Société Générale: SOCIETE GENERALE: QUARTERLY FINANCIAL INFORMATION, Q2-2014

 Société Générale: SOCIETE GENERALE: QUARTERLY FINANCIAL INFORMATION, Q2-2014

QUARTERLY FINANCIAL INFORMATION
Paris, August 1st, 2014

Q2 14: GOOD PERFORMANCE BY THE BUSINESSES, GROUP NET INCOME UP 7.8%

  *Net banking income: EUR 5.9bn in Q2 14 (EUR 6.1bn in Q2 13)
    Businesses' net banking income up +0.6%* vs. Q2 13
  *Operating expenses down -1.3%* vs. Q2 13
  *Sharp decline in the commercial cost of risk^(1): 57 bp (67 bp in Q2 13)
  *Group net income: EUR 1,030m (EUR 955m in Q2 13), higher in all the
    businesses
  *ROE^(2) of 8.8% in Q2 14, +0.4 points vs. Q2 13
  *Basel 3 CET1 ratio: 10.2%

H1 14: Group net income of EUR 1,345m (EUR 1,319m in H1 13, +9.3%*)

  oNet banking income: EUR 11,569m, up +5.2%* vs. H1 13
    Lower operating expenses*: -0.9%* vs. H1 13
  oSharp decline in the commercial cost of risk^(1): 61 bp (71 bp in H1 13)

EPS^(2,3): EUR 1.64

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

** Excluding non-economic items (revaluation of own financial liabilities
and Debit Value Adjustment for EUR -23m in Q2 14 and EUR -176m in H1 14 in net
banking income, or an impact on Group net income of respectively EUR -14m and
EUR -115m. See methodology notes.

Items relating to financial data for 2013 have been restated due to the
implementation of IFRS 10 and 11 which apply retrospectively as from January
1st, 2014. 

(1) Excluding litigation issues, in basis points for assets at the beginning
of the period. Excluding legacy assets in 2013.
(2)  ROE and EPS calculated based on income after deducting interest, net  of 
tax effect, to  be paid to  holders of deeply  subordinated notes and  undated 
subordinated notes  for  H1 14  (respectively  EUR  -185 million  and  EUR  -3 
million), and  correction of  the effect  of capital  gains/losses on  partial 
buybacks recorded  during the  quarter (i.e.  EUR +6  million in  H1 14).  See 
methodology notes No. 2 and 3.
(3) Excluding the revaluation of  own financial liabilities, and DVA  (Debit 
Value Adjustment on financial instruments as a result of the implementation of
IFRS 13, after deducting  interest payable to  holders of deeply  subordinated 
notes and undated subordinated  notes (see methodology  note No. 3).  Earnings 
per share,  including the  revaluation of  own financial  liabilities and  DVA 
amounts to EUR  1.49, after deducting  interest payable to  holders of  deeply 
subordinated notes and undated subordinated notes. See methodology note No. 3.

The Board of Directors of Societe Generale met on July 31st, 2104 and examined
the results for Q2 and H1 2014.

During H1 2014,  the Group  presented its  strategic objectives  for the  next 
three years, and provided further evidence  of the relevance of its  universal 
banking model refocused on three pillars.  In this respect, it reinforced  its 
position in its Boursorama and Rosbank subsidiaries by purchasing shares  held 
by minorities, and  acquired the  entire Newedge  Group with  the ambition  of 
creating a  major  player in  post-trade  activities.  At the  same  time,  it 
embarked on the disposal of its private banking activities in Asia.

In a mixed economic environment,  with convalescent economies in the  eurozone 
and historically  low interest  rates, the  Group benefited  from its  robust, 
customer-focused banking model. Net  banking income was  slightly lower in  Q2 
compared with the previous year, at EUR 5,893 million vs. EUR 6,120 million in
Q2 13. It  was higher overall  in H1, at  EUR 11,569 million,  vs. EUR  11,101 
million in  2013 (+5.2%*).  Commercial activity  remained buoyant  in all  the 
retail banking networks, with strong  deposit inflow and still limited  credit 
demand in Europe. In particular, Financial Services to corporates continued to
enjoy rapid  growth. Retail  banking revenues  were stable  when adjusted  for 
changes in Group structure and at constant exchange rates (-0.3%*) between  Q2 
13 and Q2  14. In Global  Banking & Investor  Solutions, revenues rose  +2.4%* 
over this period despite the low volatility observed in the markets.

Operating expenses were down -1.3%* vs. Q2  13, and -0.9%* in H1 vs. the  same 
period in 2013, reflecting the attention paid to controlling costs. 60% of the
EUR 900 million  of savings in  respect of the  multi-annual plan has  already 
been secured.

The netcost of risk was markedly  lower, with a commercial cost of  risk^([1]) 
of 57 basis points vs. 67 basis points in Q2 2013. At the same time, the Group
decided to increase the collective provision for litigation issues by EUR  200 
million, taking it to EUR 900 million at end-June 2014.

Group net income totalled EUR 1,030 million for Q2 2014 and EUR 1,345  million 
in H1 (vs. EUR 955 million in Q2 2013 and EUR 1,319 million in H1 2013).  When 
restated for  non-economic items**,  Group net  income amounted  to EUR  1,044 
million in Q2 (for EUR 1,025 million in Q2 13).

The Group's balance sheet is very solid and continues to strengthen, with very
good capital and  liquidity ratios. The  Common Equity Tier  1 ratio stood  at 
10.2% at end-June 2014, according to CRR/CRD4 rules. At the same time, the LCR
ratio remained above 100%.

Commenting on the Group's results at end-June 2014, Frédéric Oudéa -  Chairman 
and CEO - stated:

"The good performance of the businesses  in Q2 2014 illustrates the  relevance 
of our banking model. The revenues of International Retail Banking & Financial
Services and  Global Banking  & Investor  Solutions were  higher while  French 
Retail Banking turned in a  satisfactory commercial and financial  performance 
against the  backdrop  of  a sluggish  economy  and  in a  low  interest  rate 
environment. This strong commercial momentum  aimed at serving its  customers, 
coupled with  a marked  decline in  the  cost of  risk and  controlled  costs, 
enabled the Group to  generate Group net income  and a level of  profitability 
that were significantly  higher. In  Q2 14,  we confirmed  the Group's  growth 
potential and  our ability  to improve  our profitability,  challenges of  the 
3-year strategic plan presented in May."

                        1 - GROUP consolidated results

In EUR m                     Q2 13   Q2 14   Change   H1 13   H1 14  Change
                                            Q2 vs. Q2                 H1 vs.H1
Net banking income          6,120   5,893    -3.7%   11,101  11,569   +4.2%
 On a like-for-like basis*                    -4.7%                   +5.2%
Net banking income**         6,227   5,916   -5.0%    11,870  11,745    -1.1%
Operating expenses         (3,813) (3,897)   +2.2%   (7,784) (7,772)  -0.2%
 On a like-for-like basis*                     -1.3%                    -0.9%
Gross operating income      2,307   1,996   -13.5%    3,317   3,797   +14.5%
 On a like-for-like basis*                   -10.9%                  +20.6%
Net cost of risk            (985)   (752)   -23.7%   (1,912) (1,419)  -25.8%
Operating income            1,322   1,244    -5.9%    1,405   2,378   +69.3%
 On a like-for-like basis*                    -1.9%                  +88.4%
Net profits or losses from    0      202      NM       448     200    -55.4%
other assets
Impairment    losses    on    0       0       NM        0     (525)     NM
goodwill
Reported Group net income    955    1,030    +7.8%    1,319   1,345   +2.0%
Group ROE (after tax)       8.4%    8.8%             5.6%    5.5%   

Net banking income

The Group's net banking income totalled EUR 5,893 million in Q2 14 (EUR  6,120 
million in Q2 13) and EUR 11,569 million in H1 2014, up +5.2%* vs. H1 13. When
restated for non-economic items,  the Group's net  banking income amounted  to 
EUR 5,916 million  for Q2 and  EUR 11,745  million in H1  2014 (vs.  EUR 
6,227 million and EUR 11,870 million respectively in Q2 and H1 2013).

The revenues  of the  Group's  businesses proved  resilient over  the  period, 
testifying to the relevance of its banking model:

  oFrench Retail Banking (RBDF) revenues were down -2.5%* in Q2 14 vs. Q2 13
    in an environment of very low interest rates and weak credit demand. The
    interest margin held up well on the back of still buoyant deposit inflow.
    Revenues were slightly lower in H1 (-1.2%*), in line with Q1. 
    
  oIn International Retail Banking & Financial Services (IBFS), revenues
    provided confirmation of the trend observed in Q1, up +2.1%* vs. Q2 13 and
    +2.5%* in H1 14 vs. H1 13. They were driven by Financial Services to
    corporates which was particularly dynamic, and marked by the growth of
    revenues in Africa and Russia.
    
  oIn Global Banking & Investor Solutions (GBIS), revenues were up +2.4%* in
    Q2, with good client-driven activity in a mixed market and reduced
    volatility. Overall, revenues were down -1.9%* in H1 14 vs. H1 13, which
    benefited from a good Q1.

The accounting  impact  of  the  revaluation  of  the  Group's  own  financial 
liabilities was EUR -21 million in
Q2 14 (EUR  +53 million in  Q2 13),  or EUR -179  million in H1  14 (EUR  -992 
million in H1 13). The DVA effect (see methodology note No. 8) amounted to EUR
-2 million in  Q2, and to  EUR +3  million in total  for H1 14  (vs. EUR  -160 
million in Q2 13 and EUR +223 million for H1 13). These two factors constitute
the only restated non-economic  items in the analyses  of the Group's  results 
and earnings per share.

