estate - 1,2 1,2

-40,0% -20,0% 0,0% 20,0% 40,0% Short Long Net Market Cap (%) Top 10 long holdings (%)

Short Long Net Holding name %

Large Cap -49,3 7,2 -42,0 THE VITEC GROUP PLC. 3,2 CARETECH HOLDINGS PLC 3,1 PLC 3,0

Small Cap -2,8 40,7 38,0 IG DESIGN GROUP PLC 2,5 PLC 2,2 Gooch & Housego PLC 2,2

Mid Cap -10,5 32,9 22,4 WINCANTON PLC 2,2 QINETIQ GROUP PLC 2,2 BARCLAYS PLC 2,1

Mega Cap - 4,8 4,8 JD SPORTS FASHION PLC 1,9

-60,0% -40,0% -20,0% 0,0% 20,0% 40,0% 60,0% Short Long Net

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Holding name %

Index 1 -20,9 Index 2 -8,7 Index 3 -4,6 Materials -2,7 Industrials 1 -2,3 Financials 1 -2,2 Information Technology -2,1 Industrials 2 -1,9 Consumer Discretionary -1,5 Financials 2 -1,5 Contact information

Schroder Investment Management (Switzerland) AG Central 2 Zurich Switzerland CH-8001 Tel: +41 (0)44 250 11 11 Fax: +41 (0)44 250 13 12

For your security, communications may be taped or monitored. Benchmark and corporate action information

Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark. The fund's performance should be assessed against its target benchmark, being to provide a positive return over a 12 month period in all market conditions and compared against the FTSE All Share TR index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the investment manager invests the fund's assets. The fund's investment universe is expected to overlap directly or indirectly materially with the components of the comparator benchmark. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the comparator benchmark. The investment manager will invest in companies or sectors not included in the comparator benchmark. The target benchmark has been selected because the target return of the fund is to deliver the return of that benchmark as stated in the investment objective. The comparator benchmark has been selected because the investment manager believes that the benchmark is a suitable comparison for performance purposes given the fund's investment objective and policy. Source and ratings information

Source of all performance data, unless otherwise stated: Morningstar, bid to bid, net income reinvested, net of fees. Important information

This document does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder GAIA (the"Company"). Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. The offering of shares in certain jurisdictions may be restricted and accordingly persons are required, by the Company, to inform themselves of and observe any such restrictions. Subscriptions for shares of the Company can only be made on the basis of its latest prospectus together with the latest audited annual report (and subsequent unaudited semi-annual report, if published). 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, P.O. Box, CH-8021 Zurich (authorised and regulated by FINMA) and the Swiss paying agent, Schroder & Co. Bank AG, Central 2, P.O. Box, CH-8021 Zurich. An investment in the Company entails risks, which are fully described in the prospectus. The Company has its registered office in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Schroders has expressed its own views and opinions in this document and these may change. This document is issued by Schroder Investment Management (Europe) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Luxembourg. Registered No. B 37.799. 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. FTSE International Limited ("FTSE") © FTSE (2021)." FTSE®"is a trade mark of Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.

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