Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 565

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 565
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 |               | — |     |            | — |     |         |  8,104 |
| Mastern General Private Real Estate Investment Trust No.189 (Type 1 Beneficiary Securities) |     |           | — |     |            |  8,500 |     |        |  (678 | ) |     |               | — |     |            | — |     |         |  7,822 |
| Shinhan AIM Private Fund of Fund9-B                                                         |     |           | — |     |            | 23,036 |     |        |   982 |   |     |               | — |     |            | — |     |         | 24,018 |
| Shinhan General Private Real Estate Investment Trust No.3                                   |     |           | — |     |            |  7,721 |     |        |   117 |   |     |               | — |     |            | — |     |         |  7,838 |

<div align='center'>F-1 80</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 Absolute Project L General Private Investment Trust         |     |         W |         — |     |            |    4,488 |   |     |        |     405 |   |     |               |     — |     |            | —       |   |     |         |     4,893 |
| Paros Kosdaq Venture General Private Investment Trust No. 5    |     |           |         — |     |            |    6,000 |   |     |