4^th August 2022

Schroder British Opportunities Trust plc

Follow on investment into Cera Care

Schroder British Opportunities Trust plc ("SBO" or the "Company") is pleased to announce that it has made an additional investment into Cera Care Limited ("Cera") as part of a new funding round to accelerate its growth. Cera, Europe's largest provider of digital-first home healthcare, has raised $320m (~£260m) in equity and debt to expand from servicing 15,000 to 100,000 at-home patients each day. One effect of this is to free up NHS beds and boost the UK's care capacity by the equivalent of more than 50 hospitals.

It is anticipated that the funding round will lead to an unaudited uplift in the fair value of the Company's existing holding in Cera of c. £2.1 million, or an approximate uplift on the Company's NAV of 2.8 pence per share, compared to the valuation as at 31 March 2022.

The Company produces a daily unaudited NAV calculation, revaluing its public asset holdings on a daily basis. The private asset valuations are revalued quarterly post period end. The Company's private assets are currently held at their 31 March 2022 valuations. The unaudited NAV per ordinary share, incorporating valuation of the private assets as at 30 June 2022 and the anticipated uplift to Cera's holding value, will be announced in September 2022.

Cera operates in the UK and Germany, delivering care, nursing, telehealth and prescription delivery services in the home supported by technology, a model that is around 10-fold more affordable than a patient receiving care in hospital. Cera's carers and nurses collect patient symptoms and health data during at-home appointments, which its artificial intelligence algorithms use to predict deterioration in conditions before they occur.  The new capital will be used to increase the number of patients in Cera's care by over 5-fold by 2025. Cera's mission is to empower patients to live longer, healthier lives in their own homes through technology. It will also be used to expand the company's footprint  in nursing, telehealth and prescription delivery services, both in the UK and internationally.

The funding round was led by Cera's existing investor Kairos HQ, alongside the Vanderbilt University Endowment, Evolve HealthCare Partners and several other international institutional investors.

Launched in 2016 by Dr Ben Maruthappu MBE, Cera has almost 10,000 employees across the UK and Germany, and holds over 300 contracts with the NHS and local governments. Its advisory board is chaired by Sir David Behan, the former CEO of the Care Quality Commission.

This investment is a testament to SBO's strategy and focus on backing excellent management teams that are able to execute on ambitious growth plans which align increasing shareholder value and fundamental positive purpose in society. This follow-on funding round into Cera comes hot on the heels of three recently announced new private equity investments made by SBO in 2022, taking the private equity portfolio to nine companies.  Six of these have seen an increase in valuation since the Company's initial investment, which is testament to the decision making of the Schroders team.

Tim Creed, Head of Private Equity at Schroders, commented:

"We are pleased to have been able to participate in Cera's latest financing and help them empower those in the care sector. Ageing populations, post-pandemic recovery and major staff shortages have created a series of issues facing healthcare providers and governments. Cera's proposition is proven to deliver results to face down these challenges. We're proud to be a partner of Cera, and to play our part in empowering people to live longer, better lives in their own homes through technology."

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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.

Environmental, Social and Governance (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 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.

About Cera

Cera is a digital-first home healthcare company delivering care, nursing, telehealth and repeat prescriptions. Cera's mission is to empower patients to live longer, better lives in the comfort of their own homes, saving the need to go to hospital. Cera has grown 100-fold in less than three years - making it one of the fastest growing businesses in Europe.

Cera's team of carers and nurses have delivered 25+ million at-home care appointments, visiting over 15,000 patients a day, on behalf of 300 NHS and Local Governments - equivalent in capacity to 40 NHS hospitals or 1,000 care homes. Cera's technology is also used by over 2,000 care businesses that collectively deliver over 1 million at-home appointments per week.

Cera was co-founded by entrepreneur, physician and policy expert Dr Ben Maruthappu MBE, and its Advisory Board is Chaired by Sir David Behan, the former CEO of the Care Quality Commission. Cera's technology and network have been recognised by industry awards including Deloitte Fast 50 (#8 in 2021, #26 in 2020), Sunday Times Fast Track, Home Care Awards' Most Outstanding Home Care Provider. Ben was named as a finalist in Ernst & Young's Entrepreneur of the Year Awards 2021.

More information is available at : https://www.cerahq.com/