Student accommodationA unique global opportunity

V2

Contents04 Key fund features

05 Fund overview

06 Why do we specialise in student accommodation?

08 Global higher education overview

10 Investment into the student accommodation sector

12 Fund and investment strategy

14 Performance history and investment case studies

16 Fund structure and corporate governance

18 GSA Coral management and GSA IM senior management

22 GSA Investment Management

This document has been prepared by the management of GSA Coral and its contents have not been independently veriied. This document does not constitute, and is not intended to be, an ofer, invitation or solicitation in respect of securities and contains information designed to provide a broad overview for discussion purposes only. This document does not purport to provide a complete description of GSA Coral, its securities or other investments or markets referred to, or the performance thereof. The photographs in this document are for illustrative purposes only.

GSA Coral makes no representations, warranties or undertakings (express or implied) and accepts no responsibility for the adequacy, accuracy, completeness or reasonableness of the information in this document. The information herein does not purport to be complete and is subject to change. GSA Coral and/or its directors, oicers, agents, representatives and employees shall have no liability whatsoever (in negligence or otherwise), for any loss howsoever arising from any use of this document, the information herein or otherwise. There can be no guarantee that GSA Coral, or the strategy set out in this document, will be successful in achieving any or all of its investment objectives.

This document does not constitute legal, tax or accounting advice or opinion. The information in this document is not investment or inancial advice and is not intended to be used as the basis for making an investment decision.

This document includes forward looking statements. By their nature, such statements are subject to assumptions, risks and uncertainties that may or may not occur in the future. Forward looking statements are not guarantees of future performance. Any forward looking statements that GSA Coral makes in this document speak only as of the date of such statements and GSA Coral does not undertake to update such statements. In considering investment performance information contained in this document, you should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that any investment will achieve comparable results.

*Please see note at foot of page 4

By accessing this document, you acknowledge and agree that you will not reproduce it or re-distribute or make it available to any other person, in whole or in part, except to your own professional advisors for the sole purpose of evaluating the investment opportunity described herein, and that you will not use the document except for the purposes for which it has been provided to you. You further agree that you will not modify this document in any way. Copyright in this document solely and exclusively belongs to GSA Coral and any reproduction and/or use of this document without prior written consent of GSA Coral is strictly prohibited.

Important Notice: This document is private and conidential and has been prepared by Coral Portfolio SCA SICAV-SIF (“GSA Coral an investment company with variable capital organised as a multi-compartment specialised investment fund in the form of a corporate partnership limited by shares with registered oice at 2, boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg trade and companies registry (RCS Luxembourg) under number B 144.034”)* , solely for the information of “Well-Informed Investors” within the meaning of article 2 of the Luxembourg law dated 13 February 2007 in relation to speciied investment funds.

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In evaluating the suitability of an investment in the GSA Coral, any potential investor should rely only on the private placement memorandum in respect of GSA Coral and the annual report of GSA Coral.

GSA Coral is a unique, globally diversiied real estate fund.

THE FUND WAS LAUNCHEDIN 2009,and invests in a rangeof INTERNATIONAL STUDENTACCOMMODATION ASSETSoperated by specialist providers.

The Fund is AIFMD approved and regulated in Luxembourg. It is monthly traded, with a target return of 8% + per annum.

GSA Coral is part of GSA Investment

Management (GSA IM). Over the past 25 years the GSA IM management team has transformed

student accommodation into an institutional

asset-grade real estate class.

The management team has created over

$7.5bn of student accommodation in 44 cities and 8 countries. GSA IM is a

trusted partner of higher education and capital

in this sector.

Key fund features

* As at the date of publication of this document, regulatory and shareholder approval is currently being obtained to formally change the name of ‘Coral Portfolio SICAV-SIF’ to ‘GSA Coral Portfolio SICAV-SIF’ and to change the name of the ‘Coral Student Portfolio Compartment’ to ‘GSA Coral Student Portfolio Compartment’.

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SectorThe Fund invests in a range of purpose built student accommodation (PBSA) developments or investment properties. A proportion of the Fund’s investments may be kept in other investments such as bank deposits.

GeographyThe Fund principally invests in student housing located in various cities and regions of the G20 countries.

Investment Portfolio

The Fund holds a diversiied portfolio of investments in a range of global locations. As the portfolio changes frequently through active management to maximise returns, details of the current investments can be found in the GSA Coral Investment Portfolio booklet which is updated regularly.

