Schroder International Selection Fund (SISF) European Equity Absolute Return (the "Fund")

Page 2 of 2 Appendix List of ISIN codes for share classes affected by the change of management fee. Share class Share Class Currency ISIN code A Accumulation EUR LU1046235062 A Accumulation USD Hedged LU1065104405 A1 Accumulation USD Hedged LU1067367158 B Accumulation EUR LU1046235146 B Accumulation USD Hedged LU1067369956 C Accumulation EUR LU0995125803 C Accumulation GBP Hedged LU0995125639 C Accumulation USD Hedged LU0995125712

Schroder International Selection Fund Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 27 February 2015 Dear Shareholder, Schroder International Selection Fund European Equity (Ex UK) We are writing to advise you of some changes to Schroder International Selection Fund European Equity (Ex UK) (the "Fund"). Change of Investment Policy The board of directors of Schroder International Selection Fund (the "Company") has decided to change the investment policy of the Fund with effect from 1 April 2015 (the "Effective Date") in order to amend the investment universe of the Fund to allow investments in equity and equity related securities of any large or mid-sized companies listed in Europe (excluding the United Kingdom). The Fund's investment policy is being amended from: to: "The Fund will invest primarily in equity and equity related securities of large or mid-sized companies incorporated in Europe (excluding the United Kingdom), or companies which derive a significant proportion of their revenues or profits from, or which are predominantly operating within this geographical region." "The Fund will invest primarily in equity and equity related securities of large or mid-sized companies listed in Europe (excluding the United Kingdom)." End of French Plan d'epargne en Actions (PEA) eligibility We would also like to advise you that the Fund will no longer be eligible for the French Plan d'epargne en Actions (PEA). This is because the Fund will no longer meet the requirement to invest at least 75% of assets in equity securities issued by companies which have their head office in the European Union or in the European Economic Area. This change is being made to ensure that the fund manager can manage the Fund effectively and continue to meet the Fund's investment objective. If shareholders continue to hold shares of the Fund in a PEA after the Effective Date, the PEA will be closed. Significant tax consequences may result from the closure of a PEA, in particular when such a closure takes place within five years of the start of the plan. Each French tax resident who has placed shares of the Fund in a PEA is advised to contact their financial advisor for more information. All other key features of the Fund will remain the same. The ISIN codes of the share classes affected by these changes are listed in the appendix of this letter. Any expenses incurred directly as a result of making these changes will be borne by Schroder Investment Management (Luxembourg) S.A., the Company's management company. www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded.

Page 2 of 3 Switching or redeeming your holdings If you wish to redeem your holding in the Fund or switch into another one of the Company's PEA eligible sub-funds before the Effective Date you may do so at any time up to and including deal cut-off on 31 March 2015. Schroder Investment Management (Luxembourg) S.A. will execute your redemption or switch instructions in accordance with the provisions of the Company's prospectus, free of charge, although in some countries local paying agents, correspondent banks or similar agents might charge transaction fees. Local agents might also have a local deal cut-off which is earlier than that described above, so please check with them to ensure that your instructions reach Schroders in Luxembourg before the deal cut-off on 31 March 2015. Please note that switches or redemptions might affect the tax status of your investment and you might not be able to switch into certain sub-funds if they are not registered in your countries of citizenship, domicile or residence. We therefore recommend you to seek independent professional advice in these matters. For shareholders unaffected by this change, we hope that you will choose to remain invested in the Fund. If you would like more information, please contact your local Schroders office or your usual professional adviser or Schroder Investment Management (Luxembourg) S.A. on (+352) 341 342 212. Yours faithfully, Noel Fessey Marco Zwick

Page 3 of 3 Appendix List of ISIN codes for share classes in the Fund affected by the investment objective change. Share class Share class currency ISIN code A Distribution EUR LU0995124319 C Distribution EUR LU0995124400 S Distribution EUR LU1046232713 A Distribution GBP LU0995124582 C Distribution GBP LU0995124665 A Distribution GBP Hedged LU0995846960 C Distribution GBP Hedged LU0995124749 The change will also apply to any additional share classes launched.

