Société Générale — Interim / Quarterly Report 2012

Aug 1, 2012

QUARTERLY FINANCIAL INFORMATION

Paris, August 1st, 2012

Q2 2012: SIGNIFICANT INCREASE IN THE CORE TIER 1 RATIO(1), TO 9.9% (+51 BP)

RESILIENT BUSINESS PERFORMANCE: UNDERLYING GROUP NET INCOME OF EUR 793M(2)

Total NBI: EUR 6.3bn, -3.6% vs. Q2 11

Stable NBI for retail banking activities (French Networks and International Retail Banking, Specialised Financial Services & Insurance)

• Decline in operating expenses: -6.0% vs. Q2 11
• Cost of risk under control: EUR -822m, +6 bp(3) vs. Q1 12
• Continued deleveraging efforts, risk-weighted assets down EUR -6.5bn in Q2 12
• Book Group net income of EUR 433m

H1 2012: INCREASE OF +85 BP IN BASEL 2.5 CORE TIER 1 CAPITAL

• Total NBI: EUR 12.6bn, -4.1% vs. H1 11, stable for retail banking activities
• Operating expenses down -3.5% vs. H1 11
• Underlying Group net income(2) of EUR 1,966m
• Book Group net income of EUR 1,165m
• EPS(4) : EUR 1.37

(1) according to EBA Basel 2.5 standards (Basel 2 standards incorporating CRD3 requirements)

(2) Excluding non-economic or non-recurring items and legacy assets. Non-economic items: revaluation of own financial liabilities and the Group's loan portfolio hedges. Non-recurring items: goodwill write-down, capital gains or losses on available-for-sale assets, impact on profit and loss of debt buybacks, and deleveraging.

(3) Annualised, excluding litigation issues, legacy and Greek sovereign assets, in respect of assets at the beginning of the period.

(4) after deducting interest, net of tax effect, to be paid to holders of deeply subordinated notes and undated subordinated notes (respectively EUR -133 million and EUR -8 million). At end-June 2012, the capital gain net of tax and accrued unpaid interest relating to buybacks of deeply subordinated notes amounted to EUR 2 million.

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

PRESS RELATIONS SOCIETE GENERALE

LAETITIA MAUREL +33(0)1 42 13 88 68 Laetitia.a.maurel@socgen.com

NATHALIE BOSCHAT +33(0)1 42 14 83 21 Nathalie.boschat@socgen.com ASTRID BRUNINI +33(0)1 42 13 68 71 Astrid.brunini@socgen.com

HELENE MAZIER +33(0)1 58 98 72 74 Helene.mazier@socgen.com SOCIETE GENERALE COMM/PRS 75886 PARIS CEDEX 18 SOCIETEGENERALE.COM

A FRENCH CORPORATION WITH SHARE CAPITAL OF EUR 975,339,185 552 120 222 RCS PARIS

The Board of Directors of Societe Generale met on July 31st, 2012 and examined the Group's financial statements for Q2 and H1 2012. Second quarter Group net income was EUR +433 million and net banking income totalled EUR 6,272 million. First half Group net income totalled EUR +1,165 million for net banking income of EUR 12,583 million.

These results include:

• The contribution to income of Corporate and Investment Banking's legacy assets (EUR -114 million in Q2 and EUR -242 million in H1)
• Non-recurring items (effect of loan disposals related to deleveraging, Greek sovereign debt write-downs, hybrid debt buyback, goodwill write-down, and capital gains or losses on available-for-sale assets) reducing Group net income by EUR -391 million in Q2 and EUR -563 million in H1
• Non-economic items (revaluation of own financial liabilities and the Group's loan portfolio hedges) which made a contribution of EUR +145 million to Group net income in Q2 and EUR +4 million in H1.

When restated for these items, underlying Group net income amounted to EUR 793 million in Q2 and EUR 1,966 million in H1.

Q2 was marked by a significant slowdown in economic growth in Europe and continuing strong tensions in European financial markets, with investors holding back on their investments pending durable solutions to the sovereign debt crisis. In France, the elections also prompted a "wait-and-see" attitude, due to the lack of visibility on the country's new economic policies.

The results of the French Networks provided further evidence of their solidity in a French economy experiencing very weak growth. International Retail Banking was impacted by the economic crisis in Romania and the Group was obliged to write down Rosbank's goodwill, given the slower than expected momentum of the Russian operating infrastructure. Specialised Financial Services & Insurance posted satisfactory earnings, underpinned by healthy margins and the quality of its commercial franchises. Corporate & Investment Banking and Private Banking, Global Investment Management and Services operated in sluggish and generally declining financial markets. The Group was prompted to write down the goodwill of the TCW subsidiary to take account of the situation in the asset management market in the current economic environment.

Against this backdrop, the Bank continued with its transformation strategy, notably through the implementation of its programme to cut operating expenses. They were down -6.0% in Q2 12 vs. Q2 11 and -3.5% in H1 vs. H1 11. In Corporate and Investment Banking, the decline amounted to -13.6% vs. Q2 11 (and -15.0%* when adjusted for changes in Group structure and at constant exchange rates), and -10.2% in H1 vs. H1 11. At the same time, the focus remains on the strict management of scarce resources, deleveraging and the improvement of prudential ratios. The Group's risk-weighted assets were down EUR -7 billion during H1 due to SG CIB's loan disposals, reduced market risk exposure in an unstable environment and the imposition of resource constraints on the businesses. As a result, the Group achieved a Basel 2.5 Core Tier 1 ratio of 9.9% at end-Q2, up +51 basis points in one quarter and +85 basis points in H1 2012.

Commenting on the Group's Q2 results, Frédéric Oudéa – Chairman and CEO – stated: "Despite a challenging environment, the Societe Generale Group has progressed, quarter after quarter, with its transformation strategy, in line with its objectives. With underlying income of approximately EUR 2.0 billion, H1 illustrates the resilience of our businesses and the tangible results of our realignment. In an uncertain economic and regulatory environment, the Group was faithful to its commitments, continuing to adopt a proactive stance in serving its customers and financing the economy. Thanks to the quality of our portfolios and prudent management, the cost of risk also remains under control. Substantial progress has been made in terms of cost control and deleveraging, particularly in Corporate and Investment Banking, and this will continue. Thanks to these determined actions, in the space of one year, we have significantly bolstered our financial solidity, with a Basel 2.5 Core Tier 1 capital ratio of 9.9% at end-June 2012 and a more favourable financing structure. On the back of these results, and

despite an environment that is likely to remain uncertain and challenging over the next few quarters, the Group is confident of its ability to generate capital in order to reach its target of a Basel 3 Core Tier 1 ratio of between 9% and 9.5% at end-2013."

