Societe Generale URD 2nd Amendment 04 08 2023

A French corporation with share capital of 1,025,947,048.
75 euros
Registered office: 29 boulevard Haussmann - 75009 PARIS
552 120 222 R.C.S. PARIS
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SECOND AMENDMENT
TO UNIVERSAL REGISTRATION DOCUMENT

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2023
Universal registration document filed with AMF on 13 March 2023 under N° D.23-0089.
First amendment to the Universal Registration Document filed with AMF on 12 May 2023 under N° D-23-0089-A01.
This second amendment to the Universal Registration Document has been filed on 4 August 2023 with the AMF, as competent authority
under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation.
The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to
trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal
Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.
This document is a translation into English of the semestrial Financial Report/second amendment to the Universal Registration Document
of the Company issued in French and its available on the website of the Issuer.
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SUMMARY
1. KEY FIGURES AND PROFILE OF SOCIETE GENERALE ............................................................................... 3

2. GROUP MANAGEMENT REPORT ........................................................................................................... 6
3. CORPORATE GOVERNANCE ............................................................................................................... 46
4. RISKS AND CAPITAL ADEQUACY ......................................................................................................... 55
5. FINANCIAL STATEMENTS .................................................................................................................. 74
6. SHARE, SHARE CAPITAL AND LEGAL INFORMATION ........................................................................... 209
7. PERSON RESPONSIBLE FOR THE SECOND AMENDMENT TO THE UNIVERSAL REGISTRATION DOCUMENT 243
8. CROSS-REFERENCE TABLE .............................................................................................................. 245
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1. KEY FIGURES AND PROFILE OF SOCIETE GENERALE
1.1 Recent developments and outlook

Update of the pages 16 and 17 of the 2023 Universal Registration Document
Global activity growth in the second quarter of 2023 was generated only through services. Global manufacturing and
international trade are in recession while construction is slowing. Growth momentum is more favorable in services, but
this trend is expected to reverse as i) the shock absorbers of excess household savings and corporate profitability fade and
(ii) monetary policy tightening is felt .
Economic conditions are expected to be more challenging in the coming quarters. Bank credit and monetary aggregates
are already contracting in major advanced economies, which should lead to an increase in business failures. However, this
increase in bankruptcies is starting from levels that are still exceptionally low. This process is expected to be gradual,
thanks to a multi-year corporate refinancing profile.
The effects of fiscal policies are being felt with some delay and are becoming restrictive. Indeed, the recent agreement on
the US debt ceiling and the end of the "safeguard clause" in the EU imply fiscal consolidation at least until 2024.
Nevertheless, European stimulus funds and investments linked to the Inflation Reduction Act in the United States could
partly offset the effects of future fiscal consolidation.
The inertia of inflation remains a factor of uncertainty. Headline inflation is falling, but core inflation remains high. Fears
of a possible price-wage spiral have not yet been completely ruled out. The debate on further rate hikes will therefore
remain open in the coming months, but a slowdown in the economy should allow the Fed and the ECB to initiate a first
rate cut towards the end of the year
Focusing on the regulatory landscape, the first semester of 2023 was a confirmation of EU and national authorities’
inclination to support households and companies impacted by the difficult economic conjuncture, consequence of
the conflict in Ukraine and of high inflation levels.
• In 2022, in numerous jurisdictions, authorities relied on fiscal measures to support households and
companies impacted by costs pressures on their consumption or investments. Early 2023 confirms this
dynamic, although the most global measures are progressively coming to an end, paving the way for more
targeted fiscal policies.
• In response to the shockwaves that rocked energy derivatives markets in the spring and summer of 2022, EU
authorities continue to investigate avenues to make trading and clearing on these markets more stable and
resilient going forward.
• European and national authorities have also proposed regulatory initiatives to help industries to achieve the
ecological transition of their activities. In the EU, the European Commission (EC) proposed the EU Net Zero
Industry Act (NZIA) and the EU Critical Raw Materials Act (CRMA) in March 2023. In France, a legislative proposal
around the green industrialization is under development. All these initiatives aim to respond to strong and rather
protectionist measures enacted in the United States (notably the Infrastructure and Jobs Act of November 2021 and
the Inflation Reduction Act of August 2022).
In this difficult economic context, banks continue to be key stakeholders and enablers for public policies, notably:
• The EU has continued in 2023 to impose several restrictive measures in response to the invasion of Ukraine
by Russia (prolongation and eleventh package of sanctions in June 2023).
• Amid the cost-of-living crisis, many jurisdictions in Europe (e.g., Spain, Czech Republic, Lithuania) introduced
windfall taxes on banks’ earnings. But, in France in particular, parliamentarian debates on bank charges and
measures to support the economy brought legislative proposals and banks commitments which impacts
remain in check (e.g., mortgage interest rate cap, cap on fees, support measures). These debates might however
be revived in 2024 (e.g., discussions around taxes on financial transactions and on wealth).
In parallel, failures of some regional US banks in S1 2023 revived the debate on banks’ resilience. Although these
failures did not relate to a European issue in any way, this debate further developed in European forums because of the
coincidental acceleration of Credit Suisse’s difficulties around the same timing (March 2023).
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• In the US, federal authorities took a severe stance in their public statements against the poor risk management of
these banks, and these statements might lead to a review of practices and/or regulations, with potential capital
impacts for banks in such situation.
• However, in the EU, despite market volatility, authorities did not initiate or express the need for further
additional regulatory developments in addition to CRR3/CRD6 proposals (these proposals are already at a
negotiating stage). Ongoing debates at BCBS (Basel Committee on Banking Supervision) level following the crisis
might however initiate some new regulatory proposals. Furthermore, we might see initiatives emerge to reinforce
the credit derivatives’ transparency framework of the GSIB (Global Systematically Important Banks) in the EU.
In addition to these measures prompted by the prevailing economic conditions, progress was also made on several
structural regulatory projects designed to strengthen the prudential and resolution framework, support
environmental and digital transitions, protect consumers, and develop European capital markets:
• Negotiations on the CRD6 and CRR3 proposals implementing the Basel Agreements have reached an agreement
on 27 June. This should enable the implementation of the agreement in the EU by 1 January 2025. Because the
implementation of the Basel Agreements in the US appears well-delayed compared to the EU, some public authorities
will likely call to rediscuss the entry in vigor of part of the text within the EU (at least the FRTB (Fundamental Review
of the Trading Book) standards). There should be more clarity on this agenda before the formal adoption of the CRD6
and CRR3 legislations before the end of the year.
• Following the European finance minister’s agreement in June 2022, the EC came up with a proposal to reform
the crisis management framework (CMDI), the only initiative of the Banking Union which should progress in the
foreseeable months. This proposal aims to enable authorities to organize an orderly market exit for small and medium
failing banks, by extending their access to common financing: (i) softening of the conditions to access national deposit
guarantee schemes (DGS) in resolution; (ii) authorizing subsidizes by these DGS to reach the conditional threshold for
bail-in by the Single Resolution Fund.
• The regulatory framework around sustainability continues to develop in 2023.

In addition to climate-related objectives, the EC is consulting on additional criteria in EU taxonomy delegated across
the remaining four objectives of the taxonomy (April 2023). Furthermore, banks’ trajectory to achieve transition can
now rely on sectorial initiatives (Fit for 55 and Green Deal Industrial Plan for the Net Zero Age, the latter comprising
the above-mentioned NZIA and CRMA). ESG risks are now part of banks’ prudential framework, and, in in the first
quarter of 2023, credit institutions published detailed information on their exposure to climate risks (Pilar 3
obligations). The European Parliament made the prudential treatment of banks’ exposure to significant GHG-emitting
assets part of the CRD6/CRR3 proposal implementing the Basel Accords, abandoning their proposal for punitive
treatment in Pillar 1 for additional requirements in Pillar 2. The EBA's conclusions on this issue are expected very soon.
Sector-agnostic standards for the Sustainability Reporting Directive (CSRD) are expected to be adopted in the next
weeks, while the European Financial Reporting Advisory Group (EFRAG) continues its work on operationalising these
standards before submitting its recommendations on additional sector-specific standards.
In addition to that, the ESG risk management framework is getting more regulated, with negotiations ongoing around
due diligence obligations (CS3D).
With other national and international initiatives fast multiplying, the question of how the EU’s legislation will interact
with measures introduced outside its borders is more relevant than ever. The EU will want to reassert its role as
pioneer in the field and avoid any distortion of competition with non-EU operators.
• Digital transformation and innovation of financial services remain high on the regulatory agenda of the
European Commission, with important proposals in June 2023. Fundamental discussions are at play surrounding
payments and retail banking (such as on the European Payment Initiative and how to generalize instant payments
faster). These discussions have just been completed by proposals on open finance : the review of the payment services
directive (PSD3), a new proposal about financial data sharing (Financial Data Access) and the EU's proposal for a
central bank digital currency (digital euro). In parallel, negotiations about the digital identity (e-IDAS) are under way,
with the aim to replace strong authentication for payments by an e-IDAS identification. On this last subject, banks will
reinforce their role as partners of trust for their customers.
At the French level, authorities increasingly ask banks to further contribute to the financing of innovating SMEs and
start-ups. It could lead to legislative proposals in the coming year.
• Lastly, post-Brexit, and given the increased financing needs linked to the sustainability and digital transitions,
the EC is keen to return to the matter of the Capital Markets Union (CMU). Initially focused on deepening and
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integrating European markets, CMU is now also seen as a way to ensure Europe’s financial autonomy. Many texts are
under negotiation: revisions to the Markets in Financial Instruments Regulation (MiFIR), the Alternative Investment
Fund Managers (AIFM) Directive, the European Long Term Investment Funds (ELTIF) Regulation, the European Single
Access Point (ESAP) (for financial and non-financial information about EU companies) and the European withholding
tax framework. The CE also put forward a series of new proposals to further develop the CMU. These proposals
centered on three areas:
- ensuring “safe, robust and attractive” clearing to encourage market participants to start using EU-based clearing
houses for their euro-denominated products (revision of EMIR),
- harmonizing corporate insolvency rules, ironing out the disparities that currently discourage cross-border
investment both within and from outside the EU,
- simplifying the process for listing on public markets (through a new Listing Act) to make capital markets more
attractive to European companies and facilitate access for SME.
With the final aim to increase the retail investor participation in capital markets and protect EU citizens’ savings
against inflation, the EC has recently proposedits Retail Investment Strategy. This initiative aims to enlarge the access
of EU savers to capital markets’ products. However, distributers and producers of financial services regret that this
proposal comprises consumerist measures with negative and adverse impacts on the ability of European households
to invest in capital markets’ products.
Other recent developments
• In November 2022, Societe Generale and AllianceBernstein, a leading global investment management and research
firm, announced plans to form a joint venture combining their respective cash equities and research businesses. Due
to the expected timing of certain regulatory approvals, we now expect the closing to occur in the first half of 2024.
• Following the announcement made by Societe Generale on June 8 2023 regarding agreements to sell its subsidiary in
Congo, the Republic of Congo exercised its right of pre-emption on July 31 2023, following the usual legal framework,
and thus replaces the purchaser retained on the same terms agreed between the parties.
The completion of this transaction, which should occur before the end of 2023, remains subject to the usual conditions
precedent and the validation of the relevant financial and regulatory authorities.
• ALD announced on August 1 2023, it has successfully completed the sale of its subsidiaries in Ireland, Portugal and
Norway (with the exception of NF Fleet Norway, a company jointly owned by ALD-LeasePlan and Nordea), as well as
LeasePlan’s subsidiaries in Luxembourg, Finland and the Czech Republic, to Credit Agricole Consumer Finance and
Stellantis.
The sale has received clearance from all relevant regulatory bodies.
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2. GROUP MANAGEMENT REPORT
2.1 Press release as of 22 May 2023: Closing of the acquisition of LeasePlan by

