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SOCIETE GENERALE : SOCIETE GENERALE: ACTIVITY AND 2012 RESULTS, QUARTERLY FINANCIAL INFORMATION



  SOCIETE GENERALE : SOCIETE GENERALE: ACTIVITY AND 2012 RESULTS, QUARTERLY
                            FINANCIAL INFORMATION

         ACTIVITY AND 2012 RESULTS
           REGULATED INFORMATION
Paris, February 13th, 2013
2012 TRANSFORMATION OBJECTIVES ALL ACHIEVED

  * Balance sheet significantly strengthened 

  * Corporate and Investment Banking's loan disposal programme completed  

  * Business asset disposal  programme implemented:  sale of  Geniki and  TCW, 
    agreement for the disposal of the Egyptian subsidiary, NSGB 

  * Satisfactory liquidity structure 

         Core Tier 1 ratio^(1): 10.7%, increase of +165 bp in one year

        Confirmation of the Basel 3 Core Tier 1 target at end-2013 (9%-9.5%)

  * Group's profit-generating capacity maintained 

  * NBI^(2) stable (-0.3%) vs. 2011, at EUR 24,963m       
    Good business performance despite resource constraints 

  * Operating expenses down -4.1%*         

Increase in the  net cost of  risk (EUR -3,935m,  +11.9%^(3)), related to  the 
deteriorated macroeconomic situation in Europe

  * Underlying Group net income: EUR 3,368m 

Book Group net income: EUR 774m, including EUR -2,594m related to non-economic
and non-recurring items, and Corporate  and Investment Banking's legacy  asset 
portfolio^(2)       

  * EPS^(4): EUR 0.64, proposed dividend payment of EUR 0.45 per share, with a
    scrip dividend option, corresponding to  a payout ratio of 26%  (excluding 
    the revaluation of own financial liabilities) 

Q4 2012: UNDERLYING GROUP NET INCOME OF EUR 537M.        
CONTINUED IMPROVEMENT IN THE CORE TIER 1 RATIO^(1): +40 BP IN Q4 12

  * NBI^(2) of EUR 5,910m, -1.0% vs. Q4 11 

  * Non-economic or  non-recurring  items had  a  significant impact  on  book 
    income: book Group net income of EUR -476m  

(1)        Calculated 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/losses on business assets sold  or available-for-sale assets, impact  on 
profit and  loss of  debt  buybacks, restructuring  of Greek  sovereign  debt. 
Impact on Group net income of non-economic items:
EUR -859m  in 2012,  including EUR  -822 million  for the  revaluation of  own 
financial liabilities;  non-recurring  items:  EUR  -1,319m  in  2012;  legacy 
assets: EUR -416m in 2012.

(3)          Excluding litigation issues,  legacy and Greek sovereign  assets. 
Steady decline in the cost of risk in basis points.

(4)         After deducting interest, net of tax effect, to be paid to holders
of deeply subordinated notes and undated subordinated notes (respectively  EUR 
266 million and EUR 27 million). At end-December 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

The Board of  Directors of  Societe Generale met  on February  12th, 2013  and 
examined the Group's financial statements for  2012. Group net income came  to 
EUR 774 million for 2012 and  net banking income totalled EUR 23,110  million. 
Group net income amounted to EUR -476  million in Q4, with net banking  income 
of EUR 5,130 million.

Given these results, the Board of Directors will propose the distribution of a
dividend of EUR 0.45 per share, with  a scrip dividend option, to the  General 
Meeting of Shareholders. This  corresponds to a payout  ratio of 26% of  Group 
net income, net of the effect of the revaluation of own financial liabilities.

2012 marked the achievement  of key milestones  in the transformation  process 
under way since 2010:

  * completion of Corporate  and Investment  Banking's deleveraging  programme 
    (disposal of EUR 16 billion of loan portfolio assets since end-June  2011) 
    and continuation of the legacy  asset disposal programme (disposal of  EUR 
    19 billion of legacy assets over the last 18 months). 

  * business refocusing  and  business asset  portfolio  optimisation,  marked 
    mainly by  the sale  of  the Greek  subsidiary, Geniki,  in  International 
    Retail Banking, and TCW in  Private Banking, Global Investment  Management 
    and Services, the agreement to sell the Egyptian subsidiary, NSGB, as well
    as by the trend in the  Group's risk-weighted assets, which fell in  2012. 
    The asset disposal programme  has thus already achieved  the lower end  of 
    its target range and considerably reduced balance sheet risks.  

  * very satisfactory improvement in the financing structure, with an improved
    loan/deposit  ratio,  high  medium/long-term  debt  issuance  volumes  and 
    extended maturities. 

  * implementation of  efficiency measures,  which resulted  in a  decline  in 
    operating expenses vs. 2011.  

Coupled with the solid  business results, these  initiatives helped boost  the 
Group's Core Tier 1 ratio^(1) to 10.7% at year-end, an increase of +165  basis 
points in one year.

Although exposed  to  a sharply  slowing  environment, Retail  Banking  posted 
generally satisfactory  revenues.  Accordingly, the  French  Networks  enjoyed 
stable net banking income. Revenues were also stable* in International  Retail 
Banking but concealed a more mixed situation: revenues were solid in the Czech
Republic, Russia, Mediterranean  Basin and Sub-Saharan  Africa, whereas  other 
countries in Eastern Europe experienced reduced activity due to a deteriorated
economic environment.  Lastly, Specialised  Financial Services  and  Insurance 
revenues grew, especially in the Insurance activity. Corporate and  Investment 
Banking, whose revenues  were stable  vs. 2011  despite the  disposal of  loan 
portfolios and  legacy assets  under way  for 18  months, benefited  from  the 
gradual normalisation of the  markets in 2012,  particularly in Fixed  Income, 
Currencies & Commodities activities. In an environment that remained  sluggish 
throughout the year - low rates, reduced brokerage volumes - Private  Banking, 
Global Investment Management and Services maintained its revenues at the  same 
level as the previous year.

The  Group's  cost-cutting  efforts  resulted  in  a  significant  decline  in 
operating expenses. These were sharply lower, down -4.1%* vs. 2011 (and  -2.2% 
excluding restructuring costs recorded in 2011).

The commercial cost of risk, measured in basis points^(2) amounted to 75 basis
points for 2012,
vs. 67 basis points in 2011, reflecting the deterioration in the macroeconomic
environment in Europe.
The 2012 results include EUR -2,594 million of non-economic items, the  impact 
of the  Group's transformation  (asset  disposals and  reduction in  the  loan 
portfolio at SG CIB), the restructuring of Greek sovereign debt, and Corporate
and Investment Banking's legacy asset portfolio^(3).

When corrected for these items, Group net income totalled EUR 3,368 million in
2012.

Commenting on the Group's  2012 results, Frédéric Oudéa  - Chairman and CEO  - 
stated:

"Societe Generale successfully  continued with its  transformation process  in 
2012, achieving all the objectives  set at the beginning  of the year. At  the 
same time  as  carrying  out  a proactive  portfolio  disposal  programme  and 
business refocusing, the Group succeeded, in a turbulent economic environment,
in maintaining a good level  of activity in order  to serve its customers  and 
finance the  economy.  The  bank also  significantly  improved  its  financial 
solidity both  in terms  of capital  and liquidity.  On the  strength of  this 
momentum, the Group has secured  its "Basel 3" Core  Tier 1 capital target  of 
9%-9.5% at end-2013 and  is approaching this year  of economic and  regulatory 
transition  with  confidence.   By  initiating   the  second   phase  of   its 
transformation plan, with an objective of increasing commercial and  operating 
efficiency,  Societe  Generale  will  reinforce  the  medium-term  growth  and 
profitability potential of the Group and its businesses." 

 1. GROUP CONSOLIDATED RESULTS 

In EUR m                    2011     2012    Change   Q4 11   Q4 12   Change
                                            2012 vs.                 Q4 vs. Q4
                                              2011
Net banking income         25,636   23,110   -9.9%    6,010   5,130   -14.6%
On a like-for-like basis*                     -10.3%                    -14.5%
Operating expenses        (17,036) (16,438)  -3.5%   (4,401) (4,138)   -6.0%
On a like-for-like basis*                      -4.1%                     -6.5%
Gross operating income     8,600    6,672    -22.4%   1,609    992    -38.3%
On a like-for-like basis*                     -22.4%                    -36.6%
Net cost of risk          (4,330)  (3,935)   -9.1%   (1,075) (1,314)  +22.2%
Operating income           4,270    2,737    -35.9%    534    (322)     NM
On a like-for-like basis*                     -42.0%                        NM
Impairment losses on       (265)    (842)      NM     (65)    (392)     NM
goodwill
Group net income           2,385     774     -67.5%    100    (476)     NM
                            2011     2012
Group ROTE (after tax)      7.5%     1.4%

Net banking income

The Group's net banking income totalled  EUR 23,110 million in 2012, with  EUR 
5,130 million in Q4 12.