Investment Pipeline

GSA Coral has a great depth and breadth of contacts from 25 years at the forefront of the student accommodation sector, giving the Fund access to a wide range of predominantly of-market investment opportunities. Globally, the Fund has access to the wider resources of the GSA Group with oices in the UK, Ireland, Germany, Dubai, Japan, Hong Kong, China and Australia to source market leading opportunities.

LiquidityThe Fund is traded monthly. The Fund has a carefully managed liquidity strategy and has an unrivalled track record of providing liquidity whenever required since launch in 2009.

Regulation

The Fund is regulated and supervised in Luxembourg by the CSSF. The Fund is an internally managed alternative investment fund and is approved under the AIFMD requirements to ensure a rigorous and transparent reporting structure. The Fund is supervised by a Board which includes two members who are independent of the Manager, Coral S.à.r.l.

GeneralPartner

Coral S.à.r.l. Coral was established in 2008 by a group of experienced industry professionals. It provides a transparent and regulated platform for the fund, which is actively managed with careful attention to risk management and highest standards of service delivery.

ManagerThe Fund is managed by a management board which comprises three managers: (i) the General Partner and (ii) two external managers.

Depositary

The Fund has an independent Depositary - RBS Global Banking Luxembourg S.A. The Depositary is supervised by the CSSF and is responsible for safekeeping of the Fund’s cash, including subscription and redemption monies. Following investment, the Depositary is responsible for the custody of the underlying assets on behalf of investors.

IndependentAdministrator

Apex Fund Services Ltd, supervised by the CSSF in Luxembourg, is the Fund’s independent Administrator.

Auditor Since inception, the Fund has been audited by Ernst & Young (EY) in Luxembourg.

Legal Advisers

The Fund is advised on legal matters by Loyens & Loef in Luxembourg.

Share Classes

Class A GBP ISIN: LU0407011179 SEDOL: B3KTXV9Class B EUR ISIN: LU0407011419 SEDOL: B3KTXW0Class C USD ISIN: LU0407011849 SEDOL: B3KTXX1Class G SGD ISIN: LU0720337285 SEDOL: B3LHJR0Institutional: Class D GBP ISIN: LU0561976993 SEDOL: B3WXBR1Class E EUR ISIN: LU0561981480 SEDOL: B3Y81D0Class F USD ISIN: LU0561985127 SEDOL: B4384Y0

Target Fund Return

8%+ per annum.

Investment Type

the Coral Student Portfolio (Fund), a Compartment of GSA Coral.*

Coral Portfolio SCA SICAV-SIF (‘GSA Coral’) is a regulated investment company supervised by the Commission de Surveillance du Sector Financier (CSSF) in Luxembourg. Investors will receive shares in

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Fund overview

GSA CORAL STUDENT PORTFOLIO IS A UNIQUE OFFERING.

A GLOBAL AND D I V E R S I F I E DFUND PROVIDING ACCESS TO INSTITUTIONAL G R A D E P U R P O S E B U I L T S T U D E N T ACCOMMODATION (PBSA) INVESTMENTS.

Compelling asset class

An asset class with a clear and growing disparity between supply and demand.

Higher education is also counter cyclical, as more students seek to enrol during periods of economic slowdown, placing greater demand on the provision of suitable PBSA.

Global investments

The Fund blends core investments in mature markets (such as the UK) with market leading investments intounder-developed locations globally.

These are countries with mature real estate markets, but with a lack of sophisticated provision of PBSA and provides the Fund with irst mover advantage.

Structure

Our structure, which is widely used in other sectors but comparatively unique in student accommodation, is a signiicant part of our investment strategy.

It permits wide diversiication and quicker acquisition or disposal of investments when portfolio change or liquidity is desired.

Liquidity

It is this diversiication and lexibility that has stood the fund in such good stead since 2009 and which has allowed it to continue to provide strong performance and liquidity – a signiicant accomplishment in a turbulent investment climate. GSA Coral has an unrivalled 100% track record of meeting investor liquidity requirements since inception.

Management

GSA Coral and GSA Investment Management have over 25 years’ experience in developing and leading the student accommodation sector. They have an unrivalled track record as a trusted partner of higher education and capital in this sector.

0

50

100

150

200

250

300

stn

ed

uts

yraitr

et lat

oT

Mill

ion

s

263 million

Forecasted growth

32.6 million

5.8% p.a.

6

Global student mobility has

risen by 6% p.a. over 15 years,

primarily from a growing

middle class in the Far East

(53%) and from a general

increase in domestic mobility.

Government sponsorship and support for higher education is also growing. University education is a leading driver of economic expansion and, almost without exception, global growth in higher education is underpinned by government policy.

This unprecedented growth in participation in higher education is forecast to continue around the globe.