Operating expenses

The Group's operating expenses  amounted to EUR -3,897  million in Q2 14  (EUR 
-7,772 million in H1 14), down -1.3%* vs.  Q2 13 (and -0.9%* vs. H1 13),  with 
efforts to control  costs in  all the businesses.  The cost-cutting  programme 
initiated in 2013 continued, with secure recurrent annual savings totalling
EUR +550 million  at the end  of H1 14,  for total one-off  costs of EUR  -300 
million, including EUR -80 million in 2014.

Operating income

The Group's gross operating income amounted to EUR 1,996 million in Q2 14  vs. 
EUR 2,307 million in Q2 13. It totalled EUR 3,797 million for H1 2014 (vs. EUR
3,317 million in H1 2013).

The Group's net  cost of  risk amounted  to EUR -752  million in  Q2 14,  down 
-22.6%* vs. Q2 13. The Group continued its effort to reinforce the  collective 
provision for  litigation issues,  taking  the total  amount to  EUR  900 
million. The provision in this respect was EUR 200 million in Q2 14.

The  Group's  commercial  cost  of  risk^([2])(expressed  as  a  fraction   of 
outstanding loans) stood at 57 basis points in Q2 14, down -8 basis points vs.
Q1 14, despite a still challenging economic environment, and
-10 basis points vs. Q2 13.

  oIn French Retail Banking, the commercial cost of risk amounted to 57 basis
    points (vs. 51 basis points in Q1 14). The downtrend continued, 54 basis
    points in H1 14 vs. 64 basis points in H1 13.
  oAt 106 basis points (vs. 138 basis points in Q1 14), International Retail
    Banking & Financial Services' cost of risk was lower in all regions,
    notably in Europe and Africa. In Russia and Romania, the Group benefited
    from a good NPL coverage ratio. The cost of risk was stable in Romania. It
    was lower in Russia at 189 basis points vs. 277 basis points in Q1 14, but
    remained at a high level notably for individual customers.
  oGlobal Banking & Investor Solutions' cost of risk remained low at 11 basis
    points (vs. 18 basis points in Q1 14), confirming the quality of the loan
    portfolio.

The commercial cost of risk^(1) was 71  basis points for H1 2013. It  declined 
to 61 basis points in H1 14.

The Group's gross NPL coverage ratio, excluding legacy assets, amounted to 60%
at end-June 2014 (vs. 59% at end-March 2014).

The Group's operating  income totalled  EUR 1,244 million  in Q2  14 (for  EUR 
1,322 million in Q2 13, -1.9%*) and EUR 2,378 million in H1 14,  vs. 
EUR 1,405 million in H1 13. This increase can be explained principally by  the 
impact of the revaluation of the  Group's own financial liabilities (EUR  -992 
million in H1 13 and EUR -179 million in H1 14), and the marked decline in the
net cost of risk.

Net income

After taking into account tax (the Group's effective tax rate was 26.3% in  Q2 
14 and 25.3%  in H1  14) and  the contribution  of non-controlling  interests, 
Group net income totalled EUR1,030 million in Q2 14 (EUR 1,345 million
for H1 2014). In 2013,  Q2 income was EUR 955  million, with an effective  tax 
rate of 22.5% (income totalled EUR 1,319 million for H1 and the effective  tax 
rate was 22.5%).

When  corrected  for   non-economic  items  (revaluation   of  own   financial 
liabilities and DVA), Group net income amounted to EUR 1,044 million in Q2  14 
vs. EUR  1,025 million  in Q2  13. This  result includes  a gain  of EUR  +210 
million related to the acquisition and initial consolidation of Newedge Group.

Group net income, excluding non-economic items, totalled EUR 1,460 million  in 
H1  (including  EUR  -525  million  related  to  the  goodwill  write-down  on 
International Retail Banking & Financial Services' activities in Russia),  vs. 
EUR 1,823  million in  H1 2013,  which  included the  positive result  of  the 
disposal of the NSGB subsidiary, amounting to EUR +377 million.

The Group's ROE stood at 8.8%  for Q2 14 (up +0.4  points vs. Q2 13) and  5.5% 
for H1 2014 (-0.1 points vs. H1 13).

Earnings per  share amounts  to  EUR 1.64  excluding  the revaluation  of  own 
financial liabilities, DVA, and after deducting interest payable to holders of
deeply subordinated notes and undated subordinated notes^([3]).

                     2 - THE GROUP'S FINANCIAL STRUCTURE

Group shareholders' equity totalled  EUR 53.3 billion^(1)  at June 30th,  2014 
and tangible net  asset value per  share was EUR  50.26 (corresponding to  net 
asset value per share of EUR  56.81, including EUR 1.35 of unrealised  capital 
gains).

The consolidated balance sheet totalled EUR  1,323 billion at June 30th,  2014 
(EUR 1,214 billion at December 31st,  2013, an amount adjusted in relation  to 
the published financial statements, after the retrospective implementation  of 
IFRS 10 and 11). The net amount of customer loans, including lease financing,
was EUR 350  billion (EUR +5  billion vs.  December 31st, 2013).  At the  same 
time, customer  deposits amounted  to EUR  325 billion  (EUR +11  billion  vs. 
December 31st, 2013). The  majority of these changes  can be explained by  the 
full integration (100%) of Newedge's assets and liabilities as from Q2 14.

Note that the financial statements at  December 31st, 2013 have been  adjusted 
in relation to  the amounts  published at  end-2013 and  the provisional  data 
communicated at end-March 2014, in order to take account of the implementation
of IFRS 10 and 11, which apply retrospectively from January 1st, 2014.

In the  specific  case of  Newedge,  this  entity, which  was  previously  50% 
consolidated through  proportional  consolidation,  was  consolidated  by  the 
equity method at January 1st, 2014, with retroactive effect in 2013  following 
the implementation of IFRS 10 and 11. It is fully consolidated (100%) from  Q2 
14 following Societe Generale's acquisition of its entire capital.

The Group's funded balance sheet (see methodology note No. 7) totalled EUR 653
billion at end-June 2014, up EUR +12  billion vs. December 31st, 2013, with  a 
loan/deposit ratio of 99% (106% at end-December 2013)^(2). The improvement  in 
this ratio stems from the combination  of strong deposit inflow in the  retail 
banking networks and the integration of Newedge. At end-June 2014, the  Group 
had raised  around  EUR  17 billion  of  medium/long-term  debt,  representing 
approximately 80% of its programme for  2014, at a still attractive cost.  The 
Group's liquid asset  buffer (see  methodology note  No. 7)  totalled EUR  159 
billion at  June 30th,  2014 (vs.  EUR 174  billion at  December 31st,  2013), 
covering 145% of short-term  financing requirements (including long-term  debt 
arriving at maturity in less than one year).

The Group's risk-weighted  assets amounted  to EUR 350.7  billion at  end-June 
2014, vs. EUR 342.6 billion at  end-December 2013 according to CRR/CRD4  rules 
(EUR +8.1 billion). A significant proportion  of the variation stems from  the 
acquisition of 100% of Newedge. At the end of Q2 13, RWA (pro forma  CRR/CRD4) 
totalled EUR 353.1 billion. Despite the effect of the acquisition of  Newedge, 
the proportion of the divisions' risk-weighted assets was stable between Q2 13
and Q2 14. Retail Banking represented  57% of risk-weighted assets and  Global 
Banking & Investor Solutions 38% at end-June 2013 as well as at end-June 2014.
The breakdown of risk-weighted assets by  risk type was also generally  stable 
(with 80% being attributable to  credit risk at the end  of Q2 14, vs. 81%  at 
the end of Q2 13).

At June  30th, 2014,  the Group's  Common  Equity Tier  1 ratio^(3)  stood  at 
10.2%^(4). It was 9.4% at June 30th, 2013. The Tier 1 ratio was 12.5%, up +1.9
points vs. H1 13. The Total Capital ratio amounted to 14.0% at end-June  2014, 
up +1.5 points vs. H1 13.

The leverage ratio stood at 3.6%^(3), up +12 basis points vs. end-March 2014.

The Group is rated by the rating agencies DBRS (long-term senior rating: AA  - 
low - negative), FitchRatings (A - negative), Moody's (A2 - negative,  outlook 
downgraded according  to the  agency's report  filed on  May 29th,  2014)  and 
Standard & Poor's (A - negative).

3 - FRENCH RETAIL BANKING

In EUR m                 Q2 13   Q2 14   Change   H1 13   H1 14  Change
                                        Q2 vs. Q2                 H1 vs.H1
Net banking income      2,119   2,066    -2.5%    4,189   4,139   -1.2%
                                         -2.1%(1)                 -1.1%(1)
Operating expenses     (1,322) (1,288)   -2.5%   (2,656) (2,617)  -1.5%
Gross operating income   798     778     -2.4%    1,533   1,522   -0.7%
                                       -1.5%(1)                 -0.3%(1)
Net cost of risk        (295)   (269)    -9.0%    (619)   (501)   -19.0%
Operating income         502     509     +1.4%     914    1,021   +11.7%
Group net income         329     336     +2.0%     597     659    +10.4%
(1) Excluding PEL/CEL                

French Retail Banking's commercial activity was satisfactory in Q2 14  despite 
a sluggish macroeconomic environment,  and it continued  with its strategy  of 
innovating in order  to serve its  customers, underlining the  quality of  its 
businesses.

