Securitisation report

Unite Group PLC 10 August 2006 Date: 10th August 2006 On behalf of: UNITE Finance One plc UNITE Releases Quarterly Securitisation Report UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plc established for the purposes of the Group's 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. The securitised portfolio continues to perform in line with expectations: • Net revenues remain robust with the debt service coverage ratio for the year to July 2006 in line with the previous twelve months at 122% versus 123% and the interest cover ratio improving to 138% from 135%. • Average tenancy lengths and rents continue to increase and contribute positively to rental growth. This has offset a slight decline in average occupancy across the portfolio, which stood at 92.1% for the twelve months to July 2006 versus 95.6% achieved in the twelve months to July 2005. The full text of the Quarterly Securitisation Report is appended to this announcement. ENDS Enquiries: UNITE The UNITE Group plc Mark Allan, Chief Financial Officer Tel: 0117 302 7004 Financial Dynamics Stephanie Highett / Dido Laurimore Tel: 020 7831 3113 Further information on UNITE is available at www.unite-group.co.uk Obligor Quarterly Report Loan Determination Date: 25 July 2006 Date of Report: 10 August 2006 Opening Amortisation Closing Balance Balance £ £ £ Initial Class A Advance 140,504,694 574,725 139,929,969 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 2,073,084 2,073,084 Principal in respect of the Initial Class A Advance 574,725 574,725 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 5,070,775 5,070,775 £ Unscheduled Prepayment of the Initial Class A Advance Nil Unscheduled Prepayment of the Initial Class B Advance Nil Unscheduled Prepayment of the Initial Class C Advance Nil 4 Quarters This quarter to LDD Net Rental Income 31,069,289 5,766,996 Gross Rental Income 31,023,456 6,079,073 Permitted Operating Costs 4,145,558 1,366,369 Capital Expenditure 789,000 56,715 Available Funds 8,805,172 Debt Service 24,470,249 6,927,3922 Adjusted Debt Service 24,470,249 6,927,3922 Alternative Debt Service 20,361,088 5,070,775 Anticipated Debt Service 6,728,139 Spot Coverage Ratio 83% Coverage Ratio 122% Relevant Shortfall Nil Anticipated Gross Rent 32,142,042 Debt Service Excess 5,024,414 POC Overspend Nil 312,076 POC Underspend 45,833 Nil Required Retention Amount Nil Scheduled Permitted Operating Costs Allowance 1,076,313 Scheduled Property Management Fee 148,658 38,440 Capital Expenditure Reserving 1,814,945 462,732 Average Portfolio Occupancy 90% Average Portfolio Occupancy - excluding vacation periods 92% Credit Reserve Level 12,000,000 Periodic Fee Nil Refinancing LTV 68.7% Details of any Structural Alterations: None Property/Property, Property/Cash or Cash/Property Substitutions: None Property or Cash Collateral Withdrawals: None Coverage Ratio Calculation Coverage Spot Ratio Coverage Ratio Gross Rental Income 31,023,456 6,079,073 Permitted Operating Costs (4,145,558) (1,366,369) Scheduled Property Management Fee (148,658) (38,440) Capex Reserving (1,814,945) (462,732) 24,914,295 4,211,532 Alternative Debt Service 20,361,088 5,070,775 122% 83% This information is provided by RNS The company news service from the London Stock Exchange

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