Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 552

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 552
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     |               | 40.00 |     | 40.00 |
| Tiger Green alpha Trust No.29 (*4)                                            |      |         | Korea |     |      | December 31  |     |               | 95.24 |     | 95.24 |
| STIC ALT Global II Private Equity Fund                                        |      |         | Korea |     |      | December 31  |     |               | 21.74 |     | 21.74 |
| NH-Brain EV Fund (*5)                                                         |      |         | Korea |     |      | —            |     |               | 25.00 |     |     — |
| DDI LVC Master Real Estate Investment Trust Co., Ltd. (*1), (*7)              |      |         | Korea |     |      | September 30 |     |               | 15.00 |     | 15.00 |
| Leverent-Frontier 4th Venture PEF                                             |      |         | Korea |     |      | December 31  |     |               | 23.89 |     | 23.89 |
| Find-Green New Deal 2nd Equity Fund                                           |      |         | Korea |     |      | December 31  |     |               | 22.57 |     | 22.57 |
| ShinhanFitrin 1st Technology Business Investment Association (*3)             |      |         | Korea |     |      | December 31  |     |               | 16.17 |     | 16.17 |
| Koramco Private Real Estate Fund 143                                          |      |         | Korea |     |      | December 31  |     |               | 30.30 |     | 30.30 |

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

| Investees                                                                  |      | Country |       |     |      | Reporting    
 Date         |     | Ownership (%) |       |     |       |
|                                                                            | 2023 |         |       |     | 2024 |              |     |               |       |     |       |
| Korea Investment Top Mezz