RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

	Location	Number of Beds	Date of Acquisition or Practical Completion	Purchase Price (£m)	Net Yield on Acquisition or Cost	Valuation Yield
Centro Court	Aberdeen	56	September 2014	6.5	6.8%	6.0%
St Peter Studios	Aberdeen	123	June 2016	13.7	7.0%	6.0%
Canal Bridge	Bath	20	November 2015	1.7	5.9%	5.5%
James House	Bath	169	September 2016	25.0	5.7%	5.2%
Piccadilly Place	Bath	47	November 2015	3.6	5.9%	5.5%
Radway House (formerly Oolite Road)	Bath	31	July 2016	2.6	6.7%	6.7%
The Exchange (formerly 1-3 James Street West)⁽¹⁾	Bath	78	December 2016	7.7	5.8%	5.3%
Widcombe Wharf	Bath	40	November 2015	3.9	5.5%	5.3%
Edge Apartments	Birmingham	77	August 2014	8.9	7.0%	5.7%
The Brook	Birmingham	106	July 2014	12.0	6.5%	5.8%
College Green⁽²⁾	Bristol	84	July 2014	10.0	6.7%	5.7%
William & Matthew House	Bristol	75	September 2016	7.9	6.7%	5.7%
Pavilion Court	Canterbury	79	August 2016	9.2	6.0%	6.1%
Alwyn Court	Cardiff	51	October 2014	3.5	6.4%	5.9%
Northgate House	Cardiff	67	February 2015	5.2	7.0%	5.8%
Summit House	Cardiff	87	July 2014	9.6	7.0%	5.7%
Windsor House	Cardiff	314	September 2016	41.0	5.6%	5.5%
St Margaret's Flats	Durham	109	May 2015	5.1	7.5%	6.4%
Buccleuch St	Edinburgh	88⁽³⁾	June 2016	9.2	8.1%	5.5%
Bishop Blackall School	Exeter	113	October 2016	8.0	6.0%	6.0%
Dean Clarke Lofts⁽⁴⁾	Exeter	30	December 2014	4.5	6.6%	5.7%
Isca Lofts	Exeter	71	August 2016	4.7	6.9%	6.8%
Library Lofts	Exeter	61	September 2015	6.1	6.3%	5.7%
Picturehouse Apartments	Exeter	102	July 2014	11.4	6.3%	5.7%
Maritime Studios	Falmouth	141⁽⁵⁾	August 2015	8.8	6.5%	6.1%
333 Bath Street	Glasgow	70	September 2015	7.4	6.5%	6.1%
Ballet School	Glasgow	103	March 2015	11.9	6.7%	6.1%
Willowbank⁽⁶⁾	Glasgow	178	September 2016	6.9	7.7%	6.0%
Curzon Point⁽⁷⁾	Hatfield	116	December 2014	9.2	6.4%	5.8%
Kingsmill Studios	Huddersfield	98	September 2015	7.5	7.5%	6.1%
Oldgate House	Huddersfield	179	September 2016	11.1	8.3%	6.4%
CityBlock 1	Lancaster	30	May 2015	2.1	6.1%	5.9%
CityBlock 2	Lancaster	77	May 2015	5.6	6.1%	5.9%
CityBlock 3	Lancaster	100	May 2015	7.9	6.1%	5.9%
Algernon Firth	Leeds	111	January 2015	7.2	6.6%	5.7%
Pennine House	Leeds	127	June 2016	17.8	6.6%	6.0%
St Mark's Court	Leeds	85	March 2015	7.1	6.0%	5.8%
136-138 New Walk	Leicester	30	May 2016	2.9	6.0%	6.2%
160 Upper New Walk	Leicester	17	May 2016	1.6	6.1%	6.3%
Bede Park	Leicester	59	May 2016	4.5	6.2%	6.2%
CityBlock 1	Leicester	98	May 2015	6.2	6.3%	6.2%
CityBlock 2	Leicester	76	May 2015	4.8	6.3%	6.2%
The Hosiery Factory	Leicester	107	October 2016	5.6	6.3%	6.2%
The Shoe & Boot Factory	Leicester	173	October 2016	8.9	6.3%	6.1%
Art School Lofts	Liverpool	64	June 2015	8.4	6.3%	6.0%
Chatham Lodge	Liverpool	50	June 2015	3.9	6.5%	6.2%
Grove Street Studios	Liverpool	28	June 2015	2.7	6.5%	6.2%
Hayward House	Liverpool	74	June 2015	5.4	6.3%	6.0%
Maple House	Liverpool	147	June 2015	12.9	6.3%	6.0%
The Octagon	Liverpool	19	June 2015	2.0	6.4%	6.2%
Francis Gardner Hall	London	70	August 2016	10.6	5.5%	4.6%
Grosvenor Hall	London	72	August 2016	6.2	6.3%	6.1%
Halsmere Studios	London	79	February 2015	13.3	6.4%	5.0%
Ladybarn House	Manchester	117	March 2016	10.3	6.3%	6.1%
Victoria Point 1, 2, 3, 4, 5 ⁽⁸⁾ and 6	Manchester	561	April 2016	29.5	5.6%	6.0%
Claremont House	Newcastle	88	December 2016	10.9	6.3%	6.1%
Metrovick House	Newcastle	63	May 2016	7.4	6.5%	5.9%
Talbot Point	Nottingham	77	September 2016	6.0	7.0%	5.8%
Talbot Studios	Nottingham	98	September 2014	8.2	6.9%	5.8%
Stone Mason House	Oxford	44	May 2016	4.5	5.1%	5.0%
Elm Grove Library	Portsmouth	19	October 2016	1.1	6.5%	6.4%
Kingsway House	Portsmouth	52	October 2016	3.1	6.4%	6.4%
The Registry	Portsmouth	41	August 2015	4.5	6.5%	6.3%
Saxon Court	Reading	83	March 2016	13.0	6.0%	5.7%
Portobello House	Sheffield	134	September 2016	11.2	7.1%	5.8%
Brunswick Apartments	Southampton	173	September 2015	16.7	7.2%	5.9%
London Road⁽⁹⁾	Southampton	46	November 2014	3.6	7.0%	5.9%
Ayton House	St Andrews	241	December 2015	26.0	5.5%	5.6%
Caledonia Mill	Stoke-on-Trent	120	June 2015	6.3	6.5%	6.1%
Total/average yield		6,613		593.7	6.5%	5.9%

