Dividend Declaration and Trading update

GCP Student Living plc (the "Company" or "Group") Dividend Declaration, Net Asset Valuation and Possible Equity Raise The Board of the Company is pleased to announce a third interim dividend of1.35 pence per Ordinary Share, in respect of the financial period 1 January2014 to 31 March 2014. This will bring the total dividends declared in respectof the financial period ending 30 June 2014 to 4.70 pence per Ordinary Share.The third interim dividend will be paid on 5 June 2014 to shareholders on theregister as at 9 May 2014. The dividend will be paid as a REIT property incomedistribution in respect of the Group's tax exempt property rental business. As at close of business on 31 March 2014, the un-audited economic net assetvalue per Ordinary Share of the Company was 102.61 pence. The economic netasset value includes income for the period (and does not include a provisionfor an accrued dividend for the quarter to 31 March 2014). 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 the Group's debt facility at 2.745 percent. Accordingly, taking into account the un-audited fair value mark-to-marketvaluation of this financial derivative instrument based on current gilt rates,the economic net asset value adjusted to reflect the cost of fixed rate debt is101.51 pence per Ordinary Share. The Board are currently reviewing potentially more favourable financing optionsfor the Company including its current debt and swap arrangements. In the eventthat the swap was to be terminated as a result of this refinancing, any mark tomarket gain or loss on the swap arrangements would be crystallised in theCompany's accounts as at the date it is terminated. Further to the announcement made on 14 March 2014, the Company intends toproceed with a capital raise targeting c.£42m of gross proceeds for theacquisition of Scape Greenwich. Scape Greenwich is a new, purpose-built280 studio accommodation block located on the Greenwich peninsula in London inclose proximity to Ravensbourne College (c.1,600 students), a leadingspecialist digital media HEI, and the University of Greenwich (c.26,000students). A further announcement will be made shortly. 22 April 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 is 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 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.