SCHRODER UK PUBLIC PRIVATE TST PLC

Interim / Quarterly Report • Sep 19, 2025

Schroders Capital Global Innovation Trust plc

Half Year Report For the six months ended 30 June 2025

Performance Summary

(Year ended 31 December 2024: –21.2%)

Net asset value ("NAV") per share total return*

Share price total return*

39.1% (Year ended 31 December 2024: –24.9%) NAV per share

21.42p (Year ended 31 December 2024: 19.94p)

Some of the nancial measures are classied as Alternative Performance Measures, as dened by the European Securities and Markets Authority and are indicated with an asterisk (*). Denitions of these performance measures, and other terms used in this report, are given on pages 26 and 27 together with supporting calculations and sources where appropriate.

Investment objective

7.4%

The investment objective of Schroders Capital Global Innovation Trust plc (the "Company") is to undertake a managed wind-down of the Company and realise all existing assets in the Company's portfolio in an orderly manner.

Investment Policy

The assets of the Company will be realised in an orderly manner, with a view to achieving a balance between returning cash to Shareholders in a timely manner and maximising value.

The Company may not make any new investments save that:

Investments may be made to honour commitments under existing contractual arrangements or, with the Board's prior written approval, into any existing investment; and Cash held by the Company pending distribution will be held in either cash or cash equivalents for the purposes of cash management.

Any amounts received by the Company during the orderly realisation of the Company's assets will be held by the Company as cash on deposit and/or as cash equivalents, prior to returns being made in cash to Shareholders (net of provisions for the Company's costs and expenses). The Company will continue to comply with the requirements imposed by the Listing Rules in force from time to time. The Company will not employ gearing for investment purposes, but may utilise gearing for working capital purposes, subject to a cap on gearing of 10 per cent. of NAV at the time of borrowing. Any material change to the Company's published investment policy will be made only with the prior approval of the FCA and of Shareholders by ordinary resolution at a general meeting of the Company.

Ongoing charges ratio*

1.25% (Year ended 31 December 2024: 1.23%)

Share price discount to NAV per share*

28.6% (Year ended 31 December 2024: 44.8%) Share price

15.30p (Year ended 31 December 2024: 11.00p) Revenue return per share

–0.12p (Year ended 31 December 2024: –0.25p)

Financial

Interim Management Report

Chair's Statement 4 Investment Manager's Review 6 Investment Portfolio 10 Directors' Report 13

Financial

Statement of Comprehensive Income 16 Statement of Changes in Equity 17 Statement of Financial Position 18 Cash Flow Statement 19 Notes to the Financial Statements 20

Other Information

De nitions of Terms and Alternative
Performance Measures	26
Shareholder Information	28
Information about the Company	29

This is not a sustainable product for the purposes of the Financial Conduct Authority ("FCA") rules.

References to the consideration of sustainability factors and ESG integration should not be construed as a representation that the Company seeks to achieve any particular sustainability outcome.

Interim Management Report

Interim Management Report

Chair's Statement	4
Investment Manager's Review	6
Investment Portfolio	10
Directors' Report	13

3

£37 million, less costs, returned to shareholders by way of a tender offer.

To receive email notifications from the Company in relation to future distributions of capital to shareholders, scan this QR code.

Managed wind-down progress

Since the start of the year, I have written to shareholders twice on behalf of the Board. On 31 January 2025, the Board introduced the revised investment thesis and recommended the managed wind-down of the Company, and at the General Meeting on 27 February 2025, shareholders approved the Board's proposals. At that time, the Board committed to consider methods to return capital to shareholders as realisations of the Company's assets are made over time. Following further careful consideration by the Board and its advisers, it was determined that a series of tender oUers was the most appropriate method of returning capital ahead of a voluntary liquidation of the Company.

Consequently, in line with this commitment, I wrote to shareholders on 19 June 2025 with the Board's recommendation of a capital return of up to £37 million, less costs, by way of a tender oUer. At the Company's General Meeting on 10 July 2025, shareholders approved the tender oUer resolution. The ordinary shares were purchased by the Company at a nal tender price of 21.119983 pence per ordinary share. After completion of the tender oUer, the Company has 635,361,925 ordinary shares in issue with no ordinary shares held in treasury. Therefore, the total number of voting rights in the Company is 635,361,925.

Following conclusion of the Company's rst tender oUer, I would like to remind shareholders that during the managed wind-down, the size and value of the Company's portfolio will be reduced as investments are realised and concentrated in fewer holdings. This may increase the volatility of the Company's NAV as it is exposed to a portfolio with lower diversication. Further, the Company might experience increased volatility in the price of its shares as a result of possible changes to the structure of the Company's portfolio during the managed wind-down.

Once a signicant proportion of the Company's assets has been realised, the Board will then consider proposing a resolution for a formal voluntary liquidation of the Company, which will require

1 Actual name not disclosed due to condentiality.

additional shareholder approval at the relevant time. As set out in the annual report, the Company's listing and the ability to trade its shares will be maintained for as long as practicable during the asset realisation process, subject to regulatory considerations.

Future communication

The Board is keen that the Company can communicate directly with its shareholders during the managed wind-down. We intend that communications in relation to future distributions of cash to shareholders will be sent via email. If you wish to receive these email notications from the Company, please register using the following web address: https://www.schroders.com/inovcomms, or via the QR code above.

Performance and valuation

During the six-month period to 30 June 2025, the NAV per share increased by 7.4% from 19.94p per share to 21.42p per share; the share price increased by 39.1% from 11.00p to 15.30p; and the share price discount to NAV per share narrowed from 44.8% to 28.6%.

The Company's life sciences portfolio was the main contributor to performance, following the upward revaluation of Araris Biotech ("Araris"). Originally purchased by Schroders Capital in October 2022 for CHF 3.0 million (£2.6 million), Araris was subsequently sold to Taiho Pharmaceutical Co. Ltd, generating an upfront payment of £18.5 million at closing, with the potential for further distributions subject to near and long-term milestones. As a result, the fair market value increased to £17.8 million. The Company's private equity growth holdings' performance was positively impacted by AI Company II1 , which secured a signicant new investment, resulting in a £6.6 million fair value gain, however this was partially oUset by downward valuations of the Company's holdings in Ada Health and Agrostar.

