Société Générale — Earnings Release 2016

May 4, 2016

P R E S S R E L E A S E

QUARTERLY FINANCIAL INFORMATION

Paris, May 4th, 2016

Q1 16: SOUND RESULTS BENEFITING FROM THE BUSINESS MODEL DIVERSIFICATION OF THE

• Net banking income of EUR excluding non-economic items activities, the diversification of the business model and the development of synergies have helped offset the decline in market revenues in a challenging to the year for the banking sector EUR 6.2 billion (vs. EUR 6.4 billion in economic items): the good performance of all Retail Banking in Q1 15, -3.3%* challenging start
• Operating expenses under control fine and adjusted for the effects of the IFRIC 21 accounting standard) control: -0.5%* (excluding refund of par %* part of the Euribor
• Lower net cost of risk ( risk at 46 basis points(1) ( -10.1%*) reflecting the quality of assets. C (-9 basis points vs. Q1 15) Commercial cost of
• Group net income of EUR and EUR 829 million excluding non marked by the substantial growth in 924 million in Q1 16 (EUR 868 million in Q non-economic items (EUR 833 in all Retail Banking activities. Q1 15, +6.5%) million in Q1 15),
• CET1 ratio up +25 basis points vs. end end-2015) end-2015, at 11.1% at the end of Q Q1 16 (10.9% at

Leverage ratio of 4.0% (stable (stable vs. end-2015)

Stable EPS**: EUR 0.90 in Q1 16 (EUR 0.91 in Q1 15) (2)

* When adjusted for changes in Group structure and at constant exchange rates rates.

** Excluding non-economic items (revaluation of own financial liabilities and Debt Value Adjustment). Impact in net banking income of EUR +145m in Q1 16 and EUR +53m in Q1 15. Impact on Group net income of EUR +95m in Q1 16 and EUR +35m in Q1 15. See methodology notes. valuation rule based on 11% of the businesses' RWA (risk-weighted assets).

Items relating to financial data for 2015 have been restated in net banking income and for the capital allocated to the businesses take account of the new capital allocation rule businesses so as to

• (1) Excluding litigation issues, in basis points for assets at the beginning of the period, including operating leases. Annualised calculation on economic Q1 15: EUR 0.96 and EUR 1.02 in Q1 16. See methodology note No.
• (2) Excluding non-economic items, gross EPS in . No. 3

PRESS RELATIONS

LAETITIA MAUREL +33(0)1 42 13 88 68 Laetitia.a.maurel@socgen.com ANTOINE LHERITIER +33(0)1 42 13 68 99 Antoine.lheritier@socgen. Antoine.lheritier@socgen.com ASTRID FOULD-BACQUART +33(0)1 56 37 67 95 Astrid.Fould-Bacquart@socgen.com SOCIETE GENERALE COMM/PRS 75886 PARIS CEDEX 18 SOCIETEGENERALE.COM

A FRENCH CORPORATION WITH SHARE CAPITAL EUR 1,009, 380,011.25 552 120 222 RCS PARIS PORATION CAPITAL OF OF

Societe Generale's Board of Directors met on May 3rd, 2016 under the chairmanship of Lorenzo Bini Smaghi and examined the results for Q1 2016. e's 924 million in Q1 16, vs. EUR 868 million in Q1 15

Book Group net income amounted to EUR (+6.5%). If non-economic items are str EUR 833 million in Q1 15), and benefited from the diversification of the Group's universal banking model. The healthy momentum of French Retail Banking ( International Retail Banking & Financial Services, whose contribution to Group net income doubled in relation to last year, helped offset the lower favourable environment in Q1 2015, whereas conditions at t economic stripped out(1), Group net income totalled EUR (with a contribution tional contribution from market activities which enjoyed the beginning of 2016 were challenging 829 million (vs. up +17.6%) and a very he challenging.

Net banking income totalled EUR are stripped out, it amounted to EUR 6, 6,175 million in Q1 16 (-1.8%* vs. Q1 15). If non 6,030 million (-3.3%* vs. Q1 15). ). non-economic items

The Group continued with its efforts to control Group structure and at constant exchange rates, and adjusted for the impact of IFRIC 21, success of the cost savings plan efforts, the Group has implemented aimed at saving an additional EUR plan already announced for the same deadline. operating expenses: when adjusted for changes in excluding the effect of the refund of the Euribor fine they were down -0.5% vs. Q1 15. The decline reflects the s plans implemented since 2012. Aware of the need to maintain these a new cost-cutting plan in Global Banking & Investor Solutions 220 million by end-2017. This supplements the EUR 850 million . ments risk amounted to

The Group's commercial cost of risk Q1 15), underpinned by the good quality of the Group's assets. The net cost of ri EUR 524 million in Q1 16, down (2) continued to decline to 46 basis points (vs. 55 basis points in -10.1%* vs. Q1 15 (at its lowest level since 2008) 2008).

The "Basel 3" Common Equity Tier 1 (fully 2015) due to the good capital generation during the quarter stood at 4.0% and the total capital ratio 2015). (fully-loaded CET1) ratio stood at 11.1 5) (+25 basis points) amounted to 16.4% (respectively 4.0% and 16.3% at 1% (3) (10.9% at endoints). The leverage ratio respectively at end-

Commenting on the Group's results for Q1 2016, Frédéric Oudéa – Chief Executive Officer – stated:

"In a more challenging environment at the beginning of the year than last year, the Group generated sound results in Q1 2016 integrated business model, which is reflected in the constantly increasing synergies betw the businesses. Despite the low interest rate environment deliver a solid commercial and financial transformation of the operating & Financial Services has doubled its evidence of its growth and profitability Global Banking & Investor Solutions adjust its business model and robust solvency ratios, the Group invest in its growth drivers, while at the same time rigorously managing its costs and risks lenging 2016, illustrating the benefits of its diversified environment, French Retail Banking continues to financial performance, while pursuing the far operating and customer relationship model. International Retail Banking its contribution to Group net income and profitability potential. In an unfavourable market environment has posted resilient results and reinforced increase operating efficiency. With a sound balance sheet is confident about its outlook for 2016, and will continue to diversified and highly between far-reaching tional provided further environment, reinforced measures to sheet and risks."

⁽1) Excluding non-economic items (revaluation of own financial liabilities and Debt Value Adjustment). Impact in net banking income of EUR +145 EUR +95m in Q1 16 and EUR +35 economic +145m in Q1 16 and EUR +53m in Q1 15. Impact on Group net in +35m in Q1 15. See methodology notes. income of

⁽2) Annualised, in basis points for assets at the beginning of the period, including operating leases

⁽3) The published solvency ratios are cal otherwise, see methodology note No. 5 calculated based on CRR/CRD4 rules, fully loaded, unless specified culated

1 - GROUP CONSOLIDATED R RESULTS

En M EUR	T1-16	T1-15	Variation
Net banking income	6,175	6,353	-2.8%	-1,8% 1,8%
Net banking income (1)	6,030	6,300	-4.3%	-3,3% 3,3%
Operating expenses	(4,284)	(4,442)	-3.6%	-2,3% 2,3%
Gross operating income	1,891	1,911	-1.0%	-0,5% 0,5%
Gross operating income (1)	1,746	1,858	-6.0%	-5,5% 5,5%
Net cost of risk	(524)	(613)	-14.5%	-10,1% 10,1%
Operating income	1,367	1,298	+5.3%	+3,8%*
Operating income (1)	1,222	1,245	-1.8%	-3,3% 3,3%
Net profits or losses from other assets	4	(34)	n/s	n/s
Impairment losses on goodwill	0	0	n/s	n/s
Reported Group net income	924	868	+6.5%	+6,5%*
Group net income (1)	829	833	-0.5%	-0,5% 0,5%
Group ROE (after tax)	+7.1%	+6.9%
Adjusted ROE(2)	+9.8%	+8.5%

(1) Adjusted for revaluation of own financial liabilities and DVA

(2) Corrected for the effect of the Q1) the implementation of IFRIC 21 (excluding ¾ of the taxes recognised in their entirety in s

Net banking income

The Group's net banking income totalled EUR 6, representing a decline of -1.8%* macroeconomic environment, the model and its ability to generate synergies. 6,175 million in Q1 16, vs. EUR 6,353 million in Q1 15, 1.8%* (and -3.3%* excluding non-economic items the Group benefited from the diversification of its universal banking c items). In a restrictive

