Interim Management Statement

Schroder Global Real Estate Securities Limited (the "Company" or "SGRE") (a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 44714) Interim Management Statement(unaudited) For the period to 30 September 2014 18 November 2014 Schroder Global Real Estate Securities Limited Bloomberg Ticker: SGRE:LN Investment Objective: The Company's investment objective is to provide investors with anattractive total return, through investing in listed global real estatesecurities with strong fundamentals, offering sustainable income and aprogressive dividend potential. Key Portfolio Statistics as of 30 September 2014 Share price 104.88pNAV 114.99pPremium/Discount -8.8%Total Net Assets £56.1MGearing 0.00%Issue price 100pNAV at launch 97.50pCompany year end 31 DecemberCompany half year end 30 JuneInvestment Manager Schroder Property Investment Management LimitedAdministrator Northern Trust International Fund Administration Services (Guernsey) Limited Fund Performance as of 30 September 2014 Month-to Year-to 3 Years* Since date date Inception* NAV performance -4.4% 9.6% 9.9% 5.6%Market Price performance -5.4% 3.8% 13.4% 5.3% Source: Schroders, bid to bid price with net income reinvested, netof the ongoing charges and portfolio costs in GBP. The Company inception wason 31 May 2006. * Annualised Strategy At the EGM on the 14 October 2014, shareholders approved the changeto the Investment Objective. The current Investment Objective is to selectproperty securities on the basis of their ability to provide an attractivetotal return. The previous Investment Objective focused on property securitiesthat provided a higher dividend yield. The Company will now focus on investing in the securities of globalreal estate companies that hold the best quality assets, in the strongestmarkets, with the strongest balance sheets and that have management teamsaligned to their shareholders. We believe that this will result in the bestinvestment outcome over the long term. These companies will typically have lowlevels of debt, sustainable pay-out ratios, strong earnings growth potentialand will be able to absorb changes that the economic environment may deliver. The portfolio was repositioned subsequent to the shareholderapproval and, as a result, the exposure of the portfolio at a country levelhas altered. The impact of the repositioning is illustrated in the tablebelow: Country Positioning as at Positioning as at 30 September 2014 31 October 2014 United States 57.4% 51.5%Japan 11.4% 11.6%Hong Kong - 8.8%United Kingdom 11.8% 8.1%Australia 3.8% 8.0%France 7.7% 3.6%Sweden - 2.3%Singapore - 1.7%Switzerland - 1.6%Canada - 1.6%Germany 2.4% 1.2%The Netherlands 5.5%Total 100.0% 100.0% Source: Schroders. Please note weights include cash and otherassets and liabilities. The investment process is focused on the fundamentals of eachcompany and the resulting allocations, at a country level, are as a directresult of the fundamental analysis conducted by the investment team. Dividend Payments Following the strategic review by the Board and the Investment Manager in thethird quarter 2014, it was concluded that superior performance over the longterm is best pursued by the Company focusing on Shareholders' total return,rather than targeting a specific dividend per Ordinary Share. Accordingly, theBoard resolved that the Company's dividend policy be changed such thatdividends will be declared at levels which are expected over the medium termto be sustainable based on the Company's net portfolio income and also tooffer potential for dividend growth for Shareholders. The company expects to pay dividends four times a year. As a result of the EGM in October 2014, and following shareholder approval,the quarterly dividend was reduced to 0.375 pence per Ordinary Share (from1.05 pence) with effect from the payment for the quarter to 30 September 2014. Q2 2014 Distribution Details Ex Date 13 August 2014Record Date 15 August 2014Pay Date 5 September 2014Dividend per Share 1.05 pence (Sterling) Country Allocation as of 30 September 2014 Australia 3.9%Continental Europe 15.9%Japan 11.6%United Kingdom 10.0%United States 58.6%Total 100.0% Source: Schroders.Please note weights exclude cash and other assetsand liabilities. Sector Allocation as of 30 September 2014 Retail 28.3%Diversified 21.6%Office 16.2%Residential 11.5%Lodging/Resorts 11.3%Healthcare 4.1%Industrial/Office Mixed 3.3%Industrial 2.7%Self Storage 1.0%Total 100.0% Source: Schroders.Please note weights exclude cash and other assetsand liabilities. Top Ten Listed Holdings as of 30 September 2014 Security Country Sector Weight Land Securities Group United Kingdom Diversified 5.0%British Land United Kingdom Diversified 4.8%Host Hotels & Resorts United States Lodging/Resorts 4.4%UDR United States Residential 4.3%Spirit Realty Capital United States Diversified 3.8%Brandywine Realty Trust United States Office 3.8%Eurocommercial Properties Netherlands Retail 3.8%Klepierre France Retail 3.6%Japan Real Estate Investment Japan Office 3.5%Highwoods Properties United States Office 3.3% Total 40.3% Source: Schroders. Enquiries:Company website: www.schroderglobalrealestatesecurities.com Andrew MaidenNorthern Trust International Fund Administration Services (Guernsey) LimitedTel: +44 (0) 1481 745368