The strong performance of Araris and AI Company II builds on the previously announced positive realisations of Anthos, Carmot, and Tessian. These realisations, as well as strong results from other

portfolio companies such as Revolut and MMC SPV 3, have meant the new investments made by Schroders currently stand at 1.2x MoIC (Multiple of Invested Capital). Pleasingly, the Company has already received back c.40% of the value of the initial investments that Schroders Capital has made.

During the half year, the Company made realisations of equities totalling £30.2 million. As at 30 June 2025 (and before the repayment of capital of £37 million), the Company had £57.3 million in cash and liquid money market funds, and £2.8 million in liquid public equity investments.

More details on the Company's performance can be found in the Investment Manager's Review on pages 6 to 9.

Board composition

Lamia Baker retired from the Board at the Annual General Meeting held in May 2025, and I have previously thanked her for her contribution to the Company. Following Lamia's retirement, and after careful consideration of the Company's current status, the Board decided to maintain its current size and composition of three Directors.

Half year results presentation

A video presentation providing an overview of the Company's half year results will be published shortly and will be accessible via the Company's website. If you would like to receive an email notication once it is live, please ensure you are subscribed to receive the Company's updates via email, https://www.schroders.com/engb/uk/individual/funds-and-strategies/investment-trusts/schroderscapital-global-innovation-trust/never-miss-an-update/

Regular news about the Company can also be found on the Company's website.

Outlook

As the Company progresses with its managed wind-down, the Investment Managers will continue to execute the Company's investment policy and balance timely cash returns to shareholders with the maximisation of value. Prudent cash management will be maintained to ensure resource for the portfolio, ongoing costs, and any unforeseen circumstances.

The Board would like to thank shareholders for their support for the recent tender o Uer. Together the Board and the Manager remain committed to delivering the best possible outcome for shareholders via the managed wind-down.

Tim Edwards Chair 17 September 2025

Tim Creed Harry Raikes

Our objective is to balance timely cash returns to shareholders with the maximisation of value.

Summary

The Company reported an NAV of 21.42p per share as at 30 June 2025, representing a 7.4% increase compared with the NAV per share of 19.94p as at 31 December 2024.

On 31 January 2025, the Board announced a General Meeting for 27 February 2025, where shareholders approved the discontinuation resolution and adopted a revised investment objective and policy, providing for the Company's managed wind-down, orderly asset realisation, and initial return of capital.

We are pleased with the initial capital return of £37 million that was increased from the initially projected £30 million, following the proceeds received during the six-month period to 30 June 2025. During this period, the Company realised proceeds of £30.2 million, primarily from the sale of Araris to Taiho Pharmaceutical, which generated £18.5 million (after adjusting for the technical conversion of a convertible loan). In addition, AI Company II¹ secured a signicant investment from a new strategic investor, resulting in a special capital dividend for the Company of £8.4 million.

The principal driver of performance over the six-month period was the upward revaluation of Araris, following its sale to Taiho Pharmaceutical Co. Ltd., an increase in fair market value of £17.8 million.

Source: J.P. Morgan/Schroders.

¹ Actual name not disclosed due to condentiality. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Financial performance

YTD 2025 performance

As at 30 June 2025, the NAV stood at £173.2 million, representing an increase of 6.7% compared with £162.4 million at 31 December 2024. The NAV per share rose to 21.42p, up 7.4% from 19.94p over the same period. The performance between total NAV and NAV per share is diUerent due to the repurchase and cancellation of shares over the period.

The 6.7% increase in NAV comprised:

• Public equity: –0.7%
• Private equity growth: 0.4%
• Private equity venture: –3.0%
• Private equity life sciences: 10.4%
• Money market funds: 0.6%
• Costs and other movements: –1.0%

Attribution analysis (£m)

	Private equity					Money Cash and cash
	Life sciences	Venture			Growth Public equity market funds	equivalents	Other	NAV
Value as at 31 December 2024	20.8	31.9	74.8	4.0	29.6	1.9	(0.6)	162.4
+ Investments	3.5	–	–	–	18.0	(21.5)	–	–
– Realisations at value	(21.3)	–	(8.9)	–	(0.9)	31.1	–	–
+/– Fair value gains/(losses)	16.9	(4.8)	0.7	(1.2)	0.9	–	–	12.5
+/– Reclassied holdings	–	–	–	–	–	–	–	–
+/– Costs and other movements	–	–	0.1	–	–	(1.8)	–	(1.7)
Value as at 30 June 2025	19.9	27.1	66.7	2.8	47.6	9.7	(0.6)	173.2

Source: J.P. Morgan/Schroders

Private equity life sciences holdings

11 of 12

Life sciences portfolio companies have reached clinical stage

The Company's life sciences holdings saw an increase in value of 81.2%, contributing 10.4% to the increase in NAV over the six-month period. This increase was driven overwhelmingly by the acquisition of Araris by Taiho Pharmaceutical, which included an immediate upfront payment as well as additional milestone payments. Araris was an investment made by Schroders in Q3 2022.

Additionally, Anthos Therapeutics announced its acquisition by Novartis during the rst quarter.

CT-388 Obesity NXTX-0001 Epilepsy Thrombosis Abelacimab prevention IOA-244 Uveal melanoma Lung, colon, A2B530 pancreatic cancer Anti-BKV BK virus infection MOv18 IgE Ovarian cancer
Anti-CD79b Lymphoma
NM002-IV Pneumonia
AMO-02 Myotonic dystrophy
KY1005 Atopic dermatitis
Simplicity insulin Diabetes patch

INOV investment point Progress since investment Acquired Legacy investments Announced acquision

Source: Schroders Capital, 2025

Companies shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Logos shown are the property of their own entities.

continued

Private equity growth holdings

The Company's growth holdings increased in value by 0.9%, contributing 0.4% to NAV growth over the six-month period. This was driven primarily by AI Company II, which secured a signicant new investment from a strategic investor, resulting in a £6.6 million fair value gain, partially oUset by downward revaluations of both Ada Health and AgroStar. AgroStar was revalued to reect the terms of a recent funding round, in which the Company did not participate.