• French Retail Banking (RBDF) provision is stripped out, reven 2015, dropping -3.0%. French Retail Banking generating more than 1,000 new business customer relationships of new relationships at Boursorama, with revenues rose +1.0% in Q1 16 vs. Q1 15 , revenues experienced an expected erosion after . continued with its commercial expansion and another record in terms 61,000 new customers. 15. If the PEL/CEL ues an excellent year in expansion,
• International Retail Banking & Financial Services' (IBFS) in Q1 16 vs. Q1 15. In International Retail Banking, revenues were Q1 15, with increased rev 15). Finally, in Financial Services to Corporates, net banking income was up 15, driven by the growth in net banking income rose 6.7 revenues in all regions. Insurance continued to expand (+ Operational Vehicle Leasing and Fleet Management +5.4%* 6.7%* higher than in enues (+7.8%* vs. Q1 +6.9%* vs. Q1 Management (+13.3%*).
• After a very good Q1 2015, down -9.4%* in Q1 16, especially in Global Markets and Investor Services ( suffered from the effects of grew +8.2%* in Q1 16 vs. Q1 15, Global Banking & Investor Solutions' (GBIS) %* challenging market conditions. Financing & Advisory revenues with an increase notably in Structured Financing revenues were (-12.8%*), which Financing.

The accounting impact of the revaluation of the Group's own financial liabilities was EUR +145 million in Q1 16 (EUR +62 million in Q1 15). The DVA impact was nil in Q Q1 15 (see methodology note No. 7). These two factors constitute the restated non the analyses of the Group's results 62 Q1 16 – it was EUR results. -9 million in non-economic items in

Operating expenses

The Group's operating expenses amounted to EUR 4, Q1 15). They include the European Commission's refund of part of the fine paid in Euribor affair in December 2013 were 1.4% higher than in Q1 15. resolution funds and the different taxes accordance with the IFRIC 21 standard million in 2015 (an increase of EUR + implementation of the IFRIC 21 accounting standard Q1 16 vs. Q1 15. 4,284 million in Q1 16 (vs. EUR 4,442 million in (EUR 218 million). When corrected for this item, operating expenses This variation can be explained by the increase in recognised in their entirety as from the first quarter standard: they amounted to EUR 569 million in Q1 +183 million). Excluding Euribor and adjusted for the effect of (1), operating expenses were down ion in respect of the contributions to quarter in Q1 16 vs. EUR 386 the -0.5%* in

In an attempt to contain operating expenses plan in Global Banking & Investor Solutions savings by end-2017 (for non-recurring two previous cost savings plans implemented since in savings of EUR 900 million for non plan, still under way, aims to s transformation costs of EUR 450 million undertaken annual cost savings plans to offset the increase in taxes and generate the room for manoeuvre to invest in its activities. Given these efforts, 2016 operating expenses are expected to change ranging between 0% and refund of the Euribor fine. ntain expenses, the Group has announced an additional cost savings Solutions. This plan will result in an additional EUR recurring transformation costs of EUR 160 million) since 2012. The first plan, completed in non-recurring transformation costs of EUR 420 million. save EUR 850 million over the period 2015-2017 million over the period. All in all, the Group plans amounting to EUR 2 billion over the period 2012 stabilise vs. -1%, or between 0% and +1% restating for the effects of the partial 220 million of on) and supplements the in 2015, resulted The second 2017 for non-recurring will therefore have riod 2012-2017, helping fast-growing vs. 2015, with a

Operating income

The Group's gross operating income amounted to EUR 1, the same period in 2015). 1,891 million in Q1 16 (EUR 1,911 million for he -10.1%* vs. Q1 15,

The Group's net cost of risk reflecting the good quality of the Group's assets. amounted to EUR -524 million in Q1 16, down assets.

The commercial cost of risk downtrend, therefore making it possible to confirm the G risk stood at 46(2) basis points in Q1 16 (expressed as a fraction of outstanding loans) continued on its Group's full-year target. The commercial cost of 16 vs. 55 basis points for the same period in 201 2015:

• In French Retail Banking 35 basis points (vs. 47 basis points in individual customers. , the commercial cost of risk continued to decline in Q1 15), thanks to the low level for and now stands at ), for both business and
• At 74 basis points (vs. 118 Services' cost of risk was business customers in Europe challenging economic environment. 118 basis points in Q1 15), International Retail Banking & Financial was also lower, due primarily to an improvement Europe and Africa. The cost of risk in Russia remained in the cost of risk for stable despite a
• Global Banking & Investor Solutions' Q1 16 (vs. 12 basis points in additional provisions on the oil and gas sector. cost of risk amounted to 41 basis points Q1 15). This first quarter was marked by at the end of the booking of

⁽¹⁾ The IFRIC 21 adjustment corrects the portion relating to Q1, i.e. a quarter of charges recognised in their entirety in Q1 so as to recognise only the the total

⁽²⁾ Excluding litigation issues, in basis points for Annualised calculation assets at the beginning of the period, including operating leases.

The gross doubtful outstandings ratio was 5.3% at end The Group's gross coverage ratio for doubtful outstandings stood at 64%, up +1 point vs. The improvement in these indicators continues the trend observed for several years. end-March 2016 (vs. 5.5% at end io amounted to EUR 1,367 million in Q1 16 (vs. EUR 1,298 million in % end-March 2015). March 2015.

The Group's operating income Q1 15), up +3.8%*.

Net income

Group net income totalled EUR EUR 868 million in Q1 15. The Group's effective tax rate amounted to Q1 15). EUR 924 million in Q1 16. This compares with Group net income of . 28.0% . % in Q1 16 (29.3% in

When corrected for non-economic items (revaluation of own financial liabilities and DVA) income amounted to EUR 829 million in economic Q1 16, stable vs. Q1 15 (EUR 833 million). (1), Group net

The Group's ROE(2) was 7.1% in Q1 16 16 (6.9% in Q1 15).

Earnings per share amounts to EUR payable to holders of deeply subordinated notes and undated subordinated notes for non-economic items, EPS for Q1 16 amounts to EUR 0.90 interest payable to holders of deeply subordinated notes and undated subordinated notes EUR 1.02 for Q1 16 (vs. EUR 0.96 in Q1 15), after deducting interest , 0.90 vs. EUR 0.91 in Q1 15 , (3). When adjusted after deducting (3) .

⁽¹⁾ Non-economic items detailed in methodology note No. 7

⁽²⁾ See methodology note No. 5

⁽³⁾ Interest, net of tax effect, to be paid to holders of deeply subordinated notes and undated subordinated notes in respect of Q1 16 amounts to respectively economic erest, EUR -114 million and EUR +2 million (see methodology note No.

2 - THE GROUP'S FINANCIA FINANCIAL STRUCTURE

Group shareholders' equity totalled EUR December 31st, 2015). Net asset value per share was EUR 62.13, capital gains. Tangible net asset value per share was EUR 59.0 billion(1) at March 31st, 2016 (EUR including EUR 56.46. 59.0 billion at 2.17 of unrealised

The consolidated balance sheet December 31st, 2015). The net amount of was EUR 385 billion (EUR 386 repurchase agreements. At the same time, compared with the figure at December agreements). totalled EUR 1,368 billion at March 31st, 2016 (EUR 1, customer loan outstandings, including lease financing, 386 billion at December 31st, 2015) - excluding securities sold under customer deposits amounted to EUR 31st, 2015 (excluding securities sold under repurchase 1,334 billion at 360 billion, stable

In Q1 2016, the Group issued EUR company level (in respect of a fin maturity of 5.8 years and an average spread of subordinated debt), and EUR 0.6 increased and was well above regulatory requirements at 2015. 9.7 billion of medium/long-term debt with EUR financing programme of EUR 34 billion in 2016), having an average 46 basis points (vs. the 6-month mid billion by the subsidiaries. The LCR (Liquidity Coverage Rati 150% at end-March 2016 9.1 billion at parent month mid-swap, excluding Ratio) March vs. 124% at end-

The Group's risk-weighted assets EUR 356.7 billion at end-December respect of credit risk represent 82 2015. weighted amounted to EUR 351.2 billion at March 31st, December 2015) according to CRR/CRD4 rules. Risk 82% of the total, at EUR 289.0 billion, down -1.5% 2016 (vs. . Risk-weighted assets in % vs. December 31st,

At March 31st, 2016, the Group's December 2015), up +25 basis points vs. end December 2015) and the total capital ratio amounted to , Common Equity Tier 1 ratio(2) stood at 11.1% end-2015. The Tier 1 ratio was 13.7 16.4% (16.3% at end-December 2015). (3) (10.9% at end-13.7% (13.5% at end-

The leverage ratio stood at 4.0% (2) at March 31st, 2016 (4.0% at end-December 2015).

