Financial reports

07.05.09 - Group results: Q1 2009

At its May 6th 2009 meeting, the Board of Directors of Societe Generale approved the consolidated results for Q1 2009, with Group net income of EUR -278 million. At the beginning of a year marked by a sharp slowdown in global economic activity with, in particular, a decline in corporate investment and rising unemployment, Societe Generale is continuing with the operational and structural realignment of its core businesses.

Retail Banking activities inside and outside France provided further evidence of their commercial and financial soundness in a very deteriorated environment. Financial Services experienced a decline in its commercial performance but still made a positive contribution to Group net income. Global Investment Management and Services was also affected by the downturn in the markets but posted positive net income. Finally, although Corporate and Investment Banking produced an excellent commercial performance and generated high revenues, with a good balance between the different activities, it made a loss due to losses and additional write-downs on the high-risk assets portfolio.

Given the still substantial uncertainty affecting the economic outlook over the next few quarters, and in order to continue providing loans to the French economy (full-year growth of +7% at end-March 2009), the Board of Directors has approved the Group’s participation in the second tranche of the French Government’s support plan through a preference share issue. This decision is subject to the

approval of the Annual General Meeting on May 19th.