Societe Generale received  the Euromoney  award of  "Best Bank  in France  for 
2014" (Global  Awards for  Excellence, July  2014). The  Societe Generale  App 
received  the   award  of   "Best   Mobile  Banking   Application   Worldwide" 
(MyPrivateBanking, May 2014). Moreover,  Boursorama exceeded the threshold  of 
550,000 customers in  France and  is on  the way  to achieving  the target  of 
600,000 by end-2014.

In line with previous quarters, outstanding balance sheet deposits rose  +4.8% 
vs. Q2 13 to
EUR 162.1 billion  (in terms  of average outstandings).  This performance  was 
driven by sight  deposit inflow which  was +6.8%  higher than in  Q2 13.  PEL 
(home ownership savings plan) outstandings were also sharply higher (+9.3%).

French Retail Banking remains fully  committed to serving its customers,  both 
individuals and businesses.  However, the lacklustre  economic environment  is 
adversely affecting  financing demand,  which  remains sluggish,  and  average 
outstanding loans reflect this environment, with a decline of -2.9% vs. Q2 13
to EUR 174.9  billion. They  totalled EUR  77.7 billion  for commercial  and 
business customers and EUR 96.1 billion for individuals.

The loan/deposit ratio stood at 108% in Q2 14 vs. 116% in Q2 13 and 112% in Q4
13.

Revenues were down -2.1% (excluding  the PEL/CEL effect) in  Q2 14 vs. Q2  13, 
with net banking income of  EUR 2,066 million in  Q2 14. However, the  decline 
was more limited  between H1  13 and  H1 14,  at -1.1%  excluding the  PEL/CEL 
effect. The  interest  margin (excluding  the  PEL/CEL effect)  was  generally 
stable
(-0.5% vs. Q2 13). Commissions were down -4.6% over this same period.

Operating expenses fell  -2.5% vs. Q2  13. Gross operating  income of EUR  778 
million was -1.5% lower (excluding the PEL/CEL effect). Gross operating income
totalled EUR 1,522  million in  H1, down -0.3%  vs. H1  13 (excluding  PEL/CEL 
provisions).

The net cost  of risk was  lower (-9.0% between  Q2 13 and  Q2 14, and  -19.0% 
between H1  13 and  H1 14).  This resulted  in improved  operating income  for 
French Retail Banking (+1.4% between Q2 13 and Q2 14 and +11.7% between H1  13 
and H1 14).

French Retail  Banking's contribution  to Group  net income  totalled EUR  336 
million in Q2 14, up +2.0% vs. Q2 13, or EUR 659 million for H1 14, up  +10.4% 
vs. H1 13.

            4 - International retail banking & financial services

The division's  revenues were  up +2.1%*  in  Q2 14  vs. Q2  13 at  EUR  1,889 
million,  which,  coupled  with  rigorous  discipline  in  controlling   costs 
(+1.0%*), resulted in an improvement in  gross operating income of +3.7%*  (to 
EUR 827 million) and the cost to income ratio to 56.2%. Over the same  period, 
the cost of risk was  markedly lower (-21.1%*) on  the back of a  particularly 
marked reduction  in Central  and Eastern  Europe and  in Africa.  At EUR  318 
million in  Q2 14,  the contribution  to Group  net income  was  substantially 
higher (+36.3%*), driven  by the significant  improvement in the  contribution 
from International  Retail  Banking  and  the  still  buoyant  performance  of 
Insurance activities and Financial Services to Corporates.

Revenues totalled EUR 3,707 million in H1 2014, up +2.5%* vs. H1 13. Operating
income amounted to EUR 898 million (+18.6%*) and the contribution to Group net
income came to  EUR 34  million, adversely affected  by the  EUR -525  million 
goodwill write-down on  Russian activities in  Q1 14. When  restated for  this 
item, the division's contribution amounted to EUR 559 million, up +23.3%*  vs. 
H1 13.

The financial results include in  particular the following structure  effects: 
the disposal of the Egyptian subsidiary  NSGB in March 2013, and the  increase 
in the Group's stake  in its Russian subsidiary  Rosbank to 92.4% in  December 
2013 and then 99.4% in April 2014.



In EUR m                     Q2 13   Q2 14   Change   H1 13   H1 14  Change
                                            Q2 vs. Q2                 H1 vs.H1
Net banking income          1,929   1,889    -2.1%    3,861   3,707   -4.0%
 On a like-for-like basis*                     +2.1%                    +2.5%
Operating expenses         (1,095) (1,062)   -3.0%   (2,208) (2,119)  -4.0%
 On a like-for-like basis*                     +1.0%                    +2.0%
Gross operating income       834     827     -0.8%    1,653   1,588   -3.9%
 On a like-for-like basis*                     +3.7%                    +3.1%
Net cost of risk            (409)   (312)   -23.7%    (815)   (690)   -15.4%
Operating income             425     515    +21.2%     838     898    +7.2%
 On a like-for-like basis*                    +28.0%                   +18.6%
Impairment    losses    on    0       0       NM        0     (525)     NM
goodwill
Group net income             242     318    +31.3%     498     34     -93.2%

4.1 International Retail Banking

For International Retail Banking, Q2 generally  continued in the same vein  as 
at the beginning of 2014. At  EUR 79.8 billion, outstanding loans were  +1.4%* 
higher than at end-June 2013, representing a slight improvement compared  with 
a strong Q1 14 (+0.7%* vs. end-March 2013). However, the trend in  outstanding 
loans reflects mixed performances: increases were satisfactory in Russia,  the 
Czech Republic, Germany and Africa whereas outstandings were lower in  Romania 
and the other Continental European countries.
Deposit growth remained  strong (+7.4%*) in  all the regions  where the  Group 
operates (at EUR 69.4 billion).

International Retail Banking revenues  were generally stable in  Q2 14 at  EUR 
1,376 million  (+0.1%*): the  increase  in Russia  and Africa  offsetting  the 
decline in  Europe. Over  the  same period,  the  business line  posted  gross 
operating income of EUR 565 million  (-2.8%*) and a contribution to Group  net 
income of EUR 144 million, which  was sharply higher (+33.0%*) due  primarily 
to the reduction in  the cost of risk.  International Retail Banking  revenues 
totalled EUR 2,708 million in H1 14  and the contribution to Group net  income 
was a loss  of EUR  -299 million  due to  the goodwill  write-down on  Russian 
activities (profit of EUR 226 million when restated for this impact).

In Western Europe, where  the business line has  operations in Germany,  Italy 
and France, exclusively in consumer finance, outstanding loans remained stable
vs. end-June 2013  at EUR 13.6  billion on  the back of  a healthy  commercial 
momentum in Germany (+9.6%*). The region  posted revenues of EUR 170  million, 
gross operating  income of  EUR 84  million and  a contribution  to Group  net 
income of EUR 19 million in
Q2 14.

In the Czech  Republic, the  Komercni Banka Group  experienced a  satisfactory 
commercial momentum in  a highly  competitive environment.  At end-June  2014, 
outstanding loans  were +3.4%*  higher  than at  end-June  2013 (at  EUR  17.6 
billion), underpinned by the growth in home loans and consumer loans. Over the
same period, deposit inflow remained  strong, with outstandings rising  +7.8%* 
(to EUR 24.0 billion) and KB  Bank continued to develop its business  (+22,000 
new customers). Despite this positive volume effect, revenues were lower in Q2
14 (-3.3%* vs. Q2 13) at EUR 248 million, in a low interest rate  environment. 
Against this backdrop, the KB Group  maintained rigorous control of its  costs 
(-2.6%*). The contribution to Group net income came to EUR 53 million  (-7.1%* 
vs. Q2 13).

In Romania, the improvement in the  economic environment has not yet  resulted 
in an acceleration in credit demand, with a "wait-and-see" attitude prevailing
among business customers. Against this  backdrop, the BRD Group's  outstanding 
loans declined -10.4%* vs.  Q2 13 to  EUR 6.4 billion  at end-June 2014  while 
outstanding deposits rose +2.0%* to EUR 7.7 billion. As a result of lower loan
volumes and margin pressure, the BRD Group's revenues remained lower in Q2  at 
EUR 137 million (-6.8%* vs.  Q2 13), albeit to a  lesser extent than in Q1  14 
(-11.8%*). The BRD Group posted  breakeven net income in  Q2 14, with a  sharp 
reduction in the cost of risk (-20.3%*).

In the other European countries, deposit inflow remained strong  (outstandings 
up +7.7%* at
EUR 9.2 billion), while outstanding loans were stable at EUR 10.6 billion.  Q2 
revenues were down -4.0%* vs. Q2 13 at EUR 161 million and operating  expenses 
were stable (at EUR 112 million).  There was a significant improvement in  the 
contribution to Group net income, at EUR 23 million in Q2 14 (vs. breakeven in
Q2 13), on the back of the decline in the cost of risk.

In Russia, the Group's commercial momentum remained healthy: outstanding loans
were up +5.3%* vs. end-June 2013 (at EUR 13.4 billion) notably for home loans.
Over the same period, deposit inflow remained strong and outstanding  deposits 
increased +8.2%* to EUR 9.0 billion.
Revenues were up  +5.4%* at EUR  281 million  in Q2 14,  while costs  remained 
under control (+8.6%*) given the inflation. Overall, the contribution to Group
net income was at breakeven in Q2 14 (EUR +1 million vs. EUR +18 million in Q2
13).
All in all, the SG Russia^(^[4]^) operation made a EUR 16 million contribution
to Group net income in Q2 14.

