Xior Student Housing : Draft of new Corporate Governance Charter - subject to approval of Basecamp transaction

CORPORATE GOVERNANCE CHARTER

XIOR STUDENT HOUSING NV

Public real estate investment trust (OGVV) under Belgian law ("B-REIT") Registered office: Mechelsesteenweg 34, box 108, 2018 Antwerp (Belgium) Company number: 0547.972.794 (RPR Antwerpen, section Antwerp)

[15 September] 2022

CONTENTS
1	INTRODUCTION................................................................................................................................	4
	Context ...............................................................................................................................................	4
	Objectives...........................................................................................................................................	5
2	GOVERNANCE STRUCTURE ..........................................................................................................	7
3	BOARD OF DIRECTORS ..................................................................................................................	8
	Responsibilities ..................................................................................................................................	8
	The policy function of the Board of Directors ............................................................................	8
	The supervisory function of the Board of Directors ...................................................................	9
	Composition of the Board of Directors .............................................................................................	10
	Number of directors .................................................................................................................	10
	Chairperson .............................................................................................................................	11
	Non-Executive, Independent Directors....................................................................................	11
	Managing Director ("CEO") and Chief Financial Officer ("CFO") ............................................	13
	Division of responsibilities of the Chairperson and the CEO...................................................	13
	Authorisation............................................................................................................................	13
	Nomination and appointment of candidate directors........................................................................	14
	General ....................................................................................................................................	14
	Non-Executive Directors ..........................................................................................................	15
	Chairperson .............................................................................................................................	15
	Duration of directorships ..................................................................................................................	16
	Integrity and commitment of the directors ........................................................................................	16
	Functioning of the Board of Directors ..............................................................................................	16
	Planning and agenda of the meetings of the Board of Directors.............................................	16
	Convocation notices and prior distribution of documents .........................................................	17
	Quorum and deliberation .........................................................................................................	18
	Minutes ....................................................................................................................................	18
	Performance evaluation ...................................................................................................................	18
	Secretary ..........................................................................................................................................	19
4	SPECIALISED COMMITTEES.........................................................................................................	20
	General principles ............................................................................................................................	20
	Audit Committee...............................................................................................................................	20
	Remuneration and Nomination Committee ......................................................................................	22
	General ....................................................................................................................................	22
	Role .........................................................................................................................................	22
	Composition.............................................................................................................................	22
	Responsibilities........................................................................................................................	22
	Executive Committee .......................................................................................................................	24
	Role and responsibilities..........................................................................................................	24
	Composition.............................................................................................................................	24
	Operation .................................................................................................................................	24
	Investment Committee .....................................................................................................................	26
	Role and responsibilities..........................................................................................................	26
	Composition.............................................................................................................................	26
	Operation .................................................................................................................................	26
	Ethics and ESG Committee .............................................................................................................	28
	Role and responsibilities..........................................................................................................	28
	Composition.............................................................................................................................	28
5	EXECUTIVE MANAGEMENT ..........................................................................................................	29
	General.............................................................................................................................................	29
	Role and responsibilities ..................................................................................................................	30
	Powers and role of the Chief Executive Officer.......................................................................	30
	Powers and role of the Chief Financial Officer ........................................................................	32
	Powers and role of the Chief Growth Officer ...........................................................................	33
	Powers and role of the Chief Operating Officer.......................................................................	33
	Effective leaders...............................................................................................................................	34
6	REMUNERATION POLICY ..............................................................................................................	35
	Scope ...............................................................................................................................................	35
	Procedure.........................................................................................................................................	35
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	Benchmark .......................................................................................................................................	35
	General.............................................................................................................................................	36
	Remuneration report ........................................................................................................................	36
	Remuneration of non-executive directors and the Chairperson ......................................................	37
	Remuneration of executive directors and members of the Executive Management .......................	38
	Fixed remuneration..................................................................................................................	39
	Variable remuneration .............................................................................................................	39
	Other remuneration elements..................................................................................................	42
	Share ownership requirements ...............................................................................................	43
	Clawback .................................................................................................................................	43
	Good and bad leaver arrangements........................................................................................	43
	Severance pay .................................................................................................................................	44
	Procedure for deviating from the remuneration policy .....................................................................	44
	Changes compared to the current policy .........................................................................................	45
7	INTERACTION WITH SHAREHOLDERS........................................................................................	47
	Shareholders ....................................................................................................................................	47
	Capital and shareholder structure ....................................................................................................	47
	Relationships between shareholders ...............................................................................................	47
	Relationships with major shareholders ............................................................................................	47
	Communication with shareholders ...................................................................................................	47
	General Meeting of Shareholders ....................................................................................................	48
	General ....................................................................................................................................	48
	Convening................................................................................................................................	48
	Admission ................................................................................................................................	50
	Representation ........................................................................................................................	51
	Presidency - Bureau ................................................................................................................	52
	Proceedings of the session .....................................................................................................	52
	Voting rights.............................................................................................................................	54
	Decision-making ......................................................................................................................	54
	Minutes ....................................................................................................................................	55
	Shareholder dialogue .......................................................................................................................	55
8	INTERNAL CONTROL .....................................................................................................................	57
	General.............................................................................................................................................	57
	Internal control and risk management systems .......................................................................	57
	Parties involved in the evaluation of internal control ...............................................................	59
	Pillars of internal control ..........................................................................................................	59
	Intregrity policy .................................................................................................................................	60

