Statement re Investment into Waterlogic

Schroder British Opportunities Trust plc

Investment into Waterlogic

Schroder British Opportunities Trust plc ("SBO" or the "Company") is pleased to announce it has made an investment into the EPIC I-b Fund SLP, a single asset fund managed by Castik Capital, which has acquired a majority stake in Waterlogic Group Holdings Limited ("Waterlogic"). Waterlogic is a leading global provider of purified drinking water dispensers, headquartered in the UK.

Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and solutions designed for environments such as offices, factories, hospitals, restaurants, hotels, schools, and public spaces. From freestanding, countertop and integrated dispensers to water filling stations, fountains and boilers, every solution focuses on delivering high quality water in a safe and sustainable way.

Founded in the UK in 1992, Waterlogic was one of the first companies to [introduce/launch] bottle-less dispensers and has been at the forefront of the market promoting product design and water quality, the application of proprietary technologies, sustainability and world-class sales and service. Waterlogic has its own subsidiaries in 18 countries and its leading markets are the UK, Western Europe, USA and Australia.

The company drives growth organically and through M&A to consolidate its position in existing territories and extend its reach to new markets. In addition, Waterlogic's extensive and expanding independent global distribution network reaches over 50 countries around the world in North and South America, Europe, Asia, Australia, and South Africa. Its far-reaching market coverage means Waterlogic is the only water dispenser provider able to cover the geographical needs of global customers under one roof.

This transaction will provide Waterlogic with an extended investment horizon, additional capital to continue executing on its buy & build strategy, and the resources to support its global growth ambitions.

Waterlogic has revenues of c. $400m and EBITDA in excess of $150m. The company is vertically integrated with in-house R&D and manufacturing sites in the USA, Australia and China. Strong recent growth has been driven by organic growth initiatives such as new market entry and the launch of innovative new products, and almost 80 add-on acquisitions.

This investment is in line with SBO's focus on backing high-quality, high growth UK businesses, with opportunities for multi-dimensional business transformation and a strong alignment between shareholder value and fundamental positive purpose in society.

With its strong ESG focus, the Company intends that the activities of each of the investee companies in its portfolio will be consistent with the achievement of at least one of the United Nations' Sustainable Development Goals ("SDGs") or Sub-Goals. The investment in Waterlogic is in line with SDG 3 "Good health and well-being" and SDG 6 "Clean Water and Sanitation" and SDG 11 "Sustainable Cities and Communities" by virtue of its global clean water offering through dispensers reducing the need for plastic bottled water.

Tim Creed, Head of UK and European Private Equity at Schroders, commented: "We are delighted to be investing into the EPIC I-b Fund and to gain exposure to Waterlogic, a highly successful UK company that has been able to expand globally offering clean water dispensing solutions and contributing to the move to bottle-less workplace hydration. The 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.