Societe Generale : PRESENTATION (AVEC ANNEXES) en anglais uniqement

SOCIETE GENERALE GROUP RESULTS

1st quarter 2020 | 30.04.2020

DISCLAIMER

This 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 in accordance 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 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 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 and the related presentation.
  Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are 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 factors that could cause actual results to differ materially from the results anticipated 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 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 considering the information contained in such forward- looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.
  The financial information presented for the quarter ending 31 March 2020 was reviewed by the Board of Directors on 29 April 2020 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date, and has not been audited.
  The comparative figures presented in this document have been restated for the application of IAS 12 amendment. As a consequence, the tax effect on interest paid to holders of deeply subordinated notes & undated subordinated notes is now accounted in the profit and loss of the period on « Income tax ». See supplement

1STQUARTER 2020 RESULTS 30 APRIL 20202

1INTRODUCTION

A GLOBAL CRISIS WITH MAJOR LONG TERM IMPACT

GLOBAL

SEVERE

TRIGGERING

MASSIVE AND

EFFICIENT

ANSWERS

STILL CARRYINGUNCERTAINTIES

Lockdown in 80 countries

Affecting most economic sectors

Major impact expected on economies despite Government measures

Extremely adverse market conditions (VIX at all time high and historic drop in equity indexes)

Massive, efficient and coordinated responses implemented by Governments, Central Banks and Regulators

Uncertainties remain on the duration of the health crisis and on the shape of the recovery Likely to have lasting economic, political and societal consequences

1STQUARTER 2020 RESULTS 30 APRIL 20204

WE ARE SUPPORTING OUR PEOPLE, CLIENTS AND ALL PARTNERS WITH A DEEP SENSE OF RESPONSABILITY

EMPLOYEES

Priority given to the care situation of ourstaff

Demonstrated capacity to fully operate remotely at Group level

Strong managerial support and regular morale survey

Fixed salaries guaranteed for 138,000 members of staff worldwide during the crisis

(1) Up to 9months in Romania until 31/12/2020

CLIENTS

CORPORATE

Accompanying corporate and institutional to go through the crisis, throughFinancing and Advisory business inall our geographies

Active participation tosupport corporate companies andmaintain jobs

In France, active participation to the smoothand quickimplementation of a large-scaleloan facility guaranteed by the French state

Participation to similarloan programmes guaranteed by Governments inCzech Republic andRomania

InRussia,6-monthmoratorium on bankruptcy for companies operating in the most affected sectors

InAfrica,pro-active standstill measures from 3 to 6 months implemented in most countries on top of potential local measures

Up to EUR 100mof financial commitments taken by SG Insuranceto support its clients and the economy

INDIVIDUAL

Networks remain fully operationalwith ~ 85% branches open in France, 95%in Africa, 90% in Russiaand ~ 70% in KB and

BRD

InFrance,flexible approach forindividual customers

Standstill measures for 3 to 6 months(1)applicable to individual clients in international geographies

COMMUNITIES

Aglobal solidarity programmeup to EUR 50mboth at a French and international level

Tailor made support schemes

developed by each bank in every country where the Group operates

1STQUARTER 2020 RESULTS 30 APRIL 20205

WE ENTER THIS CRISIS WITH A STRONG PROFILE

SOLID RISK PROFILE

STRONG BALANCE SHEET		REFOCUSED BUSINESS
AND LIQUIDTY		MODEL

ROBUST OPERATING

MODEL BASED ON SOLID

IT FOUNDATIONS

Applying thehighest standards in terms of selective credit origination andactive credit portfolio hedging policies

Diversified exposure in terms ofsector andgeography (from 15% of EAD in emerging markets in 2009 to 11% in 2019)

Very good quality of portfolio: NPL Ratio of3.1% in Q1 20, vs.6.6% at end-2013and Coverage Ratio of 55% in Q1 20

Strict control of market risk: market RWAs representing 5% of Group total RWAs: diversified business mix

1. After reversal of 2019 dividend provision
2. 9.05% as of April 1st, 2020

CET1 ratioat 12.6% as of 31/03/2020 (13.2%(1)as of 31/12/2019)

350bp buffer above MDA(2)

Increasing and comfortable liquidity buffer

Funding programme completed at 45% withdemonstrated capacity to access markets in current conditions

More than100 disposals since 2009 with an exit from 25 countries

Refocusing completed for

International Retail Banking

Retail presence in4 regions,

with strong franchises

Leadership positions in Financial services

High value-added businesses inwholesale banking

Benefits from increased level of digitalisation emphasized at bothbusiness andsupport function level

Solid IT system, withno major IT incident as of todaydespite the IT scale-upacross the Group

Significant milestone delivered successfully in March onEMC

integration

1STQUARTER 2020 RESULTS 30 APRIL 20206

Q1 20 RESULTS HIGHLIGHTS AND 2020 OUTLOOK

RESILIENT RETAIL AND	DECREASE
FINANCIAL SERVICES,	IN COSTS
SEVERE IMPACT ON
GLOBAL MARKETS

INITIAL IMPACT OF COVID-19 ON COST OF RISK

STRONG CAPITAL AND LIQUIDITY POSITION

Solid retail banking

Good commercial performance in January and February across all geographies partly offset by lockdown in March

Resilient profitability of French and International retail banking

Resilient Financial Services

Solid revenues inFinancing activities

Global Markets largely affected

by the impact of market dislocation on structured products

Decrease in costs(1)by

-3.6% in Q1 20 vs. Q1 19

Decrease in costs in 2020 at Group level

Adding EUR 600m-700m

net savings in 2020

Cost of risk up 3x,

starting from a very low level

2020 cost of risk expected to be around 70bp in base "Covid"

scenario and around

100bp in extended health crisis scenario

CET 1 ratio at 12.6%,

~350bp over MDA(2)

LCR at 144% on average

Liquidity buffer of EUR 203bn

Funding programme ~45% completed, ~2/3 for

SNP

2020 CET1 ratio with a

buffer over MDA between

200bp and 250bp depending on the assumption related to the distribution of an

1. Underlying data: adjusted for exceptional items and IFRIC 21 linearisation. See supplement.
2. 9.05% as of April 1st, 2020

exceptional dividend

1STQUARTER 2020 RESULTS 30 APRIL 20207

2Q1 20 RESULTS

Q1 20 GROUP PERFORMANCE

FRENCH RETAIL BANKING

Revenues

-1.2%excl. PEL/CEL vs. Q1 19

INTERNATIONAL RETAIL BANKING

Revenues

+2.9%*vs. Q1 19

INSURANCE AND FINANCIAL SERVICES

Revenues

-0.9%*vs. Q1 19

GLOBAL BANKING AND		CORPORATE
INVESTOR SOLUTIONS		CENTRE

Revenues	Gross operating
-27.3%vs. Q1 19	income
	EUR -406m

Good commercial dynamism in January and February, end of March impacted by Covid-19

Increase in net interest margin offset by a decrease in service fees

Decrease in costs(1)(-3.8% vs. Q1 19)

RONE(1)

10.7% in Q1 20

Good commercial dynamic across regions with first sight of

Covid-19 impact from mid-

March

Positive jaws(2)

RONE(1)

13.2% in Q1 20

Revenues growth(3)in Insurance High level in unit-linked and

good performance in Protection

Resilient Financial Services to Corporates

RONE(1)

19.6% in Q1 20

Good performance in FIC (+32% in Q1 20 vs. Q1 19) offset by poor performance in Equities (-99% vs. Q1 19)

Resilient revenues in Financing & Advisory; significant increase in cost of risk

Increase in revenues in Asset & Wealth Management

Decrease in costs(1)(-4.9% vs. Q1 19)

RONE(1)

<0% in Q1 20

NBI impacted by the change in fair value of financial

instruments corresponding to

economic hedges of financial debt that do not meet IFRS hedge accounting criteria

Costs globally in line with last year

IFRS 5 impact of refocusing plan (EUR -77m in Q1 20)

Q1 20 Revenues EUR 5.2bn, Q1 20 Group net income(1)at EUR 98m, CET1 ratio at 12.6%

1. Underlying data: adjusted for exceptional items, IFRIC 21 linearisation and PEL/CEL provision for French RetailBanking. See supplement.
2. Excluding contribution toCovid-fund in Mediterranean basin (3) Excluding contribution to the solidarity fund in France

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

1STQUARTER 2020 RESULTS 30 APRIL 20209

WORKING ON ADDITIONAL COST MEASURES

PURSUING THE DOWNWARD TREND		WORKING ON ADDITIONAL NET
INITIATED IN 2019		SAVINGS OF EUR 600m-700m

_Underlying operating expenses(1)in EURm

4,345	-3.6%	4,188
Q1 19		Q1 20

Travel & events

External providers

Interim, consulting, business expertise

IT services

External subcontractors

Hiring freeze, variable compensation

Optimise "Change the Bank" expenses

Prioritisation in the project portfolio

Decrease in costs in 2020 vs. 2019

Additional net cost reduction of EUR 600m-700m in 2020

1. Underlying operating expenses: adjusted for IFRIC 21 linearisation. See Methodology and Supplement p.38 * When adjusted for changes in Group structure and at constant exchange rates

1STQUARTER 2020 RESULTS 30 APRIL 202010

COST OF RISK REFLECTING FIRST EFFECTS OF COVID-19

GROUP

FRENCH RETAIL

BANKING

INTERNATIONAL

RETAIL BANKING AND

FINANCIAL SERVICES

GLOBAL BANKING AND INVESTOR SOLUTIONS

_Cost of risk(1)(in bp)

Q1 19	Q2 19	Q3 19	Q4 19	Q1 20
			29	65
21	25	26
	27		30	49
20	19

		49	67
39	38	46
			87
10	8	16	17

NON-PERFORMING LOAN RATIO

MAR 16	MAR 17	MAR 18	MAR 19	MAR 20

5.0% 4.8%

4.2%

3.5%	3.1%

GROSS COVERAGE RATE: 55% atend-March.20

2020 cost of risk expected at around 70bp in our base "Covid" scenario

and around 100bp in our extended health crisis scenario

(1) Outstandings at beginning of period. Annualised.

