Societe Generale : Presentation to debt investors Q2 2022

PRESENTATION TO DEBT INVESTORS

2nd QUARTER AND 1st HALF 2022 RESULTS

DISCLAIMER

The financial information on Societe Generale for its second quarter and first half 2022 financial results comprises this presentation and a dedicated press release which are available on the website:

https://investors.societegenerale.com/en.

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, in particular in the Covid-19 crisis and Ukraine war context, 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 section "Risk Factors"

in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

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 undertakes no 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. This presentation includes information pertaining to our markets and our competitive positions therein. Such information is based on market data and our actual revenues in those markets for the relevant periods. We obtained this market information from various third-party sources (publications, surveys and forecasts) and our own internal estimates. We have not independently verified these third-party sources and cannot guarantee their accuracy or completeness and our internal surveys and estimates have not been verified by independent experts or other independent sources.

The financial information presented for the financial year ending 30 June 2022 was approved by the Board of Directors on 2 August 2022. It has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. The limited review procedures on the condensed interim financial statements at 30 June 2022 carried by the Statutory Auditors are currently underway.

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1. KEY HIGHLIGHTS AND GROUP PERFORMANCE

STRONG UNDERLYING RESULTS

GROUP NET INCOME

EUR 1.5bn(1)

-EUR 1.5bn reported

incl. the impactof the Russiandisposal for EUR 3.3bn before tax

in Q2 22

ROTE

10.5%(1)

in Q2 22

Excellent business	High asset
performance	quality
Revenues	Cost of risk
+12.8% (+13.4%*)	15bps
vs. Q2 21	in Q2 22
Record quarter for private banking,	Limited defaults
F&A, ALD and international retail
Strong performance in Global Markets	High level of S1/S2
Solid commercial activity in	provisions
French retail
Cost/income ratio
61.8%(2)
in Q2 22

Solid capital

CET 1

12.9%(3)

at end of Q2 22

~360 bps over MDA

Launch of the 2021 share buy-backs

~ EUR 915m

Provision for 2022 distribution

~EUR 1.44 (4)

per shareat H1-22

H1 22 underlying Group net result(1) of EUR 3.1bn (+16.3% vs. H1 21)

H1 22 reported Group net result of -EUR640m

(1) Underlying data: adjusted for exceptionalitems (see Supplement) (2) Underlying and excluding the contribution to the Single Resolution Fund

1. Including IFRS9 phasing, 12.8% fully-loaded (4) Based on a payout of 50% of the underlying group net income after deduction of intereston deeply subordinatednotes and undated subordinated notes * When adjusted for changes in Group structure and at constant exchange rates

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HIGH GROSS OPERATING INCOME IN Q2 22

Gross Operating Income	Positive jaws	Cost/income ratio
_Underlying gross operating income(1)	_Changein underlying revenues and costs(1)	_Underlying cost/income(1) excluding SRF(2)

+21.6%

		2,475
		+12.8%
2,036

+8.6%

Q2 21

Q2 22

Revenues

Costs

	74.0%
64.8%		65.1%
			61.8%
Q2 19	Q2 20	Q2 21	Q2 22

1. Underlying data: adjusted for exceptionalitems (see Supplement)
2. Single Resolution Fund

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