Private equity venture holdings

The Company's venture holdings saw a decrease in value of 15.0%, detracting 3.0% from the increase in NAV over the six-month period. This was primarily driven by a downwards revaluation of Federated Wireless due to a decrease in valuation multiple, reecting movements in market comparables.

Public equity holdings

The Company's public equity holdings, predominantly Autolus Therapeutics, saw a decrease in value of 30.0%, detracting 0.7% from the increase in NAV over the six-month period.

Autolus Therapeutics reported a fair value loss of 13.3% in the rst half of 2025. Its lead therapy, obe cel (AUCATZYL), received conditional approvals in the UK and EU for adults with relapsed or refractory B cell acute lymphoblastic leukemia (B ALL). In the US, sales reached \$29.9 million in the rst six months, increasing from \$9.0 million in Q1 to \$20.9 million in Q2, with more than 90% of US medical lives covered by insurers by the end of the period. In the UK, the National Institute for Health and Care Excellence (NICE) issued draft guidance recommending against routine NHS funding, and in Europe the therapy is not expected to be available to patients until at least 2027 pending reimbursement agreements. Upcoming milestones include a nal NICE decision in October, results from a pediatric leukemia trial, further lupus data, and the start of a Phase 1 multiple sclerosis trial and a pivotal Phase 2 lupus nephritis trial by year end. Despite some set backs during the period, the Investment Manager continues to see further upside potential from the current share price, subject to the developments of the upcoming milestones.

For help in understanding any terms used, please visit address https://www.schroders.com/en-gb/uk/individual/glossary/

Foreign Exchange

Over the half year, the fair value of investments denominated in United States Dollar (USD), were negatively impacted by the appreciation of the British Pound Sterling (GBP). Meanwhile, the fair value of investments denominated in Swiss Franc (CHF) and Euro (EUR) were positively impacted by the depreciation in the value of the British Pound Sterling (GBP).

Cash and debt

£57.3 million

Cash position and liquid money market funds

As at 30 June 2025, the Company held £57.3 million in cash and liquid money market funds, suGcient to fund the initial £37 million return of capital (completed in July), meet existing portfolio funding requirements, and cover ongoing operating costs.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. This report is not to be considered a recommendation to buy or sell any securities. For further information regarding the costs and charges associated with your investment, please refer to the annual report.

Investment activity

During the six months to 30 June 2025, the Company realised £30.2 million, primarily from a £21.3 million distribution following the sale of Araris. After adjusting for the technical conversion of a convertible loan, this resulted in net realisation proceeds of £18.5 million. In addition, AI Company II secured a signicant new investment from a strategic investor, resulting in a special capital dividend of £8.4 million for the Company.

Over the period, besides realisations of £30.2 million (primarily arising from Araris & AI Company II referred to above) the Company made a follow-on investment of £0.7 million into Neurona Therapeutics, with approval from the Board.

Outlook

Following shareholder approval of the discontinuation resolution, the Company has transitioned to a managed wind-down, with a clear focus on realising the existing portfolio in an orderly manner. Our objective is to balance timely cash returns to shareholders with the maximisation of value. Accordingly, while liquidity generation has historically centred on the legacy portfolio, our eUorts will now extend across the entire portfolio. No new investments will be made, except where required to honour existing contractual commitments or, with prior Board approval, to support existing holdings.

As at 30 June 2025, the Company held £57.3 million in cash and liquid money market funds, representing 33% of net asset value. This enabled the completion of a £37 million tender oUer (before costs) in July. The tender oUer amount was increased from £30 million following proceeds received from AI Company II.

Looking ahead, further exits are expected to be achieved primarily through trade sales and IPOs, though exit events are likely to involve an element of deferred consideration, either from IPO lock-up provisions or structured trade-sale payments.

Any additional proceeds realised during the wind-down will be retained in cash and liquid money market funds prior to further returns to shareholders.

Top 10 investments

			31 December 2024	30 June 2025
Portfolio company	Strategy	Value (£'000)	% of NAV	Value (£'000)	% of NAV
Atom Bank1	Growth	23,105	14.2%	23,105	13.3%
Revolut2	Growth	14,577	9.0%	14,496	8.4%
Nexeon1	Venture	7,805	4.8%	7,833	4.5%
Back Market3	Growth	8,113	5.0%	7,673	4.4%
Salica Environmental Technologies Fund4	Growth	8,168	5.0%	7,175	4.1%
AI Company II	Growth	7,984	4.9%	6,167	3.6%
AgroStar5	Growth	7,907	4.9%	5,955	3.4%
Anthos Therapeutics	Life sciences	3,612	2.2%	3,934	2.3%
CeQur1	Life sciences	4,163	2.6%	3,902	2.3%
AI Company III	Venture	3,992	2.5%	3,649	2.1%

1 Assets inherited from the previous Investment Manager.

2 Revolut is held via the Company's holding in Target Global Selected Opportunities, LLC – Series Space, a single asset fund.

3 Back Market is held via the Company's holding in Sprints Capital Ellison LP, a single asset fund.

4 Previously HP Environmental Technologies Fund.

5 AgroStar is held via the Company's holding in Schroders Capital Private Equity Asia Mauri VIII Ltd, a single asset fund.

Portfolio's two largest positions

Atom Bank

Leading UK app-only challenger bank

Atom Bank is the UK's rst bank built exclusively for mobile. It aims to redene what a bank should be, making things easier, more transparent, and better value. Atom Bank currently oUers savings accounts, mortgages and business loans.

In June 2025, Atom Bank published its annual report for the 12 month period to 31 March 2025, with key highlights including:

• Deposits grew by 31% from £5.7 billion to £7.5 billion
• Loan book grew by 29% from £4.1 billion to £5.3 billion
• Net interest income increased by 2.6% from £100 million to £102 million
• Net interest margin decreased from 2.8% to 2.2% driven by a maturing xed rate book and renewals in new base rate environment
• Operating prot decreased by 5.6% from £26.6 million to £25.1 million, primarily due to increased staU headcount and increased loan servicing fees

Source: Atom Bank Annual Report (Info for Investors - How Atom Disrupts Banking | Atom bank)

Revolut

Global neobank and nancial technology company

Revolut is a ntech rm that provides banking and payment services. The company oUers multi-currency cards and a mobile app that includes currency exchange, peer-to-peer payment and bank transfer solutions. It also oUers personal and business banking solutions.

