"'Shin Kyuk-ho Foundation' Created to Return Inheritance" Shin Dong-bin Proposes to Siblings

Shares and Real Estate Worth Over 1 Trillion Won

Intention to Donate Instead of Inheriting

[Asia Economy Reporter Lim Hye-sun] Shin Dong-bin, Chairman of Lotte Group, has begun persuading his siblings to return to society the shares of affiliates and real estate worth over 1 trillion won left by the late Shin Kyuk-ho, Honorary Chairman of Lotte Group. According to the business community on the 6th, Chairman Shin Dong-bin recently conveyed to his siblings the intention to establish the 'Shin Kyuk-ho Foundation' by donating the assets left by Honorary Chairman Shin to society instead of inheriting them. Although not all siblings have agreed yet, some are reportedly responding positively to Shin Dong-bin's intention.

A senior Lotte official said, "Chairman Shin Dong-bin proposed to his siblings, the heirs, to donate their father's entire assets," adding, "Although the siblings have not reached a final agreement yet, Shin Dong-bin's idea is to establish the foundation by finding a compromise."

Honorary Chairman Shin holds shares in four domestic listed companies: Lotte Holdings (common stock 3.10%, preferred stock 14.2%), Lotte Shopping (0.93%), Lotte Confectionery (4.48%), and Lotte Chilsung Beverage (common stock 1.3%, preferred stock 14.15%). As of the closing price on the 5th, the value of these shares is 191.2 billion won. The securities industry estimates the value of shares in domestic Lotte affiliates, including the unlisted company Lotte Property & Development (6.87%), at around 400 billion won. Adding the golf course land in Gyeyang-gu, Incheon, valued at approximately 450 billion won (1,667,392㎡), and properties in Japan, the total is known to exceed 1 trillion won significantly.

According to civil law, the primary heirs are four individuals: Shin Young-ja, former Chairwoman of the Lotte Scholarship Foundation and eldest daughter; Shin Dong-joo, Chairman of SDJ Corporation; Shin Dong-bin, Chairman of Lotte Group; and Shin Yu-mi, Advisor at Lotte Hotel. Without a separate will, they each inherit 25%. The key figure is Shin Dong-joo, Shin Dong-bin's older brother. Since the two had a management dispute several years ago, persuading him is not an easy task. Regarding this, Shin Dong-bin reportedly conveyed his intention, saying, "Since it is my father's will, if necessary, I will personally persuade my brother."

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