Schroder International Selection Fund Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 27 February 2015 Dear Shareholder, Schroder International Selection Fund European Opportunities We are writing to advise you of some changes to Schroder International Selection Fund European Opportunities (the "Fund"). Change of Investment Policy The board of directors of Schroder International Selection Fund (the "Company") has decided to change the investment policy of the Fund with effect from 1 April 2015 (the "Effective Date") in order to amend the investment universe of the Fund to allow investments in equity and equity related securities of any large or mid-sized companies listed in Europe. The investment policy of the Fund is being amended from: to: "The Fund will invest primarily in equity and equity related securities of large or mid-sized companies incorporated in Europe, or companies which derive a significant proportion of their revenues or profits from, or which are predominantly operating, within this geographic region." "The Fund will invest primarily in equity and equity related securities of large or mid-sized companies listed in Europe." End of French Plan d'epargne en Actions (PEA) eligibility We would also like to advise you that the Fund will no longer be eligible for the French Plan d'epargne en Actions (PEA). This is because the Fund will no longer meet the requirement to invest at least 75% of assets in equity securities issued by companies which have their head office in the European Economic Area. This change is being made to ensure that the fund manager can manage the Fund effectively and continue to meet the Fund's investment objective. This change will take effect from the Effective Date. If shareholders continue to hold shares of the Fund in a PEA after the Effective Date, the PEA will be closed. Significant tax consequences may result from the closure of a PEA, in particular when such a closure takes place within five years of the start of the plan. Each French tax resident who has placed shares of the Fund in a PEA is advised to contact their financial advisor for more information. All other key features of the Fund will remain the same. The ISIN codes of the share classes affected by these changes are listed in the appendix of this letter. Any expenses incurred directly as a result of making these changes will be borne by Schroder Investment Management (Luxembourg) S.A., the Company's management company. www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

Page 2 of 3 Switching or redeeming your holdings If you wish to redeem your holding in the Fund or switch into one of the Company's PEA eligible sub-funds before the Effective Date you may do so at any time up to and including deal cut-off on 31 March 2015. Schroder Investment Management (Luxembourg) S.A. will execute your redemption or switch instructions in accordance with the provisions of the Company's prospectus, free of charge, although in some countries local paying agents, correspondent banks or similar agents might charge transaction fees. Local agents might also have a local deal cut-off which is earlier than that described above, so please check with them to ensure that your instructions reach Schroders in Luxembourg before the deal cut-off on 31 March 2015. Please note that switches or redemptions might affect the tax status of your investment and you might not be able to switch into certain sub-funds if they are not registered in your countries of citizenship, domicile or residence. We therefore recommend you to seek independent professional advice in these matters. For shareholders unaffected by this change, we hope that you will choose to remain invested in the Fund. If you would like more information, please contact your local Schroders office or your usual professional adviser or Schroder Investment Management (Luxembourg) S.A. on (+352) 341 342 212. Yours faithfully, Noel Fessey Marco Zwick

Page 3 of 3 Appendix List of ISIN codes for share classes in the Fund affected by the investment objective change. Share class Share class currency ISIN code A Accumulation EUR LU0995121059 A Distribution EUR LU0995121216 A1 Accumulation EUR LU1046235575 B Accumulation EUR LU1046235658 C Accumulation EUR LU0995121646 C Distribution EUR LU0995121992 I Accumulation EUR LU1056830067 S Distribution EUR LU1046233877 A Distribution USD LU0995122370 C Distribution USD LU0995122453 A Distribution GBP LU0995122537 C Distribution GBP LU0995122610 A1 Accumulation USD Hedged LU1069923800 The change will also apply to any additional share classes launched.