In April 2025, Revolut released its annual report for 2024 with key highlights including:

• Number of retail customers increased 38% from 38 million to 52.5 million
• Total customer balances increased 66% from £18.2 billion to £30.2 billion
• Annual transaction volume increased by 52%
• Revenues increased by 72% to £3.1 billion
• Net prot increased by 130% from £344 million to £790 million

In July 2024, the company received its UK banking license with restrictions from the Prudential Regulation Authority (the regulator responsible for overseeing the UK banking sector) which should enable the company to complete the build out of their UK banking operations. In August 2024 the company announced a secondary share sale, providing liquidity for employees at a \$45 billion valuation led by international institutional investors.

Source: Revolut Annual Report (Financial Statements | Revolut United Kingdom)

Portfolio composition

Portfolio by geography* Portfolio by public equity and private equity

Private equity Public equity

Source: Schroders 2025, Figures have been rounded to nearest % * Based on country of risk

1 Excluding money market funds

The 20 largest investments account for 95.6% of total investments by value (31 December 2024: 94.4% and 30 June 2024: 92.1%).

Holding Quoted/unquoted Strategy Industry sector £'000	%
Equities
Atom Bank1 Unquoted Growth Financials 23,105	14.1
Revolut3 Unquoted Growth Financials 14,496	8.8
Nexeon1 Unquoted Venture Industrials 7,833	4.8
Back Market2 Unquoted Growth Consumer 7,673	4.7
Salica Environmental Technologies Fund8 Unquoted Growth Industrials 7,175	4.4
AI Company II Unquoted Growth Technology 6,167	3.8
AgroStar4 Unquoted Growth Consumer 5,955	3.6
Anthos Therapeutics Unquoted Life sciences Health Care 3,934	2.4
CeQur1 Unquoted Life sciences Health Care 3,902	2.4
AI Company III Unquoted Venture Technology 3,649	2.2
Securiti Unquoted Venture Technology 3,649	2.2
Genomics1 Unquoted Venture Health Care 3,288	2.0
iOnctura Unquoted Life sciences Health Care 3,122	1.9
MMC SPV 3 LP7 Unquoted Venture Technology 3,032	1.8
Attest Technologies Unquoted Venture Business Services 2,839	1.7
Autolus Therapeutics1 Quoted Public Health Care 2,783	1.7
Araris Biotech Unquoted Life sciences Health Care 2,418	1.5
Federated Wireless1 Unquoted Venture Technology 2,287	1.4
Epsilogen Unquoted Life sciences Health Care 2,021	1.2
Neurona Therapeutics Unquoted Life sciences Health Care 1,973	1.2
Kymab1 Unquoted Life sciences Health Care 1,707	1.0
Ada Health Unquoted Growth Health Care 1,513	0.9
Bizongo5 Unquoted Growth Business Services 584	0.4
A2 Biotherapeutics Unquoted Life sciences Health Care 466	0.3
Industrial Heat1 Unquoted Venture Industrials 445	0.3
Memo Therapeutics Unquoted Life sciences Health Care 333	0.2
Econic1 Unquoted Venture Industrials 102	0.1
AMO Pharma1 Unquoted Life sciences Health Care –
BenevolentAI1,6 Unquoted Venture Health Care –
Bodle Technologies1 Unquoted Venture Technology –
Carmot Therapeutics Unquoted Life sciences Health Care –
Evofem Biosciences1 Unquoted Life sciences Health Care –
Freevolt1 Unquoted Venture Technology –
Just Benchmarks1 Unquoted Venture Financials –
Kind Consumer1 Unquoted Venture Consumer Staples –
Lignia Wood1 Unquoted Venture Industrials –
Mac1 Unquoted Venture Industrials –
Metaboards1 Unquoted Venture Technology –
Novabiotics1 Unquoted Life sciences Health Care –
OcuTerra1 Unquoted Life sciences Health Care –
Oxsybio1 Unquoted Life sciences Health Care –

Investment Portfolio

continued

					Total
Holding	Quoted/unquoted	Strategy	Industry sector	Fair value £'000	investments %
Equities
Reaction Engines1	Unquoted	Venture	Industrials	–
Rutherford Health1	Unquoted	Venture	Health Care	–
Spin Memory1	Unquoted	Venture	Technology	–
Total equities				116,451	71.0
Money market funds
Schroder Special Situations – Sterling Liquidity Plus Fund		Cash	Collectives	47,615	29.0
Total money market funds				47,615	29.0
Total investments9				164,066	100.0
1 Assets inherited from the previous Investment Manager.

2 Back Market is held via the Company's holding in Sprints Capital Ellison LP, a single asset fund.

3 Revolut is held via the Company's holding in Target Global Selected Opportunities, LLC – Series Space, a single asset fund.

4 AgroStar is held via the Company's holding in Schroders Capital Private Equity Asia Mauri VIII Ltd, a single asset fund.

5 Bizongo is held via the Company's holding in Schroders Capital Private Equity Asia Maurit V Ltd, a single asset fund.

6 In March 2025, BenevolentAI was delisted from Euronext Amsterdam.

7 MMC SPV 3 LP is a single asset fund that holds an AI software company.

8 Previously HP Environmental Technologies Fund.

9 Total investments comprise:

	£'000	%
Unquoted	113,668	69.3
Quoted	2,783	1.7
Collective investment scheme – money market instruments	47,615	29.0
Total	164,066	100.0

Source: Schroders 2025

Principal risks and uncertainties

The Board has determined that the key risks for the Company are strategy risk, economic and market risk, investment performance and portfolio concentration risk, liquidity risk, operational risk, information technology and information security risk, key person dependency risk, taxation risk and ESG risk. These risks are set out on pages 28 to 32 of the annual report and nancial statements for the year ended 31 December 2024.

The Company's principal risks and uncertainties, and their mitigation, have not materially changed during the six months to 30 June 2025 or since the annual report was published on 28 March 2025.

Going concern

The Directors, as at the date of this report, are required to consider whether they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On 27 February 2025, shareholders approved a change in investment objective and investment policy allowing the Company to undergo an orderly realisation of assets, returning capital to shareholders. The Company is therefore preparing its nancial statements on a basis other than going concern due to the Company being in a managed wind-down.

