Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 602

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 602
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 |     |            |  6,940 |     |              | — |     |        | — |     |          |  6,940 |
| Shinhan Time Secondary Blind New Technology Investment Trust                          |     |            |  10,008 |     |           | 47.50 |     |            |  4,754 |     |              | — |     |        | — |     |          |  4,754 |
| Shinhan DS Secondary Investment Fund                                                  |     |            |  18,693 |     |           | 40.00 |     |            |  7,477 |     |              | — |     |        | — |     |          |  7,477 |
| Shinhan-openwater pre-IPO Investment Trust 1                                          |     |            |   9,946 |     |           | 50.00 |     |            |  4,973 |     |              | — |     |        | — |     |          |  4,973 |
| Shinhan-Eco Venture Fund 2nd                                                          |     |            |   9,024 |     |           | 40.00 |     |            |  3,610 |     |              | — |     |        | — |     |          |  3,610 |
| Heungkuk-Shinhan the1stVisionary Technology Investment Trust no. 1                    |     |            |   7,884 |     |           | 40.00 |     |            |  3,154 |     |              | — |     |        | — |     |          |  3,154 |

<div align='center'>F-21 7</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