Analysis of Société Générale Increase Capital

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Synthesis of the Capital increase:

This increase was use with preferential subscritpion rights (PSR): No impairment in the value for the existing shareholders

Size and price:
5.5 billion Euros with 116.7 million new shares
It represent 25% of the number of shares outstanding
4 PSR will subscribe for 1 new share at a price of € 47.5 per share

Prospect strategic of the group:
Accelerate development in the professions and high-potential markets with the strong generation of capital associated with strong positions in Networks France and Corporate and Invesment Bank (CIB) Increase revenue synergies between businesses

Enhance security and improve operational efficiency

At the end, a strong growth, profitable and balanced

Terms of the Capital increase:

Structure:
Capital increase of EUR 5.5 billion with PSR
Offer to the public in France and through passport prospectus 8 other European countries
International private placement to institutional investors

Terms:
Subscription ratio: 1 new share for every four existing shares 4 PSR will subscribe for 1 new share at a price of € 47.5 per share Subscription irreducible and reducible
Commitment to abstention of the issuer: 180 days
Enjoyment shares at 1 January 2008

Union :
JPMorgan, Morgan Stanley and SG CIB
Global Coordinators and Joint Bookrunners
Credit Suisse and Merrill Lynch
Co-grade book

Documentation:
French prospectus (AMF 08-028 dated February 10, 2008)
International Offering Memorandum and U.S. Private Placement Memorandum

Calendar of the operation:

10 February 2008:
AMF Visa on the prospectus

11 February 2008:
Announcement of the terms of the capital increase

21 February 2008:
Publication of Results and Financial Statements 2007
Beginning of the subscription period
Beginning of the trading period of subscription rights

29 February 2008 :
End of the subscription period
End of the trading period of subscription rights

13 March 2008 :
Settlement / delivery
Listing of new shares

Strategic Outlook:

Corporate and Investment Bank perspective:

Derivatives Shares: further development:
Own activities: Reduction of stress test limits and arbitration volumes Pursuance of the development of customer business :
Increase product offering
Development of customer base (hedge funds, financial institutions) Geographic extension (Asia, Gulf Countries, Russia)

Continuation in the development of trade financing and rate / exchange rate / commodity : Financing: investment on big potential segments and active portfolio management Rate / exchange rate / raw materials: development in the activities of customers, continue growth of activities and structure flow rate.

Increase revenue synergies between business:
Synergies with international networks in particular in Eastern Europe Trade of products and rate changes on financing

Financial goals :
2008: year of transition, after tax a result on equity (ROE) of about 20% 2009: A capital on investment of approximately 62% and a ROE after tax of about 30% Growth in revenue between 2006-2010 between 5% and 10%

GNP in Billion Euros

Networks France: further development and profitability :

A customer base with a good potential in several network :
High market shares in the best areas
A big base of customer: a major opportunity for the Société Générale network More than 2 million customers identified
Market strong growth with the aging of the population, preparation for retirement and transfer of goodwill

Number of deposit account
Implementation ofa large project between 2007 and 2009 (more than 650 advisors dedicated, deployment of a specific offer) Strengthening cooperation with the CIB and private banking
High penetration of Crédit du Nord on the professional market

Dynamic distribution channels:
Continuation of the program of branch openings
Increase Internet Sales

Target for 2010:
Growth of the Gross National...
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