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SOCIETE GENERALE : SOCIETE GENERALE: QUARTERLY FINANCIAL INFORMATION, Q1 2013



SOCIETE GENERALE : SOCIETE GENERALE: QUARTERLY FINANCIAL INFORMATION, Q1 2013

                       QUARTERLY FINANCIAL INFORMATION
Paris, May 7th, 2013
Q1 2013: SOLID RESULTS IN ALL BUSINESSES, LAUNCH OF THE 2ND PHASE OF THE
TRANSFORMATION PLAN

  * NBI^(1): EUR 6.2bn,  

  * Stable business revenues* vs. Q1 12 

  * Decline in the cost to income ratio in all businesses 

  * Cost of risk^(2) down -9 basis points vs. Q4 12  

  * Group net income^(1): EUR 852m^(1) 

       * Good business results: EUR +1,094m 

       * Disposal of the Egyptian subsidiary NSGB (EUR +377m) 

       * Book Group net income: EUR 364m 

  * Core Tier  1 ratio  (Basel 3):  8.7%, ratio  target of  close to  9.5%  at 
    end-2013 confirmed 

       * Core Tier 1 ratio (Basel 2.5): 10.6% 

  * Additional EUR 900m cost-savings plan (total of EUR 1,450m over the period
    2012-2015) in order to achieve a ROE of 10% by end-2015 

  * EPS^(3): EUR 0.38  

(1)         Excluding  the revaluation  of own  financial liabilities,  legacy 
assets and non-recurring items: impact on net banking income of own  financial 
liabilities EUR -1,045m; legacy assets  EUR -10m; initial application of  IFRS 
13: EUR -76m; impact on operating expenses: legacy assets: EUR -18m; net gains
or losses on asset disposals: NSGB EUR +417m, TCW EUR +24m; net cost of  risk: 
legacy assets EUR -35m, provision for litigation issues, EUR -100m. Impact  on 
total Group  net  income  of EUR  -488m,  of  which legacy  assets  EUR  -45m; 
revaluation of own financial liabilities EUR -685m; disposals EUR +398m;  IFRS 
13 EUR -56m; provisions for litigation issues: EUR -100m. See methodology note
No. 8

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

(3)         After deducting interest, net of tax effect, to be paid to holders
of deeply  subordinated  notes  and  undated  subordinated  notes  for  Q1  13 
(respectively EUR  65 million  and EUR  14 million).  At end-March  2013,  the 
capital gain net of  tax and accrued unpaid  interest relating to buybacks  of 
deeply subordinated notes was nil.

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

**    Excluding non-economic items (revaluation of own financial liabilities),
legacy assets, and non-recurring items. See methodology note No. 8

The Board of Directors of Societe Generale  met on May 6th, 2013 and  examined 
the Group's financial statements for Q1 2013. Net banking income and Group net
income amounted to respectively EUR 5,088  million and EUR 364 million.  Group 
net income includes the  results for the Group's  businesses amounting to  EUR 
1,094 million (+13% vs. Q1 12) and  EUR +377 million of disposal proceeds  for 
the Egyptian subsidiary NSGB.

When restated for the  non-economic effect of the  revaluation of the  Group's 
own financial liabilities, non-economic  and non-recurring items, net  banking 
income and Group net income amounted to respectively EUR 6,223 million and EUR
852 million.

This  performance   illustrates  the   businesses'  solid   results,   ongoing 
cost-cutting efforts under way throughout  the Group since 2010, and  rigorous 
risk management, which is reflected in  the decline in the Q1 commercial  cost 
of risk.

Against the  backdrop  of  historically low  interest  rates,  Retail  Banking 
continued to produce a good  commercial performance, particularly in terms  of 
deposit inflow. Despite the sharp slowdown  in the French economy, the  French 
Networks'  net  banking  income  remained  close  to  the  level  in  Q1   12. 
International Retail Banking  also posted generally  stable revenues  (-1.3%*) 
and continued with  its selective  growth strategy, notably  in Russia,  whose 
contribution  increased  significantly.  Specialised  Financial  Services  and 
Insurance's revenues rose, driven  by the growth  in Insurance activities  and 
the continuing healthy margin in Specialised Financial Services.
With higher revenues than in Q1 12, which was marked by the disposal cost  for 
certain assets, Corporate and Investment Banking turned in a very satisfactory
performance. This  was underpinned  by its  leadership positions,  notably  in 
Equity and   Fixed Income,  Currencies  & Commodities  activities,  Structured 
Financing, and debt  issuance. Private Banking,  Global Investment  Management 
and Services benefited from the pick-up in Private Banking activities, despite
a still challenging  environment for Brokerage  activities (persistently  weak 
volumes and low interest rates).

Operating expenses were significantly lower (-2.5%*)  in Q1 13 than in Q1  12. 
Efforts made in terms of costs enabled all the businesses to post an  improved 
cost to  income  ratio vs.  Q1  12. A  general  cost-cutting plan  focused  on 
rationalising the organisational structure, operating efficiency measures  and 
optimising external costs has been launched,  in line with efforts to  control 
operating expenses under way for several quarters. The purpose of the plan  is 
to put the  Group in  a position to  achieve a  ROE of 10%  as from  end-2015, 
thanks to additional savings in terms of operating expenses of around EUR  900 
million by 2015 (i.e. a total of EUR 1,450 million over the period 2012-2015).
It will include around EUR 600 million of transformation costs and investments
over the period.

The commercial cost of risk, measured in basis points^(1) amounted to 75 basis
points in Q1  13, vs.  84 basis  points in Q4  12. This  was generally  lower, 
particularly  in  International  Retail  Banking  and  Specialised   Financial 
Services. It was stable in the French Networks and remained at a low level  in 
Corporate and Investment Banking.
The Group's "Basel 3" Core Tier ratio stood at 8.7% at the end of Q1,  without 
phasing. Under "Basel 2.5"^(2), it amounted to 10.6%.

Commenting on the Group's Q1 2013 results, Frédéric Oudéa - Chairman and CEO -
stated:

"The performances of the  businesses in Q1 2013  maintain Societe Generale  on 
its transformation  path.  Against a  backdrop  of disciplined  management  of 
scarce resources, capital and liquidity,  the Group's businesses maintained  a 
healthy profit level thanks  to buoyant commercial  activity aimed at  serving 
its customers,  and a  decline  in operating  expenses. The  Group's  solidity 
therefore enabled it to achieve a "Basel 3" Core Tier 1 capital ratio of 8.7%,
in line with a target of close to 9.5% for end-2013. In addition, in order  to 
further boost the Group's performance  over the medium-term, we will  continue 
to adapt the  businesses and leverage  cost synergies. We  will also  continue 
with our efforts to  control costs, with a  plan to reduce operating  expenses 
and save a total of around EUR  1.5 billion over the period 2012-2015. By  the 
end of the  Group's transformation  at end-2015, the  Societe Generale  Group, 
helped by businesses adapted to the new economic and regulatory environment in
Europe, will be in a position to generate a ROE of 10%."  

 1. GROUP CONSOLIDATED RESULTS 

In EUR m                   Q1 12   Q1 13   Change
                                          Q1 vs. Q1
Net banking income         6,311   5,088   -19.4%
On a like-for-like basis*                    -16.7%
Net banking income**        6,807   6,223   -8.6%
Operating expenses        (4,333) (4,067)   -6.1%
On a like-for-like basis*                     -2.5%
Gross operating income     1,978   1,021   -48.4%
On a like-for-like basis*                    -47.8%
Net cost of risk           (902)   (927)    +2.8%
Operating income           1,076    94     -91.3%
On a like-for-like basis*                    -94.7%
Reported Group net income   732     364    -50.3%
Group net income**         1,173    852    -27.4%
                           Q1 12   Q1 13
Group ROTE (after tax)     7.9%    3.2%

Net banking income

The Group's net banking income  totalled EUR 5,088 million  in Q1 13, vs.  EUR 
6,311 million in Q1 12.

