Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 579

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 579
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-Amundi US Infrastructure Private Fund2                                                                    |     |       | 114,783 |     |           |      45 |     |           |  60,166 |     |                  |  8,411 |   |     |             | — |     |             |  8,411 |   |
| SH Japan Photovoltaic Private Special Asset Investment Trust No.2                                            |     |       |   7,797 |     |           |      85 |     |           |   9,439 |     |                  |  1,137 |   |     |             | — |     |             |  1,137 |   |
| Kakao-Shinhan 1st TNYT Fund                                                                                  |     |       |  40,992 |     |           |     134 |     |           |      77 |     |                  | (3,012 | ) |     |             | — |     |             | (3,012 | ) |

<div align='center'>F-1 9 4</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                                                                                             |     | Asset |         |     | Liability |         |     | Operating 
 revenue   |        |     | Net profit(loss) |         |   |     | Other       
 comprehen-  
 sive income 
 (loss)      |   |     | Total       
 comprehen-  
 sive income 
 (loss)      |         |   |
| Pacific Private Placement Real Estate Fund No.40                                                      |     |     W | 145,871 |     |           |  98,869 |     |           |  4,152 |     |                  |   3,031 |   |     |             | — |     |             |   3,031 |   |
| Mastern Private Real Estate Loan Fund No.2                                                            |     |       |   9,081 |     |           |      24 |     |