The Group has confirmed its requirements of a margin of 100 to 150 basis points above the regulatory Common Equity Tier 1 ratio(2) target for the Group capital ratio target of more than 18% at end Absorbing Capacity) obligations. in terms of solidity of the balance sheet, with thresholds. For at end-2016 has been set above 11%, end-2017 in light of the implementation of TLAC (Total Loss December the retention . For the CET 1 ratio, a with a total 2017 1st, 2016, on

The allocation of capital to the Group's different businesses is based, as from January 11% of each business' risk-weighted assets. . weighted (long-term rating: "A (high)" with a stable outlook;

The Group is rated by the rating agencies DBRS (long short-term rating: "R-1 (middle)"), FitchRatings (long rating: "F1"), Moody's (deposit and senior unsecured long short-term rating: "P-1" and long Counterparty Risk Assessment of "P outlook; short-term rating: "A-1") and R&I (long 1 (long-term rating: "A" with a stable outlook; sho long-term ratings: "A2" with a stable outlook; 1" long-term Counterparty Risk Assessment of "A1" and short "P-1"), Standard & Poor's (long-term rating: "A" with a stable 1") (long-term rating: "A" with a stable outlook). term term short-term term term short-term term

⁽¹⁾ This figure includes notably EUR subordinated notes 8.8 billion of deeply subordinated notes and EUR 0.4 billion of undated

⁽²⁾ Fully-loaded ratios. See methodology note No. 5

⁽³⁾ The phased-in ratio, including the earnings of the current financial vs. 11.4% at end-December 2015 , year, stood at 11.5% at end 5. See methodology note No. 5 % end-March 2016,

3 - FRENCH RETAIL BANKIN BANKING

In EUR m	Q1 16	Q1 15	Change
Net banking income Net banking income ex. PEL/CEL ncome	2,084 2,107	2,064 2,173	+1.0% -3.0%
Operating expenses Gross operating income	(1,425) 659	(1,391) 673	+2.4% -2.1%
Gross operating income ex. PEL/CEL	682	782	-12.8%
Net cost of risk	(180)	(230)	-21.7%
Operating income Group net income	479 328	443 279	+8.1% +17.6%
RONE Adjusted RONE(1)	12.6% +14.8%	10.5% +14.1%

RONE: See methodology note No. 2

(1) Corrected for the effect of IFRIC 21 and PEL/CEL

After a record year in 2015, French Retail Banking co in Q1 16. continued to enjoy a robust commercial momentum

The three brands continued to expand their customer base: with nearly Boursorama, the leading 100% mobile bank acquisition over the period and strengthened its leadership position. In the individual customer segment, despite a lower level of housing loan production than in 2015, the number of new customers was robust (+126,000 excluding Boursorama). In the established relationships with more than 1,000 61,000 new customers, bank in France, experienced an unequalled level of customer n business segment, French Retail Banking new companies in Q1 16. ntinued ,000 , continued to post

In line with previous quarters, average outstanding deposits in the balance sheet strong growth of 6.5% to EUR 176.4 billion, driven by new cust deposits (+18.1% in Q1 16). At the same time, the level (EUR +3.0 billion). The other growth drivers were also healthy synergies: net inflow for the new Private Banking 16. There was a significant increase in ownership rate for French Retail Banking customers (increase of 1 point in the penet 19.6% and +2.7 points to 8.3% between 2013 and 2015 respectively). customers won and % of gross insurance production remained ). healthy, with the continued development of r operation in France came to EUR 715 million in Q1 the Property/Casualty and Personal Protection insurance omers and the growth in sight remained high Casualty penetration rate to

Thanks to the proactive stance of the French Retail Banking teams in serving their customers, the Group continued to make an active contribution to supporting the economy: totalled EUR 182.4 billion, up +4.0% vs. Q1 15. I providing further confirmation of the outstanding medium/long-term busine loan production normalised ( substantially (+7.9% vs. Q1 15). The average loan/deposit ratio continued to decline to 103% in Q1 16 (vs. 105% in Q4 15). % average outstanding loans Investment loan production rose 14.8% in Q1 16, recovery which began in 2015 and contributed to the growth of business loans (+1.5% vs. Q1 15). After a record level in 2015, housing -32.3% vs. Q1 15). However, outstanding housing loans rose ). (+1.0%). After neutralising the impact of verage nvestment 1.5% % %). and strong deposit

French Retail Banking posted slightly higher revenues (+1 PEL/CEL provisions and non-recurring items booked in Q1 15, revenues were 2.2% lower than in Q1 15 (-3.0% excluding PEL/CEL effect 2016. The interest margin was restrained by and housing loan renegotiations, which were inflow. Thanks to the development of synergies with the Group's other businesses, commissions were up 1.1% vs. Q1 15, driven by financial commissions. recurring effect), in line with anticipations of an erosion of net banking income in by the negative effects of the low interest rate environment , were slightly mitigated by loan production %

Increased investments in the digital transformation and the higher contribution to the European Resolution Fund resulted in operating expenses rising +2. Retail Banking maintained rigorous control of other expenses. +2.4% in Q1 16 (vs. Q1 15), whereas French Single % %), in the net

Operating income came to EUR cost of risk (-21.7% year-on-year). 479 million (up +8.1%), on the back of the sharp decline in

French Retail Banking's contribution to Group net income totalled EUR +17.6% vs. Q1 15. The contribution to PEL/CEL effect. However, the level of profitability remained robust (RO PEL/CEL effect and proforma for IFRIC year). 328 million in Q1 16, up Group net income was slightly lower ( owever, (RONE of 14. IFRIC 21). -1.1%), excluding the E 14.8% excluding

4 - INTERNATIONAL RETAIL BANKING & FINANCIAL SERVICES

The division's contribution to Group net income totalled EUR 300 million in vs. Q1 15 (EUR 148 million). The increase can be attributed to revenue growth of EUR 1,825 million. Operating expenses remained under control, with the increase of related to the higher contributions to resolution funds (-30.7%*). Q1 16 . ons funds. The net cost of risk was also significantly lower 16, a twofold increase +5.4%* vs. Q1 15 to +2.1%* mainly

In EUR m	Q1 16	Q1 15	Change
Net banking income	1,825	1,795	+1.7%	+5,4%*
Operating expenses	(1,133)	(1,157)	-2.1%	+2,1%*
Gross operating income	692	638	+8.5%	+11,4%*
Net cost of risk	(212)	(333)	- -36.3%	-30,7%*
Operating income	480	305	+57.4%	+51,9%*
Net profits or losses from other assets	0	(25)	+100.0%	+100,0%*
Impairment losses on goodwill	0	0	n/s	n/s
Group net income	300	148	x 2,0	+83,0%*
RONE	+11.4%	+5.7%
Adjusted RONE(1)	+13.6%	+7.0%

RONE: See methodology note No. 2 (1) Corrected for the effect of IFRIC 21

4.1 International Retail Banking

International Retail Banking's outstanding loans rose + The increase was particularly strong in the Czech Republic, Western Europe and Africa. Deposits also continued to enjoy robust growth EUR 71.1 billion, up +4.4%*, with very in Sub-Saharan Africa. +4.7%* in Q1 16 vs. Q1 15, to EUR 77.9 billion. growth in virtually all the Group's operations. Outstanding deposits dynamic inflow in Central and Eastern European countries and %* totalled

International Retail Banking posted the good business performance in Euro margins and loan production in Russia and the contribution to Group net income posted revenues of EUR 1,218 million (+6.7%*) in Q1 16 on the back of Europe and Sub-Saharan Africa, as well as the improvement in Russia. Gross operating income came to EUR was EUR 122 million, vs. EUR 34 million in %*) , 414 million (+9.8%*) in Q1 15 (x3.6).