Risk	Impact	Mitigation
Strategic risks
1	The Group will continue to focus exclusively on the student accommodation sector. It will, therefore, have direct reliance on the development of the higher education market in the UK, generally, or in speciﬁc regions, including any change in demand from international students.	An adverse change in the higher education market in the UK, generally, or in a speciﬁc region, could lead to a reduction in student numbers and a consequent reduction in demand for student accommodation across the UK or any such region. This, in turn, could result in reduced rental income and negatively impact the value of all, or a signiﬁcant proportion of, the Group's portfolio.	The Board constantly monitors government policy and its impact on, and forecasts of, UK, EU and international student numbers studying in the UK. Further, the Board will pay particular attention to proposals relating to the UK's exit from the EU and how these impact the UK as a whole and speciﬁc regions, such as Scotland. The Board acquires or develops student accommodation properties serving leading university cities and towns in the UK, such as the Russell Group or high growth universities. Where the Directors perceive a weakening in a particular market (either a speciﬁc city or region), they will carefully monitor the performance of existing assets in such market and adjust rental levels and marketing activities, as necessary, to ensure occupancy levels are maintained. The properties are well located, with the majority being within walking distance of the universities they serve and are also close to leisure amenities. The Board therefore believes maintaining competitive rental levels should ensure high occupancy levels across the portfolio during periods of weaker demand. The recently approved 2025 Plan provides for further future diversification across multiple sub-markets including: i) low cost housing; ii) quality townhouses; iii) on-campus accommodation; and iv) the first/second year markets. The Directors also seek to ensure the Group's developments and, where possible, acquisitions of standing assets, are ﬁt for alternative use such as private residential, subject to planning.
2	The Group faces competition in the student accommodation sector from a number of UK and international property investors, both existing and new, which may have access to larger ﬁnancial resources and/or be targeting lower investment returns.	Increased competition may lead to an oversupply of rooms through overdevelopment, to prices for existing properties or land for development being inﬂated or to an adverse impact on rents able to be achieved.	The full-time student population across the UK (from ﬁrst year to postgraduate level) was over 1.7 million for the 2015/16 academic year. The Group is focused on 36 cities and towns with high quality and growing higher education institutions and where research indicates that there is a significant under supply of PBSA. The Group's assets are situated in prime locations in varying formats and different price points and, therefore, in times of reduced demand, these properties should be more attractive to prospective customers than the competition at the right price.
Investment risks
3	The performance of the Group's portfolio will depend on general property and investment market conditions. There remains uncertainty in respect of the property market, in general, following the result of the EU referendum in June 2016, which could prevail until Brexit negotiations are concluded and beyond, depending on the outcome of such negotiations. If market conditions deteriorate and, as a result, the value of the Group's assets falls, the NAV of the Group will reduce. Furthermore, the Group's borrowings contain LTV covenants.	Market conditions may negatively impact on the revenues earned from the property assets, which may impact the Group's ability to make distributions to shareholders. An adverse change in the Group's property valuations may lead to the Group breaching its banking covenants.	The Group's assets are located in multiple, prime locations, diversifying the risk of adverse changes to the portfolio. The Company's Investment Policy provides for a prudent borrowing limit for the asset class of a maximum of 40% of the Gross Asset Value (with a target of 35%). The Board regularly reviews property market conditions and would seek to take action in advance should it look like any property used as collateral had decreased in value to the extent that there was a risk that the Group might breach any of its LTV covenants. The LTV covenants have been negotiated to be as ﬂexible as possible. Further, with international students paying in advance, the Group maintains substantial cash balances on account. The student property sector has demonstrated considerable robustness underpinned by a signiﬁcant and beneﬁcial supply and demand imbalance. Notwithstanding this imbalance, the Group does not overstretch annual rent increases and varies such increases according to the local market conditions for each particular area or building. With EU students representing only 6% of all full-time students in the UK, and with the high number of other international students applying to study in the UK, the higher education sector in the UK is not reliant on students from the EU.
4	The ability of the Group to achieve its investment objective is dependent on both the rental income received from the properties and the appreciation in property values.	Rental income and property values may be adversely affected by an increased supply of student accommodation, failure to collect rents, increasing costs or any deterioration in the quality of the properties in the portfolio.	The Group's portfolio of properties is geographically diversified and where there is more than one property serving a town/university, the total number of beds equates to no more than 2% of the location's full-time student population. Each operational property is managed either by the Group directly or by reputable property management companies. Therefore, the Group is not unduly exposed to any one student market. The Group's Operations Director liaises with the property managers to ensure rental income is collected on time (usually in advance at the start of an academic year), that the properties are well maintained and the desired level of customer service is provided.
Development risks
5	The Group's development activities are likely to involve a higher degree of risk than is associated with operating properties including general construction risks such as delays or health and safety problems, developments not being completed (while associated costs are still incurred) or changes in market conditions which could result in completed developments having substantial vacancies.	Any of the risks associated with the Group's development activities could reduce the value of the Group's assets.	Under the Company's current Investment Policy, the Company may only commit up to a maximum of 15% of NAV to expenditure on development (excluding the cost of the land or property to be developed). Since IPO, a greater proportion of the Group's development activities has been undertaken through forward funded projects rather than by direct development. Investment into forward funded projects reduces the risk to the Company as the developer takes on the construction risk and the risk of cost over-runs. The Group's development activities span a range of towns and cities and there is little or no overlap in the developers acting on these projects (with the maximum exposure to any one developer restricted to 20% of GAV for forward funded projects), further reducing the impact of any delays or changes in market conditions.
6	Construction of the Group's development projects may be subject to delays or disruptions that are outside of the Group's control.	A delay in the timely construction of the Group's assets under development could result in one or more of the development assets not being delivered in time for the start of a particular academic year with a resultant impact on occupancy and revenue.	Building programmes are structured to ensure construction completion occurs at least one month before the commencement of the academic year and that contractors provide show flats and assist Empiric with marketing during the construction phase. Properties developed using third party developers generally beneﬁt from a one year rental guarantee for the ﬁrst year of operations in the event the asset is not delivered in time for the start of the academic year. For assets developed by the Group (directly or through its joint venture arrangement with Revcap), the Group puts in place suitable contingencies, insurance cover and other arrangements with the responsible contractor or sub-contractor to cover the impact of any delay.
Funding risks
7	The Group's strategy anticipates the Company or certain Group companies incurring debt with interest payable based on LIBOR and it may hedge or partly hedge interest rate exposure on borrowings. However, such measures may not be sufﬁcient to protect the Group from adverse movements in prevailing interest rates.	Future increases in the amount of interest payable by the Group on its borrowings would reduce the proﬁtability of the Company.	Since IPO, the Executive Directors have been in active discussions with a number of debt providers and, to date, have secured facilities with ﬁve separate providers (including joint venture debt providers) and have agreed ﬁxed rates or employed interest rate hedging which is in place for 61% of the variable rate debt. As at 31 December 2016, the weighted average term to maturity of the Group's debt investment debt was 9 years and 2 years for its development debt.