1. GROUP CONSOLIDATED RESULTS

In EUR m		Q2 11	Q2 12	Change Q2 vs Q2	H1 11	H1 12	Change H1 vs H1
Net banking income		6,503	6,272	-3.6%	13,122	12,583	-4.1%
	On a like-for-like basis*			-5.0%			-4.9%
Operating expenses			(4,241) (3,986)	-6.0%		(8,617) (8,319)	-3.5%
	On a like-for-like basis*			-6.8%			-3.7%
Gross operating income		2,262	2,286	+1.1%	4,505	4,264	-5.3%
	On a like-for-like basis*			-1.6%			-7.1%
Net cost of risk		(1,185)	(822)	-30.6%		(2,063) (1,724)	-16.4%
Operating income		1,077	1,464	+35.9%	2,442	2,540	+4.0%
	On a like-for-like basis*			+28.0%			+0.1%
Impairment losses on goodwill		0	(450)	NM	0	(450)	NM
Group net income		747	433	-42.0%	1,663	1,165	-29.9%
					H1 11	H1 12
Group ROTE (after tax)					10.0%	6.0%

Net banking income

The Group's net banking income totalled EUR 6.3 billion in Q2 12, slightly lower than in Q2 11 (-3.6%), and EUR 12.6 billion for H1 2012.

If non-economic or non-recurring items and legacy assets are stripped out, underlying revenues amounted to EUR 6,019 million, down -6.6% vs. Q2 11. H1 underlying revenues totalled EUR 12,826 million, down -4.2% vs. H1 2011. This trend stems primarily from the decline in Corporate and Investment Banking revenues, which reflects a sluggish and risk-averse market environment, and the consequences of deleveraging under way for several quarters.

• The French Networks posted revenues of EUR 2,037 million in Q2 12, stable vs. Q2 11 (+0.3% excluding PEL/CEL effect). The French Networks' H1 revenues amounted to EUR 4,083 million (+0.3% excluding PEL/CEL effect vs. H1 11), underpinned by robust commercial activity.
• International Retail Banking's net banking income was slightly lower (-1.4%*) than in Q2 11, at EUR 1,239 million. H1 revenues rose +1.1%* year-on-year. They were sharply higher in the Mediterranean Basin and Africa, and helped offset the stability in Russia and the decline observed in Romania due to a deteriorated economic environment.
• Corporate and Investment Banking's core activities saw their revenues shrink -28.0%* in Q2 12 vs. Q2 11 to EUR 1,335 million. This was mainly due to the cost of loan disposals, which had an adverse effect on Financing & Advisory revenues, and a sluggish quarter in the markets. When restated for the net discount on loans sold (EUR -159 million), net banking income in respect of core activities fell -16.6% vs. Q2 11.

Corporate and Investment Banking's H1 revenues included EUR -385 million of loan disposal costs. At EUR 3,259 million, H1 net banking income was 20.2%* lower. When restated for loan disposal costs, H1 2012 revenues fell -9.6% vs. H1 2011.

Corporate and Investment Banking's legacy assets made a negative contribution of EUR -112 million to the division's revenues in Q2 12 and EUR -169 million in H1 12 (vs. EUR +43 million in Q2 11 and EUR +85 million in H1 11).

Corporate and Investment Banking's revenues totalled EUR 1,223 million in Q2 12 and EUR 3,090 million in H1 12.

• Specialised Financial Services and Insurance's revenues totalled EUR 877 million in Q2 12 (+1.5%* vs. Q2 11). They were underpinned by the increase in Insurance activity (+9.8%* at EUR 170 million in Q2 12), whereas Specialised Financial Services was generally stable (-0.3%* at EUR 707 million) reflecting primarily a selective loan approval policy and stable new business margins. The division's H1 revenues were stable (-0.8%*), at EUR 1,726 million, driven by higher Insurance revenues (+11.1%*), with the decline in the revenues of Specialised Financial Services remaining limited at -3.2%*.
• The net banking income of Private Banking, Global Investment Management and Services was lower (-5.7%*) in Q2 12 than in Q2 11 at EUR 533 million, mainly on the back of the decline in Private Banking revenues in a sluggish environment. The division's H1 12 revenues came to EUR 1,086 million (-3.6% and -6.1%* vs. H1 11).

The accounting impact on net banking income of the revaluation of the Group's own financial liabilities was EUR +206 million in Q2 12.

Operating expenses

Operating expenses amounted to EUR -3,986 million in Q2 12, down -6.8%* vs. Q2 11, the result of the rigorous cost management policy implemented for several quarters. These efforts are continuing in all the divisions. In Corporate and Investment Banking, the social plan introduced at the beginning of the quarter was concluded, with the shedding of 880 positions. It is worth noting that the full impact of these measures will only start to become apparent over the next few months. Efforts to cut operating expenses are also continuing in all the divisions.

The same trend was evident in H1 12, with operating expenses down -3.7%* vs. H1 11 at EUR -8,319 million.

Operating income

The Group's gross operating income totalled EUR 2.3 billion in Q2 12 (-1.6%* vs. Q2 11) and EUR 4.3 billion in H1 12 (-7.1%* vs. H1 11).

The Group's net cost of risk amounted to EUR -822 million in Q2 vs. EUR -1,185 million in Q2 11, which was marked by initial provisions to cover Greek sovereign risk.

In a turbulent environment caused by the euro zone crisis, the Group's cost of risk (expressed as a fraction of outstanding loans) amounted to 75(1) basis points for Q2 12. This was higher than in Q1 12 (69(1) basis points) and Q2 11 (which experienced a low point, at 58(1) basis points).

• The French Networks' cost of risk was virtually stable at 45 basis points (44 basis points in Q1 12) despite a deteriorating economic environment in France.
• At 211 basis points (vs. 181 basis points in Q1 12 and 177 basis points for 2011), International Retail Banking's cost of risk was marked by a one-off increase in Russia related to the revaluation of guarantees on the commercial property portfolio and a still high level in Romania due to the global economic situation. The cost of risk declined in the Czech Republic and remained at a low level. The cost of risk was high in the Mediterranean Basin.
• The cost of risk for Corporate and Investment Banking's core activities remained low at 21 basis points. Legacy assets' Q2 net cost of risk was limited (EUR -38 million vs. EUR -115 million in Q1 12 and EUR -130 million in Q2 11).

⁽¹⁾ Annualised calculation, excluding litigation issues, legacy assets and Greek sovereign debt write-down, in respect of assets at the beginning of the period

Specialised Financial Services' cost of risk stabilised at a low level in Q2 12 (128 basis points vs. 121 basis points in Q1 12 and 156 basis points in Q2 11). The Q2 net cost of risk for Consumer Finance and Equipment Finance remained stable compared with the previous quarter.

At the same time, the Group's NPL coverage ratio was higher at 77% (76% in Q1 12 and Q4 11).

The H1 net cost of risk amounted to EUR -1,724 million vs. EUR -2,063 million in H1 11. The decline can be attributed primarily to a base effect in 2011 related to provisions booked in respect of Greek sovereign risk.

The Group's operating income totalled EUR 1,464 million in Q2 12 (EUR 1,077 million in Q2 11), up +35.9% vs. Q2 11 due to the favourable variation in the net cost of risk. H1 operating income rose +4.0% vs. H1 11, amounting to EUR 2,540 million in H1 12.

Net income

After taking into account tax (the Group's effective tax rate was 30.5% in Q2 12 vs. 27.8% in Q2 11) and non-controlling interests, Group net income totalled EUR 433 million for Q2 12 (vs. EUR 747 million in Q2 11).