If non-economic items,  non-recurring items and  legacy assets** are  stripped 
out, revenues amounted to EUR 6,223 million, down -8.6%* vs. Q1 12.

  * The French Networks posted revenues of  EUR 2,015 million in Q1 13,  which 
    was slightly lower than  in Q1 12, in  an environment of historically  low 
    interest rates  which  adversely  affected  margins.  Commercial  activity 
    remained healthy with, in particular, significantly higher deposit  inflow 
    than in Q1 12 (+9.2%); 

  * At EUR 1,131 million in Q1 13, International Retail Banking's net  banking 
    income was generally stable (-1.3%*) vs. Q1 12, impacted by a  challenging 
    economic situation in Central and Eastern Europe, offset by revenue growth
    in Russia and Sub-Saharan Africa; 

  * Specialised Financial Services and Insurance's revenues rose +2.9%* vs. Q1
    12 to EUR  868 million in  Q1 13. They  benefited from the  growth in  the 
    Insurance activity  (EUR  183  million  or +11.5%*  vs.  Q1  12).  Despite 
    resource constraints, Specialised Financial Services continued to maintain
    margins at a healthy  level and posted  slightly higher revenues   (+0.8%* 
    vs. Q1 12) of EUR 685 million in Q1 13. 

  * Corporate and Investment Banking's revenues totalled EUR 1,904 million  in 
    Q1 13, an increase of +3.0%* vs. Q1 12. Corporate and Investment Banking's
    core activities posted  revenues of  EUR 1,914  million in  Q1 13,  stable 
    (+0.5%*) vs. Q1 12. However, this  variation does not include the cost  of 
    disposing of Corporate and Investment  Banking's loan asset portfolios  in 
    2012 (EUR -226 million), and the effect of the initial application of  the 
    accounting standard IFRS 13 (EUR -128 million in 2013). When restated  for 
    these factors,  revenues were  -8.0% lower.  Revenues for  Global  Markets 
    declined -11.8% vs. a good Q1 12, and for Financing & Advisory  activities 
    -10.4%, due to lower volumes as a  result of the disposals carried out  in 
    2012 and generally  weak activity in Europe. 

The contribution  to  the  division's revenues  of  Corporate  and  Investment 
Banking's legacy assets was  contained at EUR  -10 million in  Q1 13 (EUR  -57 
million in Q1 12).

  * Private Banking,Global  Investment Management  and Services'  net  banking 
    income was -3.0%* lower than in Q1  12 at EUR 457 million. In a  generally 
    unfavourable environment for  the business due  to persistently low  rates 
    and reduced brokerage activity, the  division benefited from a pick-up  in 
    Private Banking revenues (+4.6%* vs. Q1 12).  

The accounting impact on net banking income of the revaluation of the  Group's 
own financial liabilities  was EUR  -1,045 million  in Q1  13. In  Q1 12,  the 
revaluation had an impact of  EUR -181 million on  net banking income for  the 
quarter.

Operating expenses

At EUR -4,067 million in Q1 13, operating expenses were down -2.5%* vs. Q1 12,
with cost-cutting efforts in all the businesses.

The  improved  operating  efficiency  was  noticeable  in  all  the   business 
divisions. Accordingly,  the  businesses'  cost  to  income  ratio  (excluding 
activities that come  under the  scope of  the Corporate  Centre) amounted  to 
62.9% and improved by -3.5  points^(1) overall vs. Q1  12: -2.6 points in  the 
French Networks and International Retail  Banking, -4.7 points in  Specialised 
Financial Services  and Insurance,  -3.9 points  in Corporate  and  Investment 
Banking, -1.5  points in  Private Banking,  Global Investment  Management  and 
Services.

Continuing with its cost-cutting initiatives, the Group has decided to  embark 
on an efficiency  improvement  programme,  with three  objectives: (i)  reduce 
costs and reinforce competitiveness;
(ii) simplify the way  the Group operates; and  (iii) leverage cost  synergies 
between the businesses. The  full effect of this  programme is expected to  be 
felt at end-2015, with EUR 1,450 million of cost savings vs. the beginning  of 
2012 (including  EUR 550  million already  achieved in  2012). This  programme 
includes around EUR 600  million of transformation  costs and investments  and 
will have no impact on business.

Operating income

The Group's gross operating income  came to EUR 1,021  million in Q1 13.  This 
was substantially lower  than in Q1  12 due  to the accounting  effect of  the 
revaluation  of   the  Group's   own  financial   liabilities  (-47.8%*).   If 
non-economic items, non-recurring items  and the impact  of legacy assets  are 
stripped out, the variation in gross operating income was -12.9% between Q1 12
and Q1 13.

The Group's net cost of risk amounted to  EUR -927 million for Q1 13, vs.  EUR 
-902 million in Q1 12.

The Group  posted an  additional provision  allocation for  litigation  issues 
amounting to EUR -100 million in Q1 13.

The Group's commercial cost  of risk (expressed as  a fraction of  outstanding 
loans) amounted to 75^(^2) basis points in  Q1 13, which was lower than in  Q4 
12 (84^(2) basis points).

  * The French Networks' cost of risk was stable vs. Q4 12 at 65 basis points,
    reflecting the deteriorated  economic environment in  France, notably  for 
    business  customers  where  the   Group  continued  to  post   substantial 
    provisions in respect of medium-sized industrial companies. The loss  rate 
    remained low for individual customers. 

  * At 154 basis points (vs. 182 basis points in Q4 12),  International Retail
    Banking's cost of risk was generally lower, driven by Romania (whose  cost 
    of  risk  nevertheless  remained  high)   and  the  subsidiaries  in   the 
    Mediterranean Basin (particularly  in Algeria  and Tunisia).  The cost  of 
    risk remained moderate in Russia and the Czech Republic in Q1 13.  

  * Specialised Financial Services' cost of risk fell to 113 basis points (vs.
    127 basis points in Q4 12) in Consumer Finance and Equipment Finance. 

  * The cost of  risk of  Corporate and Investment  Banking's core  activities 
    remained low at
    20 basis points (vs. 44 basis points in Q4 12), confirming the quality  of 
    the loan portfolio. Legacy  assets' net cost of  risk amounted to EUR  -35 
    million in Q1 13 (lower than the EUR
    -95 million in Q4 12). 

The Group's  NPL coverage  ratio  was 77%  at  end-March 2013  (unchanged  vs. 
end-December 2012).

The Group's operating income totalled  EUR 94 million in  Q1 13 vs. EUR  1,076 
million in Q1 12. This was substantially lower, primarily due to the impact of
the revaluation of the Group's own financial liabilities.

When corrected for non-economic items, non-recurring items and legacy  assets, 
operating income came to EUR 1,229 million in Q1 13, vs. EUR 1,572 million  in 
Q1 12.

Net income

Group net income totalled  EUR 364 million for  Q1 13 (EUR  732 million in  Q1 
12), after taking into account

  * the effect of disposals of subsidiaries during the quarter (in  particular 
    the sale of the Egyptian  subsidiary NSGB, for a  net impact after tax  of 
    EUR +377 million), 

  * tax (the Group's effective tax rate was 22.0% in Q1 13 vs. 27.4% in Q1 12)
     

  * and non-controlling interests. 

When corrected for non-economic items,  non-recurring items and legacy  assets 
^(1^), Group net income amounted  to EUR 852 million in  Q1 13, vs. EUR  1,173 
million in Q1 12.

The Group's ROE, excluding non-economic items, non-recurring items and  legacy 
assets, stood at 7.4%  (2.7% in absolute  terms) in Q1 13.  ROTE based on  the 
same structure came to 8.8% (3.2% in absolute terms).

