Dividend Declaration and Net Asset Value

GCP Student Living plc (the "Company" or "Group") Dividend Declaration & Net Asset Valuation The Board of the Company is pleased to announce a fourth interim dividend of1.40 pence per Ordinary Share, in respect of the financial period 1 April 2014to 30 June 2014. This will bring the total dividends declared in respect of thefinancial period ended 30 June 2014 to 6.10 pence per Ordinary Share. Thefourth interim dividend will be paid on 5 September 2014 to shareholders on theregister as at 8 August 2014. The dividend will be paid as a REIT propertyincome distribution in respect of the Group's tax exempt property rentalbusiness. As at close of business on 30 June 2014, the un-audited economic net assetvalue per Ordinary Share of the Company was 102.73 pence. The economic netasset value includes income for the period (and does not include a provisionfor an accrued dividend for the quarter to 30 June 2014). As at 30 June 2014, the valuation of the Company's portfolio was£151.60 million. Lettings for the 2014/15 academic year are progressing well andare on target to achieve expected occupancy across the Group's portfolio. To manage adverse effects of interest rate movements on cash flow and dividendsthe Company has hedged its interest rate exposure into fixed rate exposurethrough an interest rate swap pursuant to which its lender has fixed the LIBORelement of the interest rate payable on half of the Group's debt facility at1.440 per cent. Accordingly, taking into account the un-audited fair valuemark-to-market valuation of this financial derivative instrument based oncurrent gilt rates, the economic net asset value adjusted to reflect the costof fixed rate debt is 102.10 pence per Ordinary Share. 23 July 2014 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.