This result includes income related to the legacy asset portfolio (EUR -114 million) and non-economic items (revaluation of own financial liabilities and accounting income from the Group's loan portfolio hedging transactions) amounting to EUR +145 million, as well as non-recurring items for EUR -391 million(2).

When restated for these items, underlying Group net income amounted to EUR 793 million in Q2 and EUR 1,966 million in H1.

Group ROE after tax was 3.5% in Q2 12. H1 ROE was 4.9% for a ROTE of 6.0%.

The Group's underlying ROE stood at 6.8% for Q2 and 8.7% for H1. The underlying ROTE came to 10.7%.

Earnings per share amounts to EUR 1.37 for 2012, after deducting interest payable to holders of deeply subordinated notes and undated subordinated notes(3).

⁽²⁾ i.e. : cost of Corporate and Investment Banking asset disposals (EUR -110 million), income from hybrid debt buybacks (EUR +195 million), goodwill write-down and gains/losses on available-for-sale assets (EUR -476 million)

⁽³⁾ The interest, net of tax effect, payable to holders of deeply subordinated notes and undated subordinated notes at end-June 2012 amounts to respectively EUR 133 million and EUR 8 million. At end-June 2012, the capital gain net of tax and accrued unpaid interest relating to buybacks of deeply subordinated notes amounted to EUR 2 million.

2. THE GROUP'S FINANCIAL STRUCTURE

Group shareholders' equity totalled EUR 48.7 billion(1) at June 30th, 2012 and tangible net asset value per share was EUR 46.75 (i.e. net asset value per share of EUR 56.75, including EUR -0.05 of unrealised capital losses). The Group acquired 3.55 million Societe Generale shares in Q2 12 under the liquidity contract concluded on August 22nd, 2011. Over this period, Societe Generale also proceeded to dispose of 1.83 million shares through the same liquidity contract. For H1 2012, the Group acquired 20.46 million Societe Generale shares and disposed of 18.93 million shares through this contract.

All in all, at end-June, 2012, Societe Generale possessed 29.1 million shares (including 9.0 million treasury shares), representing 3.73% of the capital (excluding shares held for trading purposes). At this date, the Group also held 3.1 million purchase options on its own shares to cover stock option plans allocated to its employees.

The Group's funded balance sheet, after the netting of insurance, derivatives, repurchase agreements and accruals, totalled EUR 658 billion at June 30th, 2012, down EUR -25 billion vs. end-June 2011 and up EUR +22 billion vs. December 31st, 2011. EUR 13 billion of the increase originates, on the liability side, from the growth in customer deposits, with the Group's long-term refinancing progressing by EUR 7 billion and shareholders' equity by EUR 2 billion in H1 12. On the asset side, the increase relates mainly to central bank sight deposits and sight deposits with credit institutions, for around EUR 20 billion.

Shareholders' equity, customer deposits and medium/long-term resources represented EUR 538 billion, or approximately 82% of the total of the funded balance sheet, sharply higher year-on-year (75% at end H1 11). They represented 111% of the Group's long-term uses of funds, which were slightly lower over the period (-2% vs. December 31st, 2011 and June 30th, 2011), with the surplus of long-term sources vs. long-term uses of funds amounting to EUR 53 billion at end-June 2012.

At 114%, the loan/deposit ratio improved by 7 points vs. end-2011 and by 8 points vs. Q2 11.

These developments underline the efforts made to reinforce the Group's stable resources through an active policy to promote customer deposit inflow (up approximately 4% both vs. the end-2011 and H1 2011, at EUR 349 billion), driven by the 10.1% rise in sight deposits during H1 2012) as well as the success of the strategy to extend the maturities of refinancing sources.

The Group's medium/long-term debt issuance has enabled it to fulfil the objectives of its refinancing programme for 2012 (between EUR 10 billion and EUR 15 billion). As of July 23rd, 2012, the Group had raised EUR 14.2 billion of debt since the beginning of the year. The average maturity of debt issued since January 1st, 2012 was 6.7 years(3), for an average cost of around 168 basis points above the 6-month Euribor rate. The Group intends to continue to issue debt in 2012, depending on market opportunities. The liquid asset buffer(2) now amounts to 99% of the Group's short-term debt. This ratio was 69% at June 30th, 2011.

Shareholders' equity increased +3% vs. end-2011 to EUR 53 billion.

The Group's risk-weighted assets were lower than in the previous quarter, and more generally, in H1 at EUR 342.5 billion (EUR 349.3 billion at end-2011, i.e. -1.9% in H1).

Changes in risk-weighted assets excluding legacy assets (EUR -4.9 billion in H1) reflect the transformation under way in the Group with, in particular, a 6.7% decline in the outstandings of Corporate and Investment Banking's core activities during H1 (underpinned by the 12.5% decline in outstandings allocated to market risk, reflecting the decline in the Group's risk appetite in an unstable market environment). Specialised Financial Services' resource constraints resulted in an overall decline of -1.1% in their risk-weighted assets in H1.

⁽¹⁾ This figure includes notably (i) EUR 5.4 billion of deeply subordinated notes, EUR 0.5 billion of undated subordinated notes and (ii) EUR -0.05 billion of net unrealised capital losses. (3)

Excluding CNH securitisations and bond issuance

⁽²⁾ Central bank deposits and central bank eligible assets

In accordance with the deleveraging strategy adopted for several quarters, the risk-weighted assets of Corporate and Investment Banking's legacy asset portfolio continued to decline significantly (-9.3% in H1, or EUR -1.9 billion).

The Group's Tier 1 ratio was 11.6% at June 30th, 2012 (10.7% at end-2011), while the Core Tier 1 ratio, which was 9.0% at December 31st, 2011, under "Basel 2.5" and calculated according to European Banking Authority (EBA) rules, amounted to 9.9% at end-June 2012, representing an increase of +51 basis points in Q2 and +85 basis points in six months. The increase is mainly due to income generation in H1 (+41 basis points, net of the dividend provision) and actions undertaken to optimise the legacy asset portfolio and dispose of lines in Corporate and Investment Banking's credit portfolio (+24 basis points), while the resource constraints imposed on the businesses reduced their capital consumption by -14 basis points during H1.

The Group is rated A2 by Moody's, A by S&P and A+ by Fitch.

3. FRENCH NETWORKS

In EUR m	Q2 11	Q2 12	Change Q2 vs Q2	H1 11	H1 12	Change H1 vs H1
Net banking income	2,038	2,037	0.0%	4,076	4,083	+0.2%
			+0.3%(a)			+0.3%(a)
Operating expenses		(1,293) (1,277)	-1.2%		(2,617) (2,624)	+0.3%
Gross operating income	745	760	+2.0%	1,459	1,459	0.0%
			+3.2%(a)			+0.4%(a)
Net cost of risk	(160)	(212)	+32.5%	(339)	(415)	+22.4%
Operating income	585	548	-6.3%	1,120	1,044	-6.8%
Group net income	384	360	-6.3%	736	686	-6.8%

(a) Excluding PEL/CEL

Although the macroeconomic environment in France deteriorated in Q2, the French Networks enjoyed robust commercial activity.