ALD
Societe Generale, the long-term majority shareholder of ALD, announces the closing today by its subsidiary of the
acquisition of 100% of LeasePlan from a consortium led by TDR Capital. The combination of the activities of ALD and
LeasePlan, two leading players in the sector, aims to create the world leader in sustainable mobility solutions.
This acquisition combines the strengths of two industry leaders with highly complementary expertise to create a new
mobility player, ideally positioned to support the sector’s transformation. In a growing market, driven by long-term trends,
this acquisition represents an opportunity to support the evolution of practices from ownership towards usership, to drive
the digital transformation of the mobility sector around the use of data and to accelerate the transition towards
sustainable mobility solutions.
The new combined entity will be well positioned to deliver profitable growth drawing on a fleet of around 3.3 million
vehicles, including the largest multi-brand electric vehicle fleet worldwide, and a direct presence in 44 countries covering
all customer categories. The combined entity will leverage on scale and complementary capabilities to strengthen its
competitiveness, while generating substantial synergies. With this unique combination, clients will benefit from an
enriched comprehensive offering including leasing, fleet management and mobility solutions, combined with a wider
geographical coverage with an optimized organization in terms of operational efficiency and procurement.
The new company will be led by Tim Albertsen, current Chief Executive Officer of ALD Automotive, who has been appointed
Chief Executive Officer. He will be supported by two Deputy CEOs as well as an executive committee of 13 members.
The closing of ALD’s acquisition of LeasePlan is an important milestone for Societe Generale in its ambition to position
itself as a global leader in mobility. This new company will be a strong asset -among the continuum of services the Group
is offering in the automotive and mobility sectors - to reinforce Societe Generale’s leading positions in sustainable mobility
solutions, financing, and insurance. Societe Generale has already developed well-established and complementary
franchises in European markets: consumer credit in three main markets (financial lease, floor plan) via CGI Finance, BDK
and Fiditalia, respectively No. 1 in France, No. 2 in Germany, and No. 4 in Italy (excluding manufacturers' captives),
insurance, wholesale financing, and finally three used car remarketing platforms (ALD CarMarket, Reezocar and Juhu
Auto). Bringing the Group’s ambition in the mobility area to the next level also reflects its determination to actively support
economies and its clients in their transitions.
The completion of the acquisition has been approved by the relevant regulatory authorities and the integration of the two
companies into the new entity will now begin. The years 2023 and 2024 will be an intermediate period with the
implementation of gradual integration. From 2025, the new entity will transition to the target operating model in particular
with the implementation and the stabilization of IT and operational processes.
The impact of this acquisition on the Societe Generale Group's CET1 capital ratio is expected to be 39 basis points.
Societe Generale, ALD and LeasePlan are fully committed to ensuring a smooth implementation of this transaction for the
benefit of their clients.
2.2 Press release as of 6 June 2023: Societe Generale announces agreements

to sell its subsidiaries in Congo, Equatorial Guinea, Mauritania, and Chad as
well as the opening of a strategic review on its subsidiary in Tunisia
Societe Generale has signed agreements with two pan African banking groups for the sale of its subsidiaries in Congo and
Equatorial Guinea to Vista Group, and its subsidiaries in Mauritania and Chad to Coris Group.
These four agreements plan the total divestment of Societe Generale Group's shares in its local African subsidiaries: Société
Générale Congo, Société Générale de Banques en Guinée Équatoriale, Société Générale Mauritanie, and Société Générale
Tchad, currently 93.5%, 57.2%, 95.5% and 67.8% respectively owned by Societe Generale group.
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According to the commitments made, the two pan African banking groups Vista and Coris would take over all activities
operated by Societe Generale in Congo, Equatorial Guinea, Mauritania and Chad, as well as all of Societe Generale's clients
portfolios and all employees within these entities. Societe Generale group is confident in the ability of Vista Group and
Coris Group to pursue the development strategy of these entities, for the benefit of clients, partners, employees and local
economies.
The completion of these transactions, which could take place by the end of 2023, is subject to the approval of the
entities’ governance bodies, the usual conditions precedent and the validation of the relevant financial and regulatory
authorities. These disposals would have a positive impact of approximately 5 bps on the Group's CET1 ratio at their
completion date.
Africa is a geography with growth potential, where the Group has built a historic presence and intends to focus its resources
on markets where it can position itself among the leading banks, in synergy with the Group's other businesses and with a
critical size allowing a satisfactory and sustainable contribution to value creation. Societe Generale offers the unique
combination of the expertise and know-how of an international bank with the proximity of a locally based bank. The Group
also remains fully committed to supporting its large clients on the African continent, through its global corporate and
investment banking franchises.
Societe Generale has also launched a strategic review of its 52,34% stake in Union Internationale de Banques (UIB), the
subsidiary of Societe Generale in Tunisia. This approach aims to explore possible options that would enable UIB to better
realize its development potential in the coming years for the benefit of its shareholders, clients and employees. In this
context, a non-exclusive process has been initiated.
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2.3 Press release dated 3 August, 2023: Second quarter and first semester 2023
results
Update of the 2023 Universal Registration Document, pages 30 – 45
Paris, 3 August 2023
QUARTERLY RESULTS
Underlying revenues of EUR 6.5 billion(1), down -5.4% vs. Q2 22
Underlying cost-to-income ratio, excluding contribution to the Single Resolution Fund, at 65.8%(1)
Low cost of risk at 12 basis points in Q2 23, with limited defaults and a level of provisions for performing loans
of EUR 3.7 billion at end-June 2023
Underlying Group net income of EUR 1.2bn(1) (EUR 900 million on a reported basis)
Underlying profitability (ROTE) at 7.6%(1) (5.6% on a reported basis)
FIRST HALF 2023 RESULTS

Underlying Group net income of EUR 2.7 billion(1) (EUR 1.8 billion on a reported basis)
Underlying profitability (ROTE) at 9.1%(1) (5.6% on a reported basis)
BALANCE SHEET AND LIQUIDITY PROFILE

CET 1 ratio of 13.1%(2) at end-June 2023, around 330 basis points above the regulatory requirement
Liquidity Coverage Ratio at 152% at end Q2 23 and liquidity reserves at EUR 284 billion
SHARE BUYBACK PROGRAMME

Launch of the 2022 share buyback programme, for around EUR 440 million
MAJOR MILESTONES ACHIEVED

Merger between the retail banking networks in France, IT migration completed
Boursorama, 5 million clients milestone reached early July 2023, net result of EUR 47 million in Q2 23
Acquisition of LeasePlan by ALD, transaction closed on 22 May 2023
International Retail Banking, agreements in place to sell subsidiaries in Congo, Equatorial Guinea, Mauritania and
Chad, and opening of strategic review on the Tunisian subsidiary
Slawomir Krupa, the Group’s Chief Executive Officer, commented:

“During the quarter, commercial activity was good in most businesses. Group revenues contracted due to the decline in the
net interest margin in France and in market activities’ revenues against a backdrop of gradual normalisation after some
particularly favourable years. Operating expenses were contained despite persistent inflationary trends. The cost of risk was
very low, reflecting the quality of our origination and our loan portfolio. The Group shows a solid balance sheet with a CET 1
ratio at 13.1% and a robust liquidity profile. In addition, we pursued the execution of our ongoing strategic projects, notably
the closing of the LeasePlan acquisition by ALD. The new management team has been fully operational since taking office on
24 May this year and is working to prepare the next chapter of the Group’s strategy. I will have the pleasure of presenting the
new strategic and financial roadmap on 18 September at our Capital Markets Day to be held in London.”
(1) Underlying data (see Methodology note No. 5 for the transition from accounting data to underlying data), (2) Including IFRS 9 phasing, or
13.0% fully-loaded
Asterisks* in the document refer to data at constant scope and exchange rates
NB: 2022 data in this document was restated, in compliance with IFRS 17 and IFRS 9 for insurance entities
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1. GROUP CONSOLIDATED RESULTS
In EURm Q2 23 Q2 22 Change H1 23 H1 22 Change
Net banking income 6,287 6,901 -8.9% -10.3%* 12,958 13,944 -7.1% -6.8%*
Underlying net banking income (1)
6,527 6,901 -5.4% -6.8%* 13,198 13,944 -5.3% -5.0%*
Operating expenses (4,441) (4,325) +2.7% +1.1%* (9,498) (9,456) +0.4% +0.7%*
Underlying operating expenses (1)
(4,461) (4,450) +0.2% -1.3%* (8,662) (8,598) +0.7% +1.0%*
Gross operating income 1,846 2,576 -28.3% -29.6%* 3,460 4,488 -22.9% -22.6%*
Underlying gross operating income (1)
2,066 2,451 -15.7% -16.8%* 4,536 5,346 -15.2% -14.7%*
Net cost of risk (166) (217) -23.5% -23.2%* (348) (778) -55.3% -40.9%*
Operating income 1,680 2,359 -28.8% -30.2%* 3,112 3,710 -16.1% -19.8%*
Underlying operating income (1)
1,900 2,234 -14.9% -16.2%* 4,188 4,568 -8.3% -11.5%*
Net profits or losses from other assets (81) (3,292) +97.5% +97.5%* (98) (3,290) +97.0% +97.0%*
Underlying net profits or losses from other assets (1)
(2) 11 n/s +0. n/s* (19) 13 n/s . n/s
Income tax (425) (327) +29.9% +29.9%* (753) (660) +14.1% +7.8%*
Net income 1,181 (1,256) n/s n/s 2,273 (236) n/s n/s
O.w. non-controlling interests 281 255 +10.2% +1.9%* 505 454 +11.2% +6.9%*
Reported Group net income 900 (1,511) n/s n/s 1,768 (690) n/s n/s
Underlying Group net income (1)
1,159 1,481 -21.7% -22.1%* 2,667 3,019 -11.7% -14.5%*
ROE 4.9% -12.1% 4.9% -3.5% +0.0% +0.0%*
ROTE 5.6% -13.7% 5.6% -4.0% +0.0% +0.0%*
Underlying ROTE(1) 7.6% 10.2% 9.1% 10.5% +0.0% +0.0%*
Societe Generale’s Board of Directors, which met on 2 August 2023 under the chairmanship of Lorenzo Bini Smaghi,
examined the Societe Generale Group’s results for Q2 23 and for the first half of 2023.
The various restatements enabling the transition from underlying data to published data are presented in the Methodology
notes in Section 9.5.
Net banking income

Net banking income decreased in Q2 23 by -8.9% (-10.3%*) vs. Q2 22, largely due to the decline in the net interest
margin in French Retail Banking, a less conducive market environment in Global Banking and Investor Solutions activities
and the booking of one-off items under Corporate Centre.
French Retail Banking revenues fell by -13.6% vs. Q2 22 owing mainly to the decrease in the net interest margin, despite
solid momentum in fees, a record performance from Private Banking and a strong increase in Boursorama’s revenues.
Revenues in International Retail Banking & Financial Services grew by +6.3% (+0.9%*) vs. Q2 22, with a +3.3%* increase in
revenues vs. Q2 22 in International Retail Banking, a strong performance by Financial Services that was driven by ALD
revenues, up +18.7% vs. Q2 22 following the integration of LeasePlan, and by insurance revenues, which rose by +3.1%* vs.
Q2 22.
Global Banking & Investor Services registered revenues down -7.3% in Q2 23 relative to Q2 22 amid a less favourable market
environment. Global Markets & Investor Services recorded solid revenues but which were down in comparison to a very
strong Q2 22 performance (-12.7%) owing to less conducive market conditions, notably in Fixed Income and Currencies
(lower interest rate volatility and slower client activity), while Financing and Advisory continued to post revenue growth,
registering an increase of +4.0% vs. Q2 22, driven by a solid performance in the securitisation, investment banking and
cash management activities.
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Over the first half of 2023, net banking income fell by -7.1% vs. H1 22 (-5.3% on an underlying basis).
Operating expenses
On a reported basis, operating expenses came to EUR 4,441 million in Q2 23, up +2.7% vs. Q2 22. It includes LeasePlan
operating expenses for EUR 111 million following its consolidation from 22 May 2023. On an underlying basis, they
totalled EUR 4,461 million (adjusted for IFRIC 21 linearisation, transformation charges and one-off expenses), i.e. stable
relative to Q2 22.
One-off expenses totalled EUR 35 million and included litigation payments.
Over the first half, operating expenses came to EUR 9,498 million, up +0.4% vs. H1 22 (+0.7% on an underlying basis).
Excluding the Single Resolution Fund contribution, the underlying cost-to-income ratio(2) came to 65.8% in Q2 23.
Cost of risk
The cost of risk for Q2 23 was low at 12 basis points, i.e. EUR 166 million. It breaks down into a provision on non-
performing loans of EUR 204 million (~14 basis points) and a reversal on performing loans for EUR -38 million (~-3 basis
points).
At end-June 2023, the Group’s provisions on performing loans amounted to EUR 3,713 million, down EUR -56 million
relative to 31 December 2022.
The non-performing loans ratio amounted to 2.9%(2) at 30 June 2023. The gross coverage ratio on doubtful loans for the
Group stood at 46%(3) at 30 June 2023.
Furthermore, the disposal by ALD in April 2023 of its activities in Russia had a limited EUR -79 million impact that was
allocated under net losses from other assets in Corporate Centre. The Group retained a residual exposure of around EUR
15 million in Russia relating to the integration of LeasePlan activities by ALD.
Furthermore, the Group’s Exposure at Default (EAD) on the Russian offshore portfolio was EUR 1.6 billion at 30 June 2023,
i.e. a decrease of -50% since 31 December 2021. This exposure is diversified by sector and in the majority of cases secured
by facilities as Pre-Export Finance facilities, facilities that are guaranteed by an Export Credit Agency or Trade Finance
facilities. The maximum risk exposure on this portfolio is estimated to be less than EUR 0.5 billion before provision and
total provisions stood at EUR 0.4 billion. The Group’s residual exposure to Rosbank was extremely limited at less than EUR
0.1 billion.
(1) Underlying data (see Methodology note No. 5 for the transition from accounting data to underlying data)
(2) Ratio calculated according to EBA methodology published on 16 July 2019
(3) Ratio of S3 provisions on the gross carrying amount of the loans before offsetting guarantees and collateral
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Group net income
In EURm Q2 23 Q2 22 H1 23 H1 22
Reported Group net income 900 (1,511) 1768 (690)
1,159 1,481 2,667 3,019
As a % Q2 23 Q2 22 H1 23 H1 22
ROTE 5.6% -13.7% 5.6% -4.0%
Underlying ROTE (1)
7.6% 10.2% 9.1% 10.5%
(2)
Earnings per share amounted to EUR 1.73 in H1 23 (EUR -1.17 in H1 22). Underlying earnings per share amounted to EUR
2.45 over the same period (EUR 2.81 in H1 22).
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2. THE GROUP’S FINANCIAL STRUCTURE
Group shareholders’ equity totalled EUR 68.0 billion at 30 June 2023 (vs. EUR 67.0 billion at 31 December 2022). Net asset
value per share was EUR 71.5 and tangible net asset value per share was EUR 61.8.
The consolidated balance sheet totalled EUR 1,578 billion at 30 June 2023 vs. EUR 1,485 billion at 31 December 2022. The
total funded balance sheet (see Methodology note 11) stood at EUR 966 billion vs. EUR 930 billion at 31 December 2022.
The net amount of customer loan outstandings totalled EUR 501 billion. At the same time, customer deposits amounted
to EUR 612 billion, up 3.0% vs. 31 December 2022.
At 18 July 2023, the parent company had issued EUR 39.5 billion of medium/long-term debt, having an average maturity
of 4.9 years and an average spread of 79 basis points (over 6-month midswaps, excluding subordinated debt). The
subsidiaries had issued EUR 1.9 billion. In all, the Group has issued a total of EUR 41.4 billion in medium/long-term debt.
The Liquidity Coverage Ratio (LCR) was well above regulatory requirements at 152% at end-June 2023 (158% on average
for the quarter), vs. 141% at end-December 2022. At the same time, the Net Stable Funding Ratio (NSFR) stood at 113% at
end-June 2023 vs. 114% at end-December 2022.
The Group’s risk-weighted assets (RWA) totalled EUR 385.0 billion at 30 June 2023 following LeasePlan integration (vs.
EUR 362.4 billion at end-December 2022) according to CRR2/CRD5 rules. Risk-weighted assets in respect of credit risk
account for 84.3% of the total, i.e., EUR 324.6 billion, up by 7.3% vs. 31 December 2022.
At 30 June 2023, the Group’s Common Equity Tier 1( 3) ratio stood at 13.1%, or around 330 basis points above the
regulatory requirement of 9.73%. The CET 1 ratio at 30 June 2023 includes an +6 basis-point impact from the phase-in of
IFRS 9. Excluding this impact, the fully-loaded ratio amounts to 13.0%. The Tier 1 ratio stood at 15.9% at end-June 2023
(16.3% at end-December 2022), while the total capital ratio amounted to 18.7% (19.4% at end-December 2022), which is
above the respective regulatory requirements of 11.63% and 14.16%.
The leverage ratio stood at 4.2% at 30 June 2023, which is above the regulatory requirement of 3.5%.
With an RWA level of 32.1% and leverage exposure of 8.5% at end-June 2023, the Group’s TLAC ratio is significantly above
the respective Financial Stability Board requirements for 2023 of 22.0% and 6.75%. Likewise, MREL-eligible outstandings,
which stood at 33.1% of RWA and 8.75% of leverage exposure at end-June 2023, are also far above the respective regulatory
requirements of 25.7% and 5.91%.
The Group is rated by four rating agencies: (i) FitchRatings - long-term rating “A-”, positive outlook, senior preferred debt
rating “A”, short-term rating “F1” (ii) Moody’s - long-term rating (senior preferred debt) “A1”, stable outlook, short-term
rating “P-1” (iii) R&I - long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings - long-term
rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.
(3) Pro-forma estimation, subject to ECB notification
12
3. FRENCH RETAIL BANKING