8	The Group may not be able to secure further debt on acceptable terms.	Without the continued availability of debt on acceptable terms, the Group may be unable to progress investment opportunities as they arise and continue to grow the Group in line with the long-term strategy.	The Executive Directors are in active discussions with a number of debt providers in order to secure future debt on acceptable terms. The forward funded developments' yields on cost reduce the need for gearing to meet the dividend target.
People
9	The Group's ability to achieve its investment objective is dependent on the performance of the Executive Directors which cannot be guaranteed. As a result, the Group's performance will, to a large extent, be dependent upon the ability of the Company to align the incentives of the Executive Directors to shareholder interests and retain key staff and/or recruit individuals of appropriate experience and calibre on a timely basis.	Failure by the Executive Directors to acquire and manage assets effectively could materially adversely affect the Company's proﬁtability, the NAV and the share price. Similarly, the departure of an Executive Director or member of senior staff, and either a delay or failure in recruiting a suitable replacement, could have an adverse impact on the performance of the Group.	The Executive Directors' interests are aligned with those of other shareholders, with each Executive Director currently holding a meaningful interest in the shares and their long-term incentivisation to be satisﬁed in shares. The Remuneration Committee takes formal external advice to ensure that the Remuneration Policy for the Executive Directors incentivises them to achieve the goals of the Company for the beneﬁt of the shareholders. The Value Delivery Plan has recently been approved by shareholders in order to achieve further alignment. Other senior staff are remunerated in accordance with market practice and conditions.
Operational risks
10	The Group's operations, including its development activities, are subject to laws and regulations enacted by national and local government and by government policy, for example, the requirement for Energy Performance Certificates for all of the Group's buildings. The ability to respond and adapt to the changing planning and regulatory environment is key to Group's future business performance.	A failure to comply with the relevant law or regulations may negatively impact the Group's ability to deliver or acquire further buildings, or result in one or more existing buildings to be temporarily or permanently closed which may have a material adverse effect on the performance of the Group. Any change in the laws, regulations and/or government policy in relation to the Group's operations or development activities may have a material adverse impact on the Company's ability to implement its investment policy and, hence, negatively impact returns to shareholders.	The Company's investment team has significant experience and, together with its relevant advisers, closely monitors the planning environment both nationally and locally in the Group's target markets. The Executive Directors are ultimately responsible for ensuring that planning submissions are well prepared, addressing local concerns and demonstrating good design, and that all buildings comply with all the relevant building regulations and are sustainable and environmentally efficient.
11	The Company operates as a UK REIT and has a tax efﬁcient corporate structure with advantageous consequences for UK shareholders. Any change to the Company's tax status or in UK tax legislation (or interpretation thereof) could affect the Company's ability to achieve its investment objective or provide favourable returns to shareholders.	If the Company fails to remain a REIT for UK tax purposes, its proﬁts and gains will be subject to UK Corporation Tax.	The Board is ultimately responsible for ensuring adherence to the UK REIT regime and monitors the compliance reports provided by the Executive Directors on potential transactions to be undertaken, the Administrator reports on asset levels and the Company's registrar and broker on shareholdings. The Company's Head of Compliance provides internal compliance support. In addition, Ernst & Young LLP provide REIT compliance monitoring services to Empiric and a third party consultant, Portman Compliance Consulting LLP, assists the Company with compliance matters.
12	The Group may not be able to let the commercial units which form part of some of the properties it owns or acquires.	A number of the Group's properties include commercial units which generate between 2%-17% (depending on each property) of the individual total rental income from such properties. If the Group was not able to lease some or all of these commercial units, it could have a material adverse effect on the Group's proﬁtability, the NAV and the price of the shares.	Under the Company's Investment Policy, commercial leases are limited to 25% of total rent receipts of any single building and 15% of the Group's total rent receipts limiting the impact of any one commercial unit. For the six months to 31 December 2016, the aggregate annualised rental income from commercial leases amounted to 3.4% of the Group's gross annualised rent for its operating assets (30 June 2016: 2.7%).
13	The Group may not be able to maintain the occupancy rates of its properties or any other student accommodation properties it acquires.	If the Group is unable to maintain attractive occupancy levels (or to maintain such levels on economically favourable terms) in relation to its properties, there may be a material adverse effect on the Group's proﬁtability, NAV and the share price.	The Board carefully assesses the Group's acquisitions to ensure that the properties are well located in prime university towns and cities. The diverse portfolio of midsized buildings reduces the impact of reduced occupancy in any one building on the overall portfolio and allows the Group to adjust its pricing property by property to ensure maximum occupancy levels for each property.
14	A significant health and safety incident could put people at risk, including injury to, or loss of life of, employees, contractors, customers and the general public.	A serious health and safety incident could result in criminal or civil proceedings and severe reputational damage to the Group. It could also lead to delays in development projects.	The Group undertakes landlord risk assessments for every property prior to occupation. Additionally, all student property is insured as occupied residential property, property managers receive suitable training to minimise the risk of a health and safety incident occurring in one of our buildings, and student buildings are inspected on a sample basis as part of the Company's ANUK accreditation. Whilst the Group undertakes development activity in respect of the property portfolio, construction is undertaken by third party contractors who retain responsibility for the health and safety of their staff and subcontractors working on the construction sites. Appropriate risk assessments have also been undertaken in respect of the Company's head office function, and the Health and Safety policy is available to all members of staff.
15	Lettings on the Group's in-house platform, Hello Student®, may not reach target levels.	An inability to secure lettings for properties marketed by the Group, directly, would result in occupancy levels below target and, hence, a shortfall in rental income.	The Hello Student® website acts as a portal for all properties in the Group's operational portfolio. Residences run entirely by Hello Student® appear on this website and other third party listings. Where a property is run by a third party manager, it appears on (and can be booked from) the manager's website, as well as being present on the Hello Student® website. The website features on several third party websites and is supported by a strong social media presence. In this way, each property is marketed through multiple sources. The migration of all residences to being run entirely by Hello Student® is phased until September 2018.
16	We collect and retain information in computer systems regarding our business dealings, our customers and our suppliers. The secure processing, maintenance and transmission of this information is critical to our business and we must comply with restrictions on the handling of sensitive information (including employee and customer information).	A major information security breach could have a signiﬁcant negative impact on our reputation and could result in the loss of business-critical information. This in turn could have a negative impact on our ability to do business or result in ﬁnes or compensation, impacting on the Group's proﬁtability.	Our networks are protected by ﬁrewalls and anti-virus protection systems with back-up procedures also in place. The Company has retained the services of a specialist information technology consultancy to enhance controls further and optimise our systems design in order to minimise the risk of hacking. This latter service is particularly critical to the Group as we expand our portfolio and our operational capabilities. In order to ensure that our investment into computer systems is aligned with our overall business strategy is cost-effective and designed to reduce as far as possible the risk of security breaches. All staff are given appropriate training to identify emails and other communications that could result in a security breach.

