Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 603

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 603
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 |     |            |  5,249 |     |              | — |     |        | — |     |          |  5,249 |

| (*1) | Others represents the adjustments of fair value when acquired. |

| (*2) | Others are the amount of fair value adjustments that occurred at the time of acquisition and accumulated losses that were not recognized due to the suspension of equity method recognition as the investment account balance became “0” due to the accumulation of losses for the current period. |

| (*3) | Others are the unrecognized equity method for preferred stocks without voting rights issued by the investee. |

<div align='center'>F-21 8</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) |

|                                                                                       |     |       2024 |         |   |     |           |       |     |            |         |   |     |              |    |   |     |        |        |     |          |        |
| Investees                                                                             |     | Net assets 
        (a) |         |   |     | Ownership 
 (%)       
 (b)       |       |     | Interests  
 in the net 
 assets     
 (a)*(b)    |         |   |     | Intra-group  
 transactions |    |   |     | Others |        |     | Carrying 
 amount   |        |
| BNP Paribas Cardif Life Insurance                                                     |     |          W | 243,101 |   |     |           | 14.99 |     |            |  36,441 |   |     |              | (5 | ) |     |        |      — |     |          | 36,436 |
| Shinhan-Neoplux Energy Newbiz Fund                                                    |     |            |  46,152 |   |     |           | 31.66 |     |            |  14,612 |   |     |              | —  |   |     |        |      — |     |          | 14,612 |
| Shinhan-Albatross tech investment Fund                                                |     |            |  17,346 |   |     |           | 50.00 |     |            |   8,