Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 550

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 550
---
 |               | 41.18 |     | 41.18 |
| NH-Amundi US Infrastructure Private Fund2                                                                    |      |         | Korea |     |      | December 31  |     |               | 25.91 |     | 25.91 |
| Kakao-Shinhan 1st TNYT Fund                                                                                  |      |         | Korea |     |      | December 31  |     |               | 48.62 |     | 48.62 |
| Pacific Private Placement Real Estate Fund No.40                                                             |      |         | Korea |     |      | December 31  |     |               | 24.73 |     | 24.73 |
| Mastern Private Real Estate Loan Fund No.2                                                                   |      |         | Korea |     |      | December 31  |     |               | 33.57 |     | 33.57 |

<div align='center'>F-1 6 4</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 |             |     |               |       |     |       |
| LB Scotland Amazon Fulfillment Center Fund 29 (*6)                                                    |      |         | Korea |     |      | December 31 |     |               | 70.14 |     | 65.00 |
| JR AMC Hungary Budapest Office Fund 16                                                                |      |         | Korea |     |      | December 31 |     |               | 32.57 |     | 32.57 |
| EDNCENTRAL Co.,Ltd. (*7)                                                                              |      |         | Korea |     |      | —           |     |               | 13.47 |     | 13.47 |
| Gyeonggi-Neoplux Superman Fund                                                                        |      |         | Korea |     |      | December 31 |     |               | 21.76 |     | 21.76 |
| NewWave 6th Fund                                                                                      |      |         |