Earnings per share  amounts to EUR  0.38 for Q1  13, after deducting  interest 
payable to  holders  of deeply  subordinated  notes and  undated  subordinated 
notes^(2^).

 2. THE GROUP'S FINANCIAL STRUCTURE 

Group shareholders' equity totalled EUR 49.9 billion ^(1) at March 31st,  2013 
and tangible net  asset value per  share was EUR  48.27 (corresponding to  net 
asset value per share of EUR  56.54, including EUR 1.08 of unrealised  capital 
gains). The Group acquired  8.2 million Societe Generale  shares during Q1  13 
and proceeded to dispose  of 6.1 million shares  under the liquidity  contract 
concluded on August 22nd, 2011.

All in all, at end-March, 2013, Societe Generale possessed 24.9 million shares
(including 9  million  treasury shares),  representing  3.19% of  the  capital 
(excluding shares held  for trading purposes).  At this date,  the Group  also 
held 1.4 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  655 
billion at March 31st, 2013, up 10.5%
(EUR +28 billion) vs. March 31st, 2012, but stable (+0.5%) vs. December  31st, 
2012.

The Group  continued  to strengthen  the  balance sheet  structure,  with  the 
surplus  of  stable  sources  (shareholders'  equity,  customer  deposits  and 
medium/long-term    financing)     over     long-term    uses     of     funds 
(available-for-sale/held-to-maturity securities, customer loans and  long-term 
assets) increasing significantly between Q1 12 and Q1 13, from EUR 18  billion 
to EUR 58 billion. It increased by EUR
+7 billion in Q1 13 alone, primarily as a result of the success of the Group's
issuance  programmes.  Medium/long-term  financing  rose  by  EUR  8   billion 
year-on-year, including EUR  2 billion in  Q1 13. Accordingly,  in Q1 13,  EUR 
13.4 billion  of  medium/long-term  debt (i.e.  two-thirds  of  the  scheduled 
progamme in  2013)  was  issued,  with  an  average  maturity  of  5.7  years. 
Shareholders' equity (EUR 52 billion) was stable vs. end-2012 and rose EUR  +1 
billion vs. the  end of  Q1 12. Customer  deposits totalled  EUR 311  billion, 
generally stable vs. Q1 12  (EUR +2 billion) and unchanged  vs. Q4 12. At  the 
same time, the Group's deleveraging strategy led to customer loan outstandings
falling by EUR
-19 billion since Q1 12 (EUR  -4 billion in Q1 13,  to EUR 365 billion). As  a 
result, the loan/deposit ratio improved  by +8 points year-on-year, from  125% 
at end-March 2012 to 117% at end-March 2013.
The Group also increased its liquidity reserves by EUR 2 billion vs. end-2012,
to EUR 135 billion. They now cover 108% of the Group's short-term  refinancing 
needs as at end-March 2013 (vs. 101% at end-2012). As a reminder, the  Group's 
liquidity reserves amounted to EUR 104 billion in Q1 12 and covered 93% of its
short-term financing needs.

The Group's risk-weighted assets  amounted to EUR  320.2 billion at  end-March 
(-1.2% vs. the end of Q4 12  and -8.3% year-on-year). In Q1 13, they  included 
the EUR  5.5  billion  of  outstandings  relating  to  the  Group's  insurance 
companies due to the end of  the dispensatory regime previously applied.  When 
restated for this change, outstandings were down -2.9% vs. end-2012 and  -9.8% 
year-on-year. At the end of Q1 13, Retail Banking activities (French  Networks 
and  International  Retail   Banking,  Specialised   Financial  Services   and 
Insurance) represented  62.7%  of  the Group's  risk-weighted  assets,  stable 
excluding Insurance vs. Q4 12.
The detailed movements by  division illustrate the deleveraging/rigorous  risk 
control strategy initiated  in 2010: risk-weighted  assets were  substantially 
lower during the  quarter in International  Retail Banking (-9.1%,  reflecting 
the disposal  of  the NSGB  subsidiary),  stable in  Private  Banking,  Global 
Investment Management  and  Services  and in  Specialised  Financial  Services 
(excluding  Insurance),  as  well  as   in  the  French  Networks   (excluding 
insurance), in a  sluggish economy.  Corporate and  Investment Banking's  core 
activities experienced growth of +1.4%.
In line with previous quarters, risk-weighted assets related to legacy  assets 
declined by -19.4% in
Q1 13  vs.  Q4  12 due  to  disposals  and amortisation.  All  in  all,  these 
risk-weighted assets were limited to EUR 7.9 billion at end-March, or 2.5%  of 
the Group's total risk-weighted assets.

The Group's Tier 1 ratio  was 12.4% at March  31st, 2013 (12.5% at  end-2012), 
while the Core
Tier 1 ratio, which  was 10.7% at  December 31st, 2012  under "Basel 2.5"  and 
calculated according to European Banking  Authority (EBA) rules, was 10.6%  at 
end-March 2013, after taking account of accounting and regulatory changes that
reduced the  ratio by  -95 basis  points  during the  quarter and  offset  the 
Group's substantial capital generation in Q1 13 (+84 basis points).
In particular, the end of  the dispensatory regime for Insurance  subsidiaries 
reduced the ratio by
-69  basis  points,   while  the  integration   in  shareholders'  equity   of 
post-employment commitments  following the  implementation of  IAS 19  had  an 
impact of -17 basis points on the  ratio. Lastly, taking account of the  value 
adjustment in respect  of credit  risk (Credit  Value Adjustment  or CVA)  for 
derivatives, based on  IFRS 13,  reduced the result,  with an  impact in  this 
respect of -9 basis points.
It is important to  note that the symmetrical  movement to CVA concerning  the 
bank's derivative commitments (Debit Value Adjustment or DVA), which  measures 
the effect on  the income  statement of own  financial liabilities  associated 
with derivatives, is neutralised  for the determination of  the ratio, and  as 
such is not included in the calculation of distributable profit.
The contribution to the ratio of Q1 results (excluding CVA effect, net of  the 
provision for dividends)  amounted to  +20 basis points,  supplemented by  the 
effect of deleveraging (disposal of subsidiaries, disposal and amortisation of
the legacy asset portfolio), which boosted the Core Tier 1 ratio by
+58 basis points.  The other  cumulative effects (currency,  reduction in  the 
businesses' risk-weighted assets,  etc.) contributed  +6 basis  points to  the 
ratio in Q1.

This quarter, the  Group has  published its Core  Tier 1  capital ratio  under 
"Basel 3" rules (which include CRD 4 requirements). The ratio amounted to 8.7%
at the end of Q 1  13. The Group aims to achieve  a Basel 3 Core Tier 1  ratio 
(excluding the benefit of temporary measures) of close to 9.5%  at end-2013. A
number of scheduled measures (scrip  dividends, capital increase reserved  for 
employees and ongoing deleveraging measures  for SSG) are already expected  to 
result in an increase of around
20 basis points  in the ratio.  Further strengthening of  the ratio will  come 
mainly from continuing solid profit generation.

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

 3. French networks 

In EUR m                Q1 12   Q1 13   Change
                                       Q1 vs. Q1
Net banking income      2,046   2,015    -1.5%
                                        -1.4%(a)
Operating expenses     (1,347) (1,310)   -2.7%
Gross operating income   699     705     +0.9%
                                        +1.3%(a)
Net cost of risk        (203)   (301)   +48.3%
Operating income         496     404    -18.5%
Group net income         326     256    -21.5%
(a) Excluding PEL/CEL

In a  still  deteriorated  macroeconomic environment  in  France,  the  French 
Networks'  commercial  activity  was  resilient  in  Q1  13  and  once   again 
demonstrated the solidity of their customer franchises.