1STQUARTER 2020 RESULTS 30 APRIL 202011

FOCUS ON Q1 20 COST OF RISK

Q1 20 NET COST OF RISK

EUR 820m

IBFS	GBIS
28%	42%

French Retail

Banking

30%

Cost of risk at 32 bps excluding Covid-19 and 2 fraud-related one off charges this quarter

Covid 19explaining ~36% of Q1 20 cost of risk,half of which resulting from management overlay

FRENCH RETAIL BANKING

EUR 249m (vs. EUR 149m in Q4 19)

Increase partly resulting from S1/S2 provisioning related to Covid-19

Strong support expected from State measures (unemployment scheme)

Moratorium in place for Small Business and SMEs, flexible approach for private customers (limited impact in Q1)

INTERNATIONAL RETAIL BANKING

AND FINANCIAL SERVICES

EUR 229m (vs. EUR 158m in Q4 19)

First impact of Covid-19 notably in Europe

Still early stages of the crisis in other geographies

GLOBAL BANKING AND INVESTOR

SOLUTIONS

EUR 342m (vs. EUR 66m in Q4 19)

Increased provisioning on sectors considered most at risk

Impact from2 fraud-related one off charges this quarter

COVID 19 EXPLAINING ~36% OF Q1 20 COST OF RISK

1STQUARTER 2020 RESULTS 30 APRIL 202012

DIVERSIFIED AND SOUND PORTFOLIO

DIVERSIFIED CORPORATE PORTFOLIO

CORPORATE EAD IN EACH SECTOR IN % OF TOTAL GROUP EAD(1)AT 31.12.2019

Total Group EAD : EUR 918BN

SOLID RETAIL EXPOSURE

FOCUSED ON SOLID GEOGRAPHIES

EAD, on and off-balance sheet (EUR 203bn) as at 31.12.19(3)

Finance & Insurance Business services (2)

Real estate Wholesale trade Transport & logistics Collective services Oil and Gas Retail trade

Food & agriculture Metals, minerals Construction Machinery and equipment

6.0%

3.8%

3.6%	Shipping: <1% of total Group EAD, ~50% investment
2.6%
Grade, mostly secured
2.5%
Aircraft: <0.5% of total Group EAD, close to 50%
2.2%
investment Grade, mostly secured
2.2%
1.7%
1.5%	Oil & Gas: diversified exposure, ~2/3 Investment
1.3%	Grade

1.2%

1.1%

Africa and	Western	Others
Europe	1%
Middle East
12%
3%
Russia
2%
Romania	Czech	France
1%
Republic	75%
	7%

DIVERSIFIED RETAIL CREDIT RISK

EAD, on and off-balance sheet (EUR 203bn) as at 31.12.19(3)

Others Automobiles Telecoms

Chemicals, rubber, plastics Consumer goods Hotels and catering Transport equip. Manuf. Health, social services Public administration

1.0%	SOUND CREDIT PORTFOLIO
0.9%
0.8%	DIRECT GROUP LBO EXPOSURE < EUR 5bn
0.7%

0.6%	SME REPRESENTING ~15%OF CORPORATE
0.5%
EAD(mostly in France)
0.5%
0.4%
0.4%

Other - small

entities or

self employed

16%

Other credits
to individuals	Revolving
26%
credits
	4%

Residential mortgages 54%

Of which France >85% , mostly secured (~80% of outstandingssecured by Credit Logement)

(1)EAD for the corporate portfolio as defined by the Basel regulations (large corporate including insurance companies, funds and hedge funds, SME, specialised financing, and factoring) based on the obligor's characteristics before taking account of the substitution effect. Total credit risk (debtor, issuer and replacement risk). Corporate EAD : EUR 326bn

(2) Including conglomerates, (3) As per Pillar 3 disclosure

1STQUARTER 2020 RESULTS 30 APRIL 202013

CET1(1)AT 12.6%,

~350 bp buffer over MDA (~9%)

LEVERAGE RATIO AT 4.2%

Active management of our leverage exposure, ensuring stable ratio

TOTAL CAPITAL AT 18.0%

AT1 and T2 buckets well above minimum requirements

TLAC(2)RATIO: 28.3% OF RWA

MREL COMPLIANT WITH BAIL-

INABLE DEBT ONLY

Compliance with MREL/TLAC requirements since 2018 thanks to constant and regular access to the SNP markets since December 2016 (EUR 27bn outstanding)

CAPITAL: COMFORTABLE BUFFER OVER REGULATORY REQUIREMENTS

_Q1 20: change in CET1(1)ratio (in bp)

13.2%		-51bp
	Reversal of
+54bp	2019
dividend			-3bp
	provision(3)				-7bp		-6bp	+10bp	12.7%
								12.6%

12.7%

Q4 19(1)	Organic capital	EMC	EBA	Others(6)	Q120(1)	Refocusing	Q120(1)
	generation (4)	integration	titrisation			announced	pro forma

transactions(5)

1. Fully-loaded,based on CRR/CRD4 rules, including the Danish compromise for Insurance. See Methodology.
2. Including 2.5% of Senior Preferred debt
3. Subject to the approval of resolution no.3 "Allocation of 2019 Income" by the Annual General Meeting of 19 May 2020
4. Including-5bp of hybrid coupons
5. Estimated impact at signing date, excluding IFRS 5 impact
6. Including-2 bp of TRIM

* When adjusted for Group structure and at constant exchange rate

1STQUARTER 2020 RESULTS 30 APRIL 202014

SOUND LIQUIDITY & FUNDING PROFILE

	HIGH LIQUIDITY
High liquid assetsbuffer ofEUR 203bn	NSFR comfortablyabove 100%
Strong LCRat 144%on average in Q1	High credit quality, with ratings in the A category

GOOD ACCESS TO FUNDING

Good progress on the 2020funding programme: ~45% completed

Senior Non Preferred programmecompleted for 2/3with a recent issuance in March

Ample anddiversified access toshort term liquidity in terms ofcurrency, andboth unsecured and secured

Comfortable reserve of collateral eligible to Covered Bonds issuance

Record deposit collection across all geographies

1STQUARTER 2020 RESULTS 30 APRIL 202015

REVENUES FROM BUSINESSES

EUR 5.5bn, -12.2% vs. Q1 19

DECREASE IN OPERATING EXPENSES(1)

EUR 4.2bn, -3.6% vs. Q1 19

GROUP RESULTS

In EURm	Q1 20	Q1 19	Change
Net banking income	5,170	6,191	-16.5%	-14.9%*
Operating expenses	(4,678)	(4,789)	-2.3%	-0.7%*
Underlying operating expenses(1)	(4,188)	(4,345)	-3.6%	-1.9%*
Gross operating income	492	1,402	-64.9%	-63.8%*
Underlying gross operating income(1)	982	1,846	-46.8%	-45.6%*
Net cost of risk	(820)	(264)	x 3,1	x 3,1
Operating income	(328)	1,138	n/s	n/s
Underlying operating income(1)	162	1,582	-89.8%	-89.4%*
Net profits or losses from other assets	80	(51)	n/s	n/s
Underlying net profits or losses from other assets(1)	157	2	x78.5	x79.1
Income tax	46	(255)	n/s	n/s
Reported Group net income	(326)	686	n/s	n/s
Underlying Group net income(1)	98	1,065	-90.8%	-90.4%*
ROE(2)	-3.6%	4.2%
ROTE(2)	-4.2%	5.5%
Underlying ROTE (1)	-0.5%	8.4%

1. Underlying data: adjusted for exceptional items and IFRIC 21 linearisation. See Methodology and Supplement p. 38
2. ROE, ROTE calculated after deduction of AT1 coupons

Q1 19 figures restated for IAS 12 impact of tax effect on interest paid to holders of deeply subordinated notes & undated subordinated notes (EUR +55m) in "Income tax" and "Group net income". See supplement p.37

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

1STQUARTER 2020 RESULTS 30 APRIL 202016

Strong commercial dynamism at the beginning of the quarter, March impacted byCovid-19situation

REVENUES(1)-1.2% vs. Q1 19, with a decrease in March offsetting good January / February performance

Commissions -2.6% vs. Q1 19 ; the decrease in service fees in March offsetting strong performance of financial fees

Net interest margin +1.4% vs. Q1 19, supported by dynamic volumes, credit margins and tiering effect

STRICT DISCIPLINE ON COSTS -2.4%vs. Q1 19(-3.8%(2))

COST OF RISK increase to49bp

Roll out ofREAL ESTATE PROGRAM

FRENCH RETAIL BANKING

RESULTS

In EURm	Q1 20	Q1 19	Change
Net banking income	1,880	1,916	-1.9%
Net banking income excl. PEL/CEL	1,905	1,928	-1.2%
Operating expenses	(1,450)	(1,486)	-2.4%

Gross operating income	430	430	+0.0%
Gross operating income excl. PEL/CEL	455	442	+3.1%
Net cost of risk	(249)	(94)	x2.6
Operating income	181	336	-46.1%
Net income from other assets	131	1	n/s
Reported Group net income	219	234	-6.4%
RONE	7.8%	8.3%
Underlying RONE (2)	10.7%	10.4%

Q1 20 RONE(2): 10.7%

1. Excluding PEL/CEL provision
2. Underlying data : adjusted for IFRIC 21 linearisation, PEL/CEL provision. See supplement.

