Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 573

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 573
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 |            | — |     |         |  9,646 |
| VOGO Debt Strategy General Private Real Estate Investment Trust No. 18     |     |           | 12,013 |     |            | (2,170 | ) |     |        |  1,481 |   |     |                          | — |     |            | — |     |         | 11,324 |
| Koramco IPO LEITS Mezzanine General Private Investment Trust No. 38        |     |           |  3,171 |     |            |    (61 | ) |     |        |    168 |   |     |                          | — |     |            | — |     |         |  3,278 |
| TogetherKorea Private Investment Trust No. 6                               |     |           |  5,270 |     |            |      — |   |     |        |    153 |   |     |                          | — |     |            | — |     |         |  5,423 |
| TogetherKorea Private Investment Trust No. 7                               |     |           |  5,270 |     |            |      — |   |     |        |    153 |   |     |                          | — |     |            | — |     |         |  5,423 |
| Kiwoom Core Industrial Technology Investment Fund No.3                     |     |           |  4,180 |     |            |      — |   |     |        |     39 |   |     |                          | — |     |            | — |     |         |  4,219 |
| Penture K-Content Investment Fund                                          |     |           |  5,622 |     |            |  6,000 |   |     |        |   (303 | ) |     |                          | — |     |            | — |     |         | 11,319 |

<div align='center'>F-18 8</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 |        |     |            |        |   |     |        |        |