...BUT STUDENT ACCOMMODATION IS STRUCTURALLY UNDERSUPPLIED

HUGE DEMAND FOR HIGHER EDUCATION GLOBALLY

Why do we specialise in student accommodation?

Long-term growth in global higher education enrolments

UN

ES

CO

Parents and students are driving demand for a better quality of accommodation. They want safe places with good amenities and a sense of community.

Universities increasingly rely on the private sector to supply accommodation.

Undersupply is rising through the growth in student numbers and the removal of old stock that no longer meets the expectations of parents and students.

18.2

2.42.0

1.8

1.4 1.2 0.6

75%

80%

85%

90%

95%

100%

0

0.5

1

1.5

2

2.5

3

3.5

4

US* Germany France UK Spain Australia Netherlands

Headro

om

Gap %

Num

be

r of beds (

mill

ion)

PBSA Beds Headroom Headroom Gap %Source: Savills World Research, GSA

PBSA headroom in top higher education destinations

TO IMPROVE THEIR EXPERIENCE MAKES FOR AN EXTREMELY POSITIVE OUTLOOK FOR INVESTORS IN THIS SECTOR.

GROWING DEMAND, STRUCTURAL UNDERSUPPLYAND THE ASPIRATIONS OF YOUNG PEOPLE

8

Global higher education overview

Signiicant demand/supply

GLOBAL DEMANDFOR HIGHER EDUCATION IS FORECAST TO GROW

FROM 198 MILLION TO

Source: UNESCO 2015

MILLIONB Y 2 0 2 5263

SAO PAULO170,000 students

Strong economic growth

has led to high rental

prices

NEW YORK891,000 studentsHome to the largest

system of public higher

education in the US

BOSTON128,598 studentsOne of the world's

best-known

academic hubs

of intellectual

endeavour

LONDON367,000 students

10% of all international

students globally are

enrolled in a UK university

DUBLIN96,000 students

Signiicant demand/supply

imbalance. New GSA

accommodation

opening in 2016

BARCELONA262,000 students

11% of students come

from abroad

GLOBAL DEMANDFOR HIGHER EDUCATION IS FORECAST TO GROW

FROM 198 MILLION TO

Source: UNESCO 2015

MILLIONB Y 2 0 2 5263263

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Signiicant demand/supply

Signiicant demand/supply

BEIJING800,000 studentsThe largest student market in Asia

SHANGHAI558,000 studentsCombined across 22 universities in the city

KUALA LUMPUR150,000 students

Lack of quality

accommodation supply

for the emerging

student destination

market

SYDNEY230,000 studentsLarge cohort of international

students with a chronic shortage

of quality purpose built bed

spaces

MELBOURNE257,000 studentsThe largest student

market in Australia

TOKYO1.1 million studentslargest metropolitan

economy in the world

HONG KONG200,000 studentsRanked 5th overall

QS best student

world cities in 2015

DUBAI59,000 studentsA growing

educational hub

with students

at over 20

international

colleges

MUMBAI549,000 studentsThe number of

students enrolled

at the University

of Mumbai alone

CAPE TOWN66,000 studentsCosmopolitan population,

highly developed

infrastructure and a high

quality of life

ISTANBUL382,000 studentsA major educational

hub in Turkey

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Investment into the student accommodation sector

» Capital lowing into the student accommodation sector has grown at a rate of 19% p.a. over the last 8 years.

» US has historically been attracting the most capital into the PBSA sector which is to be expected given the market maturity and depth of the sector.

» In 2015 and for the irst time the UK market eclipsed the US by total value of transactions (diference of ~US$ 2.5bn).

» Transaction volume has varied from completed assets to developments across single assets and whole portfolios.

Total investment into PBSA:

0

2

4

6

8

10

12

14

16

2007 2008 2009 2010 2011 2012 2013 2014 2015 H2 2016

Billi

ons

(US

D)

Source: Savills World Research, RCA

United Kingdom United States Western Europe

AS A RESULT OF THE CONTINUING DISPARITY BETWEEN DEMAND AND SUPPLY, PBSA GLOBALLY HAS SEEN A CONTINUOUS INFLOW OF CAPITAL, PARTICULARLY OVER THE PAST 5 YEARS.