In the other regions where the  Group operates, outstanding loans rose  +3.0%* 
overall at end-June 2014  vs. end-June 2013 (to  EUR 18.1 billion). They  were 
sharply higher in Sub-Saharan Africa (+14.2%*),  with a more moderate rise  in 
the Mediterranean Basin (+3.4%*). Over  the same period, outstanding  deposits 
were up +9.4%*  overall. Revenues amounted  to EUR  379 million in  Q2 14,  up 
+2.1%* vs.  Q2  13  while costs  fell  (-0.7%*).  The cost  of  risk  declined 
substantially (-39.2%*)  over the  period. As  a result,  the contribution  to 
Group net income amounted to EUR 47 million in Q2 14, considerably higher than
in Q2 13 (x 2.6*).

4.2 Insurance

The Insurance business maintained a healthy  commercial momentum in Q2 14,  in 
line with Q1 14.

Net savings  infow  came  to EUR  +0.7  billion  in Q2  while  life  insurance 
outstandings posted growth of +6.6%* vs. end-June 2013, at EUR 87.0 billion.

Personal  Protection  insurance  enjoyed  robust  growth  in  France,   driven 
primarily  by  payment  protection  insurance  and  the  expansion  of  health 
insurance. Property/Casualty insurance premiums were up +2.8% vs. Q2 13.

Net banking income totalled EUR  195 million in Q2 14  (+6.0%* vs. Q2 13)  and 
EUR 387  million  in  H1  14  (+6.0%  vs.  H1  13).  The  Insurance  business' 
contribution to Group net income amounted to  EUR 82 million in Q2 14  (+5.7%* 
vs. Q2 13) and EUR 163 million in H1 14 (+4.7%* vs. H1 13).

4.3 Financial Services to Corporates

In H1  2014, Financial  Services  to Corporates  once again  demonstrated  the 
robustness of  its business  model,  with a  buoyant commercial  momentum  and 
strong earnings growth.

At end-June 2014,  Operational Vehicle Leasing  and Fleet Management  provided 
further evidence of the solid growth of its fleet (+9.9%^(^[5]^) vs.  end-June 
2013) to 1.08 million vehicles  and strengthened its leadership position  both 
at European  level  and globally.  This  performance was  underpinned  by  the 
successful development of its partnerships  with car manufacturers and  retail 
banking networks, as well as the winning of significant new customers.

Driven by substantially higher new business (+28.3% at constant structure  vs. 
end-June 2013), which was particularly  healthy in Germany, the United  States 
and United Kingdom, Equipment Finance's outstanding  loans grew in Q2 (to  EUR 
14.8 billion,  +3.0%* vs.  Q1 14).  New business  margins remained  at a  high 
level.

In Q2 14, Financial Services to Corporates' revenues rose +12.7%* vs. Q2 13 to
EUR 351 million. Over the same period, good control of operating expenses
(+7.7%*) resulted in a +18.4%* increase in gross operating income and an
improvement in the cost to income ratio of more than 2 points to 51.0%. There
was further confirmation of the decline in the cost of risk in Q2 14,
resulting in a +27.9%* increase in the contribution to Group net income to EUR
109 million. Revenues came to EUR 685 million in H1 2014 and the contribution
to Group net income amounted to EUR 209 million (+28.9%* vs. H1 13).

                   5 - GLOBAL BANKING & INVESTOR SOlutions

In EUR m                    Q2 13   Q2 14   Change   H1 13   H1 14  Change
                                           Q2 vs. Q2                 H1 vs.H1
Net banking income         2,093   2,295    +9.7%    4,359   4,422   +1.4%
On a like-for-like basis*                     +2.4%                    -1.9%
Operating expenses        (1,352) (1,568)  +16.0%   (2,821) (3,033)  +7.5%
On a like-for-like basis*                     +2.6%                    +0.8%
Gross operating income      741     727     -1.9%    1,538   1,389   -9.7%
On a like-for-like basis*                     +1.9%                    -7.5%
Net cost of risk           (185)    28       NM      (256)   (26)    -89.8%
Operating income            556     755    +35.8%    1,283   1,363   +6.3%
On a like-for-like basis*                    +42.8%                    +9.8%
Group net income            456     585    +28.2%    1,024   1,066   +4.1%

Revenues

Global Banking & Investor Solutions' revenues were  up +2.4%* in Q2 14 vs.  Q2 
13, at EUR 2,295 million.

Net banking income amounted to  EUR 4,422 million in  H1, down -1.9%* vs.  the 
previous year.

Global Markets

Global Markets posted  revenues down -0.5%  in Q2 14  vs. Q2 13  at EUR  1,215 
million. They were up +6.3% when restated for the gain on recovery on a Lehman
claim for EUR +98 million recorded in Q2 13.

  oAt EUR 538 million, Equity activities' revenues were higher than in Q2 13
    (+2.9% vs. Q2 13, when restated for the EUR +98 million impact in respect
    of the gain on recovery on a Lehman claim). This performance can be
    explained by solid client-driven activity in structured products, good
    earnings for cash activities, driven by primary business, notably in
    Europe and stable earnings for equity derivatives despite low volatility
    levels.

SG CIB confirmed its  leadership position in  equity derivatives (No.  1 
with a market  share of 12%  in warrants) and  was once again  voted No. 1  in 
equity derivatives by institutional clients using derivatives (RISK  magazine, 
June 2014).

  oAt EUR 676 million, Fixed Income, Currencies & Commodities posted revenues
    up +9.0% vs. Q2 13 in a very low volatility and still uncertain market
    environment. The good results this quarter illustrate the diversity of the
    business and particularly the quality of the relationship with corporate
    clients. The higher earnings of credit, emerging market and rate
    activities largely offset the more modest performances of forex activities
    which were impacted by the low volatility and sluggishness in commodities.

Euromoney Fixed Income Research Survey also ranked SG CIB research No. 1
in "Overall Credit Strategy" for the 5^th year running and in "Overall  Trade 
Ideas" for the 4^th year running, illustrating
SG CIB's ability to offer a high level service to its clients.

In the  first six  months of  the year,  Global Markets  posted revenues  down 
-4.4%* year-on-year, at EUR 2,458 million.

Financing & Advisory

At EUR 532 million, Financing  & Advisory revenues were  up +33.3% vs. Q2  13, 
and +4.1%  when restated  for  a EUR  -109 million  expense  in respect  of  a 
litigation issue recorded  in Q2  13. The  business' revenues  were driven  by 
excellent equity issuance  earnings, particularly  with financial  institution 
clients, as  well as  the good  performance of  bond issuance  and  structured 
financing.

SG CIB distinguished itself in Q2 through a substantial number of transactions
as lead manager. These included:
- the fully underwritten rights issue of Peugeot SA for a nominal
amount of EUR 1.9 billion in May 2014;
- the rights issue for Banca Monte dei Paschi di Siena S.p.A. for
a nominal amount of EUR 5 billion  in June 2014 (third biggest transaction  of 
this type in the Italian market);
- the largest  equity transaction  in Europe  in H1  14 (EUR  8.5 
billion, including EUR 6.7  billion of rights issue  in the market), as  Joint 
Bookrunner, for Deutsche Bank in June 2014;
- the  role of  financial  adviser, credit  and hedge  swap  lead 
manager in the public-private partnership  project to finance EUR 331  million 
of debt for the construction of a motorway in Ireland (May 2014);
- the placement, as Joint Global Coordinator, of EUR 3.6  billion 
of high-yield  bonds on  behalf  of Wind,  the  3^rd largest  Italian  telecom 
operator, in July 2014.

In the first six months of the  year, Financing & Advisory posted revenues  up 
+13.2%* year-on-year at EUR 989 million.

Asset and Wealth Management

The revenues of the Asset and Wealth Management business line totalled EUR 258
million in Q2 14, down -3.4%* year-on-year.

Private Banking generated net  banking income of EUR  201 million in Q2,  down 
-10.8%* vs. a Q2 13 that represented a high comparison base and benefited from
a non-recurring income item.  This decline also reflects  the slowdown of  the 
activity in Asia related to the  disposal of private banking activities  which 
is expected to be finalised in Q4 14.

At EUR 116 billion  at end-June, assets under  management were higher for  the 
4^th quarter running, by EUR +2.2 billion in Q2. They were driven by Europe,
where client-driven activity was buoyant with net inflow of EUR +1.1  billion, 
especially in France.

Private Banking's gross margin remained at  a satisfactory level of 101  basis 
points^(^[6]^).

Lyxor recorded an increase in assets  under management to EUR +86 billion,  or 
EUR +2.2 billion in  Q2, with a  EUR +1.7 billion  performance effect and  EUR 
+0.5 billion positive currency  impact. Q2 net inflow  was underpinned by  the 
good performance of ETFs.
Lyxor's revenues were substantially higher (+33.4%*)  at EUR 50 million in  Q2 
14, involving a significant improvement in Lyxor's gross margin which amounted
to 24.3 basis points vs. 21.6 basis points in Q2 13.

In the first six months of the year, Asset and Wealth Management posted stable
revenues (-0.5%* year-on-year), at EUR 519 million.

