Sustainable, Responsible &/or ESG Policy:

Objectives

The fund aims to provide capital growth and income in excess of the FTSE EPRA NAREIT Developed Index (Net TR, USD) after fees have been deducted over a three to five year period by investing in equity and equity related securities of real estate companies worldwide that own assets in global cities and which the investment manager deems to be sustainable investments.

Investment policy

The Fund is actively managed and invests its assets in sustainable investments, which are investments in real estate companies that contribute to an urban environment that provide a good quality of life for residents while minimising costs to the planet using resources efficiently. Each real estate company is classified as sustainable if (i) it achieves a score of at least 50% on both the performance and management components of the GRESB Scorecard (the “Scorecard”) and thereby achieves the threshold for GRESB's Green Star designation or (ii) Schroders determines that the company would achieve a score of at least 50% on each component if additional robust evidence was available within the Scorecard and included in the calculation of the score. The Fund may also invest its assets in investments that the Investment Manager deems to be neutral under its sustainability criteria such as cash and Money Market Investments and derivatives used with the aim of reducing risk (hedging) or managing the Fund more efficiently.

The fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability-Related Disclosure” on the fund's webpage: https://www.schroders.com/enlu/ lu/individual/fund-centre

The fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the investment manager's rating criteria.

The investment manager may also engage with companies held by the fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager's approach to sustainability and its engagement with companies are available on the webpage:
https://www.schroders.com/enlu/lu/individual/what-we-do/sustainableinvesting/our-sustainable-investment-policiesdisclosures-voting-reports/disclosures-andstatements/

The Fund invests at least 90% of its assets in equity and equity related securities of sustainable real estate companies worldwide which generate the majority of their earnings from real estate investment related activities and own assets in global cities. These are cities that have positive characteristics such as economic strength, strong transport infrastructure, high quality educational institutions and an innovative business community, based on the Investment Manager's assessment.

The fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, investment funds, warrants and money market investments, and hold cash (subject to the restrictions provided in Appendix I). The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

Benchmark

The fund's performance should be assessed against its target benchmark, being to exceed the FTSE EPRA NAREIT Developed Index (Net TR, USD). The fund's investment universe is expected to overlap materially with the components of the target benchmark. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the fund. Please see appendix III of the fund's prospectus for further details. The performance of this share class is compared against the performance of the equivalent unhedged currency share class.

(Source: KIID, as at May 2026)

SDR Labelling:

Not eligible to use label (out of scope)

SDR Literature:

• Sustainability related disclosures