Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. DEPLOYS ADDITIONAL SERVICES TO ADD STUDENT BEDS AND EXPAND ITS PORTFOLIO

Global Education Communities Corp. has added a new business segment, called the master lease partnership program (MLPP), to complement its existing operations. The MLPP strategy is intended to expand Global Education Communities' revenue streams, complement its current corporate-owned student housing portfolio without deploying significant capital and shorten the delivery time for student-bed deployments. The MLPP strategy allows Global Education Communities to capitalize on new business opportunities within the Canadian real estate industry that have arisen as a result of the current state of the housing shortage in Metro Vancouver and to drive further growth.

To deploy the MLPP strategy, Global Education Communities is discussing with several developers to master lease over 250,000 gross buildable square feet of residential rental facilities for five to 10 years, adding approximately 800 beds to Global Education Communities' growing portfolio of 1,500 beds in Metro Vancouver. The facilities under review by Global Education Communities will be brand new with a possession date of less than six months. These developers started developing and constructing rental buildings several years ago and are no longer interested in operating rental properties in today's environment, thus creating an opportunity for the MLPP.

"This partnership allows the developer to focus on construction and development instead of overseeing the daily operations of a rental property," commented Toby Chu, president, chief executive officer and chairman of Global Education Communities. "With a strong infrastructure, 30 years of experience in the education sector, complemented by nine years of student housing experience and supported by an expansive network of 2,000 agents globally, GECC is well positioned to fill the rental property expeditiously and manage the student rental operations efficiently."

Mr. Chu added: "Due to the current housing crisis in Vancouver, we noticed the urgent need to rapidly and consistently deploy additional beds. However, the current development and construction cycle often takes five to seven years. The MLPP strategy provides GECC immediate access to new inventory in the development pipeline by partnering with several developers. In recent years, developers have been discouraged by rent control policies disproportionate to the rising construction, inflation and interest costs, prompting developers to dispose of their rental inventory at a discount. At the same time, potential buyers are scarce due to rising interest rates and underwhelming investment returns. GECC offers developers a solution which allows them to defer their need to sell and instead collect reasonable rents."

Global Education Communities' education platform annually educates over 10,000 students through its subsidiaries, Sprott Shaw College, Sprott Shaw Language College and Vancouver International College. Global Education Communities' student housing subsidiary, GEC Living, provides fully furnished rental facilities to over 3,000 domestic and international students from 71 countries attending 92 colleges and universities across Metro Vancouver. GEC Living's student housing platform comprises a reservation team, housekeeping and quality assurance staff. By adding value to its services, Global Education Communities combines the education revenue with rental income, supported by over 640 staff. Global Education Communities' infrastructure maximizes the economy of scale and can handle a large student housing population.

About Global Education Communities Corp.

Global Education Communities is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. Global Education Communities owns business and language colleges, student-centric rental apartments, recruitment centres, and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (SSCC) (established in 1903), Sprott Shaw Language College (SSLC), Vancouver International College Career Campus (VIC), and CIBT School of Business & Technology Corp. (CIBT China). Global Education Communities offers over 150 educational programs in health care, business management, e-commerce, cybersecurity, hotel management and language training through these schools. In 2022, GECC serviced over 13,000 domestic and international students through its educational, rental housing and recruitment subsidiaries.

Global Education Communities owns Global Education City Holdings Inc. (GECH), an investment holding and development company focused on education-related real estate such as student-centric rental apartments, a hotel and education supercentres. Under the GEC brand, GECH provides accommodation services to 92 schools in Metro Vancouver, serving 3,000 students from 71 countries. The total portfolio and development budget under the GEC brand is nearly $1.3-billion.

GECC also owns Global Education Alliance Inc. (GEA) and Irix Design Group Inc. (IRIX). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges, and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada.

We seek Safe Harbor.