Interim Management Statement

GCP STUDENT LIVING PLC Interim Management Statement GCP Student Living plc (the "Company"), which was the first listed real-estateinvestment trust ("REIT") in the UK student accommodation sector, is issuingthis Interim Management Statement in accordance with FCA Disclosure andTransparency Rule 4.3. This statement relates to the period from 1 July 2014 to30 September 2014. Financial highlights The Company's annual report and consolidated financial statements for theperiod ended 30 June 2014 were released on 17 September 2014, reporting anoperating profit of £10.1 million with total profit for the period of£7.7 million. The Company achieved an annualised total return of 11.5% to30 June 2014, exceeding the Company's annualised target return of 8.0-10.0% perannum. The Company's target 5.5% annualised dividend yield in respect of theperiod to 30 June 2014 was achieved with a total dividend of 6.10 pence per sharepaid to shareholders in respect of the period. Operational highlights Overall applications from students for the 2014/15 academic year were 4% abovethe previous year with a record number of 499,730 students attending universityin the UK. Applications from international students continue to grow with UCASreporting an increase of 8% and 5% respectively in EU and non-EU students forthe 2014/15 academic year. These statistics show the continued confidence inthe UK's Higher Education offering, as well as an increasing number of overseasstudents coming to study in the UK. The increase in demand for university places has resulted in full occupancy ofthe Company's property portfolio with respect to the 2014/15 academic year. Theaverage uplift in the gross annual rent per room as compared with the 2013/14academic year is 3.6%. Tenancies The number of international students residing within the Company's propertyportfolio has increased from c.80% to c.85% year-on-year with the majoritycoming from non-EU countries. Approximately 80% of the student population areundergraduates with the remainder postgraduates. 41 universities and HEIs arerepresented across the total student resident population for the 2014/15academic year. Company's Net Asset Value ("NAV") As announced on 24 October 2014, the EPRA NAV per Ordinary Share as at30 September 2014 was 105.72 pence. Investment update As set out in the Prospectus published on 12 April 2014 (the "Prospectus"),the Company has a pipeline of three further modern, purpose-built, well locatedassets due for completion in Q3 2015. The total number of beds in the pipelineis approximately 800. In addition to the pipeline investments disclosed in the Prospectus, theInvestment Manager continues to review other investment opportunities. Dividend declaration The Company has declared an interim dividend of 1.40 pence per share for theperiod from 1 July 2014 to 30 September 2014. The dividend will be paid on5 December 2014 to shareholders on the register as at 7 November 2014. Thedividend will be paid as a REIT Property Income Distribution (PID) in respectof the Group's tax exempt property rental business. Delisting from the CISEA On 10 September 2014, the Company announced that, following consultation withits legal and financial advisers, it had applied to the Channel IslandsSecurities Exchange Authority Limited ("CISEA") for the cancellation of thelisting of the Company's ordinary shares on the Official List of the CISEA. Thedelisting took effect at 7 a.m. on 10 October 2014. AIFMD The Investment Manager's application to the Financial Conduct Authority to varyits permissions in order to enable it to act as the Alternative Investment FundManager of the Company for the purposes of the AIFMD, was approved on 10September 2014. On 22 July 2014, the Company announced that it had appointed Langham Hall UKLLP (the "Depositary") to act as the Company's depositary on the terms andsubject to the conditions of a depositary agreement entered into between theCompany, the Investment Manager and the Depositary. 24 October 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.