Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 588

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 588
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17,396 |   |
| Sparklabs-Shinhan Opportunity Fund 1                                                  |     |       |     5,505 |     |           |         — |     |           |      25 |   |     |                  |  (2,405 | ) |     |             | — |     |             |  (2,405 | ) |
| IGIS Real-estate Private Investment Trust No.33                                       |     |       |    93,113 |     |           |    54,852 |     |           |   5,709 |   |     |                  |   2,863 |   |     |             | — |     |             |   2,863 |   |
| Goduck Gangil10 PFV Co., Ltd.                                                         |     |       |    31,122 |     |           |       144 |     |           |  59,353 |   |     |                  |   6,350 |   |     |             | — |     |             |   6,350 |   |
| Fidelis Global Private Real Estate Trust No.2                                         |     |       |       748 |     |           |        57 |     |           |      (1 | ) |     |                  |      (2 | ) |     |             | — |     |             |      (2 | ) |
| AIP EURO PRIVATE REAL ESTATE TRUST No. 12                                             |     |       |   145,170 |     |           |    59,302 |     |           |  (7,077 | ) |     |                  | (10,179 | ) |     |             | — |     |             | (10,179 | ) |
| Shinhan Healthcare Fund 2                                                             |     |       |        31 |     |           |       183 |     |           |       1 |   |     |                  |       — |   |     |             | — |     |             |       — |   |

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