Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 489

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 489
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                                                             |     |           |                    |     |            |          W |     |                                                                                                        |     |               |

<div align='center'>F- 9 4</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 5. | Financial risk management (continued) |

|                                                                       |     |      2024 |                   |     |            |           |     |                                                                                 |     |       |               |
| Type of financial instrument                                          |     | Valuation 
 technique |                   |     | Carrying   
 Value (*2) |           |     | Significant unobservable inputs                                                 |     | Range |               |
| Financial liabilities                                                 |     |           |                   |     |            |           |     |                                                                                 |     |       |               |
| Financial liabilities designated at fair value through profit or loss |     |           |                   |     |            |           |     |                                                                                 |     |       |               |
| Equity related                                                        |     |           | Option model (*1) |     | W          | 7,139,257 |     | The volatility of the underlying asset and Correlations                         |     |       | -46.56~83.10% |
| Derivative liabilities                                                |     |           |                   |     |            |           |     |                                                                                 |     |       |               |
| Equity and foreign exchange related                                   |     |           | Option model (*1) |     |            |   181,858 |     | The volatility of the underlying asset and Correlations                         |     |       | -46.56~83.10% |
| Interest rates related                                                |     |           |                   |     |            |   428,049 |     | The volatility of the underlying asset, Regression coefficient and Correlations |     |       | 0.00~2.32%    
 -38.28~90.34% |
| Credit and commodity related                                          |     |           |                   |     |            |   134,645 |     | The volatility of the underlying asset, Correlations and Hazard Rate            |     |       | 0.00%         
 0.29~6.05%    |
|                                                                       |     |           |                   |     |            |   744,552 |     |                                                                                 |     |       |