Subsids Securitisation Report

Unite Group PLC
16 May 2005


                    
Date:               16 May 2005
On behalf of:       UNITE Finance One plc
Embargoed until:    Immediate Release


Four numeric amendments have been made to the UNITE Group Quarterly Report in
respect of its 2002 Securitisation Portfolio, RNS number 2522M, released at
7.00am on Friday 13 May 2005.  These amendments affect the Obligor Quarterly
Report that was appended to that announcement and correct typographical errors
that appeared in the Spot Coverage Ratio calculation contained therein in
respect of Gross Rental Income, Permitted Operating Costs, Scheduled Property
Management Fee and Capex Reserving.  The disclosed Spot Coverage Ratio of 146%
was correct and is unaffected by these amendments. The amended announcement
appears below:


UNITE Releases Quarterly Report in respect of its 2002 Securitisation Portfolio


UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plc
established for the purposes of the Group's first securitisation in April 2002,
has today issued its standard quarterly report to bondholders.

The report contains trading information relating to the Group's securitised
portfolio of student and key worker accommodation, comprising 9,961 beds
completed prior to 31 December 2001 and representing 38% of its total completed
portfolio. The full text of the report is appended to this announcement.

UNITE reported coverage ratio and occupancy levels as follows:
     
•    The debt service coverage ratio for the 12 months to April 2005 was 123% 
     (April 2004: 123%) against a covenant of 120%. The interest cover ratio for 
     the period rose to 133% compared to 128% for the same period last year;

•    Term-time occupancy across the securitised portfolio averaged 96% for the 
     12 months to January 2005 (April 2004: 97%).


Enquiries:

UNITE
Mark Allan, Group Finance Director                   [phone]

Redleaf Communications
Emma Kane / Wendy Timmons                            [phone]/
                                                      07876 338 339


                                             Obligor Quarterly Report


Loan Determination Date: 25 April 2005

Date of Report: 13 May 2005

                                                          Opening Balance         Amortisation      Closing Balance
                                                                        £                    £                    £

   Initial Class A Advance                                    143,157,159              460,071          142,697,088
   Initial Class B Advance                                     65,000,000                  Nil           65,000,000
   Initial Class C Advance                                     63,000,000                  Nil           63,000,000


                                                                                     Scheduled                 Paid
                                                                                             £                    £

   Interest in respect of the Initial Class A Advance                                2,120,808            2,120,808
   Principal in respect of the Initial Class A Advance                                 460,071              460,071
   Interest in respect of the Initial Class B Advance                                1,076,530            1,076,530
   Principal in respect of the Initial Class B Advance                                     Nil                  Nil
   Interest in respect of the Initial Class C Advance                                1,346,436            1,346,436
   Principal in respect of the Initial Class C Advance                                     Nil                  Nil

                                                                                     5,003,845            5,003,845

                                                                                                                  £

   Unscheduled Prepayment of the Initial Class A                                                                Nil
   Advance
   Unscheduled Prepayment of the Initial Class B                                                                Nil
   Advance
   Unscheduled Prepayment of the Initial Class C                                                                Nil
   Advance


                                                                             4 Quarters to LDD         This quarter
   Net Rental Income                                                                30,887,967            8,932,542
   Gross Rental Income                                                              30,412,960            8,562,246
   Permitted Operating Costs                                                         3,741,412              662,883
   Capital Expenditure                                                                 683,510                    0
   Available Funds                                                                                       10,189,018
   Debt Service                                                                     26,296,718            6,653,299
   Adjusted Debt Service                                                            26,296,718            6,653,299
   Alternative Debt Service                                                         19,798,585            5,003,845
   Anticipated Debt Service                                                                               6,650,163
   Spot Coverage Ratio                                                                                         146%
   Coverage Ratio                                                                                              123%
   Relevant Shortfall                                                                                           Nil
   Anticipated Gross Rent                                                                                 5,704,781
   Debt Service Excess                                                                                      444,777
   POC Overspend                                                                           Nil                  Nil
   POC Underspend                                                                      475,007              370,296
   Required Retention Amount                                                                                945,382
   Scheduled Permitted Operating Costs Allowance                                                          1,054,105
   Scheduled  Property Management Fee                                                  590,633              150,586
   Capital Expenditure Reserving                                                     1,770,332              444,763
   Average Portfolio Occupancy                                                                                88.0%
   Average Portfolio Occupancy - excluding vacation                                                           95.7%
   periods
   Credit Reserve Level                                                                                  12,000,000
   Periodic Fee                                                                                                 Nil
   Refinancing LTV                                                                                            70.4%


   Details of any Structural Alterations:                                                                      None

   Property/Property, Property/Cash or Cash/Property                                                           None
   Substitutions:

   Property or Cash Collateral Withdrawals:                                                                    None

   Coverage Ratio Calculation
                                                                                Coverage Ratio  Spot Coverage Ratio

   Gross Rental Income                                                              30,412,960            8,562,246
   Permitted Operating Costs                                                       (3,741,412)            (662,883)
   Scheduled Property Management Fee                                                 (590,633)            (150,586)
   Capex Reserving                                                                 (1,770,332)            (444,763)
                                                                                    24,310,583            7,304,014

   Alternative Debt Service                                                         19,798,585            5,003,845

                                                                                          123%                 146%




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