18 January 2017

Phoenix Spree Deutschland Ltd

(the "Company")

Publication of Supplementary Prospectus

Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed investment company specialising in German residential real estate, has published a supplementary prospectus approved by the UK Listing Authority (the "Supplementary Prospectus"). The publication of the Supplementary Prospectus is a regulatory requirement under the Prospectus Rules following the publication of the Company's annual report and audited accounts for the financial year ended 31 December 2015 and interim results for the half year to 30 June 2016.

The Supplementary Prospectus is supplemental to, and should be read in conjunction with, the prospectus published by the Company on 9 February 2016 in relation to the Firm Placing, Offer for Subscription and Placing Programme.

The Supplementary Prospectus will shortly be available for inspection at the Company's website www.phoenixspree.com and will shortly be submitted to the National Storage Mechanism which can be accessed at http://www.morningstar.co.uk/uk/NSM.

For further information please contact: