Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 554

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 554
---
     |      | December 31 |     |               |  50.00 |     |  50.00 |
| Mastern General Private Real Estate Investment Trust No.189(Type 1 Beneficiary Securities) (*5) |      |         | Korea |     |      | —           |     |               |  32.69 |     |      — |
| Shinhan AIM Private Fund of Fund 9-B                                                            |      |         | Korea |     |      | December 31 |     |               |  25.00 |     |  25.00 |
| Shinhan General Private Real Estate Investment Trust No.3                                       |      |         | Korea |     |      | December 31 |     |               |  20.75 |     |  20.75 |
| NH Absolute Project L General Private Investment Trust (*5)                                     |      |         | Korea |     |      | —           |     |               |  26.03 |     |      — |
| Paros Kosdaq Venture General Private Investment Trust No. 5                                     |      |         | Korea |     |      | December 31 |     |               |  28.56 |     |  28.56 |

<div align='center'>F-16 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) |

| Investees                                                               |      | Country |           |     |      | ReportingDate |     | Ownership (%) |       |     |       |
|                                                                         | 2023 |         |           |     | 2024 |               |     |               |       |     |       |
| Happy Pet Life Care New Technology Investment Association No.2          |      |         | Korea     |     |      | December 31   |     |               | 30.00 |     | 30.00 |
| Shinhan-Soo Secondary Investment Association (*6)                       |      |         | Korea     |     |      | December 31   |     |               | 77.61 |     | 77.61 |
| TECHFIN RATINGS Co., Ltd. (*1), (*11)                                   |      |         | Korea     |     |      | September 30  |