Big Society Capital Impact Report

Key risks that are specific to the company

– There can be no guarantee that the Company will achieve its investment objective or that investors will get back the amount of their original investment. – The Company has a limited operating history and investors have a limited basis on which to evaluate the Company’s ability to achieve its investment objective. – The Company has no employees and is reliant on the performance of third party service providers. Failure by the AIFM, the Portfolio Manager or any other third party service provider to perform in accordance with the terms of its appointment could have a material detrimental impact on the operation of the Company. – The financial performance of the Company will depend upon the financial performance of the underlying portfolio. The Company’s portfolio will include Social Impact Investments over which the Company and Portfolio Manager have no control. In particular, investments in Impact Funds and certain Co-Investments will be managed by third party managers. The Company’s performance and returns to Shareholders will depend on the performance of those Social Impact Investments and their managers. – The Company’s objective is to deliver measurable positive social impact as well as long term capital growth and income and these dual aims will generally be given equal weighting. Social impact is the improvement of the life outcomes of beneficiaries in a specific target group or groups. There is no universally accepted definition of ‘impact’, an assessment of which requires value judgments to be made. The Company’s impact focus may mean that the financial returns to Shareholders are lower than those which might be achieved by other investment products.

– The Company depends on the diligence, skill, judgement and business contacts of the Portfolio Manager’s investment professionals and the information and deal flow they generate, especially given the specialist nature of social impact investing. The departure of some or all of the Portfolio Manager’s investment professionals could prevent the Company from achieving its investment objective. – The Company will make investments where the Company’s commitment is called over time. Due to the nature of such investments, in the normal course of its activities the Company expects to have outstanding commitments in respect of Social Impact Investments that may be substantial relative to the Company’s assets. The Company’s ability to meet these commitments, when called, is dependent upon the Company having sufficient cash or liquid assets at the time, the receipt of cash distributions in respect of Investments (the timing and amount of which can be unpredictable) and the availability of the Company’s borrowing facilities, if any. – The Company’s investments may be illiquid and a sale may require the consent of other interested parties. Such investments may therefore be difficult to realise and to value. Such realisations may involve significant time and cost and/or result in realisations at levels below the value of such investments estimated by the Company. – Any change in the Company’s tax status or in taxation legislation or practice generally could adversely affect the value of the investments held by the Company, or the Company’s ability to provide returns to Shareholders, or alter the post- tax returns to Shareholders.

Important Information: This information is a marketing communication. This document does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder BSC Social Impact Trust plc (the “Company”). Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. Any reference to sectors/countries/stocks/securities are for illustrative purposes only and not a recommendation to buy or sell any financial instrument/securities or adopt any investment strategy. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. Schroders and Big Society Capital have expressed their own views and opinions in this document and these may change. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Third party data is owned or licensed by the data provider and may not be reproduced or extracted and used for any other purpose without the data provider’s consent. Third party data is provided without any warranties of any kind. The data provider and issuer of the document shall have no liability in connection with the third party data. The terms of the third party’s specific disclaimers, if any, are set forth in the Important Information section at www.schroders.com. We recommend you seek financial advice from an Independent Adviser before making an investment decision. If you don’t already have an Adviser, you can find one at www.unbiased.co.uk or www.vouchedfor.co.uk. Issued in June 2023 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registration No 4191730 England. Authorised and regulated by the Financial Conduct Authority. UK006349

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