If non-economic or  non-recurring items  and legacy assets  are stripped  out, 
underlying revenues amounted  to EUR  24,963 million, stable  (-0.3%) vs.  the 
previous year. Underlying net banking income was slightly lower (-1.0%) in  Q4 
12 than in Q4 11.

  * The French Networks  posted revenues  of EUR  8,161 million  in 2012  (EUR 
    2,068 million in  Q4 12). They  were stable excluding  the PEL/CEL  effect 
    year-on-year and vs.  Q4 11,  in a sharply  slowing economic  environment, 
    underpinned by interest margins that held up well; 

  * At EUR 4,943 million in  2012, International Retail Banking's net  banking 
    income  was   stable   (-0.1%*)   vs.  2011.   However,   it   was   lower 
    quarter-on-quarter (-6.5%*  in Q4  12 vs.  Q4 11  at EUR  1,228  million). 
    Lacklustre economic activity  in Eastern  Europe was  offset by  increased 
    activity  in  the   Czech  Republic,  Russia,   Mediterranean  Basin   and 
    Sub-Saharan Africa; 

  * Corporate and Investment Banking's core activities posted 2012 revenues in
    line (-2.0%*) with  the figures for  2011 at EUR  6,457 million (with  EUR 
    1,465 million  in Q4  12, +22.8%*  vs. Q4  11). They  were driven  by  the 
    recovery in 2012  of Fixed  Income, Currencies  & Commodities  activities, 
    which partially offset loan portfolio disposal costs (EUR -489 million  in 
    2012). 

Corporate and Investment Banking's legacy assets made a negative  contribution 
of
EUR -268 million to the division's revenues in 2012 (with EUR -5 million in Q4
12) vs.
EUR -476 million in 2011 (including EUR -524 million in Q4 11).

Corporate and  Investment Banking's  revenues totalled  EUR 6,189  million  in 
2012, with      EUR 1,460 million in Q4 12.

  * Specialised Financial Services and Insurance's revenues totalled EUR 3,489
    million in
    2012 (+1.4%* vs. 2011),  underpinned by growth  in the Insurance  activity 
    (+12.5%* vs.  2011 at  EUR 684  million). Specialised  Financial  Services 
    generally maintained its revenues, at
    EUR  2,805  million  in  2012  (-1.0%*),  despite  considerable   resource 
    constraints. The division's
    Q4 12 revenues totalled EUR  894 million (up +5.1%*  vs. Q4 11), with  EUR 
    715 million for Specialised Financial Services (+2.4%* vs. Q4 11) and  EUR 
    179 million for the Insurance activity (+17.8%* vs. Q4 11). 

  * Private Banking,Global  Investment Management  and Services'  net  banking 
    income was
    -2.8%* lower than in  2011 at EUR 2,160  million. Q4 12 revenues  totalled 
    EUR 553 million, up +9.0%* vs. Q4  11. This performance was achieved in  a 
    generally unfavourable environment  for the business  due to  persistently 
    low rates and reduced brokerage activity.  

The accounting impact on net banking income of the revaluation of the  Group's 
own financial  liabilities was  EUR  -1,255 million  in  2012 (with  EUR  -686 
million in  Q4 12),  reflecting tightening  financing spreads  in the  banking 
sector during the year. In 2011, the revaluation of the Group's own  financial 
liabilities boosted book net banking income by EUR +1,177 million (with EUR  + 
700 million in Q4 11), due to the widening of these spreads. At the same time,
the valuation of the bank's loan portfolio hedges caused net banking income to
fall by  EUR  -26 million  in  Q4 12,  taking  the full-year  impact  of  this 
valuation to EUR -56 million.

Operating expenses

At EUR -16,438  million in 2012,  operating expenses were  down -4.1%*  (-2.2% 
when restated  for  total  restructuring  provisions  recorded  at  end-2011). 
Operating expenses  amounted  to EUR  -4,138  million  in Q4  12,  down  -0.8% 
excluding restructuring costs vs. the same period in 2011.

There were significant efforts to control operating expenses in Corporate  and 
Investment Banking
(-8.7% vs.  2011)^(1),  Private  Banking,  Global  Investment  Management  and 
Services (-3.4%^(1)), Specialised Financial Services and Insurance (-1.0%^(1))
and the French Networks (-0.4%^(1)).

When restated for  legacy assets,  non-economic and  non-recurring items,  the 
cost to income ratio was -1.3 points lower than in 2011, at 65.6% for 2012.

Operating income

The Group's gross operating  income came to EUR  6,672 million for 2012.  This 
was substantially  lower than  in 2011  due to  the accounting  effect of  the 
revaluation  of  the  Group's  own  financial  liabilities  (-22.4%*).   Gross 
operating income totalled EUR 992 million for Q4 12 (vs.
EUR +1,609  million  in Q4  11).  Gross operating  income  came to  EUR  7,927 
million, excluding the effect of the revaluation of the Group's own  financial 
liabilities, up 6.8% vs. 2011. In Q4 12, gross operating income, corrected for
the impact of the revaluation of the Group's own financial liabilities, was
EUR 1,678 million (vs. EUR 909 million in Q4 11).

The Group's net cost of risk amounted to EUR -3,935 million for 2012, vs.  EUR 
-4,330 million in 2011.

The Group's commercial cost  of risk (expressed as  a fraction of  outstanding 
loans) amounted to  75^(^2) basis points  in 2012 vs.  67^(2) basis points  in 
2011.

  * The French Networks' cost of risk was higher at 50 basis points (41  basis 
    points in 2011) reflecting the deteriorating economic environment, notably
    for Corporates where the Group posted an increase in provisions in respect
    of medium-sized companies in the industrial sector. 

  * At 183 basis points (vs. 177  basis points in 2011), International  Retail 
    Banking's cost of risk was slightly  higher. However, the trend was  mixed 
    according to region, with  a low point  reached in Russia in  Q4 12 but  a 
    still  high  level  in  Romania,  reflecting  the  deteriorated   economic 
    situation in the country.  

  * The cost of risk of Corporate and Investment Banking's core activities was
    contained at
    31 basis points (vs. 11 basis points in 2011) and remained at a low level.
    Legacy assets' net cost  

of risk amounted to EUR -262 million in 2012 (considerably lower than the  EUR 
-425 million in 2011).

  * Specialised Financial Services' cost of risk fell to 125 basis points (vs.
    149 basis points in 2011), reflecting the notable improvement in  Consumer 
    Finance. 

The Group also booked a EUR -300 million provision for litigation issues in Q4
12.

The Group's NPL coverage ratio was 77% at end-2012 (76% at end-2011).

The decline in the net cost of risk (EUR -3,935 million in 2012 vs. EUR -4,330
million in 2011)  can be attributed  principally to a  base effect related  to 
provisions booked in respect of Greek sovereign risk in 2011.

The  Group's  operating   income  totalled   EUR  2,737   million  for   2012, 
substantially lower than in 2011, and EUR -322 million for Q4 12 (vs. EUR +534
million in  Q4  11). The  decline  was primarily  due  to the  impact  of  the 
revaluation of the Group's own financial liabilities.

Operating income  came to  EUR  3,992 million,  excluding  the effect  of  the 
revaluation of the Group's own financial liabilities, vs. EUR 3,093 million in
2011, an increase of more than 29%. In Q4 12, operating income, corrected  for 
the impact of the  revaluation of the Group's  own financial liabilities,  was 
EUR 364 million (vs. EUR -166 million in Q4 11).

Net income

After taking into  account tax (the  Group's effective tax  rate was 15.0%  in 
2012 vs.  30.9%  in 2011)  and  non-controlling interests,  Group  net  income 
totalled EUR 774 million for 2012 (EUR -476 million in
Q4 12), vs. EUR 2,385 million in 2011 (and EUR 100 million in Q4 11).

Book Group net income was EUR -476 million  in Q4 (EUR 100 million in Q4  11), 
primarily due to the effect of non-economic and non-recurring items at the end
of the year.

When corrected for  non-economic items^(1) (EUR  -859 million),  non-recurring 
items
(EUR -1,319  million^(2)) and  the impact  on the  accounts of  Corporate  and 
Investment Banking's  legacy asset  portfolio (EUR  -416 million),  Group  net 
income amounted to EUR 3,368 million in 2012, vs.
EUR 3,515 million in 2011.
The Group's underlying ROE stood at 4.3% in  Q4 12 and 7.3% for the year.  The 
underlying ROTE came to 8.9% for 2012^(3).
Earnings per share  amounts to  EUR 0.64  for 2012,  after deducting  interest 
payable to  holders  of deeply  subordinated  notes and  undated  subordinated 
notes^(4).

 2. THE GROUP'S FINANCIAL STRUCTURE 

Group shareholders' equity  totalled EUR  49.8 billion^(1)  at December  31st, 
2012 and tangible net  asset value per share  was EUR 48.59 (corresponding  to 
net asset value per share of
EUR 56.93, including EUR 0.89 of unrealised capital gains). The Group acquired
30.1 million Societe Generale shares during  2012 and proceeded to dispose  of 
31.0 million shares  under the  liquidity contract concluded  on August  22nd, 
2011.