Securities Services and Brokerage

Securities Services'  revenues were  higher in  Q2 14  (+1.1%*  year-on-year). 
Assets under custody  increased by +5.2%  to EUR 3,756  billion vs.  end-March 
2014 and assets under administration by +10.0% over the same period to EUR 527
billion.

Newedge's Brokerage activity posted revenues down -37.2%*, due to the  current 
restructuring of activities and in challenging market conditions.

In the first six months of the  year, the revenues of Securities Services  and 
Brokerage were down -12.7%* vs. H1 2013, at EUR 458 million.

Operating expenses

Global Banking & Investor Solutions' operating expenses increased year-on-year
(+2.6%*) to EUR -1,568 million.  The restructuring of Securities Services  and 
Brokerage continued,  involving  transformation costs  partially  absorbed  by 
rigorous management of this business line's overheads.

In H1 14, operating expenses were  stable (+0.8%*) at EUR -3,033 million  (vs. 
EUR -2,821 million in
H1 13).

Operating income

Gross operating income was +1.9%* higher.

The net  cost of  risk remained  at a  historically low  level. In  Q2 14,  it 
resulted in a EUR +28 million net provision write-back. In Q2 13, the net cost
of risk amounted to EUR -185 million and included
EUR -131 million relating to the legacy asset portfolio.

Operating income totalled EUR 755 million in  Q2 14 vs. EUR 556 million in  Q2 
13, up +42.8%*.  In the  first six  months of  2014, operating  income was  up 
+9.8%* vs. the same period in 2013 (EUR 1,363 million in H1 14 vs. EUR  1,283 
million in H1 13).

Net income

Global Banking & Investor Solutions' contribution to Group net income amounted
to EUR 585 million (vs. EUR 456 million in Q2 13, or an increase of  +33.2%*). 
This resulted in a ROE of 18%, vs. 12% in Q2 13.

In H1 14,  the contribution  to Group  net income  was EUR  1,066 million,  up 
+7.3%* vs. H1 2013.

                             6 - CORPORATE CENTRE

In EUR m                   Q2 13 Q2 14  Change   H1 13  H1 14 Change
                                       Q2 vs. Q2               H1 vs.H1
Net banking income        (21)  (357)    NM     (1,308) (699)  +46.6%
On a like-for-like basis*                    NM                 +47.3%
Operating expenses        (44)   21      NM      (99)    (3)   -97.0%
On a like-for-like basis*                    NM                 -97.0%
Gross operating income    (65)  (336)    NM     (1,407) (702)  +50.1%
On a like-for-like basis*                    NM                 +50.8%
Net cost of risk          (96)  (199)   x2.1     (222)  (202)  -9.2%
Operating income          (161) (535)    NM     (1,630) (904)  +44.5%
On a like-for-like basis*                    NM                 +45.2%
Group net income          (73)  (209)    NM      (800)  (414)  +48.2%

The Corporate  Centreincludes  principally  the  management  of  shareholdings 
andthe Treasury function  for the Group  as well as  certain costs related  to 
cross-functional projects.

The Corporate Centre's revenues  totalled EUR -357 million  in Q2 14 (vs.  EUR 
-21 million  in Q2  13). They  include in  particular the  revaluation of  the 
Group's own financial liabilities  amounting to EUR -21  million (vs. a  total 
impact in Q2 13 of EUR 53 million).

Operating expenses amounted to EUR 21 million vs. EUR -44 million in Q2 13.

Gross operating income came to  EUR -336 million in  Q2 14. When restated  for 
the revaluation of own financial liabilities (see methodology note No. 8),  it 
amounted to EUR -315 million (vs. EUR -118 million in Q2 13).

The net cost  of risk  was EUR  -199 million  in Q2  14, including  a EUR  200 
million provision, which takes the collective provision for litigation risk to
EUR 900 million. This compares with EUR  -96 million in Q2 13, which  included 
an additional collective provision for litigation issues amounting to EUR -100
million.

The Corporate Centre posted  a net gain on  other assets in Q2  14 of EUR  210 
million in respect of  the combined transactions relating  to the purchase  of 
100% of Newedge and the disposal of 5% of Amundi.

The Corporate Centre's contribution to Group net income was a loss of EUR -209
million in Q2 14, vs.
EUR -73 million in Q2 13. When  restated for the revaluation of own  financial 
liabilities (see methodology note No. 8), it amounted to EUR -195 million (vs.
EUR -108 million in Q2 13).

                                7 - conclusion

Societe Generale's  businesses ended  H1 with  a good  operating  performance, 
illustrating the robustness and growth capacity of its banking model in  still 
challenging economic conditions. Thanks to  the disciplined management of  its 
resources and risks, the Group's balance sheet continued to strengthen, with a
further improvement in  capital ratios  and a very  solid liquidity  position. 
Societe Generale's  teams  remain committed  to  serving their  customers  and 
continue to  be  involved  in  the proactive  implementation  of  the  Group's 
transformation plan and strategy.

                         8 - 2014 FINANCIAL CALENDAR

2014 financial communication calendar

November 6th, 2014 Publication of third quarter 2014 results
February 12th, 2015 Publication of fourth quarter and FY 2014 results
May 6th, 2015 Publication of first quarter 2015 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.

9 - Appendix 1: FINANCIAL data: 2013data adjusted following the retrospective
            implementation of IFRS 10 and 11 on January 1st, 2014

CONSOLIDATED                                                 
INCOME
STATEMENT                         Change                        Change
(in EUR         Q2 13   Q2 14    Q2 vs. Q2     H1 13   H1 14     H1 vs.H1
millions)
Net banking   6,120   5,893  -3.7%  -4.7%*  11,101  11,569  +4.2%  +5.2%*
income
Operating     (3,813) (3,897) +2.2%  -1.3%*  (7,784) (7,772) -0.2%  -0.9%*
expenses
Gross
operating       2,307   1,996  -13.5% -10.9%*  3,317   3,797  +14.5% +20.6%*
income
Net cost of   (985)   (752)  -23.7% -22.6%* (1,912) (1,419) -25.8% -24.7%*
risk
Operating      1,322   1,244  -5.9%  -1.9%*   1,405   2,378  +69.3% +88.4%*
income
Net profits
or losses        0      202     NM            448     200   -55.4% 
from other
assets
Net income
from
companies
accounted       46      49    +6.5%            96      102   +6.3%
for by the
equity
method
Impairment
losses on        0       0      NM             0     (525)    NM   
goodwill
Income tax    (298)   (380)  +27.7%         (417)   (651)  +56.1% 
Net income     1,070   1,115  +4.2%           1,532   1,504  -1.8%
O.w. non
controlling     115     85    -26.1%          213     159   -25.4% 
interests
Group net       955    1,030  +7.8%  +11.3%*  1,319   1,345  +2.0%  +9.3%*
income
Tier 1
ratio at end                                   10.6%   12.5%
of period
* When adjusted for changes in Group
structure and at constant exchange rates                                  

NET INCOME AFTER TAX BY CORE                                    
BUSINESS                          Q2 13 Q2 14  Change    H1 13 H1 14 Change
(in EUR millions)                             Q2 vs. Q2              H1 vs.H1
                                                                  
French Retail Banking             329   336    2.0%      597   659   +10.4%
International Retail Banking &    242   318   +31.3%      498   34    -93.2%
Financial Services                                      
Global Banking and Investor       456   585   +28.2%     1,024 1,066  +4.1%
Solutions                                               
CORE BUSINESSES                  1,028 1,239  +20.5%    2,119 1,759  -17.0%
Corporate Centre                 (73)  (209)    NM      (800) (414)  +48.2%
GROUP                             955  1,030   +7.8%    1,319 1,345  +2.0%

CONSOLIDATED BALANCE SHEET

                                           June 30, 2014 December 31, % change
Assets (in billions of euros)                                   2013*
Cash, due from central banks                        56.2         66.6     -16%
Financial assets measured at fair value            563.8        479.1
through profit and loss                                                   +18%
Hedging derivatives                                 12.0         11.5      +4%
Available-for-sale financial assets                135.7        130.2      +4%
Due from banks                                      94.2         75.4     +25%
Customer loans                                     336.2        332.7      +1%
Lease financing and similar agreements              25.8         27.7      -7%
Revaluation differences on portfolios                3.3          3.0
hedged against interest rate risk                                         +10%
Held-to-maturity financial assets                    4.2          1.0    x 4.2
Tax assets                                           6.7          7.3      -8%
Other assets                                        57.7         54.2      +6%
Non-current assets held for sale                     2.0          0.1   x 20.0
Investments in subsidiaries and affiliates           2.7          2.8
accounted for by equity method                                             -4%
Tangible and intangible fixed assets                17.8         17.6      +1%
Goodwill                                             4.3          5.0     -14%
Total                                            1,322.6      1,214.2       9%

Liabilities (in billions of euros)   June 30, 2014 December 31, 2013* % change
Due to central banks                           6.1                3.6     +69%
Financial liabilities measured at            500.9              425.8
fair value through profit and loss                                        +18%
Hedging derivatives                            9.2                9.8      -6%
Due to banks                                  89.5               86.8      +3%
Customer deposits                            341.8              334.2      +2%
Securitised debt payables                    129.1              138.4      -7%
Revaluation differences on
portfolios hedged against interest             6.7                3.7
rate risk                                                                 +81%
Tax liabilities                                0.9                1.6     -44%
Other liabilities                             69.5               53.5     +30%
Non-current liabilities held for               3.0                0.0
sale                                                                        NM
Underwriting reserves of insurance            98.0               91.5
companies                                                                  +7%
Provisions                                     4.0                3.8      +5%
Subordinated debt                              7.9                7.5      +5%
Shareholders' equity                          53.3               50.9      +5%
Non controlling Interests                      2.7                3.1     -13%
Total                                      1,322.6            1,214.2       9%

* Amounts restated in relation to the financial statements published in 2013,
following the implementation of IFRS 10 and 11 which apply retrospectively.