Against a  backdrop  of  continuing fierce  competition  for  savings  inflow, 
outstanding balance sheet deposits rose +9.2% vs. Q1 12 to EUR 149.2  billion. 
By customer  segment,  deposit  inflow remained  very  strong  for  individual 
customers (+8.1%)  and  saw  a  substantial  pick-up  for  business  customers 
(+10.4%). By type of savings vehicle, deposit growth was driven by the  inflow 
on term deposits and deposit certificates (+37.2%) which continued to  benefit 
from the success of the "CAT Croissance" (Growth term account) and "CAT  Tréso 
+" (Treasury +  term account) offerings  aimed at large  corporates and  SMEs. 
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 (+32.2%)  and Sustainable  Development Passbook  Savings  Account 
outstandings (+25.0%), which benefited from the raising of their ceiling,  and 
secondly, by the growth of  Passbook Savings Accounts (+7.1%). Sight  deposits 
remained stable (+0.5%) vs. Q1 12.

This growth was accompanied by positive net life insurance inflow of EUR  +822 
million in Q1 13, in a market whose net inflow became positive again (EUR +6.7
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. However, in an  environment 
of economic uncertainty, the demand  for financing remained low, as  testified 
by the limited  growth in  outstanding loans  (+0.7% vs.  Q1 12  to EUR  176.3 
billion).

Outstanding loans to  business customers  totalled EUR  79.5 billion  (+0.6%). 
Outstanding operating  loans  rose  +7.3% to  EUR  13.2  billion.  Conversely, 
outstanding investment loans fell -1.0% to EUR 63.3 billion.

Outstanding loans to  individuals rose +1.1%  vs. Q1 12  to EUR 95.5  billion, 
still driven by the growth in outstanding housing loans (+1.4%). Housing  loan 
production was nevertheless markedly lower than in  Q1 12 on the back of  weak 
demand.

The average loan/deposit ratio stood  at 118% in Q1 13  vs. 128% for the  same 
period the previous year, an improvement of 10 points.

The French Networks' revenues were resilient,  with net banking income of  EUR 
2,015 million, slightly lower (-1.4%) excluding the PEL/CEL effect than in  Q1 
12. The interest margin was +0.2%  higher (excluding the PEL/CEL effect)  than 
in Q1 12, with the effects of  the decline in reinvestment rates being  offset 
by the growth in outstanding deposits and the increase in the loan margin (+10
basis points vs. the same period the previous year).

Commissions declined -3.4% vs. Q1 12.  Service commissions fell -2.6% vs.  the 
same period. Financial  commissions declined -6.4%  on the back  of still  low 
financial transaction volumes originating from individual customers.

Operating expenses were -2.7%  lower than in Q1  12, reflecting the effect  of 
the cost-savings  plans implemented.  These  focused primarily  on  efficiency 
gains, the control  of IT  expenses and  the decline  in the  use of  external 
service providers.

The French Networks generated  gross operating income of  EUR 705 million,  up 
+1.3% (excluding PEL/CEL effect) vs. Q1 12.

Against the backdrop of  a weak French economy,  the French Networks' cost  of 
risk amounted to
65 basis points  in Q1 13.  This was stable  vs. the figure  for the  previous 
quarter.

The French  Networks'  contribution  to  Group net  income  totalled  EUR  256 
million, down
-21.5% vs. Q1 12.

 4. international retail banking 

In EUR m                  Q1 12 Q1 13  Change
                                      Q1 vs. Q1
Net banking income        1,226 1,131   -7.7%
On a like-for-like basis*                 -1.3%
Operating expenses        (758) (698)   -7.9%
On a like-for-like basis*                 +0.5%
Gross operating income     468   433    -7.5%
On a like-for-like basis*                 -4.1%
Net cost of risk          (350) (273)  -22.0%
Operating income           118   160   +35.6%
On a like-for-like basis*                -21.3%
Group net income           45    79    +75.6%

Within International Retail Banking, Q1 2013 was marked by healthy  commercial 
activity achieved against  a backdrop of  low interest rates  and an  economic 
slowdown. At end-March 2013, International Retail Banking's outstanding  loans 
(excluding Egypt^(^1)) amounted  to EUR  62.6 billion,  up +3.7%*  vs. Q1  12, 
driven by  the growth  for individual  customers (up  +8.9%*). Over  the  same 
period, deposits (excluding Egypt) were  substantially higher (+7.1%*) at  EUR 
64.1 billion, on the  back of robust inflow  in Russia (+13.5%*), Central  and 
Eastern  European  countries  (+13.4%*)  and  Sub-Saharan  Africa   (+12.4%*). 
Consequently, the loan/deposit  ratio improved  by 3  points vs.  end-December 
2012, to 98%.

This positive  volume effect  was  largely erased  by  the low  interest  rate 
environment in  the  main  European countries  where  the  division  operates. 
International Retail Banking revenues were  down -1.3%* vs. end-March 2012  at 
EUR 1,131 million. This trend reflects fairly distinct performances  according 
to region:  revenues  were  higher  in  Russia,  the Mediterranean  Basin  and 
Sub-Saharan Africa, whereas Romania, the Czech Republic and the other  Central 
and Eastern European countries experienced a decline in revenues.

Over the same period, costs experienced  a limited increase of +0.5%* (to  EUR 
698 million),  reflecting  good control  of  operating expenses,  with  marked 
declines in Russia,  Romania, the Czech  Republic, and the  other Central  and 
Eastern European countries. In Sub-Saharan Africa and the Mediterranean Basin,
operating expenses increased to  support the expansion  of the network,  which 
saw the addition of 29 branches in the space of a year.

The division posted  gross operating income  of EUR 433  million at  end-March 
2013 (-4.1%*).  The cost  to  income ratio  was  61.7%, a  slight  improvement 
compared to the previous year.

International Retail Banking's contribution to  Group net income totalled  EUR 
79 million.

In Russia (structure  including Rosbank, Delta  Crédit and their  consolidated 
subsidiaries in International  Retail Banking, and  25% of Rusfinance),  there 
was further confirmation of the improvement observed in previous quarters. Net
banking income  rose +13.9%*^(2).  Measures  to improve  operating  efficiency 
introduced in  2012  (branch rationalisation  and  workforce cuts)  helped  to 
significantly reduce the cost base (-4.4%* vs. Q1 12) despite high  inflation. 
The contribution to Group  net income came  to EUR 19 million  (vs. a EUR  -20 
million loss in Q1 12).

Overall, the rebalancing of the customer portfolio and the success of  Rosbank 
bond issues
(RUB 31  billion raised  in 2013  or EUR  775 million)  helped strengthen  the 
balance sheet structure.

For individual customers, outstanding loans grew substantially (+21.5%* vs. Q1
12), with particularly strong growth  for rouble-denominated loans (+28%*  for 
Rosbank), which was accompanied by equally robust deposit inflow over the same
period (+7.3%* including +11%* in  respect of rouble-denominated deposits  for 
Rosbank).
For business customers, outstanding loans stabilised vs. Q1 12, wiping out the
decline recorded in 2012.  This trend reversal  reflects strong new  business, 
focused primarily on rouble-denominated loans (outstandings up +21%*). At  the 
same time, deposits rose +17.7%* over the same period.

Refocusing and the rollout of new commercial initiatives since 2010 have  been 
accompanied by  the development  of synergies  between the  different  Russian 
entities and  the  Group's  business  lines,  especially  with  Corporate  and 
Investment Banking. During Q1, the Group  acted as Mandated Lead Arranger  and 
bookrunner in the financing of Rosneft's  acquisition of TNK-BP, a major  deal 
in the oil sector (the acquisition totalled USD 56 billion). At the same time,
during the  first  four months  of  2013,  Societe Generale  managed  17  bond 
issuance mandates for a total of EUR 7.5 billion. It is ranked 3^rd in  Russia 
for currency bond  issues (source: Dealogic).  All in all,  the SG  Russia^(1) 
entity made a
EUR 39 million contribution to Q1 Group net income.