All in all,  at end-December,  2012, Societe Generale  possessed 26.3  million 
shares (including  9  million  treasury shares),  representing  3.37%  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^(2),  after  the  netting  of  insurance, 
derivative outstandings, repurchase agreements and accruals, totalled EUR  652 
billion at December 31st, 2012, up
EUR +52 billion vs. December 31st, 2011.

The  balance  sheet  structure  has  been  significantly  strengthened   since 
end-2011. In particular, the Group has increased its surplus of stable sources
over long-term  uses  of  funds.  Within stable  sources  of  funds,  customer 
deposits rose by EUR 16 billion, an  increase of +6% in 2012 or +8%  excluding 
Geniki and NSGB deposits. Medium/long-term  financing rose by EUR 19  billion, 
due partly to the issuance of  EUR 27 billion of medium/long-term debt  during 
the year. This amount was well above  the initial programme of EUR 10  billion 
to EUR 15 billion. Shareholders' equity (EUR 52 billion) was boosted by EUR +3
billion in  2012,  or  +5%  vs.  end-2011.  At  the  same  time,  the  Group's 
deleveraging strategy  led to  customer loan  outstandings falling  by EUR  18 
billion to EUR 369 billion. The Group's loan/deposit ratio^(2) declined by -13
points in 2012.
The Group also increased its liquidity  reserves in 2012, from EUR 84  billion 
at end-2011 to
EUR 133  billion at  end-2012. They  covered 101%  of the  Group's  short-term 
refinancing needs at end-2012. The latter  remained stable as a proportion  of 
the funded balance sheet, at 20% of total financed assets. In absolute  terms, 
short-term sources of funds increased by EUR 16 billion in 2012 testifying  to 
the abundant  liquidity  in the  system  and  the confidence  in  the  Societe 
Generale name.

The Group's risk-weighted assets were lower than in 2011 at EUR 324.1  billion 
(EUR 349.3 billion at end-2011, or -7% in 2012).
Changes in risk-weighted assets  reflect the transformation  under way in  the 
Group with, in particular, a decline of -12% in the outstandings of  Corporate 
and  Investment  Banking's  core  activities   and  -52%  in  legacy   assets. 
Specialised Financial Services'  resource constraints resulted  in an  overall 
decline of -4% in their risk-weighted assets in 2012, whereas the outstandings
of the French Networks  grew +3% over the  same period reflecting the  Group's 
ongoing financial  support to  the economy  and its  customers.  International 
Retail Banking's risk-weighted assets fell -3% in 2012, primarily on the  back 
of Geniki's removal from the Group's structure.

The Group's Tier 1 ratio was 12.5% at December 31st, 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, reached  10.7% 
at end-December 2012, representing an increase of +165 basis points since  the 
beginning of the year. The increase is due mainly to income generation in 2012
(+67 basis points, net  of the dividend provision),  a decline in the  Group's 
risk-weighted assets,  and actions  undertaken to  optimise the  legacy  asset 
portfolio and dispose of  loans in Corporate  and Investment Banking's  credit 
portfolio (+77 basis points).  The disposal of  Geniki, finalised in  December 
2012, helped boost the Core Tier 1 ratio by +3 basis points at December  31st, 
2012.

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

 3. French networks 

In EUR m              2011    2012      Change      Q4 11   Q4 12    Change
                                     2012 vs. 2011                  Q4 vs. Q4
Net banking income    8,165   8,161      0.0%       2,054   2,068     +0.7%
                                           0.0%(a)                     0.0%(a)
Operating expenses   (5,248) (5,264)     +0.3%     (1,358) (1,382)    +1.8%
                                          -0.4%(b)                    -0.8%(b)
Gross operating       2,917   2,897      -0.7%       696     686      -1.4%
income
                                       +0.8%(a)(b)                 +1.6%(a)(b)
Net cost of risk      (745)   (931)     +25.0%      (237)   (300)    +26.6%
Operating income      2,172   1,966      -9.5%       459     386     -15.9%
Group net income      1,428   1,291      -9.6%       302     254     -15.9%
(a) Excluding
PEL/CEL
(b) Excluding
systemic tax

In a deteriorated  macroeconomic environment in  France, the French  Networks' 
commercial activity was satisfactory in  2012 and once again demonstrated  the 
solidity of their customer franchises.

During 2012, the number of individual customers for the three brands  (Societe 
Generale, Crédit  du  Nord  and  Boursorama)  exceeded  11  million  (+162,000 
individual custmers in 2012).

Against a  backdrop  of  continuing fierce  competition  for  savings  inflow, 
outstanding balance sheet deposits rose +5.4%  vs. 2011 to EUR 141.6  billion. 
By customer  segment,  deposit  inflow was  strong  for  individual  customers 
(+6.0%) and saw a gradual pick-up  for business customers (+1.7%). By type  of 
savings vehicle, deposit growth was driven by the inflow on term deposits  and 
deposit certificates (+30.6%): these  benefited from the  success of the  "CAT 
Tréso +" (Treasury  + term account)  offering aimed at  businesses. There  was 
also a sharp  increase in  regulated savings.  These continued  to be  driven, 
firstly, by the  growth in  livret A (passbook  savings account)  outstandings 
(+31.4%) which  benefited  from  the raising  of  the  ceiling in  Q4  12  and 
secondly, by the success  of the "CSL  +" (ordinary savings account)  offering 
(CSL outstandings up +6.8%).

This growth was accompanied by positive net life insurance inflow of EUR  +165 
million in 2012, in a market that experienced a net outflow for the first time
(EUR -3.4 billion vs. the same period the previous year).

The French Networks remained  fully committed to  serving their customers  and 
continued  to  actively   support  the  economy,   assisting  businesses   and 
individuals with the financing of their  projects, as testified by the  growth 
in outstanding loans (+3.2% vs. 2011) to EUR 176.1 billion.
Outstanding loans to  business customers  totalled EUR  79.5 billion  (+3.4%). 
Outstanding operating  loans rose  +9.0% to  EUR 12.8  billion and  investment 
loans +2.2% to EUR 64.1 billion.
Outstanding loans to individuals rose +2.9%  over the period, still driven  by 
the growth in  outstanding housing  loans (+3.5%).  In line  with the  market, 
housing loan production was  nevertheless markedly lower than  in 2011 on  the 
back of weak demand.

The average loan/deposit  ratio stood at  124% in  2012 vs. 127%  in 2011,  an 
improvement of 3 points.  The average loan/deposit ratio  for Q4 12 was  121%, 
down -2 points vs. the previous quarter.

The French Networks' revenues were resilient,  with net banking income of  EUR 
8,161 million,  stable excluding  the PEL/CEL  effect vs.  2011. Net  interest 
income was 1.0% higher (excluding the  PEL/CEL effect) than in 2011, with  the 
increase in outstanding deposits offsetting the increasingly marked decline in
reinvestment rates during the year. The loan margin remained virtually stable.

Commissions declined -1.2%  vs. 2011  with mixed  trends. Service  commissions 
rose +2.1% vs.  the same  period, driven  by buoyant  transaction levels  with 
business customers  (+8.1%), and  partially offset  the decline  in  financial 
commissions  (-12.4%)  on  the  back  of  low  financial  transaction  volumes 
originating from individual customers.

When restated  for  the  impact  of the  systemic  tax  (EUR  -35.5  million), 
operating expenses were -0.4% lower than in 2011, reflecting the effect of the
cost-saving plans implemented. These  focused primarily on  the control of  IT 
expenses and the decline in the use of external service providers.

The French Networks generated gross operating income of EUR 2,897 million,  up 
+0.8% (excluding PEL/CEL effect and restated for the impact of systemic taxes)
vs. 2011.

Against the backdrop of  a weak French economy,  the French Networks' cost  of 
risk amounted to
50 basis points in 2012, up 9 basis points vs. 2011.

The French  Networks' contribution  to  Group net  income totalled  EUR  1,291 
million in 2012, down
-9.6% vs. 2011.

The French Networks' Q4 net banking income totalled EUR 2,068 million,  stable 
excluding the PEL/CEL effect vs. Q4  11. Operating expenses came to EUR  1,382 
million. When restated for the impact of systemic taxes, they were down  -0.8% 
vs. Q4  11.  In  a  sluggish  economic  environment,  the  cost  of  risk  was 
significantly higher  at  65 basis  points  in  Q4 12.  The  French  Networks' 
contribution to Group net income totalled EUR 254 million, down -15.9% vs.  Q4 
11.

