11 December 2017

NOTICE OF DIVIDEND CURRENCY EXCHANGE RATE (SOUTH AFRICAN RAND)

On 6 December 2017, Schroder European Real Estate Investment Trust plc (the "Company") announced its fourth interim dividend for the year ending 30 September 2017 of 1.5 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 11 December 2017 and is set out below:

Dividend tax will be withheld from the amount of the gross dividend of 24.17700 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 19.34160 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: web.queries@computershare.co.za

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