German Listed Bonds plc: In relation to Eur 150 Mio Secured Medium Term Note Program-Series 2018-GLB1, Series 2018-GLB2, Series 2018-GLB3

London (pta032/27.01.2020/22:15 UTC+1) ,

Loan Originator and Servicer Termination

Following its ongoing investigation into the occurrence of the events of default which came to the Issuer's attention in November 2019, the Issuer has resolved to terminate the appointment of SHB Property Advisors Limited ("SHB ") as the loan originator and servicer under the Loan Origination Agreement and the Servicing Agreement both as between the Issuer, SHB and Wilmington Trust SP Services (London) Limited (the "Security Trustee") and each dated 19 November 2018 (the "Loan Origination Agreement" and the "Servicing Agreement" respectively).

(i) Servicer Termination Effective Date: Pursuant to the terms of the Servicing Agreement, the termination of SHB as servicer shall become effective upon the appointment of a replacement servicer. Until such time, SHB shall continue in its role as servicer.

The Issuer is currently engaged in discussions with the arranger to the Programme, Zenzic Partners Limited ("Arranger "), and the Security Trustee regarding the appointment of a replacement servicer and Noteholders will be promptly updated as to outcome of this process and the appointment of the replacement servicer.

(ii) Loan Originator Termination Effective Date: The termination of SHB as loan originator is contingent upon the consent of the Security Trustee and the elapsing of a 90 day notice period.

The Issuer is currently engaged in discussions with the Security Trustee with regards to obtaining the necessary consent.

Noteholder Conference Call

Given regulatory restrictions on the Issuer to communicate with individual noteholders and requirements to communicate any information to all noteholders in the same time and format, the Issuer shall host a call with the Security Trustee open to all Noteholders in order to discuss possible replacement servicers, provide a further update to the Noteholders and answer any relevant questions. The time and date of such a call will be confirmed in due course.

Issuer Accounts

The Issuer has a segregated reserve account holding a liquidity reserve (the "Cash Reserve Account "). As of 17 January 2020, the account balance of the Cash Reserve Account was EUR 874,832.00 and therefore satisfies the cash reserve requirement, set out in respect of the Series 1 Notes, of 14.98%, as stipulated in ARC's rating report. The balance of the Cash Reserve Account can be applied towards Series 1 coupon payments only.

Further Updates and Contacts

The Issuer has instructed SHB to handover access to the Issuer's website and email to the Arranger in its role as a corporate servicer.

On 24 January 2020, the Issuer requested SHB provide answers to questions from the Noteholders in respect of the loan origination process and due diligence conducted on the Borrower by 25 January 2020. As of the date of this announcement, the Issuer has not been provided by SHB with the answers to these questions.

The Issuer is in the process of taking over the day-to-day management of its website from SHB to enable it to provide further updates on its website of any material developments with respect to the matters described in this notice and any discussions related thereto. The Issuer expects to provide the next update on or around 11 February 2020. Noteholders who have queries in relation to the above matters should contact the Issuer for further information via its new email address (enquiries@germanlistedbonds.co.uk), which will be operational from 17.00 (London time) tomorrow.

27 January 2020

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Emitter:	German Listed Bonds plc Brompton Place, 161 Brompton Road SW3 1PQ London United Kingdom
Contact Person:	Dr. Anh-Duc Cordalis
E-Mail:	cordalis@greenfort.de
Website:	www.germanlistedbonds.com
ISIN(s):	XS1856028342 (Bond)
Stock Exchange(s):	Free Market in Frankfurt
Other Stock Exchanges:	SIX Swiss Exchange, Cayman Islands