Xior Student Housing : Company Presentation May 2020

Company Presentation

© Xior Student Housing - May 2020

Disclaimer

This presentation has been prepared by the management of XIOR STUDENT HOUSING NV (the "Company") and the Company assumes responsibility for the information contained in this presentation. It does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation is not a prospectus. Any purchase of, subscription for or application for, shares in the Company to be issued in connection with the offering should only be made on the basis of information contained in the prospectus issued by the Company in connection with the offering and any supplements thereto, as the case may be. The prospectus contains detailed information about the Company and its management, risks associated with investing in the Company, as well as financial statements and other financial data. The information included in this presentation has been provided to you solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this presentation and any opinions expressed in relation thereto are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein.

This presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results, condition, performance, prospects, growth, strategies and the industry in which the Company operates. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results, condition, performance, prospects, growth or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results and condition and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's results, condition, and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this presentation or any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

This document and any materials distributed in connection with this document are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions.

2

Table of contents

04 Who are we

• Track record
• A solid growth story
• Operational excellence
• Covid-19update

13 Market Update

1. Portfolio & Pipeline

1. Q1 2020 Results

1. Appendix Financials

1. Appendix Organisation

01.

#Who are we

Bonnefanten - Maastricht (257 units)

Track record

December 2015 €87.8m IPO €200m portfolio

48 assets

2,035 units

8 cities

2 countries

2007

Founders enter the (BE) student housing scene with first asset

31 DEC 2015 (FV: €194.8M)

16%

84%

Belgium		The Netherlands

1. As per 31 March 2020 including committed pipeline.
2. Including committed pipeline

March 2019
Entry into Spain and
Portugal		June 2019
		Launch of ROXI
Barcelona		A new short-stay
Lisbon - Porto		concept

31 MAR 2020 (FV: €1.22BN)

11% 26%

63%

Belgium		The Netherlands		Iberia

2019 - 2020

Further expansion in Iberia

ES: UEM (Madrid)
The Lofttown&Collblanc (Barcelona)	April 2020 - …1
Cartuja (Granada)	Heading to > €1.6bn portfolio
PT: U.hub portfolio (Lisbon&Porto)	106 assets > 13,000 units in
	27 cities in 4 countries

31 MAR 20202 (FV: CA. €1.6BN)

23% 21%

55%

Belgium		The Netherlands		Iberia

5

Xior a growth story

SUCCESSFUL TRACK RECORD OF NEW INVESTMENTS: ACQUISITIONS & DEVELOPMENTS

		PORTFOLIO EVOLUTION (FAIR VALUE, €M)
1.750
														>1600
1.500
										1191	1219
1.250
1.000									X 6	982	1001
								819
									815
750									716
								612
500							450	489	512
						357
				214	255	266	289
250		195	206
0														After
Dec/15	Mar/16	Jun/16 Sep/16	Dec/16 Mar/17 Jun/17 Sep/17 Dec/17 Mar/18 Jun/18 Sep/18 Dec/18	Mar/19 Jun/19	Sep/19 Dec/19 Mar/20
		realisation
														of pipeline

6

Acquisitions 2020

JANUARY 2020: ACQUISITION BOSCHDIJK VESTE - EINDHOVEN

Boschdijk Veste - Eindhoven

# units	Exp. 250
Investment value	ca. €32.0m
Gross yield	ca. 6.0%
Status	Exp. delivery 2022
Income partially as office
Permit	Exp. 2020/2021

7

Acquisitions 2020

FEBRUARY 2020: ACQUISITION CARTUJA - GRANADA

CARTUJA - GRANADA

# units	Exp. 347
Investment value	ca. €37.0m
Gross yield	ca. 7 .0%
Status	Exp. delivery 2020
Income : triple net contract for 2 first academic years
Permit	In place

8

Expected delivery of projects/new openings in 2020

THE HAGUE - GRANADA - LISBON - PORTO - ROXI GHENT : ca. 1,300 UNITS

Lutherse Burgwal - The Hague		Cartuja - Granada
(139 units)		(347 units)

Uhub Benfica - Lisbon	Uhub Saõ João - Porto		ROXI Ghent
(342 units)	(456 units)		(50 units)