                         10 - Appendix 2: MeTHODOLOGy

1- The Group's consolidated results as at June 30th, 2014 were examined by the
Board of Directors on July 31st, 2014.

The financial information presented for the six-month period ended June  30th, 
2014 has been  prepared in  accordance with IFRS  as adopted  in the  European 
Union and applicable at  that date. In particular,  the Group's summarised  H1 
consolidated financial  statements have  been prepared  and are  presented  in 
accordance with IAS 34 "Interim Financial Reporting".

The limited examination procedures carried  out by the Statutory Auditors  are 
under way.

Note that the data for the 2013  financial year have been restated due to  the 
implementation of IFRS  10 and 11,  resulting in the  publication of  adjusted 
data for the previous financial year.

For financial communication  purposes, data relating  to the subsidiary  Lyxor 
were reclassified  in 2013  within  the Global  Banking &  Investor  Solutions 
division in  Asset and  Wealth Management,  this change  only actually  taking 
effect at the beginning of 2014.

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, and capital  gains/losses relating to buybacks  of 
these notes (EUR -182 million in total for H1 2014).

As from  January  1st,  2014,  the allocation  of  capital  to  the  different 
businesses is based  on 10% of  risk-weighted assets at  the beginning of  the 
period, vs. 9% 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' historical 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 capital gains/losses recorded on partial buybacks (i.e.  a 
EUR 6 million capital gain in H1 14), interest, net of tax impact, to be  paid 
to holders of:
(i) deeply subordinated notes: EUR -185 million in respect of H1 14, (EUR -101
million for Q2 14)
(ii) undated subordinated  notes recognised  as shareholders'  equity: EUR  -3 
million in respect of H1 14, (EUR -1 million for Q2 14).

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 8.7 billion),  undated subordinated notes  previously recognised as  debt 
(EUR 0.4 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 June 30th,  2014, 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 Common Equity Tier 1 capital is calculated  in 
accordance with applicable CRR/CRD4 rules.

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 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.

The  funded  balance  sheet   at  December  31st,   2013  has  been   adjusted 
retrospectively to take account of the implementation of IFRS 10 and 11.

At  June  30th,  2014,  the  IFRS  balance  sheet  excluding  the  assets  and 
liabilities of insurance subsidiaries, after netting repurchase agreements and
securities lending/borrowing, derivatives and  accruals, has been restated  to 
include:

a) the reclassification  under customer  deposits of SG  Euro CT  outstandings 
(included in repurchase agreements), as well as the share of issues placed  by 
French Retail Banking networks  (recorded in medium/long-term financing),  and 
certain transactions carried  out with counterparties  equivalent to  customer 
deposits (previously  included  in  short-term  financing).  However,  certain 
transactions  equivalent  to  market  resources  are  deducted  from  customer 
deposits and reintegrated in short-term financing. The net amount of transfers
from
- medium/long-term  financing to  customer  deposits amounted  to EUR  7bn  at 
December 31st, 2013, EUR 10bn at March  31st, 2014 and EUR 12bn at June  30th, 
2014
- short-term financing to customer deposits  amounted to EUR 11bn at  December 
31st, 2013, EUR 10bn at March 31st, 2014 and EUR 17bn at June 30th, 2014
- repurchase agreements to customer deposits  amounted to EUR 3bn at  December 
31st, 2013, EUR 2bn at March 31st, 2014 and EUR 2bn at June 30th, 2014 

b)  The   balance   of   financing  transactions   has   been   allocated   to 
medium/long-term resources and short-term resources  based on the maturity  of 
outstandings (more or less than one  year). The initial maturity of debts  has 
been used for debts represented by a security.

c) In  assets,  the item  "customer  loans" includes  outstanding  loans  with 
customers, net of  provisions and write-downs,  including net lease  financing 
outstandings and  transactions at  fair  value through  profit and  loss,  and 
excludes financial assets reclassified under loans and receivables in 2008  in 
accordance with the conditions stipulated  by the amendments toIAS 39.  These 
positions have been reclassified in their original lines.

d) The accounting item "due to  central banks" in liabilities has been  offset 
against the item "net central bank deposits" in assets.

At June 30th, 2014, the funded balance sheet was as follows:

In EUR bn            ASSETS       LIABILITIES                               
                 JUN. 13 JUNE 14  JUNE 14 JUN. 13                         
Net Central bank   78      58        85      103   Short term resources    
        deposits                 
 Interbank loans   40      37       16      10    Other                   
  Client related   79      98        132     153   Medium/Long term        
  trading assets                                  resources
                                                   o.w. LT debt with a
      Securities   56      62           25      25 remaining maturity      
                                                  below 1 year**
  Customer loans   360     364      366     329   Customer deposits       
Long term assets   34      34       54      52    Equity                  
    Total assets   647     653      653     647   Total liabilities       

(**) management data, excluding  notably the share  of outstandings placed  in 
retail banking networks and with private banking clients

NB. The funded balance sheet presented above for June 30th, 2013 does not take
account of the adjustments resulting from the implementation of IFRS 10 and 11
as from January 1st, 2014.

The Group's loan/deposit  ratio is  calculated as the  ratio between  customer 
loans and customer deposits defined accordingly.

It amounted to  99% at June  30th, 2014 and  106% at December  31st, 2013  pro 
forma.

The liquid asset buffer or liquidity reserve includes

a.central bank cash balances, excluding mandatory reserves
b.liquid assets rapidly tradable in the market (High Quality Liquid Assets
    or HQLA), unencumbered net of haircuts
c.central bank eligible assets, unencumbered net of haircuts.

The implementation of IFRS 10 and 11 resulted in no variation in the liquidity
reserve in respect of 2013.  In Q2 14, the  liquidity reserve included EUR  49 
billion in respect of central bank deposits, EUR 82 billion of HQLA securities
and EUR  28 billion  of  central bank  eligible  assets (respectively  EUR  58 
billion, EUR 70 billion and EUR 26 billion in Q1 13 and EUR 60 billion, EUR 78
billion and EUR 35 billion in Q4 13).

The coverage ratio for short-term financing requirements is calculated as  the 
ratio between
(i) the liquid asset buffer/liquidity reserve and
(ii) the funded balance sheet's  short-term resources, augmented by the  share 
of long-term debt  having a residual  maturity of  less than one  year in  the 
funded balance sheet

8- Non-economic items and other notable items

Non-economic items correspond to the revaluation of own financial  liabilities 
and DVA. Details of these items, and other items that are restated, are  given 
below for Q2 14 and Q2 13.

                       Net                          Cost    Group
             Q2 14   banking   Operating             of      net
                    income   expenses   Others  risk   income  
Revaluation of own                                                   Corporate
financial             (21)                                  (14)    Centre
liabilities*                                                   
Accounting impact      (2)                                  (1)     Group
of DVA*                                                        
Accounting impact      44                                    29     Group
of CVA                                                         
Newedge                                    210              210     Corporate
acquisition                                                     Centre
Provision for                                      (200)   (200)    Corporate
disputes                                                        Centre
TOTAL                  21                                     24     Group
                                                         
                       Net                          Cost    Group
             Q2 13   banking   Operating             of      net
                    income   expenses   Others  risk   income  
Revaluation of own                                                   Corporate
financial              53                                    35     Centre
liabilities*                                                   
Accounting impact     (160)                                (105)    Group
of DVA*                                                        
Accounting impact      51                                     33     Group
of CVA                                                            
Provision for                                       (100)   (100)    Corporate
disputes                                                           Centre
Capital gain on                                                      Corporate
Piraeus stake          33                                     21     Centre
disposal                                                          
TOTAL                 (23)                                  (116)    Group

* Non-economic items

Data relating to H1 13 and H1 14 are given below:

                  Net                          Cost    Group
        H1 14   banking   Operating             of      net
               income   expenses   Others  risk   income  
Revaluation
of own           (179)                                (117)    Corporate
financial                                                       Centre
liabilities*                                              
Accounting
impact of          3                                    2      Group
DVA*                                                      
Accounting        95                                    62     Group
impact of CVA                                             
Newedge                               210              210     Corporate
acquisition                                                Centre
Provision for                                 (200)   (200)    Corporate
disputes                                                   Centre
Impairment &                                                    International
capital                              (525)            (525)    Retail Banking
losses                                                          and Financial
                                                           Services
TOTAL            (81)                                  (568)    Group
                                                    
                  Net                          Cost    Group
        H1 13   banking   Operating             of      net
               income   expenses   Others  risk   income  
Revaluation
of own           (992)                                (650)    Corporate
financial                                                       Centre
liabilities*                                              
Accounting
impact of         223                                  146     Group
DVA*                                                      
Accounting       (412)                                 (270)    Group
impact of CVA                                                
Provision for                                  (200)   (200)    Corporate
disputes                                                      Centre
Capital gain
on Piraeus        33                                     21     Corporate
stake                                                           Centre
disposal                                                     
Capital gain                                                    Corporate
on NSGB                                417              377     Centre
disposal                                                     
Adjustment on                           24               21     Corporate
TCW disposal                                                  Centre
TOTAL           (1,148)                                (555)    Group

* Non-economic items

NB (1) The  sum of  values contained  in the  tables and  analyses may  differ 
slightly from the total reported due to rounding rules.