The Board will endeavour to realise all of the Company's investments in a manner that achieves a balance between maximising the net value received from those investments and making timely returns to shareholders.

Whilst the Directors are satised that the Company has adequate resources to continue in operation throughout the winding-down period and to meet all liabilities as they fall due, given the Company is now in managed wind-down, the Directors considered it appropriate to adopt a basis other than going concern in preparing the nancial statements. No adjustments to the valuation basis have arisen as a result of ceasing to apply the going concern basis.

Related party transactions

There have been no transactions with related parties that have materially aUected the nancial position or the performance of the Company during the six months ended 30 June 2025.

Directors' responsibility statement

In respect of the half year report for the six months ended 30 June 2025, the Directors conrm that, to the best of their knowledge:

• the condensed set of Financial Statements contained within have been prepared in accordance with the United Kingdom Generally Accepted Accounting Practice in particular with Financial Reporting Standard 104 "Interim Financial Reporting" and with the statement of Recommended Practice, "Financial Statements of Investment Companies and Venture Capital Trusts" issued in July 2022 and give a true and fair view of the assets, liabilities, nancial position and prot and loss of the Company as at 30 June 2025, as required by the Disclosure Guidance and Transparency Rule 4.2.4R; and
• the half year report includes a fair review of the information as required by the Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R.

The half year report has not been audited nor reviewed by the Company's auditor.

Tim Edwards

Chair

For and on behalf of the Board

17 September 2025

Heading continued

Financial

Financial

Statement of Comprehensive Income 16 Statement of Changes in Equity 17 Statement of Financial Position 18 Cash Flow Statement 19 Notes to the Financial Statements 20

Statement of Comprehensive Income

for the six months ended 30 June 2025 (unaudited)

	Revenue	(Unaudited) For the six months ended 30 June 2025 Capital	Total	Revenue	(Unaudited) For the six months ended 30 June 2024 Capital	Total	Revenue	(Audited) For the year ended 31 December 2024 Capital	Total
Note	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments held at fair value through prot or loss	–	12,505	12,505	–	(38,307)	(38,307)	–	(47,267)	(47,267)
Net foreign currency (losses)/gains	–	(85)	(85)	–	45	45	–	(17)	(17)
Income from investments	126	–	126	106	–	106	195	–	195
Gross return/(loss)	126	12,420	12,546	106	(38,262)	(38,156)	195	(47,284)	(47,089)
Management fee	(449)	–	(449)	(457)	–	(457)	(893)	–	(893)
Administrative expenses	(611)	–	(611)	(652)	–	(652)	(1,351)	–	(1,351)
Net gain/(loss) before nance costs and taxation	(934)	12,420	11,486	(1,003)	(38,262)	(39,265)	(2,049)	(47,284)	(49,333)
Finance costs	–	–	–	–	–	–	–	–	–
Net gain/(loss) before taxation	(934)	12,420	11,486	(1,003)	(38,262)	(39,265)	(2,049)	(47,284)	(49,333)
Taxation	–	–	–	–	–	–	–	–	–
Net gain/(loss) after taxation	(934)	12,420	11,486	(1,003)	(38,262)	(39,265)	(2,049)	(47,284)	(49,333)
Return/(loss) per share (pence) 4	(0.12)	1.53	1.41	(0.12)	(4.55)	(4.67)	(0.25)	(5.69)	(5.94)

The "Total" column of this statement is the prot and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no other items of other comprehensive income, and therefore the net gain/(loss) on ordinary activities after taxation is also the total comprehensive gain/(loss) for the period, therefore no separate Statement of Comprehensive Income has been prepared.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

for the six months ended 30 June 2025 (unaudited)

	Called-up Redemption share capital £'000	Capital reserve £'000	Special reserve £'000	Capital reserves £'000	Revenue reserve £'000	Total £'000
At 31 December 2024	8,145	941	877,859	(693,448)	(31,052)	162,445
Repurchase and cancellation of the Company's own shares	(59)	59	(613)	–	–	(613)
Costs associated with liquidation	–	–	(125)	–	–	(125)
Net gain/(loss) after taxation	–	–	–	12,420	(934)	11,486
At 30 June 2025	8,086	1,000	877,121	(681,028)	(31,986)	173,193

for the six months ended 30 June 2024 (unaudited)

	share capital £'000	Capital Called-up Redemption reserve £'000	Special reserve £'000	Capital reserves £'000	Revenue reserve £'000	Total £'000
At 31 December 2023	8,573	513	883,145	(646,164)	(29,003)	217,064
Repurchase and cancellation of the Company's own shares	(275)	275	(3,638)	–	–	(3,638)
Net loss after taxation	–	–	–	(38,262)	(1,003)	(39,265)
At 30 June 2024	8,298	788	879,507	(684,426)	(30,006)	174,161

for the year ended 31 December 2024 (audited)

	Called-up share Redemption capital £'000	Capital reserve £'000	Special reserve £'000	Capital reserves £'000	Revenue reserve £'000	Total £'000
At 31 December 2023	8,573	513	883,145	(646,164)	(29,003)	217,064
Repurchase and cancellation of the Company's own shares	(428)	428	(5,286)	–	–	(5,286)
Net loss after taxation	–	–	–	(47,284)	(2,049)	(49,333)
At 31 December 2024	8,145	941	877,859	(693,448)	(31,052)	162,445

Statement of Financial Position

as at 30 June 2025 (unaudited)

		(Unaudited) 30 June	(Unaudited) 30 June	(Audited) 31 December
	Note	2025 £'000	2024 £'000	2024 £'000
Fixed assets
Investments held at fair value through prot or loss	5	164,066	171,567	161,097
Current assets
Debtors		123	1,117	298
Cash at bank		9,735	4,841	1,948
		9,858	5,958	2,246
Current liabilities
Creditors: amounts falling due within one year	6	(731)	(3,364)	(898)
Net current assets		9,127	2,594	1,348
Total assets less current liabilities		173,193	174,161	162,445
Net assets		173,193	174,161	162,445
Capital and reserves
Called-up share capital	7	8,086	8,298	8,145
Capital redemption reserve		1,000	788	941
Special reserve		877,121	879,507	877,859
Capital reserves		(681,028)	(684,426)	(693,448)
Revenue reserve		(31,986)	(30,006)	(31,052)
Total equity shareholders' funds		173,193	174,161	162,445
Net asset value per share (pence)	8	21.42	20.99	19.94

