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SOCIETE GENERALED EEP D IVE IN TOMAR KET AC T IVIT IES & ASIA06.03.2018

DISCLAIMERThis presentation 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 inaccordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive andregulatory 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 consequences;- evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document andthe related presentation.Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject tonumerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance thatanticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the resultsanticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular,regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the Registration Document filed with the FrenchAutorité des Marchés Financiers.Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained insuch forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-lookinginformation or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.Figures in this presentation are unaudited.DEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.20182

D EEP D I VE I N TOM A R K ET A C T I VI T IESFRANK DROUETHEAD OF GLOBAL MARKETS06.03.2018

GLOBAL MARKETS WITHIN SOCIETE GENERALEINTERCONNECTINGREGIONSTRANSFORM TO GROW:2020 OBJECTIVESA STRONG FRANCHISEINNOVATION IS OUR DNAEUR 5.0bn150 structurersOne of the largest teamsin the industryEurope 2.5% 60% of Global Marketsstaff and revenues500 AmericasCAGR NBI 2016-2020Global Markets andInvestor ServicesAPIs in our catalogue 20% of Global Marketsstaff and revenuesrevenues5.2%2016 market share(1)24Primary dealerships60%130IT infrastructure on aPublic/Private cloudMarket venues presence35%revenues derived fromTop 3 positions segmentsAsia 20% of Global Marketsstaff and revenuesRWAGlobal Markets 20% of Group totalRONEContribute to GlobalBanking and InvestorSolutions target of 14%In the presentation, Global Markets includes Fixed Income, Equity and Prime Services(1) Source: 2016 Coalition IndexDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.20184

AN ACTIVITY AT THE SERVICE OF SOCIETE GENERALE’S MODELInternationalRetailBankingFrench rexGlobalFinanceFICC(1) derivatives for CorporatesDistribution of DCM issuances(1) Fixed Income, Currencies and CommoditiesWealth andAssetManagementCoverage &InvestmentBankingLiquidity ManagementPrime Servicesclient introductionCorporate Equity derivativesDistribution of ECM issuancesLyxor: distribution of ETFs, hedging, swapsPrivate Banking: distribution of structuredproducts, execution of client ordersDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.20185

A CLIENT ORIENTED BUSINESS CONSTANTLY ADAPTING TO THEIR NEEDSFinancial InstitutionsFinancial InstitutionsCorporatesOwn accountDistributionOwn accountGlobal Markets acts as an intermediary and a solutionprovider to FIs for their own execution and hedging needsGlobal Markets acts as an investment solutions providerfor FIs which sell our products to their own final clientsGlobal Markets provides corporate clients with hedgingsolutions of their risksBanks15%-20%BanksHedge FundsInsurers10%-20%Asset Managers60%-70%Asset ManagersInsurersShare in Global Markets client revenuesEquities 50%Share in Global Markets client revenuesFICCEquities 50% 70%Share in Global Markets client revenuesFICC 30%Equities 10%FICC 90%Equities includes Prime Services. 2016 dataDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.20186

AN AGILE AND DIVERSIFIED BUSINESS MIXScarceresourcesINVESTMENT SOLUTIONS 28%Strong ability to address our clientsinvestment requests One of the largest structuring teams in theindustry An all-assets Structured Products house A distribution leaderFICCEquitiesMarket ionFunding. (1)PeersEquitiesFICCFICCEquitiesFINANCING SOLUTIONS 24%Servicing clients needs in a low ratesenvironment Development via Newedge acquisition Active player in Bonds and Equity repomarkets Asset backed products push Balance sheet optimisationFLOW BUSINESS 48%Constant provider of liquidity Leader in Equity flow derivatives Long standing commitment toCommodities Leader in agency listed productsFICCfinancingResources allocatedClient AuM (PB)EquitiesfinancingCoveragePricing consistencyEquities flowFIC flowMacro themesPrimary activityGroup footprintCommoditiesSize of franchiseFinancing(1) Source: 2016 Coalition Index, Top 12 banks excl. SG (BoA, Barc, BNPP, Citi, CS, DB, GS, HSBC, JPM, MS, UBS), excl. US nDEEP DIVE INTO MARKET ACTIVITIES AND ASIALowcorrelation06.03.20187

A BUSINESS MODEL GAINING MARKET SHAREMarket share vs. top 12 8%3.1%201420152016H1-172014GlobalOverall derivativeshouse of the yearEquity derivativeshouse of the year3.6%3.6%3.7%3.5%20152016H1-172014Fixed IncomeInterest rateshouse of the year3.8%20152016CommoditiesEurope Houseof the YearH1-17201420152016EquityFICC Houseof the YearH1-1720144.7%4.9%2016H1-174.2%2015Prime servicesMost innovative IB forRisk managementBank technologyprovider of the year(1) Source: Coalition report. Top 12 banks: BoA, Barc, BNPP, Citi, CS, DB, GS, HSBC, JPM, MS, SG, UBSDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.20188