Net banking income 1,924 2,228 -13.6% 3,850 4,393 -12.4%
Net banking income excl. PEL/CEL 1,920 2,157 -11.0% 3,856 4,299 -10.3%
Operating expenses (1,443) (1,490) -3.2% (3,101) (3,182) -2.5%
(1,548) (1,548) +0.0% (3,078) (3,069) +0.3%
Gross operating income 481 738 -34.8% 749 1,211 -38.2%
Underlying gross operating income(1) 376 680 -44.8% 772 1,324 -41.6%
Net cost of risk (109) (21) x 5.2 (198) (68) x 2.9
Operating income 372 717 -48.1% 551 1,143 -51.8%
Net profits or losses from other assets (2) 3 n/s 3 3 +0.0%
Reported Group net income 277 534 -48.1% 415 851 -51.2%
Underlying Group net income(1) 200 491 -59.4% 433 934 -53.7%
RONE 9.0% 17.4% 6.7% 14.1%
Underlying RONE (1)
6.5% 16.0% 7.0% 15.5%
(2)
SG networks
Average loan outstandings contracted by -2% vs. Q2 22 to EUR 207 billion. Outstanding loans to corporate and professional
customers (excluding government-guaranteed PGE loans) were +4.1% higher vs. Q2 22. Home loans decreased by -2.8%
vs. Q2 22, in line with the Group’s selective origination policy.
Average outstanding deposits, which include all deposits from corporates and professionals clients of the SG network,
declined by -2.9% vs. Q2 22 to EUR 239 billion (increase in retail client deposits and decrease in corporate deposits).
The average loan to average deposit ratio stood at 87% in Q2 23.
Life insurance assets under management totalled EUR 111 billion at end-June 2023, which is a +1% improvement over the
year (with the unit-linked share accounting for 33%). Gross life insurance inflows amounted to EUR 2.1 billion at Q2 23.
Property & Casualty insurance premiums were up +9% vs. Q2 22, while Personal protection insurance premiums increased
+2% vs. Q2 22.
Boursorama
With 129,000 new clients during the quarter, Boursorama strengthened its position as the leading online bank in France,
and reached nearly 5 million clients at end-June 2023.
Average loan outstandings were stable on the Q2 22 level at EUR 15 billion, which is consistent with the Group’s selective
loan production. Home loan outstandings were stable relative to Q2 22, while consumer loan outstandings were down -
6% vs. Q2 22.
Average outstanding savings including deposits and financial savings were +39% higher vs. Q2 22 at EUR 53 billion.
Deposits stand at EUR 31 billion, a strong rise of +36% vs. Q2 22, notably with continued dynamic collection during the
quarter (EUR +1.3 billion). Life insurance outstandings increased by +70% vs. Q2 22 (including ING outstandings), with the
unit-linked share accounting for 42%.
Boursorama reinforced its day-to-day banking operations, registering growth in volumes of +37% vs. Q2 22.
In Q2 23, Boursorama posted positive net income of EUR 47 million, recording solid profitability of 66%.
Private Banking
13
Private Banking activities cover Private Banking activities in and outside of France. Assets under management totalled EUR
143 billion at Q2 23, excluding activities formerly managed by Lyxor. Private Banking’s net asset inflows amounted to EUR
2.9 billion at Q2 23. Net banking income stood at EUR 381 million during the quarter, a historical high, representing a +6.7%
increase vs. Q2 22. Net banking income for the first half of the year totalled EUR 747 million, up +4.5% vs. H1 22.
Net banking income

Revenues for the quarter totalled EUR 1,920 million, down -11.0% vs. Q2 22, excluding PEL/CEL. Net interest income
excluding PEL/CEL was down by -17.4% vs. Q2 22 impacted by higher interest rates on regulated savings schemes, the
consequences of the usury rate and the end of the benefit of the TLTRO. Fee income was up by +2.4% relative to Q2 22.
Revenues for the first half of the year totalled EUR 3,856 million, down -10.3% vs. H1 22, restated for the PEL/CEL
provision. The net interest margin excluding PEL/CEL was down by -17.9% vs. H1 22. Fee income was up by +1.4% relative
to H1 22.
Operating expenses
Over the quarter, operating expenses were EUR 1,443 million (-3.2% vs. Q2 22) and EUR 1,548 million on an underlying
basis (flat compared to Q2 22). Reported operating expenses include a EUR 60 million one-off provision reversal. The cost-
to-income ratio stood at 75% at Q2 23.
Over the first half, operating expenses totalled EUR 3,101 million (-2.5% vs. H1 22). The cost-to-income ratio stood at
80.5%.
Cost of risk
Over the quarter, the cost of risk amounted to EUR 109 million or 18 basis points, which was slightly higher than in Q1 23
(14 basis points).
Over the first half of the year, the cost of risk totalled EUR 198 million or 16 basis points, which was higher than in H1 22
(6 basis points).
Group net income

For the quarter, the contribution to the Group net income was EUR 277 million in Q2 23, down -48% vs. Q2 22. RONE stood
at 9.0% in Q2 23 (6.5% in underlying).
Over the first half of the year, the contribution to Group net income was EUR 415 million in Q2 23, down -51% vs. H1 22.
RONE stood at 6.7% in H1 23.
14
4. INTERNATIONAL RETAIL BANKING & FINANCIAL SERVICES

Net banking income 2,363 2,222 +6.3% +0.9%* 4,575 4,298 +6.4% +7.7%*
Operating expenses (1,167) (976) +19.6% +11.3%* (2,281) (2,065) +10.5% +11.7%*
Underlying operating expenses(1) (1,190) (1,000) +19.0% +10.9%* (2,235) (2,017) +10.8% +12.2%*
Gross operating income 1,196 1,246 -4.0% -7.1%* 2,294 2,233 +2.7% +4.1%*
1,173 1,222 -4.0% -7.1%* 2,340 2,281 +2.6% +3.9%*
Net cost of risk (83) (97) -14.4% -13.2%* (174) (422) -58.8% -24.3%*
Operating income 1,113 1,149 -3.1% -6.6%* 2,120 1,811 +17.1% +7.4%*
Net profits or losses from other assets 0 8 n/s n/s (1) 10 n/s n/s
Reported Group net income 587 687 -14.6% -15.4%* 1,151 1,047 +9.9% -0.6%*
Underlying Group net income(1) 575 674 -14.7% -15.6%* 1,175 1,073 +9.5% -0.7%*
RONE 22.8% 26.0% 20.0% 19.4%
Underlying RONE (1)
22.3% 25.5% 20.4% 19.9%
International Retail Banking’s outstanding loans posted growth of +6.5% vs. Q2 22 to EUR 90.6 billion. Outstanding
deposits also advanced, and grew by +3.6% vs. Q2 22 to EUR 83.0 billion. 4
In Europe, outstanding loans rose by +6.6% compared with end-June 2022 to EUR 65.5 billion, driven by strong momentum
in all regions, and particularly in the Czech Republic (+8.2% vs. Q2 22) and Romania (+7.4% vs. Q2 22). Outstanding deposits
rose by +2.8% vs. Q2 22 to EUR 55.7 billion, driven by Romania (+7.9% vs. Q2 22) and stabilized over the quarter in the Czech
Republic vs. Q2 22.
Commercial performances continued to be steady in Africa, Mediterranean Basin and French Overseas Territories, where
loan outstandings rose by +6.4% vs. in Q2 22 to EUR 25 billion. Deposits increased by +5.3% vs. Q2 22 to EUR 27.2 billion.
Corporate segment was particularly dynamic with a growth in loans of +6.9% vs. Q2 22 and deposits of +7.3% vs. Q2 22.
In the Insurance activity, life insurance outstandings rose by +1.8% on the Q2 22 level to EUR 133.3 billion. The share of
unit-linked products was 38%, up +2.8 points over the same period. Net inflows in life insurance remained positive over
the first half of the year at EUR 0.6 billion. Protection insurance saw a +5.3% increase vs. Q2 22, with the activity continuing
to be driven by a +11.7% rise in P&C insurance over the same period.
Financial Services also posted very robust growth. The acquisition of LeasePlan by ALD, the long-term vehicle leasing and
fleet management activity, closed on 22 May 2023. The new combined entity now has a fleet of around 3.4 million vehicles.
The fleet posted annualised growth of +3.0% vs. end-June 2022 (at constant perimeter and excluding entities held for sale).
Equipment Finance outstanding loans grew by +2.8% relative to end-June 2022 to EUR 14.9 billion.
Net banking income

Over the quarter, net banking income amounted to EUR 2,363 million, up by +6.3% vs. Q2 22.
Over the first half of the year, revenues climbed by +6.4% vs. H1 22 to EUR 4,575 million.
International Retail Banking’s net banking income stood at EUR 1,268 million in Q2 23 and was stable vs. Q2 22. Over H1
23, net banking income amounted to EUR 2,530 million, down -2.8% vs. H1 22 and up by +4.9%* at constant scope and
exchange rate vs. H1 22.
Revenues in Europe were stable over the second quarter of 2023 vs. Q2 22. The rise in fee income offset mixed trends for
the net interest margin during the quarter amid a context of high interest rates.
Revenues increased in all regions across Africa, Mediterranean Basin and French Overseas Territories by +10.1% vs. Q2 22,
driven by a strong increase in net interest margin of +16% vs. Q2 22.
15
The Insurance business registered net banking income growth of +2.9% to EUR 175 million vs. Q2 22 under IFRS 17. In H1
23, net banking income grew strongly by +18.4% vs. H1 22 to EUR 328 million.
Financial Services’ net banking income was significantly higher (+17.3%) vs. Q2 22 at EUR 920 million. This includes
LeasePlan revenues which have been integrated since end of May 2023, i.e. around EUR 200 million. At constant perimeter,
ALD reported a slight decrease in net banking income, with an unfavourable base effect due to hyperinflation in Turkey in
Q2 22. At ALD, income from used-car sales stood at an average EUR 2,614 per vehicle this quarter (excluding the
depreciation curve adjustment). In H1 23, Financial Services to Corporates recorded net banking income of EUR 1,717
million, up by +21.1% vs. H1 22.
Operating expenses
Over the quarter, operating expenses amounted to EUR 1,167 million, up by +19.6% vs. Q2 22 (+19.0% in underlying),
impacted by LeasePlan operating expenses of EUR 111 million following its consolidation since 22 May 2023 and expenses
related to its integration of around EUR 60 million.
Over the first half, operating expenses came to EUR 2,281 million, up +10.5% vs. H1 22.
At International Retail Banking, the cost increase remained under control over the quarter at +1.0% vs. Q2 22 despite an
inflationary context.
In the Insurance business, operating expenses increased by +14.8% vs. Q2 22.
At Financial Services, operating expenses increased by +63.8% vs. Q2 22, including LeasePlan costs and expenses related
to the integration of LeasePlan. At constant rate and perimeter, they increased by +21.1%* on an underlying basis vs. Q2 22.
Cost of risk
Over the quarter, the cost of risk decreased to 24 basis points (or EUR 83 million) vs. 28 basis points in Q2 22.
Over the first half of the year, the cost of risk stood at 26 basis points vs. 60 basis points in H1 22.
Reported Group net income

