Introduction

2016 saw many very positive developments for GSA Coral investors. The first half of the year saw the portfolio become a part of the wider GSA Group platform. This added considerable depth and strength of market intelligence, underwriting ability, risk management and reach into capital markets.

2016 has also been a year of very active capital management for GSA Coral, significantly increasing diversification of the portfolio. We have entered three new global markets and more than doubled our exposure to numbers of student beds – now over 7,200. We have increased the number of investments held in the portfolio by nearly 50%, and as you read this letter we are preparing to increase that yet again in January 2017.

These changes have seen GSA Coral not just improve its asset allocation, but also its partnerships with institutional

capital. We are invested with Harrison Street Real Estate in Ireland and the UK, and with Singaporean sovereign wealth fund GIC in the UK and Germany. Our investments over the last twelve months have given us not just greater diversification, but also a significant improvement in the quality of assets. As we have recycled capital out of some of our older investments, we have made excellent allocations to some of the best institutional grade assets in Ireland, the UK, Germany and Australia.

Positive Returns

Returns this year, while strongly positive, have been slightly dampened in the necessary process of building a new portfolio in a relatively short space of time and reallocating a substantial part of our capital. We are confident that this will deliver strong investor returns in the future as we receive the benefit of first mover advantage in new markets such as Dublin and Australia, and capture future rental and capital growth in mature, undersupplied core markets like London and Edinburgh.

Market Outlook

Looking to the future, parents and students are still driving demand for better quality accommodation. University students are better connected, better travelled, and more ambitious than ever before. They want safe places to live, with good amenities and a sense of community. Our sector remains underpinned by sustained forecast growth in enrolments and the continuation of a fundamental supply and demand imbalance. Periods of uncertainty will present opportunities, and a strengthened, flexible and global portfolio like GSA Coral is uniquely positioned to take advantage of these factors.

GSA Coral Outlook

2017 will see the GSA Coral portfolio continue to grow, as we look to augment our investments in Asia Pacific (including making a first investment in Tokyo) and take advantage of opportunities in key target cities in Europe. The start of the year will also see the refurbished Therese House (London) come on stream, as well as new developments in Cambridge, Birmingham and Portsmouth. We have continued to strengthen the GSA Coral team with the recent appointment of Jack Yung (Business Development Director) and Joss Dyer (Fund Manager) and are looking forward to a 2017 characterised by robust returns and continued diversification of the portfolio. We look forward to bringing you further updates early in the new year.

PORTFOLIO UPDATE FROM HEAD OF GSA CORAL -

BEN HARVIE

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Newsletter January 2017

Ablett House, Liverpool, a recent addition to the Fund’s portfolio.

providing consistently positive annual returns.

GSA Coral returns this year have been firmly positive and steady against a backdrop of falling bond yields, historically low interest rates and tumultuous stock markets. The student accommodation sector and GSA Coral fund have once again demonstrated real robustness and strength in periods of wider economic uncertainty. For the eighth year running, GSA Coral has maintained its 100% record of

FROM THE PORTFOLIO

Refurbishment of Therese House continues apace

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One of GSA Coral’s core investments, Therese House in the heart of Central London, is nearing the completion of a significant refurbishment programme. Having featured in the portfolio almost since the Fund’s launch in 2009, the building is proximate to numerous leading institutions such as the LSE, UCL, Kings College and Imperial College

All 250 bedrooms are undergoing a complete refurbishment, with new joinery, enhanced lighting, three-quarter beds and full sized kitchenettes in all studio suites. The show flat is currently open

and attracting fantastic interest from students and universities alike.

John Kennedy, Founder of GSA Coral, said: “We are excited to see the results of the significant facelift that is currently being carried out at Therese House. The building has been a popular location for students for many years and its fresh new look will improve both capital and income returns from the asset going into 2017. It is a great example of our investment into well located assets to which significant long term value can be added.”

Show flat at Therese House London, providing a look ahead at the exciting refurbishments currently under way.

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FROM THE WIDER GSA GROUP

GSA welcomes world leaders of the future at new Schwarzman Scholars College and student accommodation, Beijing, China

GSA is proud to announce its first property under management in China, the Schwarzman College at Tsinghua University, Beijing. It is a significant step forward in GSA’s rapid expansion into one of the most important higher education markets in the world, building upon existing developments in the UK, Australia, Dubai, Germany, Ireland and Tokyo.

Schwarzman Scholars can now welcome its first cohort of scholars to the newly built state-of-the art Schwarzman College - an academic and residential facility which features 200 student beds, contemporary teaching facilities including classrooms, auditorium, international conference centre, library, canteen, and on-site gym.