In Western Europe, where the Group has operations in France, Germany and Italy, mainly in consumer finance, outstanding loans were up +7.3%* at EUR 14.6 billion particularly dynamic over the period. In Q1 16, the region posted revenues of EUR operating income of EUR 74 million and a contribution to Group net income of EUR 31 million +34.8% vs. Q1 15. billion. Car financing was . EUR 167 million, gross million, up

In the Czech Republic, Komercni Banka (KB) delivered a solid commercial performance in Q1 16. Outstanding loans rose +7.3%* individuals and large corporates EUR 25.5 billion. Revenues were stable* in Q1 16 vs. Q1 15 low interest rate environment. Over the same period, operating expenses implementation of the local resolution fund. The EUR 4 million in Q1 15. It amounte net income fell -25.9% to EUR 40 vs. Q1 15 to EUR 20.0 billion, driven by the dynamism of loans to corporates. Over the same period, outstanding deposits . at EUR 257 million, giv were up The net cost of risk is normalising after reaching a low of amounted to EUR 18 million in Q1 16. Accordingly, the 40 million. , , climbed +4.2%* to given the persistent +12.5%* due to the contribution to Group

In Romania, the economic environment is gradually improving. BRD Group's outstanding loans rose +1.4%* to EUR 6.1 billion, primarily Outstanding deposits were up +7.5%* at EUR 8.6 billion. were 0.8%* higher than in Q1 15 expenses declining -2.0%* over the period to was EUR 2 million in Q1 16, compared to in the individual customer and large corporate segments. In this context, the BRD Group's r at EUR 128 million. Rigorous cost control resulted in operating to EUR 98 million. BRD's contribution to Group EUR 1 million in Q1 15. revenues Group net income

In other European countries, the Group maintained a strong deposit inflow in Q1 16 (outstandings up +5.9%* at EUR 10.9 billion), while outstanding loans were 3.9%* higher at EUR 11.4 billion. Revenues were up +5.9%* in Q1 16 vs. Q1 15 (at EUR 179 million) and operating expenses amounted to EUR 134 million. The contribution to Group net income came to EUR +41.2% vs. Q1 15. .9%* %* - 24 million, up

In Russia, in a still challenging environment, outstanding loans were down EUR 7.9 billion due to a more selective approach in Corporate activity remained buoyant. EUR 6.6 billion. Net banking income the improvement in margins and million, down -0.9%* in a high inflation environment period to EUR -18 million in Q1 1 loan production for individual buoyant. Outstanding deposits were 5.4%* lower than climbed +48.4%* in Q1 16 to EUR 138 million and loan production volumes. Costs remained under control at EUR 116 %* environment. Overall, SG Russia(1) reduced its losses over the 16 (EUR -89 million in Q1 15). -5.3%* vs. Q1 15 at individual customers. in Q1 15 at million, in conjunction with der +6.2%*. At

In Africa and other regions where +6.5%* vs. Q1 15 to EUR 17.7 billion. Business was particularly dynamic in Algeria, Tunisia and West Africa. Over the same period, outstanding deposits also amounted to EUR 17.7 billion, up +6.2 EUR 349 million, revenues rose +4. cost of risk was down -30.5%*. Overall, the up +15.6% vs. Q1 15. International Retail Banking operates, outstanding loans rose %* es +4.5%* vs. Q1 15, operating expenses were up + contribution to Group net income came to EUR %* +7.7%* and the net 52 million,

4.2 Insurance

The Insurance business maintained its commerc rose +2.6%* vs. Q1 15 to EUR 95 proportion of unit-linked products remaining at a high level Protection and Property/Casualty insurance), vs. Q1 15 to EUR 341 million in Q1 16 commercial momentum in Q1 16. Life insurance outstandings %* 95.2 billion. Net inflow amounted to EUR 0.8 billion in Q1 16, with the level (60%). In terms of protection (Personal Casualty business was also buoyant with premiums 16. ial %). climbing +8%

The Insurance business delivered another sound was 7.8%* higher than in Q1 15 +11.4% in Q1 16, at EUR 78 million. sound financial performance in Q1 16. N n 15 at EUR 220 million. The contribution to Group net income was Net banking income was up

4.3 Financial Services to Corporates

Financial Services to Corporates in Q1 16, substantially higher than in Q1 15 (+ up +6.3%*. Earnings were 16.4% higher than in Q1 15, with a contribution to Group net income of EUR 128 million. maintained a strong momentum, with revenues tantially (+6.9%*). Operating expenses totalled EUR 202 million, %*. continued to enjoy strong growth in its of EUR 385 million

Operational Vehicle Leasing and Fleet Management fleet in Q1 16 (+9.1% vs. Q1 15). This performance was underpinned by the successful development of its partnerships with car manufacturers and retail banking networks. strengthened its position in the SME French and European markets with the acquisition of the Parcours Group ALD Automotive ion SME and VSE customer segment and accelerated its growth in the Group. ed vehicle has also

⁽¹⁾ SG Russia's result: contribution of Rosbank, Delta Credit Bank, Rusfinance Bank, Societe Generale Insurance, ALD Automotive and their consolidated subsidiaries to the results of the busi businesses.

Equipment Finance enjoyed a healthy level of new business in Q1 16 (up +2.7%* vs. Q1 15). Growth was focused mainly on the transport and industrial equipment sectors. New business margins well. Outstanding loans totalled EUR 15.4 billion (excluding factoring) . factoring), up +4.4%* vs. Q1 15 held up , 15.

5 - GLOBAL BANKING & INVESTOR SOLUTIONS

In EUR m	Q1 16	Q1 15	Change
Net banking income	2,357	2,604	-9.5%	-9,4%*
Operating expenses	(1,717)	(1,874)	-8.4%	-8,0%*
Gross operating income	640	730	- -12.3%	-13,1%*
Net cost of risk	(140)	(50)	X2,8	-x3,0*
Operating income	500	680	- -26.5%	-27,6%*
Net profits or losses from other assets	(12)	(1)	n/s	n/s
Impairment losses on goodwill	0	0	n/s	n/s
Group net income	454	532	-14.70% 14.70%	-12,3%*
RONE	+11.5%	+14.3%
Adjusted RONE(1)	+15.6%	+16.9%

RONE: See methodology note No. 2

(1) Corrected for the effect of IFRIC 21

Global Banking & Investor Solutions EUR 2,357 million in Q1 16, down environment (EUR 2,604 million). Asset and Wealth Management, in a challenging market environment, and the growth of Financing & Advisory activities. experienced a mixed start to the year, with , -9.5% vs. Q1 15 which benefited from a particularly favourable The result reflects a decline in the revenues of Global Markets , Services' revenues totalled EUR 1,549 million in Q1 16, down with revenues of Markets and

Global Markets & Investor Services

Global Markets & Investor Services' Q1 15. The beginning of the quarter was marked by increasing concerns regarding the Chinese economy and the ongoing decline in oil prices, which led to instability of volatility and correlation announcements triggered a slight rebound in the second part of the quarter turbulence in the equity markets correlations. The rise in oil prices and the European Central Bank's s quarter. -12.9% vs. markets with the . -36.8% in Q1 16 vs.

• Equity activities experienced a decline in performance, with Q1 15, at EUR 540 million, both in flow activities and structured products, in market conditions marked by investors' risk aversion market share gains in Europe. The Group has main transactions (market share of 9.5% in Q1 16, an increase vs. Q1 volumes). revenues down , aversion. However, listed products grew substantially on the back of maintained a recognised position in securities Q1 15 based on SG Euronext Global tained up +17.0% vs.
• At EUR 689 million, Fixed Income, Currencies & Commodities Q1 15. The good performance of market appetite for credit and environment, with substantial instability and lower volumes posted revenues erformance rate and commodity activities in Q1 16 helped offset forex activities, which were impacted by an unfavourable market volumes. weak
• Prime Services' revenues t reflects a healthy commercial momentum, notably in Prime Brokerage activities of new mandates resulting from the revenue synergies achieved with the totalled EUR 161 million in Q1 16, up +11.0% vs. integration of Newedge vs. Q1 15. This result activities, with the winning Newedge.

