Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 563

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 563
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   |     |        |   234 |   |     |               | — |     |            | — |     |         |  4,835 |
| Eventus-IBKC LIB Fund                                                                    |     |           |  6,035 |     |            |       — |   |     |        |   597 |   |     |               | — |     |            | — |     |         |  6,632 |

<div align='center'>F-17 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) |

|                                                                                       |     |      2023 |       |     |            |        |   |     |        |       |   |     |               |   |     |            |   |     |         |        |
| Investees                                                                             |     | Beginning 
   balance |       |     | Investment 
 and        
 dividend   |        |   |     | Equity 
 method 
 income 
 (loss) |       |   |     | Change in     
 other         
 comprehensive 
 income        |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| NH-Daishin-Kyobo healthcare 1 Fund                                                    |     |         W | 3,948 |     |            | (3,948 | ) |     |        |     — |   |     |               | — |     |            | — |     |         |      — |
| IBKC-Behigh Fund 1st                                                                  |     |           | 3,268 |     |            |      — |   |     |        |   (49 | ) |     |               | — |     |            | — |     |         |  3,219 |
| Nautic Green Innovation ESG Co-investment No.1 Private Equity Fund                    |     |           | 3,956 |     |            | (3,956 | ) |     |        |     — |   |     |               | — |     |            | — |     |         |      — |
| ON No.1 Private Equity Fund                                                           |     |           | 5,362 |     |            |      — |   |     |