Schroder International Selection Fund Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 27 February 2015 Dear Shareholder, Schroder International Selection Fund RMB Fixed Income The board of directors of Schroder International Selection Fund (the "Company") has decided to expand the investment policy of the sub-fund Schroder International Selection Fund RMB Fixed Income (the "Fund"), taking effect from 1 April 2015 (the "Effective Date"). The purpose of this expansion of the investment policy of the Fund is twofold. First, it is to reflect the ability of the Fund to invest in securities traded onshore in China. Second, it is to allow the Fund to invest up to 100% of its net assets in the China Interbank Bond Market which according to the current regulatory environment can now be considered as a regulated market. The Fund's investment policy is being amended from: to: "The Fund will invest primarily in a portfolio of bonds, fixed and floating rate securities, convertible bonds, money market instruments and deposits denominated or hedged back to onshore or offshore RMB. "These instruments may be issued outside or inside of mainland China by governments, government agencies, supra-national and corporate issuers which may or may not be established or incorporated in mainland China. "The Fund may invest in instruments traded on the RMB Bond market in Hong Kong and in instruments denominated in RMB traded on other Regulated Markets. "Investments in mainland China Regulated Markets and interbank bond markets may be performed indirectly through notes, certificates or other instruments (which qualify as transferable securities and do not embed a derivative element), Investment Funds and eligible derivative transactions. "Direct investments in Regulated Markets of mainland China are currently limited to 35% of the Fund s assets but may be increased in the future if adequate liquidity is guaranteed. "Within this 35% limit and until such time that they become Regulated Markets, the Fund will limit any direct investment in securities traded on the mainland China interbank bond markets to 10% of its assets (together with any other investments made in accordance with investment restriction 1.(A) (9) in Appendix I). "The Fund will not invest in mainland China through RQFII schemes or QFII related schemes supervised by the China Securities Regulatory Commission until investment restriction 1.(A) (5) (I) of Appendix I is complied with and/or until they qualify as Investment Funds. The Fund may invest in instruments denominated in currencies other than RMB and in investment grade, sub-investment grade and non-rated instruments." "The Fund will invest primarily in a portfolio of bonds, fixed and floating rate securities, convertible bonds, money market instruments and deposits denominated or hedged back to onshore or offshore RMB. www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded.

Page 2 of 3 "These instruments may be issued outside or inside of mainland China by governments, government agencies, supra-national and corporate issuers which may or may not be established or incorporated in mainland China. "The Fund may invest in instruments traded on the RMB Bond market in Hong Kong and in instruments denominated in RMB traded on other Regulated Markets. "Investments in mainland China Regulated Markets and interbank bond markets may be performed directly or indirectly through notes, certificates or other instruments (which qualify as transferable securities and do not embed a derivative element), Investment Funds and eligible derivative transactions. "The Fund may invest directly in mainland China through (i) RQFII schemes or QFII related schemes supervised by the China Securities Regulatory Commission provided investment restriction 1. (A) (5) (I) of Appendix I is complied with and/or they qualify as Investment Funds and (ii) Regulated Markets. "The Fund may invest in instruments denominated in currencies other than RMB and in investment grade, sub-investment grade and non-rated instruments." All other key features of the Fund will remain the same, including the strategy and the investment process. The ISIN codes of the share classes affected by this clarification are listed in the appendix of this letter. Any expenses incurred directly as a result of making this change will be borne by Schroder Investment Management (Luxembourg) S.A., the Company's management company. We hope that you will choose to remain invested in the Fund following this amendment however if you wish to switch or redeem your holding in the Fund or to switch into another of the Company's sub-funds before the Effective Date, you may do so at any time up to and including deal cut-off on 31 March 2015. Schroder Investment Management (Luxembourg) S.A. will execute your redemption or switch instructions in accordance with the provisions of the Company s prospectus, free of charge, although in some countries local paying agents, correspondent banks or similar agents might charge transaction fees. Local agents might also have a local deal cut-off which is earlier than that described above, so please check with them to ensure that your instructions reach Schroders in Luxembourg before the deal cut-off on 31 March 2015. Please note that switches or redemptions might affect the tax status of your investment and you might not be able to switch into certain sub-funds if they are not registered in your countries of citizenship, domicile or residence. We therefore recommend you to seek independent professional advice in these matters. If you would like more information, please contact your local Schroders office or your usual professional adviser or Schroder Investment Management (Luxembourg) S.A. on (+352) 341 342 212. Yours faithfully, Noel Fessey Marco Zwick

