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Analysis of Société Générale Increase Capital

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Analysis of Société Générale Increase Capital
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

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