Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 599

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 599
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 |     |           | 29.01 |     |            | 11,219 |   |     |              | — |     |        |     — |     |          | 11,219 |

<div align='center'>F-2 1 4</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 16. | Investments in associates (continued) |

|                                                                               |     |       2023 |         |     |           |       |     |            |        |     |              |   |     |        |   |     |          |        |
| Investees                                                                     |     | Net assets 
        (a) |         |     | Ownership 
 (%)       
 (b)       |       |     | Interests  
 in the net 
 assets     
 (a)*(b)    |        |     | Intra-group  
 transactions |   |     | Others |   |     | Carrying 
 amount   |        |
| SHINHAN-NEO Market-Frontier 2ndFund                                           |     |          W |  76,511 |     |           | 42.70 |     |            | 32,670 |     |              | — |     |        | — |     |          | 32,670 |
| NH-Synergy Core Industrial New Technology Fund                                |     |            |  17,436 |     |           | 36.93 |     |            |  6,439 |     |              | — |     |        | — |     |          |  6,439 |
| J& Moorim Jade Investment Fund                                                |     |            |  19,771 |     |           | 24.89 |     |            |  4,920 |     |              | — |     |        | — |     |          |  4,920 |
| Helios-KDBC Digital Contents 1st                                              |     |            |   9,699 |     |           | 23.26 |     |            |  2,256 |     |              | — |     |        | — |     |          |  2,256 |
| Ulmus SHC innovation investment fund                                          |     |            |  23,059 |     |