The crisis environment, coupled with uncertainties over tax changes, continued to fuel the outflow in the life insurance market in Q2 2012. In a market which saw net outflows of EUR -4.7 billion in H1, the Group still posted a positive net inflow of EUR 134 million over this same period.

In a fiercely competitive environment for deposit inflows, balance sheet outstandings rose +3.4% vs. Q2 11 to EUR 140.9 billion. This performance was driven by the inflow on term deposits and deposit certificates: these benefited from the success of the "CAT Tréso +" (Treasury + term account) offering and rose +16.3% vs. Q2 11. There was also a sharp increase in regulated savings driven, firstly, by livret A (passbook savings account) outstandings (+30.6% vs. Q2 11) and secondly, by the success of the "CSL +" (ordinary savings account) offering (CSL outstandings up +6.3% vs. Q2 11).

The French Networks continued to actively support the economy, assisting businesses and individuals with the financing of their projects. The substantial mobilisation of the French Networks in serving their customers resulted in an overall increase of 3.8% in outstanding loans to EUR 175.8 billion vs. Q2 11.

Outstanding loans for business customers totalled EUR 76.8 billion (+3.9%). The Group confirmed its commitment to assist businesses by providing financing, as testified by the growth in outstandings of operating loans (+10.8% at EUR 12.8 billion) and investment loans (+2.6% at EUR 63.9 billion). In the space of one year, the French Networks have helped businesses develop through the granting of approximately 68,000 financing packages representing a total amount of EUR 8.8 billion.

Outstanding loans to individuals rose +3.2% over the period, driven by housing loans (+3.9%).

The loan /deposit ratio stood at 125% in Q2 12 vs. 128% in Q1 12, an improvement of 3 points.

The French Networks' revenues were resilient, with net banking income of EUR 2,037 million, stable vs. Q2 11. The 3.0% increase in the interest margin vs. Q2 11 can be explained by a favourable volume effect despite lower rates on deposits and by a favourable trend in the loan margin. The increase helped offset the 4.3% decline in commissions over this same period with, in particular, financial commissions down -16.4% on the back of lower financial transaction volumes originating from individual customers.

The decline in operating expenses (-1.2% vs. Q2 11) includes the initial effects of cost sharing. Accordingly, Societe Generale and Crédit du Nord merged their domestic and international payment systems over the period.

Stable revenues coupled with a decline in operating expenses enabled the French Networks to generate gross operating income of EUR 760 million, up +3.2% (excluding PEL/CEL effect). The French Networks generated gross operating income of EUR 1,459 million in H1.

At 45 basis points in Q2 12, the French Networks' cost of risk was slightly higher than in Q1 12 (44 basis points).

The French Networks' contribution to Group net income totalled EUR 360 million in Q2 12, down -6.3% vs. Q2 11. The French Networks' H1 contribution to Group net income was EUR 686 million, down -6.8% vs. H2 11.

4. INTERNATIONAL RETAIL BANKING

In EUR m		Q2 11	Q2 12	Change Q2 vs Q2	H1 11	H1 12	Change H1 vs H1
Net banking income		1,260	1,239	-1.7%	2,449	2,465	+0.7%
	On a like-for-like basis*			-1.4%			+1.1%
Operating expenses		(754)	(758)	+0.5%		(1,492) (1,516)	+1.6%
	On a like-for-like basis*			+0.7%			+1.8%
Gross operating income		506	481	-4.9%	957	949	-0.8%
	On a like-for-like basis*			-4.4%			0.0%
Net cost of risk		(268)	(360)	+34.3%	(591)	(710)	+20.1%
Operating income		238	121	-49.2%	366	239	-34.7%
	On a like-for-like basis*			-49.2%			-34.1%
Impairment losses on goodwill		0	(250)	NM	0	(250)	NM
Group net income		116	(231)	NM	160	(186)	NM

International Retail Banking remains constrained by a challenging economic environment in major regions for the business. Particularly in Central and Eastern Europe, economic growth is less buoyant than expected. Despite this environment, International Retail Banking continued to enjoy strong commercial activity, enabling revenues to remain stable in Q2.

International Retail Banking revenues totalled EUR 1,239 million in Q2 12, down -1.4%* vs. Q2 11. H1 revenues came to EUR 2,465 million, up +1.1%* vs. H1 11.

Activity remained dynamic, with growth in outstandings in the main regions. Outstanding loans increased +5.3%* to EUR 68.9 billion and outstanding deposits rose +6.9%* to EUR 69.9 billion.

At EUR -758 million, operating expenses were contained both vs. Q2 11 (+0.7%*) and vs. Q1 12 (+0.3%*).

In the Mediterranean Basin, the franchise continued to expand at a steady rate, with the net opening of 76 branches since end-Q2 11, including 23 in Morocco. Commercial activity grew substantially, both for outstanding loans (+5.0%* vs. Q2 11) and deposits (+4.4%* over the same period). Net banking income benefited from this momentum and rose +17.6%* vs. Q2 11, with an increase in each entity in the region. This growth was accompanied by a controlled rise in operating expenses (+4.6%*).

Sub-Saharan Africa continued to enjoy strong growth in outstandings, with an increase of +9.0%* for loans and +8.5%* for deposits. Moreover, the branch network continued to expand with the opening of 20 new branches since Q2 11. At the same time, there was rapid growth in net banking income (+8.2%*), while operating expenses fell -4.3%* vs. Q2 11.

With dynamic internal demand, International Retail Banking's commercial activity in Russia resulted in outstanding loans growing +17.2%* vs. Q2 11 to EUR 12.0 billion and deposits increasing +3.8%* vs. Q2 11 to EUR 8.2 billion. Revenues were stable (+0.4%* and +1.2% in absolute terms) vs. Q2 11 at EUR 251 million, due to a still high refinancing cost. In a high inflation environment, with strong wage growth, operating expenses were stable (+0.5%*) vs. Q2 11 (at EUR -202 million) thanks to the proactive management of Rosbank costs with, in particular, a decline in the workforce of more than 2,100 FTE. Post-merger optimisation measures continued, with the rationalisation of premises occupied by the head office virtually finalised and the simplification of the network structure (number of regions and back offices reduced from 43 to respectively 12 and 3 in operation at end-2012). Operating income suffered from a one-off increase in the Q2 net cost of risk to EUR -75 million (vs. EUR -43 million in Q2 11) following a review of the commercial real estate portfolio. Russia's

contribution to Group net income also includes the EUR -250 million goodwill write-down in respect of Rosbank due to the subsidiary's updated business plan.

In Central and Eastern Europe excluding Greece, commercial activity continued to enjoy buoyant growth. Strong deposit inflow (+15.1%* vs. Q2 11) resulted in a loan/deposit ratio of 130.9%, down -12 points vs. Q2 11. The international financial magazine, Euromoney, designated SGEB as the "Best Bank in Bulgaria" and the leader in terms of market share for forex transactions involving corporate clients and financial institutions. Also worth noting is the development of external refinancing, with the first successful RSD bond issue in Serbia for around EUR 15 million.