Date Buyer Origin Destination PortfolioTransaction

(USD)

Number

of Beds

Mar 2016 Mapletree Singapore UKArdent

Portfolio (Mansion)

$600m 5,500

Jan 2016 CPPIB/GICCanada/

SingaporeUS

UniversityHouse

Communities$1,400m 13,000

Oct 2015Harrison

StreetUS US

Campus CrestCommunities

$1,900m 34,000

Mar 2015Greystar/Goldman

SachsUS UK

KnightsbridgeStudentHousing

$770m 6,000

Mar 2015LetterOneTreasuryServices

Luxembourg/Russia

UKPure

Student Living Portfolio

$770m 2,170

Mar 2015 CPPIB Canada UKLibertyLiving

Portfolio$1,700m 16,700

Mar 2015Greystar/

PSPUS/

CanadaUK

Nido LondonPortfolio

$920m 2,375

Source: Savills, GSA.

Student Accommodation – Major transactions

Several major portfolio trades (>USD1bn) have occurred over the past two years

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GSA CORAL PROVIDES INVESTORS WITH ACCESS TO AN INSTITUTIONALLY DOMINATED ASSET CLASS.

MOREOVER, GSA CORAL’S GLOBAL EXPOSURE

PRESENTS AN OPPORTUNITY TO BLEND INVESTMENT I N E X I S T I N G M A T U R E M A R K E T S W I T H

MARKET LEADING O P P O R T U N I T I E S IN UNDER-DEVELOPED LOCATIONS.

GSA CORAL BELIEVES THAT, AS WITH THE UK AND US OVER THE LAST 5 YEARS, INSTITUTIONAL INVESTMENT WILL FOLLOW THE SAME PATTERN GLOBALLY, AND INVESTORS WILL SIGNIFICANTLY BENEFIT FROM HAVING HAD FIRST-MOVER ADVANTAGE.

Fund Strategy

HOW DO WE DELIVER OUR STRATEGY...

Governance and Performance

» Strong governance and controls

» Best in class underwriting experience and capital management

Space to Grow

» Diversifying sources of capital on a global basis

» Growing the size and breadth of our sophisticated institutional investor base

Focus on Global Diversiication

» Methodical, research and intelligence led approach

» Investing in locations where there are clear opportunities to capitalise on the lack of student accommodation provision and growing student demand

» Spread of operational and geographic exposure

From inception, GSA Coral Student Portfolio was designed to take advantage of available value in purpose-built student accommodation (PBSA) and achieve targeted results within a regulated vehicle.

The Fund’s strategy is to invest in PBSA globally, for both income

returns and capital growth which delivers a diversiied total return to investors.

The Fund’s structure provides it with the ability to invest with a number of providers in a range of jurisdictions. These investments may comprise completed and operating assets, developments,

development forward funding purchases, joint ventures or strategic debt positions.

The Fund’s structure provides the ability to move tactically between investments rather than holding physical property directly.

Balanced Portfolio Selection

» Mature investments providing stable income returns to underpin portfolio performance

» Development or forward funding opportunities with irst-mover advantage in target locations

» Preferred equity or secured debt positions providing deined returns, security and increased liquidity

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TO DELIVER SUSTAINABLE RETURNS FROM THE MOST GLOBALLY DIVERSIFIED STUDENT ACCOMMODATION FUND IN THE MARKET.

Higher Education Macro Trends

» Locations with forecast growth in the provision of higher education, student enrolments and educational hubs

» Growing attraction of international students and mobile domestic students

» Robust economic markets

Location and Product Mix

» A signiicant supply / demand imbalance of purpose built student accommodation

» Market rental levels that will underpin successful development and enable future rental growth

Educational Institutions

» Proximity to world class universities and leading education providers attracting growing numbers of students

» Opportunities to build long term relationships with education providers

Operator Track Record and Capability

» Operators with established management and market knowledge

» Provision of market leading services to maximise

occupancy and student demand

Underlying Investment Structure

» Appropriate capital structuring

» Robust Fund strategy and risk management to deliver target returns

Detailed underwriting analysis

and due diligence on all

opportunities is undertaken

before considering any

investment.

Investment Strategy

INVESTMENT DECISIONS ARE A CAREFULLY CONSIDERED, RESEARCH-LED PROCESS WITH FOCUS ON THE FOLLOWING KEY CRITERIA:

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Performance history

GSA Coral Investment case studies

Share Class A – Sterling (as at 31/07/2016)

Victoria Hall - Birmingham & CoventryDevelopment - Preferred equity

» The fund structured an equity investment in two development sites in Coventry and Birmingham with a total development value of £48m and an equity value of circa £26m at practical completion. The developments provided a total of 838 purpose built student beds.

» The investment was structured in the form of a joint venture with Victoria Hall.

» The developer and asset manager made a 10% equity co-investment.

» The preferred equity structure involved: • A preferred equity coupon during development. • A rental underwrite during the stablisation period

following practical completion. • A preferred rate of return throughout the JV holding

period - secured against the co-investment equity.

