Portfolio Update

GCP STUDENT LIVING PLC (the "Company") Portfolio Update The Board is pleased to announce that the Company's property portfolio is nowfully occupied with respect to the 2014/15 academic year. The average uplift inthe gross annual rent per room as compared with the 2013/14 academic year is3.6 per cent. 17 September 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.