Schroder Investment Management (Europe) S.A.

Schroder Investment Management (Europe) S.A. 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel: +352 341 342 202 Fax:+352 341 342 342 30 October 2018 IMPORTANT: receipt of this letter does not imply that the sub-funds mentioned herein are covered by your agreement and/or are authorised for distribution to the public in the country in which you distribute, nor that the agreement you have in place with Schroder International Selection Fund (the "Company") or its management company, Schroder Investment Management (Europe) S.A., entitles you to distribute all of the Company's sub-funds and share classes which are authorised in the country in which you distribute. Please refer to your agreement for further details. Dear Sir, Madam, Schroder International Selection Fund We are pleased to inform you that the board of directors of Schroder International Selection Fund has decided to reduce the fees payable by shareholders of the following funds with effect from 1 October 2018. This has resulted in reductions in the ongoing charges ( OGC ) as set out in the table below. Fund name www.schroders.com R.C.S. Luxembourg B. 37 799 For your security telephone conversations may be recorded Share class 30 June 2018 1 October 2018 Schroder ISF Asia Pacific Cities Real Estate* C 1.33% 1.08% Schroder ISF EURO Bond* C 0.64% 0.52% Schroder ISF European Large Cap* C 1.06% 0.94% Schroder ISF Global Cities Real Estate C 1.31% for unhedged 1.35% for hedged 1.06% for unhedged 1.10% for hedged Schroder ISF Global Climate Change Equity* C 1.31% 1.06% Schroder ISF Global Convertible Bond C 1.05% for unhedged 1.08% for hedged Z 0.92% for unhedged 0.96% for hedged Schroder ISF Global Inflation Linked Bond C 0.65% for unhedged 0.69% for hedged Schroder ISF US Large Cap C 1.04% for unhedged 0.95% for unhedged 0.98% for hedged 0.82% for unhedged 0.86% for hedged 0.53% for unhedged 0.57% for hedged 0.84% for unhedged 1.08% for hedged 0.88% for hedged

Page 2 of 3 Schroder ISF US Small & Mid-Cap Equity C 1.29% for unhedged 1.14% for unhedged 1.33% for hedged 1.18% for hedged Schroder ISF US Smaller Companies* C 1.30% 1.15% * This sub-fund only has unhedged. All other key features of the Funds will remain the same. The ISIN codes for the share classes affected by the reduction in fees are listed in the appendix of this letter. On 2 November 2018 we will write to the shareholders of the Schroder International Selection Fund to inform them about the change. If you would like more information or copies of the letter, please contact your local Schroder office or Schroder Investment Management (Europe) S.A. by sending an email to simeucsm@schroders.com or calling (+352) 341 342 212. Yours faithfully, Chris Burkhardt Director Vanessa Grueneklee Director

Page 3 of 3 Appendix ISIN codes of share classes affected by the change Fund Share class Share class currency ISIN code Schroder ISF Asia Pacific Cities Real Estate C Accumulation USD LU0269906375 C Accumulation CHF LU0820943420 C Accumulation EUR LU0820943776 Schroder ISF EURO Bond C Accumulation EUR LU0106235889 C Distribution AV EUR LU0093472917 Schroder ISF European Large Cap C Accumulation EUR LU0106237315 C Distribution AV EUR LU0062908172 C Accumulation USD LU0725252216 C Distribution AV GBP LU0798851001 Schroder ISF Global Cities Real Estate C Accumulation USD LU0224508670 C Distribution AV USD LU0232938208 C Accumulation EUR Hedged LU0224509561 Schroder ISF Global Climate Change Equity C Accumulation USD LU0302446132 C Distribution AV USD LU0302446488 C Accumulation EUR LU0302447452 Schroder ISF Global Convertible Bond C Accumulation USD LU0351442933 C Distribution QV USD LU0935022649 Z Accumulation USD LU1725191057 C Accumulation EUR Hedged LU0352097942 Z Accumulation EUR Hedged LU1725191214 C Distribution AV EUR Hedged LU0686062687 Z Distribution QF EUR Hedged LU1725191487 C Accumulation GBP Hedged LU0451393952 C Distribution AV GBP Hedged LU0458180394 C Accumulation CHF Hedged LU0484518450 Z Accumulation CHF Hedged LU1857319526 C Accumulation SEK Hedged LU1469676123 Schroder ISF Global Inflation Linked Bond C Accumulation EUR LU0180781394 C Distribution AV EUR LU0294150569 C Distribution AV GBP LU0488034827 C Accumulation USD Hedged LU0188096720 C Distribution AV USD Hedged LU0294150999 C Distribution AV GBP Hedged LU0294151377 Schroder ISF US Large Cap C Accumulation USD LU0106261539 C Distribution AV USD LU0062903884 C Accumulation EUR LU0248185604 C Accumulation EUR Hedged LU0271484684 C Accumulation SEK Hedged LU1413919843 Schroder ISF US Small & Mid-Cap Equity C Accumulation USD LU0205193807 C Distribution AV USD LU0205194367 C Accumulation EUR LU0248177502 C Accumulation EUR Hedged LU0334663407 Schroder ISF US Smaller Companies C Accumulation USD LU0106262180

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 2 November 2018 Dear Shareholder, We are pleased to inform you that the board of directors of Schroder International Selection Fund has decided to reduce the fees payable by shareholders of the following funds with effect from 1 October 2018. This has resulted in reductions in the ongoing charges ( OGC ) as set out in the table below. Fund name Share class 30 June 2018 1 October 2018 Schroder ISF Asia Pacific Cities Real Estate* C 1.33% 1.08% Schroder ISF EURO Bond* C 0.64% 0.52% Schroder ISF European Large Cap* C 1.06% 0.94% Schroder ISF Global Cities Real Estate C 1.31% for unhedged 1.35% for hedged 1.06% for unhedged 1.10% for hedged Schroder ISF Global Climate Change Equity* C 1.31% 1.06% Schroder ISF Global Convertible Bond C 1.05% for unhedged 1.08% for hedged Z 0.92% for unhedged 0.96% for hedged Schroder ISF Global Inflation Linked Bond C 0.65% for unhedged 0.69% for hedged Schroder ISF US Large Cap C 1.04% for unhedged 1.08% for hedged Schroder ISF US Small & Mid-Cap Equity C 1.29% for unhedged 1.33% for hedged 0.95% for unhedged 0.98% for hedged 0.82% for unhedged 0.86% for hedged 0.53% for unhedged 0.57% for hedged 0.84% for unhedged 0.88% for hedged 1.14% for unhedged 1.18% for hedged Schroder ISF US Smaller Companies* C 1.30% 1.15% * This sub-fund only has unhedged. 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 Funds will remain the same. The ISIN codes for the share classes affected by the reduction in fees are listed in the appendix of this letter. If you have any questions or would like more information about Schroders' products please contact your local Schroders office, your usual professional adviser, or Schroder Investment Management (Europe) S.A. on (+352) 341 342 212. Yours faithfully, Chris Burkhardt Authorised Signatory Vanessa Grueneklee Authorised Signatory