Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 571

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 571
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 39,645 |
| SKS-Yozma Fund No.1                                                           |     |           |  3,455 |     |            |  (2,931 | ) |     |        |   (524 | ) |     |                          | — |     |            | — |     |         |      — |

<div align='center'>F-1 8 6</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 |        |
| KB Distribution Private Real Estate 3-1                               |     |         W | 25,976 |     |            |       — |   |     |        | (1,897 | ) |     |                          | — |     |            | — |     |         | 24,079 |
| Pacific Private Investment Trust No.49-1                              |     |           | 27,377 |     |            |       — |   |     |        |    623 |   |     |                          | — |     |            | — |     |         | 28,000 |
| KIWOOM Real estate private placement fund for normal investors No. 31 |     |           |  8,558 |     |            |    (435 | ) |     |        |    (91 | ) |     |                          | — |     |            | — |     |         |  8,032 |
| RIFA Real estate private placement fund for normal investoes No. 51   |     |           |  5,731 |     |            |    (294 | ) |     |        |    (66 | ) |     |                          | — |     |