Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 487

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 487
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                                                             |     |                                                      |     | W        | 105,403,285 |     |                                                                                         |

<div align='center'>F- 90</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    |            |     | Significant inputs                                                                      |
| Liabilities                                                           |     |                                              |     |          |            |     |                                                                                         |
| Financial liabilities designated at fair value through profit or loss |     |                                              |     |          |            |     |                                                                                         |
| Debt securities issued                                                |     |                        Option model (*), NAV |     |          |    261,299 |     | Discount rate, volatility                                                               |
| Compound financial instruments                                        |     |                                              |     | W        |    819,919 |     | Underlying asset price                                                                  |
|                                                                       |     |                                              |     |          |  1,081,218 |     |                                                                                         |
| Derivative liabilities                                                |     |                                              |     |          |            |     |                                                                                         |
| Trading                                                               |     | Option model (*), Forward interest rate, DCF |     |          |  8,476,885 |     | Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
| Hedging                                                               |     |                                              |     |          |    814,374 |     |                                                                                         |
|                                                                       |     |                                              |     |          |  9,291,259 |     |                                                                                         |
|                                                                       |     |                                              |     | W        | 10,372,477 |     |                                                                                         |

| (*) | Option models applied to measure fair value include the Black-Scholes model and Hull-White model, and methods such as Monte Carlo simulation are applied to some products depending on the product type. |

<div align='center'>F- 91</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31,