1STQUARTER 2020 RESULTS 30 APRIL 202017

REVENUE GROWTH (+1.6%*)

DESPITE FIRST SIGHT

OF COVID IMPACT

Good commercial start in Q1 20 in International Retail Banking with a slowdown in Western Europe over the last 15 days

Solid revenues (+1.8%*) in Insurance(2)with a strong unit-linked share in life insurance premium

Resilient revenues in Financial Services to Corporate

POSITIVE JAWS(3)(Revenues up +1.9%* and costs up +1.5%* excluding covid-fund)

INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES RESULTS

In EURm	Q1 20	Q1 19	Change
Net banking income	1,964	2,076	-5.4%	+1.6%*
Operating expenses	(1,146)	(1,204)	-4.8%	+2.6%*
Gross operating income	818	872	-6.2%	+0.2%*
Net cost of risk	(229)	(128)	+78.9%	+80.9%*
Operating income	589	744	-20.8%	-14.6%*
Net profits or losses from other assets	12	1	x 12,0	x 12,1
Reported Group net income	365	464	-21.3%	-12.5%*
RONE	13.8%	16.0%
Underlying RONE (1)	15.4%	17.6%

Q1 20 RONE(1): 15.4%

• When adjusted for changes in Group structure and at constant exchange rates
  (1) Adjusted for IFRIC 21
  (2) Excluding EUR 6m of contribution to the solidarity fund in France
  (3) Excluding EUR 11m of contribution to the COVID fund in Mediterranean basin and EUR 6m of contribution to the solidarity fund in France

1STQUARTER 2020 RESULTS 30 APRIL 202018

REVENUES -20.7% vs. Q1 19, adjusted for runoff activities, disposals and SIX stake revaluation

STRONG DISCIPLINE ON COSTS

-2.4%vs. Q1 19(-4.9%)(1)

EUR 500m savings already secured

WELL ON TRACK TO DELIVER LOWER THAN EUR 6.8BN COSTS IN 2020

INCREASE IN COST OF RISK including two fraud related charges

GLOBAL BANKING AND INVESTOR SOLUTIONS RESULTS

In EURm	Q1 20	Q1 19	Change
Net banking income	1,627	2,239	-27.3%	-28.2%*
Operating expenses	(1,977)	(2,026)	-2.4%	-2.9%*
Gross operating income	(350)	213	n/s	n/s
Net cost of risk	(342)	(42)	x 8.1	x 8.0*
Operating income	(692)	171	n/s	n/s
Reported Group net income	(537)	140	n/s	n/s
RONE	-15.8%	3.4%
Underlying RONE (1)	-9.0%	8.0%

Q1 19 RONE(1)< 0%

1. Adjusted for IFRIC 21 linearisation. IFRIC 21 amounts to EUR-386m in Q1 20 vs. EUR -337m in Q1 19 (see p.38 and 39) * When adjusted for changes in Group structure and at constant exchange rates

1STQUARTER 2020 RESULTS 30 APRIL 202019

WHAT HAPPENED IN THE MARKETS THIS QUARTER?

SOME POSITIVE TRENDS

Strong volumes on Equity, benefiting to Flow, Listed products and Prime services

Good momentum on Fixed Income Markets

• Strong client activity
• Higher level of volatility
• Decreased interest rates
• Investors move towards safer assets (Gold, USD, CHF)

SECULAR MARKET DISLOCATION

Extreme volatility and

Sharp decrease in Eurostoxx 2019

130		Equity markets collapse		90
120								80
								70
110								60
100								50
90						Euro Stoxx	40
					30
80						S&P		20
70								10
							0
Mar 19	Apr 19	May 19 Jun 19	Jul 19	Aug 19 Sep 19 Oct 19	Nov 19	Dec 19 Jan 20	Feb 20 Mar 20

sharp increase in correlation

Short term volatility

Correlation

90	140	dividend futures
85

1. 120

70	100
65	80	-55% between 10th
60	March and 31stMarch
55
50	60
45	40
40
Mar 19 Apr 19 May 19 Jun 19	Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20

Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20

1STQUARTER 2020 RESULTS 30 APRIL 202020

STRONG PERFORMANCE IN FIC, EQUITIES REVENUES SEVERELY IMPACTED BY MARKET DISLOCATION

GLOBAL MARKETS & INVESTOR SERVICES: -42% VS. Q1 19, -34%*

_Global Markets Revenues (EUR m)

731	632			693
		667	505	637	9
		585 585		Equities
		450
								FIC
592	515	390 390	461	519	520	494	609
Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20

FIC +32% VS. Q1 19 (+52% EXCLUDING RUN-OFF)

Very good performance in Flow(especially in Forex and Rates) and Financing, driven by intense commercial activity

EQUITIES -99% VS. Q1 19

Strong performance for Prime Services, Listed Products,

Flow derivatives and cash

Around EUR-175mincrease in reserves

Severe impact onstructured products revenues due tomarket dislocation in March implyingincreased hedging costs,dividend cancellation (EUR-200m),counterparty default (EUR - 55 m)

Significant migration stepsuccessfully achieved in March on EMC

integration

Notable difference across regions with excellent quarter in the US

*Excluding activities in run-off and six stake revaluation

1STQUARTER 2020 RESULTS 30 APRIL 202021

NET BANKING INCOME

NBI impacted by the change in fair value of financial instruments corresponding to economic hedges of financial debt that do not meet IFRS hedge accounting criteria

NET PROFITS OR LOSSES FROM OTHER ASSETS

IFRS 5 impact of refocusing plan (EUR -77m) o/w Impact of closing of Société Générale de Banque aux Antilles disposal for EUR -69m

CORPORATE CENTRE

In EURm	Q1 20	Q1 19
Net banking income	(301)	(40)
Operating expenses	(105)	(73)
Gross operating income	(406)	(113)
Net cost of risk
Net profits or losses from other assets	(77)	(53)
Reported Group net income	(373)	(152)

Q1 19 figures restated for IAS 12 impact of tax effect on interest paid to holders of deeply subordinated notes & undated subordinated notes (EUR +55m) on "Income tax" and "Group net income". See supplement.

1STQUARTER 2020 RESULTS 30 APRIL 202022

3CONCLUSION

CONCLUSION & 2020 OUTLOOK

Response to Covid-19emphasizes ourcore values ofclient service, employee care andpartnership

The Group is tackling this crisis with asound business and operating model, arobust risk profile and astrong balance sheet andliquidity

We will manage this complex year by implementingadditional net cost reduction for EUR 600m-700m in 2020. We also expect acost of risk of around 70bp in our base "Covid" scenario and around 100bp in our extended health crisis scenario and aCET1 ratio showing abuffer over MDAbetween 200bp and 250bp at the end of the year, depending on theassumption related to thedistribution of an exceptional dividend

With an organisation fully operational, we have put ourselves in order to prepareour next strategic plan2021-2025, taking into account the new environment post crisis

1STQUARTER 2020 RESULTS 30 APRIL 202024

4ADDITIONAL ELEMENTS ON BUSINESSES

FRENCH RETAIL BANKING

ADAPTING TO THE CURRENT SITUATION

BE THE TRUSTED		LEVERAGE OUR		KEY HIGHLIGHTS OF THE
PARTNER OF OUR CLIENTS		DIGITAL CAPABILITIES		QUARTER
STRONG COMMERCIAL DYNAMISM AT		OPERATIONAL CONTINUITY		INDIVIDUAL CLIENT LOANS
THE START OF THE YEAR		~85% of branches opened during lockdown		Outstandings +8.5% vs. Q1 19
Boursorama 2.3m clients (+26% YoY)		period, all call centers opened
Wealthy / Mass affluent +2.2% in # of clients		All back offices operational		MEDIUM-TERM CORPORATE LOANS
Professional & Corporate stable in # of clients		Strong capacity to operate remotely		Outstandings +6.4% vs. Q1 19
ACCOMPANYING CLIENTS THROUGH		USE OF DIGITAL CAPABILITIES FROM		PRIVATE BANKING
THE CRISIS		OUR CLIENTS		AuM EUR 64.2bn
Flexibility for individual clients,with the				Q1 20 Net inflows EUR 0.5bn
possibility of adjusting the repayment schedule of
their mortgage loans				INSURANCE

Life Insurance outstandings EUR 94.3 bn

Corporate and professional clients (as of 27/04)▶~57,000 client requests for new loans within

French State guarantee scheme for ~EUR 14bn ▶~EUR 1.8bn of deferred payment for Corporate

investment loans

1STQUARTER 2020 RESULTS 30 APRIL 202026

INTERNATIONAL RETAIL BANKING

GOOD COMMERCIAL START IN Q1 2020

EUROPERUSSIA (1)AFRICA AND OTHER

+6%*	+7%*	+8%*	+14%*	+6%*	+6%*
OF LOANS OUTST. vs. March 19	OF DEPOSITS OUTST. vs. March 19	OF LOANS OUTST. vs. March 19	OF DEPOSITS OUTST. vs. March 19	OF LOANS OUTST. vs. March 19	OF DEPOSITS OUTST. vs. March 19

