Company Press Release

Schroders to acquire STW Fixed Income Management

December 17, 2012

Schroders plc (Schroders) announces that it has reached agreement for its subsidiary Schroder U.S. Holdings Inc. to acquire 100 per cent. of the share capital of STW Fixed Income Management LLC (STW), a value-orientated, US investment-grade fixed income manager. As of September 30, 2012, STW manages approximately US$11.9 billion on behalf of more than 100 institutional clients and has delivered top quartile performance across a broad range of fixed income strategies.

Michael Dobson, Chief Executive of Schroders said, ‘STW’s long-term investment approach and its strong performance track record are an excellent fit with Schroders. This acquisition increases our assets under management in US fixed income by 50 per cent. to US$35 billion, broadens our product and service platform in fixed income and extends our institutional client base in the US.’

William H. Williams, founder, CEO and CIO of STW said, ‘We have been determined in our efforts to partner with a firm that values clients the same way as STW has for over three decades. I believe that this transaction is the best decision for STW clients and employees. I look forward to the continued success of the combined business in the years ahead.’

The transaction is expected to be completed in the first quarter of 2013.

For additional information, please contact Chris Moon of JCPR at 973-850-7304 or cmoon@jcprinc.com, or Susan Schuppe, Schroders (New York), at 212-641-3910 or Susan.Schuppe@US.Schroders.com.

About Schroder Investment Management North America Inc.

Schroder Investment Management North America Inc. is a unit of Schroders plc (SDR.L), a global asset management company with approximately $327.4 billion under management as of September 30, 2012.

Schroders’ clients consist of major financial institutions including banks and insurance companies, as well as local and public authorities, public and private pension funds, endowments and foundations, intermediaries and advisors, as well as high net worth individuals and retail investors. The firm has built one of the largest networks of offices of any dedicated asset management company with more than 350 portfolio managers and analysts covering the world's investment markets, offering a comprehensive range of products and services.

Schroder Investment Management North America Inc. is an investment advisor registered with the US SEC. It provides asset management products and services to clients in the US and Canada including Schroder Capital Funds (Delaware), Schroder Series Trust and Schroder Global Series Trust, investment companies registered with the SEC (the "Schroder Funds"). Shares of the Schroder Funds are distributed by Schroder Fund Advisors LLC, a member FINRA. Schroder Investment Management North America Inc. and Schroder Fund Advisors LLC are indirect, wholly-owned subsidiaries of Schroders plc, a UK public company with shares listed on the London Stock Exchange.

For additional information about Schroders, go to www.schroders.com/us.

STW

STW Fixed Income Management LLC is a specialty fixed income manager founded in 1985, that provides custom solutions to meet the needs of a diverse client base. The firm manages portfolios across the duration spectrum for both taxable and tax-exempt investors. Assets under management are US$11.9 billion as of 30 September 2012. Further information on STW can be found at www.stw.com.