Inspired by the Rhodes scholarship, the Schwarzman Scholars College will welcome some of the world’s

best and brightest students to develop their leadership skills and professional networks through a one-year Master’s Degree at Tsinghua University in Beijing – one of China’s most prestigious universities.

GSA’s Commercial Director for the region, Craig Oliver, said: “Our partnership with the prestigious Schwarzman Scholars forms part of our continued investment into the rapidly growing China Higher Education Sector. As the third largest destination for international students worldwide, China has become a powerful force in the higher education landscape — we have worked with the Stephen A Schwarzman Education Foundation to deliver a world class cohesive living and learning environment for global leaders of the future, something we are enormously proud of.”

The GSA team joined by Executive Chairman Nick Porter (centre) and APAC Managing Director Simon Loveridge (right), celebrates the opening of the Schwarzman Scholars College in China. Schwarzman Scholars College in China

WHAT’S COMING UP –NEW MARKETS FOR GSA CORAL IN ASIA PACIFIC

Going in to 2017, GSA Coral is aiming to augment its initial investment into Asia Pacific with further investment into Australian markets, along with a first allocation to student accommodation in Tokyo, Japan. These allocations will position the fund extremely well to capture rental growth and yield compression as the asset class in these countries matures, and to that extent are forecast to be accretive to overall fund returns.

Why Tokyo? Tokyo is the largest and most populous metropolitan area in the World with over 36.9 million people, and hosts fifty-one Fortune 500 companies. It has the largest city economy in the

GSA Coral further strengthens its team and welcomes Jack Yung and Joss Dyer GSA Coral is delighted to welcome Jack Yung to the team as Business Development Director for our Asia Pacific region, based in Hong Kong.

Jack has over 12 years of experience in investment management and private banking. Prior to joining GSA Coral, Jack specialised in building multi-channel distribution for traditional and alternative investment managers in

Asia. He also held sales and investment advisory positions at UBS and HSBC Private Bank. Jack holds a Master’s degree in Finance from the University of Michigan and a Bachelor’s Degree in Economics from the University College London.

We are really pleased to welcome Jack and in turn, he is looking forward to supporting all of our contacts across the Asia Pacific region. Jack’s contact details are below – please do not hesitate to contact him if you have any questions or enquiries. Meanwhile, we have added some

additional valuable resource to our Investment Management team with the appointment of Joss Dyer as Fund Manager.

Joss joins us from the GSA Group and prior to that Valad where he managed a £140M student fund and will use his 20 years experience as a client-side fund, asset and development manager, specialising in student accommodation, for the benefit of the Fund. He is a Chartered Surveyor with a proven track record of successfullymanaging projects and teams.

world at GDP USD $1.9 trillion.

• 766,363 students in the 23 wards of Tokyo with c500,000 in central Tokyo

• 94 Universities and a total of 122 HE Institutions in wider Tokyo area (mixture of public and private)

• The largest ten universities account for 330,000 enrolments

• 138,000 international students in Japan (c43,500 in Tokyo)

• In Tokyo, approximately 34,000 international students are not in purpose built accommodation

• Universities are keen to attract more international students

through enhanced facilities but not looking to invest capital upfront

• University enrolments and growing influx of international students to Japan enable universities to be comfortable with underwriting agreements

• Significant number of university halls built prior to 1981 and therefore do not meet current seismic regulations, this is a key concern for the universities with regards to reputation

• Majority of universities have ‘out-sourced’ accommodation support to local estate agents

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GSA Coral contact information

» Ben.Harvie@gsa-im.com» John.Kennedy@gsa-im.com

» Tony.Trescothick@gsa-im.com» Ali.Khan@gsa-im.com

» Paul.Discalicau@gsa-im.com

GSA Coral Student Portfolio is a compartment of Coral Portfolio SCA SICAV-SIF which is incorporated under the laws of Luxembourg and regulated by Luxembourg Authorities, the Commission de Surveillance du Secteur Financier (CSSF) as a multi-compartment specialist investor fund and is approved under AIFMD. This item is issued for information purposes only to financial institutions and intermediaries and is not intended for publication, reproduction or circulation to the general public.

» Jack.Yung@gsa-im.com» Joss.Dyer@gsa-im.com

We are pleased to announce that GSA Coral has a new website – www.gsa-coral.com .

The website reflects our new branding and will become a valuable source of news updates, commentary and reporting. We are committed to continuing the way we improve communication with our investors, and our new website is the start of that.

Over the coming months we will be adding new features, vibrant new content and a number of interactive formats including video-casts. We look forward to seeing you at www.gsa-coral.com .

Full product particulars and contact details are available from the Contact Address found on our website at www.gsa-coral.com. The change of name to GSA Coral has received Regulator approval but is subject to Shareholder approval which is currently in process. © GSA Coral 2017