Revenues +1%*vs. Q1 19

Revenues +4%*vs. Q1 19

Good commercial performance with a strong production on corporate segment

31% share of digital sales in retail in Q1 20 compared with 23% in Q4 19

• When adjusted for changes in Group structure and at constant exchange rates
  (1) SG Russia scope

Revenues +4%*vs. Q1 19

Strong deposit collection through the quarter

Net Interest Income driven by volume growth and spread effect

1.6m of YUP wallets as of March 20, +176% of number of transactions vs. Q1 19

+173% transactions via SG connect (vs Q1 19)

1STQUARTER 2020 RESULTS 30 APRIL 202027

GLOBAL BANKING AND INVESTOR SOLUTIONS FINANCING & ADVISORY, ASSET & WEALTH MANAGEMENT

FINANCING & ADVISORY: -4% VS. HIGH BASE IN Q1 19, SIGNIFIANT INCREASE IN NET COST OF RISK

_Financing& Advisory Revenues (EURm)

		585	450
618	632	657	656	644		644	629
		604
		390
Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20

Resilient performance in structuredfinancewith strong start of the year, continuedgrowth in transaction banking Weaker quarter in Asset Backed-Productsdue to credit market dislocation

Mixed results in InvestmentBanking: activequarter in debt capital market, offsetby muted marketsin M&A, equitycapital marketand LBO

High increasein net cost of risk

ASSET & WEALTH MANAGEMENT: +6%* vs. Q1 19

Lyxor+13% vs Q1 19: strongactivityon ETF - PrivateBanking +4%* vs Q1 19: good dynamicin France

*Adjusted for Belgium private banking and six stake revaluation

1STQUARTER 2020 RESULTS 30 APRIL 202028

5SUPPLEMENT

MACRO ECONOMIC SCENARIOS

BASE « COVID » SCENARIO

_2020 GDP

World	US	Euro zone	France
-2.3%
	-6.6%	-6.8%	-5.8%

Gradual lifting of NPI (Non Pharmaceutical Interventions) by

autumn 2020

EXTENDED HEALTH CRISIS SCENARIO

_2020 GDP

World	US	Euro zone	France

-7.8%

-11.5%-12.8%-11.1%

Prolongation of NPI (Non Pharmaceutical Interventions)

measures by one quarter

2020 estimated cost of risk ~70bp		2020 estimated cost of risk ~100bp

1STQUARTER 2020 RESULTS 30 APRIL 202030

DIVERSIFIED GEOGRAPHICAL EXPOSURE

GEOGRAPHIC EXPOSURE (31.12.19)

On-andoff-balance sheet EAD*

All customers included: EUR 918bn

Asia-Pacific	Africa and	Latin
Middle East
Eastern	6%	America and
Europe	4%
	Caribbean
(excl.EU)

2%	1%
Eastern
Europe EU
6%	France
North	45%
America
14%

Western

Europe

(excl.France)

22%

*Total credit risk (debtor, issuer and replacement risk for all portfolios) As per Pilar 3 disclosure

LIMITED EXPOSURE TO EMERGING MARKETS

11%of total Group EAD

SOVEREIGN EXPOSURE

23%of total Group EAD

1STQUARTER 2020 RESULTS 30 APRIL 202031

OIL & GAS EXPOSURE

OIL AND GAS CORPORATE EAD AS AT 31.12.2019

2.2% of Total Group EAD

	Other
LNG	5%	Upstream
6%		Independents
		22%

Integrated

corporates

22%

Oil services

8%

State

Midstream RefiningCompanies

5%10% 23%

Balanced exposure

Exposure most sensitive to oil prices represent less than 30% of the exposure

Limited exposure to US Reserve Based Finance (less than USD 1.7bn)

Very disciplined origination, relying on teams' expertise and considering lessons learnt from the previous crisis :

• Adequate structure mitigation
• Focus on low break even
• Focus on strong clients

1STQUARTER 2020 RESULTS 30 APRIL 202032

RISK WEIGHTED ASSETS EVOLUTION

In EURbn

345.0

48.0

14.5

282.5

Q4 19

	+3.1	+4.4	-0.1	355.0
+2.5
				47.9
				19.5
				287.6
Regulatory	Credit risk	Market risk	Op.risk	Q1 20

Op.risk

Market risk Credit risk

1STQUARTER 2020 RESULTS 30 APRIL 202033

FOCUS ON LEVEL 3 ASSETS

Balance Sheet

as of 31/12/2019

Financial assets

at fair value

Level 3 assets

(<0,8% of total balance sheet)

EUR 1,356.3bn

EUR 455.8bn

EUR 10.3bn

Main unobservable parameters

Hybrid correlations (FX/rate, credit/rate, equities)

Forex volatilities

Constant pre-payment rates Inflation

Valuation models

Non-listed stocks (e.g Visa shares, stocks markets stake,…)

		Others
	EUR 0.6
		Shares and others
	EUR 2.3
	equity securities
	EUR 3.1	Derivatives
		Securities purchased
	EUR 4.3	under resale
		agreement

1STQUARTER 2020 RESULTS 30 APRIL 202034

SUSTAINABILITY EMBEDDED IN CORPORATE PURPOSE

• BUILDING TOGETHER WITH OUR CLIENTS A BETTER AND SUSTAINABLE FUTURE THROUGH RESPONSIBLE AND INNOVATIVE SOLUTIONS »

Key 2020 commitments achieved1 year ahead :

• EUR 100bnto the energy transition 2016-2020
• Limit proportion of coalin financed energy mix to 19% by 2020
• Cut CO2emissionsper employee by 25% 2014-2020

New energy transition target:

✓EUR 120bnto support the energy transition 2019-2023 : 42% achieved at Q1 20

CSR ambition reflected in commercial momentum:

• Sustainable and Positive Impact FinancingEUR 11bn in 2019
• Sustainable and Positive InvestmentsEUR 19bn in 2019

Strengthened governance:

• Responsible Commitments Committeeestablished

Connectinginnovation with sustainability:

• Launch in 2019 of thestart-upOPPENS,advising SMEs on cybersecurity
• Launch in Q1 20 ofKAPSUL,digital banking offer adapting to customer evolution seeking more autonomy

Active in solidarity initiatives:

• 21,500 employeesinvolved in 2019

Group HR prioritiesupdated:

✓Five thematicreports published(1)

Upgraded to AA	#2 Renewable Energy Project Finance
ESG Rating, MSCI 2020	Financial advisors league table, IJ Global 2019

(1) Corporate culture and ethics, Jobs and skills, Diversity and inclusion, Performance and compensation, Occupational health and safety.

1STQUARTER 2020 RESULTS 30 APRIL 202035

GROUP

QUARTERLY INCOME STATEMENT BY CORE BUSINESS

	French Retail Banking	International Retail Banking	Global Banking and Investor	Corporate Centre		Group
	and Financial Services		Solutions
In EURm
Q1 20	Q1 19	Q1 20	Q1 19	Q1 20		Q1 19	Q1 20	Q1 19	Q1 20		Q1 19
Net banking income	1,880	1,916	1,964	2,076	1,627		2,239	(301)	(40)	5,170		6,191
Operating expenses	(1,450)	(1,486)	(1,146)	(1,204)	(1,977)		(2,026)	(105)	(73)	(4,678)		(4,789)
Gross operating income	430	430	818	872	(350)		213	(406)	(113)	492		1,402
Net cost of risk	(249)	(94)	(229)	(128)	(342)		(42)	0	0	(820)		(264)
Operating income	181	336	589	744	(692)		171	(406)	(113)	(328)		1,138
Net income from companies accounted for by the equity method	1	2	0	5	2		2	1	1	4		10
Net profits or losses from other assets	131	1	12	1	14		0	(77)	(53)	80		(51)
Impairment losses on goodwill	0	0	0	0	0		0	0	0	0		0
Income tax	(94)	(105)	(152)	(178)	144		(28)	148	56	46		(255)
O.w. non controlling Interests	0	0	84	108	5		5	39	43	128		156
Group net income	219	234	365	464	(537)		140	(373)	(152)	(326)		686
Average allocated capital	11,182	11,257	10,563	11,617	13,615		16,582	17,919*	9,978*	53,279		49,434
Group ROE (after tax)										-3.6%		4.2%

• Calculated as the difference between total Group capital and capital allocated to the core businesses Net banking income, operating expenses, allocated capital, ROE: see Methodology
  Q1 19 figures restated for IAS 12 amendment impact, see p.37

1STQUARTER 2020 RESULTS 30 APRIL 202036

GROUP: IAS 12 AMENDMENT IMPACT RECONCILIATION WITH Q1 19 REPORTED FIGURES

		Income Tax				Group Net Income
	Reported	IAS 12 impact	Adjusted		Reported	IAS 12 impact	Adjusted
Q1 19	(310)	55	(255)		631	55	686

IAS 12 impacts only Corporate Centre

1STQUARTER 2020 RESULTS 30 APRIL 202037

GROUP: UNDERLYING DATA

RECONCILIATION WITH REPORTED FIGURES

Q1 20 (in EURm)	Operating Expenses	Net profit or losses	Group net income	Business
from other assets
Reported	(4,678)	80	(326)
(+) IFRIC 21 linearisation	490		347
(-) Group refocusing plan*		(77)	(77)	Corporate Centre
Underlying	(4,188)	157	98