Over the quarter, the contribution to Group net income was EUR 587 million in Q2 23, down -14.6% vs. Q2 22. RONE stood
at 22.8% in Q2 23 (22.3% in underlying). RONE was 19.1% in International Retail Banking and 27.2% in Financial Services
and Insurance at Q2 23.
Over the first half of the year, the contribution to Group net income was EUR 1,151 million, up +9.9% vs. H1 22. RONE
stood at 20% vs. 19.4% in H1 22. RONE was 17.5% in International Retail Banking and 22.4% in Financial Services and
Insurance in H1 23.
16
5. GLOBAL BANKING & INVESTOR SOLUTIONS
In EUR m Q2 23 Q2 22 Variation H1 23 H1 22 Variation
Net banking income 2,375 2,563 -7.3% -6.2%* 5,133 5,318 -3.5% -3.2%*
Operating expenses (1,605) (1,565) +2.6% +3.8%* (3,648) (3,737) -2.4% -2.1%*
(1,668) (1,755) -4.9% -3.9%* (3,271) (3,366) -2.8% -2.5%*
Gross operating income 770 998 -22.8% -21.9%* 1,485 1,581 -6.1% -5.8%*
Underlying gross operating income(1) 707 808 -12.5% -11.2%* 1,862 1,952 -4.6% -4.4%*
Net cost of risk 27 (69) n/s n/s 22 (263) n/s n/s
Operating income 797 929 -14.2% -13.1%* 1,507 1,318 +14.3% +14.8%*
Reported Group net income 638 742 -14.0% -12.9%* 1,203 1,044 +15.2% +15.6%*
590 596 -1.0% +0.6%* 1,489 1,329 +12.0% +12.3%*
RONE 18.1% 20.3% +0.0% +0.0%* 16.8% 14.5% +0.0% +0.0%*
Underlying RONE(1) 16.7% 16.3% +0.0% +0.0%* 20.8% 18.5% +0.0% +0.0%*
Net banking income

Global Banking & Investor Solutions notched up a solid performance in the second quarter, posting revenues of EUR
2,375 million, down -7.3% with respect to a very high Q2 22. 5
Over the first half, revenues dipped slightly by -3.5% vs. H1 22 (EUR 5,133 million vs. EUR 5,318 million).
Global Markets & Investor Services recorded revenues of EUR 1,521 million in Q2 23, down by -12.7% in comparison to a
very high reference point in Q2 22. Over H1 23, revenues totalled EUR 3,452 million, which was -6.9% vs. H1 22.
Global Markets recorded a good performance, with revenues of EUR 1,342 million, down -11.5% vs. Q2 22 in a slower
market. Over H1 23, revenues decreased by -7.0% vs. H1 22 to EUR 3, 063 million.
The Equities business recorded an overall good level of activity, posting Q2 23 revenues of EUR 785 million, down -5.8% vs.
Q2 22. Market conditions were less favourable due to lower volumes and weaker volatility. Over H1 23, revenues were down
-12.3% vs. H1 22 to EUR 1,616 million.
Amid less conducive market conditions due to weaker interest rate and currency volatility, FIC activities recorded a -18.4%
decrease in revenues in Q2 23 vs. Q2 22, to EUR 557 million. Continued strong dynamics in Financing activities despite
lower client activity. Over H1 23, revenues remained stable vs. H1 22 to EUR 1,447 million.
Securities Services’ revenues contracted by -20.8% over the quarter to EUR 179 million. Excluding the impact of several
participations notably in Euroclear in Q2 22, business activity advanced by +12.2% compared with Q2 22. Over H1 23,
revenues declined by -6.0% vs. H1 22 and rose by +6.2% excluding participations. Assets under Custody and Assets under
Administration totalled EUR 4,702 billion and EUR 587 billion, respectively.
Financing & Advisory activities registered a solid performance with Q2 revenues of EUR 854 million, up +4.0% vs. Q2 22.
Over H1 23, revenues totalled EUR 1,681 million, a +4.3% increase vs. H1 22.
The Global Banking & Advisory business turned in a solid performance, with revenue decreasing slightly by -4.6% vs. a very
high Q2 22 reference point. The activity reaped the benefit of robust momentum in Asset Backed Products and Investment
Banking, thanks notably to debt capital market activities and telecommunications, media and technology (TMT) sector
financing. Asset Finance platform showed robust performance and Natural Resources activities demonstrated sound
resilience. Over H1 23, revenues are down -4.8% vs. H1 22.
Global Transaction and Payment Services once again posted an excellent performance, with revenue growth of +42.4% vs.
Q2 22 that took advantage of positive interest rates and sound commercial performances. In H1 23, revenues advanced
strongly by +46.5% relative to H1 22.
17
Operating expenses
Operating expenses came to EUR 1,605 million over the quarter, up slightly by +2.6% vs. Q2 22, mainly due to one-off
items for a total amount of EUR 95 million. On an underlying basis, excluding the contribution to the Single Resolution
Fund (SRF), they contracted by -3.2%. This brought the underlying cost-to-income ratio, excluding the SRF contribution,
to 65.2% in Q2 23.
Over the first half of 2023, operating expenses fell by -2.4% vs. H1 22 and decreased by -0.8% on an underlying basis
excluding SRF, resulting in an underlying cost-to-income ratio, excluding the SRF contribution, of 59.0% in H1 23.
Cost of risk
Over the quarter, the cost of risk improved sharply to -7 basis points (or a reversal EUR -27 million) vs. 1 basis point in Q1
23, notably due to reversals on provisions.
Over the first half of the year, the cost of risk stood at -3 basis points vs. 30 basis points in H1 22.
Group net income

The contribution to Group net income was EUR 638 million on a reported basis and EUR 590 million on an underlying basis,
respectively down by -14.0% and -1.0% vs. Q2 22.
The contribution was EUR 1,203 million on a reported basis and EUR 1,489 million on an underlying basis for the first half
of the year.
Global Banking & Investor Solutions posted strong profitability with a reported RONE of 18.1% and 16.7% on an underlying
basis for the quarter (19.3% on an underlying basis, restated for the impact of the SRF contribution).
Over the first half, reported RONE stood at 16.8% and 20.8% on an underlying basis (23.3% on an underlying basis
excluding SRF).
18
6. CORPORATE CENTRE
In EURm Q2 23 Q2 22 H1 23 H1 22
Net banking income (375) (112) (600) (65)
Underlying net banking income (1)
(135) (112) (360) (65)
Operating expenses (226) (294) (468) (472)
(55) (148) (78) (145)
Gross operating income (601) (406) (1 068) (537)
(190) (260) (438) (210)
Net cost of risk (1) (30) 2 (25)
Net profits or losses from other assets (79) (3,303) (100) (3,303)
Underlying profits or losses from other assets (1)
- - (21) -
Income tax 103 317 216 336
Reported Group net income (602) (3,474) (1,001) (3,632)
(205) (280) (430) (317)
The Corporate Centre includes:

- the property management of the Group’s head office,
- the Group’s equity portfolio,
- the Treasury function for the Group,
- certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-
invoiced to the businesses. 6
The Corporate Centre’s net banking income totalled EUR -375 million in Q2 23 vs. EUR -112 million in Q2 22. It notably
included the negative impact from the unwinding of hedges taken out against the TLTRO scheme for around EUR -0.1
billion at Q2 23 (approximately EUR -0.3 billion in 2023) and the negative impact of one-off items for around EUR -240
million. The underlying net banking income stood at EUR -135 million in Q2 23 vs. EUR -112 million in Q2 22.
Operating expenses totalled EUR -226 million in Q2 23 vs. EUR -294 million in Q2 22. In particular, they included the
Group’s transformation costs for a total amount of EUR -184 million relating to French Retail Banking activities (EUR -122
million), Global Banking & Investor Solutions (EUR -8 million) and the Corporate Centre (EUR -54 million). Underlying costs
came to EUR -55 million in Q2 23 vs. EUR -148 million in Q2 22.
Gross operating income totalled EUR -601 million in Q2 23 vs. EUR -406 million in Q2 22. Underlying gross operating
income totalled EUR -190 million in Q2 23 vs. EUR -260 million in Q2 22.
The Corporate Centre’s contribution to Group net income totalled EUR -602 million in Q2 23 vs.
EUR -3,474 million in Q2 22. It includes the negative impact from the disposal of ALD’s activities in Russia for EUR -79
million, which was recorded under Net profits or losses from other assets. The Corporate Centre’s contribution to Group
underlying net income totalled EUR -205 million in Q2 23 vs. EUR -280 million in Q2 22.
19
7. 2023 and 2024 FINANCIAL CALENDAR
2023 and 2024 financial communications calendar
18 September 2023 Capital Markets Day (London)