Registered in England and Wales as a public company limited by shares Company registration number: 09405653

Cash Flow Statement

for the six months ended 30 June 2025 (unaudited)

s	(Unaudited) For the six months ended 30 June 2025 £'000	(Unaudited) For the six months ended 30 June 2024 £'000	(Audited) For the year ended 31 December 2024 £'000
Operating activities
Net gain/(loss) before nance costs and taxation	11,486	(39,265)	(49,333)
Adjustments for:
Capital (gain)/loss before taxation	(12,420)	38,262	47,284
Decrease/(increase) in debtors	175	9	(4)
Decrease in creditors	(146)	(455)	(501)
Net cash outow from operating activities	(905)	(1,449)	(2,554)
Investing activities
Purchases of investments1	(21,482)	(33,452)	(55,220)
Sales of investments	31,018	40,469	62,166
Net cash inow from investment activities	9,536	7,017	6,946
Financing activities
Repurchase and cancellation of the Company's own shares	(634)	(3,685)	(5,340)
Costs associated with liquidation	(125)	–	–
Net cash outow from nancing activities	(759)	(3,685)	(5,340)
Change in cash at bank	7,872	1,883	(948)
Cash at bank at the beginning of the period	1,948	2,913	2,913
Exchange movements	(85)	45	(17)
Cash at bank at the end of the period	9,735	4,841	1,948

1 Purchases of investments during the period reect existing contractual commitments, including £17,966,731 relating to money market instruments.

1. Financial Statements

The information contained within the nancial statements in this half year report has not been audited or reviewed by the Company's independent auditor.

The gures and nancial information for the year ended 31 December 2024 are extracted from the latest published nancial statements of the Company and do not constitute statutory nancial statements for that year. Those nancial statements have been delivered to the Registrar of Companies and included the report of the auditor which was unqualied and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

Basis of accounting

The nancial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice, in particular with Financial Reporting Standard 104 "Interim Financial Reporting" and with the Statement of Recommend Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued by the Association of Investment Companies in July 2022.

Following shareholder approval on 27 February 2025 to amend the Company's Objective and Investment Policy to facilitate a managed wind-down, the nancial statements have been prepared on a basis other than going concern. The Directors are condent that the Company will be able to meet its liabilities during the wind-down period, and no material changes to accounting policies or valuation methods have been required.

The accounting policies applied to these nancial statements are consistent with those applied in the nancial statements for the year ended 31 December 2024.

3. Taxation

The Company's e)ective corporation tax rate is nil, as deductible expenses exceed taxable income. The Company intends to continue meeting the conditions required to maintain its status as an Investment Trust Company, and therefore no provision has been made for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments.

4. Gain/(loss) per share

	(Unaudited) For the six months ended 30 June 2025 £'000	(Unaudited) For the six months ended 30 June 2024 £'000	(Audited) For the year ended 31 December 2024 £'000
Revenue loss	(934)	(1,003)	(2,049)
Capital gain/(loss)	12,420	(38,262)	(47,284)
Total gain/(loss)	11,486	(39,265)	(49,333)
Weighted average number of shares in issue during the period	809,758,581	841,102,572	831,534,516
Revenue loss per share (pence)	(0.12)	(0.12)	(0.25)
Capital gain/(loss) per share (pence)	1.53	(4.55)	(5.69)
Total gain/(loss) per share (pence)	1.41	(4.67)	(5.94)

The basic and diluted gain/(loss) per share is the same because there are no dilutive instruments in issue.

5 Investments held at fair value through profit or loss

(a) Movement in investments

	(Unaudited) For the six months ended 30 June 2025 £'000	(Unaudited) For the six months ended 30 June 2024 £'000	(Audited) For the year ended 31 December 2024 £'000
Opening book cost	528,514	553,693	553,693
Opening investment holding losses	(367,417)	(343,600)	(343,600)
Opening fair value	161,097	210,093	210,093
Purchases at cost	21,482	35,865	55,220
Sales proceeds	(31,018)	(36,084)	(56,949)
Gains/(losses) on investments held at fair value through prot or loss	12,505	(38,307)	(47,267)
Closing fair value	164,066	171,567	161,097
Closing book cost	543,297	550,101	528,514
Closing investment holding losses	(379,231)	(378,534)	(367,417)
Closing fair value	164,066	171,567	161,097

The Company received £31,018,000 (year ended 31 December 2024: £56,949,000 and period ended 30 June 2024: £36,084,000) from investments sold in the period. The book cost of the investments when they were purchased was £6,699,000 (year ended 31 December 2024: £80,399,000 and period ended 30 June 2024: £39,457,000). These investments have been revalued over time and, until they were sold, any unrealised gains/losses were included in the fair value of the investments.

Purchases at cost of £21,482,000 during the period reect existing contractual commitments, including £17,966,731 relating to money market instruments.

(b) Unquoted investments, including investments quoted in inactive markets

Material revaluations of unquoted investments during the period (unaudited)

	Opening valuation at 31 December 20241 £'000	Valuation adjustment £'000	Purchases/ (disposals) £'000	Closing valuation at 30 June 2025 £'000
AI Company II2	7,984	(1,817)	–	6,167
AgroStar	7,907	(1,952)	–	5,955
Araris Biotech	3,071	17,816	(18,469)	2,418
Federated Wireless	5,431	(3,144)	–	2,287
Ada Health	4,248	(2,735)	–	1,513
Memo Therapeutics	1,281	(948)	–	333

1 Based on the closing holding at opening prices.

2 The revaluation of AI Company II relates to a corporate action event, which also resulted in cash proceeds of £8.4m being received. ## Notes to the Financial Statements

continued

5 Investments held at fair value through profit or loss (continued)

(b) Unquoted investments, including investments quoted in inactive markets (continued)

Material disposals of unquoted investments during the period (unaudited)

	Book cost £'000	Carrying value at 31 December 2024 £'000	Sales Proceeds £'000	Profit based on carrying value at 30 June 2025 £'000
Araris Biotech	5,458	3,071	21,311	15,853

6. Creditors: amounts falling due within one year

	(Unaudited) 30 June 2025 £'000	(Unaudited) 30 June 2024 £'000	(Audited) 31 December 2024 £'000
Repurchase and cancellation of the Company's own shares awaiting settlement	–	28	21
Securities purchased awaiting settlement	–	2,460	–
Management fee payable	243	253	208
Other creditors and accruals	488	623	669
	731	3,364	898

The Directors consider that the carrying amount of creditors falling due within one year approximates to their fair value.