Q1 19 (in EURm)	Operating Expenses	Net profit or losses	Group net income	Business
from other assets
Reported	(4,789)	(51)	686
(+) IFRIC 21 linearisation	444		304
(-) Group refocusing plan*		(53)	(75)	Corporate Centre
Underlying	(4,345)	2	1,065

* Exceptional item

1STQUARTER 2020 RESULTS 30 APRIL 202038

GROUP: UNDERLYING DATA

IFRIC 21 IMPACT

				International Retail	Global Banking and
	French Retail Banking	Banking and Financial	Corporate Centre	Group
	Investor Solutions
				Services
in EURm
T1-20		T1-19	T1-20		T1-19	T1-20	T1-19	T1-20		T1-19	T1-20		T1-19
Total IFRIC 21 Impact - costs	-125		-99	-94		-107	-386	-337	-50		-49	-655		-592
o/w Resolution Funds	-82		-69	-44		-38	-292	-253	-2		-2	-420		-362
	International Retail	Financial Services to	Insurance		Total
		Banking	Corporates
in EURm
T1-20		T1-19	T1-20		T1-19	T1-20	T1-19	T1-20		T1-19
Total IFRIC 21 Impact - costs	-61		-71	-8		-7	-25	-30	-94		-107
o/w Resolution Funds	-41		-36	-3		-2	0	0	-44		-38
															Africa, Asia,	Total International Retail
	Western Europe	Czech Republic	Romania	Other Europe	Russia		Mediterranean bassin and
															Overseas		Banking
in EURm
T1-20		T1-19	T1-20		T1-19	T1-20	T1-19	T1-20		T1-19	T1-20		T1-19	T1-20	T1-19	T1-20		T1-19
Total IFRIC 21 Impact - costs	-5		-4	-37		-35	-9	-15	-3		-10	-1		-1	-6	-5	-61		-71
o/w Resolution Funds	-2		-1	-31		-28	-6	-5	-1		-2	0		0	-1	0	-41		-36
	Global Banking and	Financing and Advisory	Asset and Wealth	Total Global Banking and
	Investor Services	Management	Investor Solutions
In EUR m
T1-20		T1-19	T1-20		T1-19	T1-20	T1-19	T1-20		T1-19
Total IFRIC 21 Impact - costs	-278		-243	-99		-83	-10	-10	-386		-337
o/w Resolution Funds	-210		-194	-74		-50	-9	-9	-292		-253

1STQUARTER 2020 RESULTS 30 APRIL 202039

GROUP

CRR/CRD4 PRUDENTIAL CAPITAL RATIOS

_Fully Loaded Common Equity Tier 1, Tier 1 and Total Capital

In EURbn	31/03/2020	31/12/2019
Shareholder equity Group share	62.6	63.5
Deeply subordinated notes*	(8.3)	(9.5)
Undated subordinated notes*	(0.3)	(0.3)
Dividend to be paid & interest on subordinated notes	(0.1)	(2.0)
Goodwill and intangible	(6.6)	(6.5)
Non controlling interests	3.8	4.0
Deductions and regulatory adjustments	(6.5)	(5.4)
Common Equity Tier 1 Capital	44.6	43.8
Additionnal Tier 1 Capital	8.3	8.1
Tier 1 Capital	52.9	51.9
Tier 2 capital	10.9	11.2
Total capital (Tier 1 + Tier 2)	63.8	63.1
Risk-Weighted Assets	355	345
Common Equity Tier 1 Ratio	12.6%	12.7%
Tier 1 Ratio	14.9%	15.1%
Total Capital Ratio	18.0%	18.3%

Ratios based on the CRR/CDR4 rules as published on 26th June 2013, including Danish compromise for insurance. See Methodology. 31/12/2019 figures as published, not restated for 2019 dividend cancellation.

• Excluding issue premiums on deeply subordinated notes and on undated subordinated notes

1STQUARTER 2020 RESULTS 30 APRIL 202040

GROUP

CRR LEVERAGE RATIO

_CRR Fully Loaded Leverage Ratio(1)

In EURbn	31/03/2020	31/12/2019
Tier 1 Capital	52.9	51.9
Total prudential balance sheet(2)	1,364	1,204
Adjustement related to derivative exposures	(176)	(81)
Adjustement related to securities financing transactions*	(1)	(3)
Off-balance sheet (loan and guarantee commitments)	99	104
Technical and prudential adjustments (Tier 1 capital prudential deductions)	(25)	(23)
Leverage exposure	1,262	1,200
CRR leverage ratio	4.2%	4.3%

1. Fully loaded based on CRR rules taking into account the leverage ratio delegated act adopted in October 2014 by the European Commission. See Methodology.
2. The prudential balance sheet corresponds to the IFRS balance sheet less entities accounted for through the equity method (mainly insurance subsidiaries)

• Securities financing transactions: repos, reverse repos, securities lending and borrowing and other similar transactions

1STQUARTER 2020 RESULTS 30 APRIL 202041

GROUP

TLAC / MREL

_TLAC ratio	_MREL ratio
Meeting 2020 (19.5%(1)) and 2022 (21.5%(1))requirements	Meeting total requirements (notification received in June 2018)
	MREL in % RWA(2)
TLAC in % RWA(1)

	28.3%
	2.5%	SP
		SNP
19.5%	7.5%	T2 (*)	TLAC in	MREL in
	% Leverage	% TLOF
		AT1
		CET 1				>8%
	3.4%				8%
	2.3%			8.0%
	25.8%
		6%
	12.6%
TLAC Requirement	31.03.2020		Req. 2020	31.03.2020	Req. 2020	31.03.2020

1. Without countra cyclical buffer
2. Based on RWAs as ofend-December 2016

1. Tier 2 capital computed for TLAC / MREL differ from T2 capital for total capital ratio due to TLAC / MREL eligibility rules

	> 28.3%
24.4%		SP
		SNP
	7.5%	T2 (*)
		AT1
	3.4%	CET 1
	2.3%	25.8%
	12.6%
MREL Requirement	31.03.2020
1STQUARTER 2020 RESULTS	30 APRIL 2020	42

GROUP

CET1: BUFFER TO MDA

CET ratio: 12.6%

~ 350bp	Buffer over MDA

CET 1 ratio

as of 31.03.20

Systemic buffer	1.00%
Countercyclical buffer(1)	0.07%
Capital conservation buffer	2.50%
P2R requirement (2)	0.98%	9.05%
Pillar 1	4.5%

Capital requirement

as of 01.04.20

1. 7bp as of 01.04.20 (lowering of French and Czech Republic buffers)
2. Application of Art 104.a : 77bp preliminary estimated benefit on previous 1.75% P2R

1STQUARTER 2020 RESULTS 30 APRIL 202043

GROUP

RISK-WEIGHTED ASSETS* (CRR/CRD 4, IN EUR BN)

						133.7		128.4
			117.4	115.3	113.8	33.0	117.7
			7.5
			6.9	6.8		32.2
99.1	97.8	99.2	0.0	0.1
		0.1		32.2
5.5	5.3	5.4
			15.1
0.1	0.1	0.1					18.8
							13.5
93.5	92.4	93.6	109.8	108.3	106.9
			85.5		77.5
						72.0

Q1 19	Q4 19	Q1 20	Q1 19	Q4 19	Q1 20	Q1 19	Q4 19	Q1 20
French Retail Banking	International Retail Banking	Global Banking and
and Financial Services	Investor Solutions

* Includes the entities reported under IFRS 5 until disposal

			366.1		355.0
				345.0
					Total
			49.5		47.9
				48.0
			17.3
			14.5	19.5
							Operational
							Market
			299.2	282.5	287.6		Credit
15.9	14.1	13.6
3.5
3.5	0.5
2.1
0.8
	3
10.3	9.8	9.6
Q1 19	Q4 19	Q1 20	Q1 19	Q4 19	Q1 20
Corporate Centre		Group

1STQUARTER 2020 RESULTS 30 APRIL 202044

GROUP

CHANGE IN GROSS BOOK OUTSTANDINGS*

End of period in EUR bn

					504.6	504.8	507.1	529.4
482.1	491.1	496.6	501.2	502.4
		158.0	164.9	164.2	160.9	157.5	158.1	175.7
138.7	156.7

140.0	139.7	141.0	135.7	136.6	138.5	139.8	138.2	135.9

196.8	186.6	189.0	191.4	192.9	195.3	197.8	201.1	207.5
6.6	8.1	8.6	9.2	8.7	9.9	9.7	9.7	10.3
Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20

• Customer loans; deposits and loans due from banks, leasing and lease assets. Excluding repurchase agreements. Excluding entities reported under IFRS 5
  From Q2 18, date restated reflecting the transfer of Global Transaction and Payment Services from French Retail Banking to Global Banking and Investor solutions.