Companies

Empiric Student Property (ESP)

UK 100

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	As at 31 December 2016¹	% change
Portfolio valuation	£721.3m	37.7% on 30 June 2016
NAV per share (basic)	105.9p	0.5% on 30 June 2016
Dividend declared per share	3.05p	1.67% based on 12 month target
Gross annualised rent ²	£52.1m	57.4% on 30 June 2016
Adjusted EPRA Earnings Per Share	0.72p
Revenue	£19.2m
Earnings Per Share (basic)	3.38p
EPRA Earnings Per Share	0.38p

Empiric Student Property plc	(via Newgate below)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment Officer)

Akur Limited (Joint Financial Adviser)	Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant

Jefferies International Limited (Joint Financial Adviser and Broker)	Tel: 020 7029 8000
Gary Gould
Stuart Klein

Newgate (PR Adviser)	Tel: 020 7680 6550
James Benjamin	Em: empiric@newgatecomms.com
Zoe Pocock
Lydia Thompson

...in a unique and efficient way		...by drawing on our key strengths
Locations	Prime university towns and cities	· 36 target locations based on the strengths and trajectory of each university
Locations	Highly selective	· Sites selected on their attractiveness and proximity to universities and city centre amenities
Buildings	Buildings that fit strategic niches	· Picking stock that fits strategic niches, with an eye on future value · Buildings of character
	Acquisition, development and asset management	· Effective acquisition strategies based on tried-and-tested methods · Development of purpose-built accommodation and facilities
	Design specification	· Specifications tailored to each building, versatile approach to high quality interiors · Innovative use of communal space
	Size tailored to target market	· Smaller buildings that engender loyalty and build · Larger buildings to facilitate interactions within a student body · Clustered together for operational efficiency
Operations	Marketing	· A boutique approach to marketing and management · Focus on recruitment of experienced and dedicated staff · Empowerment of property managers to feel ownership, pride and vested interest
	People
	Asset management	· Hello Student® operational platform established with the aim to manage 10,000 beds by 2018
	Building relationships	· Supporting universities directly and indirectly through delivery of a range of stock types
Technology	Bespoke and fit-for-purpose systems	· Contracting with specialist providers to develop new accounting, central operational and booking systems · Underpinned by reliable supplier relationships

Theme	2025 Plan Objectives	What we did July-Dec 2016	Outlook
Locations	· Selectively invest in 36 towns and cities · Create efficiencies in locations with existing assets, plus some additional leading university locations · Metrics of university performance and trajectory to be developed in-house, to refine product types and assess locational risk	· Established a presence in 30 of 36 towns and cities · Analytical review of demand and supply characteristics of 36 target cities · Granular investigation into the four property subgroups · Updated acquisitions strategy	· In all locations we have a requirement for additional beds · Asset selectivity will be informed by the existing holding in each location. Some cities are new and all four asset types under the 2025 Plan will be targeted. In our largest cities (for example, Manchester with over 700 beds and Cardiff with over 500 beds), acquisition will be more selective · The 2025 Plan envisages growth to 1,200 - 1,500 beds per city or town over the medium to long term

Buildings	· Continue to purchase core assets · Increase development options · Diversifying income between direct-let and leased properties and between different markets and product types, to spread operational risk and increase efficiencies	· Worked on the proto-typical building design and appraisals to establish investment and acquisition criteria at a building level to enable acquisition team to appraise in each location · Purchased the Campbell property portfolio	· Opportunities to purchase different types of stock regularly emerge in portfolios and individually · Development pipeline is very strong · We are actively pursuing university relationship opportunities

Management	· Provide the majority of operational functions in-house · Grow at a sustainable rate · Build gross income · Reduce marketing costs per asset · Improve operational efficiency	· Head office relocated to accommodate expansion · Hired five central staff and 28 regional hires plus 16 TUPE · Moved 18 operating assets under the Hello Student® brand · Pilot of Newcastle based accountants · Continued to develop relationship with Incentive FM	· Continue transfer to management by Hello Student^® platform from outsourced · As the number of properties managed by Hello Student^® increases, the drag of up-front set-up costs will diminish, and an increase in economies of scale will emerge

Brand	· Improve the student experience through a consistent and high quality approach to branding, operation and management through the Hello Student® platform · Build on the Hello Student® consumer brand and capture first year students as new customers and then provide a fresher to PhD accommodation and service offering	· First full letting season for Hello Student^® management started · At 31 December 2016, 3,075 beds being marketed by Hello Student^® · 17 cities being marketed by Hello Student^® · Customer app testing in Nottingham · Restructure of the "no deposit" booking system	· 4,882 beds will be operational under Hello Student^® by September 2017 (if no further acquisitions) · App rollout to other cities for September 2017 · Continued work towards a "click-click-book" bookings system · Commercial relationships with other brands in our space being nurtured