3 November 2023 Third quarter and nine-month 2023 results
8 February 2024 Fourth quarter and full year 2023 results
3 May 2024 First quarter 2024 results
The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses,
IFRIC 21 adjustment, cost of risk in basis points, ROE, ROTE, RONE, net assets, tangible net assets, and the amounts
serving as a basis for the different restatements carried out (in particular the transition from published data to underlying
data) are presented in the methodology notes, as are the principles for the presentation of prudential ratios.
This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.
These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application
of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the
European Union, as well as the application of existing prudential regulations.
These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the
context of 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 consequences;
- evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially
from those provided in this document and the related presentation.
Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-
looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or
not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out
will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the
forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets
in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial
initiatives.
More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section
“Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available
on https://investors.societegenerale.com/en).
Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when
considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe
Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise
specified, the sources for the business rankings and market positions are internal.
20
8. APPENDIX 1: FINANCIAL DATA
GROUP NET INCOME BY CORE BUSINESS
In EUR m Q2 23 Q2 22 Variation H1 23 H1 22 Variation

French Retail Banking 277 534 -48.1% 415 851 -51.2%
International Retail Banking and Financial Services 587 687 -14.6% 1,151 1,047 +9.9%
Global Banking and Investor Solutions 638 742 -14.0% 1,203 1,044 +15.2%
Core Businesses 1,502 1,963 -23.5% 2,769 2,942 -5.9%
Corporate Centre (602) (3,474) +82.7% (1,001) (3,632) +72.4%
Group 900 (1,511) n/s 1,768 (690) n/s
21
CONSOLIDATED BALANCE SHEET
In EUR m 30.06.2023 31.12.2022

Cash, due from central banks 215,376 207,013
Financial assets at fair value through profit or loss 496,362 427,151
Hedging derivatives 31,126 32,971
Financial assets at fair value through other comprehensive income 90,556 92,960
Securities at amortised cost 27,595 26,143
Due from banks at amortised cost 83,269 68,171
Customer loans at amortised cost 490,421 506,635
Revaluation of differences on portfolios hedged against interest rate risk (1,925) (2,262)
Investments of insurance companies 616 353
Tax assets 4,385 4,484
Other assets 73,792 82,315
Non-current assets held for sale 3,590 1,081
Investments accounted for using the equity method 209 146
Tangible and intangible fixed assets 57,535 33,958
Goodwill 5,523 3,781
Total 1,578,430 1,484,900
In EUR m 30.06.2023 31.12.2022

Due to central banks 9,468 8,361
Financial liabilities at fair value through profit or loss 380,821 304,175
Debt securities issued 151,320 133,176
Due to banks 119,923 133,011
Customer deposits 546,655 530,764
Tax liabilities 2,356 1,645
Other liabilities 93,421 107,315
Non-current liabilities held for sale 2,212 220
Insurance contract-related liabilities 138,746 135,875
Provisions 4,577 4,579
Subordinated debt 15,158 15,948
Total liabilities 1,500,446 1,411,574
Shareholders’ equity - -
Shareholders’ equity, Group share - -
Issued common stocks and capital reserves 21,267 21,248
Other equity instruments 10,136 9,136
Retained earnings 34,485 34,479
Net income 1,768 1,825
Sub-total 67,656 66,688
Unrealised or deferred capital gains and losses 351 282
Sub-total equity, Group share 68,007 66,970
Non-controlling interests 9,977 6,356
Total equity 77,984 73,326
Total 1,578,430 1,484,900
22
9. APPENDIX 2: METHODOLOGY
1 - The financial information presented for the second quarter and first half 2023 was examined by the Board of
Directors on 2 August, 2023 and has been prepared in accordance with IFRS as adopted in the European Union and
applicable at that date. The limited review procedures on the condensed interim financial statements at 30 June 2023
carried by the Statutory Auditors are currently underway.
2 - Net banking income
The pillars’ net banking income is defined on page 41 of Societe Generale’s 2023 Universal Registration Document. The
terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s
net banking income taking into account the normative capital mobilised for its activity.
3 - Operating expenses
Operating expenses correspond to the “Operating Expenses” as presented in notes 5 and 8.2 to the Group’s consolidated
financial statements as at December 31st, 2022. The term “costs” is also used to refer to Operating Expenses. The
Cost/Income Ratio is defined on page 41 of Societe Generale’s 2023 Universal Registration Document.
4 - IFRIC 21 adjustment
The IFRIC 21 adjustment corrects the result of the charges recognised in the accounts in their entirety when they are due
(generating event) so as to recognise only the portion relating to the current quarter, i.e. a quarter of the total. It consists
in smoothing the charge recognised accordingly over the financial year in order to provide a more economic idea of the
costs actually attributable to the activity over the period analysed.
The contributions to Single Resolution Fund (“SRF”) are part of IFRIC 21 adjusted charges, they include contributions to
national resolution funds within the EU.
23
5 – Exceptional items – Transition from accounting data to underlying data
It may be necessary for the Group to present underlying indicators in order to facilitate the understanding of its actual
performance. The transition from published data to underlying data is obtained by restating published data for
exceptional items and the IFRIC 21 adjustment.
Moreover, the Group restates the revenues and earnings of the French Retail Banking pillar for PEL/CEL provision
allocations or write-backs. This adjustment makes it easier to identify the revenues and earnings relating to the pillar’s
activity, by excluding the volatile component related to commitments specific to regulated savings.
The reconciliation enabling the transition from published accounting data to underlying data is set out in the table below:
in EURm Q2 23 Q2 22 H1 23 H1 22
Exceptional Net banking income (+) 240 0 240 0
One-off items(1) 240 0 240 0
Exceptional operating expenses (-) (20) (125) 836 859
IFRIC linearisation (239) (284) 435 557
Transformation costs(1) 184 159 366 302
Of which related to French Retail Banking 122 97 262 201
Of which related to Global Banking & Investor Solutions 8 25 19 39
Of which related to Corporate Centre 54 37 85 62
One-off items 35 0 35 0
Exceptional Net profit or losses from other assets (+/-) 79 3,303 79 3,303
Net losses from the disposal of Russian activities(1) 0 3,303 0 3,303
Net losses from the disposal of ALD Russia(1) 79 0 79 0
Total exceptional items (pre-tax) 299 3,178 1,155 4,162
Total exceptional items (post-tax) 259 2,992 899 3,709
Reported Net income - Group Share 900 (1,511) 1,768 (690)

Total exceptional items - Group share (post-tax) 259 2,992 899 3,709
Underlying Net income - Group Share 1,159 1,481 2,667 3,019
(1) Allocated to Corporate Centre
24
6 - Cost of risk in basis points, coverage ratio for doubtful outstandings
The cost of risk is defined on pages 42 and 691 of Societe Generale’s 2023 Universal Registration Document. This indicator
makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments,
including operating leases.
In EURm Q2 23 Q2 22 H1 23 H1 22
Net Cost Of Risk 109 21 198 68
French Retail Banking Gross loan Outstandings 249,843 245,710 251,266 244,177
Cost of Risk in bp 18 3 16 6
International Retail Banking and
Gross loan Outstandings 137,819 141,075 136,404 140,811
Financial Services
Net Cost Of Risk (27) 69 (22) 263
Global Banking and Investor Solutions Gross loan Outstandings 165,847 176,934 171,719 173,842
Cost of Risk in bp (7) 16 (3) 30
Net Cost Of Risk 1 30 (2) 25
Corporate Centre Gross loan Outstandings 18,873 14,943 17,705 14,678
Cost of Risk in bp 2 79 (2) 34
Societe Generale Group Gross loan Outstandings 572,382 578,662 577,093 573,508
The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the
credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of
any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default
(“doubtful”).
7 - ROE, ROTE, RONE
The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are
specified on page 43 of Societe Generale’s 2023 Universal Registration Document. This measure makes it possible to assess
Societe Generale’s return on equity and return on tangible equity.
RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s
businesses, according to the principles presented on page 43 of Societe Generale’s 2023 Universal Registration Document.
Group net income used for the ratio numerator is book Group net income adjusted for “interest net of tax payable on
deeply subordinated notes and undated subordinated notes, interest paid to holders of deeply subordinated notes and
undated subordinated notes, issue premium amortisations” and “unrealised gains/losses booked under shareholders’
equity, excluding conversion reserves” (see methodology note No. 9). For ROTE, income is also restated for goodwill
impairment.
Details of the corrections made to book equity in order to calculate ROE and ROTE for the period are given in the table
below:
25
ROTE calculation: calculation methodology
End of period (in EURm) Q2 23 Q2 22 H1 23 H1 22
Shareholders' equity Group share 68,007 65,023 68,007 65,023
Deeply subordinated and undated subordinated notes (10,815) (8,683) (10,815) (8,683)
Interest payable to holders of deeply & undated subordinated notes, issue (28) (8) (28) (8)
premium amortisation(1)
OCI excluding conversion reserves 688 577 688 577
Distribution provision (2) (982) (1,193) (982) (1,193)
Distribution N-1 to be paid (441) (914) (441) (914)
ROE equity end-of-period 56,430 54,801 56,430 54,801
Average ROE equity 56,334 55,009 56,203 54,887
Average Goodwill (4,041) (3,646) (3,847) (3,636)
Average Intangible Assets (3,117) (2,710) (2,997) (2,729)
Average ROTE equity 49,176 48,653 49,359 48,522
Group net Income 900 (1,511) 1,768 (690)

Interest paid and payable to holders of deeply subordinated notes and
(216) (159) (379) (278)
undated subordinated notes, issue premium amortisation
Cancellation of goodwill impairment - - - 2
Ajusted Group net Income 684 (1,670) 1,390 (966)
Average ROTE equity 49,176 48,653 49,359 48,522
ROTE 5.6% -13.7% 5.6% -4.0%
Underlying Group net income 1,159 1,481 2,667 3,019

Interest paid and payable to holders of deeply subordinated notes and
(216) (159) (379) (278)
undated subordinated notes, issue premium amortisation
Cancellation of goodwill impairment - - - 2
Ajusted Underlying Group net Income 943 1,322 2,288 2,743
Average ROTE equity (underlying) 49,435 51,645 50,257 52,231
Underlying ROTE 7.6% 10.2% 9.1% 10.5%
RONE calculation: Average capital allocated to Core Businesses (in EURm)