9

Xior a growth story

CONTINUOUS INCREASE OF LETTABLE UNITS

14000
					ca.13.000e
12000
10000			+ ca. 1.300 units
			9.216e
8000			7.932
6000		5.505
4000	3.678
2.531
2000
0
31/12/2016	31/12/2017	31/12/2018	31/12/2019	31/12/2020e	31/12/2022e

10

Operational excellence

Expanding and investing in our internal organisation

• Setting up Spanish & Portuguese local teams:
  Country manager - residence managers - operational staff
• Xior team grew from 12 people pre-IPO → 100+ employees
• Digitalisation: digital invoicing approval, property database, …

Centrally managed business model with decentralised local operational teams

• Centralised functions:
  management, finance, legal, marketing, IR, HR, …
• Decentralised functions:
  country managers BE - NL - ES/PT & operational teams

Focus on sustainability

• ESG strategy based on 2 pillars:
• • Best in class organisation and employees
  • Happy students in efficient buildings
• Full ESG reporting including climate impact
• ESG initiatives

Implementation of C-scan sensors

We care for your talent program

Corporate wellbeing program XIORIZE

• First green bond USPP for EUR 100mio

Enhance cooperation with universities and

municipalities

• In constant dialogue
• Further negotiation of nomination agreements and partnerships

11

Covid-19 update

• Regular Management meetings; swift reactions throughout entire organisation
• Health and Safety of students, employees and other stakeholders
• • Xior teams are working mainly from home
  • Protective equipment, clear information and signalisation, extra cleaning, etc. in offices and residences
  • Roadmap is ready for reopening offices and start new academic year
• Ensuring continuity of services to our customers and rental operations
• • Scenario analysis and contingency plans for all countries were early in place
  • All residences remain open and are serviced
  • Online booking, virtual tours, virtual open days often in collaboration with local universities
  • New rental season well on track
• Neutralization of Covid-19 impact on results and assure financial stability
• • Increased internal stress testing
  • Extra financing to meet all capex obligations until mid 2022 (USPP, refinancing 2020 maturities)
  • Financial compensations to students were neutralized with savings and cost efficiencies
  • Enhanced focus on rental collection
  • Close communication with educational institutions
  • No impact on timeline of current developments and permit procedures
  • No significant changes in Q1 valuations
• Creation of Internal Solidarity fund with contributions CEO, CFO, the board and other management members

12

02.

Market Update

Facts & figures Belgium & the Netherlands

~430,000

(60,000)

~135,000

~30%

Brussels: ~51,000

Antwerp: ~8,000; Ghent: ~35,000

Leuven: ~42,000; Bruges: ~2,000

12 universities

37 colleges

12 months

€350-500 /month

Extra charges for offered ancillary services (laundry,…)

Health Index (Belgium)

NUMBER OF STUDENTS

(number of international students)

ESTIMATED DEMAND PBSA1

KOT RATIO²

EXISTING OFFER PBSA

EDUCATION

TYPE OF CONTRACTS

AVERAGE RENT PBSA

excl. services

ACCOMODATION SERVICES

PRICE LEVELS (LFL)

~700,000

(90,000)

~370,000

~53%

~350,000

(20,000 shortage)

1. universities

1. colleges

Min. 12 months

€550-650 /month3

Extra charges for offered ancillary services (laundry, furniture, curtains,…)

State controlled indexation and grade system ("WWS")

1.	Estimates based on 30% kot ratio (BE) resp. 53% (NL); 2. Estimation of total student housing demand;	14
3.	Subject to local pricing regulation.

Source: Cushman & Wakefield European Student Accommodation Guide 2019

Facts & figures Spain & Portugal

~1,600,000

(~127,000)

~ 465,000 ~30%

~95,000 (mostly poor quality)

82 public universities

13 universities are amongs world's top 500

Split between: Academic year & summer3

Madrid: €1,000/month

Extra charges for offered ancillary services (catering, cleaning, linen,…)

Consumer Price Index (Spain)

NUMBER OF STUDENTS

(number of international students)

ESTIMATED DEMAND PBSA1

KOT RATIO2

EXISTING OFFER PBSA

EDUCATION

TYPE OF CONTRACTS

AVERAGE RENT PBSA

excl. services

ACCOMODATION SERVICES

PRICE LEVELS (LFL)

~385,000

(~58,000)

~145,000

~40%

~18,000

14 public universities

36 private universities

Split between:

Academic year & summer3

• 700/month

Extra charges for offered ancillary services (cleaning, linen,…)

Consumer Price Index (Portugal)

1.	Estimates based on 30% kot ratio (ES) resp. 40% (PT); 2. Estimation of total student housing demand;
3.	Resulting in higher structural vacancy and higher administrative burden.	15
Source: Cushman & Wakefield European Student Accommodation Guide 2019

03.