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1 INTRODUCTION

Context

Xior Student Housing ("Xior" or the "Company") is a public real estate investment trust (openbare gereglementeerde vastgoedvennootschap (OGVV)) ("B-REIT") within the meaning of the Law of 12 May 2014 concerning real estate investment trusts (Wet van 12 mei 2014 betreffende de gereglementeerde vastgoedvennooschappen) (the "B-REITLaw") and the Royal Decree of 13 July 2014 concerning real estate investment trusts (Koninklijk besluit van 13 juli 2014 met betrekking tot gereglementeerde vastgoedvennooschappen) (the "B-REITKB", hereinafter referred to together with the B-REIT Law as the "B-REITLegislation"), which has adopted the legal form of a limited liability company (naamloze vennootschap). Its registered office is located at Mechelsesteenweg 34, bus 108, 2018 Antwerp. The Company is registered with the Crossroads Bank for Enterprises (Kruispuntbank van Ondernemingen) under company number 0547.972.794 (RPR Antwerpen, section Antwerpen). It is a "listed company" (genoteerde vennootschap) as referenced in article 1:11 of the Belgian Companies and Associations Code (Wetboek van vennootschappen en verenigingen) (the "BCCA") and its shares are listed on the regulated market of Euronext Brussels.

This corporate governance charter (the "Charter") was prepared by the board of directors of Xior (the "Board of Directors"). The Company declares that it applies the Belgian Corporate Governance Code 2020 as designated by the Royal Decree of 12 May 2019 designating the corporate governance code to be applied by listed entities (Koninklijk besluit van 12 mei 2019 houdende aanduiding van de na te leven code inzake deugdelijk bestuur door genoteerde vennootschappen) (the "Corporate Governance Code") as its reference code. The Belgian Corporate Governance Code is available on the website www.corporategovernancecommittee.be. The Board of Directors reviews the Charter from time to time and makes any changes it deems necessary and appropriate. This version of the Charter was approved by the Board of Directors on 12 August 2022 and will become applicable subject to the approval of the remuneration policy included therein by the extraordinary general meeting of the Company to be held on 15 September 2022 or, if the required quorum would not be reached at such first extraordinary general meeting, on 6 October 2022.

Xior does its utmost to comply at all times with the principles relating to corporate governance as set out in the Corporate Governance Code, without prejudice to the applicable legal provisions (in particular the BCCA and B-REIT Legislation) and the articles of association of the Company. If the Company nevertheless considers it appropriate to deviate from the principles and provisions of the Corporate Governance Code, this will be explained in the corporate governance statement forming part of the Company's annual financial report (the "Corporate Governance Statement"). Any change in legislation or the Company's articles of association will, if and to the extent necessary, result in the amendment of the relevant provisions of this Charter so that it remains in line with applicable law and the provisions of the Company's articles of association.

Further, the Board of Directors has adopted a dealing code to prevent insider trading and market abuse (the "Dealing Code"), which forms an integral part of this Charter. The rules of the Dealing Code are aligned with applicable laws and regulations (in particular, the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and subsequent European regulations (together the "Market Abuse Regulation"), the Act of 2 August 2002 on the supervision of

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the financial sector and financial services (Wet van 2 augustus 2002 betreffende het toezicht op de financiële sector en de financiële diensten) and the Corporate Governance Code). The Dealing Code covers, inter alia, the disclosure of information relating to certain transactions in financial instruments issued by Xior; restrictions on carrying out transactions in the Company's financial instruments during defined periods prior to the announcement of the financial results ("closed periods") or during any other period deemed sensitive ("frozen periods"); the appointment of a Compliance Officer who supervises compliance with the Dealing Code by the Company's directors and other designated persons; and the prior notification by such persons to the Compliance Officer before each transaction in financial instruments of the Company.

The Charter and Dealing Code are available on the Xior website (www.xior.be).

More factual information on the Company's corporate governance policy and the corporate governance events that occurred during a given year can be found in the Corporate Governance Statement and the Corporate Governance Code.

If the Company does not comply with one or more principles or provisions of the Corporate Governance Code, it shall explain the reasons thereof in the Corporate Governance Statement, i.e., the so-called "comply or explain" principle.

Principle 7.6 of the Corporate Governance Code recommends that non-executive directors receive part of their remuneration in the form of shares in the Company, to allow them to act with the perspective of a long-term shareholder. Xior deviates from this principle and does not grant remuneration in shares to non-executive directors. The Board of Directors is convinced that the application of this principle would not contribute to acting with the perspective of a long-term shareholder, given the nature of the Company (as a B-REIT) and the factual circumstances of the directors. The amount of remuneration of the non-executive directors of the Company are such that the impact of such remuneration paid in shares would be very limited, and the legal framework of the Company and its outlined strategy (as determined by the Board of Directors), in the opinion of the Board of Directors, sufficiently ensures that the perspective of the long-term shareholders of the Company is taken into account.

Objectives

With this Charter, the Company pursues the objectives envisaged by the Corporate Governance Code. Corporate governance comprises a set of rules and behaviours that determine how companies are managed and controlled. A good corporate governance model will achieve its objective by striking the right balance between leadership, entrepreneurship and performance on the one hand, and control and compliance with these rules on the other.

For the Company, honesty and integrity have been paramount since its foundation. Good governance must be anchored in an enterprise's values. It provides mechanisms to ensure leadership, integrity and transparency in the decision-making process. It contributes to the setting of the Company's objectives, how these objectives are to be achieved, and how performance is to be evaluated. These objectives should keep in mind the interest of the Company, its shareholders and other stakeholders.

Corporate governance also requires control, i.e., effective evaluation of performance, as well as

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