» Exit value - £50m.

The Fund has a very strong track record of consistent returns since launch in 2009. Performance data is published on our website on a monthly basis. See www.gsa-coral.com for further information.

Share Price

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NIDO Portfolio, LondonStructured equity and debt investment

» The NIDO portfolio comprised c. 2,400 beds across three buildings in central London locations.

» The fund arranged three levels of investment into the NIDO portfolio over a 12 month period,

structured as: • An initial equity investment; • A preferred equity investment; • A mezzanine loan.

» The portfolio was originally purchased for £415m in 2012 and was exited in April 2015 for circa £600m.

» The fund's total investment was £33m. The fund received a return of £58m on exit in April 2015.

Watkin JonesMezzanine finance loan

ONE Penrhyn Road, KingstonDevelopment fund-through and equity holding

» The fund sourced, negotiated and executed an asset and corporate backed loan to a leading student housing developer and contractor, Watkin Jones.

» The security included second charges over UK regional development assets as well as a parent company guarantee.

» The investment included substitution rights for properties to allow the developer to optimise their capital structure whilst protecting the lender.

» The fund's total investment was £6m.

» An early loan exit allowed the returns to be maximised at 16% IRR.

» The fund structured an of-market preferred equity investment for the development of a 115 studio scheme and 1,611 sq ft of educational/commercial space in Kingston, London.

» The preferred equity structure comprised a coupon as a development cost during the development period, and was secured against the manager’s co-investment equity.

» Following completion, the property was fully let and sold in November 2015, resulting in an IRR to the fund of approximately 24.5% over the c. 2.5 year holding period.

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Fund structure and corporate governance

GSA Coral Portfolio is a Luxembourg-regulated SICAV-SIF organised as a corporate partnership limited by shares. Its board of management includes twomembers who are independent of theGeneral Partner.

The Fund is regulated and supervised in Luxembourg by the CSSF. The Fund is approved under the AIFMD and is subject to a rigorous and transparent reporting structure.

Luxembourg law also requires an independent Depositary, Administrator and Auditor, all of whom must be located in Luxembourg.

Each service provider is an authorised Luxembourg entity which provides their services to the fund under similar regulatory supervision.

GSA Coral is dedicated to high standards of fund governance, robust regulation and competitive performance.

The Fund has a rigorous Risk Management Policy, as notiied to the Regulator (CSSF).

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AIFMD Compliant The Alternative Investment Fund Managers Directive (AIFMD) is a comprehensive directive to supervise and regulate the management of alternative investment funds. GSA Coral is approved under these regulations. These requirements (including capital obligations, organisation and governance, and the regular disclosure of information to investors) build upon the already robust regulation that GSA Coral has had in place since its launch in 2009.

Calculation of the Fund’s NAVThe fund's NAV is calculated independently by Apex Fund Services, who are one of the world’s largest independent fund administrators. They calculate the NAV using valuations provided to them by the administrators of the underlying funds and structures held within the fund's portfolio. The NAVs and their corresponding share prices are promptly posted to GSA Coral’s website and distributed widely to investors and industry data providers.

Publishing of PerformanceCoral Student Portfolio provides monthly reports on its website, investor updates to interested parties, and to all relevant regulators.

Independent Audit of the FundCoral has worked with global leader Ernst & Young for more than six years to ensure the fund is thoroughly, professionally and consistently audited.

Assets held by an Independent CustodianThe Royal Bank of Scotland is oicially recognised as the independent Depositary ensuring investors’ ownership of the fund's assets.

GSA Coral provides high standards of asset security and governance. Investors beneit from the protection provided by the Depositary, Administrator and Auditor in providing statutory supervision of assets, fund administration and audit. These partners have a statutory duty to ensure that all of GSA Coral’s transactions involving subscriptions, redemptions, asset purchases and disposals are not only carried out properly, but also that valuations and suitability for the fund’s investment mandate are stringently monitored.

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GSA Coral Board of Management

John Kennedy | Founder and Strategic Advisor

John Kennedy founded the Coral Portfolio fund platform in 2008. John was a founder at the Brandeaux Group where he established and developed their global institutional client base from inception in 1996 until 2007. The Brandeaux Group were the irst to present Student Accommodation as an asset class to a worldwide investor base. In 2015 their Student Portfolio was sold to the Canadian Pension Plan Investment Board for £1.1bn.

