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Trading Update

4th October 2018

The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading.

Bookings for the 2018/19 Academic Year have reached 96% as at 3 October 2018, which is significantly ahead of last year. New reservations are continuing and the Company is on track to achieve the full occupancy target of 97%*. These later reservations relate to specific assets within the Company's portfolio where lettings to international and postgraduate students continue through October and into November.

On 1 September 2018 Hello Student® assumed the marketing and lettings management of the Company's entire portfolio and successfully took control of facilities management for 27 properties. The facilities management provision for the remaining 57 properties remains on schedule to be brought in-house by 31 March 2019. The wider programme is progressing well, with the call centre now live, the database established and contracts continuing to be rationalised.

The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets.

* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.

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The Empiric plc management team has a long track record in the acquisition, development and management of student accommodation assets in the UK.

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