In the Czech Republic, Komerční Banca continued to post a robust commercial performance. Loans grew +9.8%* and deposits +6.4%* vs. Q2 11. Revenues benefited from this momentum, increasing +11.3%* over the period. The contribution to Group net income amounted to EUR 81 million, up +35.0%* vs. Q2 11 and +16.1%* vs. H1 11 thanks primarily to strictly controlled operating expenses.

In Romania and in a still constrained economic environment, loan activity remained slack (+0.9%* year-on-year) and outstanding deposits rose +10.0%* over the same period, boosted by a dynamic commercial approach in retail banking. Accordingly, the loan/deposit ratio was close to equilibrium, at 99.6% vs. 108.7% one year earlier. Revenues were penalised by the deterioration in the interest margin (particularly by a sharper rate decline in Q2 12) and were lower than in Q2 11 (-16.1%*) and H1 11 (-5.8%*). Against this backdrop, efforts to control costs under way for several quarters continued (-2.4%* vs. Q2 11).

International Retail Banking's gross operating income was EUR 481 million in Q2 12, down -4.4%* vs. Q2 11. Gross operating income was EUR 949 million in H1, unchanged* vs. H1 11.

International Retail Banking's cost of risk was sharply higher than in Q2 11 (149 basis points) at 211 basis points in Q2 12, driven by the increases observed in Romania and Russia.

International Retail Banking made a negative contribution to Group net income of EUR -231 million in Q2 12 (EUR +19 million excluding Rosbank's goodwill write-down). The contribution to Group net income totalled EUR -186 million and underlying income was EUR +64 million in H1.

5. CORPORATE AND INVESTMENT BANKING

In EUR m		Q2 11	Q2 12	Change Q2 vs Q2	H1 11	H1 12	Change H1 vs H1
Net banking income		1,835	1,223	-33.4%	4,115	3,090	-24.9%
	On a like-for-like basis*			-36.0%			-26.3%
Financing and Advisory		655	389	-40.6%	1,296	665	-48.7%
	On a like-for-like basis*			-42.6%			-47.2%
Global Markets (1)		1,137	946	-16.8%	2,734	2,594	-5.1%
	On a like-for-like basis*			-20.1%			-8.2%
Legacy assets		43	(112)	NM	85	(169)	NM
Operating expenses			(1,163) (1,005)	-13.6%		(2,478) (2,225)	-10.2%
	On a like-for-like basis*			-15.0%			-10.1%
Gross operating income		672	218	-67.6%	1,637	865	-47.2%
	On a like-for-like basis*			-70.1%			-49.6%
Net cost of risk		(147)	(84)	-42.9%	(281)	(237)	-15.7%
O.w. Legacy assets		(130)	(38)	-70.8%	(226)	(153)	-32.3%
Operating income		525	134	-74.5%	1,356	628	-53.7%
	On a like-for-like basis*			-76.9%			-56.3%
Group net income		449	131	-70.8%	1,040	482	-53.7%

(1) O.w. "Equities" EUR 470m in Q2 12 (EUR 615m in Q2 11) and "Fixed income, Currencies and Commodities" EUR 476m in Q2 12 (EUR 523m in Q2 11)

Q2 2012 was marked by a slowdown in world growth, including in the United States, which heavily penalised the markets in May. Against this backdrop, the different Corporate and Investment Banking activities made an evenly-balanced contribution to revenues which totalled EUR 1,223 million in Q2 12 (including EUR -112 million in respect of legacy assets and EUR -159 million in respect of the net discount on loans sold). This was -33.4% lower than in Q2 11. The revenues of SG CIB's core activities, excluding the net discount on loans sold, amounted to EUR 1,494 million (-16.6% vs. Q2 11).

At EUR 946 million, Market Activities turned in a generally satisfactory commercial performance in a sluggish market characterised by the decline in equity indices and rising volatility, which prompted SG CIB to reduce its risk profile (market VaR down -44% vs. Q1 12). Revenues were -20.1%* lower than in Q2 11.

Equity activities posted revenues of EUR 470 million in Q2 12, down -23.9%(2) vs. Q2 11. Despite weak market volumes, commercial activity was resilient, particularly for flow and structured products. Lyxor's assets under management were slightly lower than at end-2011 (at EUR 72.9 billion vs. EUR 73.6 billion).

Fixed Income, Currencies & Commodities posted revenues of EUR 476 million in Q2 12, down -5.8%(2) vs. Q2 11 in an unstable market environment, less favourable than at the beginning of the year due to renewed euro zone concerns. The performance was driven by structured products as well as rates and credit activities which proved resilient during Q2.

At EUR 389 million, Financing & Advisory revenues were lower than in Q2 11 (-42.6%*) due to the net discount on loans sold (EUR -159 million in Q2 12), in light of the refocusing announced in autumn 2011. When restated for this item, revenues were higher than in the previous quarter (+9.2%),

⁽²⁾ On a like-for-like basis

bolstered by renewed origination activity and the good performance of structured financing, natural resources and infrastructure in particular. Meanwhile, issuance activities posted solid results despite lower volumes during the quarter, especially for equities and convertibles. This performance helped SG CIB consolidate its positioning and rank No. 1 in "equity and equity related issuances in France", No. 8 in "EMEA equity and equity related issuances" and No. 3 in "all corporate bonds in Euro" in H1 12 (Thomson Financial). Finally, the business line played a leading role in several deals in Q2 12. In particular, SG CIB was joint global coordinator/joint bookrunner in Peugeot SA's EUR 1 billion new share issuance. SG CIB was also involved as a joint bookrunner in Danone's first US dollar bond issuance, confirming Corporate and Investment Banking's expansion in this segment.

Legacy assets' contribution to revenues was EUR -112 million in Q2 12. The policy to reduce this portfolio continued, with a EUR 2.2 billion decline in outstandings in nominal terms in Q2 12 (EUR 1.6 billion of disposals and EUR 0.6 billion of amortisation). H1 revenues came to EUR -169 million vs. EUR +85 million in H1 11, while the portfolio was reduced by EUR 4.3 billion in nominal terms.

Corporate and Investment Banking's operating expenses totalled EUR -1,005 million in Q2 12, significantly lower (-15.0%* and -13.6% in absolute terms) than in Q2 11. They benefited from the initial effects of restructuring and cost adjustment plans introduced at end-2011, and in particular SG CIB's restructuring plan which was completed in Q2 in France. The gross operating income of SG CIB's core activities, excluding the net discount on loans sold, amounted to EUR 503 million in Q2.

Operating expenses fell -10.1%* to EUR -2,225 million in H1 12 (EUR -2,478 million in H1 11). Gross operating income came to EUR 865 million (EUR 1,637 million in H1 11).

The Q2 net cost of risk of core activities was low (21 basis points). Legacy assets' net cost of risk was EUR -38 million in Q2 12.

Corporate and Investment Banking's operating income totalled EUR 134 million in Q2 12. The contribution to Group net income was EUR 131 million.

The contribution to Group net income was EUR 482 million in H1 12. When restated for the net discount on loans sold, core activities' contribution to Group net income amounted to EUR 990 million.

