Schroder British Opportunities Trust plc

Waterlogic combination with Culligan International

Schroder British Opportunities Trust plc ("SBO" or the "Company") is pleased to confirm that one of its private equity investments, Waterlogic Group Holdings ("Waterlogic"), has announced that it has agreed to combine with Culligan International ("Culligan") to create a leader in sustainable drinking water solutions and services.

Culligan is a leading global consumer water solutions and services provider whose mission is to deliver clean, safe and soft water to improve consumers' health and wellness and reduce single use plastics. Waterlogic has pioneered the application of advanced technology in the design of its water dispensers for offices, healthcare, education, hospitality and public settings to deliver sustainable and safe water.

Together the combined company will shape the future of clean and sustainable drinking water, providing water solutions and services for customers at home, at work, at leisure and on-the-go. The transaction brings additional scale and expertise to drive innovation in the development of new water filtration, purification and treatment solutions, expanding those to both existing and new markets, and additional distribution channels. In addition, by addressing the fundamental need for the provision of clean, safe, soft and sustainably sourced water ad the reduction of single use plastics, the combined company and its customers will help deliver against the United Nations Sustainable Development Goals ("SDGs") and meet their respective leading Environmental, Social and Governance ("ESG") commitments.

SBO gained exposure to Waterlogic through its investment in May 2021 into the EPIC I-b Fund SLP, a single asset fund managed by Castik Capital, which acquired a majority stake in Waterlogic. Existing investors in Waterlogic will continue to hold a meaningful minority ownership position in Culligan going forward. Terms of the transaction were not disclosed.

The transaction is expected to close in the second half of 2022, subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions.

Tim Creed, Portfolio Manager of the Company, commented: "We are delighted to see the announcement of this combination which will create a global leader in sustainable drinking water solutions and services while allowing SBO to remain a shareholder. The combined business has very strong sustainability credentials and considerable future growth potential through continued M&A and new product innovation."

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About Schroder British Opportunities Trust plc

Schroder British Opportunities Trust plc has been established to invest in a diversified portfolio of both public equity investments and private equity investments consisting predominantly of UK Companies with strong long-term growth prospects.

ESG company engagement is a key feature of the Company's investment strategy. The Company's focus is on companies with business models which are considered to be sustainable in terms of both the longevity and durability of their businesses and their environmental, social and governance (ESG) behaviours.

The Company's ordinary shares are listed on the premium listing segment of the Official List of the Financial Conduct Authority and have been admitted to trading on the main market for listed securities of the London Stock Exchange in December 2020 under the ticker "SBO".

Further information on the Company is available at www.schroders.com/sbo.