Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 578

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 578
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 |  11,493 |   |     |             | — |     |             |  11,493 |   |
| SBC PFV Co., Ltd.                                                                        |     |       | 472,860 |     |           | 309,802 |     |           |       — |     |                  |  (5,733 | ) |     |             | — |     |             |  (5,733 | ) |
| NH-amundi global infra private fund 16                                                   |     |       | 102,499 |     |           |   1,195 |     |           |     291 |     |                  | (10,397 | ) |     |             | — |     |             | (10,397 | ) |
| SH BNCT Professional Investment Type Private Special Asset Investment Trust              |     |       | 337,617 |     |           |       — |     |           |  32,744 |     |                  |  19,052 |   |     |             | — |     |             |  19,052 |   |
| Deutsche Global Professional Investment Type Private Real Estate Investment Trust No. 24 |     |       |  35,359 |     |           |     716 |     |           |  29,833 |     |                  |   2,504 |   |     |             | — |     |             |   2,504 |   |

<div align='center'>F-1 9 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) |

|                                                                                                              |     |  2023 |         |     |           |         |     |           |         |     |                  |        |   |     |             |   |     |             |        |   |
| Investees                                                                                                    |     | Asset |         |     | Liability |         |     | Operating 
 revenue   |         |     | Net profit(loss) |        |   |     | Other       
 comprehen-  
 sive income 
 (loss)      |   |     | Total       
 comprehen-  
 sive income 
 (loss)      |        |   |
| Sparklabs-Shinhan Opportunity Fund 1