Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 570

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 570
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         | 27,499 |
| NH-Synergy Core Industrial New Technology Fund                                                        |     |           |  6,439 |     |            | (6,175  | ) |     |        |   (264 | ) |     |                          | — |     |            | — |     |         |      — |
| J& Moorim Jade Investment Fund                                                                        |     |           |  4,920 |     |            | —       |   |     |        |    433 |   |     |                          | — |     |            | — |     |         |  5,353 |
| Ulmus SHC innovation investment fund                                                                  |     |           |  5,543 |     |            | (1,150  | ) |     |        |    (88 | ) |     |                          | — |     |            | — |     |         |  4,305 |
| T Core Industrial Technology 1st Venture PEF                                                          |     |           |  4,254 |     |            | (378    | ) |     |        |   (881 | ) |     |                          | — |     |            | — |     |         |  2,995 |

<div align='center'>F-1 8 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) |

|                                                                               |     |      2024 |        |     |            |         |   |     |        |        |   |     |                          |   |     |            |   |     |         |        |
| Investees                                                                     |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |         |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in                
 othercomprehensiveincome |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| Fine Value POST IPO No.5 Private Equity Fund                                  |     |         W |  3,766 |     |            |  (3,565 | ) |     |        |   (201 | ) |     |                          | — |     |            | — |