Total

Global Banking

and Investor Solutions

International Retail

Banking and Financial

Services

French Retail Banking

Corporate Centre

1STQUARTER 2020 RESULTS 30 APRIL 202045

GROUP

NON PERFORMING LOANS

In EUR bn	31/03/2020	31/12/2019	31/03/2019
Gross book outstandings*	529.4	507.1	502.4
Doubtful loans*	16.6	16.2	17.7
Group Gross non performing loans ratio*	3.1%	3.2%	3.5%

Stage 1 provisions

Stage 2 provisions

Stage 3 provisions

Group Gross doubtful loans coverage ratio* (Stage 3 provisions / Doubtful loans)

0.9	0.9	0.9
1.2	1.0	1.0
9.2	9.0	9.7
55%	55%	55%

• Customer loans, deposits at banks and loans due from banks, leasing and lease assets See: Methodology

1STQUARTER 2020 RESULTS 30 APRIL 202046

GROUP

CHANGE IN TRADING VAR* AND STRESSED VAR**

_Quarterly Average of 1-Day, 99% Trading VaR* (in EUR m)

15	17	18	21	18	22	23	28	26
			8				16	20

8	5		4	15	6	7		10
						10	11
			12	13	12		11
	11
11
12	14		14	17	13	15		15	19	19
3	3		4	4	4	3		3	2	3
2	2		3	2	2	2		2	3	1
-21	-19		-18	-24	-21	-18		-18	-21	-29
Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19		Q3 19	Q4 19	Q1 20
			Stressed VAR** (1 day, 99%, in EUR m)	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20
			Minimum		22	25	17	23	23
			Maximum		59	70	60	61	108
			Average		36	45	34	38	56

Trading VaR*

Credit

Interest Rates

Equity

Forex

Commodities

Compensation Effect

• Trading VaR: measurement over one year (i.e. 260 scenarios) of the greatest risk obtained after elimination of 1% of the most unfavourable occurrences
• Stressed VaR : Identical approach to VaR (historical simulation with1-day shocks and a 99% confidence interval), but over a fixed one-year historical window corresponding to a period of significant financial tension instead of a one- year rolling period

1STQUARTER 2020 RESULTS 30 APRIL 202047

GROUP

FUNDING STRUCTURE

(In EURbn)	31 DECEMBER 2019	31 MARCH 2020
	810	844

419

443

	9	o.w. Securities sold to customer		5
	under repurchase agreements
	108	o.w. Securities sold to bank under		116
	9		6
	repurchase agreements
	75			62
	125			140
9	14	o.w. TSS, TSDI(2)	8	15
	69			68

Due to Customers

Due to Banks

Financial Liabilities at Fair Value through Profit or Loss - Structured Debt

Debt Securities Issued(1)

Subordinated Debt

Total Equity (incl. TSS and TSDI)

1. o.w. SGSCF: EUR 3.4bn, SGSFH: EUR 13.3bn, CRH: EUR 4.9bn, securitisation and other secured issuances: EUR 2.4bn, conduits: EUR 10.1bn atend-March 2020 (and SGSCF: EUR 3.4bn, SGSFH: EUR 13.8bn, CRH: EUR 5.5bn,
   securitisation and other secured issuances: EUR 2.7bn, conduits: EUR 10bn at end-December 2019).
2. TSS: Deeply Subordinated Notes, TSDI: Undated Subordinated notes. Notional amount excluding notably fx differences, original issue premiums/discounts, and accrued interest

1STQUARTER 2020 RESULTS 30 APRIL 202048

Parent company 2020 funding programme similar to 2019 and shown prior to potential adjustments

• ~EUR 18bn of vanilla debt, well balanced across the different debt formats
• Annual structured notes issuance volume in line with amounts issued over past years (~EUR 19bn)
• Flexibility to issue or not depending on prevailing market conditions, in light of strong liquidity
• Only ~EUR 3bn in Senior Non Preferred identified for further issuance prior to year end, as we are already well advanced on our programme
• Only ~EUR 1bn max in sub debt, as SG's ratios are comfortably above requirements

As of 15 April 2020:

• Completion of 44% of the vanilla funding programme through issuance of EUR 5.6bn of SNP debt, EUR 1.25bn of SP debt and EUR 1.1bn of CB at attractive conditions
• Issuance of EUR 7.4bn of structured notes
• Competitive funding conditions: MS6M+54bp (incl. SNP, SP and CB), av. maturity of 5.6 years
• Additional EUR 0.15bn issued by subsidiaries

GROUP LONG TERM FUNDING PROGRAMME

		2020 expected funding
		programme(1)
	Senior Preferred and Secured debt			~EUR 8bn
	Senior Non Preferred debt			~EUR 8bn
	Subordinated debt (AT1/T2)		~EUR 2bn
(1) Excluding structured notes

Societe Generale				Societe Generale		SG SFH
5Y & 10Y Senior Non Preferred				7Y Senior Non Preferred		10Y PIF Covered Bond
2.625% & 3% 22-Jan-25 & 30				0.75% 25-Jan-27		0.01% 11-Feb-30
USD 3,000,000,000				EUR 1,500,000,000		EUR 1,000,000,000

Societe Generale		Societe Generale		Societe Generale		Societe Generale
7Y Senior Non Preferred		6Y Senior Preferred		5Y Senior Non Preferred		6NC5 Senior Non Preferred
0.25% 25-Feb-27		0.125% 24-Feb-26		0.472% 27-Feb-25		1.125% 21-Apr-26NC25
CHF 160,000,000		EUR 1,250,000,000		JPY 50,000,000,000		EUR 750,000,000

1STQUARTER 2020 RESULTS 30 APRIL 202049

GROUP

LONG TERM FUNDING BREAKDOWN(1)

31.03.2020

14%	17%

7%

	Senior Non-Preferred Issues	EUR 196bn		Senior Vanilla Preferred
	Subordinated Debt(2)
		23%
	22%		Unsecured Issues(3)
	LT Interbank Liabilities(5)			Senior Structured Issues
	Subsidiaries	6%	11%		Secured Issues(4)

1. See : Methodology
2. Including undated subordinated debt
3. Including CD & CP > 1y
4. Including CRH
5. Including IFI

1STQUARTER 2020 RESULTS 30 APRIL 202050

GROUP

LIQUID ASSET BUFFER

_Liquid Asset Buffer (in EURbn)

177

188

193

190

203

84	85	81	88	117

76	82	91	81	83
17	21	21	21	2
Q1 19	Q2 19	Q3 19	Q4 19	Q1 20

Liquidity Coverage Ratio at 144% on average in Q1 20

1. Excluding mandatory reserves
2. Unencumbered, net of haircuts

Central Bank

Deposits(1)

High Quality Liquid Asset Securities(2)

Central Bank Eligible Assets(2)

1STQUARTER 2020 RESULTS 30 APRIL 202051

GROUP

EPS CALCULATION

Average number of shares (thousands)	Q1 20	2019	2018
Existing shares	853,371	834,062	807,918
Deductions
Shares allocated to cover stock option plans and free shares awarded to staff	2,972	4,011	5,335
Other own shares and treasury shares	0	149	842
Number of shares used to calculate EPS**	850,399	829,902	801,741
Group net Income	(326)	3,248	4,121
Interest on deeply subordinated notes and undated subordinated notes	(159)	(715)	(719)
Capital gain net of tax on partial buybacks	-	-	-
Adjusted Group net income	(485)	2,533	3,402
EPS (in EUR)	-0.57	3.05	4.24
Underlying EPS* (in EUR)	-0.07	4.03	5.00

*Underlying EPS : adjusted for exceptional items and IFRIC 21 linearisation. See p.38 and Methodology

• The number of shares considered is the average number of ordinary shares of the period, excluding treasury shares and buybacks, but including the trading shares held by the Group Published Group net income figures for Q1 19 adjusted for IAS 12 amendment. See p.37

1STQUARTER 2020 RESULTS 30 APRIL 202052

GROUP

NET ASSET VALUE, TANGIBLE NET ASSET VALUE

End of period	Q1 20	2019	2018
Shareholders' equity Group share	62,581	63,527	61,026
Deeply subordinated notes	(8,258)	(9,501)	(9,330)
Undated subordinated notes	(288)	(283)	(278)
Interest net of tax payableto holders of deeply subordinated notes & undated
subordinated notes, interest paid to holders of deeply subordinated notes & undated	1	4	(14)
subordinated notes, issue premium amortisations
Bookvalue of own shares in trading portfolio	381	375	423
Net Asset Value	54,416	54,122	51,827
Goodwill	(4,611)	(4,510)	(4,860)
Intangible Asset	(2,376)	(2,362)	(2,224)
Net Tangible Asset Value	47,429	47,250	44,743
Number of shares used to calculate NAPS**	851,133	849,665	801,942
Net Asset Value per Share	63.9	63.7	64.6
Net Tangible Asset Value per Share	55.7	55.6	55.8

• The number of shares considered is the number of ordinary shares outstanding as of 31 March 2020, excluding treasury shares and buybacks, but including the trading shares held by the Group.
  In accordance with IAS 33, historical data per share prior to the date of detachment of a preferential subscription right are restated by the adjustment coefficient for the transaction. See Methodology

1STQUARTER 2020 RESULTS 30 APRIL 202053

GROUP

ROE/ROTE CALCULATION DETAIL

	End of period
	Shareholders' equity Group share
	Deeply subordinated notes
	Undated subordinated notes
	Interest net of tax payable to holders of deeply subordinated notes & undated
	subordinated notes, interest paid to holders of deeply subordinated notes & undated
	subordinated notes, issue premium amortisations
	OCI excluding conversion reserves
	Dividend provision
	ROE equity end-of-period
	Average ROE equity
	Average Goodwill
	Average Intangible Assets
	Average ROTE equity
	Group net Income (a)
	Underlying Group net income (b)
	Interest on deeply subordinated notes and undated subordinated notes (c)
	Cancellation of goodwill impairment (d)
	Ajusted Group net Income (e) = (a)+ (c)+(d)
	Ajusted Underlying Group net Income (f)=(b)+(c)
	Average ROTE equity (g)
	ROTE quarter: (4*e/g)]
	Average ROTE equity (underlying) (h)
ROE/ROTE: see Methodology	Underlying ROTE quarter: (4*f/h)]

