SHG · Shinhan Financial Group Co., Ltd.

This disclosure reflects a minor reduction in the ownership stake of Shinhan Financial Group’s largest shareholder, Korea’s National Pension Service, from 9.01% to 8.97% over a one-month period. While the absolute decrease of 172,331 shares is small relative to Shinhan’s total outstanding shares, the filing triggers disclosure obligations under Korean regulations governing major shareholders and SEC Form 6-K reporting requirements for foreign private issuers. The absence of any stated rationale—such as market sale, internal reallocation, or regulatory mandate—limits investor ability to assess intent or future trajectory. Because NPS remains well above the 5% threshold requiring public disclosure of changes and retains its position as the single largest shareholder, the event does not signal a loss of strategic support or governance influence. However, sustained downward trends across multiple reporting periods could warrant closer scrutiny of NPS’s long-term commitment to Shinhan. No exhibits were referenced, and no forward-looking statements, financial metrics, or corporate actions (e.g., dividends, buybacks, or financing) accompanied this notice.