Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 488

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 488
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 |     |            |           |     |                                                                                 |     |       |               |
| Equity and foreign exchange related                                   |     |           | Option model (*1) |     |            |   468,611 |     | The volatility of the underlying asset and Correlations                         |     |       | —42.43~84.71% |
| Interest rates related                                                |     |           |                   |     |            |   445,572 |     | The volatility of the underlying asset, Regression coefficient and Correlations |     |       | 0.00~2.71%    
 —38.52~90.34% |
| Credit and commodity related                                          |     |           |                   |     |            |    93,599 |     | The volatility of the underlying asset, Correlations and Hazard Rate            |     |       | —11.62~77.30% 
 0.08~2.55%    |
|                                                                       |     |           |                   |     |            | 1,007,782 |     |                                                                                 |     |       |               |
|                                                                       |     |           |                   |     | W          | 7,733,034 |     |                                                                                 |     |       |               |

<div align='center'>F- 9 3</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 assets                                            |     |           |                    |     |            |            |     |                                                                                                        |     |               |
| Financial asset at fair value through profit or loss        |     |           |                    |     |            |            |     |                                                                                                        |     |               |
| Debt securities, loans                                      |     |           | DCF, NAV,          
 Option model (*1), 
 Income approach    |     |            |          W |     | The volatility of the underlying asset, Discount rate, Correlations Growth rate, and Liquidation Value