Statement re Quarterly NAV

Schroder British Opportunities Trust plc

("SBO" or the "Company")

Quarterly Net Asset Value ("NAV") as at 31 March 2021

Following the quarterly valuation of the Company's private equity holdings, the Company announces that as at 31 March 2021, the Company's unaudited net asset value (cum income) per ordinary share was 105.73 pence.

The Company's daily NAV calculation re-values the public asset holdings on a daily basis, with the private equity holdings revalued quarterly post period end. The unaudited NAV per ordinary share announced today of 105.73 pence represents an increase of 3.5% based on the estimated net asset value as at 31 March 2021 of 102.16 pence, as released on 1 April 2021.

The unaudited valuations of the private equity holdings as at 31 March 2021 will be included in the Company's daily NAV announcements from today onwards. The Company's last unaudited net asset value (cum income) per ordinary share as at 28 May 2021, prior to the increase in valuation of the Company's private equity holdings, was 105.06 pence.

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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.