Customers	· Enable loyal customers to move building to building and city to city but keep them attracted to an Empiric building	· Social media - Facebook grew to a reach of 4.1 million · Perkbox customer loyalty scheme rolled out to tenants · Focus group testing on the new affordable apartments and premium house stock typologies	· First premium houses and affordable apartments prototypes will launch in 2017 · #SayHelloStudent campaign to win a free room will be repeated · Social media marketing continues · More research and focus groups will take place in the year

Shareholder outcomes	· Improve profitability through lower cost base per city · Mitigate risk of a single-niche approach and broaden growth opportunities · Continue to grow a high yielding portfolio through development	· Increased number of operating buildings by c. 50% in the six months to 31 December 2016 · Delivered significantly higher rental income · Increased beds per city, and city switching/block mover/rebooker take-up rates will begin to result in lower marketing and operational costs	· Working towards increasing building marketing and management in-house · Increasing density of assets per city · More efficient marketing and facilities management should lead to higher profitability

	Performance
1. Total Return ("TR") to shareholders TR to shareholders is the ratio of growth in share price plus dividends paid as a percentage of the mid-market price at the start of the financial period. The TR of the Group was 1.1% for the six months to 31 December 2016, compared with 5.7% for the FTSE All-Share REIT Index for the six months ended 31 December 2016. The Group's TR was negatively impacted by the volatility in the market at the period end which caused the share price to drop, but it has since recovered.	1.1% (4.6% for the 12 months to 30 June 2016)

2. NAV per share (basic) The value of the Group's total assets less the book value of its liabilities attributable to shareholders. The Group's NAV per share grew by 0.5% over the six month period to 31 December 2016.	105.9p (105.4p as at 30 June 2016)

3. LTV ratio The proportion of borrowings compared to Gross Asset Value (defined as total assets less current liabilities). Pursuant to the Company's Investment Policy, the Group targets a 35% LTV but no more than 40%, measured at the time of drawdown.	31.1% (22.7% as at 30 June 2016)

4. Dividend against target Dividends declared in respect of the six month financial period. The dividend per share was 3.05p compared to a target of 6.10p for the 12 months to 30 June 2017.	3.05p (6.00p for the 12 months to 30 June 2016)

5. Earnings per share (basic) The post-tax earnings generated that are attributable to shareholders.	3.38p (7.29p for the 12 months to 30 June 2016)

6. Adjusted EPRA earnings per share Post-tax adjusted EPRA earnings per share attributable to shareholders which includes the licence fee receivable on the Group's forward funded development assets and late completion development rebate on forward funded assets.	0.72p (1.89p for the 12 months to 30 June 2016)

	Performance
1 EPRA earnings (basic) Earnings from operational activities. Purpose A key measure of a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.	£1.9m (£5.2m for the 12 months to 30 June 2016)	0.38p (1.34p per share (basic) for the 12 months to 30 June 2016)

2 EPRA NAV (basic) NAV adjusted to include properties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long term investment property business. Purpose Makes adjustments to International Financial Reporting Standards ("IFRS") NAV to provide stakeholders with the most relevant information on the fair value of the assets and liabilities for a true real estate investment company.	£532.1m (£530.0m as at 30 June 2016)	106.2p (105.7p per share (basic) as at 30 June 2016)

3 EPRA NNNAV (basic) EPRA NAV adjusted to include the fair values of: (i) financial instruments; (ii) debt and; (iii) deferred taxes. Purpose Makes adjustments to EPRA NAV to provide stakeholders with the most relevant information on the current fair value of all the assets and liabilities within a real estate company.	£519.6m (£516.5m as at 30 June 2016)	103.65p (103.04p as at 30 June 2016)

4 EPRA net initial yield ("NIY") Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property net of (estimated) purchasers' costs. Purpose A comparable measure for portfolio valuations. This measure should make it easier for investors to judge how the valuation of portfolios compare.		4.2% (5.5% as at 30 June 2016)

Name	Location	Proposed Number of Beds	Date of Acquisition	Price Paid or Total Investment to Completion (£m)	Estimated Completion Date
Forward Funded Projects
The Emporium	Birmingham	185	September 2016	19.6	September 2018
Bonhay Road	Exeter	150	September 2015	12.6	October 2017
155 George Street	Glasgow	89	November 2015	9.5	September 2017
134 New Walk	Leicester	16	November 2016	1.5	September 2017
Welsh Baptist Chapel	Manchester	87	May 2015	8.8	September 2017
The Frontage(1)	Nottingham	162	October 2015	17.1	April 2017
Europa House	Portsmouth	242	April 2016	21.4	September 2017
Trippet Lane	Sheffield	63	April 2016	5.5	September 2017
Lawrence Street	York	115	March 2016	11.1	September 2017
Development Project
Provincial House	Sheffield	107	December 2015	10.9	January 2018
Total		1,216		118.1
Projects and Sites Acquired Subject to Planning
Well Street⁽²⁾	Exeter	68	-	-	September 2018
Ocean Bowl⁽³⁾	Falmouth	249	-	-	September 2018
140-142 New Walk	Leicester	48	-	-	September 2018
Princess Road	Leicester	106	-	-	September 2018
Forthside⁽⁴⁾	Stirling	204	-	-	September 2018

	June 2016	December 2016
Operational (or revenue generating) building	52	75
Operational (or revenue generating) beds	4,257	6,775
Buildings operated by Hello Student^®	18	36
Rooms operated by Hello Student^®	1,868	3,075

	2016/17	2015/16
Postgraduate	26%	30%
Undergraduate (including Foundation/other)	74%	70%
First year undergraduate	21%	32%
Returning undergraduate	34%	68%
UK	49%	31%
EU	10%	8%
Non EU	41%	61%
Number of nationalities	137	98
First year UK undergraduates, under 20 years old	4%	3%
Female	55%	51%
Male	45%	49%
Average age	22	22

	Note	Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000
Continuing operations
Revenue	2	19,210	21,600
Property expenses	3	(8,152)	(6,092)
Net rental income		11,058	15,508
Administrative expenses	4	(5,323)	(7,262)
Change in fair value of investment property	13	14,474	21,724
Operating profit		20,209	29,970
Finance cost		(4,231)	(4,552)
Finance income		255	910
Net finance costs	5	(3,976)	(3,642)
Share of results from joint ventures	14	713	1,793
Profit before income tax		16,946	28,121
Corporation tax	7	-	-
Profit for the period		16,946	28,121

