Deferred Annual Bonus 2021 & LTIP Option 2022/PDMR

25 March 2022

Empiric Student Property plc

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

Annual Bonus for FY 2021 and LTIP Option Awards for FY 2022 / PDMR Notification

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation serving key UK universities, announces that on 24 March 2022, the Company granted Duncan Garrood, Chief Executive Officer, nil-cost options over 20,084 ordinary shares in the Company ("Ordinary Shares") and Lynne Fennah, Chief Financial & Sustainability Officer, nil-cost options over 15,877 Ordinary Shares relating to the deferred shares element of the annual bonus award for the financial year to 31 December 2021 (the "Annual Bonus Award 2021").

The Annual Bonus Award 2021 is not subject to any further performance conditions and in normal circumstances will be exercisable on or after the third anniversary of grant.

The Annual Bonus Award 2021 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.

Further, and also on 24 March 2022, Duncan Garrood was granted nil-cost options over 701,814 Ordinary Shares, and Lynne Fennah was granted nil-cost options over 554,784 Ordinary Shares pursuant to the Empiric Long Term Incentive Plan for the 2022 financial year (the "LTIP").

The amount granted under the LTIP represents the number of Ordinary Shares based on the maximum 150% salary permitted that may be granted to Duncan Garrood and Lynne Fennah under the LTIP.

The vesting of the LTIP award is subject to a three-year performance period and two performance measures, each being 50% of the award: Total Accounting Return (target range of 6-10% p.a.) and Total Shareholder Return relative to a FTSE All Share Real Estate companies peer group. The Executive Directors' awards are also subject to an additional holding period of two years before being released and becoming exercisable.

The LTIP transaction took place in the United Kingdom, with a grant date of 24 March 2022 and on this date Duncan Garrood and Lynne Fennah were notified.

The price used to calculate the number of Ordinary Shares under the Annual Bonus Award 2021 and the LTIP is 87.63 pence per share, representing the average of the daily closing prices of the Ordinary Shares on the London Stock Exchange for the 12-month period ended 28 February 2022.

The total number of Ordinary Shares over which nil-cost options were granted to the Executives on 24 March 2022 represents approximately 0.21 per cent. of the Company's issued share capital.

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, predominantly direct-let, premium student accommodation serving key UK universities. Investing in both operating and development assets, Empiric is a fully integrated operational student property business focused on premium studio-led accommodation managed through its Hello Student® operating platform, that is attractive to affluent growing student segments.

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