Prior to that John was based for many years in the City of London holding senior roles with UK Life Assurance companies such as Life Association of Scotland, Target Life Assurance and Britannia Life. More recently, John’s unique insight and experience in student accommodation, has provided valuable beneits to the Portfolio. John is a founding Trustee of the Plant A Tree Foundation.

Andrew Reid | Director

Andrew Reid is a qualiied law professional. Between 2000 and 2013 Andrew was the Company Secretary and Group Legal Oicer for The UNITE Group plc, the UK’s largest provider of student accommodation. During that time, he was involved in the establishment of the £1.5bn USAF fund and also served as a Director of its Jersey Manager. With extensive experience in acquisitions, disposals, joint ventures and many other aspects of corporate governance notably in the student accommodation sector, Andrew’s expertise will support the further development and positioning of Coral’s investment strategy into key markets.

Stéphane Weyders | Independent Director

Stéphane Weyders holds a degree in business and economics from HEC in Liège (Belgium) and is a certiied public accountant in Luxembourg and Belgium. After eight years of professional experience with major audit irms, he set up his own audit irm in August 2002 and the trust company TASL PSF S.A. (formerly T.A.S.L., Trust and Accounting Services Luxembourg, S.à.r.l.) in June 2003 of which he is the managing partner. This company provides services in the domiciliation and management of companies, audit, tax and VAT. Additionally, Stéphane is director for several Luxembourg companies.

Christophe Laguerre | Independent Director

Christophe Laguerre started his career in 1991 with Fortis Bank Luxembourg SA (today BGL BNP Paribas SA) where he was Manager of the marketing and the communication team. In 2000, he joined Natexis Private Banking in Luxembourg where he was Director in charge of marketing, sales and compliance of the investment funds serviced by Natexis Private Banking SA. Since May 2006, Christophe has been active as a inancial consultant. He is a member of the governing bodies of several Luxembourg based investment entities and is a graduate in marketing and communication from the Université Louvain La Neuve, Belgium and followed an MBA program at NLU Monroe, Louisiana, US.

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Victor Lor | Head of Investment Management, Asia Paciic

Victor Lor is the Asia Paciic Head of Investment Management. Victor has over 18 years of private equity real estate and investment banking experience across Asia. Prior to joining GSA, Victor was the founder and principal of VB Capital Asia, a real estate corporate inance and advisory boutique. Victor has also held Senior Director positions at both APG Asset Management, Asia and UBS Investment Bank, Asia. Prior to relocating to Asia in 2006, he was a Fund Manager at Colonial First State Global Asset Management and started his career with DB Real Estate and Colliers Jardine based in Sydney.

Derek Williams | Head of Investment Management, EMEA

Derek Williams is Head of Investment Management, EMEA. Prior to joining GSA, Derek was Managing Director, Private Markets at binance, a consulting irm. During his 2 years at binance Derek and his team deployed c.€3.75bn of capital to real estate, infrastructure, private debt and PE strategies. Prior to binance Derek had an 8 year career at Russell Investments, heading up global private real estate in his last 3 years. Derek’s team managed $1.8bn AUM on a discretionary basis across equity and debt strategies in North America, Europe and Asia-Paciic. Prior to that Derek worked at Land Securities plc reporting to the CEO/COO and worked on research, analysis and new business deals. Derek has 25+ years' experience gained in the UK and USA.

Ben Harvie | Head of GSA Coral

Ben Harvie is Head of GSA Coral. Ben previously worked in Sydney for Centuria Capital (one of Australia’s largest REIT managers) where he was Head of Funds Management. He was responsible for a portfolio of circa A$1bn of real estate funds, comprising retail / institutional unlisted funds and an ASX listed vehicle which the team successfully took through an IPO in 2014. Before that Ben worked for the Miller Group Ltd, one of the UK’s largest privately owned housebuilding, construction and development companies. Ben has a First Class Honours Degree from the University of Oxford, a MA in Property Investment and is a member of the Royal Institution of Chartered Surveyors.

Ali Khan is the Head of Finance. Ali is a Certiied Chartered Accountant with over 14 years of inance experience in the fund management arena and was previously Head of Finance at Rynda Property Investors. He also held the position of Fund Accountant at JP Morgan and Aberdeen Property Investors. Ali’s key responsibility is to oversee and manage all the inance functions of GSA Coral.

GSA IM senior management

GSA Coral senior management

Ali Khan | Financial Controller

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WE ARE THE STUDENT ACCOMMODATION EXPERTS

There are not many companies that create their own sectors. And there are even fewer that continue to lead them a quarter of a century later. GSA is one of them. For 25 years, we have researched, inanced and operated student communities around the world. We have provided 60,000 beds in secure and vibrant communities across three continents. Since making our irst investment in purpose-built student accommodation in 1991, we have transformed our sector into an institutional-grade real estate asset class.

