Dividend Currency Exchange Rate (SA Rand)

21 February 2017

NOTICE OF DIVIDEND CURRENCY EXCHANGE RATE (SOUTH AFRICAN RAND)

On 9 February 2017, Schroder European Real Estate Investment Trust plc (the "Company") announced its first interim dividend for the period to 30 September 2017 of 1.0 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 21 February 2017 and is set out below:

Dividend tax will be withheld from the amount of the gross dividend of 13.85250 South African cents per share paid to shareholders on the South African register at the rate of 15 per cent unless a shareholder qualifies for exemption.

After the dividend tax has been withheld, the net dividend will be 11.77463 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.

Enquiries:

Duncan Owen/Tony Smedley

Schroder Real Estate Investment Management Limited Tel: 020 7658 6000

Ria Vavakis

Schroder Investment Management Limited Tel: 020 7658 2371

Dido Laurimore

FTI Consulting Tel: 020 3727 1000

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: web.queries@computershare.co.za