6. SPECIALISED FINANCIAL SERVICES AND INSURANCE

In EUR m		Q2 11	Q2 12	Change Q2 vs Q2	H1 11	H1 12	Change H1 vs H1
Net banking income		871	877	+0.7%	1,744	1,726	-1.0%
	On a like-for-like basis*			+1.5%			-0.8%
Operating expenses		(458)	(453)	-1.1%	(928)	(908)	-2.2%
	On a like-for-like basis*			-0.2%			-1.6%
Gross operating income		413	424	+2.7%	816	818	+0.2%
	On a like-for-like basis*			+3.4%			+0.2%
Net cost of risk		(214)	(168)	-21.5%	(427)	(334)	-21.8%
Operating income		199	256	+28.6%	389	484	+24.4%
	On a like-for-like basis*			+28.4%			+22.9%
Group net income		146	167	+14.4%	277	330	+19.1%

The Specialised Financial Services and Insurance division comprises:

• (i) Specialised Financial Services (operational vehicle leasing and fleet management, equipment finance, consumer finance).
• (ii) Insurance (Life, Personal Protection, Property and Casualty)

Q2 12 saw Specialised Financial Services and Insurance maintain the performance of the previous quarter, with a contribution to Group net income of EUR 167 million, up +14.6%* vs. Q2 11.

Specialised Financial Services and Insurance's operating income came to EUR 256 million in Q2 12, up +28.4%* vs. Q2 11.

In H1 12, Specialised Financial Services also increased external funding initiatives, which totalled EUR 2.2 billion over the period. The main realisations consisted in the securitisation of car loans in France and Germany, and the launch of deposit collection in Germany.

Operational vehicle leasing and fleet management enjoyed monitored growth in its fleet, which amounted to approximately 931,000 vehicles at end-June 2012 (+5.8%(1) vs. end-June 2011).

New Equipment Finance business was down -4.0%* vs. Q2 11 at EUR 1.9 billion (excluding factoring) against the backdrop of an economic slowdown. New business margins remained at a healthy level. Outstandings amounted to EUR 18.2 billion excluding factoring, down -1.7%* vs. end-June 2011.

In Consumer Finance, new business declined -3.4%* vs. Q2 11 to EUR 2.7 billion due to changes in the regulatory environment and a more selective loan approval policy. Outstandings remained stable over the period at EUR 22.5 billion (+0.2%* vs. end-June 2011).

Specialised Financial Services' net banking income was stable vs. Q2 11 (-0.3%*) at EUR 707 million. Operating expenses were under control at EUR -390 million, down -1.8%* vs. Q2 11. Gross operating income was up +1.6%* vs. Q2 11 at EUR 317 million.

Specialised Financial Services' cost of risk amounted to EUR -168 million in Q2 12 (128 basis points) vs. EUR -214 million in Q2 11 (156 basis points).

The Insurance activity maintained its performance in Q2 12. Gross life insurance inflow declined by -17.5%* vs. Q2 11 in an unfavourable environment. The performance in France during H1 remained in line with the market, enabling the Insurance activity to maintain its market share. Driven by the development of international activities, personal protection insurance premiums continued to enjoy

(1) On a like-for-like basis

strong growth in Q2 (+20.1%* vs. Q2 11). Property and Casualty insurance premiums also remained high (+9.2%* vs. Q2 11) particularly in the auto segment.

The Insurance activity's net banking income totalled EUR 170 million in Q2 12, up +9.8%* vs. Q2 11.

7. PRIVATE BANKING, GLOBAL INVESTMENT MANAGEMENT AND SERVICES

In EUR m		Q2 11	Q2 12	Change Q2 vs Q2	H1 11	H1 12	Change H1 vs H1
Net banking income		547	533	-2.6%	1,127	1,086	-3.6%
	On a like-for-like basis*			-5.7%			-6.1%
Operating expenses		(499)	(472)	-5.4%	(983)	(956)	-2.7%
	On a like-for-like basis*			-8.8%			-5.5%
Operating income		36	62	+72.2%	120	123	+2.5%
	On a like-for-like basis*			+74.3%			+2.5%
Impairment losses on goodwill		0	(200)	NM	0	(200)	NM
Group net income		59	(129)	NM	156	(48)	NM
o.w. Private Banking		31	14	-54.8%	74	50	-32.4%
o.w. Asset Management		25	(168)	NM	65	(131)	NM
o.w. SG SS & Brokers		3	25	x8.3	17	33	+94.1%

Private Banking, Global Investment Management and Services consists of four activities:

• (i) Private Banking (Societe Generale Private Banking)
• (ii) Asset Management (Amundi, TCW)
• (iii) Societe Generale Securities Services (SGSS)
• (iv) Brokers (Newedge).

Global Investment Management and Services posted a mixed performance in Q2 12 in slow markets.

Private Banking experienced a general revenue decline of -10.3% year-on-year following an operating loss recorded in Asia (EUR -9 million). When restated for this one-off loss, revenues were down -5.7%. At EUR 85.6 billion at end-June 2012, the level of assets under management rose +1% vs. end-December 2011 (EUR 84.7 billion) despite the decline in equity markets.

Global Investment Management and Services' results were underpinned by a good commercial momentum. Outstanding assets under custody were stable and assets under administration rose +3.3% vs. end-December 2011. Newedge maintained its leadership position with a Q2 market share up +0.5 points year-on-year. Finally, TCW 's Asset Management activity posted a good performance, resulting in 9 funds obtaining a Morningstar rating of 4 stars or more at end-June 2012. The "MetWest Total Return Bond Fund" is among the top 2% of funds in the United States in the 10 and 15 year intermediate-term bond segment (among more than 600 players – Morningstar, July 2012). However, the Group was prompted to write down (by EUR -200 million) the goodwill of the asset management activity primarily carried out by the TCW subsidiary in order to take account of the situation in the asset management market in the current economic environment.

At EUR 533 million in Q2, the division's revenues were down -5.7%* year-on-year (-2.6% in absolute terms). At EUR -472 million, operating expenses fell -8.8%* over the same period (-5.4% in absolute terms), reflecting the businesses' operating efficiency efforts. Gross operating income amounted to EUR 61 million, up +27.7%* vs. Q2 11 (+27.1% in absolute terms). The division's contribution to Group net income came to EUR -129 million, vs. EUR 59 million in Q2 11, due to TCW's goodwill write-down in order to take account of changes in the asset management market (EUR -200 million).

H1 net banking income totalled EUR 1,086 million, down -6.1%* vs. the previous year. Operating expenses were 5.5%* lower at EUR -956 million. The contribution to Group net income was EUR -48 million vs. a total of EUR 156 million at end-June 2011.

The division's contribution to Group net income, excluding the goodwill write-down, was EUR +71 million in Q2 12 and EUR +152 million in H1 12.

Private Banking

The business line recorded a positive inflow of EUR +0.9 billion in Q2 and consolidated its assets under management (EUR 85.6 billion at end-June 2012 vs. EUR 84.7 billion at end-2011). This included a "market" effect of EUR -0.1 billion, a cumulative inflow of EUR +0.1 billion, a "currency" impact of EUR +1.0 billion and a "structure" effect of EUR -0.3 billion over six months.