 4. InternationaL RETAIL BANKING 

In EUR m                    2011    2012      Change     Q4 11 Q4 12  Change
                                           2012 vs. 2011             Q4 vs. Q4
Net banking income          5,017   4,943      -1.5%     1,339 1,228   -8.3%
 On a like-for-like basis*                         -0.1%                 -6.5%
Operating expenses         (2,988) (3,077)     +3.0%     (765) (829)   +8.4%
 On a like-for-like basis*                         +3.6%                 +9.4%
Gross operating income      2,029   1,866      -8.0%      574   399   -30.5%
 On a like-for-like basis*                         -5.4%                -27.0%
Net cost of risk           (1,284) (1,348)     +5.0%     (379) (336)  -11.3%
Operating income             745     518      -30.5%      195   63    -67.7%
 On a like-for-like basis*                        -39.1%                -70.7%
Impairment losses on          0     (250)       NM         0     0      NM
goodwill
Group net income             325    (51)        NM        75    23    -69.3%

Within International Retail Banking, 2012 was marked by three major events. In
response to a very deteriorated environment in Greece and after supporting its
subsidiary for several years,  the Group endeavoured  to find an  alternative, 
successful strategy for the future of its subsidiary, against the backdrop  of 
consolidation in the  Greek banking  sector. Accordingly, the  Group sold  the 
entire shareholding  (99.08%) in  its  subsidiary Geniki  to Piraeus  Bank  in 
December 2012.  The  pre-tax result  of  this  deal, which  was  concluded  on 
December 14th,  2012,  was  recorded  in  the  Corporate  Centre,  under  "net 
gains/losses on  other assets"  for  a total  of  EUR -375  million.  Geniki's 
operating results continued to  be included in  those of International  Retail 
Banking until end-November 2012 (i.e. a  contribution to the Group net  income 
of International Retail Banking of EUR -164 million in 2012).

Moreover, in August 2012,  the Group received an  expression of interest  from 
Qatar  National  Bank  (QNB)  regarding   the  acquisition  of  the   majority 
shareholding (77.17%) in  its Egyptian subsidiary,  National Société  Générale 
Bank (NSGB). The Group accepted QNB's offer, which values NSGB's total capital
at twice the value of its book equity as at September 30th, 2012.

Finally, the  Group also  proceeded with  the rationalisation  of its  Russian 
activities, and disposed of its Byelorussian subsidiary and its debt  recovery 
activity.

However, these decisions do not reflect  a shift in the Group's  international 
development strategy.  International Retail  Banking  continues to  focus  its 
activity on the following strategic areas: the creation of a leading player in
Russia and targeted expansion in  high-potential countries in terms of  growth 
or the use of banking services.

The commercial performance remained positive  in an environment marked by  the 
economic  slowdown  in  Europe.  At  end-2012,  excluding  Greece  and  Egypt, 
International Retail Banking's outstanding loans totalled EUR 62.8 billion, up
+3.2%* year-on-year, driven by the strong growth for individual customers  (up 
8.7%*). Over the same period, deposits were +2.1%* higher at EUR 61.9 billion,
thanks to  the  robust  inflow  in  Central  and  Eastern  European  countries 
(+7.5%*). Overall, the loan/deposit ratio remained close to equilibrium  level 
(101% at end-December 2012).

International Retail Banking  revenues totalled  EUR +4,943  million in  2012, 
stable* vs. end-December 2011 and  marked by fairly distinct trends  according 
to region: revenues were higher  in Russia, the Czech Republic,  Mediterranean 
Basin and  Sub-Saharan  Africa, whereas  Romania  and the  other  Central  and 
Eastern  European  countries  experienced  a  decline  in  revenues,  hampered 
primarily by the economic slowdown.

At EUR 3, 077  million in 2012,  operating expenses were  up +2.6%*  excluding 
systemic tax
(EUR -30.3 million recorded in Q4  12). This moderate increase, compared  with 
the level of  inflation, reflects expenses  under control in  the Central  and 
Eastern European  subsidiaries (decline  notably in  Russia and  Romania)  and 
organic growth focused on the most dynamic regions.

The division posted gross operating income  of EUR 1,866 million in 2012.  The 
cost to income ratio was 62.2%.

International Retail Banking's net cost of risk amounted to EUR 1,348  million 
in 2012 (up +46.0%*). This was  due in particular to the substantial  increase 
recorded in Romania mainly  as a result of  a very deteriorated  macroeconomic 
environment.

International Retail Banking's contribution to  Group net income totalled  EUR 
-51 million in 2012, or EUR +363 million when restated for the contribution of
Greece and the goodwill write-down in respect of Russia recorded in Q2 12 (EUR
-250 million).

International Retail  Banking's  net  banking income  amounted  to  EUR  1,228 
million in Q4 12 (down
-6.5%*), marked primarily by  the economic slowdown in  Europe. Over the  same 
period, operating  expenses rose  +5.3%*  excluding systemic  tax,  reflecting 
mixed trends: good control  of operating expenses in  Russia, Romania and  the 
Czech Republic but an increase in expenses to support expansion of the network
in Sub-Saharan Africa and the  Mediterranean Basin. The contribution to  Group 
net income came to EUR 23 million.

In Russia, the  transformation of  the Rosbank  subsidiary was  stepped up  in 
2012. Measures to improve operating efficiency continued throughout the  year: 
the headcount  was reduced  by  more than  10%,  the network's  structure  was 
streamlined (rationalisation of  office space) and  a number of  non-strategic 
activities (Byelorussia,  debt  recovery  entity) for  the  Group  were  sold. 
Against this  backdrop, and  despite  a high  inflation  level of  around  5%, 
proactive cost management helped reduce operating expenses by -1.5%* over  the 
year. Lastly, the commercial  strategy focused on boosting  rouble-denominated 
loans (+27.4%*)  resulted in  revenue growth  for the  year of  +1.5%*,  still 
underpinned by robust lending to individuals. If the EUR -250 million goodwill
write-down is stripped  out, Rosbank's  contribution to Group  net income  was 
slightly negative in 2012, with a  positive contribution of EUR 39 million  in 
H2 2012 to the division's results.

In the Czech Republic,  Komercní Banka enjoyed  strong commercial activity  in 
2012, both for loans (+4.8%*) and deposits (+3.9%*). This resulted in  revenue 
growth of +1.5%* vs. 2011, while operating expenses remained stable* over  the 
same period.
The contribution to Group net income came to EUR 265 million in 2012 (and  EUR 
58  million  in  Q4  12),  providing  further  evidence  of  the  subsidiary's 
profit-generating capacity despite the economic slowdown.

In Romania (BRD), in response to a durably deteriorated environment, the Group
maintained a selective loan approval policy (virtually stable* outstandings in
2012), while at  the same time  strengthening its deposit  base (+5.1%*).  The 
decline in the rates charged on loans combined with an increase in the funding
cost adversely affected BRD's margins and led to a drop in 2012 revenues
(-5.9%*). Against this  backdrop, the  Group continued  to rigorously  control 
costs (decline  of  -2.2%* in  2012  thanks partly  to  the reduction  in  the 
headcount). The marked  deterioration in the  economic situation resulted,  in 
particular, in a sharp increase in the net cost of risk to EUR -437 million in
2012. This caused BRD to make a negative contribution of EUR -84 million.

In other Central and Eastern  European countries,excluding Greece, the  strong 
deposit inflow  continued  throughout the  year  (+7.5%* vs.  2011)  and  loan 
activity remained dynamic (+2.5%*).
In particular, there was a sharp increase in outstandings in Serbia  (+17.6%*) 
and Bulgaria (+9.4%*). Revenues were down -2.6%* vs. 2011, adversely  affected 
by margins under pressure.

In the  Mediterranean Basin,  the  Group bolstered  its  network with  17  new 
branches in 2012.  It posted growth  in outstanding loans  excluding Egypt  of 
+2.2%*, driven  by  individual  customers (+10.7%*).  Over  the  same  period, 
outstanding deposits rose +2.9%*. Up +11.7%* in 2012, revenues grew in all the
division's entities,  where  Morocco and  Tunisia  benefited from  a  positive 
volume effect  and Algeria  from  strong activity  related to  foreign  trade. 
Operating expenses  rose +18.4%*  in line  with the  network's expansion.  The 
contribution to Group net income came to EUR 186 million in 2012. It is  worth 
noting that the earnings of NSGB (Egypt) will continue to be included in those
of International Retail Banking until the actual disposal of the entity (which
is expected to be finalised at the end of
Q1 13), whereas the associated assets and liabilities are isolated on specific
lines of the consolidated balance sheet at December 31st, 2012, in  accordance 
with current accounting standards.

In Sub-Saharan Africa, the franchise continued to enjoy strong growth, with 21
additional branches  (+8.3%).  Outstanding loans  rose  +4.5%* in  2012,  with 
particularly robust growth for individual customers (+22.5%*), while  deposits 
rose +6.6%*. In line  with this momentum, revenues  were up +11.3%* vs.  2011, 
while the  increase  in  operating  expenses (+9.2%*  over  the  same  period) 
reflects the expansion of  the network. The contribution  to Group net  income 
came to EUR 37 million in 2012.

