Message from Gary Clarke

Dear Team,

Firstly, thank you to all of you for the immense effort which you have put into our repositioning initiative over the course of the year. It is just over 12 months since I took on the US CEO role full time and I have enjoyed every moment of it, totally attributable to the commitment, warmth and spirit of this awesome US team.

During the year, we have made great progress in reorganizing ourselves around a more cohesive, process-oriented operating platform. A number of you have shared frustrations with me as we have gone through this transition, but I assure you that in the coming year we will start to feel the benefits of greater efficiency and alignment in our business.

I have been moved throughout the year by the response of a number of you to the opportunities for self-leadership and relationship building which have been presented by the Hero’s Journey program, and the difference this is making to how a number of areas of our business are building collaborative partnerships with each other. We are far from done with this and I am looking forward to sharing with you our plans for the next stages of the program in January.

We have had two great conferences this year, as well as shared a number of opportunities for discussing our business. I continue to be totally committed to the principles of wide participation in our business planning and strategic decision making, and drawing from ideas and participation across the enterprise.

The relaunch of Project Revitalize in late 2015 yielded its first results in 2016, with refurbishment work of over US$10m scheduled to commence in January 2017 at TSTC and UHMC. Negotiations are at an advanced stage with UNO and LSUS, and detailed proposals are due to be presented to UTSA, TSU, UHCL, UTA, UMSL, UTT and NSU in the next quarter. We are also scheduled to commence over US$7m of modernization works at Temple and Illini Tower in January.

We are now well placed to launch our growth strategy, and have identified a number of additional states, such as California, Virginia, Tennessee, Utah and Florida in which we will start to grow our relationship presence with leading universities in the New Year. We are already in the process of developing a strategic alliance with an international infrastructure investment group to position ourselves to bid for the development of up to 14,000 beds for the University of California.

I am extremely excited by the future of CLV in the US – not least including the prospect of new investors and fresh capital coming into our business in the next 12 months – and am looking forward to sharing a very successful 2017 with you all.

Happy Holidays to you all and your families,