Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 551

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 551
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 |      |         | Korea |     |      | —           |     |               | 24.39 |     |     — |
| Kiwoom-Shinhan Innovation Fund 2                                                                      |      |         | Korea |     |      | December 31 |     |               | 42.86 |     | 42.86 |
| ETRI Holdings-Shinhan 1st Unicorn Fund                                                                |      |         | Korea |     |      | December 31 |     |               | 50.00 |     | 50.00 |
| SJ ESG Innovative Growth Fund                                                                         |      |         | Korea |     |      | December 31 |     |               | 28.57 |     | 28.57 |
| AVES 1st Corporate Recovery Private Equity Fund (*4)                                                  |      |         | Korea |     |      | December 31 |     |               | 76.19 |     | 76.19 |
| Reverent-Shinhan Vista Fund (*3)                                                                      |      |         | Korea |     |      | December 31 |     |               | 13.41 |     | 13.41 |
| JS Shinhan Private Equity Fund (*3)                                                                   |      |         | Korea |     |      | December 31 |     |               |  3.85 |     |  3.85 |

<div align='center'>F-1 6 5</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) |

| Investees                                                                     |      | Country |       |     |      | Reporting    
 Date         |     | Ownership (%) |       |     |       |
|                                                                               | 2023 |         |       |     | 2024 |              |     |               |       |     |       |
| Daishin Newgen New Technology Investment Fund 1st(*5)                         |      |         | Korea |     |      | —            |     |               | 50.60 |     |     — |
| META ESG Private Equity Fund I                                                |      |         | Korea |     |      | December 31  |     |               | 27.40 |     | 27.40 |
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