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

                            11 - QUARTERLY SERIES

(in millions of euros)

                                                                         Q1 13
                                                                         Q2 13
                                                                         Q3 13
                                                                         Q4 13
                                                                          2013
                                                                         Q1 14
                                                                         Q2 14
                                                        (in millions of euros)

French Retail Banking

Net banking income
2,070
2,119
2,086
2,161
8,437
2,073
2,066
Operating expenses
-1,335
-1,322
-1,316
-1,385
-5,358
-1,329
-1,288
Gross operating income
735
798
770
776
3,079
744
778
Net cost of risk
-323
-295
-293
-346
-1,258
-232
-269
Operating income
412
502
477
430
1,821
512
509
Net income from other assets
-1
0
0
2
2
-5
1
Net income from companies accounted for by the equity method
8
10
9
11
37
10
12
Income tax
-148
-181
-171
-156
-656
-193
-194
Net income
271
331
314
287
1,203
324
328
O.w. non controlling interests
4
1
0
2
7
1
-8
Group net income
267
329
314
286
1,196
323
336
Average allocated capital
9,649
9,648
9,575
9,626
9,625
10,185
10,143

                           Q1 13  Q2 13  Q3 13  Q4 13   2013   Q1 14  Q2 14
International Retail
Banking & Financial
Services                                                   
 Net banking income       1,932  1,929  1,911  1,990  7,762   1,818  1,889
 Operating expenses      -1,113 -1,095 -1,065 -1,094 -4,367  -1,057 -1,062
 Gross operating income     819    834    845    897  3,395     761    827
 Net cost of risk          -406   -409   -383   -636 -1,835    -378   -312
 Operating income           413    425    462    260  1,560     383    515
  Net income from other
 assets                        3     -1      0      4      6       3      0
  Net income from
 companies accounted for 
  by the equity method           9      6      6     10     31       8     10
  Impairment losses on
 goodwill                      0      0      0      0      0    -525      0
 Income tax                -113   -116   -128    -81   -438    -106   -138
 Net income                 312    314    340    194  1,160    -237    387
  O.w. non controlling         56     72     58     -9    177      47     69
 interests               
 Group net income           256    242    282    203    983    -284    318
  Average allocated
 capital                  10,938 10,510 10,380 10,220 10,512  10,141 10,011

o.w. International Retail Banking                            
 Net banking income            1,478 1,450 1,418 1,490  5,836  1,332 1,376
 Operating expenses             -869  -846  -823  -842 -3,380   -805  -811
 Gross operating income          610   604   594   648  2,456    527   565
 Net cost of risk               -377  -378  -356  -629 -1,740   -367  -291
 Operating income                233   226   239    18    716    160   274
 Net income from other assets      3     0     0     5      7      3     0
  Net income from companies
 accounted for by the equity   
  method                              3     2     3     2      9      4     3
  Impairment losses on
 goodwill                           0     0     0     0      0   -525     0
 Income tax                      -57   -54   -57    -6   -174    -38   -63
 Net income                      182   174   184    19    558   -396   214
  O.w. non controlling              57    65    62   -14    170     47    70
 interests                     
 Group net income                125   108   122    33    388   -443   144
 Average allocated capital     7,118 6,655 6,543 6,420  6,684  6,537 6,495
                                                          

 (in millions of euros)         Q1 13 Q2 13 Q3 13 Q4 13  2013  Q1 14 Q2 14
o.w. Financial Services to
Corporates and Insurance                                     
 Net banking income               479   499   520   543 2,042    526   546
 Operating expenses              -232  -237  -238  -248  -956   -245  -252
 Gross operating income           247   262   282   296 1,086    281   294
 Net cost of risk                 -24   -25   -28   -26  -103    -21   -20
 Operating income                 223   237   254   270   983    260   274
 Net income from other assets       0    -1     0     0    -1      0     0
  Net income from companies
 accounted for by the equity    
  method                               6     5     3    10    25      5     6
 Impairment losses on goodwill      0     0     0     0     0      0     0
 Income tax                       -71   -75   -81   -84  -311    -82   -88
 Net income                       158   166   176   196   696    183   192
  O.w. non controlling
 interests                           2     2     2     2     7      2     1
 Group net income                 157   164   175   194   689    181   191
 Average allocated capital      3,612 3,639 3,624 3,613 3,622  3,457 3,398
                                                          
 o.w. Insurance                                           
 Net banking income               182   185   187   195   750    192   195
 Operating expenses               -67   -69   -71   -72  -280    -73   -73
 Gross operating income           116   116   116   123   470    119   122
 Net cost of risk                   0     0     0     0     0      0     0
 Operating income                 116   116   116   123   470    119   122
 Net income from other assets       0     0     0     0     0      0     0
  Net income from companies
 accounted for by the equity    
  method                               0     0     0     0     0      0     0
 Impairment losses on goodwill      0     0     0     0     0      0     0
 Income tax                       -37   -37   -37   -39  -150    -38   -39
 Net income                        79    79    79    84   320     81    83
  O.w. non controlling
 interests                           0     0     0     1     2      0     1
 Group net income                  78    78    78    83   318     81    82
 Average allocated capital      1,455 1,491 1,502 1,517 1,491  1,529 1,533
                                                          
  o.w. Financial Services to
 Corporates                                                
 Net banking income               297   314   332   348 1,292    334   351
 Operating expenses              -166  -168  -167  -175  -676   -172  -179
 Gross operating income           131   146   166   173   616    162   172
 Net cost of risk                 -24   -25   -28   -26  -103    -21   -20
 Operating income                 107   121   138   147   513    141   152
 Net income from other assets       0    -1     0     0    -1      0     0
  Net income from companies
 accounted for by the equity    
  method                               6     5     3    10    25      5     6
 Impairment losses on goodwill      0     0     0     0     0      0     0
 Income tax                       -34   -38   -44   -46  -161    -44   -49
 Net income                        80    87    98   112   376    102   109
  O.w. non controlling
 interests                           1     1     1     1     5      2     0
 Group net income                  78    86    96   111   371    100   109
 Average allocated capital      2,157 2,149 2,122 2,096 2,131  1,928 1,866
                                                          
o.w. other                                                  
 Net banking income               -26   -20   -27   -43  -116    -40   -33
 Operating expenses               -11   -12    -4    -4   -31     -7     1
 Gross operating income           -37   -32   -31   -47  -147    -47   -32
 Net cost of risk                  -5    -6     1    19     8     10    -1
 Operating income                 -42   -38   -30   -28  -139    -37   -33
 Net income from other assets       0     0     0     0     0      0     0
  Net income from companies
  accounted for by the equity
 method                              0    -1     0    -2    -3     -1     1
 Impairment losses on goodwill      0     0     0     0     0      0     0
 Income tax                        15    13    10    10    48     14    13
 Net income                       -28   -26   -20   -21   -94    -24   -19
  O.w. non controlling
 interests                          -3     5    -5     3     0     -2    -2
 Group net income                 -25   -30   -15   -24   -94    -22   -17
 Average allocated capital        208   215   214   187   206    146   118

 (in millions of euros)   Q1 13  Q2 13  Q3 13  Q4 13   2013   Q1 14  Q2 14
Global Banking and
Investor Solutions                                         
 Net banking income       2,266  2,093  2,076  1,947  8,382   2,127  2,295
 Operating expenses      -1,469 -1,352 -1,421 -1,831 -6,073  -1,465 -1,568
 Gross operating income     797    741    655    115  2,308     662    727
 Net cost of risk           -71   -185   -230    -60   -546     -54     28
 Operating income           726    556    425     55  1,762     608    755
  Net income from other
 assets                        5      0      0     -1      4       0     -5
  Net income from
 companies accounted for 
  by the equity method          29     29     20   -110    -32      25     19
  Impairment losses on
 goodwill                      0      0      0    -50    -50       0      0
 Income tax                -189   -124    -74    -76   -462    -149   -180
 Net income                 571    461    371   -181  1,222     484    589
  O.w. non controlling
 interests                     4      5      4      3     16       3      4
 Group net income           567    456    366   -184  1,206     481    585
  Average allocated
 capital                  15,598 15,797 14,356 13,214 14,742  12,440 12,772
                                                        
o.w. Global Markets                                            
 Net banking income       1,373  1,241  1,200  1,055  4,868   1,243  1,215
  o.w. Equities               629    621    621    646  2,519      688    538
  o.w. FICC                   744    620    578    408  2,350      556    676
 Operating expenses        -808   -703   -783 -1,081 -3,374    -799   -743
 Gross operating income     565    539    417    -27  1,494     444    472
 Net cost of risk           -31   -133   -151    -65   -381     -10      6
  Operating income            534    405    266    -92  1,113      434    478
  Net income from other
  assets                         0      0      0      0      0        1     -1
  Net income from
 companies accounted for 
  by the equity method           0      0      0      1      1       0      0
  Impairment losses on
 goodwill                      0      0      0      0      0       0      0
 Income tax                -153   -104    -55    -90   -401    -116   -126
 Net income                 381    302    211   -181    713     319    351
  O.w. non controlling
 interests                     4      3      4      2     13       3      2
 Group net income           378    298    206   -182    700     316    349
  Average allocated
 capital                  10,280 10,017  8,717  7,662  9,169   7,149  7,262
                                                              