7. Called-up share capital

	(Unaudited) For the six months ended 30 June 2025 £'000	(Unaudited) For the six months ended 30 June 2024 £'000	(Audited) For the year ended 31 December 2024 £'000
Ordinary shares of 1p each, allotted, called up and fully paid:
Opening balance of 814,492,025 (2023: 857,360,026) shares	8,145	8,573	8,573
Repurchase and cancellation of 5,909,126 (year ended 31 December 2024: 42,868,001 and period ended 30 June 2024: 27,560,000) shares	(59)	(275)	(428)
Closing balance of 808,582,899 (31 December 2024: 814,492,025 and 30 June 2024: 829,800,026) shares	8,086	8,298	8,145

8. Net asset value per share

	(Unaudited) 30 June 2025	(Unaudited) 30 June 2024	(Audited) 31 December 2024
Net assets (£'000)	173,193	174,161	162,445
Shares in issue at the period end	808,582,899	829,800,026	814,492,025
Net asset value per share (pence)	21.42	20.99	19.94

9. Disclosures regarding financial instruments measured at fair value

The Company's nancial instruments within the scope of FRS 102 that are held at fair value comprise its investment portfolio.

FRS 102 requires that nancial instruments held at fair value are categorised into a hierarchy consisting of the three levels below. A fair value measurement is categorised in its entirety on the basis of the lowest level input that is signicant to the fair value measurement.

Level 1 – valued using unadjusted quoted prices in active markets for identical assets.

Level 2 – valued using observable inputs other than quoted prices included within Level 1.

Level 3 – valued using inputs that are unobservable.

At 30 June, the Company's investment portfolio and any derivative nancial instruments were categorised as follows:

		30 June 2025 (unaudited)
	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Investments in equities – quoted	2,783	47,615	–	50,398
– unquoted	–	–	113,668	113,668
Total	2,783	47,615	113,668	164,066

The Level 2 asset relates to the holding in Schroders Special Situations – Sterling Liquidity Plus Fund.

	30 June 2024 (unaudited)
	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Investments in equities – quoted	14,776	25,229	1,179	41,184
Investments in equities – unquoted	–	–	130,383	130,383
Total	14,776	25,229	131,562	171,567

The Level 2 asset relates to the holding in Schroders Special Situations – Sterling Liquidity Plus Fund. BenevolentAI is quoted, but the market is inactive. Thus its valuation has been determined in accordance with the process followed for unquoted assets and included in Level 3 above.

	30 December 2024 (audited)
	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Investments in equities – quoted	3,125	29,635	902	33,662
– unquoted	–	–	127,435	127,435
Total	3,125	29,635	128,337	161,097

The Level 2 asset relates to the holding in Schroders Special Situations – Sterling Liquidity Plus Fund. BenevolentAI is quoted, but the market is inactive. Thus its valuation has been determined in accordance with the process followed for unquoted assets and included in Level 3 above.

10. Events after the interim date that have not been reflected in the financial statements for the interim period

The Company has assessed the valuation of its unquoted holdings based on information received until the date of this interim report, including recent business updates, changes to business projections, and the Company's own estimates of current valuation levels.

The Company estimates negative valuation adjustments to the 30 June 2025 net asset value of £0.6 million to Bizongo due to adverse developments at the company.

The Company has evaluated these developments and determined that they qualify as non-adjusting events for these interim nancial statements. All unquoted holdings, including the investments mentioned above, will undergo further evaluation and nal determination in line with the Company's valuation policy as part of the 30 September 2025 quarterly net asset value publication.

Heading continued

Other Information

Denitions of Terms and Alternative Performance Measures 26 Shareholder Information 28 Information about the Company 29

Definitions of Terms and Alternative Performance Measures

The terms and performance measures below are those commonly used by investment companies to assess values, investment performance and operating costs. Numerical calculations are given where relevant. Some of the financial measures below are classified as Alternative Performance Measures ("APMs") as defined by the European Securities and Markets Authority. Under this definition, APMs include a financial measure of historical financial performance or financial position, other than a financial measure defined or specified in the applicable financial reporting framework. APMs have been marked with an asterisk.

Net asset value ("NAV") per share

The NAV per share of 21.42p (31 December 2024: 19.94p) represents the net assets attributable to equity shareholders of £173,193,000 (31 December 2024: £162,445,000) divided by the number of shares in issue of 808,582,899 (31 December 2024: 814,492,025).

The change in the NAV amounted to 7.4% (year ended 31 December 2024: –21.2%) over the period.

Total return*

The combined eect of any dividends paid, together with the rise or fall in the share price or NAV per share. Total return statistics enable the investor to make performance comparisons between investment companies with dierent dividend policies. Any dividends received by a shareholder are assumed to have been reinvested in either the assets of the Company at its NAV per share at the time the shares were quoted ex-dividend (to calculate the NAV per share total return) or in additional shares of the Company (to calculate the share price total return). The Company has not declared a dividend in either 2024 or 2025.

The NAV total return for the period ended 30 June 2025 is calculated as follows:

Opening NAV at 31/12/24	19.94p
Closing NAV at 30/06/25	21.42p
NAV total return, being the closing NAV, expressed as a percentage change in the opening NAV:	7.4%
The NAV total return for the year ended 31 December 2024 is calculated as follows:
Opening NAV at 31/12/23	25.32p
Closing NAV at 31/12/24	19.94p
NAV total return, being the closing NAV, expressed as a percentage change in the opening NAV:	–21.2%

The share price total return for the period ended 30 June 2025 is calculated as follows:

Opening Share price at 31/12/24	11.00p
Closing Share price at 30/06/25	15.30p
Share price total return, being the closing share price, expressed as a percentage change in the opening share price:	39.1%
The share price total return for the year ended 31 December is calculated as follows:
Opening share price at 31/12/23	14.65p
Closing share price at 31/12/24	11.00p
Share price total return, being the closing share price, expressed as a percentage change in the opening share price:	–24.9%

Discount/premium*

The amount by which the share price of an investment trust is lower (discount) or higher (premium) than the NAV per share. If shares are trading at a discount, investors would be paying less than the value attributable to the shares by reference to the underlying assets. A premium or discount is generally the consequence of supply and demand for the shares on the stock market. The discount or premium is expressed as a percentage of the NAV per share. The discount at the period end amounted to 28.6% (31 December 2024: 44.8%), as the closing share price at 15.30p (31 December 2024: 11.00p) was 28.6% (31 December 2024: 44.8%) lower than the closing NAV of 21.42p (31 December 2024: 19.94p).