French Retail Banking 12,338 12,296 +0.3% 12,365 12,058 +2.5%
International Retail Banking and Financial Services 10,310 10,565 -2.4% 11,510 10,795 +6.6%
Global Banking and Investor Solutions 14,132 14,644 -3.5% 14,347 14,385 -0.3%
Core Businesses 36,780 37,505 -1.9% 38,222 37,238 +2.6%
Corporate Center 19,554 17,504 +11.7% 17,981 17,649 +1.9%
Group 56,334 55,009 +2.4% 56,203 54,887 +2.4%
(1) Interest net of tax

(2) The dividend to be paid is calculated based on a pay-out ratio of 50% of the underlying Group net income, after deduction of deeply
subordinated notes and on undated subordinated notes
26
8 - Net assets and tangible net assets
Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2023 Universal Registration
Document. The items used to calculate them are presented below:
End of period (in EURm) H1 23 Q1 23 2022

Shareholders' equity Group share 68,007 68,747 66,970
Deeply subordinated and undated subordinated notes (10,815) (10,823) (10,017)
Interest of deeply & undated subordinated notes, issue premium amortisation(1) (28) (102) (24)
Book value of own shares in trading portfolio 134 130 67
Net Asset Value 57,298 57,952 56,996
Goodwill (4,429) (3,652) (3,652)
Intangible Assets (3,356) (2,878) (2,875)
Net Tangible Asset Value 49,513 51,423 50,469
Number of shares used to calculate NAPS(2) 801,471 801,471 801,147

Net Asset Value per Share 71.5 72.3 71.1
Net Tangible Asset Value per Share 61.8 64.2 63.0
(1) Interest net of tax

(2) The number of shares considered is the number of ordinary shares outstanding as at end of period, excluding treasury shares and
buybacks, but including the trading shares held by the Group.
27
9 - Calculation of Earnings Per Share (EPS)
The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 44 of
Societe Generale’s 2023 Universal Registration Document). The corrections made to Group net income in order to calculate
EPS correspond to the restatements carried out for the calculation of ROE and ROTE. As specified on page 45 of Societe
Generale’s 2023 Universal Registration Document, the Group also publishes EPS adjusted for the impact of non-economic
and exceptional items presented in methodology note No. 5 (underlying EPS).
The calculation of Earnings Per Share is described in the following table:
Average number of shares (thousands) H1 23 Q1 23 2022

Existing shares 822,101 829,046 845,478
Deductions
Shares allocated to cover stock option plans and free shares awarded to staff 6,845 6,899 6,252
Other own shares and treasury shares 13,892 20,838 16,788

Number of shares used to calculate EPS(1) 801,363 801,309 822,437
Group net Income (in EUR m) 1,768 868 1,825
Interest on deeply subordinated notes and undated subordinated notes (in EUR m) (379) (163) (596)
Adjusted Group net income (in EUR m) 1,390 705 1,230
EPS (in EUR) 1.73 0.88 1.50
Underlying EPS (in EUR) 2.45 1.05 5.87
10 - The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable
CRR2/CRD5 rules. The phased-in and fully loaded solvency ratios are presented pro forma for current earnings,
net of dividends, for the current financial year, unless specified otherwise. The leverage ratio is also calculated
according to applicable CRR2/CRD5 rules including the phased-in following the same rationale as solvency
ratios.
10
11 – Funded balance sheet, loan to deposit ratio
The funded balance sheet is based on the Group financial statements. It is obtained in two steps:
- A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a
more economic reading of the balance sheet. Main reclassifications:
Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets
and liabilities.
Customer loans: include outstanding loans with customers (net of provisions and write-downs, including
net lease financing outstanding and transactions at fair value through profit and loss); excludes financial
assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9
(these positions have been reclassified in their original lines).
Wholesale funding:
Includes interbank liabilities and debt securities issued.
Financing transactions have been allocated to medium/long-term resources and short-term resources
based on the maturity of outstanding, more or less than one year.
Reclassification under customer deposits of 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).
Deduction from customer deposits and reintegration into short-term financing of certain transactions
equivalent to market resources.
- A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives,
repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.
(1) The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and
buybacks, but including the trading shares held by the Group
28
The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as
presented in the funded balance sheet.
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.
10. APPENDIX 3 : PUBLICATION OF NEW QUARTERLY SERIES
Societe Generale is releasing restated quarterly statements reflecting the impacts from the merger of Societe
Generale and Credit du Nord in France to create a unique brand name, SG.
Following the completion of the merger of French networks in France, the Group proceeded to some non-material
adjustments in its organization with the transfer of Societe des Banques de Monaco and the premium client base from
Credit du Nord to private banking operations in France and the transfer of employee savings’ activities operated by
Services Epargne Entreprises(11) (“S2E”) from French networks in France to insurance activities within International retail
banking and financial services in order to reinforce already existing synergies with financial savings.
The historical quarterly financial reporting has been restated in compliance with the following changes in governance.
This organisational change comprises some immaterial adjustments to the cost sharing of some activities of Global
Markets and Investor Services and Global Banking and Advisory.
All of the above items have no impact on the performance of the Group nor on the Corporate Centre.
The series of 2022 and Q1 23 quarterly results have been adjusted consequently and are available on the Societe
Generale website. (The figures included in this press release are unaudited.)
(1) S2E manages all middle and back office administrative processing of employee savings accounts on behalf of its four custodial account
holder clients (Societe Generale, BNP Paribas, HSBC and AXA). Societe Generale holds a 39.92% stake in the capital of S2E.
29
Financial impact in FY 2022 on French Retail Banking, International Retail Banking and Financial Services and
Global Banking & Investor Solutions
In EURm
Group French Retail Banking
Reported Reported Gap Reported Reported Gap

12/05/2023 03/08/2023 12/05/2023 03/08/2023
Net Banking 27,155 27,155 - 8,706 8,684 -22

Income
Operating -17,994 -17,994 - -6,403 -6,380 23
expenses
Gross operating 9,161 9,161 - 2,303 2,304 1
income
Group net 1,825 1,825 - 1,399 1,400 1
income
International Retail Banking & Financial Global Banking & Investor Solutions Corporate Centre
Services
Reported Reported Gap Reported Reported Gap Reported Reported Gap
12/05/2023 03/08/2023 12/05/2023 03/08/2023 12/05/2023 03/08/2023
Net Banking 8,595 8,617 22 10,082 10,082 - -228 -228 -

Income
Operating -4,009 -4,032 -23 -6,634 -6,634 - -948 -948 -
expenses
Gross operating 4,586 4,585 -1 3,448 3,448 - -1,176 -1,176 -
income
Group net 2,226 2,225 -1 2,427 2,427 - -4,227 -4,227 -
income
Global Markets & Investor Services Financing & Advisory Global Banking & Investor
Solutions
Reported Reported Gap Reported Reported Gap Reported Reported Gap

12/05/2023 03/08/2023 12/05/2023 03/08/2023 12/05/2023 03/08/2023
Net Banking 6,708 6,708 - 3,374 3,374 - 10,082 10,082 -

Income
Operating -4,705 -4,708 -3 -1,929 -1,926 3 -6,634 -6,634 -
expenses
Gross operating 2,003 2,000 -3 1,445 1,448 3 3,448 3,448 -
income
Group net 1,524 1,522 -2 903 905 2 2,427 2,427 -
income
30
2.4 Societe Generale main activities
Simplified organisation chart at 30 June 2023
Groupe Société Générale Groupe Société Générale
Corporate Centre International Retail Banking & Financial French Retail Banking Global Banking & Investor Solutions
Services
FRANCE FRANCE
► Société Générale* ► Sogessur 100% ► Société Générale* ► Société Générale*
► Généfinance 100% ► Sogecap 100% ► Boursorama 100% ► CALIF 100%
► SG Financial SH 100% ► CGL 99.9% ► Société Générale Factoring 100%
► Sogéparticipations 100% ► Franfinance 100%
► Banque Française Commerciale Ocean Indien 50% ► Sogefinancement 100%
► Société Générale SFH 100% ► SGEF SA 100% ► Sogelease France 100%
► Société Générale SCF 100% ► ALD 52.6%
► Sogeprom 100%
► Sogefim Holding 100%
► Galybet 100% ► Société Générale Capital Partenaires 100%
► Genevalmy 100%
► Valminvest 100%
► Sogemarché 100%
► Sogecampus 100%
EUROPE EUROPE
► Hanseatic Bank Germany 75% ► Société Générale Luxembourg 100%
► Komercni Banka A.S 61% Luxembourg
Czech Republic
► SG Kleinwort Hambros Limited 100%
► BRD-Groupe SG Roumania 60.2% UK ► SG Investments (U.K.) Ltd 100%
► Fiditalia S.P.A Italy 100% UK
► SG Private Banking Switzerland 100% ► Société Générale International Ltd 100%
► SG Private Banking Monaco 100% Londres UK
► Société Générale Effekten Germany 100%
► SG Issuer Luxembourg 100%
► SGSS Spa Italy 100%
► Société Générale* branches of:

London UK
Milan Italy
Francfurt Germany
Madrid Spain
AFRICA - MEDITERANEAN AFRICA - MEDITERANEAN

► SG Marocaine de Banques Morocco 57.7%
► Société Générale Algérie 100%
► Société Générale Côte d'Ivoire 73.2%
► Union Internationale de Banques 55.1%
AMERICA AMERICA
► Banco SG Brazil SA Brasil 100%
► SG Americas, Inc. 100%
US
► SG Americas Securities Holdings, LLC 100%
US

New York US
Montreal Canada
ASIA - AUSTRALIA ASIA - AUSTRALIA

► Société Générale (China) Ltd China 100%
► SG Securities Asia International 100%
Holdings Ltd Hong Kong
► SG Securities Korea Co, Ltd South Korea 100%
► SG Securities Japan Limited Japan 100%