• Securities Services saw its December 2015. Over the same period, Securities Services' revenues were an uncertain and declining market, leading to a as well as a negative interest rate environment its assets under custody reach EUR 4,019 billion, slightly higher than in assets under administration fell -6.0% to EUR down -15.9% in Q1 16 vs. Q1 15 at EUR 159 million reduction in trading volumes and the asset base, environment. % 574 billion. million, due to

Financing & Advisory

Financing & Advisory posted revenues of EUR momentum on structured financing competitive environment. The market share of Debt Capital Markets activities behalf of clients) increased in Q1 16: 6.6% and No. 3 in the euro issues segment all issuers combined (5.4% in 2015 and No. 5, source IFR). Societe Generale's expertise with the title of "Best Investment Bank in France", awarded by Globa 572 million, up +8.5% vs. Q1 15, driven by the good financing. Natural resources financing proved resilient, in an increasingly was recognised Global Finance. activities (raising of debt on recognised again in Q1 16,

Asset and Wealth Management

The revenues of the Asset and Wealth Management down -21.1% vs. Q1 15. business line totalled EUR 236 million in Q1 16,

Private Banking's assets under management amounted to EUR 11 Despite buoyant inflow of EUR +1.7 billion, notably in France and Luxembourg, assets under management were 2% lower than at end effects. Net banking income was down markets, with this variation being enhanced by the recognition in Q1 15 of non gross margin remained at 106 basis points 110 billion at end ite end-2015, reflecting, amongst other things, -18.7% vs. Q1 15, at EUR 196 million, d non-recurring points. end-March 2016. , things, negative market 18.7% due to declining recurring income. The

Lyxor's assets under management positive inflow, impacted by the market trend. with a market share of 10.3% (source ETFGI down -38.5% vs. Q1 15, in an unfavourable market enviro business mix towards lower margin activities. came to EUR 100.7 billion (-3% vs. end-December Lyxor has maintained its No. 3 ETF source ETFGI). Lyxor's revenues amounted to EUR environment and in conjunction with a shift in the December 2015), despite ranking in Europe, 32 million in Q1 16,

Operating expenses

Global Banking & Investor Solutions' operating expenses were reflecting the refund of part of the Euribor fine Single Resolution Fund(2) (included restated for these two effects, deteriorated environment and an increase in regulatory costs, the division additional cost savings plan aimed at reducing its operating million between now and end-2017. were down -8.4% in Q1 16 vs. Q1 15, (1), which more than offsets the higher cluded in full in Q1 in accordance with the IFRIC 21 standard). When operating expenses were down -1.9%. In order ted has put in place an expenses by an additional EUR 220 nment higher contribution to the 1.9%. to deal with a

Operating income

Gross operating income came to EUR 2017. e 640 million, down -12.3% vs. Q1 15.

The net cost of risk totalled EUR sector. It was EUR 90 million higher than in Q1 15 but EUR 90 million lower than in Q4 15. 140 million in Q1 16, including new provisions provisions on the oil and gas

The division's operating income totalled EUR 's 500 million in Q1 16, down -26.5% vs. % Q1 15.

⁽¹⁾ Partial refund of the Euribor fine (EUR 218m EUR 218m)

⁽²⁾ SRF contribution of EUR 197 million in Q1 16 vs. EUR 101 million in Q1 15

Net income

The division's contribution to Group net income came to EUR When restated for the effect of the IFRIC 21 standard, the (11.5% in absolute terms). Excluding the effect of the partial refund of the Euribor fine, Global Banking & Investor Solutions' RONE was 10.1% in Q1 16. 454 million in Q1 16 division's RONE amounted to 15. 16 (-14.7% vs. Q1 15). E 15.6%

6 - CORPORATE CENTRE

In EUR m	Q1 16	Q1 15
Net banking income	(91)	(110)
Net banking income (1)	(236)	(172)
Operating expenses	(9)	(20)
Gross operating income	(100)	(130)
Gross operating income (1)	(245)	(192)
Net cost of risk	8	0
Net profits or losses from other assets	18	9
Group net income	(158)	(91)
Group net income (1)	(253)	(132)

(1) Adjusted for revaluation of own financial liabilities liabilities

The Corporate Centre includes:

• the property management of the Group's head office,
• the Group's equity portfolio,
• the Treasury function for the Group,
• certain costs related to cross and not re-invoiced to the businesses cross-functional projects and certain costs incurred by the Group invoiced businesses. ts 110 liabilities

The Corporate Centre's revenues totalled EUR including EUR +145 million in respect of the (EUR +62 million in Q1 15). Operating expenses amounted to EUR 15). The Corporate Centre's gross operating income was EUR million in Q1 15. When restated for the revaluation of o No. 7), gross operating income 15). -91 million in Q1 16 (EUR -110 million in Q1 15), revaluation of the Group's own financial liabilitie -9 million (EUR . -100 million in Q1 16 . own financial liabilities (see methodology note amounted to EUR -245 million in Q1 16 (vs. EUR EUR -20 million in Q1 16 vs. EUR -130 wn -192 million in Q1

The new rules for the allocation of capital (risk-weighted assets) since January 1st, 2016, have led to gross operating income, excluding the revaluation of own financial liabilities, EUR -650 million for 2016. capital to the businesses, established on the basis of 11% of RWA weighted the estimate for the being revised the Corporate Centre's to around

The Corporate Centre's contribution to Group net income was EUR million in Q1 15. ribution -158 million in Q1 16, vs. EUR -91

7. CONCLUSION

In Q1 2016, Societe Generale generated Group net income of EUR environment. This sound result Banking, which once again demonstrated the expand in its growth drivers, (ii) International Retail Banking & Financial S consolidated its growth in high Solutions which is supported by its synergetic business model and pursuing its efforts to control costs and risks. EPS adjusted for nonmuch less favourable environment. 924 million in a sluggish is underpinned by the strength of its three pillars: (i) French Retail profitability of its business model and its ability to high-potential businesses and regions, (iii) Global Banking & Investor -economic items amounts to EUR 0.90 in Q1 16, sluggish economic Services which has stable vs. Q1 15 in a

Societe Generale intends to draw on the strength of its diversified banking model, the additional efforts made on operating expenses, and the good quality of its asset portfolio to financial performance in 2016. sustain stain its commercial and

8 – 2016-2017 2017 FINANCIAL CALENDAR

2016-2017 financial communication calendar

May 18th, 2016	Combined General Meeting
May 25th, 2016	Detachment of the dividend
May 27th, 2016	Payment of th the dividend
August 3rd, 2016	Second quarter and first half 2016 results econd
November 3rd, 2016	Third quarter and nine months 2016 results
February 9th, 2017	Fourth quarter and FY 2016 results ourth
May 4th, 2017	First quarter 201 irst 2017 results
August 2nd, 2017	Second qua econd quarter and first half 2017 results
November 3rd, 2017	Third quarter quarter and nine months 2017 results

This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well a existing prudential regulations. as the application of

These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a give competitive and regulatory environment. The Group may be unable to: given

• anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequence consequences;

• evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ material document and the related presentation. materially from those provided in this

Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factor to differ materially from the results anticipated in the forward Societe Generale's markets in particular, regulatory and prudential changes, and the su initiatives. looking looking ipate forward-looking statements include, among others, overall trends in general economic activity and in success of Societe Generale's strategic, operating and financial forward-looking statements are factors that could cause actual results looking ccess Registration Document filed with

More detailed information on the potential risks that could affect Societe Generale's financial results can be found in the R the French Autorité des Marchés Financiers.

Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when contained in such forward-looking statements. Other than as required by applicabl revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are looking applicable law, Societe Generale does not undertake any obligation to update or looking considering the information e are internal.