Portfolio & Pipeline

Current student portfolio overview1

Leeuwarden Groningen

Antwerp

AmsterdamEnschede

Amstelveen

Leiden

Utrecht

The Hague

Delft

Rotterdam Wageningen

Breda

Tilburg

Eindhoven

Venlo

Maastricht

Ghent

Mechelen

Porto

Brussels

Leuven

Namur

Total

# cities	6	16	5	27

# assets	49	43	14	106
Barcelona
# units	ca. 2,900	ca. 6,485	ca. 3,637	ca. 13,022

Madrid

Lisbon

Granada

1. As per 31 March 2020 including committed pipeline.

17

Timing committed pipeline and projects (per 31.03.2020)1

Project	Estimated Investment value	Permit	Expected delivery	# of units (beds)	Rental income
(ca. €m) 2
IBERIA PORTFOLIO
Lamas - Lisbon	10.4	Exp. 2020	2021	124 (254)	No
Granjo - Porto	17.8		2021	211 (420)	No
UEM - Madrid	TBD (est. 22.2)	TBD	TBD	> 200	No
Project Collblanc - Barcelona	23.0	Exp. 2020	2022	> 128	No
U.hub Benfica - Lisbon	26.2		2020	342	No
U.hub Saõ João - Porto	28.5		2020	456	No
U.hub Boavista - Porto	33.6	Exp. 2021	2022	500	No
U.Hub Lumiar - Lisbon	35.5	Exp. 2021	2022	498	No
Cartuja - Granada	37.0		2020	347	No
TOTAL IBERIA PORTFOLIO	~ 234.2
BENELUX PORTFOLIO
Burgwal - The Hague	23.0		2020	139	No
Eendrachtskade - Groningen	TBD (est. 46.0)		2021	225 + other	Partially as office
Bokelweg - R'dam	TBD (est. 56.6)	Exp. 2020	2021	350	Partially as office
Bagatten - Ghent	TBD (est. 4.1)	Exp. 2020	2021	50	No
Project Amsterdam area	TBD (est. 123.0)	Exp. 2021	2023	ca. 700-900	No
Keesomlaan - A'veen	TBD (est. 39.2)	Exp. 2021	2022	380 + office	Partially as office
Rue Mélot - Namur	20.0	Exp.2020	2022	> 206	No
Boschdijk Veste - Eindhoven	TBD (est 32.0)	Exp. 2020	2022	250	Partially as office
TOTAL BENELUX PORTFOLIO	~ 343.9

1.	Estimated cost to complete of €346m to execute the committed pipeline (based on estimated investment values).	18
2.	Final investment values may differ from estimations once final permits and construction agreements have been concluded.

04.

Q1 2020 Results

UEM - Madrid ( 464 units)

Key figures per 31.03.2020

PORTFOLIO FAIR VALUE		DEBT RATIO
EUR 1.22bn		47.34%

EPRA NAV/share		OCCUPANCY RATE
EUR 36.09		98.30%

NET RENTAL RESULT

EUR 13.98m

EPS GUIDANCE 2020

1. EUR/share
   DPS GUIDANCE 2020

1. EUR/share

20

Accelerating portfolio growth

PORTFOLIO EVOLUTION (FAIR VALUE, €M)

1.750
														>1600
1.500
											1191	1219
1.250
									X 6	982	1001
1.000
									815	819
750										716
									612
500								450	489	512
				255	266	289	357
250		195	206	214
0
Dec/15	Mar/16 Jun/16 Sep/16	Dec/16	Mar/17 Jun/17 Sep/17 Dec/17	Mar/18 Jun/18 Sep/18 Dec/18	Mar/19 Jun/19	Sep/19 Dec/19 Mar/20	After realisation
															of pipeline

YIELDING & NON YIELDING ASSETS

(% OF FV)

