Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 549

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 549
---
 | 41.67 |
| SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No.3 (*5) |      |         | Korea |     |      | —            |     |               | 20.00 |     |     — |
| MK Ventures-K Clavis Growth Capital Venture Fund 1                                         |      |         | Korea |     |      | —            |     |               | 26.67 |     | 26.67 |
| NH-Amundi Global Infrastructure Trust 14 (*5)                                              |      |         | Korea |     |      | —            |     |               | 30.00 |     |     — |
| Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37 (*6)            |      |         | Korea |     |      | December 31  |     |               | 60.00 |     | 60.00 |

<div align='center'>F-1 6 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) |

| Investees                                                                                                    |      | Country |       |     |      | Reporting    
 Date         |     | Ownership (%) |       |     |       |
|                                                                                                              | 2023 |         |       |     | 2024 |              |     |               |       |     |       |
| Milestone Private Real Estate Fund 3                                                                         |      |         | Korea |     |      | December 31  |     |               | 32.06 |     | 32.06 |
| Nomura-Rifa Private Real Estate Investment Trust 31                                                          |      |         | Korea |     |      | December 31  |     |               | 31.31 |     | 31.31 |
| SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No.2                        |      |         | Korea |     |      | December 31  |     |               | 21.27 |     | 21.27 |
| FuturePlay-Shinhan TechInnovation Fund 1                                                                     |      |         | Korea |     |      | December 31  |     |               | 50.00 |     | 50.00 |
| Stonebridge Corporate 1st Fund                                                                               |