9 - APPENDIX 1: F FINANCIAL DATA

CONSOLIDATED INCOME STATEMENT (in EUR millions)	Q1 16	Q1 15	Change Q1 vs. Q1
Net banking income	6,175	6,353	-2.80%	-1,8%*
Operating expenses	-4,284	-4,442	-3.60%	-2,3%*
Gross operating income	1,891	1,911	-1.00%	-0,5%*
Net cost of risk	-524	-613	-14.50%	-10,1%*
Operating income	1,367	1,298	5.30%	+3,8%*
Net income from companies accounted for by the equity method	4	-34	n/s	n/s
Net profits or losses from other assets	35	68	-48.50%	-25,5%*
Impairment losses on goodwill			n/s	n/s
Income tax	-384	-370	3.80%	+2,7%*
Net income	1,022	962	6.20%	+6,1%*
O.w. non controlling interests	98	94	4.30%	+3,2%*
Group net income	924	868	6.50%	+6,5%*
Tier 1 ratio at end of period	13.7%	12.4%

* When adjusted for changes in Group structure and at constant exchange rate

NET INCOME AFTER TAX BY CORE BUSINESS

(In EUR millions)

	Q1 16	Q1 15	Change Q1 vs. Q1
French Retail Banking	328	279	17.60%
International Retail Banking & Financial Services	300	148	x 2,0
Global Banking and Investor Solutions	454	532	-14.70%
CORE BUSINESSES	1,082	959	12.80%
Corporate Centre	-158	-91	-73.60%
GROUP	924	868	6.50%

CONSOLIDATED BALANCE BALANCE SHEET

Assets (in billions of euros)	31.03.16	31.12.15
Cash, due from central banks	78.1	78.6
Financial assets measured at fair value through profit and loss asured	534.2	519.3
Hedging derivatives	20.8	16.5
Available-for-sale financial assets sale	139.4	134.2
Due from banks	71.7	71.7
Customer loans(1)	411.6	405.3
Revaluation differences on portfolios hedged against interest interest rate risk	3.2	2.7
Held-to-maturity financial assets	4	4
Tax assets	7.1	7.4
Other assets	72.6	69.4
Non-current assets held for sale	0.1	0.2
Investments in subsidiaries and affiliates accounted for by equity method	1.2	1.4
Tangible and intangible fixed assets ed	19.6	19.4
Goodwill	4.4	4.4
Total	1,367.9	1,334.4

Liabilities (in billions of euros)	31.03.16	31.12.15
Due to central banks	9.2	7
Financial liabilities measured at fair value through profit and loss	480.9	455
Hedging derivatives	12.5	9.5
Due to banks	94.2	95.5
Customer deposits	372.5	379.6
Securitised debt payables	106.5	106.4
Revaluation differences on portfolios hedged against interest rate risk	10.3	8.1
Tax liabilities	1.6	1.6
Other liabilities	89.4	83.1
Non-current liabilities held for sale es	0.2	0.5
Underwriting reserves of insurance companies	109.6	107.3
Provisions	5.2	5.2
Subordinated debt	13	13
Shareholders' equity	59	59
Non controlling Interests	3.7	3.6
Total	1,367.9	1,334.4

(1) Customer loans include lease financing cing.

10 - APPENDIX 2: METHODOLOGY METHODOLOGY

1- The Group's consolidated results as at March 31st, 2016 were examined by the Board of Directors on May 3rd, 2016.

The financial information presented in respect of Q1 2016 year has been prepared in accordan IFRS as adopted in the European Union and applicable at that date, and has not been audited. accordance with

Note that the data for the 2015 financial year have been restated due to calculating normative capital allocation (based on 1st, 2016 vs. 10% previously. modifications to the rules for 11% of RWA – risk-weighted assets weighted – since January

The IFRIC 21 adjustment corrects the charges recognised in (generating event) so as to recognise only the portion relating to the total. their entirety the current quart when they are due quarter, i.e. a quarter of

2- Group ROE is calculated on the basis of average Group shareholders' equity under IFRS excluding (i) unrealised or deferred capital gains or losses booked directly under shareholders' equity excluding conversion reserves, (ii) deeply subordinated notes, (iii) undated subordinated notes recognised as shareholders' equity ("restated"), and deducting (iv) interest payable to holders of deeply subordinated notes and of the restated, undated subordinated notes, (v) a provisi paid to shareholders (EUR 1,952 million, including income used to calculate ROE is based on Group net income excluding interest, net of tax impact, to be paid to holders of deeply subordinated notes for the period and, since 2006, holders of deeply subordinated notes and restated, undated subordinated notes (see below). es, provision in respect of dividends to be EUR EUR 359 million in respect of Q1 on Q1 2016). The net

As from January 1st, 2016, the allocation of capital to the different businesses is based on 11% of risk weighted assets at the beginning of the period. RONE (Return on Normative Equity) which measures the profitability of the businesses. eply , hted This normative capital allocation is used to calculate risk-

3- For the calculation of earnings per share in the case of a profit and increased in the case of a loss) for capital gains/losses recorded on partial buybacks (neutral in 2016) and interest, net of tax impact, to be paid to holders of: , "Group net income for the period" is corrected (reduced e 2 million in respect

• (i) deeply subordinated notes ( ) (EUR -114 million in respect of Q1 16),
• (ii) undated subordinated notes recognised as shareholders' equity (EUR of Q1 16).

Earnings per share is therefore calculated as the ratio of corrected Group net income for the period to the average number of ordinary shares outstanding, excluding own shares and treasury shares but including (a) trading shares held by the Group and (b) shares held under the liquidity contract. rage

4- Net assets are comprised of Group shareholders' equity, excluding (EUR 8.8 billion), undated subordinated notes previously recognised as debt (EUR interest payable to holders of deeply subordinated notes and undated subordinated notes, but reinstating the book value of trading shares held by the Group and shares held under the liquidity contract. Tangible net assets are corrected for net goodwill in the assets and goodwill under the equity method. In order to calculate Net Asset Value Per Share or Tangible Net Asset Val number of shares used to calculate book value per share is the number of shares issued at 31st, 2016, excluding own shares and treasury shares but including (a) trading shares held by the Group and (b) shares held under the liquidit (i) deeply subordinated notes , liquidity contract. 0.4 billion) and (ii) Value Per Share, the March

5- The Societe Generale Group's applicable CRR/CRD4 rules. The fully earnings, net of dividends, for the current financia reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is calculated according to applicable CRR/CRD4 rules including the provisions of the delegated act of October 2014. Common Equity Tier 1 capital is calculated in accordance with fully-loaded solvency ratios are presented pro forma for current financial year, unless specified otherwise. When there is l income used to

6- The Group's ROTE is calculated on the basis of tangible capital, i.e. excluding cumulative average book capital (Group share), average net goodwill in the assets and underlying average goodwill relating to shareholdings in companies accounted for by the equity method. calculate ROTE is based on Group net income excluding goodwill write of tax on deeply subordinated notes for the period (including external parties and the discount charge related to the issue premium for deeply subordinated notes) and interest net of tax on undated subordinated notes (including issuance fees paid, for the period, to external parties and the discount charge related to the issue premium for undated subordinated notes). in ating The net write-down, reinstating interest net issuance fees paid, for the period, to rties down, DVA on derivative

7 – Non-economic items and restatements economic

Non-economic items correspond to the revaluation of own financial liabilities and DVA instruments. Details of these items, and other items that are restated, are given below economic f below.

In EUR m Q1 16	Net banking income	Operating expenses	Others	Cost of risk	Group net income
Revaluation of own financial liabilities*	145	0			95	Corporate Centre
Accounting impact of DVA*	0				0	Group
Accounting impact of CVA**	-54				-39	Group
EURIBOR fine refund		218			218	Global Banking and Investor Solutions
IFRIC 21	0	-427			-317	Group
PEL/CEL provision	-23				-15	French Retail Banking

In EUR m	Q1 15	Net banking income	Operating expenses	Others	Cost of risk	Group net income
Revaluation of own financial liabilities*		62	0			41	Corporate Centre
Accounting impact of DVA*		-9	0			-6	Group
Accounting impact of CVA**		0	0			0	Group
IFRIC 21		0	-289			-179	Group
PEL/CEL provision		-109				-68	French Retail Banking

	French Retail Banking		International Retail Banking Global Banking and Financial and Investor Services Solutions			Centre	Corporate	Group
	Q1 16	Q1 15	Q1 16	Q1 15	Q1 16	Q1 15	Q1 16	Q1 15	Q1 16	Q1 15
Total IFRIC 21 - Costs	-89	-62	-135	-101	-299	-188	-46	-35	-569	-386
o/w Resolution Funds	-38	-20	-40	-8	-197	-100	-2		-277	-128

• NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
• (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale's website www.societegenerale.com www.societegenerale.com in the "Investor" section.

