Annual Bonus 2019 & LTIP Option Award/PDMR

8 April 2020

Empiric Student Property plc

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

Annual Bonus for FY 2019 and LTIP Option Awards for FY 2020 / PDMR Notification

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, announces that on 8 April 2020, the Company granted Tim Attlee, Chief Executive Officer, nil-cost options over 80,116 ordinary shares in the Company ("Ordinary Shares") and Lynne Fennah, Chief Financial & Operating Officer, nil-cost options over 72,396 Ordinary Shares relating to the deferred shares element of the annual bonus award for the financial period to 31 December 2019 (the "Annual Bonus Award 2019").

Further, and also on 8 April 2020, Lynne Fennah was granted nil-cost options over 511,982 Ordinary Shares pursuant to the Empiric Long Term Incentive Plan (the "LTIP") for the 2020 financial year.

The price used to calculate the number of Ordinary Shares under the Annual Bonus Award 2019 and the LTIP was 92.64 pence, representing the average of the daily closing prices of the Ordinary Shares on the London Stock Exchange for the 12 month period ended 31 March 2020.

The Annual Bonus Award 2019 is not subject to any further performance conditions and in normal circumstances will be exercisable on or after the third anniversary of grant.

The amount granted under the LTIP represents the maximum number of Ordinary Shares that may be granted to Lynne Fennah under the LTIP.

The LTIP is subject to a performance condition whereby 25% of the award vests for achieving a total return ("TR") of 8% per annum increasing to 100% vesting for achieving 12% per annum TR, with the Company's TR performance measured over a three-year period ending 31 December 2022. TR is calculated by the change in net asset value per share of the Company plus dividends. The award is also subject to an additional holding period of two years before being released and becoming exercisable.

The total number of Ordinary Shares over which nil-cost options were granted on 8 April 2020 represents approximately 0.11 per cent. of the Company's issued share capital.

The LTIP transaction took place in the United Kingdom, with a grant date of 8 April 2020 and the Directors being notified on 8 April 2020.

The Annual Bonus Award 2019 notification is made in accordance with Article 19 of the Market Abuse Regulations and further details required under Article 19(6) are set out in Appendix I below.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

The Company's LEI is 213800FPF38IBPRFPU87.

Further information on Empiric can be found on the Company's website at www.empiric.co.uk.

Notes:

Empiric Student Property plc is a leading provider and operator of modern, direct-let, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose-built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.

The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.

APPENDIX I