Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 567

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 567
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 |            | —       |   |     |         | 58,807 |

<div align='center'>F-1 82</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 |         |
| Kiwoom-Shinhan Innovation Fund I                                                         |     |         W |   7,854 |     |            |       — |   |     |        |     125 |   |     |                          | — |     |            |   — |     |         |   7,979 |
| Midas Asset Global CRE Debt Private Fund No.6                                            |     |           |  54,881 |     |            | (57,919 | ) |     |        |   3,038 |   |     |                          | — |     |            |   — |     |         |       — |
| Samchully Midstream Private Placement Special Asset Fund 5-4                             |     |           |  33,163 |     |            |   2,416 |   |     |        |   3,905 |   |     |                          | — |     |            |   — |     |         |  39,484 |
| SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No.3    |     |           |   7,254 |     |            |  (7,664 | ) |     |        |     410 |   |     |                          | — |     |            |   — |     |         |       — |
| MK Ventures-K Clavis Growth Capital Venture Fund 1 (*)                                   |     |           |       — |     |            |    (