11 - QUARTERLY SERIES

French Retail Banking
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	2,073	2,066	2,019	2,117	8,275	2,064	2,163	2,172	2,189	8,588	2,084
Operating expenses	-1,380	-1,269	-1,285	-1,423	-5,357	-1,391	-1,304	-1,326	-1,465	-5,486	-1,425
Gross operating income	693	797	734	694	2,918	673	859	846	724	3,102	659
Net cost of risk	-232	-269	-237	-303	-1,041	-230	-183	-201	-210	-824	-180
Operating income	461	528	497	391	1,877	443	676	645	514	2,278	479
Net income from companies accounted for by the equity method	10	12	13	10	45	15	7	15	5	42	12
Net profits or losses from other assets	-5	1	-6	-11	-21	-17	-2	0	-7	-26	-2
Income tax	-174	-201	-186	-143	-704	-162	-256	-244	-191	-853	-161
Net income	292	340	318	247	1,197	279	425	416	321	1,441	328
O.w. non controlling interests	1	-8	1	-1	-7	0	0
Group net income	291	348	317	248	1,204	279	425	416	321	1,441	328
Average allocated capital	10,166	10,101	9,892	9,601	9,940	10,678	10,765	10,697	10,619	10,690	10,435

International Retail Banking & Financial Services

(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	1,790	1,887	1,899	1,848	7,424	1,795	1,867	1,901	1,819	7,382	1,825
Operating expenses	-1,119	-1,041	-1,048	-1,071	-4,279	-1,157	-1,047	-1,018	-1,085	-4,307	-1,133
Gross operating income	671	846	851	777	3,145	638	820	883	734	3,075	692
Net cost of risk	-378	-312	-378	-374	-1,442	-333	-287	-302	-324	-1,246	-212
Operating income	293	534	473	403	1,703	305	533	581	410	1,829	480
Net income from companies accounted for by the equity method	7	11	13	19	50	14	7	8	42	71	11
Net profits or losses from other assets	3	0	-1	-200	-198	-25	-1	-1	-10	-37
Impairment losses on goodwill	-525	0	0	0	-525
Income tax	-82	-144	-128	-105	-459	-84	-148	-162	-108	-502	-130
Net income	-304	401	357	117	571	210	391	426	334	1,361	361
O.w. non controlling interests	39	67	46	49	201	62	70	76	42	250	61
Group net income	-343	334	311	68	370	148	321	350	292	1,111	300
Average allocated capital	9,565	9,336	9,676	9,727	9,576	10,298	10,466	10,425	10,234	10,357	10,494
o.w. International Retail Banking
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	1,288	1,358	1,374	1,330	5,350	1,172	1,255	1,280	1,231	4,938	1,218
Operating expenses	-833	-802	-797	-812	-3,244	-798	-780	-729	-764	-3,071	-804
Gross operating income	455	556	577	518	2,106	374	475	551	467	1,867	414
Net cost of risk	-367	-291	-355	-342	-1,355	-260	-225	-274	-271	-1,030	-184
Operating income	88	265	222	176	751	114	249	278	197	838	230
Net income from companies accounted for
by the equity method	4	3	4	3	14	4	4	3	6	17	4
Net profits or losses from other assets	3	0	-1	-200	-198	0	-1	-1	-9	-11
Impairment losses on goodwill	-525	0	0	0	-525
Income tax	-22	-60	-53	-38	-173	-26	-57	-63	-43	-189	-55
Net income	-452	208	172	-59	-131	92	195	217	151	655	179
O.w. non controlling interests Group net income	35 -487	64 144	42 130	45 -104	186 -317	58 34	68 127	73 144	42 109	241 414	57 122
Average allocated capital	5,984	5,845	6,058	5,991	5,969	6,030	6,167	6,232	6,158	6,147	6,255

o.w. Financial Services to Corporates and Insurance

(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	504	529	529	523	2,085	571	589	603	577	2,340	605
Operating expenses	-275	-241	-247	-253	-1,016	-294	-265	-264	-278	-1,101	-307
Gross operating income Net cost of risk	229 -21	288 -20	282 -23	270 -24	1,069 -88	277 -25	324 -22	339 -23	299 -49	1,239 -119	298 -10
Operating income	208	268	259	246	981	252	302	316	250	1,120	288
Net income from companies accounted for
by the equity method	5	6	10	16	37	10	3	5	37	55	7
Net profits or losses from other assets									-1	-1
Impairment losses on goodwill
Income tax Net income	-66 147	-86 188	-81 188	-78 184	-311 707	-81 181	-95 210	-101 220	-77 209	-354 820	-88 207
O.w. non controlling interests	1	1	2	2	6	1	2	1	-1	3	1
Group net income	146	187	186	182	701	180	208	219	210	817	206
Average allocated capital	3,434	3,373	3,508	3,632	3,487	3,832	3,909	4,011	3,933	3,922	4,099
o.w. Insurance
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	182	191	193	191	757	205	205	206	209	825	220
Operating expenses	-92	-66	-71	-71	-300	-102	-74	-75	-76	-327	-105
Gross operating income	90	125	122	120	457	103	131	131	133	498	115
Net cost of risk
Operating income Net income from companies accounted for	90	125	122	120	457	103	131	131	133	498	115
by the equity method
Net profits or losses from other assets									-1	-1
Impairment losses on goodwill
Income tax	-29	-40	-39	-37	-145	-33	-42	-42	-42	-159	-37
Net income	61	85	83	83	312	70	89	89	90	338	78
O.w. non controlling interests Group net income	61	85	1 82	2 81	3 309	70	1 88	0 89	0 90	1 337	78
Average allocated capital	1,526	1,528	1,582	1,609	1,561	1,640	1,645	1,663	1,671	1,655	1,702
o.w. Financial Services to Corporates	ervices
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	322	338	336	332	1,328	366	384	397	368	1,515	385
Operating expenses	-183	-175	-176	-182	-716	-192	-191	-189	-202	-774	-202
Gross operating income	139	163	160	150	612	174	193	208	166	741	183
Net cost of risk	-21	-20	-23	-24	-88	-25	-22	-23	-49	-119	-10
Operating income	118	143	137	126	524	149	171	185	117	622	173
Net income from companies accounted for by the equity method	5	6	10	16	37	10	3	5	37	55	7
Net profits or losses from other assets
Impairment losses on goodwill
Income tax	-37	-46	-42	-41	-166	-48	-53	-59	-35	-195	-51
Net income	86	103	105	101	395	111	121	131	119	482	129
O.w. non controlling interests Group net income	1 85	1 102	1 104	0 101	3 392	1 110	1 120	1 130	-1 120	2 480	1 128
Average allocated capital	1,909	1,845	1,925	2,023	1,926	2,192	2,264	2,349	2,263	2,267	2,397
o.w. other
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	-2	0	-4	-5	-11	52	23	18	11	104	2
Operating expenses	-11	2	-4	-6	-19	-65	-2	-25	-43	-135	-22
Gross operating income	-13	2	-8	-11	-30	-13	21	-7	-32	-31	-20
Net cost of risk	10	-1	0	-8	1	-48	-40	-5	-4	-97	-18
Operating income Net income from companies accounted for	-3	1	-8	-19	-29	-61	-18	-13	-37	-129	-38
by the equity method	-2	2	-1	0	-1				-1	-1
Net profits or losses from other assets						-25	0	0	0	-25
Impairment losses on goodwill
Income tax	6	2	6	11	25	23	4	2	12	41	13
Net income	1	5	-3	-8	-5	-63	-14	-11	-26	-114	-25
O.w. non controlling interests Group net income	3 -2	2 3	2 -5	2 -10	9 -14	3 -66	0 -14	2 -13	1 -27	6 -120	3 -28
Average allocated capital	146	118	110	105	120	436	391	181	143	289	140
Global Banking and Investor Solutions
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	2,127	2,295	2,115	2,189	8,726	2,604	2,691	2,015	2,192	9,502	2,357
Operating expenses	-1,538	-1,546	-1,537	-1,677	-6,298	-1,874	-1,760	-1,562	-1,744	-6,940	-1,717
Gross operating income	589	749	578	512	2,428	730	931	453	448	2,562	640
Net cost of risk	-54	28	-27	-28	-81	-50	-56	-68	-230	-404	-140
Operating income	535	777	551	484	2,347	680	875	385	218	2,158	500
Net income from companies
accounted for by the equity method	25	19	28	26	98	37	19	31	8	95	10
Net profits or losses from other assets		-5	0	0	-5	-1	8	-1	91	97	-12
Impairment losses on goodwill	0	0	0	0	0
Income tax	-127	-186	-118	-84	-515	-180	-195	-81	-26	-482	-40
Net income	433	605	461	426	1,925	536	707	334	291	1,868	458
O.w. non controlling interests	3	4	5	4	16	4	5	4	5	18	4
Group net income	430	601	456	422	1,909	532	702	330	286	1,850	454
Average allocated capital	12,419	12,742	13,299	13,683	13,036	14,904	17,039	16,477	15,924	16,085	15,780

