Dividend Declaration and Net Asset Valuation

GCP Student Living plc (the "Company" or "Group") Dividend Declaration and Net Asset Valuation The Board of the Company is pleased to announce a second interim dividend of1.40 pence per ordinary share, in respect of the quarter ended 31 December2014. The second interim dividend will be paid on 5 March 2015 to shareholderson the register as at 6 February 2015. The dividend will be paid as 1.12 penceper ordinary share as a REIT property income distribution ("PID") in respect ofthe Group's tax exempt property rental business and 0.28 pence per ordinaryshare as an ordinary UK dividend ("non-PID"). As at close of business on 31 December 2014, the un-audited EPRA net assetvalue per ordinary share of the Company was 110.77 pence. The EPRA net assetvalue includes income for the period (and does not include a provision for anaccrued dividend for the quarter to 31 December 2014). As at 31 December 2014, the valuation of the Company's portfolio was£160.7 million. To manage adverse effects of interest rate movements on cash flow anddividends, the Company has hedged its interest rate exposure into fixed rateexposure through an interest rate swap pursuant to which its lender has fixedthe LIBOR element of the interest rate payable on half of the Group's debtfacility at 1.44%. Accordingly, taking into account the un-audited fair valuemark-to-market valuation of this financial derivative instrument based oncurrent gilt rates, the EPRA net asset value adjusted to reflect the cost offixed rate debt is 110.52 pence per ordinary share. 28 January 2015 For further information please contact: 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 Buchanan Charles Ryland [email protected] 020 7466 5000Sophie McNulty [email protected] About GCP Student Living plc The Company was the first student accommodation REIT in the UK. The Companyinvests in modern, purpose-built, private student residential accommodation andteaching facilities. Facilities will be located primarily in and around Londonwhere the Investment Manager believes the Company is likely to benefit fromsupply and demand imbalances for student residential accommodation. The Company's first asset, Scape East, is located directly opposite Queen Mary,University of London, one of London's leading universities with c.17,000students and Russell Group status. International students will be a specifictarget as they are the growth engine of UK Higher Education sector,particularly in London. The Company's second asset, The Pad, is a private student accommodationresidence located adjacent to Royal Holloway, University of London, in Surrey.Royal Holloway is ranked in 5th place in the world (1st in the UK) in the TimesHigher Education World University Rankings category of 'International Outlook',recognising it as a global university. It is home to more than 9,000 studentsfrom over 100 countries. The Company's third asset, Scape Greenwich, is a purpose-built, private studentaccommodation residence located in a prime London student residential locationwithin 30 minutes of c.75% of London's Higher Education Institutions ("HEI")and in close proximity to Ravensbourne College, a leading specialist digitalmedia HEI, and the University of Greenwich. The Company's assets are primarily occupied by international students and offernew high specification facilities and hotel-level concierge type services whichare attractive to overseas students. The Company will only acquire properties once they are completed and generatingincome.