At EUR 174 million, the business line's revenues declined -12.6%*, but only -5.7% excluding the operating loss in Asia, vs. Q2 11. At EUR -157 million, operating expenses were 2.5%* lower year-onyear. As a result, gross operating income totalled EUR 17 million in Q2 12 (vs. EUR 39 million in Q2 11). The business line's contribution to Group net income amounted to EUR 14 million (vs. EUR 31 million in Q2 11).

H1 net banking income totalled EUR 374 million, down -11.6%* vs. the previous year. Operating expenses were 4.7%* lower at EUR -305 million. The contribution to Group net income was EUR 50 million vs. a total of EUR 74 million at end-June 2011.

Asset Management

At EUR 101 billion, TCW's assets under management increased by EUR +10.0 billion since the beginning of the year. This included an inflow of EUR +1.8 billion, a "market" effect of EUR +3.9 billion, a "currency" impact of EUR +3.0 billion and a "structure" effect of EUR +1.4 billion.

TCW posted a good performance, resulting in 9 funds obtaining a Morningstar rating of 4 stars or more at end-June 2012. The "MetWest Total Return Bond Fund" is ranked among the top 2% of funds in the United States in the 10 and 15 year intermediate-term bond segment (among more than 600 players).

At EUR 74 million, revenues were down -16.9%* (-7.5% in absolute terms) vs. Q2 11. This trend was offset by a decline in operating expenses. Gross operating income came to EUR 12 million in Q2 12 vs. EUR -7 million in Q2 11. The business line's contribution to Group net income was EUR -168 million (vs. EUR 25 million in Q2 11), including a EUR 24 million contribution from Amundi and the EUR -200 million goodwill write-down related to the TCW subsidiary.

H1 net banking income totalled EUR 159 million, down -12.6%* year-on-year. Operating expenses were 17.0%* lower at EUR -146 million. The business line's contribution to Group net income came to EUR -131 million (vs. EUR 65 million at end-June 2011), including a EUR 61 million contribution from Amundi and the goodwill write-down related to the TCW subsidiary (EUR -200 million).

Societe Generale Securities Services (SGSS) and Brokers (Newedge)

Securities Services provided further evidence of its healthy commercial momentum, with the consolidation of assets under custody at EUR 3,343 million and an increase in assets under administration of +3.3% to EUR 427 billion vs. end-December 2011. In a durably challenging market environment, the Broker activity improved its market share to 11.3% in Q2 12 (+0.5 points vs. Q2 11) and is ranked No. 2 among Futures Commission Merchants (May 2012).

At EUR 285 million, Securities Services and Brokers posted revenues up +2.9%* vs.Q2 11 (+4.4% in absolute terms). The businesses continued with their efficiency measures, which enabled operating expenses to decline -2.7%* vs. Q2 11 to EUR -253 million. Operating income virtually doubled yearon-year to EUR 32 million. The contribution to Group net income amounted to EUR 25 million vs. EUR 3 million a year earlier.

H1 net banking income totalled EUR 553 million, up +0.4%* year-on-year. Operating expenses fell -2.0%* to EUR -505 million. The business line's contribution to Group net income virtually doubled to EUR 33 million.

8. CORPORATE CENTRE

The Corporate Centre's gross operating income totalled EUR +342 million in Q2 12 (EUR -122 million in Q2 11).

It includes, in particular:

• the revaluation of the Group's own financial liabilities, amounting to EUR +206 million (EUR +16 million in Q2 11);
• the revaluation of credit derivative instruments used to hedge corporate loan portfolios, amounting to EUR +13 million in Q2 12 (EUR +1 million in Q2 11);
• specific taxes applicable to banks, amounting to EUR -18.8 million.

The contribution to Group net income was EUR +135 million in Q2.

Gross operating income totalled EUR +43 million in H1 vs. EUR -508 million in H1 11. The contribution to Group net income was EUR -99 million vs. EUR -706 million in H1 11 (H1 11 saw the booking of initial provisions to cover Greek sovereign risk).

9. CONCLUSION

With book Group net income of EUR +433 million in Q2 12 and EUR +1,165 million in H1 12, for underlying(1) Group net income of EUR +793 million in Q2 12 and EUR +1,966 million in H1 12, Societe Generale provided further evidence of the resilience of its businesses in an ongoing turbulent and sluggish environment in 2012.

With a cost of risk under control, the Group is confident of its ability to generate capital in a consistent and sustained manner. It has equipped itself with the means to achieve its ambitions through a costcutting programme, notably in Corporate and Investment Banking. The full effects of this programme will begin to be felt from Q3 2012.

The disciplined implementation of the transformation strategy under way since 2010, bolstered by the quality of its franchises and a rigorous cost management policy, has helped Societe Generale achieve another important milestone in the construction of a Basel 3 Core Tier One ratio of more than 9% by end-2013, without a capital increase. It will also be able to confidently approach the next regulatory deadlines.

2012/2013 financial communication calendar

November 8th, 2012	Publication of third quarter 2012 results
February 13th, 2013	Publication of fourth quarter and FY 2012 results
May 7th, 2013	Publication of first quarter 2013 results
August 1st, 2013	Publication of second quarter 2013 results
November 7th, 2013	Publication of third quarter 2013 results

This document may contain a number of forecasts and comments relating to the targets and strategies of the Societe Generale Group. These forecasts are based on a series of assumptions, both general and specific (notably – unless specified otherwise – the application of accounting principles and methods in accordance with IFRS as adopted in the European Union as well as the application of existing prudential regulations). This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. The Group may be unable to:

• anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential impact on its operations; - precisely evaluate the extent to which the occurrence of a risk or combination of risks could cause actual results to differ materially from those contemplated in this press release.

There is a risk that these projections will not be met. Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when basing their investment decisions on information provided in this document. Unless otherwise specified, the sources for the rankings are internal.

⁽¹⁾ Underlying income: excluding non-economic and non-recurring items and legacy assets

APPENDIX 1: STATISTICAL DATA

CONSOLIDATED INCOME STATEMENT			2nd quarter		Half Year
(in EUR millions)	Q2 11	Q2 12	Change Q2 vs Q2		H1 11	H1 12		Change H1 vs H1
Net banking income	6,503	6,272	-3.6%	-5.0%*	13,122	12,583	-4.1%	-4.9%*
Operating expenses	(4,241)	(3,986)	-6.0%	-6.8%*	(8,617)	(8,319)	-3.5%	-3.7%*
Gross operating income	2,262	2,286	+1.1%	-1.6%*	4,505	4,264	-5.3%	-7.1%*
Net cost of risk	(1,185)	(822)	-30.6%	-30.2%*	(2,063)	(1,724)	-16.4%	-16.0%*
Operating income	1,077	1,464		+35.9% +28.0%*	2,442	2,540	+4.0%	+0.1%*
Net profits or losses from other assets	63	(22)	NM		64	(7)	NM
Net income from companies accounted for by the equity method	40	14	-65.0%		78	61	-21.8%
Impairment losses on goodwill	0	(450)	NM		0	(450)	NM
Income tax	(317)	(440)	+38.8%		(687)	(739)	+7.6%
Net income	863	566	-34.4%		1,897	1,405	-25.9%
O.w. non controlling interests	116	133	+14.7%		234	240	+2.6%
Group net income	747	433	-42.0%	-43.3%*	1,663	1,165	-29.9%	-31.1%*
Group ROTE (after tax)					10.0%	6.0%
Tier 1 ratio at end of period	11.3%	11.6%**			11.3%	11.6%**