9,4%

6,9%

83,7%

Yielding		Non-Yielding		Partially yielding

21

Occupancy rates and NAV per share

QUARTERLY OCCUPANCY RATE DEVELOPMENT

100%

99%

98%

97%

96%

95%

98.30%

Target: > 97%

EPRA NAV PER SHARE DEVELOPMENT

€40									+50.4%							+ 13.3%	€35,96	€36,09
€35										€29,30	€29,55	€30,36	€31,45	€31,84	€32,15	€32,72
									€28,44
€30						€27,24	€27,65
		€25,53	€25,38	€25,94
€25 €	24,00	€24,31	€24,28
€20
Dec/15	Mar/16	Jun/16	Sep/16	Dec/16	Mar/17	Jun/17	Sep/17	Dec/17	Mar/18	Jun/18	Sep/18	Dec/18	Mar/19	Jun/19	Sep/19	Dec/19	Mar/20

22

Evolution rental income

EVOLUTION RENTAL INCOME PER QUARTER (IN KEUR)

14.000																13249	13979
12.000
												10300	10610	10897
										X 6
10.000											9319
										7942
8.000
							6091	6355	6630
6.000
						4798
4.000				3419	3509	3887
	2595	2823
2132
2.000
0
Mar/16	Jun/16	Sep/16	Dec/16	Mar/17	Jun/17	Sep/17	Dec/17	Mar/18	Jun/18	Sep/18	Dec/18	Mar/19	Jun/19	Sep/19	Dec/19	Mar/20

23

Nomination Agreements1

UNIVERSITY	CITY	LOCATION	#UNITS	END DATE
RENTAL CONTRACT
Saxion Hogescholen	Enschede	Ariënsplein	113	31/07/2026
Saxion Hogescholen	Enschede	Ariënsplein	1 (educational facility)	31/08/2027
Saxion Hogescholen	Enschede	Ariënsplein	1 (educational facility)	28/02/2029
Saxion Hogescholen	Enschede	Ariënsplein	1 (educational facility)	30/04/2021
Universiteit Maastricht	Maastricht	Vijverdalseweg	20	Undetermined
Universiteit Maastricht	Maastricht	Annadal	513	2021/2031
Stichting Studenten Huisvesting (SSH)	Maastricht	Annadal	124	2037
Stichting Veste	Maastricht	Annadal	16	31/07/2029
Hogeschool Gent	Ghent	Campus Overwale	318	01/09/2041
GUARANTEE CONTRACT
Vrije Universiteit	Amsterdam	Naritaweg	75	31/08/2021
Hogeschool Zuyd	Maastricht	Vijverdalseweg	60	31/07/2020
Hogeschool Zuyd	Maastricht	Annadal	18	31/07/2020
Rotterdam School of Management (RSM)	Rotterdam	Woudestein	21	31/12/2021
Hogeschool Utrecht	Utrecht	Willem Dreeslaan	47	31/03/2023
Navitas	Enschede	Ariënsplein	46	31/05/2024

	8.9% of annualized total rental income : LT leased via rental & guarantee contracts
1. As per 31 december 2019.	24

Nomination Agreements1

UNIVERSITY	CITY	LOCATION	#UNITS	END DATE
PARTNERSHIPS
KU Leuven	Leuven	Studax	292	14/09/2041
Technische Universiteit Delft	Delft	Phoenixstraat	91	31/07/2022
Universiteit Leiden	Leiden	Verbeekstraat	ca. 30
Erasmus Universiteit	Rotterdam	Woudestein	259	31/08/2021
Universiteit Utrecht	Utrecht	Willem Dreeslaan	84	31/07/2022
Universiteit Utrecht	Utrecht	Rotsoord	60	31/07/2022
Universiteit Twente	Enschede	Ariënsplein	75	31/07/2022

Extra 9.4% of annualized total rental income via partnerships with universities

1. As per 31 december 2019.

25

Solid financing position

DEBT MATURITY PROFILE PER 31 MAR 2020:

FIRST LARGE MATURITY DATE NOT BEFORE 2021 Q21

120.000.000

100.000.000

80.000.000

60.000.000

40.000.000

20.000.000

0

Q4	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q4	Q2	Q4	Q2	Q4	Q2	Q1	Q2
2020	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023	2024	2024	2024	2025	2025	2026	2026	2027	2030	2032

Belfius Bank		ING Bank		Argenta Spaarbank		Caisse d'épargne		KBC		BNP Paribas Fortis
vdk bank		Nagelmackers		ABN Amro		Pensio B		Banque de Luxembourg		USPP Bond

1. The loan that was taken over at the time of the acquisition of Stratos KVK NV requires a quarterly repayment of approximately KEUR 220 up to and including Q2 2031. This was not included in the graph above, as it would render the graph unreadable. In April 2020, the loans maturing in Q4 2020 were refinanced and extended till June 2024 and December 2025.

