Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. REPORTS FISCAL 2024 FIRST QUARTER FINANCIAL RESULTS

Global Education Communities Corp. has filed on SEDAR+ its consolidated financial statements and related management's discussion and analysis (MD&A) for its first quarter of fiscal 2024 ended Nov. 30, 2023. The release is selected financial information for the three months ended Nov. 30, 2023 (Q1 2024), and comparative results (Q1 2023). Please refer to the Q1 filing in its entirety, which is available under Global Education's profile at SEDAR+.

The attached table presents selected financial data from the Q1 filing with comparisons.

The attached table reconciles these non-IFRS (international financial reporting standards) measures to the most directly comparable IFRS measure disclosed in the annual financial statements, which is net income (loss).

"We started the new fiscal year with a strong quarter," said Toby Chu, chairman, president and chief executive officer of Global Education. "During Q1 2024, the company's total revenue increased by 21 per cent year over year, in which SSLC/VIC's international education business showed substantial growth of 18 per cent, complemented by SSCC's domestic education revenue which grew by 8 per cent. Our recruitment and student advisory division, GEA, also grew by 50 per cent year over year. The robust domestic and international education sectors drove significant growth to our student housing revenue by 33 per cent year over year.

"Over all, GECC's net income before income tax reached $9.13-million, and EBITDA increased to $15-million, an increase of 250 per cent from the same period last year."

Mr. Chu continued: "As interest rates have remained steady for the past few months, we are seeing positive signals for potential rate decreases in the coming quarters of 2024, which is positive news for our real estate services division. Furthermore, according to a City of Vancouver building permit report dated December, 2023, the total number of building permits issued for multiple dwellings year over year has dropped 65 per cent from 3,768 dwelling units to 2,281 dwelling units. As the inventory depletes with minimal developments in the replenishment pipeline, the rental crisis will become a greater issue in the coming years, potentially driving the value of property and rental rates higher. Our efforts will continue to be focussed on controlling costs while increasing the pace of our developments and acquisitions."

About Global Education Communities Corp.

Global Education is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. Global Education 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 offers over 150 educational programs in health care, business management, e-commerce, cybersecurity, hotel management and language training through these schools. In 2022, Global Education serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.

Global Education 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 3,200 students from 71 countries. The total portfolio and development budget under the GEC brand is nearly $1.2-billion.

Global Education also owns Global Education Alliance Inc. (GEA) and Irix Design Group Inc. 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.

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