WE FACED CHALLENGES AND SUCCESSFULLY ADAPTED OUR BUSINESSEurozone crisisBasel IILiquiditycrisisBasel onsVolckerFrench Banking LawIHCSRFFrench Systemic taxUK Bank Levy20112012Cash consumptionreduced by 2/3 in 3monthsLCRSubordination costsVolatility declineLower interest ratesFICC marketslowdown20132014MAD/MARFICC: low volumesEquity: Asian crisis2015Mifid IIPRIIPSNSFRBasel IVHistorical low volatility levels20162017Cash consumptionreduced by 30%Prime ServicesFICCCommodities agency reengineeringOffer expansionDiversificationNewedge acquisition DiversificationDiversificationWE HAVE REMAINED SIGNIFICANTLY MORE PROFITABLE THAN THE INDUSTRYDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.20189

GLOBAL MARKETS: 2016-2020 ROADMAPSTRENGTHEN OUR EDGE AS AGLOBAL LEADER INDERIVATIVESBECOME A TOP PLAYERACROSS PRODUCTSIN EUROPEPrime brokerage platform developmentOPTIMISEOUR RESOURCESBUILD THEPARTNER BANKRight capital allocationExpand our SG Index PlatformInvest in Fixed Income,notably Rates and CreditGrow our derivatives solutions franchisewith Corporate clientsLeverage our Bank networkin Eastern EuropeAdapting to regulatory changesEnhance our digital offeringand client experience:a portal and an open library of APIsActive risk recyclingTight cost managementProvide advisory in risk managementExtend our Positive Impact offeringGLOBAL MARKETS & INVESTOR SERVICES REVENUES 2.5% CAGR 2016-2020DEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.201810

GLOBAL MARKETS: 2016-2020 ROADMAPOUR AMBITIONSTRENGTHEN OUR EDGE AS A GLOBALLEADER IN DERIVATIVESBECOME A TOP PLAYER ACROSSPRODUCTS IN EUROPEClose the gap in EuropeShare of 2016-2020 Global Markets revenue growthEUR 6bnCommoditiesA well-balanced contributionPrimeServicesFICCEquityPrime Services developmentincreases model diversificationwhile improving revenues stabilityStable regional contributionFixed IncomePrimeServicesEquitiesUSEU US 2bank 1 bank 1US 3SGUS 4EU 3EU 4US 5EU 5DEEP DIVE INTO MARKET ACTIVITIES AND ASIAEU 6EU 706.03.201811

GLOBAL MARKETS: 2016-2020 ROADMAPOPTIMISE OUR RESOURCESMarket activities daily resultsMAINTAIN AN EFFICIENT RISK FRAMEWORKContinued risk optimization Very limited daily losses for market activities among the past years LCR well-above 100%, NSFR in excessThe quality of riskmanagement ofSociete Generalemarket activities isRECOGNIZED BYTHE INDUSTRY:(EUR m – 2017)10080604020 We focus on diversification (by client, product, market, ) We have developed the capability to recycle our risks while meeting clientdemandRisk management advisory 6050 6040 5030 4020 3010 20Diversification & Innovation0 10-10 0 -100Transferring Societe Generalerisk for the benefit of investorsIncreased capacityfor structured products3. ALTERNATIVE RISKTRANSFER TO HEDGE FUNDS1. BEST-SELLINGSTRUCTURED PRODUCTSInventory of risks in ourtrading booksOur dedicated Market Risk Advisory provides tailored solutions to help ourclients successfully address their risk management issuesDevelopment oftrade opportunities2. TRADING POSITIONSDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.201812

GLOBAL MARKETS: 2016-2020 ROADMAPBUILD THE PARTNER BANKINNOVATE FOR OUR CLIENTSEffective capacity to ACT AS ONEA ONE STOP SHOP as aMARKETS EXPERT /ADVISORRELIABLE DELIVERYProducts & Services,MASS RELEVANTCLIENTS AS PARTNERSQuality & performancematter for a substainablelong term relationshipContinue to deploy new Products & Services,offered to our clients throughtheir preferred channelChannelsSGMarketsMORESERVICESSingle DealerPlatformAPISGBotA PLATFORM ofRELEVANT content and solutionsChat platformsSIMPLIFYour clients’ lifeMulti DealerPlatformsDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.201813

D EEP D I VE I N TOA SI AH I K A R U O G ATAH E A D O F A S I A - PA C I F I C06.03.2018

ASIA PACIFIC WITHIN SOCIETE GENERALEA DIVERSIFIED PRESENCEA STRONG ANDBALANCED CLIENTFRANCHISEA STRONG ANDRESILIENT WHOLESALEFRANCHISEA FRANCHISECONNECTING ASIA ANDTHE WORLD150 years 2,000EUR 1.2bn13%Presence in the regionclientsRevenues(1)12EUR 1.0bnRONEof Global Banking andInvestor SolutionsrevenuesCountries presenceAsian client revenuesworldwideGreater than GlobalBanking and InvestorSolutions average17Exchange memberships20Main local regulatorso/w 45%Corporateso/w 55%Financial Institutions67International awardsTop positionsStructured productsEquity derivativesG10 Rates, CommoditiesNatural ResourcesStrong footprintAsset FinanceCorporate LendingPrime Services 40%Corporate clientsrevenues generatedoutside their domesticregion EUR 175mrevenues generated withAPAC corporate clientsoutside APAC region,cross-selling bothwholesale and nonwholesale products2017 data(1) Revenues originated by ASIA business unit, 100% booked within Global Banking and Investor SolutionsDEEP DIVE INTO MARKET ACTIVITIES AND ASIA06.03.201815