(Net cash)/gearing*

The gearing percentage reects the amount of borrowings (i.e. bank loans or overdrafts) which the Company has drawn down and invested in the market. This gure is indicative of the extra amount by which shareholders' funds would move if the Company's investments were to rise or fall. This represents borrowings used for investment purposes, less cash, expressed as a percentage of net assets. If the gure so calculated is negative, this is shown as a "Net cash" position. The gearing gure at the relevant period/year end is calculated as follows:

	2025 £'000	2024 £'000
Borrowings used for investment purposes, less cash	(9,735)	(1,948)
Net assets	173,193	162,445
(Net cash)/gearing (%)	(5.6)	(1.2)

Leverage*

For the purpose of the Alternative Investment Fund Managers (AIFM) Directive, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as the ratio of the Company's exposure to its net asset value and is required to be calculated both on a "Gross" and a "Commitment" method. Under the Gross method, exposure represents the sum of the absolute values of all positions, so as to give an indication of overall exposure. Under the Commitment method, exposure is calculated in a similar way, but after netting o hedges which satisfy certain strict criteria.

The Company's leverage policy and details of its leverage ratio calculation and exposure limits as required by the AIFMD are published on the Company's webpages and within this report. The Company is also required to periodically publish its actual leverage exposures. As at 30 June 2025 these were:

	% of net asset value
	Maximum	Actual
Gross method	310	98.5
Commitment method	120	100.0

Ongoing Charges*

Ongoing charges are calculated in accordance with the Association of Investment Companies recommended methodology. When the nancial reporting period is not a full year, the ongoing charges are annualised to obtain a 12-month ongoing charges gure. This gure includes management fee and all other operating expenses, excluding nance costs and transaction costs. For the current period, the ongoing charges amount to £2,120,000 (31 December 2024: £2,244,000), expressed as a percentage of the average daily net asset values during the period of £169,333,000 (31 December 2024: £183,165,000).

	2025 £'000	2024 £'000
Management fee and all other operating expenses excluding nance costs, transaction costs and any performance fee payable	2,120	2,244
Average daily net asset values during the period/year	169,333	183,165
Ongoing charges ratio	1.25	1.23

Warning to shareholders

Companies are aware that their shareholders have received unsolicited telephone calls or correspondence concerning investment matters. These are typically from overseas-based 'brokers' who target UK shareholders, oering to sell them what often turn out to be worthless or high risk shares or investments. These operations are commonly known as 'boiler rooms'. These 'brokers' can be very persistent and extremely persuasive. Shareholders are advised to be wary of any unsolicited advice, oers to buy shares at a discount or oers of free company reports. If you receive any unsolicited investment advice:

• Make sure you get the correct name of the person and organisation
• Check that they are properly authorised by the FCA before getting involved by visiting https://register.fca.org.uk
• Report the matter to the FCA by calling 0800 111 6768 or visiting https://fca.org.uk/consumers/report-scam-unauthorised-rm
• Do not deal with any rm that you are unsure about

If you deal with an unauthorised rm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. The FCA provides a list of unauthorised rms of which it is aware, which can be accessed at

https://www.fca.org.uk/consumers/unauthorised-rmsindividuals#list.

More detailed information on this or similar activity can be found on the FCA website at https://www.fca.org.uk/consumers/protectyourself-scams

www.schroders.com/inov

Directors

Tim Edwards (Chair) Stephen Cohen Jane Tufnell

Registered office

1 London Wall Place London EC2Y 5AU Tel: +44 (0) 20 7658 6000

Advisers

Alternative Investment Fund Manager (the "AIFM" or "Manager")

Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU

Investment Manager

Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU

Schroders Capital Management (Switzerland) AG Talstrasse 11 (Schanzenhof) CH-8001 Zürich, Switzerland

Company Secretary

Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU Email: amcompanysecretary@schroders.com

Depositary and custodian

J.P. Morgan Europe Limited1 25 Bank Street London E14 5JP

1 With eect from 1 July 2025, J.P. Morgan were appointed to provide depositary and custodian services to the Company.

Corporate broker

Winterood Securities Limited Riverbank House 2 Swan Lane London EC4R 3GA

Legal adviser

Stephenson Harwood LLP 1 Finsbury Circus London EC2M 7SH

Independent Auditor

Ernst & Young LLP 25 Churchill Place London E14 5EY

Registrar

Equiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA

Shareholder Helpline: 0800 032 06411 Website: www.shareview.co.uk

1 Calls to this number are free of charge from UK landlines.

Communications with shareholders are mailed to the address held on the register. Any notications and enquiries relating to shareholdings, including a change of address or other amendment should be directed to Equiniti Limited at the address above.

Other information

Company number 09405653

Shareholder enquiries

General enquiries about the Company should be addressed to the Company Secretary at the Company's Registered Oce.

Dealing codes

SEDOL: BVG1CF2 ISIN: GB00BVG1CF25 Ticker: INOV

Global Intermediary Identication Number (GIIN) U73RHA.99999.SL.826

Legal Entity Identier (LEI)

2138008X94M7OVE73l77

Privacy notice

The Company's privacy notice is available on its web pages.

Financial

Schroder Investment Management Limited 1 London Wall Place, London EC2Y 5AU, United Kingdom T +44 (0) 20 7658 6000

@schroders schroders.com

Important information: This document is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any nancial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. Reliance should not be placed on the views and information in the document when taking

individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get back the amount originally invested. Schroders has expressed its own views in this document and these may change. Issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU, which is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped or monitored.