Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 560

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 560
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 investment fund                                                                  |     |           |  4,886 |     |            |       — |   |     |        |    657 |   |     |               | — |     |            | — |     |         |  5,543 |
| Mirae Asset Partners X Private Equity Fund                                                            |     |           |  7,792 |     |            |  (7,792 | ) |     |        |      — |   |     |               | — |     |            | — |     |         |      — |
| T Core Industrial Technology 1st Venture PEF                                                          |     |           |  4,529 |     |            |       — |   |     |        |   (275 | ) |     |               | — |     |            | — |     |         |  4,254 |
| Curious Finale Corporate Recovery Private Equity Fund                                                 |     |           |  3,591 |     |            |  (3,636 | ) |     |        |     45 |   |     |               | — |     |            | — |     |         |      — |
| Fine Value POST IPO No.5 Private Equity Fund                                                          |     |           |  2,270 |     |            |       — |   |     |        |  1,496 |   |     |               | — |     |            | — |     |         |  3,766 |

<div align='center'>F-1 7 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) |

|                                                   |     |      2023 |        |     |            |         |   |     |        |        |   |     |               |   |     |            |   |     |         |        |
| Investees                                         |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |         |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in     
 other         
 comprehensive 
 income        |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| TI First Property Private Investment Trust