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Season’s greetings

Members of the Shinhan family,

Early in the morning on January 1, I rose to see the sun shining down
on a new year and thought of my hopes and dreams for 2019.
This being the propitious year of the Golden Pig, I hope that the
Group will have many occasions to celebrate.
To our clients and shareholders, I extend my sincere thanks and wish
you happiness and fulfillment in all that you do.
To our valued employees, I hope that your year is full of joy.
To all, a happy new year!

2018, a Year of Visionary Expansion

Members of Shinhan! Our slogan last year was ‘Shinhan, visionary pioneer in finance.’ Employees and board members joined forces as One Shinhan to lift
the Group’s vision to new heights in 2018. We broadened our vision by expanding existing businesses based on various matrices, including winning the GTX-A contract, obtaining
certification for Shinhan Alpha REIT, and beginning GMS operations in earnest. We also directed our attention to new areas by signing agreements to acquire OrangeLife and Asia Trust which will serve as stepping stones
for us to make a leap forward. Globally, we expanded our vision by acquiring ANZ Vietnam and Prudential Vietnam Finance and established PT Shinhan Asset
Management Indonesia, Shinhan DS Vietnam, and GIB headquarters in Hong Kong. We continued to look toward the future with the
Digital Innovation Institute, Treasure Island Project, the mobile platform Shinhan Plus, and Smart Loan Madang. Consequently, Shinhan achieved balanced growth across domestic and global, banking and non-banking, and on and offline sectors, bearing
testament to its standing as Korea’s leading financial group. Shinhan also saw its global profile rise. It ranked 4th among financial firms on the 2018 Global 100 Most Sustainable Corporations in the
World list, released at the World Economic Forum in Davos. We also became the first Korean company to be included in the DJSI World
Index for six consecutive years and the only domestic financial holding company to earn the A1 global credit rating. These are valuable fruits of labor made possible by the efforts and passion of our 27,000-strong Shinhan family. Thank you for all your hard work and dedication in the last year.

2019, Soaring to New Heights

In 2019, we will continue moving forward under the slogan ‘Shinhan, visionary pioneer in finance.’ Following the unified SMART Project 2020 strategy, we will march
toward our goal of becoming Asia’s leading financial group. While last year’s focus was on developing our vision, the emphasis in 2019 will be on making new inroads as a pioneer in finance.
To that end, the whole Group must work to increase creative implementation. To become a pioneer in finance, our core priorities are expansion,
reformation, leadership,
and happiness.

  • First, let us expand One Shinhan with verve and vigor.

    The One Shinhan strategy differentiates us from other companies, makes us competitive, and drives the creation of a new kind of finance. We have had great success thus far converging the Group’s resources and capacities into one. Going forward, we must enhance the performance of global, GIB, WM, GMS, and other One Shinhan matrices and increase Group synergy. OrangeLife and Asia Trust, which we are currently in the process of acquiring, will bring their expertise to work in close cooperation with existing Group affiliates. Shinhan’s forte lies in its balanced portfolio, which will be further strengthened by such collaborations. In the new year, we seek to unite our organization, channels, human resources, products, services, and more from the perspective of One Shinhan so that the whole Group can move together in one direction, toward one goal. Let’s make One Shinhan more ingrained, expansive, and stronger.

  • Second, let us reform all aspects of Shinhan.

    Many companies have been driven into a corner by difficult economic and business conditions. A company cannot survive the dangers of a rapidly changing environment while it remains locked within past frameworks or satisfied with ordinary change. In keeping with the times, Shinhan needs to undertake a complete transformation. We must fundamentally change customary practices in everything from organizational structure to systems, processes, products, and services, thereby putting Shinhan on the path of innovation. In order to affect such fundamental change to the overall organization, we reshuffled the Group’s management late last year and introduced a new generation of leaders. In the coming year, we will appoint the most qualified personnel, procure talents from outside the Group, and nurture female leaders as part of Group-wide reformation efforts. In this way, let us continue to explore ways to build a dynamic and thriving workplace. We must be creative in restructuring our core capabilities to construct a strong and stable Shinhan that does not falter in any danger or crisis.

  • Third, let us lead as a pioneering financial group.

    Today’s clients and society ask finance to play a much more consequential role with heavier responsibilities than in the past. Shinhan must be more than a mere financial company. We must serve as a beacon of hope for clients, companies, and society. In addition to our primary role in supporting corporate innovation and investment, we must provide opportunities for regular people to get back on their feet, encourage youth entrepreneurs, and support the growth of small business owners. We must also lead the way in eco-friendly management while fulfilling our obligations to the international financial industry, such as by establishing ‘Global Principles for Responsible Banking.’ This year, we aim to raise social, future, and economic value through the newly upgraded Hopeful Society Project and in the process, realize Shinhan’s mission of ‘Compassionate Finance for the Future.’ Let’s fulfill our role as Korea’s leading financial group so that we can contribute to the nation’s progress and social prosperity.

  • Lastly, let us build a happy Shinhan together.

    With the 52-hour maximum workweek system going into effect this year, we look forward to achieving work-life balance and hope the new practice serves as a catalyst for fundamental changes in the way we work. Ultimately, we hope that employees’ happiness begets positive energy, and this energy leads to clients’ growth and Shinhan’s progress, creating a virtuous cycle of happiness. To make this possible, our plan is to adopt a flextime system that takes the nature of the job into account and to strengthen cross- appointments between Group affiliates so employees can gain diverse job experiences. We will nurture our global workforce and expand the Group’s pool of management and female leaders. We will also eliminate unnecessary tasks and simplify the decision- making structure to enhance operational speed, agility, and quickness. Let us pull together to find a healthy work-life balance and build a virtuous cycle of happiness.

Dear members of the Shinhan family!

There is an old saying, ‘do not look at the reflection of yourself in the water,’ reminding us not to fixate on surface appearances.
Instead, we must hold ourselves to higher standards and principles. We must consider how clients and society view us, and look beyond
Korea to see the world from a global perspective. We must consistently strive to create new finance, following another old proverb about the circle of life that grows and multiplies without
end. For Shinhan to continue growing in an unstable business environment, we must break free of customs and create anew. Let us expand One Shinhan, reform all aspects of the Group, lead the
advancement of the financial industry, and seek the happiness of
employees. In doing so, we can become ‘Shinhan, visionary pioneer in finance.’ Let us come together as One Shinhan and make the leap toward becoming Asia’s leading financial group. I believe in the passion and power of our 27,000-strong Shinhan Family.
I ask for your continued support and encouragement in 2019.

On the first day 2019
Shinhan Financial Group
Chairman Cho Yong-byoung