DIVIDEND CURRENCY EXCHANGE RATE (SA RAND)

18 June 2018

NOTICE OF DIVIDEND CURRENCY EXCHANGE RATE (SOUTH AFRICAN RAND)

On 12 June 2018, Schroder European Real Estate Investment Trust plc (the "Company") announced its second interim dividend for the year ending 30 September 2018 of 1.85 euro cents per share.

The currency exchange rate applicable for the dividend payable in South African cents to shareholders on the South African register is based on the exchange rate on 18 June 2018 and is set out below:

Dividend tax will be withheld from the amount of the gross dividend of 28.93955 South African cents per share paid to shareholders on the South African register at the rate of 20 per cent unless a shareholder qualifies for exemption.

After the dividend tax has been withheld, the net dividend will be 23.15164 South African cents per share.

For the avoidance of doubt, dividend tax, and therefore the information provided in this announcement, is only of direct application to shareholders on the South African register.

Duncan Owen/Jeff O'Dwyer

Schroder Real Estate Investment Management Limited Tel: 020 7658 6000

Ria Vavakis

Schroder Investment Management Limited Tel: 020 7658 2371

Dido Laurimore Tel: 020 3727 1000

FTI Consulting

Shareholders on the South African branch register should direct any questions regarding the application of the dividend tax to the Company's Transfer Secretary:

Computershare Investor Services (Pty) Limited

Rosebank Towers, 15 Biermann Avenue

Rosebank, 2196, South Africa

Postal Address - PO Box 61051

Marshalltown 2107

Telephone +27 11 373 0033

Facsimile +27 11 688 5218

Email enquiries: [email protected]

JSE Sponsor:

PSG Capital Proprietary Limited