Page 3 of 3 Appendix List of ISIN codes for share classes in the Fund affected by the investment objective change. Share class Share class currency ISIN code A Accumulation CNH LU0845698876 C Accumulation CNH LU0845698959 E Accumulation CNH LU0845699098 I Accumulation CNH LU0845699171 A Accumulation EUR LU0845699254 C Accumulation EUR LU0845699338 I Accumulation EUR LU0845699411 A Accumulation USD LU0845699502 C Accumulation USD LU0845699684 E Accumulation USD LU0845699767 I Accumulation USD LU0845699841 C Distribution USD LU0845699924 The change will also apply to any additional share classes launched.

Schroder International Selection Fund Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 27 February 2015 Dear Shareholder, Schroder International Selection Fund Strategic Credit The board of directors of Schroder International Selection Fund (the "Company") has decided to amend the investment policy of the sub-fund Schroder International Selection Fund Strategic Credit (the "Fund"), with effect from 1 April 2015 (the "Effective Date"). The purpose of this amendment is to restrict the primary investments of the Fund to credit and credit related instruments and other fixed and floating rate securities issued by European companies and to reflect the Fund s increased use of credit default swaps primarily for investment purposes. The Fund's investment policy is being amended from: to: "The Fund will invest primarily in credit and credit related instruments and other fixed and floating rate securities, cash and financial derivative instruments that together provide exposure to global credit markets. "The Fund may have exposure to investment grade and sub-investment grade debt at any time. Whilst credit and credit related instruments of companies or sovereign issuers will form the majority of assets held, securities issued by governments, government agencies and supranational issuers may also be held from time to time. "The financial derivative instruments of the Fund will include, inter alia, credit default swaps. In this context, the Fund acts as protection buyer to hedge the specific credit risk of some of the issuers it holds in its portfolio. The Fund may however also sell protection to acquire a specific credit exposure and/or buy protection without holding the underlying issue. "In an aim to manage interest rate and credit risks and non base currency exposure, the Fund may make use of interest rate futures and options and of foreign exchange forward and swap contracts, respectively." "The Fund will invest primarily in credit and credit related instruments and other fixed and floating rate securities issued by European companies. The Fund may also gain exposure to global credit markets as well as invest in cash and financial derivative instruments. "The Fund may hold up to 100% of its Net Asset Value in non-investment grade instruments. Whilst credit and credit related instruments from corporate and financial issuers will form the majority of assets held, securities issued by governments, government agencies and supranational issuers may also be held from time to time. "The financial derivative instruments of the Fund will include, inter alia, credit default swaps. The Fund may sell protection to acquire a specific credit exposure and/or buy protection without holding the underlying issue. "In an aim to manage interest rate and credit risks and non-base currency exposure, the Fund may make use of interest rate futures and options and of foreign exchange forward, credit default swaps and other swap contracts." www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

Page 2 of 3 All other key features of the Fund will remain the same. The ISIN codes of the share classes affected by this change are listed in the appendix of this letter. Any expenses incurred directly as a result of making this change will be borne by Schroder Investment Management (Luxembourg) S.A., the Company's management company. We hope that you will choose to remain invested in the Fund following this amendment but if you wish to redeem your holding in the Fund or to switch into another of the Company's sub-funds before the Effective Date you may do so at any time up to and including deal cut-off on 31 March 2015. Schroder Investment Management (Luxembourg) S.A. will execute your redemption or switch instructions in accordance with the provisions of the Company s prospectus, free of charge, although in some countries local paying agents, correspondent banks or similar agents might charge transaction fees. Local agents might also have a local deal cut-off which is earlier than that described above, so please check with them to ensure that your instructions reach Schroders in Luxembourg before the deal cut-off on 31 March 2015. Please note that switches or redemptions might affect the tax status of your investment and you might not be able to switch into certain sub-funds if they are not registered in your countries of citizenship, domicile or residence. We therefore recommend you to seek independent professional advice in these matters. If you would like more information, please contact your local Schroders office or your usual professional adviser or Schroder Investment Management (Luxembourg) S.A. on (+352) 341 342 212. Yours faithfully, Noel Fessey Marco Zwick

