Mr. Toby Chu reports

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

Global Education Communities Corp. has filed on SEDAR+ its consolidated financial statements (Q2 2024 financial statements) and related management's discussion and analysis (MD&A) for its second quarter of fiscal 2024 ended Feb. 29, 2024 (collectively, the Q2 filing). The following is selected financial information for the three months ended Feb. 29, 2024 (Q2 2024), and comparative results. Please refer to the Q2 filing in its entirety, which is available under Global Education's profile at SEDAR+.

The attached table presents selected financial data from the Q2 filing with comparisons. All figures are in thousands of Canadian dollars, except share and per-share data, unless otherwise noted.

The attached table compares selected financial position information as of Feb. 29, 2024, and Aug. 31, 2023.

The attached table reconciles the non-IFRS (international financial reporting standards) measures in the first attached table to the most directly comparable IFRS measure disclosed in the Q2 2024 financial statements, which is net income (loss).

"We continued our fiscal year with strong growth for the second quarter," said Toby Chu, chairman, president and chief executive officer of Global Education. "During the first six months, the company's total revenue increased by 12 per cent year over year, and our domestic and international education business showed a steady growth of 8 per cent for both segments. Our recruitment and student advisory division, GEA, grew by 150 per cent year over year. The robust domestic and international education sectors drove significant growth to our student housing revenue by 13 per cent year over year, after factoring the drop in rental revenue with the sale of our hotel property in Q1, with rental revenue replaced by our GEC King Edward property in full operation with near-zero vacancies.

"Over all, GECC's net income before income tax reached $6,377,000, an increase of $9,233,000 from the same period last year. EBITDA increased to $16,651,000, an increase of 120 per cent year over year. Net income for GECC shareholders in Q2 2024 was four cents per share.

Mr. Chu continued: "As interest rates have remained steady for the past seven 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. Our ongoing effort is to increase our rental revenue by deploying GEC Kingsway by mid-2024 with more available beds to the market, while decreasing our borrowing. During the past six months, we yielded a 6-per-cent decrease in liabilities, or $20,868,000, while achieving a 12-per-cent revenue growth."

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 operates 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. (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus, and GECC School of Business & Technology Corp. The company offers over 150 educational programs in health care, business management, e-commerce, cybersecurity, hotel management, emergency paramedic and language training through these schools. In fiscal 2023, Global Education serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.

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