In the Czech Republic, in a deteriorated economic environment, Komercni  Banka 
(KB) enjoyed  strong commercial  activity  in Q1  13: outstanding  loans  grew 
+5.3%* vs. Q1  12, underpinned by  business customers. Over  the same  period, 
deposits rose +6.4%*. Despite this positive volume effect, revenues were lower
than in Q1 12 (-6.5%*),  due to successive declines  in deposit margins and  a 
non-recurring capital  gain  recorded in  Q1  12.  That said,  KB  once  again 
demonstrated its ability to control costs (-1.6%*). The contribution to  Group 
net income  came to  EUR 51  million  in Q1  13, reflecting  the  subsidiary's 
resilience in an economic slowdown.

In Romania (BRD), in a challenging economic environment, the Group experienced
a decline in  outstanding loans  (-2.6%*). Growth in  the individual  customer 
segment, particularly for housing loans, was  unable to offset the decline  in 
the business segment.  At the same  time, the Group  strengthened its  deposit 
base (+2.9%*). Revenues were  lower in Q1 (-4.5%*)  due to the combination  of 
weak volumes  and continuing  pressure on  the interest  margin. However,  the 
rationalisation of BRD's operating infrastructure (reduction in the  headcount 
and number of branches) resulted in costs declining -2.5%* vs. Q1 12 despite a
sharp increase in inflation over the  period. The cost of risk remained  high, 
but was lower than in  Q4 12 due to  measures aimed at rigorously  controlling 
risk-taking. Overall, BRD's contribution  to Group net income  came to EUR  -5 
million in Q1 13
(EUR -3 million in Q1 12).

In the other Central and  Eastern European countries, deposit inflow  remained 
buoyant (+13.4%* vs. Q1 12) particularly for business customers, whereas  loan 
activity was  stable over  the same  period (+0.4%*).  Overall, revenues  fell 
-3.8%*, hampered by a decline in loan remuneration, against the backdrop of  a 
decrease in the Euribor rate  and an increase in  the cost of deposits.  Costs 
were stable (-0.1%*) over the period. The region's gross operating income came
to EUR 36 million.

In the Mediterranean Basin, at end-March 2013, the Group posted an increase in
deposits of  +4.8%*  vs. Q1  12,  which  was particularly  strong  in  Algeria 
(+24%*). In contrast, outstanding loans  experienced weak growth (+0.7%*)  vs. 
Q1 12. Revenues  were up +2.5%*  vs. Q1 12,  with all the  entities seeing  an 
increase. Operating expenses grew faster than NBI (+12.7%*), accompanying  the 
growth of the network (6 new branches in the space of one year)and due to high
inflation locally. The contribution to Group net income came to EUR 41 million
in Q1 13.

In Sub-Saharan Africa, the  Group bolstered its network  with 23 new  branches 
vs. Q1 12. The beginning of  2013 saw strong commercial activity:  outstanding 
loans grew  +6.3%*  vs. Q1  12,  with a  particularly  sharp increase  in  the 
individual customer  segment (+24.3%*).  At the  same time,  deposits  enjoyed 
robust growth of +12.4%*.  In line with this  momentum, revenues rose  +11.9%* 
vs. Q1 12 and operating expenses +10.1%* over the same period.

 5. SPECIALISED FINANCIAL SERVICES AND INSURANCE 

In EUR m                  Q1 12 Q1 13  Change
                                      Q1 vs. Q1
Net banking income         849   868    +2.2%
On a like-for-like basis*                 +2.9%
Operating expenses        (455) (442)   -2.9%
On a like-for-like basis*                 -1.1%
Gross operating income     394   426    +8.1%
On a like-for-like basis*                 +7.5%
Net cost of risk          (166) (155)   -6.6%
Operating income           228   271   +18.9%
On a like-for-like basis*                +15.9%
Group net income           163   192   +17.8%

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). 

Specialised Financial Services  and Insurance  again posted  solid results  up 
+17.8%* vs. Q1 12, at EUR 192 million, while continuing to adapt its  business 
model to resource constraints.

Despite a  challenging market  environment for  the auto  sector,  Operational 
Vehicle  Leasing  and  Fleet  Management  experienced  a  healthy   commercial 
momentum, with a fleet of more than 962,000 vehicles (+4.4%^(1) vs.  end-March 
2012) and benefited from the proactive management of its residual values since
2009.

Against a backdrop  of selective development,  new Equipment Finance  business 
was down  -6.6%* vs.  Q1 12  at  EUR 1.5  billion (excluding  factoring).  New 
business margins  remained at  a high  level. At  end-March 2013,  outstanding 
loans totalled  EUR  17.4  billion  (excluding  factoring),  down  -4.3%*  vs. 
end-March 2012.  The  business line  maintained  solid positions  in  its  key 
markets, while  continuing  to  adapt its  operating  model,  particularly  by 
increasing  its  external  financing  (EUR  0.5  billion  debt  securitisation 
operation in Germany in February 2013).

Consumer Finance provided  further evidence of  its recovery, benefiting  from 
the efforts under  way since  2011 to  refocus the  international network  and 
reallocate its resources  to activities improving  the risk and  profitability 
profile. New  business  was  stable  over  the  period  at  EUR  2.4  billion. 
Outstanding loans totalled EUR 21.8 billion, down -2.7%* vs. end-March 2012.

The division carried out various external refinancing operations  representing 
an additional EUR 1.1  billion during Q1  13. A total of  EUR 4.2 billion  had 
been raised in 2012.

Specialised Financial Services' Q1 net  banking income remained stable vs.  Q1 
12, at EUR  685 million.  Operating expenses improved  by -1.8%*,  to EUR  375 
million. The net cost of risk fell to EUR -155 million (113 basis points)  vs. 
EUR -166 million (121 basis points) in Q1 12. Operating income came to EUR 155
million, up +15.1%* vs. Q1 12.

Insurance produced good  Q1 performances both  in France and  internationally. 
Net life insurance inflow was EUR 1.3 billion and outstandings amounted to EUR
81.3 billion at end-March 2013, up  +5.9%* vs. Q1 12. Personal Protection  and 
Property/Casualty insurance premiums grew by respectively +38.9%* and  +21.9%* 
vs. Q1 12.
The Insurance  activity's net  banking  income totalled  EUR 183  million,  up 
+11.5%* vs. Q1  12, whereas the  growth in operating  expenses was limited  at 
3.0%*. Operating income came to EUR 116 million, up +17.0%* vs. Q1 12.

 6. CORPORATE AND INVESTMENT BANKING 

In EUR m                              Q1 12          Q1 13          Change
                                                                  Q1 vs. Q1
Net banking income                    1,867          1,904          +2.0%
        On a like-for-like basis*                                        +3.0%
Financing and Advisory                 276            475           +72.1%
        On a like-for-like basis*                                       +73.4%
Global Markets (1)                    1,648          1,439          -12.7%
        On a like-for-like basis*                                       -11.8%
Legacy  assets                         (57)           (10)          +82.5%
Operating expenses                   (1,220)        (1,161)         -4.8%
        On a like-for-like basis*                                        -4.0%
Gross operating income                 647            743           +14.8%
        On a like-for-like basis*                                       +16.3%
Net cost of risk                      (153)           (74)          -51.6%
O.w. Legacy assets                    (115)           (35)          -69.6%
Operating income                       494            669           +35.4%
        On a like-for-like basis*                                       +37.7%
Group net income                       351            494           +40.7%
(1) O.w. "Equities" EUR 685m in Q1 13 (EUR 655m in Q1 12) and "Fixed income,
Currencies and Commodities" EUR 754m in Q1 13 (EUR 993m in Q1 12)

Continuing in the same  vein as at the  end of 2012, the  beginning of Q1  was 
marked by a  lull in the  euro zone financial  crisis, and by  a rally in  the 
markets. The environment subsequently deteriorated in the wake of the  Italian 
elections and  the crisis  in  Cyprus in  March, which  led  to a  decline  in 
investors' risk appetite.

