Notification of Major Interest in Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Phoenix Spree Deutschland Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

N/a

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

N/A

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

N/A

An event changing the breakdown of voting rights

N/A

Other (please specify):

Increase in issue share capital - 2 or more concurrent corporate actions

X

3. Full name of person(s) subject to thenotification obligation: iii

Royal Bank of Canada

4. Full name of shareholder(s)  (if different from 3.):iv

RBC cees Trustee Limited

RBC Trustees (CI) Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

04 March 2016

6. Date on which issuer notified:

08 March 2016

7. Threshold(s) that is/are crossed orreached: vi, vii

Below 3%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

In-

Direct

Sedol BVG2VP8 Ord NPV shares

2,786,136

2,786,136

2,386,069

2,386,069

2.58%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

N/A

N/A

N/A

N/A

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

2,386,069

2.58%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

RBC cees Trustee Limited and RBC Trustees (Channel Islands) Limited are wholly owned indirect subsidiaries of the Royal Bank of Canada.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

Calculated on issues share capital of 92,491,345

14. Contact name:

Scott Roberts or Graham Horsnell

15. Contact telephone number:

(01534) 602971 / (01534) 283292