Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 403

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 403
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                         |     | Description                                                                                                                                                                                                                                                                                                                                            |
| Trust                       |     | Shinhan Bank (including development trust) and 17 others |     | A trust is consolidated when the Group as a trustee is exposed to significant variable returns, if principle or interest amounts of the entrusted properties falls below guaranteed amount, the Group should compensate it, and the Group has the ability to affect those returns.                                                                     |
| Asset-Backed Securitization |     | Tiger Eyes 3 Co., Ltd. and 181 others                    |     | An entity for asset backed securitization is consolidated when the Group has sole decision-making authority to dispose assets or change the conditions of the assets, and the Group is substantially exposed to, or has rights to significant variable returns by providing credit enhancement and purchases of subordinated securities.               |
| Structured Financing        |     | —                                                        |     | An entity established for structured financing relating to real estate, shipping, or mergers and acquisitions is consolidated, when the Group has the greatest credit to the entity, has sole decision-making authority of these Entities due to the entities default, and is substantially exposed to, or has rights to significant variable returns. |
| Investment Fund             |     | One Shinhan Future’s Fund and 171 others                 |     | An investment fund is consolidated, when the Group manages or invests assets of the investment funds on behalf of other investors as a collective investor or a business executive, or has the ability to dismiss the manager of the investment funds, and is substantially exposed to, or has rights to, the significant variable returns.            |

| (*) | The Group provides ABCP purchase agreements and others ofW6,903,822million for the purpose of credit enhancement of structured companies. |

| 2. | Basis of preparation |

| (a) | Statement of compliance |

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (International Financial Reporting Standards Accounting Standards). IFRS Accounting Standards are the accounting standards and related interpretations issued by the International Accounting Standards Board (“IASB”).

<div align='center'>F- 1 9</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 2. | Basis of preparation (continued) |

The Group’s consolidated financial statements as of and for the year ended December 31, 2024