26

Solid financing position

DEBT RATIO DEVELOPMENT
	Target:
60%		50-55%

55%

50%	47.34%
45%

40%

35%

Dec/15 Mar/16 Jun/16 Sep/16 Dec/16 Mar/17 Jun/17 Sep/17 Dec/17 Mar/18 Jun/18 Sep/18 Dec/18 Mar/19 Jun/19 Sep/19 Dec/19 Mar/20

DEBT PROFILE (31 MAR 2020)

• Debt ratio of 47.34%
• • 31/12/2019: 45.67%
• Total credit lines of €720m
• • of which €176m can still be drawn
• Average debt maturity: 3.91 years
• Average cost of debt: 1.65%
• • 31/12/2019: 2.15%
• Hedge ratio: 91%
• Average hedge maturity: 7.06 years

DEBT PROFILE AFTER ISSUANCE USPP

• Inaugural issuance of USPP GREEN BOND in April 2020

Total issuance of EUR 100m 6YR tranche at 1.92% (EUR 34m) 12YR tranche at 2.32% (EUR 66m)

• Green Finance Framework and positive Second Party Opinion from Sustainalytics
• Average debt maturity increases to 4.67 years
• Total credit lines of €820m
• • Of which €276m can be drawn

27

Rapidly growing EPS1 and DPS

RESULTS 2019 & GUIDANCE 2020

		EPRA result per share		Gross dividend per share			+ 6.3%
€ 1,80
					+ 9.6%	€ 1,70
€ 1,70
					€ 1,60
€ 1,60
€ 1,50				€ 1,43	€ 1,46
€ 1,40
€ 1,30		€ 1,17				€ 1,302	€ 1,36
€ 1,20
			€ 1,25
€ 1,10		€ 1,15		€ 1,20
				+ 4.0%	+ 4.6%
€ 1,00
	2016	2017	2018	2019	2020E
∆ weighted average	+6.5%	+39.1%	+62.1%	+35.0%	+27.6%
number of shares

Rapidly increasing EPRA result and dividend per share, despite significant year-on-year increases in weighted average number of shares outstanding

1. EPS - group share	28
2. Subject to approval by the Annual General Meeting.

Appendix Financials

Diagonal Besòs - Barcelona (191 units)

Key financials - P&L

in KEUR	31/03/2020	31/03/2019
Net rental result	13,979	10,293	+35.81%
Real estate result	10,412	10,201
Operating result before result on the portfolio	8,459	6,788
Financial result (excl. variations in the fair value of financial assets and liabilities)	-1,531	-1,511
EPRA earnings - part of the group	5,987	4,459	+34.27%
EPRA earnings - part of the group after IFRIC21 adjustment	7,673	5,692
Result on the portfolio (IAS 40)	-4,488	906
Revaluation of financial instruments (ineffective interest rate hedges) and joint ventures	-4,734	-5,704
Share in the result of joint ventures	24	-45
Deferred taxes	56	-83
Net result (IFRS)	-2,991	-466

1. Alternative performance measures (APMs) are measures Xior Student Housing NV uses to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) issued guidelines	30
for the use and explanation of alternative performance measures, which came into effect on 3 July 2016. Chapter 10.8 of the Annual Financial Report 2018 includes the concepts Xior considers as APMs. The APMs are
marked with	and are accompanied by a definition, objective and reconciliation as required under the ESMA guidelines.

Key financials - Balance sheet

In KEUR	31/03/2020	31/12/2019
Equity	622,784	625,808
Equity - part of the group	607,403	610,427
Fair value of the real estate property1	1,218,969	1,190,791	+2.37%
Occupancy rate	98.30%	98.00%
Debt ratio (Law on Regulated Real Estate Companies)2	47.34%	45.67%

1.	The fair value of the investment property is the investment value as determined by an independent property expert less the transaction fees (see BE-REIT Association press release dated 10 November 2016). The fair	31
	value corresponds to the carrying amount under IFRS.
2.	Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on Regulated Real Estate Companies.