Page 3 of 3 Appendix List of ISIN codes for share classes in the Fund affected by the investment objective change. Share class Share class currency ISIN code C Distribution GBP LU0995123931 C Accumulation GBP LU0995124079 S Distribution GBP LU1046233950 C Distribution EUR LU0995124152 A Accumulation EUR Hedged LU1046235732 B Accumulation EUR Hedged LU1046235815 C Accumulation EUR Hedged LU1046235906 A Distribution EUR Hedged LU1046236037 B Distribution EUR Hedged LU1046236110 C Distribution EUR Hedged LU0995124236 C Distribution USD Hedged LU0995846705 S Distribution USD Hedged LU1087978430 The change will also apply to any additional share classes launched.

Schroder International Selection Fund Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 27 February 2015 Dear Shareholder, Schroder International Selection Fund UK Opportunities The board of directors of Schroder International Selection Fund (the "Company") has decided to amend the investment policy of the sub-fund Schroder International Selection Fund UK Opportunities (the "Fund") with effect from 1 April 2015 (the "Effective Date") in order to amend the investment universe of the Fund to allow investments in equity and equity related securities of any large or mid-sized companies listed in the United Kingdom. The Fund's investment policy is being amended from: To: "The Fund will invest primarily in equity and equity related securities of large or mid-sized companies incorporated in the United Kingdom, or companies which derive a significant proportion of their revenues or profits from, or which are predominantly operating, within the United Kingdom." "The Fund will invest primarily in equity and equity related securities of large or mid-sized companies listed in the United Kingdom." All other key features of the Fund will remain the same. The ISIN codes of the share classes affected by this change are listed in the appendix of this letter. Any expenses incurred directly as a result of making this change will be borne by Schroder Investment Management (Luxembourg) S.A., the Company's management company. We hope that you will choose to remain invested in the Fund following this amendment but if you wish to redeem your holding in the Fund or to switch into another of the Company's sub-funds before the Effective Date you may do so at any time up to and including deal cut-off on 31 March 2015. Schroder Investment Management (Luxembourg) S.A. will execute your redemption or switch instructions in accordance with the provisions of the Company s prospectus, free of charge, although in some countries local paying agents, correspondent banks or similar agents might charge transaction fees. Local agents might also have a local deal cut-off which is earlier than that described above, so please check with them to ensure that your instructions reach Schroders in Luxembourg before the deal cut-off on 31 March 2015. Please note that switches or redemptions might affect the tax status of your investment and you might not be able to switch into certain sub-funds if they are not registered in your countries of citizenship, domicile or residence. We therefore recommend you to seek independent professional advice in these matters. If you would like more information, please contact your local Schroders office or your usual professional advisor or Schroder Investment Management (Luxembourg) S.A. on (+352) 341 342 212. Yours faithfully, Noel Fessey Marco Zwick www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

Page 2 of 2 Appendix List of ISIN codes for share classes in the Fund affected by the investment objective change Share class Share class currency ISIN code A Distribution GBP LU0995122701 C Distribution GBP LU0995122883 C Accumulation GBP LU0995123006 S Distribution GBP LU1046234099 A Distribution EUR LU0995123261 C Distribution EUR LU0995123345 C Accumulation EUR LU0995123428 C Accumulation EUR Hedged LU0995123691 A Distribution USD LU0995123774 C Distribution USD LU0995123857 The change will also apply to any additional share classes launched.