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RNS Number : 9642S

Schroder UK Public Private Tst plc

15 March 2023

Schroder UK Public Private Trust plc

Update on Silicon Valley Bank

Schroder UK Public Private Trust plc (the "Company") provides this update following recent developments related to Silicon Valley Bank ("SVB").

Latest developments

Following the closure of SVB by the California Department of Financial Protection and Innovation on Friday 10 March 2023, the Company welcomes the statement(2) on Monday 13 March 2023 from The Federal Deposit Insurance Corporation ("FDIC") confirming the transfer of all deposits and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated 'bridge bank' in an action designed to protect all depositors. As such, SVB depositors will have full access to their money beginning the morning of 13 March 2023, when Silicon Valley Bank, N.A., the bridge bank, opens and resumes normal banking hours and activities.

The Company further welcomes the statement(1) on Monday 13 March 2023 from the Bank of England ("BoE") that it has taken the decision to sell Silicon Valley Bank UK Limited ("SVBUK"), the UK subsidiary of the US bank, to HSBC UK Bank Plc. This action has been taken to stabilise SVBUK, ensuring the continuity of banking services, minimising disruption to the UK technology sector and supporting confidence in the financial system. The BoE and HM Treasury confirmed that all depositors' money with SVBUK is safe and secure as a result of this transaction. SVBUK's business will continue to be operated normally by SVBUK. All services will continue to operate as normal and customers should not notice any changes.

Exposure

In the spirit of full transparency, we would like to update you on the Company's direct and indirect exposure to SVB.

-- Schroder UK Public Private Trust plc (the "Company") has no direct banking relationship with SVB.

-- The Company's underlying portfolio companies have a range of banking relationships which in some instances include SVB and SVBUK. While the review of the portfolio is ongoing, on the basis of the information the Manager has available, the Company's estimated indirect exposure across its portfolio is 0.8% of Net Asset Value(3) .

-- Schroders Capital Management (Switzerland) AG as delegated Portfolio Manager of the Company and its funds have no direct banking relationship with SVB. Therefore there is no direct exposure from their funds or mandates.

Enquiries:

Schroder Investment Management Limited

   Augustine Chipungu (Press)                                          0207 658 2106 
   Shilla Pindoria (Company Secretary)                            0207 658 7267 
   John Spedding                                                                0207 658 3206

(1) https://www.bankofengland.co.uk/news/2023/march/statement-on-silicon-valley-bank

(2) https://www.fdic.gov/news/press-releases/2023/pr23019.html

(3) Calculated based on the total amount understood by us to be deposited by portfolio companies with SVB and SVBUK, in each case multiplied by the Company's fully diluted ownership percentage of the relevant portfolio company, and the unaudited daily net asset value as of 10 March 2023 (GBP255.4 million).

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March 15, 2023 03:00 ET (07:00 GMT)

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