What you need to know: • GEC has over 33 years of operating history with deep education roots, offering student housing and academic services across 24 locations. • GEC has a proven track record of value creation with a 3x return on the sale of SSCC and strong gains on multiple real estate assets; GEC will now focus on transitioning to a student housing pure play company. • The Company has a development pipeline of ~2,900 beds and over $40M in revenue coming online over the next five years, supported by favourable government policy and elite development partners. Global Education Communities Corp. (GEC:TSX, GECSF:OTCQB) is a Vancouver-based student housing and education company focused on delivering student-centric rental housing. With over 33 years of operating history and a network spanning 24 locations and 95 school partners, the Company offers student-centric rental apartments, recruitment services, and language and business colleges for both domestic and international students. Unlike traditional student housing peers, GEC’s roots are in education, giving it a unique advantage in delivering integrated, experience-driven living environments. We are initiating coverage on Global Education Communities with a BUY rating and a $1.00/share target price. Investment Thesis Summary Track Record of Successful Value Creation. GEC has consistently demonstrated its ability to acquire, scale, and exit assets at attractive returns. The sale of Sprott Shaw College for ~$35M delivered a 3x return on an $12M investment, alongside years of meaningful cash flow generation of $30M. Additional successes include a 79% gain on GEC Granville and a 59% return on GEC Viva. Growing Need for Student Housing. British Columbia has over 550,000 post-secondary students but limited purpose-built housing. Most schools offer little to no on-campus options, and development permitting has dropped 65% since 2022. The University of British Columbia reported >6,000 students on their housing waitlist. With rising costs and limited alternatives, GEC’s student housing portfolio fills a growing gap in a chronically undersupplied market with structural benefits. Government Support. Policy changes across all levels of government are improving project economics for student housing. Bill 47 enables higher density near transit (i.e., GEC Langara’s 10-to-26 storey expansion). The removal of parking requirements, GST exemptions, waived levies, and full loan-to-cost financing further reduces costs. Development Pipeline Driving Growth. GEC’s development pipeline totals over 2,900 beds and over $40M in rental revenue. Major projects include the $330M Education Mega Centre (1,384 beds), GEC Oakridge (458 beds), and GEC Langara (650 beds), with strong partners like Pomerleau Capital and Pure Group helping to reduce execution and financing risk. Management & Ownership. GEC is led by an education-focused executive team and board, which collectively have 24% ownership. Valuation. We value GEC using a cap-rate methodology, assuming $9,000-10,000 NOI/Bed and a 3.5% cap rate. We also project that GEC will require an additional $100M in equity and debt to fund the pipeline, resulting in our $1.00/share target price (135% upside).