 4. CORPORATE AND INVESTMENT BANKING 

In EUR m                2011      2012     Change     Q4 11    Q4 12   Change
                                          2012 vs.                     Q4 vs.
                                            2011                         Q4
Net banking income     5,980      6,189     +3.5%      655     1,460    x2.2
  On a like-for-like                          +1.1%                      x 2,2
              basis*
Financing and          2,315      1,582    -31.7%      403      436    +8.2%
Advisory
  On a like-for-like                         -31.5%                      +6.3%
              basis*
Global Markets (1)     4,141      4,875    +17.7%      776     1,029   +32.6%
  On a like-for-like                         +14.0%                     +31.4%
              basis*
Legacy assets          (476)      (268)    +43.7%     (524)     (5)    +99.0%
Operating expenses    (4,748)    (4,189)   -11.8%    (1,299)   (957)   -26.3%
  On a like-for-like                         -13.1%                     -27.7%
              basis*
Gross operating        1,232      2,000    +62.3%     (644)     503      NM
income
  On a like-for-like                         +54.1%                         NM
              basis*
Net cost of risk       (563)      (630)    +11.9%     (94)     (196)    x2.1
O.w. Legacy assets     (425)      (262)    -38.4%     (81)     (95)    +17.3%
Operating income        669       1,370     x2.0      (738)     307      NM
  On a like-for-like                         +86.6%                         NM
              basis*
Group net income        635       1,053    +65.8%     (482)     249      NM
(1) O.w. "Equities" EUR 2,085m in 2012 (EUR 2,379m in 2011) and "Fixed income,
Currencies and Commodities" EUR 2,790m in 2012 (EUR 1,762m in 2011)

After the serious euro  zone crisis in H2  2011, economic conditions  remained 
challenging  in  2012:  the  markets  experienced  successive  periods   where 
investors adopted  a  "wait-and-see  attitude"  followed  by  a  renewed  risk 
appetite. Against this  backdrop, Corporate and  Investment Banking  continued 
with its transformation towards a  client-focused business model, with a  risk 
profile under control and  limited consumption of  scarce resources, while  at 
the same time producing solid results.

The revenues  of core  activities  were up  +4.9%  year-on-year at  EUR  6,946 
million (excluding the net discount on  loans sold which amounted to EUR  -489 
million).

Global Markets revenues jumped  +17.7% vs. 2011 to  EUR 4,875 million. At  the 
same time, market risk exposure  remained at a low  level (the average VaR  in 
2012 was lower than in 2011 at
EUR 31 million vs. EUR 38 million in 2011).

Equity activities posted revenues down -12.4% vs. 2011 at EUR 2,085 million in
a market characterised  by low  volumes throughout the  year, particularly  in 
Europe. Given the  market conditions, the  Equity business line's  performance 
demonstrates the competitiveness and solidity  of its franchise both for  flow 
products and structured products. In  2012, SG CIB was voted "Most  Innovative 
Investment Bank for  Equity Derivatives"  (The Banker, October  2012). It  was 
also named "Equity Derivatives  House of the Year"  (Risk awards 2013 and  IFR 
awards 2012). The bank has retained leading positions in the warrants  (global 
No. 1 with a  12.6% market share  in 2012) and ETF  markets (European No.  3). 
Lyxor's expertise, especially in alternative investment and index  management, 
was once again recognised since  its managed account platform received  awards 
on several  occasions in  2012, notably  for "Best  Managed Account  Platform" 
(Hedgeweek, June 2012 and  Hedge Funds Review,  October 2012). Lyxor's  assets 
under management increased in 2012, from
EUR 73.6 billion to EUR 75.4 billion.

Fixed Income, Currencies & Commodities posted sharply higher revenues (up +58%
vs. 2011  at EUR  2,790 million),  benefiting from  a more  favourable  market 
environment  and  its  dynamic  franchise.  Accordingly,  credit,  rates   and 
structured product activities posted higher revenues than in 2011. In 2012, SG
CIB distinguished itself  by being ranked  2nd most active  Primary Dealer  in 
French government securities (Agence France Trésor, January 2013). SG CIB  was 
also ranked No.  1 in  the "Euromoney Fixed  Income Investors  Survey" in  the 
categories "Overall Trade Ideas" and "Overall Credit Strategy".

Financing &  Advisory posted  revenues of  EUR 1,582  million, marked  by  the 
negative impact of the loan disposal  programme (EUR 10 billion of loans  sold 
in 2012, for a net discount of EUR -489 million, after EUR 6 billion of  loans 
sold in  2011 for  a net  discount of  EUR -163  million). Excluding  the  net 
discount on loans sold,  revenues totalled EUR  2,071 million, representing  a 
decline over the year of
-16.4%, in  the  wake notably  of  business refocusing.  Structured  financing 
activities were  resilient in  2012 thanks  to natural  resources, export  and 
infrastructure financing. Capital market activities posted mixed results, with
a good performance for  bond issuance whereas equity  issuance was hit by  low 
volumes. SG CIB participated in a  number of emblematic transactions in  2012, 
such as  the project  bond issue  for  Dolphin Energy,  the financing  of  the 
spin-off of  SNAM (Società  Nazionale Metanodotti)  from ENI  (Ente  Nazionale 
Idrocarburi) or the financing of a refinery in Cairo for the Egyptian Refining
Company. As in 2011, SG CIB was named "Best Export Finance Arranger" and "Best
Commodity Finance Bank" by  Trade Finance Magazine in  June 2012. Finally,  SG 
CIB has retained its position  in the debt and equity  markets: No. 5 in  Euro 
bond issuance, No. 2 in Euro corporate  bond issuance and No. 2 in equity  and 
equity linked issuance in France (Thomson Reuters - IFR).

Lastly, the Group  continued with its  policy of legacy  asset sales in  2012, 
with a reduction  in nominal  of EUR  -10.5 billion  over the  year (EUR  -8.2 
billion of disposals and EUR -2.4 billion of amortisation). Legacy assets' net
banking income came to EUR -268 million (vs. EUR -476 million in 2011).

Operating  expenses  were  significantly  lower  in  2012,  providing  further 
evidence of  the  effect  of  the  restructuring  and  cost  adjustment  plans 
introduced at end-2011. When restated for the restructuring charge recorded in
Q4 11 (EUR -215 million) and the French systemic tax allocation booked in
Q4 12 (EUR -50 million), operating expenses were down -8.7%. Core  activities' 
cost to income ratio  stood at 59.2%  in 2012, excluding  the net discount  on 
loans sold.

The cost  of  risk  of  Corporate and  Investment  Banking's  core  activities 
remained low in 2012
(31 basis points vs. 11 basis points in 2011) demonstrating the quality of its
portfolio. Legacy assets' net  cost of risk  was down over  the period at  EUR 
-262 million in 2012 (EUR -425 million in 2011).

In 2012, Corporate and Investment Banking's core activities, excluding the net
discount on loans sold,  made a contribution  to Group net  income of EUR  355 
million in Q4  and EUR 1,807  million for  the year (vs.  respectively EUR  62 
million and EUR 1,422 million in 2011).

The division's Q4 revenues amounted  to EUR 1,460 million. Operating  expenses 
came to EUR  957 million. The  contribution to Group  net income totalled  EUR 
249 million in Q4 12 (vs. EUR -482 million in Q4 11).

The division's total contribution  to Group net income  amounted to EUR  1,053 
million for the year
(EUR 635 million in 2011).

 4. SPECIALISED FINANCIAL SERVICES AND INSURANCE 

In EUR m                   2011    2012      Change     Q4 11 Q4 12  Change
                                          2012 vs. 2011             Q4 vs. Q4
Net banking income         3,443   3,489      +1.3%      849   894    +5.3%
On a like-for-like basis*                         +1.4%                 +5.1%
Operating expenses        (1,846) (1,844)     -0.1%     (470) (488)   +3.8%
On a like-for-like basis*                         +0.3%                 +4.8%
Gross operating income     1,597   1,645      +3.0%      379   406    +7.1%
On a like-for-like basis*                         +2.6%                 +5.5%
Net cost of risk           (829)   (687)     -17.1%     (213) (175)  -17.8%
Operating income            768     958      +24.7%      166   231   +39.2%
On a like-for-like basis*                        +23.8%                +36.9%
Group net income            297     674       x2.3       73    165    x2.3

N.B.: 2011 Group net income includes a EUR -250m goodwill write-down

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). 

In a  constrained  environment, SpecialisedFinancial  Services  and  Insurance 
posted solid results in 2012, with EUR 674 million vs. EUR 547^(2) million  in 
2011,  while  at  the   same  time  optimising   its  business  model.   These 
significantly higher results were achieved  against the backdrop of a  decline 
in the division's risk-weighted assets (-3.9%* vs. end-2011).

The division successfully carried out various external refinancing  operations 
throughout the  year, (securitisation  of  car loans  in France  and  Germany, 
launch of a deposit collection activity in  Germany). As a result, a total  of 
EUR 4.2 billion was raised in 2012.

Operational vehicle leasing and fleet management continued with the  monitored 
growth of its fleet in 2012, which  amounted to more than 955,000 vehicles  at 
end-December (+4.2%^(1) vs.  end-December 2011).  ALD Automotive  consolidated 
its  position  as  the  European  leader,  notably  via  the  development   of 
partnership agreements with car manufacturers or banking networks.

