Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

EMPIRIC STUDENT PROPERTY

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

x

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Placing and subscription offer

x

3. Full name of person(s) subject to thenotification obligation: iii

EAST RIDING OF YORKSHIRE COUNCIL

4. Full name of shareholder(s)  (if different from 3.):iv

STATE STREET NOMINEES LIMITED

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

22 JULY 2015

6. Date on which issuer notified:

23 JULY 2015

7. Threshold(s) that is/are crossed orreached: vi, vii

8 %

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORDINARY

20,926,829

20,926,829

23,926,829

23,926,829

N/A

7.87 %

N/A

GB00BLWDVR75

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

23,926,829

7.87 %

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

N/A

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

CALCULATION BASED ON 303,848,815 SHARES IN ISSUE FOLLOWING PLACEMENT AND OFFER FOR SUBSCRIPTION

.

14. Contact name:

JOANNA NOTTINGHAM

15. Contact telephone number:

01482 394149