Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 561

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 561
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 |     |            | — |     |         |  7,668 |
| JB Hwaseong-Hadong REITs No.53                    |     |           |  4,991 |     |            |       — |   |     |        |     (8 | ) |     |               | — |     |            | — |     |         |  4,983 |
| KB Oaktree Trust No.3                             |     |           |  8,605 |     |            |    (771 | ) |     |        |    834 |   |     |               | — |     |            | — |     |         |  8,668 |
| Daehan No.36 Office Asset Management Company      |     |           | 22,058 |     |            |       — |   |     |        |    424 |   |     |               | — |     |            | — |     |         | 22,482 |

<div align='center'>F-1 7 6</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                                                                     |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |         |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in     
 other         
 comprehensive 
 income        |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| Rhinos Premier Mezzanine Private Investment Fund No.1                         |     |         W |  2,873 |     |            |       — |   |     |        |    183 |   |     |               | — |     |            | — |     |         |  3,056 |
| SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 |     |           | 57,334 |     |            |   3,369 |   |     |        |