Against a backdrop  of selective development,  new Equipment Finance  business 
amounted to
EUR 7.0 billion  (excluding factoring)  in 2012,  down -11.1%*  vs. 2011.  New 
business margins remained at a  high level. At end-December 2012,  outstanding 
loans totalled  EUR  17.8  billion  (excluding  factoring),  down  -5.2%*  vs. 
end-December 2011.  The business  line strengthened  its position  in its  key 
markets and obtained  the recognition of  its peers ("European  Lessor of  the 
Year" and "SME Champion of the Year", Leasing Life Awards), while at the  same 
time adapting its operating  model, in particular  by increasing its  external 
financing.

In a fragile economic environment,  new Consumer Finance business amounted  to 
EUR 10.1 billion in 2012, down -3.7%* vs. 2011. Outstandings totalled EUR 21.9
billion, a decline of  -2.7%* year-on-year. The  business line continued  with 
its refocusing and the optimisation  of its international network through  the 
disposal of its activities  in Bulgaria, Ukraine  and India. This  refocusing, 
combined with enhanced  cost and risk  control, enabled the  business line  to 
generate a profit in 2012.

Specialised Financial Services' net banking income was slightly lower in  2012 
(-1.0%* at
EUR 2,805 million). At EUR 1,585 million in 2012, operating expenses  improved 
by -1.0%* vs. 2011.  The net cost  of risk fell substantially  in 2012 to  EUR 
-687 million (125 basis points) vs.
EUR -829 million (149 basis points). Operating income came to EUR 533 million,
up +32.3%* vs. 2011.

Specialised Financial Services' revenues amounted to EUR 715 million in Q4 12,
up +2.4%* vs.
Q4 11, whereas  operating expenses totalled  EUR -420 million,  up +4.3%*.  Q4 
operating income rose +50.5%*  to EUR 120  million, with a  cost of risk  down 
-19.2%*.

Insurance activity posted  good performances  in 2012  despite a  deteriorated 
environment. Net life  insurance inflow  was EUR 70  million and  outstandings 
amounted to EUR 79.6 billion at
end-December 2012  (+4.2%* vs.  end-December  2011). Personal  Protection  and 
Property/Casualty insurance remained dynamic  inside and outside France,  with 
continued growth in the insurance product penetration rate with retail banking
customers and the  launch of  new activities (additional  health insurance  in 
France, car insurance  in Russia). The  premiums on these  activities grew  by 
respectively +23.0%* and +9.3%* vs. 2011 (+22.6%* and +8.2%* respectively  vs. 
Q4 11).
Insurance revenues totalled EUR 684 million in 2012, up +12.5%* vs. 2011. They
amounted to
EUR 179 million in Q4 12, up +17.8%* vs. Q4 11.

 4. PRIVate banking, GLOBAL INVESTMENT MANAGEMENT AND SERVICES 

In EUR m                    2011    2012      Change     Q4 11 Q4 12  Change
                                           2012 vs. 2011             Q4 vs. Q4
Net banking income          2,169   2,160      -0.4%      500   553   +10.6%
 On a like-for-like basis*                         -2.8%                 +9.0%
Operating expenses         (1,967) (1,905)     -3.2%     (498) (486)   -2.4%
 On a like-for-like basis*                         -5.6%                 -3.8%
Operating income             189     245      +29.6%      13    66     x5.1
 On a like-for-like basis*                        +27.7%                 x 4,4
Impairment losses on        (65)    (580)       NM       (65)  (380)    NM
goodwill
Group net income             171    (293)       NM       (45)  (308)    NM
o.w. Private Banking           115      93        -19.1%    13    27      x2.1
o.w. Asset Management           99    (58)            NM    18    34    +88.9%
o.w. SG SS & Brokers          (43)   (328)            NM  (76) (369)        NM

Private Banking, Global  Investment Management and  Services consists of  four 
activities:
 (i)   Private Banking (Societe Generale Private Banking)
 (ii)  Asset Management (Amundi and TCW)
 (iii)  Societe Generale Securities Services (SGSS)
         (iv)  Brokers (Newedge).

In  2012,  Private   Banking,  Global  Investment   Management  and   Services 
strengthened its commercial positions  and saw its  contribution to Group  net 
income increase  significantly  by +21.6%  vs.  2011 (excluding  the  goodwill 
write-down on TCW and Newedge) to EUR 287 million.

The macroeconomic environment remained durably marked by weak markets and  low 
interest  rates  as  well  as  the   cautious  stance  of  both  private   and 
institutional investors. At EUR 2,160 million, revenues experienced a  limited 
decline of -2.8%* year-on-year  (stable in absolute  terms). As for  operating 
expenses, at  EUR 1,905  million,  they continued  to benefit  from  operating 
efficiency efforts and fell  -5.6%*. As a result,  gross operating income  was 
24.5%* higher than in 2011 at
EUR 255 million in 2012.

In Q4 12, the division posted revenues up +9.0%* vs. Q4 11 at EUR 553 million,
whereas operating expenses were down -3.8%*  at EUR 486 million. As a  result, 
gross operating income rebounded from EUR 2 million in Q4 11 to EUR 67 million
in Q4 12. If goodwill write-down is stripped out, the division's  contribution 
to Group net income amounted to EUR 72 million vs. EUR 20 million in Q4 11.

Private Banking

In 2012, Private Banking consolidated its franchise despite market uncertainty
and the cautious  stance of  investors. Assets under  management totalled  EUR 
86.1 billion at  end-December 2012,  up +1.5% year-on-year.  This includes  an 
inflow of  EUR  +1.0  billion,  a  "market" effect  of  EUR  +2.6  billion,  a 
"currency" impact of  EUR -0.4 billion  and a "structure"  effect of EUR  -2.0 
billion.
Against a backdrop  of deleveraging,  partially offset by  margins holding  up 
well, the business line's  revenues fell -2.4%* vs.  2011 to EUR 757  million. 
Operating expenses  declined by  -1.3%* to  EUR  624 million  on the  back  of 
cost-saving measures.
Gross operating income totalled EUR 133  million in 2012 (vs. EUR 143  million 
in 2011). The business line's contribution to Group net income amounted to EUR
93 million vs. EUR 115 million in 2011.
Q4 revenues came to EUR 202 million, up +26.7%* vs. Q4 11. At EUR 162 million,
operating expenses  were 6.7%*  higher  due to  transformation costs  and  the 
reallocation of the  systemic tax  to the businesses.  Gross operating  income 
amounted to EUR 40 million and the contribution to Group net income was EUR 27
million.

The magazine Euromoney awarded Societe Generale the titles, for 2012, of "Best
Private Bank" in France  (for the second time  in three years), "Best  Private 
Bank in Monaco", as well as "Best Private Bank in Western Europe for its offer
in structured products" for  the ninth year  running. These awards  supplement 
those obtained as "Best Private Bank  in Luxembourg" and in the "Middle  East" 
(respectively by PWM/The Banker and by The Banker Middle East, for 2012).

Asset Management

TCW posted a  significant inflow of  EUR 3.5  billion in 2012,  up +52.2%  vs. 
2011. After  taking into  account a  "market" effect  of EUR  +9.4 billion,  a 
"currency" impact of  EUR -0.1 billion  and a "structure"  effect of EUR  +2.7 
billion, assets under  management totalled EUR  106.6 billion at  end-December 
2012 (vs. EUR 91 billion at end-December 2011).

Revenues and operating expenses fell in 2012 by respectively -8.6%* to EUR 338
million and by
-21.0%* to EUR 289 million due to a change in accounting method with no effect
on operating income. Operating expenses  were also impacted by the  settlement 
of a commercial litigation issue in 2011.
Gross operating income was sharply higher at EUR 49 million in 2012 vs. EUR  2 
million in 2011.

Amundi's contribution was EUR 115 million in 2012, vs. EUR 98 million in 2011.

Q4 revenues came to EUR 88 million, down -16.2%* vs. Q4 11. Operating expenses
fell -27.5%* to EUR 74 million.  As a result, gross operating income  totalled 
EUR 14 million (EUR 3 million in Q4 11). The contribution to Group net  income 
was EUR 34 million (vs. EUR 18 million in Q4 11), including a Q4  contribution 
from Amundi of EUR 28 million based on the equity method.

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

In 2012, Securities Services demonstrated  a healthy commercial momentum  with 
the signing, at  the end  of the  year, of new  mandates with  Swiss Life  AM, 
Allianz  GIF  and  Aberdeen  AM.   Assets  under  custody  and  assets   under 
administration rose by respectively +3.6% to  EUR 3,449 billion and +10.4%  to 
EUR 456 billion.
Despite overall market volume declining, Newedge increased its market share to
11.8% in 2012
(vs. 11.5% at end-2011).

Securities Services and Brokers posted slightly lower revenues in 2012 (-1.1%*
at EUR 1,065 million). These  businesses saw their operating expenses  decline 
by a further -2.7%* in 2012 vs. 2011 to
EUR 992 million, due to ongoing operating efficiency measures. Gross operating
income was higher  at EUR  73 million  (vs. EUR 57  million in  2011) and  the 
business line's  contribution to  Group  net income  rose  to EUR  52  million 
(excluding goodwill write-down) vs. EUR 22 million in 2011.