Published figures for Q1 19 Group net Income adjusted for IAS amendment impact. See p.37

Q1 20	Q1 19
62,581	61,830
(8,258)	(9,473)

1. (283)

1

(37)

1. (472)
   (2,025)

53,387	49,540
53,279	49,434
(4,561)	(4,701)
(2,369)	(2,193)
46,349	42,540

1. 686

98

1,065

1. (165)
   67

1. 588

1. 900

46,349	42,540
-4.2%	5.5%
46,773	42,730
-0.5%	8.4%

1STQUARTER 2020 RESULTS 30 APRIL 202054

FRENCH RETAIL BANKING
NET BANKING INCOME							Change
										Q1 20 vs. Q1 19
1,916	1,994		1,879		1,957	1,880	-1.9%
Commissions(2)
-2.6% vs. Q1 19
863	888		848		858	841	-2.6%
82	123		68		80	67	-17.7%
Net interest margin(1)
+1.4% vs. Q1 19	1,010		1,029		1,031	997
983			+1.4%
-12	Q2 19	-27	Q3 19	-66	-12	Q1 20	-25
		Q1 19			Q4 19

1. Excluding PEL/CEL
2. Fees includes revenues from insurance previously reported in "Other Income". Historical series have been restated.

NBI in EURm

Fees(2)

Other Income

Net Interest Margin(1)

PEL/CEL

Provision or Reversal

1STQUARTER 2020 RESULTS 30 APRIL 202055

FRENCH RETAIL BANKING

CUSTOMER DEPOSITS AND FINANCIAL SAVINGS

Average outstanding
in EUR bn									Change
									Q1 20 vs. Q1 19
		310		312	318	317	318	+2.7%
Financial
savings:	94		95	95	96	94	+0.6%
EUR 104.6bn
-2.2%
		13		12	12		10	10	-21.2%
			117	118	119	+8.6%
		110		112
Deposits:
EUR 213.5bn	19		19	19	19	19	+0.1%
+5.3%
									+5.1%
		59		61	61	60	62
		16		15	14	14	14	-11.4%
		Q1 19	Q2 19	Q3 19		Q4 19	Q1 20

1. Including deposits from Financial Institutions and foreign currency deposits
2. Including deposits from Financial Institutions andmedium-term notes

Life Insurance

Mutual Funds

Sight Deposits(1)

PEL

Regulated Savings Schemes (excl. PEL)

Term Deposits(2)

1STQUARTER 2020 RESULTS 30 APRIL 202056

FRENCH RETAIL BANKING

LOANS OUTSTANDING

Average outstanding, net of provisions in EUR bn

192	194	198	202	206
100	101	104	107	109
13	13	13	13	13
79	80	81	82	84
0.2	0.2	0.2	0.2	0.2
Q1 19	Q2 19	Q3 19	Q4 19	Q1 20

* SMEs, self-employed professionals, local authorities, corporates, NPOs, including foreign currency loans

Change

Q1 20 vs. Q1 19

+7.3%

+8.9%

+5.1%

+5.7%

-24.3%

Housing

Consumer Credit and Overdraft

Business

Customers*

Financial Institutions

1STQUARTER 2020 RESULTS 30 APRIL 202057

INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES QUARTERLY RESULTS

	International Retail Banking		Insurance		Financial Services to Corporates		Total
In EUR m	Q1 20	Q1 19	Change	Q1 20	Q1 19	Change	Q1 20	Q1 19	Change	Q1 20	Q1 19	Change
Net banking income	1,293	1,387	+2.9%*	229	231	-0.8%*	442	458	-0.9%*	1,964	2,076	+1.6%*
Operating expenses	(799)	(858)	+2.4%*	(108)	(104)	+3.6%*	(239)	(242)	+2.8%*	(1,146)	(1,204)	+2.6%*
Gross operating income	494	529	+3.7%*	121	127	-4.5%*	203	216	-5.0%*	818	872	+0.2%*
Net cost of risk	(196)	(111)	+77.9%*	0	0	n/s	(33)	(17)	+86.7%*	(229)	(128)	+80.9%*
Operating income	298	418	-18.6%*	121	127	-4.5%*	170	199	-15.2%*	589	744	-14.6%*
Net profits or losses from other assets	2	1	x2.0	0	0	n/s	10	0	x78215.1	12	1	x12.1
Impairment losses on goodwill	0	0	n/s	0	0	n/s	0	0	n/s	0	0	n/s
Income tax	(74)	(95)	+12.1%*	(38)	(39)	-2.3%*	(40)	(44)	-7.4%*	(152)	(178)	-8.6%*
Group net income	167	246	-17.1%*	82	87	-5.5%*	116	131	-9.7%*	365	464	-12.5%*
C/I ratio	62%	62%		47%	45%		54%	53%		58%	58%
Average allocated capital	6,029	6,998		1,623	1,829		2,885	2,790		10,563	11,617

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

Net banking income, operating expenses, cost to income ratio, allocated capital: see Methodology

1STQUARTER 2020 RESULTS 30 APRIL 202058

INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES INSURANCE KEY FIGURES

		_Life Insurance Outstandings						_Personal Protection Insurance Premiums (in EURm)
	and Unit Linked Breakdown (in EURbn)
118.4	120.0	121.8	125.1	119.9
27%	28%	28%	30%	27%				Unit Linked		289					Change
									Euro Funds	277	285	269	279		Q1 20 vs. Q1 19
									+0.5%*
73%	72%	72%	70%	73%
	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20				Q1 19	Q2 19	Q3 19	Q4 19	Q1 20
	_Life Insurance Gross Inflows (in EURbn)				_Property and Casualty Insurance Premiums (in EURm)
3.2	2.9	3.5	4.3	3.0									186
24%	27%	38%					Unit Linked	163	165	169	169		Change
51%	47%			Euro Funds		Q1 20 vs. Q1 19
															+14.1%*
76%	73%	62%	49%	53%
	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20
				Q1 19	Q2 19	Q3 19	Q4 19	Q1 20

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

1STQUARTER 2020 RESULTS 30 APRIL 202059

GLOBAL BANKING AND INVESTOR SOLUTIONS QUARTERLY RESULTS

					Global Markets and Investor	Financing and Advisory	Asset and Wealth Management	Total Global Banking and Investor
						Services			Solutions
			In EUR m	Q1 20	Q1 19	Change	Q1 20	Q1 19	Change	Q1 20	Q1 19	Change	Q1 20	Q1 19		Change
			Net banking income	768	1,328	-43.0%*	629	656	-5.2%*	230	255	-9.4%*	1,627	2,239	-27.3%	-28.2%*
			Operating expenses	(1,304)	(1,339)	-3.3%*	(460)	(462)	-1.2%*	(213)	(225)	-2.4%*	(1,977)	(2,026)	-2.4%	-2.9%*
			Gross operating income	(536)	(11)	n/s	169	194	-14.7%*	17	30	-52.5%*	(350)	213	n/s	n/s
			Net cost of risk	(1)	5	n/s	(332)	(45)	x 7.2	(9)	(2)	x4.4	(342)	(42)	x 8,1	x8.0*
			Operating income	(537)	(6)	n/s	(163)	149	n/s	8	28	-76.3%*	(692)	171	n/s	n/s
			Net profits or losses from other assets	14	0		0	0		0	0		14	0
			Net income from companies accounted for by the	2	3		0	(1)		0	0		2	2
			equity method
			Impairment losses on goodwill	0	0		0	0		0	0		0	0
			Income tax	106	3		40	(24)		(2)	(7)		144	(28)
			Net income	(415)	0		(123)	124		6	21		(532)	145
			O.w. non controlling Interests	4	4		0	0		1	1		5	5
			Group net income	(419)	(4)	n/s	(123)	124	n/s	5	20	-79.7%*	(537)	140	n/s	n/s
			Average allocated capital	7,535	9,118		5,212	6,284		868	1,180		13,615	16,582
			C/I ratio	170%	101%		73%	70%		93%	88%		122%	90%
*	When adjusted for changes in Group structure and at constant exchange rates
	Net banking income, operating expenses, cost to income ratio, allocated capital: see Methodology
Historical series restated according to new quarterly series published on 30 September 2019

1STQUARTER 2020 RESULTS 30 APRIL 202060

GLOBAL BANKING AND INVESTOR SOLUTIONS RISK-WEIGHTED ASSETS IN EUR BN

_Global Markets and Investor Services

			70.3	61.2	67.0
			25.7	24.7	24.7
			13.4	12.7	16.8
			31.2	23.9	25.5
			Q1 19	Q4 19	Q1 20
	_Financing and Advisory			_Asset and Wealth Management
53.6	48.3		53.2
5.4	5.6		5.6
1.0		1.9		9.8
	0.8				8.2	8.2
47.2			45.7		1.9	1.8	1.8
41.8			0.7
				0.1	0.1
					7.2	6.3	6.3
Q1 19	Q4 19	Q1 20		Q1 19	Q4 19	Q1 20

Historical series restated according to new quarterly series published on 30 September 2019

Operational

Market

Credit

1STQUARTER 2020 RESULTS 30 APRIL 202061

GLOBAL BANKING AND INVESTOR SOLUTIONS REVENUES

_Global Markets and Investor Services Revenues (in EURm)(1)

