LTIP Executive Director Option Awards

23 April 2021

Empiric Student Property plc

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

LTIP Executive Director Option Awards for the financial year ending 31 December 2021

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, announces that on 22 April 2021, the Company granted the following nil-cost options in ordinary shares in the Company ("Ordinary Shares") to the Executive Directors pursuant to the Empiric Long Term Incentive Plan (the "LTIP") for the 2021 financial year.

The Executive Directors

The number of shares granted is based on the maximum 150% salary permitted to the Executive Directors and a share price of 75p. This is 12.9% above the 12-month average daily closing price of the Ordinary Shares on the London Stock Exchange for the period ended 31 March 2021 of 66.45p, which is the basis usually applied to calculating the number of LTIP shares to be granted. However, the Remuneration Committee exercised its discretion in adopting a higher share price as a result of the exceptional market conditions due to Covid-19.

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 Remuneration Committee considers having two performance measures, one relative to a peer group and one based on absolute performance, is appropriate in the current conditions, and further that the absolute performance range of 6-10% p.a. will be very challenging due to the expected issues faced in the first year of the three-year performance period ending 31 December 2023. The Executive Directors' awards are 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 to the Executive Directors on 22 April 2021 represents approximately 0.24% of the Company's total issued share capital.

The LTIP transaction took place in the United Kingdom, with a grant date of 22 April 2021 and the Executive Directors being notified on 22 April 2021.

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 located in high-demand university towns and cities across the UK. 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 attracts 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.

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