Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 562

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 562
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 | — |     |         |  9,504 |
| NH-Brain EV Fund                                                              |     |           | 11,592 |     |            |       — |   |     |        |   (467 | ) |     |               | — |     |            | — |     |         | 11,125 |
| DDI LVC Master Real Estate Investment Trust Co., Ltd.                         |     |           |  6,405 |     |            |     450 |   |     |        |   (272 | ) |     |               | — |     |            | — |     |         |  6,583 |
| Leverent-Frontier 4th Venture PEF                                             |     |           |  2,964 |     |            |       — |   |     |        |    330 |   |     |               | — |     |            | — |     |         |  3,294 |
| Find-Green New Deal 2nd Equity Fund                                           |     |           |  4,508 |     |            |       — |   |     |        |    (43 | ) |     |               | — |     |            | — |     |         |  4,465 |
| ShinhanFitrin 1st Technology Business Investment Association                  |     |           |  4,437 |     |            |       — |   |     |        |     82 |   |     |               | — |     |            | — |     |         |  4,519 |
| PARATUS No.3 Private Equity Fund                                              |     |           |  4,936 |     |            |  (4,936 | ) |     |        |      — |   |     |               | — |     |            | — |     |         |      — |

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