Against this backdrop, Corporate and Investment Banking revenues totalled  EUR 
1,904 million in Q1, up +2.0% vs. Q1 12. When restated for the CVA/DVA  impact 
(EUR -64  million in  Q1 13)  and the  net discount  on loans  sold (EUR  -226 
million in Q1 12), revenues were down -6.0%.

Global Markets  posted  resilient revenues  of  EUR 1,514  million,  excluding 
CVA/DVA impact
(EUR -75 million in  Q1 13). This  represented a decline  of -7.2%^(1) vs.  an 
excellent Q1 12, which benefited  from favourable market conditions.  Revenues 
were mainly  driven  by the  excellent  commercial performance  of  structured 
products in  all  regions.  During  the  quarter,  market  risk  exposure  was 
maintained at a low level.

Equity activities saw their revenues increase +11.9%^(1) vs. Q1 12 to EUR  735 
million, excluding CVA/DVA impact  (EUR -50 million in  Q1 13). Revenues  were 
driven by higher volumes in Asia, notably for structured products, as well  as 
the performance of flow  activities, particularly equity  finance. SG CIB  was 
voted "Equity Derivatives House of the Year" (Risk awards 2013) and maintained
its leadership position in  equity derivatives with,  in particular, a  market 
share of 14.5% for  warrants. In addition, the  level of Lyxor's assets  under 
management amounted to EUR 75.3 billion as of end of
Q1 13,  stable  vs. 2012  year-end.  Lyxor's managed  account  platform  again 
received an award  and was  named "Leading  Managed Account  Platform" by  the 
Hedge Fund Journal awards 2013.

Fixed Income, Currencies  & Commodities  posted revenues of  EUR 779  million, 
excluding CVA/DVA impact (EUR  -25 million in Q1  13), down -20.1%^(1) vs.  an 
excellent Q1 12 which benefited from  the effects of the normalisation of  the 
market.  During  the   quarter,  client-driven   activity  proved   resilient, 
especially for structured  products. Rates  and credit  activities produced  a 
solid performance, whereas Forex and  Commodities lagged behind. SG CIB  again 
saw its expertise  recognised by its  Asian clients, coming  top in the  "Asia 
Risk interdealer  rankings 2013"  and  ranking No.  1  in the  "interest  rate 
products" category.

Financing & Advisory  posted revenues  of EUR 464  million, excluding  CVA/DVA 
impact (EUR +11 million in  Q1 13). This was  substantially higher than in  Q1 
12, which was marked  by the negative impact  of the loan disposal  programme. 
Excluding the CVA/DVA impact and net discount on loans sold (EUR -226  million 
in Q1  12), revenues  were down  -10.4%^(1), reflecting  notably the  loss  of 
recurring revenues following business refocusing in 2012. Structured financing
activities turned  in  a good  commercial  performance, underpinned  by  solid 
franchises (natural resources, export  and infrastructure financing).  Capital 
markets benefited  from  buoyant  activity  in  bond  issuance  and  leveraged 
financing, whereas  equity  issuance and  M&A  suffered from  low  volumes  in 
Europe. SG CIB  participated in a  number of landmark  transactions in Q1  13, 
such as the financing of  the fourth Airbus A380 for  Thai Airways as part  of 
the development of the "Originate-to-Distribute" model. The deal was  financed 
entirely by  an  external  investor.  SG  CIB  was  also  mandated  by  Veolia 
Environnement to be a global co-ordinator and co-manage a hybrid issue in  two 
tranches of respectively EUR  1 billion and GBP  400 million. During  February 
2013, SG CIB was voted "Best  Arranger of Project Finance Loans" by  Euroweek. 
Finally, its position  in the  debt and  equity capital  markets has  improved 
since SG  CIB is  ranked No.  2 in  Euro bond  issuance, No.  2 in  Euro  bond 
issuance for both financial  institutions and sovereigns and  No. 1 in  equity 
and equity linked issuance  in France (Thomson Reuters  - IFR, rankings as  of 
end-March 2013).

Legacy assets had little impact on net banking income during the quarter  (EUR 
-10 million in Q1 13 vs. EUR -57 million in  Q1 12).

Operating expenses were down  -4.0%* year-on-year, providing further  evidence 
of the effect  of the  restructuring and  cost adjustment  plans initiated  at 
end-2011 and taking the decline to -12% vs.
Q1 11. The cost  to income ratio  amounted to 61.0% for  the quarter, down  -4 
points vs. Q1 12.

The cost  of  risk  of  Corporate and  Investment  Banking's  core  activities 
remained low in Q1 13
(20 basis points vs. 44  basis points in Q4  12) demonstrating the quality  of 
its portfolio. Legacy  assets' net cost  of risk remained  contained over  the 
period at EUR -35 million vs. EUR -115 million in Q1 12.

Corporate and Investment Banking's contribution  to Group net income  totalled 
EUR 494  million in  Q1 13  vs. EUR  351 million  in Q1  12, up  +40.7%.  When 
restated for the CVA/DVA  impact in Q1  13 and excluding  the net discount  on 
loans sold in Q1 12, the contribution was up +6.7% year-on-year.

 7. PRIVATE BANKING, GLOBAL INVESTMENT MANAGEMENT AND services 

In EUR m                  Q1 12 Q1 13  Change
                                      Q1 vs. Q1
Net banking income         553   457   -17.4%
On a like-for-like basis*                 -3.0%
Operating expenses        (484) (397)  -18.0%
On a like-for-like basis*                 -2.0%
Operating income           61    62     +1.6%
On a like-for-like basis*                 +6.8%
Group net income           81    73     -9.9%
o.w. Private Banking         36    43    +19.4%
o.w. Asset Management        37    26    -29.7%
o.w. SG SS & Brokers          8     4    -50.0%

Private Banking, Global  Investment Management and  Services consists of  four 
activities:
 (i)     Private Banking (Societe Generale Private Banking)

 (ii)    Asset Management (Amundi and TCW^(1))

 (iii)   Societe Generale Securities Services (SGSS)
           (iv)   Brokers (Newedge).

In Q1  2013,  Private  Banking,  Global  Investment  Management  and  Services 
finalised the disposal of TCW, recorded positive signs on the commercial front
and made a  contribution to  Group net  income of  EUR 73  million, which  was 
higher than in Q4 12 but lower (-8.8%*) than in Q1 12.

At EUR 457 million, revenues were -3.0%* lower. Operating expenses fell -2.0%*
to EUR  397  million. They  continued  to benefit  from  operating  efficiency 
efforts implemented.  At EUR  60 million,  gross operating  income was  -9.0%* 
lower than in Q1 12.

Private Banking

Private Banking provided  further evidence  of the recovery  in its  activity. 
Assets under management totalled EUR 87.9 billion at end-March 2013, up  +2.2% 
vs. December 2012.  This includes an  inflow of EUR  +0.3 billion, a  "market" 
effect of EUR +3.7 billion and a "currency" impact of EUR -2.2 billion.
Benefiting primarily from  clients' improved perception  of the  macroeconomic 
environment, the business  line's revenues  continued to  recover and  were up 
+4.6%* at  EUR  206  million  vs. Q1  12,  particularly  commissions  and  the 
commercial interest margin. The  business line's gross  margin amounted to  95 
basis points,  which was  2 basis  points higher  than in  Q4 12.  At EUR  155 
million, operating expenses were up +7.6%* vs. Q1 12.
Gross operating income totalled EUR 51 million (vs. EUR 52 million in Q1  12). 
There was a recovery in the  business line's contribution to Group net  income 
(EUR 43 million vs. EUR 36 million in Q1 12).
The business line again received the award for "Best Wealth Planning Team at a
European based private bank" (WealthBriefing awards 2013, May 2nd, 2013).

