Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 572

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 572
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 4,209 |
| Cornerstone J&M Fund I                                                |     |           |  3,488 |     |            |       — |   |     |        |    (74 | ) |     |                          | — |     |            | — |     |         |  3,414 |
| Logisvalley Shinhan REIT Co.,Ltd.                                     |     |           |  3,598 |     |            |       — |   |     |        |   (209 | ) |     |                          | — |     |            | — |     |         |  3,389 |
| DA Value-Honest New Technology Investment Fund 1                      |     |           |  4,099 |     |            |  (2,754 | ) |     |        | (1,345 | ) |     |                          | — |     |            | — |     |         |      — |
| Shinhan-Ji and Tec Smart Innovation Fund                              |     |           |  9,977 |     |            |   2,535 |   |     |        |    492 |   |     |                          | — |     |            | — |     |         | 13,004 |

<div align='center'>F-18 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) |

|                                                                            |     |      2024 |        |     |            |        |   |     |        |        |   |     |                          |   |     |            |   |     |         |        |
| Investees                                                                  |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |        |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in                
 othercomprehensiveincome |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st |     |         W |  6,968 |     |            |      — |   |     |        |   (210 | ) |     |                          | — |     |            | —