Asset and Facilities Management Agreement

GCP Student Living plc (the "Company") Asset and Facilities Management Agreement On 12 April 2013, the Company entered into an asset management agreement withScape Student Living Limited ("Scape Student Living") for the provision ofasset management services (including sales, marketing and brand management) anda facilities and property management agreement with Grosvenor FacilitiesServices Limited ("GFS") for the provision of facilities and propertymanagement services in relation to Scape East, the Company's initial asset. Following discussions with Gravis Capital Partners LLP, the Investment Manager,Scape Student Living and GFS, the Board is pleased to announce that, witheffect from 1 April 2014, Scape Student Living has taken over the facilitiesand property management function from GFS and the assumption of the employmentof those individuals currently providing asset and facilities managementservices to Scape East by a new subsidiary of the Company, GCP OperationsLimited ("GCP Operations"). Accordingly, the facilities and property management agreement with GFS has beenterminated. Scape Student Living will continue to retain overall responsibilityfor the supervision and provision of asset management services throughoversight and management of GCP Operations' employees, and has taken overresponsibility for the procurement and supervision of the facilities managementservices in connection with Scape East on behalf of the Company. The Board believes that the restructuring of the asset and facilities managementservices will offer the Group higher service levels, improved brand awareness,greater control over the service provided and cost savings. The Group's newemployees will continue to provide asset management and facilities managementservices in relation to Scape East and it is expected will participate in theprovision of such services in relation to any future assets acquired by theGroup under the `Scape Student Living' brand. Enquiries: Gravis Capital Partners LLP Tom Ward [email protected] 020 7518 1496 Cenkos Securities plc Dion Di Miceli [email protected] 020 7397 1921Tom Scrivens [email protected] 020 7397 1915