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

Securities Services experienced a healthy  commercial momentum in Q1 13,  with 
an increase both in  assets under custody and  assets under administration  of 
respectively +4% and +12% vs. Q1 12  to EUR 3,493 billion and EUR 479  billion 
at end-March 2013.  
The business line was ranked No. 1 in Russia, the Czech Republic, Croatia  and 
Poland by the magazine Global Investor/ISF in its 2013 Sub-Custody Survey.

Newedge maintained a high market share of 11.8% in Q1 13, against the backdrop
of a slight pick-up in overall market volume.

Securities Services' revenues were slightly lower in Q1 13 (-1.3%* vs. Q1 12),
while those  of Newedge,  where  a realignment  plan  is under  way,  declined 
significantly. The business line posted revenues of EUR 243 million. Operating
expenses fell by respectively -4.1%* and -10.7%*, representing a total of  EUR 
234 million vs. EUR 252 million in Q1 12, due to ongoing operating  efficiency 
measures. Gross operating income came to EUR 9 million (vs. EUR 16 million  in 
Q1 12) and the  business line's contribution to  Group net income amounted  to 
EUR 4 million  vs. EUR 8  million in Q1  12, due to  the decline in  Newedge's 
results.

Asset Management

The disposal of  TCW was finalised  during Q1 13.  Asset Management  generated 
neutral gross  operating income  consisting primarily  of revenues  and  costs 
associated with employee savings activities.

Amundi's contribution came to EUR 26 million  in Q1 13, vs. EUR 37 million  in 
 Q1 12.

 8. CORPORATE CENTRE 

In EUR m                  Q1 12  Q1 13   Change
                                        Q1 vs. Q1
Net banking income        (230) (1,287)    NM
On a like-for-like basis*                      NM
Operating expenses        (69)   (59)    -14.5%
On a like-for-like basis*                  -14.5%
Gross operating income    (299) (1,346)    NM
On a like-for-like basis*                      NM
Net cost of risk          (22)   (126)    x5.7
Operating income          (321) (1,472)    NM
On a like-for-like basis*                      NM
Group net income          (234)  (730)     NM

The Corporate Centre includes:

            - the Group's property portfolio, offices and other premises

            - the banking and industrial equity portfolio

      -  the  Treasury  function  for the  Group,  certain  costs  related  to 
cross-functional projects  and certain  costs incurred  by the  Group and  not 
reinvoiced

The Corporate Centre's net banking income includes notably the revaluation  of 
the Group's own financial liabilities amounting  to EUR -1,045 million  in  Q1 
13 (EUR -181 million in Q1 12).

Q1 operating expenses amounted to EUR -59 million vs. EUR -69 million in 2012.

The net cost of  risk, which includes an  additional provision allocation  for 
litigation issues amounting to EUR -100 million, came to EUR -126 million  vs. 
EUR -22 million in 2012.

Lastly, in Q1 13, the Corporate Centre  also incurred the gain related to  the 
disposal of NSGB, which amounted to EUR  +417 million before tax and EUR  +377 
million after tax.

The net result for the Corporate Centre was a loss of EUR -730 million in   Q1 
13, vs.  EUR  -234  million in  Q1  12.  When restated  for  non-economic  and 
non-recurring items**, the Corporate Centre's contribution to Group net income
was EUR -343 million in Q1 13.

 9. CONCLUSION 

With Group net income of  EUR 852 million** in  Q1 2013, Societe Generale  has 
once again demonstrated  its ability  to adapt.  Its businesses  can count  on 
strong commercial positions in all their markets, a sound client portfolio and
rigorous risk  control  to underpin  solid  recurring revenues.  In  order  to 
further improve its medium-term profitability,  the Group has embarked on  the 
second phase of  its transformation  plan (since  2012), with  a savings  plan 
aimed at  generating  EUR  1,450  million of  cost  savings  over  the  period 
2012-2015.  This  it  expects  to   achieve  through  the  simplification   of 
organisational structures,  the optimisation  of  operating expenses  and  the 
exploitation of  synergies  between  the divisions.  With  a  solid,  balanced 
balance sheet,  and already  complying with  "Basel 3"  requirements,  Societe 
Generale has  demonstrated its  ability to  achieve its  Basel 3  Core Tier  1 
capital target of close to 9.5% at end-2013, while at the same time  deploying 
its benchmark Relationship Banking model in order to serve its customers.
The Group's  transformation  should enable  it  to achieve  a  ROE of  10%  at 
end-2015, helped  by businesses  adapted to  the new  economic and  regulatory 
environment.

2013 financial communication calendar

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)
                                                 Q1 12   Q1 13      Change
                                                                  Q1 vs. Q1
Net banking income                               6,311   5,088  -19.4% -16.7%*
Operating expenses                              (4,333) (4,067) -6.1%  -2.5%*
Gross operating income                           1,978   1,021  -48.4% -47.8%*
Net cost of risk                                 (902)   (927)  +2.8%  +17.5%*
Operating income                                 1,076    94    -91.3% -94.7%*
Net profits or losses from other assets           15      448   x29.9
Net income from companies accounted for by the    47      39    -17.0%
equity method
Impairment losses on goodwill                      0       0      NM
Income tax                                       (299)   (119)  -60.2%
Net income                                        839     462   -44.9%
O.w. non controlling interests                    107     98    -8.4%
Group net income                                  732     364   -50.3% -56.3%*
Group ROTE (after tax)                           7.9%    3.2%
Tier 1 ratio at end of period                    11.1%   12.4%
*  When adjusted for changes in Group structure and at constant exchange rates

NET INCOME AFTER TAX BY CORE BUSINESS
(in EUR millions)
                                                         Q1 12 Q1 13  Change
                                                                     Q1 vs. Q1
French Networks                                           326   256   -21.5%
International Retail Banking                              45    79    +75.6%
Corporate & Investment Banking                            351   494   +40.7%
Specialised Financial Services & Insurance                163   192   +17.8%
Private Banking, Global Investment Management and         81    73     -9.9%
Services
o.w. Private Banking                                      36    43    +19.4%
o.w. Asset Management                                     37    26    -29.7%
o.w. SG SS & Brokers                                       8     4    -50.0%
CORE BUSINESSES                                           966  1,094  +13.3%
Corporate Centre                                         (234) (730)    NM
GROUP                                                     732   364   -50.3%

CONSOLIDated balance sheet

Assets (in billions of euros)             March 31, 2013 December 31, % change
                                                                 2012
Cash, due from central banks                        53.2         67.6     -21%
Financial assets measured at fair value            479.3        484.0      -1%
through profit and loss
Hedging derivatives                                 14.9         15.9      -6%
Available-for-sale financial assets                128.9        127.7      +1%
Due from banks                                     101.6         77.2     +32%
Customer loans                                     349.6        350.2       0%
Lease financing and similar agreements              28.4         28.7      -1%
Revaluation differences on portfolios                4.1          4.4      -7%
hedged against interest rate risk
Held-to-maturity financial assets                    1.1          1.2      -7%
Tax assets and other assets                         60.5         59.7      +1%
Non-current assets held for sale                     0.0          9.4    -100%
Deferred profit-sharing                              0.0          0.0       NM
Tangible, intangible fixed assets and               24.7         24.7       0%
other
Total                                            1,246.3      1,250.7       0%