Q4 revenues came to EUR 263 million, up +8.3%*. At EUR 250 million,  operating 
expenses were close to their level  in Q4 11. Gross operating income  totalled 
EUR 13 million and  the contribution to  Group net income  was EUR 11  million 
(excluding goodwill write-down).

 4.  CORPORATE CENTRE 

The Corporate Centre's revenues totalled EUR  -1,832 million in 2012 (vs.  EUR 
862 million in 2011). Revenues amounted to EUR -1,073 million in Q4 12 vs. EUR
613 million in Q4 11. They include, in particular:

  * the revaluation of the Group's own financial liabilities, amounting to EUR
    -1,255 million, including EUR -686 million in Q4 12 (vs. a total impact of
    EUR +1,177 million in 2011, including EUR +700 million in Q4);  

  * the revaluation of credit derivative  instruments used to hedge  corporate 
    loan portfolios, amounting to EUR -56 million in 2012 (EUR +66 million  in 
    2011), including EUR -26 million in Q4 12 (EUR +28 million in Q4 11); 

In Q4 12, the total amount for 2012 of the so-called "systemic" French banking
tax was allocated to the businesses. This restatement had a positive impact on
the Corporate Centre's operating expenses of EUR +103 million in Q4. Operating
expenses totalled EUR  -159 million  in 2012, vs.  EUR -239  million in  2011, 
virtually stable when  restated for the  French systemic tax  recorded in  the 
Corporate Centre in 2011 amounting to EUR -67 million.

The 2012 net cost of risk includes a EUR -300 million provision for litigation
issues and an additional expense in  respect of Greek sovereign risk (EUR  -22 
million vs. EUR -890 million in 2011).

Lastly, the Corporate Centre incurred EUR -509 million of net gains or  losses 
on other assets, including EUR -375 million for Geniki and EUR -86 million for
TCW.

 4. CONCLUSION 

The Group's  transformation is  reflected  in substantial  structural  changes 
(review of  the  Group's  financing model,  refocusing  of  businesses,  asset 
disposals), as well as measures to control costs and rigorously manage  scarce 
resources and risks. These initiatives enable Societe Generale to continue  to 
develop its  business as  a universal  bank, committed  to its  customers  and 
capitalising on its leadership positions.

With underlying Group net  income of EUR  3.4 billion and  an increase in  the 
Core Tier 1 ratio  (calculated according to "Basel  2.5" rules) of +165  basis 
points in one year,  to 10.7%, Societe Generale  has once again  significantly 
strengthened the structure of its balance sheet.

The Group is  confident of  its ability  to meet  future regulatory  liquidity 
requirements and  its  target of  a  Core  Tier 1  capital  ratio,  calculated 
according to "Basel 3" rules, of 9%-9.5% at
end-2013.

2013 will see Societe Generale embark on  the second stage of the Ambition  SG 
2015 Plan. This second stage consists in a project to simplify and refocus the
organisational structure  around  the core  businesses  in order  to  increase 
revenue and cost synergies.

This organisational structure would be based on three divisions:

  * The French Networks 

  * A second division combining  International Retail Banking and  Specialised 
    Financial Services and Insurance 

  * A third encompassing Corporate and Investment Banking and Private Banking,
    Global Investment Management and Services. 

The details of this new organisational  structure will be defined in the  near 
future and will include  the simplification of central  functions in order  to 
increase the Group's operating efficiency.

2013 financial communication calendar

 

May 7th, 2013        Publication of first quarter 2013 results
May 22nd, 2013   Annual General Meeting
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.

 

 APPENDIX 1: STATISTICAL DATA

 
 

CONSOLIDATED INCOME STATEMENT
(in EUR millions)
                 2011     2012       Change      Q4 11   Q4 12      Change
                                 2012 vs. 2011                    Q4 vs. Q4
Net banking     25,636   23,110  -9.9%  -10.3%*  6,010   5,130  -14.6% -14.5%*
income
Operating      (17,036) (16,438) -3.5%  -4.1%*  (4,401) (4,138) -6.0%  -6.5%*
expenses
Gross           8,600    6,672   -22.4% -22.4%*  1,609    992   -38.3% -36.6%*
operating
income
Net cost of    (4,330)  (3,935)  -9.1%  +5.6%*  (1,075) (1,314) +22.2% +44.0%*
risk
Operating       4,270    2,737   -35.9% -42.0%*   534    (322)    NM     NM*
income
Net profits       12     (507)     NM            (72)    (16)   +77.8%
or losses
from other
assets
Net income        94      154    +63.8%          (16)     50      NM
from companies
accounted for
by the equity
method
Impairment      (265)    (842)     NM            (65)    (392)    NM
losses on
goodwill
Income tax     (1,323)   (334)   -74.8%          (181)    284     NM
Net income      2,788    1,208   -56.7%           200    (396)    NM
O.w. non         403      434    +7.7%            100     80    -20.0%
controlling
interests
Group net       2,385     774    -67.5% -68.8%*   100    (476)    NM     NM*
income
Group ROTE       7.5%     1.4%
(after tax)
Tier 1 ratio    10.7%    12.5%                   10.7%   12.5%
at end of
period
* When adjusted for changes in Group
structure and at constant exchange
rates

NET INCOME AFTER TAX BY CORE BUSINESS
(in EUR millions)
                             2011   2012      Change     Q4 11 Q4 12  Change
                                           2012 vs. 2011             Q4 vs. Q4
French Networks              1,428  1,291      -9.6%      302   254   -15.9%
International Retail Banking  325   (51)        NM        75    23    -69.3%
Corporate & Investment        635   1,053     +65.8%     (482)  249     NM
Banking
Specialised Financial         297    674       x2.3       73    165    x2.3
Services & Insurance
Private Banking, Global       171   (293)       NM       (45)  (308)    NM
Investment Management and
Services
o.w. Private Banking          115    93       -19.1%      13    27     x2.1
o.w. Asset Management         99    (58)        NM        18    34    +88.9%
o.w. SG SS & Brokers         (43)   (328)       NM       (76)  (369)    NM
CORE BUSINESSES              2,856  2,674      -6.4%     (77)   383     NM
Corporate Centre             (471) (1,900)      NM        177  (859)    NM
GROUP                        2,385   774      -67.5%      100  (476)    NM

CONSOLIDated balance sheet

Assets (in billions of euros)               December 31, December 31, % change
                                                    2012         2011
Cash, due from central banks                        67.6         44.0     +54%
Financial assets measured at fair value            484.0        422.5     +15%
through profit and loss
Hedging derivatives                                 15.9         12.6     +26%
Available-for-sale financial assets                127.7        124.7      +2%
Due from banks                                      77.2         86.5     -11%
Customer loans                                     350.2        367.5      -5%
Lease financing and similar agreements              28.7         29.3      -2%
Revaluation differences on portfolios                4.4          3.4     +29%
hedged against interest rate risk
Held-to-maturity financial assets                    1.2          1.5     -20%
Tax assets and other assets                         59.7         61.0      -2%
Non-current assets held for sale                     9.4          0.4   x 23,5
Deferred profit-sharing                              0.0          2.2    -100%
Tangible, intangible fixed assets and other         24.7         25.8      -4%
Total                                            1,250.7      1,181.4      +6%

Liabilities (in billions of       December 31, 2012 December 31, 2011 % change
euros)
Due to central banks                            2.4               1.0    x 2.4
Financial liabilities measured at             411.4             395.2      +4%
fair value through profit and
loss
Hedging derivatives                            14.0              12.9      +9%
Due to banks                                  122.0             111.3     +10%
Customer deposits                             337.2             340.2      -1%
Securitised debt payables                     135.7             108.6     +25%
Revaluation differences on                      6.5               4.1     +59%
portfolios hedged against
interest rate risk
Tax liabilities and other                      59.4              60.7      -2%
liabilities
Non-current liabilities held for                7.3               0.3   x 24.3
sale
Underwriting reserves of                       90.8              83.0      +9%
insurance companies
Provisions                                      2.8               2.5     +12%
Subordinated debt                               7.1              10.5     -32%
Shareholders' equity                           49.8              47.1      +6%
Non controlling Interests                       4.3               4.0      +8%
Total                                       1,250.7           1,181.4      +6%

 

APPENDIX 2: méthodologY

 
 

1- The Group's consolidated results as at December 31st, 2012 were examined by
the Board of Directors on February 12th, 2013.

The financial  information presented  for the  financial year  ended  December 
31st, 2012  has  been prepared  in  accordance with  IFRS  as adopted  in  the 
European Union and applicable at that  date. The audit procedures carried  out 
on the  consolidated  financial  statements  by  the  Statutory  Auditors  are 
currently in progress.

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 293  million at end-December  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-December 2012.
As from  January  1st,  2012,  the allocation  of  capital  to  the  different 
businesses is based  on 9%  of risk-weighted 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 266 million at end-December 2012),
(ii)          undated  subordinated notes recognised  as shareholders'  equity 
(EUR 27 million at end-December 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 1.6 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 December 31st,  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-December 2012.

