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SHINHAN FANANCIAL GROUP





Season’s greetings

Make Foundation Solid! Change quickly!

Dear Shinhan family!
The first day of the new year has broken.
As I turned the Shinhan Financial Group calendar inscribed with the year 2021, the phrase Korea,
the beautiful place today and tomorrow
came into my eyes. At first, I feel regret that I could not see such a beautiful scenery of Korea in the last year. Following that, I remembered The Beautiful Image of Us, which has encouraged and cared for
each other and wisely overcome the COVID19. This year is the year of the white cow, which symbolizes sincerity and diligence. I hope that all of you will overcome difficulties as strong as a cow even in the continuing COVID19 crisis.
I wish you a happy new year.

The year of 2020, created with a great power of “Together”

Dear Shinhan family! In the year of 2020, which started with COVID19 and ended with COVID19, days where daily life ceased and chaos increased continued. However, we have overcome the crisis wisely with branches and headquarter united in one heart. All group companies worked together to help the common people, individual businesses, and SMEs affected by COVID19. Despite the uncertainty of the market that has continued throughout the year, we also achieved the highest performance since establishing the holding company and the best performance in the financial industry. Thanks to everyone who did Together, we were able to move forward with hope even in the dark reality. I bow my head and thank all of the Shinhan families at home and abroad who made Shinhan's shining year of 2020 with the great power of Together.

“FRESH 2020s”, The Mid Term Strategy of the Group

Dear employees! Now 2021 has begun. COVID 19 has completely broken the existing paradigm that has dominated our society. Our lives have changed completely from face-to-face to non-face-to-face, and Non-Contact is at the heart of every business. The era of Complex Uncertainty, where change and confusion are aggravated! This is a crisis for the unprepared but an opportunity for the prepared. Last year, Shinhan established the group's mid-term strategy FRESH 2020s one step ahead of others and started to change. Again this year, the path Shinhan should take is FRESH. Let's build a Make foundation strong while strengthening the organizational structure based on customer trust and crisis response! Let's go ahead with Change quickly toward the first-class Shinhan while constantly searching for future growth opportunities!

Group’s Strategic Direction and Core Task in 2021

”Above all, “Make Foundation Strong!”
Let’s strengthen “Fundamental” and “Resilience” firm and solid!
If define Fundamental in one word, it is “Basis”
A company's basis is to have basic physical strength, such as maintaining product/service
competitiveness, no matter what situation or crisis comes. This year, let's continue to strengthen Shinhan's basic physical strength and continue pursuing
qualitative improvement of its core business while discovering new growth engines! The more important basis is customer.
Customer is the reason why Shinhan exists and is the basis of finance. All executives and employees must again keep the truth of ‘There is no Shinhan without customers.’ Let's fundamentally change everything in the group under the firm principle of Customer First
this year! Let's rebuild solid trust from customers by fiercely thinking about what customers want and
providing practical values that customers recognize! Resilience competency determines a company's survival and growth in an era of unpredictability
where complexity and uncertainty are aggravated. The fundamental basis of Resilience is to find out the nature and speed of risk faster than anyone
else and to respond promptly. Let's improve the ability to detect risks early and implement crisis response measures appropriate
to the situation. The core characteristic of Resilience is the strong resilience that turns crisis into opportunity. Even if a difficult environment tightens us, let's actively take on the challenge of finding
opportunities and taking risks in it! Let's quickly overcome the crisis and jump stronger as we collapsed, and leap forward toward the
first-class Shinhan!

Next, “Change quickly!”
Let’s promptly implement “Eco-System” and “Sustainability!”
Shinhan's fate will also be influenced by Digital Transformation in a situation where all companies,
regardless of industry, are digitally engaged in the future accelerated by COVID19. Based on the DT drive system established at the group level last year, let's work together to
accelerate digital innovation in one heart from branches, headquarters, domestic and global, new
employees to leaders! To achieve the innovation that customers/market's recognize, our strength only is not enough. We need first-class openness that transcends the boundaries of the business. Let's cooperate with companies such as Fin-tech and Big-tech and make bold investments in digital
companies with excellent technology! Let's successfully build Shinhan's unique, innovative digital platform that encompasses finance and
non-financial, fun, and value! Faced with COVID19 crisis, many people in our society undergo difficult days. Now, it is more necessary than ever to practice the group's mission, Warm Finance for the Future. Let's deliver Warm Finance containing Shinhan's sincerity so that young people/startups can
continue their dream of a start-up, individual businesses and SMEs can overcome difficulties and
alienated neighbors do not lose hope! When customers, society, and the country grow and develop, Shinhan can also achieve sustainable
growth. Through the essence of the financial industry, let's grow together and lead a change that positively
impacts our society! Let's promote Eco-Friendly Finance and Innovative Finance more powerfully, which will pass
a healthy environment to future generations and create a win-win growth ecosystem in the post-
COVID19 era!

Solid foundation and quick change !
The thing that enables both of them is “Human-talent”.
In the end, only people and culture can complete FRESH. The higher your competence, the stronger Shinhan's culture becomes, the closer we can be to the
first class. We will pay a keen attention at the group level to fostering plans, training courses, and HR platforms
so that all of you can grow into digital/convergence talent. We will recruit talented people who will lead the digital era and give them opportunities to
demonstrate their capabilities. Let's make sure to change Shinhan's culture not to fall behind the flow of change and lead change!
Innovate boldly with an open mind, respond agilely by speeding up execution.
Let's demonstrate explosive energy at the moment we need it! Let's evolve into the First Mover of Korean Finance through Innovation of Speed, which tries
quickly and fails quickly!

Dear employees!

Geungo Jiyoung (根固枝榮)!
Deep-rooted trees do not sway in the wind and produce beautiful flowers and abundant fruit. Let's build the foundation for growth and turn crises into opportunities based on solid trust from
customers and society! Byunghyung Sangsu (兵形象水)!
An army on the battlefield must move as fast and flexible as water. Let's lead the future of finance by changing ourselves to meet the rapidly changing environment
and rising demands of the times! In the new year, all our 28,000 Shinhan family members will move forward vigorously toward First-
class Shinhan
under the motto of ‘Make Foundation Solid, Change Quickly’ Thank you.

January 4, 2021
Shinhan Financial Group
CEO Cho Yong-byoung