Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 608

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 608
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  27.40 |     |            |  13,364 |     |              | — |     |        |       — |     |          |  13,364 |
| Planeta PTE LTD                                                     |     |            |    34,027 |     |           |  33.33 |     |            |  11,341 |     |              | — |     |        |       — |     |          |  11,341 |
| The E&Shinhan New Growth Up Fund                                    |     |            |     7,035 |     |           |  50.00 |     |            |   3,518 |     |              | — |     |        |       — |     |          |   3,518 |
| Shinhan-GB FutureFlow Fund L.P.                                     |     |            |     8,852 |     |           |  58.18 |     |            |   5,150 |     |              | — |     |        |       — |     |          |   5,150 |
| Credila Financial Services (*4)                                     |     |            | 1,235,349 |     |           |  10.93 |     |            | 135,024 |     |              | — |     |        | 128,092 |     |          | 263,116 |
| Shinhan Market-Frontier Fund III                                    |     |            |    29,058 |     |           |  44.02 |     |            |  12,791 |     |              | — |     |        |       — |     |          |  12,791 |
| DB IPO HighYield Fund 1                                             |     |            |    14,974 |     |           |  28.57 |     |            |   4,278 |     |              | — |     |        |       — |     |          |   4,278 |

<div align='center'>F-22 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) |

|                                                                         |     |       2024 |         |     |           |