Liabilities (in billions of euros)   March 31, 2013 December 31, 2012 % change
Due to central banks                            2.9               2.4     +20%
Financial liabilities measured at             411.5             411.4
fair value through profit and loss                                          0%
Hedging derivatives                            12.9              14.0      -8%
Due to banks                                  120.3             122.0      -1%
Customer deposits                             336.4             337.2       0%
Securitised debt payables                     136.0             135.7       0%
Revaluation differences on
portfolios hedged against interest              6.0               6.5
rate risk                                                                  -8%
Tax liabilities and other                      62.5              59.4
liabilities                                                                +5%
Non-current liabilities held for                0.0               7.3
sale                                                                     -100%
Underwriting reserves of insurance             93.3              90.8
companies                                                                  +3%
Provisions                                      3.6               2.8     +29%
Subordinated debt                               7.0               7.1      -1%
Shareholders' equity                           49.9              49.8       0%
Non controlling Interests                       4.0               4.3      -6%
Total                                       1,246.3           1,250.7       0%

 

 APPENDIX 2: méthodologY

1- The Group's consolidated  results as at March  31st, 2013 were examined  by 
the Board of Directors on May 6th, 2013.

The  financial  information  presented  for  Q1  2013  has  been  prepared  in 
accordance with IFRS as adopted in  the European Union and applicable at  that 
date. This  financial  information does  not  constitute a  set  of  financial 
statements for  an interim  period as  defined by  IAS 34  "Interim  Financial 
Reporting" and has not been audited. Societe Generale's management intends  to 
publish summarised interim consolidated financial statements for the six-month
period ended June 30th, 2013.

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 79 million at end-March 2013).
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 65 million in respect of Q1 13),
(ii)          undated  subordinated notes recognised  as shareholders'  equity 
(EUR 14 million in respect of Q1 13).

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  March 31st,  2013, 
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) and 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).

7- Funded balance sheet, loan/deposit ratio, liquidity reserve

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  has been  restated  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  3.9 
billion in Q1 13); b) a line by line restatement, in the funded balance sheet,
of the assets and liabilities of 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 Group's loan/deposit  ratio is  calculated as the  ratio between  customer 
loans and customer deposits defined accordingly.

The liquid asset buffer  or liquidity reserve amounted  to EUR 135 billion  at 
the end of Q1 13. It consisted of EUR 64 billion of central bank net  deposits 
and EUR  71  billion  of  central bank  eligible  assets  (available,  net  of 
discount), made up primarily  of so-called "HQLA" assets (High Quality  Liquid 
Assets) eligible for  the liquidity coverage  ratio (LCR). All  in all,  these 
assets represented 108% of short-term outstandings (unsecured short-term  debt 
and interbank liabilities). At March 31st,^2012, the total liquid asset buffer
was EUR 104 billion (EUR 133 billion at December 31st, 2012), representing EUR
35 billion of central  bank deposits (EUR 65  billion at December 31st,  2012) 
and EUR 69  billion of eligible  assets, net  of discount (EUR  68 billion  at 
December 31st, 2012). All in all,  these assets represented 89% of  short-term 
outstandings (and 101% at December 31st, 2012).
The Group also possessed EUR 25 billion of rapidly tradable assets (vs. EUR 14
billion at March 31st, 2012, and EUR 25 billion at December 31st, 2012).

8- Non-economic and non-recurring items and legacy assets

Non-economic items correspond to the revaluation of own financial liabilities.
Details of these items, and other items that are restated, are given below for
Q1 12 and Q1 13.

               Q1 13    Net    Operating Others  Cost      Group net income
                      banking  expenses           of
                       income                    risk
Legacy  assets         (10)     (18)             (35)    (45)   Corporate &
                                                                Investment
                                                                Banking
Revaluation of own    (1,045)                           (685)   Corporate
financial                                                       Centre
liabilities
Capital gain on NSGB                      417            377    Corporate
disposal                                                        Centre
Adjustment on TCW                          24             21    Corporate
disposal                                                        Centre
Accounting impact of   (64)                              (45)   Corporate &
CVA / DVA                                                       Investment
                                                                Banking
Accounting impact of   (14)                              (9)    French
CVA / DVA                                                       networks
Accounting impact of    (2)                              (2)    International
CVA / DVA                                                       retail banking
Provision for                                    (100)  (100)   Corporate
disputes                                                        Centre
TOTAL                 (1,135)                           (488)   Group
               Q1 12    Net    Operating Others  Cost   Group
                      banking  expenses           of     net
                       income                    risk   income
Legacy  assets         (57)     (14)             (115)  (128)   Corporate &
                                                                Investment
                                                                Banking
SG CIB core            (226)                            (156)   Corporate &
deleveraging                                                    Investment
                                                                Banking
Revaluation of own     (181)                            (119)   Corporate
financial                                                       Centre
liabilities
CDS MtM                (32)                              (22)   Corporate
                                                                Centre
Greek sovereign                                  (22)    (16)   Corporate
exposure                                                        Centre
TOTAL                  (496)                            (441)   Group

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

Societe Generale

Societe Generale is  one of  the largest European  financial services  groups. 
Based on a diversified universal  banking model, the Group combines  financial 
solidity with a strategy of sustainable  growth, and aims to be the  reference 
for relationship  banking,  recognised on  its  markets, close  to  customers, 
chosen for the quality and commitment of its teams.

More than  154,000 employees,  based  in 76  countries, accompany  32  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,
    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) Annualised, excluding litigation issues and legacy assets, in respect of
assets at the beginning of the period
(2) Calculated according to EBA Basel 2.5 standards (Basel 2 standards
incorporating CRD3 requirements)

(1) Changes calculated in absolute  terms by incorporating, in 2012  operating 
expenses, 25% of the systemic tax invoiced to the businesses at end-2012  and, 
in Corporate and  Investment Banking revenues,  loan portfolio disposal  costs 
amounting to EUR -226 million in  Q1 12 .

(^2) Annualised,  excluding  litigation  issues, legacy  and  Greek  sovereign 
assets, in respect of assets at the beginning of the period.
(1)  Impact on total Group net income of EUR -488m, of which legacy assets EUR
-45m; revaluation of own financial liabilities EUR -685m; disposals EUR +398m;
IFRS 13 EUR -56m; provisions for litigation issues: EUR -100m.  
(^2)   The  interest,  net  of  tax  effect,  payable  to  holders  of  deeply 
subordinated notes and undated subordinated notes at end-March 2013 amounts to
respectively EUR 65 million and EUR 14 million for Q1 13.
(1) This figure includes  notably (i) EUR 5.3  billion of deeply  subordinated 
notes and (ii) EUR 0.5 billion of undated  subordinated notes .
(^2) Funded balance sheet/Group loan to deposit ratio/liquidity reserves:  see 
methodology note

(1) The Group sold its Egyptian subsidiary NSGB to QNB on March 26th, 2013.
NSGB's results are included in those of International Retail Banking (two
months of results in 2013), outstandings have been reclassified for accounting
purposes under "assets held for sale" since end-2012. NSGB's disposal proceeds
are recorded in the Corporate Centre's results.
(^2) At end-2012, the entities BelRosbank (Byelorussia) and AVD, Rosbank's
debt recovery subsidiary, were sold as part of the Group's refocusing.
(1) SG Russia's result: contribution of Rosbank, Delta Credit Bank, Rusfinance
Bank, Societe Generale Insurance, ALD automotive and their consolidated
subsidiaries to the businesses' results

 1. At constant structure  

(1) At constant structure
(1) At constant structure
(1) The disposal of TCW, announced in Q3 12, was finalised in Q1 13

Societe Generale_ PR Q1 2013

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information contained therein.

Source: SOCIETE GENERALE via Thomson Reuters ONE
HUG#1699792
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