Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 604

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 604
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 Private Real Estate Fund 3                                                  |     |            |  59,637 |   |     |           | 32.06 |     |            |  19,120 |   |     |              | —  |   |     |        |      — |     |          | 19,120 |
| Nomura-Rifa Private Real Estate Investment Trust 31                                   |     |            |  20,258 |   |     |           | 31.31 |     |            |   6,343 |   |     |              | —  |   |     |        |      — |     |          |  6,343 |
| SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No.2 |     |            |  11,839 |   |     |           | 21.27 |     |            |   2,518 |   |     |              | —  |   |     |        |      — |     |          |  2,518 |
| FuturePlay-Shinhan TechInnovation Fund 1                                              |     |            |  11,570 |   |     |           | 50.00 |     |            |   5,785 |   |     |              | —  |   |     |        |      — |     |          |  5,785 |
| Stonebridge Corporate 1st Fund                                                        |     |            |   9,015 |   |     |           | 44.12 |     |            |   3,977 |   |     |              | —  |   |     |        |      — |     |          |  3,977 |

<div align='center'>F-21 9</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) |

|                                                                                                              |     |       2024 |         |   |     |           |       |     |            |         |   |     |              |   |     |        |        |   |     |          |         |
| Investees                                                                                                    |     | Net assets 
        (a) |         |   |     | Ownership 
 (%)       
 (b)       |       |     | Inter