Other comprehensive income
Items that will be reclassified to Statement of Comprehensive Income
Fair value gain or (loss) on cash flow hedge		453	(1,237)
Total comprehensive income for the period		17,399	26,884
Earnings per share expressed in pence per share	8
Basic		3.38	7.29
Diluted		3.35	7.23

	Note	At 31 December 2016 £'000	At 30 June 2016 £'000
ASSETS
Non-current assets
Property, plant and equipment	11	509	297
Intangible assets	12	1,017	737
Investment property - operational assets	13	644,510	443,440
Investment property - development assets	13	67,380	70,754
Investment in joint venture	14	4,923	4,197
Derivative financial assets	19	19	18
Total non-current assets		718,358	519,443
Current assets
Trade and other receivables	15	24,852	18,716
Cash and cash equivalents	16	59,399	163,923
Total current assets		84,251	182,639
Total assets		802,609	702,082

LIABILITIES
Current liabilities
Trade and other payables	17	16,033	14,974
Borrowings	18	-	9,257
Derivative financial liability	19	485	479
Deferred income	17	15,760	4,418
Total current liabilities		32,278	29,128
Non-current liabilities
Borrowings	18	238,718	143,639
Derivative financial liability	19	748	1,206
Total non-current liabilities		239,466	144,845
Total liabilities		271,744	173,973
Total net assets		530,865	528,109
Equity
Called-up share capital	20	5,013	5,013
Share premium	21	359,958	359,958
Capital reduction reserve	22	106,198	121,236
Retained earnings		60,686	43,345
Cashflow hedge reserve		(990)	(1,443)
Total equity		530,865	528,109
Total equity and liabilities		802,609	702,082
Net Asset Value per share basic (pence)	9	105.90	105.35
Net Asset Value per share diluted (pence)	9	105.07	104.73
EPRA Net Asset Value per share (pence)	9	106.15	105.73

	Notes	At 31 December 2016 £'000	At 30 June 2016 £'000
ASSETS
Non-current assets
Property, plant and equipment	11	509	133
Intangible assets	12	127	-
Investments in subsidiaries	31	5,118	5,117
Investment in joint venture	14	2,965	2,952
Total non-current assets		8,719	8,202
Current assets
Trade and other receivables	15	602	511
Amounts due from Group undertakings	15	651,897	460,845
Cash and cash equivalents	16	14,997	143,819
Total current assets		667,496	605,175
Total assets		676,215	613,377

LIABILITIES
Current liabilities
Trade and other payables	17	1,639	1,681
Amounts due to Group undertakings	17	216,305	134,163
Total current liabilities		217,944	135,844
Total net assets		458,271	477,533
Equity
Called-up share capital	20	5,013	5,013
Share premium	21	359,958	359,958
Capital reduction reserve	22	106,198	121,236
Retained earnings		(12,898)	(8,674)
Total equity		458,271	477,533
Total equity and liabilities		676,215	613,377

	Called-up share capital £'000	Share premium £'000	Capital reduction reserve £'000	Retained earnings £'000	Cash flow hedge reserve £'000	Total equity £'000
Period ended 31 December 2016
Balance at 1 July 2016	5,013	359,958	121,236	43,345	(1,443)	528,109
Changes in equity
Profit for the period	-	-	-	16,946	-	16,946
Fair value gain on cash flow hedge	-	-	-	-	453	453
Total comprehensive income for the period	-	-	-	16,946	453	17,399
Share-based payments	-	-	-	395	-	395
Dividends	-	-	(15,038)	-	-	(15,038)
Total contributions and distributions recognised directly in equity	-	-	(15,038)	395	-	(14,643)
Balance at 31 December 2016	5,013	359,958	106,198	60,686	(990)	530,865

Balance at 1 July 2015	2,329	82,280	141,417	14,575	(206)	240,395
Changes in equity
Profit for the period	-	-	-	28,121	-	28,121
Fair value (loss) on cash flow hedge	-	-	-	-	(1,237)	(1,237)
Total comprehensive income for the period	-	-	-	28,121	(1,237)	26,884
Issue of share capital	2,684	283,742	-	-	-	286,426
Share issue costs	-	(6,064)	-	-	-	(6,064)
Share-based payments	-	-	-	649	-	649
Dividends	-	-	(20,181)	-	-	(20,181)
Total contributions and distributions recognised directly in equity	2,684	277,678	(20,181)	649	-	260,830
Balance at 30 June 2016	5,013	359,958	121,236	43,345	(1,443)	528,109

	Called-up share capital £'000	Share premium £'000	Capital reduction reserve £'000	Retained earnings £'000	Total equity £'000
Period ended 31 December 2016
Balance at 1 July 2016	5,013	359,958	121,236	(8,674)	477,533
Changes in equity
Loss for the period	-	-	-	(4,619)	(4,619)
Total comprehensive loss for the period	-	-	-	(4,619)	(4,619)
Share-based payments	-	-	-	395	395
Dividends	-	-	(15,038)	-	(15,038)
Total contributions and distributions recognised directly in equity	-	-	(15,038)	395	(14,643)
Balance at 31 December 2016	5,013	359,958	106,198	(12,898)	458,271

Year ended 30 June 2016
Balance at 1 July 2015	2,329	82,280	141,417	(3,549)	222,477
Changes in equity
Loss for the period	-	-	-	(5,774)	(5,774)
Total comprehensive loss for the period	-	-	-	(5,774)	(5,774)
Issue of share capital	2,684	283,742	-	-	286,426
Share issue costs	-	(6,064)	-	-	(6,064)
Share-based payments	-	-	-	649	649
Dividends	-	-	(20,181)	-	(20,181)
Total contributions and distributions recognised directly in equity	2,684	277,678	(20,181)	649	260,830
Balance at 30 June 2016	5,013	359,958	121,236	(8,674)	477,533

	Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000
Cash flows from operating activities
Profit before income tax	16,946	28,121
Share-based payments	395	649
Depreciation and amortisation	73	113
Finance income	(255)	(910)
Finance costs	4,231	4,552
Share of results from joint venture	(713)	(1,793)
Change in fair value of investment property	(14,474)	(21,724)
	6,203	9,008
Increase in trade and other receivables	(6,135)	(14,541)
Increase in trade and other payables	1,059	10,919
Increase in deferred rental income	11,342	2,041
	6,266	(1,581)
Net cash flows generated from operations	12,469	7,427
Cash flows from investing activities
Purchases of tangible fixed assets	(240)	(287)
Purchases of intangible assets	(325)	(781)
Investments in joint ventures	(13)	(1,108)
Purchase of investment property	(183,222)	(235,999)
Interest received	254	910
Net cash flows from investing activities	(183,546)	(237,265)
Cash flows from financing activities
Share issue proceeds	-	286,426
Share issue costs	-	(6,064)
Dividends paid	(15,038)	(20,181)
Bank borrowings drawn	97,346	99,117
Bank borrowings repaid	(9,286)	(37,860)
Loan arrangement fee paid	(2,789)	(2,124)
Finance cost (excluding fair value loss on derivatives)	(3,680)	(4,341)
Net cash flows from financing activities	66,553	314,973
(Decrease)/increase in cash and cash equivalents	(104,524)	85,135
Cash and cash equivalents at beginning of period	163,923	78,788
Cash and cash equivalents at end of period	59,399	163,923

	Group
	Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000
Student rental income	18,320	20,616
Commercial rental income	890	723
Rental income	19,210	21,339
Development services	-	261
Total revenue	19,210	21,600

	Group		Company
	Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000	Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000
Total wages and salaries	1,469	1,805	1,021	1,606
Less: capitalised salary costs	(31)	(258)	(31)	(258)
Less: Hello Student^® wages and salaries included in property expenses	(448)	(199)	-	-
Total wages and salaries included in administrative expenses	990	1,348	990	1,348
Pension costs	134	179	134	179
Cash bonus	164	601	164	601
Share-based payments	395	691	395	691
National Insurance	335	502	335	502
	2,018	3,321	2,018	3,321

The average monthly number of employees of the Group during the period was as follows;

Management	3	3	3	3
Administration - Empiric	21	14	21	14
Administration - Hello Student^®	57	20	-	-
	81	37	24	17

			Group and Company
Directors' remuneration			Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000
Salaries and fees			625	1,110
Pension costs			74	137
Cash bonus			164	601
Share-based payments			395	691
			1,258	2,539

	Calculation of basic EPS	Calculation of diluted EPS	Calculation of EPRA basic EPS	Calculation of EPRA diluted EPS	Calculation of EPRA adjusted basic EPS
Period to 31 December 2016
Earnings (£'000)	16,946	16,946	16,946	16,946	16,946
Adjustment to include licence fee receivable on forward funded developments in the year (£'000)	-	-	-	-	1,201
Adjustment to include development rebate receivable on forward funded developments in the year (£'000)	-	-	-	-	496
Adjustments to remove:
Changes in fair value of investment properties (Note 13) (£'000)	-	-	(14,474)	(14,474)	(14,474)
Changes in fair value of share of joint venture investment (£'000)	-	-	(557)	(557)	(557)
Changes in fair value of interest rate derivatives (Note 19) (£'000)	-	-	(1)	(1)	(1)
Earnings/adjusted earnings (£'000)	16,946	16,946	1,914	1,914	3,611
Weighted average number of shares ('000)	501,279	501,279	501,279	501,279	501,279
Adjustment for employee share options ('000)	-	3,990	-	3,990	-
Total number shares ('000)	501,279	505,269	501,279	505,269	501,279
Per-share amount (pence)	3.38	3.35	0.38	0.38	0.72

Year to 30 June 2016
Earnings (£'000)	28,121	28,121	28,121	28,121	28,121
Adjustment to include licence fee receivable on forward funded developments in the year (£'000)	-	-	-	-	2,140
Adjustments to remove:
Changes in fair value of investment properties (Note 13) (£'000)	-	-	(21,724)	(21,724)	(21,724)
Changes in fair value of share of joint venture investment (£'000)	-	-	(1,450)	(1,450)	(1,450)
Changes in fair value of interest rate derivatives (Note 19) (£'000)	-	-	211	211	211
Earnings/adjusted earnings (£'000)	28,121	28,121	5,158	5,158	7,298
Weighted average number of shares ('000)	385,889	385,889	385,889	385,889	385,889
Adjustment for employee share options ('000)	-	2,957	-	2,957	-
Total number shares (£'000)	385,889	388,846	385,889	388,846	385,889
Per share amount (pence)	7.29	7.23	1.34	1.33	1.89

	Group
	31 December 2016 £'000	30 June 2016 £'000
Net assets per Statement of Financial Position	530,865	528,109
Adjustment to exclude the fair value loss of financial instruments	1,232	1,905
EPRA NAV	532,097	530,014
Adjustment to include fair value of debt	(11,285)	(11,589)
Adjustment to include the fair value loss of financial instruments	(1,232)	(1,905)
EPRA NNNAV	519,580	516,520

Ordinary shares	Number	Number
Issued share capital	501,279,071	501,279,071
Issued share capital plus employee options	505,269,491	504,236,462

	Pence	Pence
NAV per share basic	105.90	105.35
NAV per share diluted	105.07	104.73
EPRA NAV per share basic	106.15	105.73
EPRA NAV per share diluted	105.31	105.11
EPRA NNNAV per share basic	103.65	103.04
EPRA NNNAV per share diluted	102.83	102.44

	Group and Company
	For the period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000
Interim dividend in respect of quarter ended 30 June 2015 at 1.0p per ordinary share	-	2,329
Interim dividend of 1.5p per ordinary share in respect of the quarter ended 30 September 2015	-	4,558
Interim dividend of 1.5p per ordinary share in respect of the quarter ended 31 December 2015	-	5,775
Interim dividend of 1.5p per ordinary share in respect of the quarter ended 31 March 2016	-	7,519
Interim dividend in respect of quarter ended 30 June 2016 at 1.5p per ordinary share	7,519	-
Interim dividend of 1.5p per ordinary share in respect of the quarter ended 30 September 2016	7,519	-
	15,038	20,181