Key financials - Figures per share

	31/03/2020	31/03/2019
Number of shares	19,133,129	13,768,815
Weighted average number of shares	19,133,129	13,768,815
EPRA1 earnings per share	0.32	0.32
EPRA1 earnings per share - part of the group	0.31	0.32
EPRA1 earnings per share after IFRIC21 adjustment	0.41	0.41
EPRA1 earnings per share after IFRIC21 adjustment - part of the group	0.40	0.41

	31/03/2020	31/03/2019
EPRA NAV per share (before dividend)	36.09	31.84	+13.35%
IFRS NAV per share (before dividend)	32.55	29.74	+9.45%

1. Calculated on the basis of the weighted average number of shares.

32

Valuation yields

VALUATION YIELDS

Gross valuation yields	31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019
Gross yields Belgium	5.31%	5.17%	5.15%	5.10%	5.13%
Gross yields The Netherlands	7.95%	6.54%	6.19%	5.72%	5.63%
Gross yields Spain					5.27%
Gross yields Portugal					NA%
Gross yields entire portfolio	5.67%	5.58%	5.68%	5.52%	5.43%

33

Appendix Organisation

Shareholder structure1

Free Float

Aloxe NV

AXA IM2

72.77%	18.12%	9.11%

Xior Student

Housing NV

1. As per 31 March 2020

35

2. AXA Investment Managers S.A. makes the transparency notification as controlling person for AXA Investment Managers Paris S.A., AXA Real Estate Investment Managers S.A and AXA Real Estate Investment Managers SGP.

Corporate governance

		CHRISTIAN TEUNISSEN			FREDERIK SNAUWAERT
		Executive director & CEO			Executive director & CFO
		From 1997 until 2008 mainly active in		Previously active as a senior auditor at
		the	insurance	industry	at		PwC in financial services, as a credit
		subsequently Fortis AG, AdB Business		and asset risk officer at Fortis Lease
		Partners	and	Van	Dessel		Group and as a relationship manager
		Verzekeringen after the acquisition of		for	mid-sized	corporate	and
		AdB Partners. Founded Xior Group in		institutional investors in real estate at
		2008 and has been managing		ING. Joined Xior Group in 2012 as
		director of the group since then.		Chief Financial Officer.

LEEN VAN DEN NESTE

President of the Board

Independent director

Since 2012 Director-General of vdk bank and since 2011 member of the executive board. Previously member of the board of Elia NV. Between 1995 and 2011 active at Groep Arco in various roles, including Administration and finance director and member of the executive board.

WILFRIED NEVEN

Independent director

Wilfried Neven is the Chief Digital and Transformation Officer at Ethias s.a. Previously he was CEO Belgium of Allianz Benelux NV and held mandates with P&V Group and ING Insurance Belgium. Holds a master degree in commercial engineering.

WOUTER DE MAESENEIRE Independent director

Professor in corporate finance, Academic Dean Masters and programme director of the Master in Financial Management at Vlerick Business School and visiting professor at Erasmus University Rotterdam and Ghent University.

JOOST UWENTS

Independent director

CEO of the B-REIT WDP Comm.VA since 2010, where he started as CFO in 1999 and has been on the board since 2002. He holds a Master in Science in Business Engineering and obtained his MBA at the Vlerick Business School.

Group structure

XIOR STUDENT HOUSING (Public RREC)

Limited liability company ("naamloze vennootschap")

Registered office:

Mechelsesteenweg 34/108, B-2018 Antwerp

KBO 0547.972.794 (RPR Antwerp, Antwerp Department)

Belgian Public REIT (BE-REIT)

STRUCTURE

Aloxe NV, the holding company held by the CEO (82%) and CFO (18%) Founding shareholders remain committed

Management responsible for the implementation of the strategy and the management and growth of the portfolio

Dutch real estate assets fiscally structured through a « vaste inrichting/établissement stable », subject to corporate income tax

Portuguese and Spanish investments are structured via a local holding company subject to normal corporate income tax

Xior Student Housing NV

T [phone]	[e-mail]
Mechelsesteenweg 34,	[e-mail]
box 108	[e-mail]
2018 Antwerp
Belgium
www.xior.be