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

** Incorporating CRD3 requirements

NET INCOME AFTER TAX BY CORE BUSINESS		2nd quarter		Half Year
(in EUR millions)		Q2 12	Change Q2 vs Q2	H1 11	H1 12	Change H1 vs H1
French Networks International Retail Banking Corporate & Investment Banking Specialised Financial Services & Insurance	384 116 449 146	360 (231) 131 167	-6.3% NM -70.8% +14.4%	736 160 1,040 277	686 (186) 482 330	-6.8% NM -53.7% +19.1%
Private Banking, Global Investment Management and Services	59	(129)	NM	156	(48)	NM
o.w. Private Banking	31	14	-54.8%	74	50	-32.4%
o.w. Asset Management	25	(168)	NM	65	(131)	NM
o.w. SG SS & Brokers	3	25	x8.3	17	33	+94.1%
CORE BUSINESSES	1,154	298	-74.2%	2,369	1,264	-46.6%
Corporate Centre	(407)	135	NM	(706)	(99)	+86.0%
GROUP	747	433	-42.0%	1,663	1,165	-29.9%

CONSOLIDATED BALANCE SHEET

Assets (in billions of euros)	June 30, 2012	December 31, 2011	% change
Cash, due from central banks	57.0	44.0	+30%
Financial assets measured at fair value through profit and loss	472.3	422.5	+12%
Hedging derivatives	14.0	12.6	+11%
Available-for-sale financial assets	125.9	124.7	+1%
Due from banks	87.6	86.5	+1%
Customer loans	360.5	367.5	-2%
Lease financing and similar agreements	29.6	29.3	+1%
Revaluation differences on portfolios hedged against interest rate risk	3.9	3.4	+15%
Held-to-maturity financial assets	1.3	1.5	-12%
Tax assets and other assets	68.1	61.0	+12%
Non-current assets held for sale	0.2	0.4	-46%
Deferred profit-sharing	0.6	2.2	-74%
Tangible, intangible fixed assets and other	25.7	25.8	-0%
Total	1,246.7	1,181.4	+6%

Liabilities (in billions of euros)	June 30, 2012	December 31, 2011	% change
Due to central banks	2.2	1.0	x 2,3
Financial liabilities measured at fair value through profit and loss	429.6	395.2	+9%
Hedging derivatives	13.8	12.9	+7%
Due to banks	113.7	111.3	+2%
Customer deposits	348.5	340.2	+2%
Securitised debt payables	117.0	108.6	+8%
Revaluation differences on portfolios hedged against interest rate risk	5.2	4.1	+26%
Tax liabilities and other liabilities	70.0	60.7	+15%
Non-current liabilities held for sale	0.2	0.3	-38%
Underwriting reserves of insurance companies	84.1	83.0	+1%
Provisions	2.3	2.5	-6%
Subordinated debt	7.2	10.5	-32%
Shareholders' equity	48.7	47.1	+4%
Non controlling Interests	4.2	4.0	+5%
Total	1,246.7	1,181.4	+6%

APPENDIX 2: MÉTHODOLOGY

1- The Group's H1 consolidated results as at June 30th, 2012 were examined by the Board of Directors on July 31st, 2012.

The financial information presented in respect of the six-month period ended June 30th, 2012 has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. In particular, the Group's summarised interim consolidated financial statements have been prepared and are presented in accordance with IAS 34 "Interim Financial Reporting".

The financial information has been submitted for review by the Statutory Auditors who will issue a report on the interim financial information as at June 30th, 2012.

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. The net 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 (EUR 141 million at end-June 2012), and the capital gain net of tax and accrued unpaid interest relating to buybacks of deeply subordinated notes amounting to EUR 2 million at end-June 2012.

As from January 1st, 2012, the allocation of capital to the different businesses is based on 9% of riskweighted assets at the beginning of the period, vs. 7% previously. The published quarterly data related to allocated capital have been adjusted accordingly. At the same time, the normative capital remuneration rate has been adjusted for a neutral combined effect on the businesses' historic revenues.

3- For the calculation of earnings per share, "Group net income for the period" is corrected (reduced in the case of a profit and increased in the case of a loss) for interest, net of tax impact, to be paid to holders of:

• (i) deeply subordinated notes (EUR 133 million at end-June 2012),
• (ii) undated subordinated notes recognised as shareholders' equity (EUR 8 million at end-June 2012).

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.

4- Net assets are comprised of Group shareholders' equity, excluding (i) deeply subordinated notes (EUR 5.3 billion), undated subordinated notes previously recognised as debt (EUR 0.5 billion) and (ii) 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 Value Per Share, the number of shares used to calculate book value per share is the number of shares issued at June 30th, 2012, excluding own shares and treasury shares but including (a) trading shares held by the Group and (b) shares held under the liquidity contract.

5- The Societe Generale Group's Core Tier 1 capital is defined as Tier 1 capital minus the outstandings of hybrid instruments eligible for Tier 1 and a share of Basel 2 deductions. This share corresponds to the ratio between core Tier 1 capital excluding hybrid instruments eligible for Tier 1 capital and Core Tier 1 capital.

As from December 31st, 2011, Core Tier 1 capital is defined as Basel 2 Tier 1 capital minus Tier 1 eligible hybrid capital and after application of the Tier 1 deductions provided for by the Regulations.

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. The net income used to calculate ROTE is based on Group net income excluding interest, interest net of tax on deeply subordinated notes for the period (including issuance fees paid, for the period, to external parties and the discount charge related to the issue premium for deeply subordinated notes and the redemption premium for government deeply subordinated notes), interest net of tax on undated subordinated notes recognised as shareholders' equity for the current period (including issuance fees paid, for the period, to external parties and the discount charge related to the issue premium for undated subordinated notes) and the capital gain net of tax and accrued unpaid interest relating to buybacks of deeply subordinated notes amounting to EUR 2 million at end-June 2012.

All the information on the 2012 financial year results (notably: press release, downloadable data, presentation slides and appendices) is available on Societe Generale's website www.societegenerale.com in the "Investor" section.

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 banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.

Around 160,000 employees, based in 77 countries, accompany 33 million clients throughout the world on a daily basis. Societe Generale's teams offer advice and services to individual, corporate and institutional clients in three core businesses:

• Retail Banking in France, with the Societe Generale branch network, Crédit du Nord and Boursorama
• International Retail Banking, with a presence in Central and Eastern Europe and Russia, the Mediterranean Basin, Sub-Saharan Africa, Asia and French Overseas Territories
• Corporate and Investment Banking, with global expertise in investment banking, financing and market activities.

Societe Generale is also a significant player in Specialised Financial Services, Insurance, Private Banking, Asset Management and Securities Services.

Societe Generale is included in the main international socially-responsible investment indices: FTSE4good, ASPI, DJSI World and DJSI Europe.

For more information, you can follow us on twitter @societegenerale or visit our website www.societegenerale.com.