	Group
Period ended 31 December 2016	Investment properties freehold £'000	Investment properties long leasehold £'000	Total operational assets £'000	Properties under development £'000	Total investment property £'000
As at 01 July 2016	368,260	75,180	443,440	70,754	514,194
Property additions and transfers	151,036	1,658	152,694	30,528	183,222
Transfer of completed developments	40,495	-	40,495	(40,495)	-
Change in fair value during the period	5,091	2,790	7,881	6,593	14,474
As at 31 December 2016	564,882	79,628	644,510	67,380	711,890

	Group
	As at 31 December 2016 £'000	As at 30 June 2016 £'000
Value per independent valuation report	721,345	523,890
Less:
Investment in joint ventures	(9,455)	(8,150)
	711,890	515,740
Less:
Licence fee receivable	-	(1,546)
Fair value per Group Statement of Financial Position	711,890	514,194

Date of valuation 31 December 2016	Total £'000	Quoted prices in active markets (Level 1) £'000	Significant observable inputs (Level 2) £'000	Significant unobservable inputs (Level 3) £'000
Assets measured at fair value:
Student properties	688,390	-	-	688,390
Commercial properties	23,500	-	-	23,500
As at 31 December 2016	711,890	-	-	711,890

Date of valuation 30 June 2016	Total £'000	Quoted prices in active markets (Level 1) £'000	Significant observable inputs (Level 2) £'000	Significant unobservable inputs (Level 3) £'000
Assets measured at fair value:
Student properties	492,624	-	-	492,624
Commercial properties	21,570	-	-	21,570
As at 30 June 2016	514,194	-	-	514,194

As at 31 December 2016	-3% Change in Rental Income £'000	+3% Change in Rental Income £'000	-0.25% Change in Yield £'000	-0.25% Change in Yield £'000
(Decrease)/increase in the fair value of investment properties	(30,320)	29,590	34,230	(31,350)

As at 30 June 2016	-3% Change in Rental Income £'000	+3% Change in Rental Income £'000	-0.25% Change in Yield £'000	-0.25% Change in Yield £'000
(Decrease)/increase in the fair value of investment properties	(22,200)	22,770	25,430	(22,710)

	Willowbank
As at 31 December 2016	Gross £'000	Share £'000
Investment property	18,910	9,455
Cash and cash equivalents	1,185	592
Loans and borrowings	(9,197)	(4,599)
Trade and other receivables	611	306
Trade and other payables	(1,663)	(831)
Net assets	9,846	4,923

	Group		Company
	Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000	Period ended 31 December 2016 £'000	Year ended 30 June 2016 £'000
Capital invested in Willowbank	13	930	13	929
Net capital movement in Brunswick	-	(6,904)	-	(3,595)
	13	(5,974)	13	(2,666)
Group's share of net revaluation gains	557	1,450	-	-
Group's share of other trading results	156	343	-	-
	713	1,793	-	-
Total movement in investment in joint ventures in the period	726	(4,181)	13	(2,666)
Carrying value bought forward	4,197	8,378	2,952	5,618
Carrying value carried forward	4,923	4,197	2,965	2,952

	Group
	Bank borrowings drawn 31 Dec 2016 £'000	Bank borrowings undrawn 31 Dec 2016 £'000	Total 31 Dec 2016 £'000	Bank borrowings drawn 30 June 2016 £'000	Bank borrowings undrawn 30 June 2016 £'000	Total 30 June 2016 £'000
Balance bought forward	155,857	60,773	216,630	85,343	20,000	105,343
Bank borrowings in the period	97,346	-	97,346	108,374	-	108,374
Bank borrowings repaid during the period	(9,286)	-	(9,286)	(37,860)	-	(37,860)
Bank borrowings available but undrawn in the period	-	5,340	5,340	-	40,773	40,773
	243,917	66,113	310,030	155,857	60,773	216,630

	31 December 2016 £'000	30 June 2016 £'000
Non-current assets: Interest rate derivatives - cap	19	18
Current liabilities: Interest rate derivatives - swap	(485)	(479)
Non-current liabilities: Interest rate derivatives - swap	(748)	(1,206)

	31 December 2016 £'000	30 June 2016 £'000
Interest rate cap premium - opening fair value	18	229
Changes in fair value of interest rate derivatives	1	(211)
Closing fair value	19	18

	31 December 2016 £'000	30 June 2016 £'000
Total bank borrowings	243,917	155,857
Total fixed borrowings	(185,300)	(120,357)
Total floating rate borrowings	58,617	35,500
Notional value of borrowings hedged by interest rate derivative - swap	35,500	35,500
Proportion of notional value of interest rate swap derivative to floating rate bank borrowings	60.6%	100.0%

			Group
Assets/(liability) measured at fair value:	Date of Valuation	£'000	Quoted prices in active markets (Level 1) £'000	Significant observable inputs (Level 2) £'000	Significant unobservable inputs (Level 3) £'000
	31 December 2016
Interest rate derivative - cap		19	-	19	-
Interest rate derivative - swap		(1,232)	-	(1,232)	-
	30 June 2016
Interest rate derivative - cap		18	-	18	-
Interest rate derivative - swap		(1,685)	-	(1,685)	-

	Group and Company		Group and Company
	31 December 2016 Number	31 December 2016 £'000	30 June 2016 Number	30 June 2016 £'000
Balance brought forward	501,279,071	5,013	232,926,830	2,329
Issued in relation to further equity issuance	-	-	268,352,241	2,684
Balance carried forward	501,279,071	5,013	501,279,071	5,013

Name	How related	No. of shares	Transaction	Date
Rock Nominees Limited (Paul Hadaway)	Director	62,510	Purchased	22 October 2015
Rock Nominees Limited (Paul Hadaway)	Director	31,285	Purchased	21 March 2016
Paul Hadaway	Director	125,000	Purchased	21 March 2016
Michael Enright	Director	104,999	Purchased	21 March 2016
Baroness Brenda Dean	Chairman	4,785	Purchased	21 March 2016
Redmayne Bentley (Brenda Dean)	Chairman	10,000	Purchased	21 March 2016
Jim Prower	Director	14,175	Purchased	21 March 2016
Killik & Co (Stephen Alston)	Director	12,500	Purchased	21 March 2016

	Group and Company
	Period ended 31 December 2016	Year ended 30 June 2016
Outstanding number brought forward	2,880,391	1,220,423
Granted during the period	1,033,029	1,659,968
Outstanding number carried forward	3,913,420	2,880,391