Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 568

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 568
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 |     |         |   2,725 |
| IGIS Real-estate Private Investment Trust No.33                                          |     |           |  15,271 |     |            |    (809 | ) |     |        |   1,170 |   |     |                          | — |     |            |   — |     |         |  15,632 |

<div align='center'>F-1 8 3</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 |        |
| Goduck Gangil10 PFV Co., Ltd.                                                                                |     |         W |  5,081 |     |            |    (212 | ) |     |        |   1,296 |   |     |                          | — |     |            | —       |   |     |         |  6,165 |
| Fidelis Global Private Real Estate Trust No.2                                                                |     |           |    551 |     |            |       — |   |     |        |       — |   |     |                          | — |     |            | —       |   |     |         |    551 |
| AIP EURO PRIVATE REAL ESTATE TRUST No. 12                                                                    |     |           | 48,619 |     |            |   2,955 |   |     |        |   2,919 |   |     |                          | — |     |            | (29,849 | ) |     |         | 24,644 |
| Shinhan Healthcare Fund 2 (*)                                                                                |     |           |      — |     |            |       —