Press releases

At its November 3rd 2009 meeting, the Board of Directors of Societe Generale approved the financial statements for Q3 and the first nine months of 2009. With Q3 Group net income of EUR 0.4 billion, Societe Generale has provided further evidence of:

(i) the commercial momentum of activities both inside and outside France, as well as the quality of Corporate and Investment Banking customer franchises,

(ii) the anticipated positive effects in the implementation of the realigned operating model.

Following the success of the capital increase (and after taking into account the repurchase and

cancellation of preference shares1, the repurchase of undated deeply subordinated notes from the French government and the purchase of Dexia’s residual minorities (20%) in Crédit du Nord) and the USD 1 billion deeply subordinated notes issue in October 2009, Societe Generale boasts a solid capital base with a proforma Tier 1 ratio of 10.8% and proforma Core Tier 1 ratio of 8.6%.

Q3 2009: satisfactory overall operating performance

- Revenues excluding non-recurring items: +6.5% vs. Q3 08

Non-recurring items: EUR -0.7bn o/w

Change in the Marked-to-Market valuation of CDS: EUR -0.2bn

Revaluation of financial liabilities: EUR -0.3bn

Deterioration in the valuation of assets at risk: EUR -0.2bn

- Ongoing disposal of assets at risk: EUR -1.7bn

- Still high cost of risk: 117 bp**

Cost of risk for reclassified securities: EUR -0.3bn

- Group net income: EUR 426m