Investor Relations

Corporate Governance

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LMIRT Management Ltd. (the "Manager" or "LMIRT Management") is appointed as the manager of Lippo Malls Indonesia Retail Trust ("LMIR Trust") in accordance with the terms of the trust deed constituting LMIR Trust dated 8 August 2007, as amended or supplemented (the "Trust Deed"). The Manager is committed to upholding high standards of corporate governance in the business and operations of the Manager, LMIR Trust and its subsidiaries ("LMIR Trust Group") so as to protect the interest of the Unitholders of LMIR Trust.

LMIR Trust is a real estate investment trust ("REIT") listed on the Main Board of Singapore Exchange Securities Trading Limited (the "SGX-ST") and the Manager is an indirect wholly-owned subsidiary of PT Lippo Karawaci Tbk, the flagship company of diversified Indonesian conglomerate, Lippo Group, and sponsor to LMIR Trust ("Sponsor").

The Manager is licensed under the Securities and Futures Act 2001 of Singapore (the "SFA") to conduct real estate investment trust management with effect from 6 May 2010 and its officers are authorised representatives.

The Manager has general powers of management over the assets of LMIR Trust. The Manager's key responsibility is to manage LMIR Trust's assets and liabilities for the benefit of Unitholders, with a focus on delivering a sustainable distribution to Unitholders and, where appropriate, enhance the values of existing properties and increase the property portfolio over time.

The other functions and responsibilities of the Manager include preparing annual asset plans and undertaking regular individual asset performance analysis and market research analysis, managing finance functions relating to LMIR Trust (which include capital management, treasury, co-ordination and preparation of consolidated budgets) and working together with PT Lippo Malls Indonesia as the property manager ("Property Manager" or "PT LMI") who performs the day-to-day property management functions for the properties of LMIR Trust.

The Manager ensures that the business of LMIR Trust is carried on and conducted in a proper and efficient manner, adhering to the principles, guidelines and recommendations of the Code of Corporate Governance 2018 issued by Monetary Authority of Singapore ("MAS") on 6 August 2018 (the "2018 CG Code") and other applicable laws and regulations, including the Listing Manual of SGX-ST (the "Listing Manual"), the Code on Collective Investment Schemes issued by the MAS (the "CIS Code"), in particular, Appendix 6 of the CIS Code (the "Property Funds Appendix") and the SFA. The Manager is committed to good corporate governance as it believes that such self-regulation is essential in protecting the interests of Unitholders and is critical to the performance of the Manager.

This report sets out the Manager's corporate governance practices for the financial year ended 31 December 2023, with specific reference to the 2018 CG Code.

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