Our management team have created over $7.5bn of student accommodationin 44 cities and 8 countries.

We have worked with global investment banks such as Credit Suisse, Morgan Chase, Morgan Stanley and UBS. We have also worked with public shareholders, private investors, pension funds, insurers, sovereign wealth funds and the CMBS markets. We successfully underwrite opportunities by understanding the most granular aspects of our sector, ensuring that we deliver optimum risk-adjusted returns to investors.

WHERE WE LEAD, OTHERS FOLLOW

We have grown by always looking for new ways to improve the provision of student accommodation. Many of our initiatives are now standard sector practice.

WE DEVELOPED THE VALUATION METHODOLOGY which is now adopted by other operators. WE ISSUED THE FIRST COMMERCIAL MORTGAGE BACKED SECURITIES IN EUROPE in this sector.

We established the irst Nominations Agreements with universities to help underpin investment in the sector. In 2000, we created the irst FTSE-listed student accommodation vehicle in UNITE.

OUR APPROACH WORKS

From research to delivery, our integrated approach ensures we make the most of our partners’ investments. With oices in London, Dubai, Hong Kong, Beijing, Sydney, Tokyo and Dublin, we combine a global perspective with a deep understanding of local markets. We develop and nurture strong relationships with both academic and inancial institutions. That’s why we have successfully expanded our business model from the UK to over 14 international markets.

GSA Investment Management

In 2014 Coral Portfolio and the GSA Group formed a strategic partnership. Coral’s regulated fund platform, along with GSA’s global reach into PBSA markets, provided a strong synergy for investors to give pioneering access to market leading opportunities around the world.

Since then, the partnership has grown successfully and in 2016 Coral became an integrated part of GSA Investment Management. This has strengthened the fund’s ability to capitalise on investment opportunities. Some of these are within GSA managed vehicles, where GSA Coral has taken a privileged cornerstone position and sits alongside major institutional investors. It also ofers an additional depth of expertise and underwriting experience, as well as a greater reach into capital markets to grow the GSA Coral Fund.

THE PIONEER AND

GLOBAL AUTHORITY IN STUDENT ACCOMMODATION

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GSA's irst 25 years

1991Inception of Unite.Renovated redundant inner city oices into city center student accommodation.

Oices opened

1992First Unite property opens in Bristol, UK. 760 beds.

2006Formation

of CVG.

1997Unite sets up a modular

manufacturing facility to reduce onsite

construction cost and risk.

1998First properties open

in London.

1999Unite lists on the

London-AIM.Market Cap of

£63.3m. 4,640 beds.

2006Formation of

UNITE UK Student Accommodation

Fund (USAF)- Europe’s largest unlisted student accommodation

fund.UNITE’s 15th Anniversary,

portfolio is valued at £1.6bn.

2000Expansion into Manchester, Liverpool and Portsmouth.Unite IPO on London SE-FTSE 250 Company.Market Cap of £230.6m.10,450 beds.

200428 cities managed; 100 properties in total with 26,310 beds.

100

2005100th planning consent achieved, portfolio value at £1.12bn. Capital cities joint venture with GIC to develop, own and operate student accommodation in London and 3 other cities.

2002Active in 30

prime locations across UK.

Raised £273.5m from issue of

bonds; AAA rating

by S&P. First time asset

class had been securitized.

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2015Relationships

and partnerships with institutional

investors including SWFs have raised over US$3 billion.

UK Student housing market investment

volume exceeds US$6.5bn (in irst 3

quarters of 2015), overtaking the US.

2013GSA Group established. London student accommodation development at £100m.

2014Urbanest portfolio in London at 3,100 beds.Urbanest 3rd largest PBSA provider in Australia with 4,750 beds.GSA global presence in Dubai, Dublin, Hong Kong, Tokyo.

2014 GSA IM acquires 50% of Coral Portfolio Limited.

2009Nick Porter steps down as deputy chairman of Unite. Urbanest London founded.US$360m of equity capital raised with M3 Capital Partners to establish 3,000+ bed London pipeline.Urbanest secures 4 London properties.

2009Coral Student Portfolio launched as Luxembourg SICAV-SIF.

2016Coral Portfolio rebranded GSA Coral

2008Urbanest brand created in Australia - focused on ground-up development.

2011Global tertiary

enrolments rising from

98 million to 165 million.

2008Coral

Portfolio founded

25

INVESTMENT MANAGEMENT

» Our global Investment Committee oversees investments ensuring underwriting consistency and shared market intelligence.

