On 20 November 2017, the Unite Group plc (the “Company”), as borrower, and a number of subsidiaries of the Company, as guarantors, entered into a revolving credit facility, with HSBC Bank plc and National Westminster Bank as lenders and arranger, and HSBC Bank plc and The Royal Bank of Scotland plc as hedge counterparties. Under this agreement, a £350,000,000 revolving loan facility was made available to Unite for drawing by the borrower.

The revolving credit facility were to be applied towards the general corporate purposes of Unite, the refinancing of any of Unite’s existing secured debt and/or refinancing any facilities of Unite that have a maturity date which is prior to the termination date of the revolving credit facility.

The revolving credit facility terminates on the fifth anniversary of the date of this agreement, i.e. 20 November 2022, with the option to extend it by two years, which the lenders may accept in their sole discretion. The availability period for the facility terminates one month prior to the term of the facility.

The revolving credit facility may be prepaid in whole or in any part (but if in part, being an amount that reduces it by a minimum amount of £5,000,000). The facility agreement contains no prepayment penalties, although break costs may be payable in certain circumstances.