o.w. Global Markets & Investor Services

(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	1,413	1,491	1,322	1,402	5,628	1,778	1,741	1,193	1,291	6,003	1,549
o.w. Equities	653	496	435	652	2,236	855	802	413	451	2,521	540
o.w. FICC	556	711	620	463	2,350	589	612	483	516	2,200	689
o/w Prime Services	31	101	104	117	353	145	143	145	161	594	161
o/w Securities Services	173	183	163	170	689	189	184	152	163	688	159
Operating expenses	-1,008	-1,032	-992	-1,094	-4,126	-1,295	-1,189	-995	-1,087	-4,566	-1,092
Gross operating income	405	459	330	308	1,502	483	552	198	204	1,437	457
Net cost of risk	-10	2	-21	-6	-35	-5	-26	-7	-28	-66	-3
Operating income Net income from companies	395	461	309	302	1,467	478	526	191	176	1,371	454
accounted for by the equity method	-2	-1	0	3		1	2	2	1	6	2
Net profits or losses from other assets				2	2	-1	0	1
Impairment losses on goodwill
Income tax	-106	-118	-70	-84	-378	-135	-135	-39	-52	-361	-45
Net income	287	342	239	223	1,091	343	393	155	125	1,016	411
O.w. non controlling interests	2	3	5	2	12	3	3	5	3	14	3
Group net income	285	339	234	221	1,079	340	390	150	122	1,002	408
Average allocated capital	7,936	7,995	8,278	8,410	8,155	8,781	10,016	9,132	9,040	9,243	8,929
o.w. Financing and Advisory
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	453	546	520	541	2,060	527	691	567	630	2,415	572
Operating expenses	-323	-312	-323	-345	-1,303	-367	-375	-361	-430	-1,533	-404
Gross operating income	130	234	197	196	757	160	316	206	200	882	168
Net cost of risk	-43	27	-4	-20	-40	-30	-28	-60	-194	-312	-138
Operating income	87	261	193	176	717	130	288	146	6	570	30
Net income from companies
accounted for by the equity method			1	-1		9	-14	0	-1	-6
Net profits or losses from other assets		-8	-1	-1	-10		9	-2	91	98	-12
Impairment losses on goodwill
Income tax	-8	-50	-34	1	-91	-24	-41	-28	35	-58	10
Net income	79	203	159	175	616	115	242	116	131	604	28
O.w. non controlling interests		2	-1	2	3		2	-2	3	3	1
Group net income	79	201	160	173	613	115	240	118	128	601	27
Average allocated capital	3,454	3,698	4,024	4,251	3,857	5,039	5,868	6,100	5,734	5,685	5,887
o.w. Asset & Wealth Management
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	261	258	273	246	1,038	299	259	255	271	1,084	236
o.w. Lyxor	48	50	49	55	202	52	52	44	34	182	32
o.w. Private banking	207	201	219	188	815	241	201	204	232	878	196
o.w. other	6	7	5	3	21	6	6	7	5	24	8
Operating expenses	-207	-202	-222	-238	-869	-212	-196	-206	-227	-841	-221
Gross operating income	54	56	51	8	169	87	63	49	44	243	15
Net cost of risk	-1	-1	-2	-2	-6	-15	-2	-1	-8	-26	1
Operating income	53	55	49	6	163	72	61	48	36	217	16
Net income from companies
accounted for by the equity method	27	20	27	24	98	27	31	29	8	95	8
Net profits or losses from other assets		3	1	-1	3		-1	0	0	-1
Impairment losses on goodwill	0	0	0	0	0
Income tax	-13	-18	-14	-1	-46	-21	-19	-14	-9	-63	-5
Net income	67	60	63	28	218	78	72	63	35	248	19
O.w. non controlling interests	1	-1	1	0	1	1	0	1	-1	1
Group net income	66	61	62	28	217	77	72	62	36	247	19
Average allocated capital	1,029	1,050	997	1,023	1,025	1,084	1,155	1,244	1,149	1,158	964

Corporate Centre

(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	-334	-348	-157	-25	-864	-110	148	276	-147	167	-91
o.w. financial liabilities	-158	-21	-4	44	-139	62	312	447	-39	782	145
Operating expenses	-36	24	-50	-41	-103	-20	-13	-72	-55	-160	-9
Gross operating income	-370	-324	-207	-66	-967	-130	135	204	-202	7	-100
Net cost of risk	-3	-199	0	-201	-403		-198	0	-393	-591	8
Operating income	-373	-523	-207	-267	-1,370	-130	-63	204	-595	-584	-92
Net income from companies
accounted for by the equity method	11	7	-15	17	20	2	9	2	10	23	2
Net profits or losses from other assets		206	0	127	333	9	-12	1	165	163	18
Impairment losses on goodwill
Income tax	180	129	37	-44	302	56	2	-142	207	123	-53
Net income	-182	-181	-185	-167	-715	-63	-64	65	-213	-275	-125
O.w. non controlling interests	27	23	17	22	89	28	33	35	30	126	33
Group net income	-209	-204	-202	-189	-804	-91	-97	30	-243	-401	-158
Group
(in millions of euros)	Q1 14	Q2 14	Q3 14	Q4 14	2014	Q1 15	Q2 15	Q3 15	Q4 15	2015	Q1 16
Net banking income	5,656	5,900	5,876	6,129	23,561	6,353	6,869	6,364	6,053	25,639	6,175
Operating expenses	-4,073	-3,832	-3,920	-4,212	-16,037	-4,442	-4,124	-3,978	-4,349	-16,893	-4,284
Gross operating income	1,583	2,068	1,956	1,917	7,524	1,911	2,745	2,386	1,704	8,746	1,891
Net cost of risk	-667	-752	-642	-906	-2,967	-613	-724	-571	-1,157	-3,065	-524
Operating income	916	1,316	1,314	1,011	4,557	1,298	2,021	1,815	547	5,681	1,367
Net income from companies
accounted for by the equity method	53	49	39	72	213	68	42	56	65	231	35
Net profits or losses from other assets	-2	202	-7	-84	109	-34	-7	-1	239	197	4
Impairment losses on goodwill	-525	0	0	0	-525
Income tax	-203	-402	-395	-376	-1,376	-370	-597	-629	-118	-1,714	-384
Net income	239	1,165	951	623	2,978	962	1,459	1,241	733	4,395	1,022
O.w. non controlling interests	70	86	69	74	299	94	108	115	77	394	98
Group net income	169	1,079	882	549	2,679	868	1,351	1,126	656	4,001	924
Average allocated capital	42,171	42,206	42,908	43,277	42,641	43,674	44,766	45,437	45,680	44,889	45,869
Group ROE (after tax)	0.8%	9.3%	7.2%	4.0%	5.3%	6.9%	11.2%	9.0%	4.7%	7.9%	7.1%

Societe Generale

Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship bankin recognised on its markets, close to clients, chosen for the quality and commitment of its teams. banking,

Societe Generale has been playing a vital role in the economy for 150 years. With more than countries, we accompany 31 million clients throughout the world on services to individual, corporate and institutional customers in three core businesses: e 145,000 employees, based in a daily basis. Societe Generale's teams offer advice and ,000 66

• Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama, offering a comprehensive range of omnichannel omnichannel financial services on the leading edge of digital innovation;
• International retail banking, insurance and and leading specialised businesses; financial services to corporates with a presence in emerging economies businesses;
• Corporate and investment banking, private banking, asset management and securities services expertise, top international rankings and integrated solutions. orate , with recognised

Societe Generale is included in the main socially responsible investment indices: DJS (Global and Europe), Euronext Vigeo (Europe, Eurozone and France), ESI Excellence (Europe) from Ethibel and 4 of the STOXX ESG Leaders indices. DJSI (World and Europe), FTSE4Good I

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