Schroder Bsc S. Regulatory News (SBSI)

Schroder BSC Social Impact Trust plc

Performance Update and Investment Update

Performance Update

The Board of Schroder BSC Social Impact Trust plc (the "Company") is pleased to announce the unaudited net asset value ("NAV") as at 31 December 2020 of 99.90p per share reflecting an increase of 1.6% over the opening unaudited NAV of 98.32p per share following the Company's IPO on 22 December 2020. A significant contributor to the increase was the Company's holding in Bridges Evergreen Holdings - in particular its investment in AgilityEco, a business that tackles fuel poverty primarily via government-backed schemes.

The Company's valuation of its fund holdings is based on the latest valuations reported by the underlying fund managers as at 31 December 2020.

Investment Update

New Commitment - Man GPM RI Community Housing Fund

The Company has made a new investment commitment of £5m in the first close of the Man GPM RI Community Housing Fund (the "Fund") on 7 April 2021. Alongside the investment by the Company, Big Society Capital, the Company's portfolio manager, is also investing £10m in the first close of the Fund.

The Man GPM RI Community Housing Fund targets more vulnerable groups and affordable housing for lower income groups and is aiming to deliver financial returns at the higher end of the Company's targets within the High Impact Housing asset class.

Man GPM, the private markets investment business of Man Group Plc, the listed active investment management firm, seeks to achieve the dual objectives of providing both social and financial returns through its Community Housing strategy. This strategy aims to address the housing crisis in the UK by building both rental and ownership homes that are affordable to households in the communities in which it invests. A key impact objective of the Fund is to deliver at least 3,000 new homes with a minimum of 50% offered at affordable levels, with a target to reach 70%, and with rental levels at no more than 35% of a household's gross income. The Fund is managed by a dedicated investment team with long-term experience in the sector.

New Investments

Since launch, investments have been made within the following existing funds held by the Company - Social and Sustainable Housing LP, Bridges Social Outcomes Fund II, Bridges Evergreen Holdings, Charity Bank Co-Investment Facility, as well as early investments in the Man GPM RI Community Housing Fund and the previously announced investment in a Triodos Bank UK bond issue. By the end of April 2021, a combined total of £6.9m (including fees) is expected to have been deployed since launch.

Investments made within existing fund commitments include:

Social and Sustainable Housing: an investment into Positive Steps Partnership, a Dundee-based charity that provides housing support and services for those living with HIV who often face challenges in securing accommodation due to stigma associated with the virus. This investment will enable Positive Steps Partnership to expand its work to meet growing demand.

Bridges Social Outcomes Fund II: an investment into Forward Outcomes Partnerships. This Social Outcomes Contract (SOC) aims to deliver an intense, relationship-based programme of support for women who are at risk of or who have had multiple children removed from their care. This programme aims to give women the chance to take control of their lives and improve their life chances as well as generate positive economic and social outcomes for the broader community, together with savings for Government. Investors are paid according to outcomes by local commissioners with additional funding from Central Government's Life Chances Fund.

Charity Bank Co-investment facility: an investment to Uxbridge United Welfare Trust. This is a secured loan that will enable the organisation to house the elderly in Uxbridge who qualify for universal credit.

By the end of April 2021, following these investments, the Company will have committed over 90% and invested over 60% of the net proceeds of the Company's initial public offering.

Jeremy Rogers, CIO of Big Society Capital, said:

"We are pleased to partner with the Man team with their substantial experience of delivering high quality affordable housing in the UK. The Fund will target areas of significant housing need, with a leading impact management approach, alongside aiming to generate resilient inflation-linked returns for investors.

"Overall, we are encouraged by the NAV increase, the deployment of the portfolio and development of our pipeline of high impact investments that will help contribute to solutions to significant UK social challenges, and that commitments are running ahead of anticipation. We look forward to updating the market on further investments in due course."

Commenting on the investment, Andy Howard, Global Head of Sustainable Investment, Schroders, said:

"The new investments announced today, including the initial investment in the Man GPM RI Community Housing Fund, closely align with the Company's purpose-led investment philosophy to deliver measurable positive social impact, as well as long-term capital growth and income.

"We set up the Schroder BSC Social Impact Trust plc to help tackle significant social challenges affecting people in the UK and this latest investment is a significant milestone for us as we continue on our journey to make a difference where it really matters.

"We are proud to deliver on our commitment to shareholders in which we connect their investment goals and sustainability concerns with the ability to produce compelling social impact and financial return."

For further information about the financial and impact highlights for the Company, please see the Investor Update.

For further information, please contact:

About Schroder BSC Social Impact Trust plc

The Company was launched in December 2020, with the objective to enable access to high social impact investment opportunities in private markets - tackling social challenges across the UK. The Company aims to build a diversified portfolio across asset classes, targeting sustainable returns, demonstrable social impact, and low correlation to traditional public markets.

Further information about the Company can be found on its website at www.schroders.com/SBSI

About Big Society Capital

Big Society Capital exists to improve the lives of people in the UK through social impact investing. We unite ideas, expertise and capital to create investment solutions for the UK's social challenges, supporting organisations that deliver both positive social impact and sustainable financial returns. So far, we have helped channel £2.2 billion* into investments tackling a wide range of problems such as homelessness, mental ill health and childhood obesity.

To widen access to social impact investing, we have partnered with Schroders, a global asset and wealth manager, to launch the listed Schroder BSC Social Impact Trust plc. As the portfolio manager, we provide investors with high impact investments that contribute to solutions to social challenges alongside targeting long-term capital growth and income.

Further information about Big Society Capital can be found at www.bigsocietycapital.com

*As at 31 December 2020

About Schroders plc

As a global investment manager, we actively and responsibly manage investments for a wide range of institutions and individuals, to help them meet their financial goals and prepare for the future. The world is forever changing, and with our clients at the centre of everything we do, we understand the need to continue to adapt and evolve our business in line with what matters most to our clients today, and in the future.

Our ongoing success is built on a history of experience and expertise, whereby we partner with our clients to construct innovative products and solutions across our five business areas consisting of Private Assets & Alternatives, Solutions, Mutual Funds, Institutional and Wealth Management and invest in a wide range of assets and geographies. By combining our commitment to active management and focus on sustainability, our strategic capabilities are designed to deliver positive outcomes for our clients.

We are responsible for £574.4 billion (€641.7 billion/$785.1 billion)* assets of our clients, managed locally by 42 investment teams worldwide. As a global business with over 5,500 talented staff across 35 locations, we are able to stay close to our clients and understand their needs. We have over 200 years of experience in investment and innovation and remain committed to creating a better future by investing responsibly for our clients.

Further information about Schroders can be found at www.schroders.com.

*As at 31 December 2020