_Asset and Wealth Management Revenues (in EURm)

200	179		169				Securities
	166
461	519					Services
	494
	520
			150			Fixed Income and
667	693	505	637	609			Currencies
		Equities
				9

5	5		5	4
	5
44
51		57	50
	48		Others
206	175		181	176		Lyxor
165		Private
						Banking

Q1 19	Q2 19	Q3 19	Q4 19	Q1 20	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20

_Revenues Split by Region (in %)

55%

Europe

Q1 20 NBI

EUR 1.6bn

20%

Americas 25%

Asia

(1) Historical series restated according to new quarterly series published on 30 September 2019

1STQUARTER 2020 RESULTS 30 APRIL 202062

GLOBAL BANKING AND INVESTOR SOLUTIONS KEY FIGURES

_Private Banking: Assets under Management (in EURbn)

113 114 117 119 111

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

_Securities Services: Assets under Custody (in EURbn)

_Lyxor: Assets under Management (in EURbn)

121	135	138	149	126

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

_Securities Services: Assets under Administration (in EURbn)

4,083

4,158

4,247

4,213

4,110

629

631

632

647

579

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

1STQUARTER 2020 RESULTS 30 APRIL 202063

GLOBAL BANKING AND INVESTOR SOLUTIONS LEAGUE TABLES - RANKINGS - AWARDS

Financing and Advisory

Global Custodian Survey 2020:
Ranked top Agent bank in	Best ECM Bank of the Year
Emerging Markets in Russia	in France and the Benelux

league tables 01/01 to 31/03 2020

FImetrix	RFIx Award 2020
Distinguished	(BCR)
Provider 2020	Supply Chain Finance
	Supplier of the Year

The Asset Triple A Sustainable

CAPITAL MARKETS

• #4 All InternationalEuro-denominated Bonds EMEA
• #2 All French CorporateEuro-denominated Bonds

• #4 All InternationalEuro-denominated Bonds for Financial Institutions
• #1 FrenchEuro-denominated Bonds for Financial Institutions
• #2 ECM house in France

CORPORATE & STRUCTURED FINANCE

• #3 M&AFrance
• #2 Acquisition Finance Bookrunner in France
• #6 Acquisition Finance Bookrunner on EMEA

Capital Markets Regional Awards 2019

Best Renewable Energy Adviser

Global Markets

Best House in Europe

Best ESG House

Best Issuance Platform

- SG Markets

Wealth Management

	Global Finance
Private Bank- Best Credit Provider	Best Private Bank for
Best Private Bank - Talent	Entrepreneurs in
Management	Western Europe 2020

	Asset Management
		WealthBriefing European
		Awards 2020
European Funds Trophy	Best ETF provider

	Best Liquid Alternative Funds
Gestion de Fortune	Platform
1st ETF Provider in France	Best Liquid Alternative Credit
	Long/Short Fund

1STQUARTER 2020 RESULTS 30 APRIL 202064

FINANCING & ADVISORY

SUPPORTING CLIENTS IN THEIR TRANSFORMATIONS

CLIENT PROXIMITY INNOVATION PRODUCT EXCELLENCE INDUSTRY EXPERTISE ADVISORY CAPACITY GLOBAL COVERAGE

ILIAD

Financial Advisor, Global Coordinator, Structuring bank

ENGIE

Active Bookrunner

DBS

Joint bookrunner

REPUBLIC OF TANZANIA

Mandated Lead Arranger

UNIVERSITY OF IOWA

Joint Lead Arranger, Hedge Provider

Up to EUR 1.4bn - Share buyback offer and capital increase, reinforcing SG first-class credentials in the Telecom sector

EUR 2.5bn triple-tranche conventional & green bond, reopening the European corporate market after extreme volatile episodes

USD 1bn - DBS's new AT1, the lowest coupon ever on a USD

AT1

USD 993m- Financing the replacement of an old existing gauge railway and the construction of a new railway line in Tanzania to enhance transport sustainability

USD 1bn - contract aiming to help university meets its energy transition objectives and be completely coal-free by 2025

1STQUARTER 2020 RESULTS 30 APRIL 202065

METHODOLOGY (1/3)

1 - The financial information presented for the first quarter ended 31 March 2020 was reviewed by the Board of Directors on 29 April 2020 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. These items have not been audited.

2 - Net banking income

The pillars' net banking income is defined on page 43 of Societe Generale's 2020 Universal Registration Document. The terms "Revenues" or "Net Banking Income" are used interchangeably. They provide a normalised measure of each pillar's net banking income taking into account the normative capital mobilised for its activity.

3 - Operating expenses

Operating expensescorrespond to the "Operating Expenses" as presented in note 8.1 to the Group's consolidated financial statements as at December 31st, 2019 (pages 423 et seq. of the 2020 Universal Registration Document). The term "costs" is also used to refer to Operating Expenses.

The Cost/Income Ratiois defined on page 43 of Societe Generale's 2020 Universal Registration Document.

4 - IFRIC 21 adjustment

The IFRIC 21 adjustment corrects the result of the charges recognised in the accounts in their entirety when they are due (generating event) so as to recognise only the portion relating to the current quarter, i.e. a quarter of the total. It consists in smoothing the charge recognised accordingly over the financial year in order to provide a more economic idea of the costs actually attributable to the activity over the period analysed.

5 - Exceptional items - transition from accounting data to underlying data

The Group may be required to provide underlying indicators for a clearer understanding of its actual performance. Underlying data is obtained from reported data by restating the latter to take into account exceptional items and the IFRIC 21 adjustment

The Group restates also the revenues and earnings of the French Retail Banking pillar for PEL/CEL provision allocations or write-backs. This adjustment makes it easier to identify the revenues and earnings relating to the pillar's activity, by excluding the volatile component related to commitments specific to regulated savings.

Details of these items, as well as the other items that are the subject of a one-off or recurring restatement (exceptional items) are given in the supplement (page 38).

1STQUARTER 2020 RESULTS 30 APRIL 202066

METHODOLOGY (2/3)

6 - Cost of risk in basis points, coverage ratio for non performing loans

The cost of risk or commercial cost of risk is defined on pages 45 and 574 of Societe Generale's 2020 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases. The gross coverage ratio for Non performing loans is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default ("non performing").

		(In EUR m)	Q1 20	Q1 19
		Net Cost Of Risk	249	94
French Retail Banking		Gross loan Outstandings	201,139	191,422
		Cost of Risk in bp	49	20
International Retail Banking		Net Cost Of Risk	229	128
	Gross loan Outstandings	136,407	129,861
and Financial Services
	Cost of Risk in bp	67	39
Global Banking and Investor		Net Cost Of Risk	342	43
	Gross loan Outstandings	158,064	164,811
Solutions
	Cost of Risk in bp	87	10
		Net Cost Of Risk	0	(0)
Corporate Centre		Gross loan Outstandings	9,710	9,248
		Cost of Risk in bp	2	(1)
		Net Cost Of Risk	820	264
Societe Generale Group		Gross loan Outstandings	505,319	495,341
		Cost of Risk in bp	65	21

7 - ROE, RONE, ROTE

The notion of ROE (Return On Equity) and ROTE (Return On Tangible Equity), as well as the methodology for calculating it, are specified on pages 45 and 46 of Societe Generale's 2020 Universal Registration Document. This measure makes it possible to assess return on equity and Societe Generale's return on equity tangible.

RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group's businesses, according to the principles presented on page 46 of Societe Generale's 2020 Universal Registration Document.

1STQUARTER 2020 RESULTS 30 APRIL 202067

METHODOLOGY (3/3)

The net result by the group retained for the numerator of the ratio is the net profit attributable to the accounting group adjusted by the interest to be paid on TSS & TSDI, interest paid to the holders of TSS & TSDI amortization of premiums issues and unrealized gains/losses accounted in equity, excluding translation reserves (see methodological Note 9). For the ROTE, the result is also restated for impairment of goodwill.

8 - Net assets and tangible net assetsare defined in the methodology, page 48 of the Group's 2020 Universal Registration Document.

9 - Calculation of Earnings Per Share (EPS)

The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 47 of Societe Generale's 2020 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE. For indicative purpose, the Group also publishes EPS adjusted for the impact of exceptional items and for IFRIC 21 adjustment (Underlying EPS).

10 -The Societe Generale Group's Common Equity Tier 1 capitalis calculated in accordance with applicable CRR/CRD4 rules. The fully-loadedsolvency ratiosare presented pro forma for current earnings, net of dividends, 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.

11 -The liquid asset bufferor liquidity reserve includes 1/ central bank cash and deposits recognised for the calculation of the liquidity buffer for the LCR ratio, 2/ liquid assets rapidly tradable in the market (High Quality Liquid Assets or HQLA), unencumbered net of haircuts, as included in the liquidity buffer for the LCR ratio and 3/ central bank eligible assets, unencumbered net of haircuts.

12 -The "Long Term Funding" outstandingis based on the Group financial statements and on the following adjustments allowing for a more economic reading. It then Includes interbank liabilities and debt securities issued with a maturity above one year at inception. Issues placed in the Group's Retail Banking networks (recorded in medium/long-term financing) are removed from the total of debt securities issued.

Note: The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules. 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.comin the "Investor" section.

1STQUARTER 2020 RESULTS 30 APRIL 202068

INVESTOR RELATIONS TEAM

[e-mail]

www.societegenerale.com/en/investors

1STQUARTER 2020 RESULTS 30 APRIL 202069