Interim Management Statement

GCP STUDENT LIVING PLC Interim Management Statement GCP Student Living plc (the "Company"), the only listed real-estate investmenttrust ("REIT") in the UK student accommodation sector, is issuing this InterimManagement Statement in accordance with FCA Disclosure and Transparency Rule4.3. This statement relates to the period from 20 May 2013, when the Companywas admitted to trading on the Specialist Funds Market of the London StockExchange and the Channel Islands Stock Exchange, to 30 September 2013. Highlights Applications from students for the 2013/14 academic year were 9% above theprevious year with a record number of 445,820 students attending universitythis year (source: UCAS). These statistics show the resilience and continuedgrowth of the UK Higher Education sector in response to the second year of thenew increased fee regime, as well as an increasing number of overseas studentscoming to study in the UK. The increase in demand for university places has resulted in full occupancy ofthe Company's initial asset, Scape East, for the 2013/14 academic year on51 week tenancies. The average rent across the property for the forthcomingacademic year is 3.3% higher than the previous year. Tenancies The number of international students residing at Scape East has increased fromc.75% to c.80% with the majority coming from non-EU countries, primarily Chinaand India. Approximately 75% of the student population residing in Scape East areundergraduates with the remainder postgraduates. Of these students,c.70% attend Queen Mary University of London, with the remaining 30% coming from28 other London universities. Dividend declaration The Company has declared a maiden interim dividend of 2.0 pence per share forthe period from 20 May 2013 to 30 September 2013. The dividend will be paid on5 December 2013 to shareholders on the register as at 15 November 2013. Thedividend will be paid as a REIT Property Income Distribution (PID) in respectof the Group's tax exempt property rental business. Company's Net Asset Value ("NAV") As announced on 1 November 2013, the NAV per Ordinary Share as at 30 September2013 was 101.94 pence. Investment update Following the successful completion in May this year of the Placing and Offerfor Subscription, which raised £70 million (gross) and was significantlyoversubscribed, the proceeds were used to acquire Scape East. As set out in theProspectus published on 12 April 2013, the Company has agreed a right of firstoffer in connection with two further projects, Scape Greenwich and ScapeShoreditch, for approximately 820 beds in total. Scape Greenwich is expected tobe completed in Q4 2013 and will comprise 280 studios. The Board expects tomake a further update in relation to Scape Greenwich by April 2014. In addition to the pipeline investments disclosed in the Prospectus, theInvestment Manager continues to review other investment opportunities and tothis effect, is in advanced discussions with a developer in relation to thepotential acquisition of a modern, purpose-built and fully occupied property inaccordance with the Company's investment objective. 4 November 2013. For further information please contact: Gravis Capital Partners LLPTom Ward [email protected] 020 7518 1496 Cenkos Securities plcDion Di Miceli [email protected] 020 7397 1921 BuchananCharles 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, initially branded and operated by Scape Student Living.Facilities will be located primarily in and around London where the InvestmentManager believes the Company is likely to benefit from supply and demandimbalances for student residential accommodation. In total, London has over400,000 students and the largest number of overseas students of any city in theworld, at over 100,000, with international student numbers up by 5% in 2012/13and expected to increase at a similar rate in the years to come. However, withonly c.60,000 beds in purpose-built student accommodation in London, there areinsufficient beds for domestic first year students let alone internationalstudents and postgraduates. The Company's first asset, Scape East, is located directly opposite Queen MaryUniversity 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. Scape East is primarily occupied by internationalstudents and offers new high specification facilities and hotel-level conciergetype services which are attractive to overseas students. The Company will only acquire properties once they are completed and generatingincome. About Gravis Capital Partners LLP ("GCP") GCP is the Investment Manager to the Company. It is a specialist investmentadvisory company which focuses on student accommodation and infrastructure.GCP is authorised and regulated by the FCA.