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NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE END OF THIS ANNOUNCEMENT.

This announcement does not constitute, and may not be construed as, an offer to sell or an invitation to purchase, investments of any description, or a recommendation regarding the issue or the provision of investment advice by any party.

17 December 2020

LEI: 549300PG5MF2NY4ZRM86

Schroder BSC Social Impact Trust plc

Result of IPO

The Board of Schroder BSC Social Impact Trust plc (the "Company"), is pleased to announce that the Company has raised gross proceeds of £75 million through the issue of 74,999,999 ordinary shares of one penny each in the capital of the Company ("Ordinary Shares"). The Ordinary Shares will be issued at an issue price of 100 pence per Ordinary Share under the Initial Placing, Offer for Subscription, Intermediaries Offer and issue of Consideration Shares (the "Issue").

The Company will use part of the net proceeds to acquire seven assets from Big Society Capital with the balance of the net proceeds to be invested in accordance with the Company's investment policy and/or used for working capital purposes.

The Company has been launched to invest in social impact investments that seek to address a range of issues including tackling the significant increase in homelessness, providing support for people with learning disabilities, providing housing for survivors of domestic abuse as well as enabling improved access to quality care services for physical and mental health conditions.

Applications have been made for the admission of 75,000,000 Ordinary Shares to the premium segment of the Official List of the Financial Conduct Authority and to trading on the premium segment of the main market of the London Stock Exchange ("Admission"). It is expected that Admission will become effective and that unconditional dealings will commence in the Ordinary Shares at 8.00 a.m. on 22 December 2020.

The ticker for the Company's shares will be 'SBSI' (ISIN: GB00BF781319 and SEDOL: BF78131).

Susannah Nicklin, Chair of the Company, commented:

"We are delighted by the launch of this unique social impact trust, which will provide investors with a diverse mix of social impact investments at a time when social issues are understandably at the forefront of the minds of many investors. The Company is able to provide vital capital to charities and social enterprises tackling many social challenges, from homelessness to domestic abuse. I look forward to working with Schroders, Big Society Capital and shareholders as the Company seeks to deliver a measurable social impact and a financial return for investors."

Andy Howard, Global Head of Sustainable Investment at Schroders, said:

"We are delighted that the Company is now established and that we are able to put capital to work into projects that make a meaningful difference to society at a local level. This is a unique product which gives investors access to a diversified portfolio of private market impact investments through a London listed vehicle for the first time. In addition to its clear focus on social impact, the Company seeks to provide an attractive and consistent return profile derived from investments with low correlation to equity market movements and that are frequently asset or government backed. We look forward to updating shareholders as we begin to deploy proceeds over the coming weeks."

Jeremy Rogers, Chief Investment Officer at Big Society Capital, said:

"We would like to thank all involved in the launch of the Schroder BSC Social Impact Trust at this extraordinary time. We have been encouraged by the growing interest of pioneer investors to directly address social challenges through their investments. We look forward to working with our shareholders to deliver good risk-adjusted returns alongside substantial social impact across the UK."

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the prospectus published by the Company on 23 November 2020.

For further information please contact:

Schroders
John Spedding Estelle Bibby (Press)	0207 658 3206 0207 658 3431
Big Society Capital
Georgette Harrison, Senior Communications Director James Westhead, Head of Engagement	gharrison@bigsocietycapital.com jwesthead@bigsocietycapital.com
Winterflood Securities Limited	020 3100 0000
Neil Langford Chris Mills
Buchanan (Financial PR)	020 7466 5000
Charles Ryland Henry Wilson George Beale

Disclaimer

This announcement does not constitute, and may not be construed as, an offer to sell or an invitation to purchase investments of any description or a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company.

Winterflood, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company and for no-one else in connection with the matters described in this announcement and will not regard any other person (whether or not a recipient of the Prospectus) as its client and will not be responsible to anyone for providing the protections afforded to its clients or providing any advice in relation to the matters contained herein.

The shares of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933 (as amended) (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons absent registration or an exemption from registration under the Securities Act. Moreover, the shares of the Company have not been, nor will they be, registered under the applicable securities laws of Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than any member state of the EEA, including the United Kingdom, where the Ordinary Shares and/or C Shares are lawfully marketed). Further, the Company is not, and will not be, registered under the US Investment Company Act of 1940, as amended. The shares of the Company will be offered and sold outside of the United States to non-U.S. Persons in reliance on the exemption from the registration requirements of the Securities Act provided by Regulation S thereunder. Subject to certain exceptions, the shares of the Company may not be offered or sold in the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than any member state of the EEA, including the United Kingdom, where the Ordinary Shares and/or the C Shares are lawfully marketed) or to, or for the account or benefit of, any national, resident or citizen of, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than the United Kingdom or to professional investors in certain EEA member states for which marketing approval has been obtained). The Initial Issue and any subsequent placing under the Placing Programme, and the distribution of this announcement, in certain jurisdictions may be restricted by law and accordingly persons into whose possession this announcement is received are required to inform themselves about and to observe such restrictions.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.