LTIP Option Awards / PDMR Notification

23 August 2018

Empiric Student Property plc

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

LTIP Option Awards / PDMR Notification

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, announces that on 23 August 2018, the Company granted Lynne Fennah, an Executive Director of the Company nil-cost options over a total of 69,046 ordinary shares in the Company ("Ordinary Shares") pursuant to the Empiric Long Term Incentive Plan (the "LTIP"). The allocation represents a supplementary award of nil-cost options following the Empiric Board appointing Lynne to the joint roles of Chief Financial Officer and Chief Operating Officer effective 1 July 2018.

The price used to calculate the number of Ordinary Shares under the LTIP was 92.33 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 July 2018.

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 30 June 2021 from a base Net Asset Value ("NAV") of £1.0554 as at 30 June 2018. TR is calculated by the change in NAV plus dividends.

The total number of Ordinary Shares over which nil-cost options were granted on 23 August 2018 represents approximately 0.01 per cent. of the Company's issued share capital.

The LTIP transaction took place in the United Kingdom, with a grant date of 23 August 2018 and the Directors being notified on 23 August 2018.

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.