» We govern every aspect of the process, including investment analytics, reporting, marketing, foreign exchange, underwriting and treasury management.

» We take a data-driven approach to risk analysis, including on GST and tax.

» We operate rigorous compliance, risk management and conlict of interest procedures.

ASSET MANAGEMENT

» Our experience of asset management ensures maximum value is created.

» We have over two decades of property life cycle underwriting and data/cost control.

» We ofer investment reviews and yield modelling.

DEVELOPMENT

» We design best in class building concepts and deliver them with price points appropriate for local student communities.

» We procure key community facilities, including cutting-edge security features, connectivity, communal areas and modular construction.

MARKETING AND OPERATIONS

» Our globally-recognised brand means we can quickly establish ourselves in new markets.

» Our student brands are supported by brand strategy, identity, signatures and collateral.

» We have access to global marketing cities, such as Shanghai, London and Dubai.

» We operate a proprietary global marketing and reservations system with our market-leading operations and service standards.

» Our operating systems and brands are trademarked.

INTELLIGENCE

» Our proprietary global real estate and higher education intelligence team understand both developed and emerging market opportunities.

» We use our global learning to provide local beneits.

» We anticipate future trends, opportunities and threats to the sector.

» We know the latest consumer trends, including products, price points, repositioning and investment analysis.

PARTNERSHIPS

» We develop long-term relationships with higher education institutions.

» We build partnerships with global real estate valuers, banks and other service providers.

GSA Advantage

OUR INTEGRATED APPROACH HARNESSES OUR DEEP SECTOR KNOWLEDGE TO MAXIMISE INVESTMENT PERFORMANCE.

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» 7 year JV formed in March 2005

» Development fund targeting £350m GAV (£150m equity)

» First student accommodation investment by GIC

» Focus on UK (London)

» Seeded with four investment properties including London's irst direct let schemes

» Now one of GIC's top performing indirect vehicles globally

» Equity fully deployed ahead of schedule

» Extended fund life to 2015

» Formation of Unite Student Accommodation Fund - irst multi-investor student fund in Europe

» Open-ended vehicle with c. £2bn GAV (c. £1bn+ equity)

» Blue chip investors including Schroders, ING, Hermes, USS, Allianz and Aviva

» Closed in March 2007 over-subscribed

» 88 properties comprising 24,820 beds

» Most traded indirect vehicle according to PropertyMatch

» Consistently in the Top 3 pooled property fund performers according to AREF

» Joint venture with WSIB set up in 2008

» Focused on Australian prime cities and London

» Initial US$360m equity - rising to US$488m

» Deployed over 3-4 years with a focus on development

» Delivered > US$1.6bn GAV

» Recapitalized inline with initial business plan - WSIB now wholly own the stabilized assets

A trusted higher education partner

THE MANAGEMENT OF GSA HAVE A 25 YEAR TRACK RECORD OF WORKING WITH SOME OF THE MOST PRESTIGIOUS HIGHER EDUCATION PROVIDERS GLOBALLY.

GSA Investment Management

THE GSA MANAGEMENT TEAM HAS AN ESTABLISHED TRACK RECORD OF GENERATING STRONG INVESTMENT RETURNS FROM PURPOSE-BUILT STUDENT ACCOMMODATION. PREVIOUS CAPITAL PARTNERS INCLUDE:

27

ASIA PACIFIC

HONG KONG +852 3700 6388 2401, Wing On Centre

111 Connaught Road Central,Hong Kong

DEPOSITARYRBS Global Banking Luxembourg S.A.46 Avenue J F Kennedy, L-1853, Luxembourg

ADMINISTRATORApex Fund Services Ltd2 Boulevard de la Foire, L-1528, Luxembourg

AUDITORErnst & Young, SA 35e Avenue J F Kennedy, L-1855,Luxembourg

TAX AND LEGALLoyens & Loef Luxembourg S.̀ a.r.l 18-29 Rue Edward Steichen L, Luxembourg S.à r.l.

EUROPE

LONDON

+44 20 7518 1700

4th Floor

13 Albemarle Street London W1S 4HJUK

MIDDLE EAST

DUBAI +971 4 289 8033 2801, API Trio

Sheikh Zayed Road, Al Barsha, Dubai PO Box 121408

UAE

CONTACT

www.gsa-coral.com www.gsa-gp.com

GSA CORAL PORTFOLIO

+44 20 7518 17002, Boulevard de la Foire, L-1528,Luxembourg

THE FUND SERVICE PARTNERS

GSA GROUP GLOBAL HEADQUARTERS

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