7- Underlying data

Information concerning underlying data corresponds to accounting data restated
for the following items:

  * in 2011: 

          2011     Net    Operating Others Cost of      Group net income
                 banking  expenses          risk
                  income
Revaluation of    1,177                              772    Corporate Centre
own financial
liabilities
CDS MtM            66                                43     Corporate Centre
Greek sovereign exposure                   (890)    (622)   Corporate Centre
Restructuring     (11)     (230)    (12)            (176)   Corporate &
                                                            Investment Banking
                                                            & International
                                                            Retail Banking
Impairment & capital                (362)           (360)   Specialised
losses                                                      Financial Services
                                                            & Insurance,
                                                            Global Investment
                                                            Management and
                                                            Services and
                                                            Corporate Centre
Deleveraging     (163)*                            (124)*   Corporate &
SGCIB except                                                Investment Banking
Legacy assets
Legacy assets     (476)    (60)            (425)    (663)   Corporate &
                                                            Investment Banking
TOTAL                                              (1,130)  Group

* Management information

  * in 2012: 

         2012    Net    Operating Others  Cost         Group net income
               banking  expenses           of
                income                    risk
Legacy assets   (268)    (74)             (262)   (416)   Corporate &
                                                          Investment Banking
SG CIB core    (489)*                            (338)*   Corporate &
deleveraging                                              Investment Banking
Revaluation    (1,255)                            (822)   Corporate Centre
of own
financial
liabilities
CDS MtM         (56)                              (37)    Corporate Centre
Greek                                     (22)    (16)    Corporate Centre
sovereign
exposure
Buy Back Tier    305                               195    Corporate Centre
2 debt
Provision for                             (300)   (300)   Corporate Centre
disputes
Impairment &                      (580)           (580)   Private Banking,
capital                                                   Global Investment
losses                                                    Management and
                                                          Services
Impairment &    (90)              (250)           (309)   International retail
capital                                                   banking
losses
Impairment &                      (502)            29     Corporate Centre
capital
losses
TOTAL                                            (2,594)  Group

* Management information

The amounts  for 2012  have been  adjusted to  take account  of disposals  and 
revaluations that occurred during the year.
Changes are  communicated  at current  structure  and exchange  rates,  unless 
specified otherwise.

8- Funded balance sheet and loan/deposit ratio

The funded balance sheet gives a  representation of the Group's balance  sheet 
excluding  the  contribution  of  insurance  subsidiaries  and  after  netting 
derivatives, repurchase agreements and accruals. It  was restated in Q4 12  to 
include: a) the reclassification  under "repurchase agreements and  securities 
lending/borrowing"  of  securities  and  assets  delivered  under   repurchase 
agreements  to  clients,  previously  classified  under  "customer   deposits" 
(excluding outstandings with the counterparty SG  Euro CT amounting to EUR  11 
billion in 2011 and EUR 7 billion in 2012); b) a line by line restatement,  in 
the funded  balance sheet,  of the  assets and  liabilities of  our  insurance 
subsidiaries; c) the reintegration in their original lines of financial assets
reclassified under  loans  and receivables  in  2008 in  accordance  with  the 
conditions stipulated by the amendments to IAS 39; d) the reintegration within
"long-term  assets"  of  the  operating  lease  fixed  assets  of  specialised 
financing companies, previously classified under "customer loans".

The funded balance sheet before and after reclassifications is presented below
for 2011 and 2012.

Before restatement for insurance subsidiaries and reclassifications (billions
of euros)
                         Dec-11 Dec-12 Dec-12 Dec-11
Net central bank
deposits                   43     65     66     46   Short-term issuance
                                                     Interbank short-term
Interbank loans            39     44     65     69   deposits
Client-related trading
assets                     59    101     2      4    Other
Securities                 72     64    149    130   Medium/long-term funding
Customer loans            405    384    337    336   Customer deposits
Long-term assets           18     16     54     51   Equity
Total assets              636    674    674    636   Total liabilities
After restatement for insurance subsidiaries and reclassifications (billions
of euros)
                         Dec-11 Dec-12 Dec-12 Dec-11
Net central bank
deposits                   43     65     66     46   Short-term issuance
                                                     Interbank short-term
Interbank loans            31     36     65     69   deposits
Client-related trading
assets                     37     88     8      11   Other
Securities                 68     60    149    130   Medium/long-term funding
Customer loans            387    369    311    295   Customer deposits
Long-term assets           34     34     52     50   Equity
Total assets              601    652    652    601   Total liabilities

The series of funded balance sheets presented during 2012 would therefore have
been as follows:

In EUR bn              ASSETS                   LIABILITIES
               31   31   30   30    31    31   30    30   31   31
              Dec. Mar. June Sept. Dec.  Dec. Sept. June Mar. Dec.
               11   12   12   12    12    12   12    12   12   11
  Net Central  43   50   55   78    65    66   69    56   54   46  Short term
bank deposits                                                      issuance
    Interbank  31   38   45   44    36    65   72    58   58   69  Interbank
        loans                                                      short term
                                                                   deposit
       Client  37   52   47   69    88    8     9    11   10   11  Other
      related
      trading
       assets
   Securities  68   64   64   62    60   149   143  137  143  130  Medium/Long
                                                                   term
                                                                   funding
     Customer 387  386  383   378  369   311   319  314  309  295  Customer
        loans                                                      deposits
    Long term  34   34   34   33    34    52   52    51   51   50  Equity
       assets
 Total assets 601  624  628   665  652   652   665  628  624  601  Total
                                                                   liabilities

The reclassified outstandings of SG Euro  CT amounted to respectively EUR  8.3 
billion in Q1 12;   EUR  8.3 billion in Q2 12; EUR  7.3 billion in Q3 12;  EUR 
6.9 billion in Q4 12.

The Group's loan/deposit  ratio is  calculated as the  ratio between  customer 
loans and customer deposits defined accordingly. It is 114% before restatement
and reclassifications and 118% after as at December 31st, 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.

Société Générale

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  customers, 
chosen for the quality and commitment of its teams.

Around  160,000  employees,  based  in  77  countries,  accompany  33  million 
customers throughout  the world  on a  daily basis.  Societe Generale's  teams 
offer advice and services to individual, corporate and institutional customers
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 & Eastern  Europe 
and Russia,  the  Mediterranean Basin,  Sub-Saharan  Africa, Asia  and  French 
Overseas Territories
- Corporate  and Investment  Banking  with a  global expertise  in  investment 
banking, financing and global markets.

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 socially-responsible investment  indices: 
FTSE4Good and ASPI.

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

(1) Calculated  according  to  EBA  Basel 2.5  standards  (Basel  2  standards 
incorporating CRD3 requirements)
(2) Annualised,  excluding  litigation  issues,  legacy  and  Greek  sovereign 
assets, in respect of assets at the beginning of the period
(3) Impact  on Group  net income  of non-economic  items: EUR  -859m in  2012, 
including EUR -822 million for  the revaluation of own financial  liabilities; 
non-recurring items: EUR -1,319m in 2012; legacy assets: EUR -416m in 2012
(1) Change excluding  restructuring costs  recorded in 2011  and systemic  tax 
allocated to the businesses in 2012
(2) Annualised,  excluding  litigation  issues,  legacy  and  Greek  sovereign 
assets, in respect of assets at the beginning of the period
(1^) Revaluation of  the Group's  own financial liabilities  amounting to  EUR 
-822 million and book income in  respect of the Group's loan portfolio  hedges 
amounting to EUR -37 million in 2012
(2) Cost  of  Corporate  and  Investment Banking  asset  disposals  (EUR  -338 
million), goodwill write-down        
(EUR -842 million), Greek sovereign  risk (EUR -16 million), net  gains/losses 
on business assets sold or  available-for-sale assets (EUR -18 million),  debt 
buybacks (EUR +195 million)  and a provision for  litigation issues (EUR  -300 
million)
(3) Group ROE after tax was  -5.31% in Q4 12 and  1.1% for the year. ROTE  was 
1.4% in 2012
(4) The interest, net of tax effect, payable to holders of deeply subordinated
notes  and  undated  subordinated  notes  at  end-December  2012  amounts   to 
respectively EUR 266  million and EUR  27 million. At  end-December 2012,  the 
capital gain net of  tax and accrued unpaid  interest relating to buybacks  of 
deeply subordinated notes amounted to EUR 2 million.
(1) This figure includes  notably (i) EUR 5.2  billion of deeply  subordinated 
notes, EUR 1.6 billion of undated  subordinated notes and (ii) EUR 0.4 billion
of net unrealised capital gains.
(^2 Funded balance sheet/Group  loan to deposit  ratio: scope and  definitions 
modified at end-2012. Detailed information in methodology note No. 8.

 1. At constant structure  

 2. Excluding goodwill write-down 

PR_ Q4 2012

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Source: SOCIETE GENERALE via Thomson Reuters ONE
HUG#1677662
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