Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 605

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 605
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 Fund2                                                                    |     |            |   2,099 |   |     |           | 25.91 |     |            |     544 |   |     |              | — |     |        |      — |   |     |          |     544 |
| Kakao-Shinhan 1st TNYT Fund                                                                                  |     |            |  48,697 |   |     |           | 48.62 |     |            |  23,678 |   |     |              | — |     |        |      — |   |     |          |  23,678 |
| Pacific Private Placement Real Estate Fund No.40                                                             |     |            |  46,996 |   |     |           | 24.73 |     |            |  11,623 |   |     |              | — |     |        |      — |   |     |          |  11,623 |
| Mastern Private Real Estate Loan Fund No.2                                                                   |     |            |   3,963 |   |     |           | 33.57 |     |            |   1,330 |   |     |              | — |     |        |      — |   |     |          |   1,330 |
| LB Scotland Amazon Fulfillment Center Fund 29                                                                |     |            |  28,996 |   |     |           | 65.00 |     |            |  18,848 |   |     |              | — |     |        |      — |   |     |          |  18,848 |
| JR AMC Hungary Budapest Office Fund 16                                                                       |     |            |  40,488 |   |     |           | 32.57 |     |            |  13,187 |   |     |              | — |     |        |      — |   |     |          |  13,187 |

<div align='center'>F-2 20</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 |         |     |           |       |     |            |         |   |     |