Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 559

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 559
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-up and Venture Business |     |           |  5,709 |     |            | (7,843 | ) |     |        |  2,134 |   |     |               | — |     |            | — |     |         |      — |

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

|                                                                                                       |     |      2023 |        |     |            |         |   |     |        |        |   |     |               |   |     |            |   |     |         |        |
| Investees                                                                                             |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |         |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in     
 other         
 comprehensive 
 income        |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| Neoplux Market-Frontier Secondary Fund                                                                |     |         W | 13,960 |     |            |  (3,673 | ) |     |        |    140 |   |     |               | — |     |            | — |     |         | 10,427 |
| Harvest Private Equity Fund II                                                                        |     |           |  3,139 |     |            |     (26 | ) |     |        |   (135 | ) |     |               | — |     |            | — |     |         |  2,978 |
| Synergy Green New Deal 1st New Technology Business Investment Fund                                    |     |           | 10,632 |     |            |    (145 | ) |     |        |   (172 | ) |     |               | — |     |            | — |     |         | 10,315 |
| KIAMCO Vietnam Solar Special Asset Private Investment Trust                                           |     |           |  6,727 |     |            |    (220 | ) |     |        |    329 |   |     |               | — |     |            | — |     |         |  6,836 |
| SHINH