Clarification of Investment Restrictions

07 November 2018

Phoenix Spree Deutschland Limited(The "Company" or "PSDL")

Clarification of Investment Restrictions

The Company hereby clarifies its investment restrictions in respect of investment in other investment companies or investment trusts which are listed on the Official List of the UK Listing Authority (the "Official List").

 No more than 10% in aggregate of the value of the gross assets of the Company may be invested in other listed closed-ended investment funds, except for those which themselves have stated investment strategies to invest no more than 15% of their gross assets in other listed closed-ended investment funds.

 Additionally, the Company will itself not invest more than 15% of its gross assets in other investment companies or investment trusts which are listed on the Official List.

For further information please contact:

Phoenix Spree Deutschland Limited +44 (0)20 3937 8760

Stuart Young

Numis Securities Limited (Corporate Broker) +44 (0)20 3100 2222

David Benda

Tulchan Communications (Financial PR) +44 (0)20 7353 4200Tom MurrayElizabeth Snow

The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014. By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of the Company is Estera Trust (Jersey) Limited.

LEI: 213800OR6IIJPG98AG39