Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. PROVIDES CORPORATE UPDATE ON STUDENT HOUSING PORTFOLIO AND DEVELOPMENT PROJECTS

Global Education Communities Corp. has provided a corporate and development updates as of Oct. 31, 2026.

Strong operating performance -- portfolio occupancy near full capacity

The company is pleased to report that the majority of its operating properties have achieved occupancy levels of 98 per cent to 100 per cent. Only two properties are currently reporting occupancy levels of 93 per cent and 95 per cent, respectively. The overall vacancy rate across the portfolio remains near zero, as most remaining available units have already been prebooked and are awaiting arrivals. This strong occupancy reflects continued demand for GEC student-centric rental accommodations and supports the company's ongoing development strategy.

GEC Oakridge -- construction on schedule and below budget

GEC Oakridge, strategically located directly across from the Oakridge Park shopping centre at the intersection of Cambie Street and West 42nd Avenue in Vancouver, is progressing well. Construction is slightly ahead of schedule and approximately $2-million below budget.

Furniture, fixtures and equipment (FF&E) are currently being shipped from overseas suppliers and are expected to be ready for installation upon receipt of the occupancy permit, which is currently anticipated to be received in February/March, 2027. The latest independent appraisal as of Aug. 31, 2026, indicates an estimated completed value of $159-million. Upon completion and stabilization, the property is projected to generate approximately $10-million in annual rental revenue.

GEC Langara -- rezoning approved for 26-storey development

GEC Langara, located at the intersection of Cambie Street and West 48th Avenue, is strategically positioned approximately two city blocks from Oakridge Park shopping centre and adjacent to the Langara SkyTrain station. The project received rezoning approval earlier this year, allowing the building height to increase from 10 stories to 26 stories. The development permit application is currently under way. The projected annual rental revenue is approximately $11.3-million.

The company is strategically co-ordinating the development timeline with the anticipated completion and launch of GEC Oakridge. This phased approach will allow GECC to capitalize on Oakridge's successful opening before commencing the next major construction phase.

Education Mega Center -- strategic project rightsizing

The company's flagship development, the GEC Education Mega Center, is undergoing a design revision to optimize its development scope and financial exposure. The proposed revision reduces the building height from 49 stories to 37 stories and the planned accommodation capacity from 1,380 beds to approximately 1,000. The projected annual rental revenue is approximately $19.9-million.

This strategic rightsizing reflects the company's prudent approach to the current financial and construction market environment. By optimizing the project size, GECC aims to reduce capital exposure, accelerate the anticipated completion timeline and better align accommodation supply with projected market demand. The company's philosophy is straightforward: rather than risk an oversupply of student accommodations, the company would prefer to maintain a waiting list.

Positioned for the recovery of Canada's education sector

"The timing and sequencing of our development projects have been carefully considered to position GECC for the anticipated recovery of Canada's international education sector," commented Toby Chu, chairman, president and chief executive officer of GECC.

"The launch of Oakridge Park shopping centre in July, 2026, has generated tremendous interest and a very positive response from the community. Both GEC Oakridge and GEC Langara are within a five-minute walk of Oakridge Park, making these locations particularly attractive to students seeking convenient access to shopping, public transit and essential amenities.

"More importantly, we are beginning to see encouraging signs of steady recovery in Canada's international education sector following the two years of federal study-permit restrictions. With increased student quota granted to over-achieving schools, we are seeing signs of a more supportive policy environment and positive steps toward easing international study-permit constraints.

"Major postsecondary institutions in British Columbia, including UBC, SFU and the British Columbia Institute of Technology (BCIT), have reported positive enrollment growth for the 2027 academic year, encompassing both domestic and international students.

"GECC has over 33 years of experience in the domestic and international education sectors. Our experience has been that students continue to enroll in their studies regardless of economic swings. During the past two years of the international student slowdown, the percentage of domestic student tenants at GEC projects increased from 12 per cent in 2024 to 57 per cent in 2026, reflecting GECC's agility in adopting market shifts.

"These encouraging developments are further supported by GECC's near-zero vacancy rate across its operating portfolio. We believe the combination of strong underlying student-housing demand, improving enrolment trends and the strategic locations of our development projects places GECC in a favourable position to benefit from the recovery of Canada's education sector.

"We remain optimistic that the completion and launch of our remaining flagship projects will coincide with the next phase of growth in international education and student housing demand in Metro Vancouver."

About Global Education Communities Corp.

For 33 years, Global Education has been a leading player in Canada's education and student housing sectors. After strategically divesting its domestic college assets in 2025 and 2026, Global Education has evolved into a premier pure-play student housing developer and operator. Serving nearly 10,000 domestic and international students annually, Global Education's global footprint spans student housing communities, recruitment centres, and corporate offices in Canada and abroad.

Student housing and education super centres

Under the flagship GEC Living brand, GECC is the largest off-campus student housing provider in Western Canada. The company specializes in developing and managing student-centric rental apartments and has pioneered the Education Super-Centre concept-integrated hubs that combine academic space with high-density housing. The Global Education portfolio, comprising both operational assets and a robust development pipeline, represents a combined value and development budget exceeding $1-billion. With 1,300 operational beds and approximately 2,500 additional beds in the development pipeline, Global Education provides essential housing solutions to students from 95 schools across Metro Vancouver, representing 79 countries worldwide.

Academic division and supporting services

Formerly the parent company of Sprott Shaw College, SSLC Language College and Vancouver International College, GECC successfully divested these entities in 2025 and 2026 to focus on its student housing real estate business. The company's current academic division continues through CIBT School of Business & Technology Corp., maintaining a feeder and bridge between institutional education and student-centric infrastructure.

GECC maintains a vertically integrated ecosystem to ensure high occupancy and brand consistency across its portfolio: Global Education Alliance (GEA). This premier student recruitment agency connects international students with top-tier North American institutions and streamlines their placement into GEC housing. Irix Design is a Vancouver-based media and communications firm that serves as GECC's internal marketing and design department, ensuring seamless execution of the company's global brand strategy.

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