o.w. Financing and
Advisory                                                          
 Net banking income         475    402    443    477  1,797     455    532
 Operating expenses        -308   -277   -286   -345 -1,216    -304   -307
 Gross operating income     167    125    156    132    581     151    225
 Net cost of risk           -43    -47    -61     13   -138     -43     24
 Operating income           124     78     96    145    443     108    249
  Net income from other
 assets                        3      0      0      0      3       0     -8
  Net income from
 companies accounted for 
  by the equity method           0      0      0      0      0       0     -1
  Impairment losses on
 goodwill                      0      0      0      0      0       0      0
 Income tax                 -19     -1     -4     10    -14     -14    -48
 Net income                 109     77     92    155    432      94    192
  O.w. non controlling
 interests                     0      1      0      1      2       1     -1
 Group net income           109     76     92    154    430      93    193
  Average allocated
 capital                   3,460  3,531  3,435  3,272  3,425   3,480  3,727
o.w. Securities Services and
Brokerage                                                   
 Net banking income         155    177    153    159    644     168    290
 Operating expenses        -148   -155   -151   -187   -641    -158   -314
 Gross operating income       7     22      2    -28      3      10    -24
 Net cost of risk            -1      0      0      0      0       0     -1
 Operating income             6     23      2    -28      3      10    -25
  Net income from other
 assets                        1      0      0      0      1      -1      1
  Net income from
  companies accounted for 
 by the equity method           0     -1     -3   -144   -148      -2      0
  Impairment losses on
 goodwill                      0      0      0    -50    -50       0      0
 Income tax                  -3     -8     -1     11      0      -5     11
 Net income                   5     13     -2   -211   -194       2    -13
  O.w. non controlling
 interests                     0      0      0      0      1      -2      3
 Group net income             5     13     -2   -211   -195       4    -16
  Average allocated
 capital                     836  1,244  1,199  1,275  1,139     781    733
                                                        
o.w. Asset & Wealth
Management                                                
 Net banking income         264    272    281    255  1,072     261    258
 o.w. Lyxor                  50     38     47     52    186      48     50
 o.w. Private banking       205    231    227    195    858     207    201
 o.w. other                   8      4      7      8     28       6      7
 Operating expenses        -206   -217   -201   -218   -842    -204   -204
 Gross operating income      58     55     79     38    230      57     54
 Net cost of risk             4     -5    -19     -7    -27      -1     -1
 Operating income            62     50     61     30    203      56     53
  Net income from other
 assets                        0      0      0      0      0       0      3
  Net income from
 companies accounted for 
  by the equity method          28     30     23     33    114      27     20
  Impairment losses on
 goodwill                      0      0      0      0      0       0      0
 Income tax                 -14    -11    -14     -8    -47     -14    -17
 Net income                  76     69     70     56    271      69     59
  O.w. non controlling
 interests                     0      0      0      0      0       1      0
 Group net income            76     69     70     56    271      68     59
  Average allocated
 capital                   1,023  1,005  1,006  1,004  1,009   1,029  1,050

  (in millions of
 euros)                   Q1 13  Q2 13  Q3 13  Q4 13    2013   Q1 14  Q2 14
Corporate Centre                                         
 Net banking income     -1,287    -21   -437   -402  -2,147    -342   -357
  o.w. financial
  liabilities              -1,045     53   -223   -379  -1,594     -158    -21
 Operating expenses        -55    -44    -55    -95    -249     -24     21
  Gross operating
 income                  -1,342    -65   -492   -497  -2,396    -366   -336
 Net cost of risk         -127    -96   -186     -2    -411      -3   -199
 Operating income       -1,469   -161   -679   -499  -2,807    -369   -535
  Net income from other
 assets                     441      1     -7    128     563       0    206
  Net income from
  companies accounted    
  for by the equity
 method                        4      2     10      9      26      10      8
  Impairment losses on
 goodwill                     0      0      0      0       0       0      0
 Income tax                331    123    280    294   1,028     177    132
 Net income               -692    -36   -395    -68  -1,191    -182   -189
  O.w. non controlling
 interests                   34     38     33     45     150      23     20
 Group net income         -727    -73   -428   -113  -1,341    -205   -209
                                                        
Group                                                    
 Net banking income      4,981  6,120  5,636  5,696  22,433   5,676  5,893
 Operating expenses     -3,971 -3,813 -3,858 -4,405 -16,047  -3,875 -3,897
  Gross operating
 income                   1,010  2,307  1,778  1,291   6,386   1,801  1,996
 Net cost of risk         -927   -985 -1,093 -1,045  -4,050    -667   -752
 Operating income           83  1,322    685    246   2,336   1,134  1,244
  Net income from other
 assets                     448      0     -7    134     575      -2    202
  Net income from
 companies accounted    
  for by the equity
  method                       50     46     45    -80      61      53     49
  Impairment losses on
 goodwill                     0      0      0    -50     -50    -525      0
 Income tax               -119   -298    -93    -18    -528    -271   -380
 Net income                462  1,070    630    232   2,394     389  1,115
  O.w. non controlling
 interests                   98    115     96     41     350      74     85
 Group net income          364    955    534    191   2,044     315  1,030
  Average allocated
 capital                 41,298 41,761 42,283 42,375  41,929  42,274 42,253
 Group ROE (after tax)    2.8%   8.4%   4.3%   2.1%    4.4%    2.2%   8.8%
  C/I ratio (excluding
  revaluation of own          66%    63%    66%    73%     67%      66%    66%
 financial liabilities) 

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

Societe Generale has been playing a vital  role in the economy for 150  years. 
With more than  148,000 employees, based  in 76 countries,  it accompanies  32 
million clients  throughout the  world on  a daily  basis. Societe  Generale's 
teams  offer  advice  and  tailor-made  financial  solutions  to   individual, 
corporate and institutional customers in three complementary core businesses:

  oRetail banking in France with the Societe Generale branch network, Credit
    du Nord and Boursorama, offering a comprehensive range of multichannel
    financial services at the leading edge of digital innovation;
    
  oInternational retail banking, financial services and insurance with a
    presence in emerging economies and leading specialised businesses;
    
  oCorporate and investment banking, private banking, asset management and
    securities services, with recognised expertise, top international rankings
    and integrated solutions.

Societe Generale is included in the main socially responsible investment
indices: Dow Jones Sustainability Index (Europe), FTSE4Good (Global and
Europe), Euronext Vigeo (Global, Europe, Eurozone and France), Ethibel's ESI
Excellence (Europe) and 5 of the STOXX ESG Leaders indices.

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

Societe Generale: 150 years

In 2014, Societe Generale Group celebrates its 150th anniversary with a focus
on entrepreneurial spirit, innovation and team spirit. Founded by a group of
industrialists and financiers, the bank's very name illustrated their
ambition: "Société Générale pour favoriser le développement du commerce et de
l'industrie en France"("Societe Generale to support the development of trade
and industry in France"), as written into the Imperial decree signed by
Napoleon III on May 4th, 1864.
Societe Generale has always served economic development, contributing to the
financing of infrastructures that symbolised the modern world and of leading
French groups. Societe Generale was among the first French banks to open
branches in London and in Russia in the 1870s, before expanding into the
Maghreb, New York and Africa, and to set up operations in Central European
countries.
Societe Generale has always been at the cutting edge of financial innovation,
and takes strength from its origins to assert its banking vision for the
future, reinvent its businesses to serve its clients and become the reference
bank of the 21st century.

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^([1]^) Annualised, excluding litigation issues, in respect of assets at the
beginning of the period and including operating leases. Excluding legacy
assets in 2013.

^([2]^) Annualised rate, excluding litigation issues and legacy assets in
2013, in respect of assets at the beginning of the period and including
operating leases. Cost of risk in Q2 13 of 61 basis points for RBDF, 133 basis
points for IBFS and 17 basis points for GBIS.

^([3]^) The  interest,  net  of  tax effect,  payable  to  holders  of  deeply 
subordinated notes and undated subordinated notes amounts to respectively  EUR 
-185 million  and EUR  -3  million for  H1 14,  while  the effect  of  capital 
gains/losses on partial buybacks amounts to EUR  +6 million in H1 14. On  this 
basis, the amount of EPS not restated  for non-economic items was EUR 1.49  at 
June 30th, 2014.

(1) This figure includes  notably (i) EUR 8.7  billion of deeply  subordinated 
notes and (ii) EUR 0.4 billion of undated subordinated notes
(2) Ratio adjusted following the implementation of IFRS 10 and 11
(3) All the  solvency/leverage ratios  published are  calculated according  to 
CRR/CRD4 rules, without the benefit of transitional provisions (fully-loaded),
unless indicated otherwise. 2013 data pro forma for applicable CRR/CRD4 rules.
(4) The phased-in ratio stood at 10.9% at June 30th, 2014

^(^^[4]^)  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.

^([5]^) At constant structure

^([6]^) Assets under management of Private Banking in France included for
one-third, in line with the sharing of revenues between RBDF and GBIS

SOCIETE GENERALE: QUARTERLY FINANCIAL INFORMATION, Q2-2014

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Société Générale via Globenewswire
HUG#1845615
 
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