Séoul South Korea
Taipei Taiwan
Singapour
Mumbaï
Sydney
* Parent company
Notes:
• The rates indicated are the Group's interest rates in the subsidiary held.
• The groups have been positioned in the geographical area where they mainly carry out their activity.
31
2.5 Significant new products or services
2.5.1 Societe Generale Assurances and Tikehau Capital launch an innovative investment
solution contributing to the reduction of greenhouse gas emissions
Press release, 7 February 2023
Societe Generale Assurances and Tikehau Capital, alternative asset manager, announce a partnership for the launch of SG
Tikehau Dette Privée. This unit-linked support, unprecedented on the French market, offers individual investors the
opportunity to finance selected French and European unlisted companies while supporting the reduction of their
greenhouse gas emissions.
An alternative source of financing to traditional bank loans and bond issuances on the financial markets, private debt is a
source of financing increasingly used by unlisted companies to support their growth. Initially reserved for institutional
investors, this investment strategy is now accessible to individual investors through this innovative support.
The support makes it possible to invest in the debt of French and European SMEs and medium-sized companies with a
strong territorial footprint, to support them in their development (growth, acquisition, international deployment, etc.).
By only financing companies making a commitment to reduce their greenhouse gas emissions, SG Tikehau Dette Privée
presents an ambitious low-carbon strategy, aligned with the objectives set by the Paris Climate Agreement(1).
In addition, in order to have a concrete influence on the environmental policy of companies:
Each financed company must commit to a decarbonization trajectory based on the SBTi(2) reference methodology
proposing a concrete application of the Paris Agreement.
Throughout the financing period, an independent audit will annually assess compliance with this trajectory and,
depending on the results, will adjust the financing conditions granted to the company.
Distributed today by Societe Generale Private Banking France, this Article 8 Unit of Account (SFDR)(3) will be available for
24 months on Life Insurance policies insured by Societe Generale Assurances. SG Tikehau Dette Privée is an FCPR(4) offering
easy access to institutional quality assets from €5,000 with a risk level of 4 out of 7 (SRI(5)). Its lifespan is 10 years, but the
capital invested in unit-linked support is available at any time thanks to liquidity provided by Société Générale Assurances.
“We are very pleased with this partnership with Societe Generale, which underlines our pioneering position in private debt
and sustainable financing. It is essential that the asset management sector plays its role in directing French savings
towards the financing of companies and the real economy. Contributing to the achievement of the objectives set by the
Paris Agreement is a priority of our roadmap: it is important for Tikehau Capital to take part in the launch of innovative
solutions promoting the reduction of greenhouse gas emissions by companies while providing them with financing to
support their growth” says Antoine Flamarion, co-founder of Tikehau Capital.
“Relying on the expertise of Tikehau Capital, Societe Generale Assurances continues to enrich its savings offer. This
innovative and liquid investment solution will allow our clients to invest in a selection of around fifty companies and marks
a new stage in our desire to democratize access to real assets. The launch of this unique support is, moreover, a new
illustration of our desire to take concrete action in favor of ecological transition and regional development. Our
development ambitions are strong, given the resolutely committed positioning of this offer in favor of reducing
greenhouse gas emissions” adds Philippe Perret, Chief Executive Officer of Societe Generale Assurances.
(1) International treaty on climate change mitigation and adaptation aimed at limiting global warming to below 2°C,
preferably 1.5°C, above pre-industrial levels
(2) Science-Based Target initiative (SBTi) is aimed at companies and has set itself the objective of piloting “ambitious
climate action” by offering them to make their transition to a low-carbon economy a competitive advantage
(3) The support promotes environmental and social characteristics (“Article 8”) within the meaning of European Regulation
(EU) 2019/2088 known as Sustainable Finance Disclosure (SFDR)
(4) Mutual Fund for Risk Investment managed by Tikehau Investment Management, a management company of the
Tikehau Capital group, and exclusively accessible within Unit-Linked (UC) life insurance policies
(5) Synthetic Risk Indicator
32
2.5.2 SG teams up with Hello Watt to facilitate the energy renovation of its customers' homes
To meet the support and financing needs of its individual customers, SG is launching a new system, in partnership with
Hello Watt(1), to facilitate the energy renovation of their property.
SG has partnered with Hello Watt to develop end-to-end, free support, from the study of the energy project to the financing
of the works, including the management of aid as well as the carrying out of the works with a network of certified artisans.
Customers can thus, through their SG adviser or directly on the SG x Hello Watt platform, be put in touch with a Hello Watt
renovation expert to:
• Receive a technical and economic study identifying the relevant renovation works for their accommodation, their
sizing and their profitability,
• Benefit from a network of certified and audited professionals to carry out the work,
• Entrust the management of State premiums and administrative procedures to this expert,
• And monitor the reduction of their post-work energy consumption directly in the Hello Watt application.
At the same time, the SG advisor offers its clients green financing solutions such as the Expresso Développement Durable
loan. This is a reduced rate loan, simple, fast and scalable, to finance work promoting energy savings in their main,
secondary or rental residence.
“Thanks to this partnership with Hello Watt, we offer individuals an innovative and integrated offer for the energy
renovation of housing, complementary to our financing offers. SG thus confirms its ambition to support the ecological
transition and the sustainable development of its customers and regions” says Véronique Loctin, CSR Director of the SG
network in France.
"We are delighted to be able to provide SG customers with all of Hello Watt's expertise in energy renovation and self-
consumption solar, in a context where energy prices will continue to rise sharply, and where colanders energy sources are
gradually becoming prohibited for rental” adds Sylvain Le Falher, Co-founder and CEO of Hello Watt.
(1)
Specialist in energy renovation, member of the French Tech Green20 program and supported by the Ministry of
Ecological Transition.
2.5.3 Cash services, the new ATM service brand

At the end of 2023, BNP Paribas, Credit Mutuel Alliance Federale and Societe Generale will launch CASH SERVICES, a
complete range of local banking services common to the four banking brands: BNP Paribas, Credit Mutuel, CIC and SG.
This ATM modernization and pooling project will be operated by 2SF (Societe des Services Fiduciaires), the new company
common to these banking groups.
CASH SERVICES will be gradually rolled out to all ATMs from Q4 2023 until the end of 2025, whether they are located in
bank branches or in other public spaces (shopping centres, train stations, etc.).
CASH SERVICES will be a service brand specific to ATMs and easily identifiable for customers of the four brands.
CASH SERVICES will guarantee all customers of partner banking brands free access to an expanded range of services to
meet 4 objectives:
• Considerably strengthen the local offer for customers of the four brands (up to 3 times) while maintaining the
environment and all the services of their bank: the possibility of withdrawing or depositing banknotes and coins, to
deposit checks, to consult its balance or to publish an original bank account certificate, etc. ;
• Sustainably perpetuate the self-service banking to which the French are attached, in both urban and rural areas;
testifying to the territorial and relational commitment of the four participating brands;
• Respond to the new expectations and new needs of individual, professional and corporate customers, in particular
through the modernization of the ATM;
• Reduce the environmental footprint of automats thanks to the optimizations carried out on the geographical
locations of automats, particularly in urban centers or with latest generation equipment that consumes less energy.
Key items:
• A unique alliance for the vitality of all territories, rural and urban;
• A large-scale ATM modernization project serving the customers of four major brands;
• 1st project in France of this scale - between 3 major French banking groups;
• 99% of the metropolitan population has a “cash withdrawal” service less than 15 minutes away by car.
(1)
Specialist in energy renovation, member of the French Tech Green20 program and supported by the Ministry of Ecological
Transition.
33
2.5.4 Citizen Capital and SB Factory launch Citizen cis, the first independent impact contract
fund
Press release, 14 March 2023
Impact investment pioneer Citizen Capital is partnering with SB Factory, an expert firm in social innovation, to finance
innovative projects led by social and environmental operators, as part of the innovative impact contracts scheme. The
fund, endowed with €14 million, is subscribed by the European Investment Fund and SG as well as several foundations,
families and private individuals.
The Impact Contract is a partnership between the public and private sectors designed to finance social and environmental
projects that respond to a public policy issue such as mental health, sustainable integration into employment to combat
recidivism, food waste or waste management, etc. Thanks to the raising of private funds and the involvement of multiple
stakeholders, these contracts allow the large-scale development of solutions as close as possible to the needs of the
territories, which can contribute to improve public policies.
An approach focused on avoided costs to the community

Currently endowed with €14 million, Citizen CIS will finance projects labeled by the State aiming at predefined impact
objectives and measured by an independent evaluator, on the following 3 themes: Equal opportunities with the Ministry
of the Economy, Innovation for employment with the Ministry of Labour and Circular Economy with ADEME.
This new funding channel allows the State to develop an approach focused on results and avoided costs for the community
rather than on means. The Citizen CIS fund will increase the social and environmental impact of around ten projects
through unit investments of up to €1.5 million.
"The fund offers subscribers the opportunity to participate in very high-impact projects in a logic of capital preservation.
By benefiting from the reimbursement of their investment, subscribers will be able to reinvest in another project and thus
multiply the impact of the euro invested. It is a new path between philanthropy and traditional investment," explains
Laurence Méhaignerie, President of Citizen Capital.
The CIS fund is the sixth fund managed by Citizen Capital, whose "pioneering" mission since 2008 is to finance and support
projects with a strong social or environmental impact. The co-founders of SB Factory, Pauline Heuzé and Marion de la
Patellière stress that "Impact Contracts create a unique space for exchange between project leaders, financiers, public
payers and evaluators, they are an accelerator of innovation for the public authorities".
Pooling the best skills to solve societal problems

Citizen CIS is subscribed by a dozen financiers, including the European Investment Fund, SG, the Nexity Foundation, the
Indosuez Foundation and the Sycamore Foundation as well as several families and entrepreneurs, including Cédric Sellin,
entrepreneur and investor, who considers that "The CIS fund has the very rare opportunity to invent a new partnership
model between social and environmental operators, the public sector and the investment world. Its success will be an
opportunity to pool the best skills of each actor to solve large-scale societal problems. For me, investing is a risk worth it
in the hope of a better world for future generations."
"For 25 years, we have been supporting social economy actors who act directly in the territories. Our investment in the
Citizen CIS fund is an important step in our commitment. We are convinced that impact contracts are an effective lever for
public transformation. This fund is thus a formidable accelerator of initiatives with impact on the ground," explains Marie-
Christine Ducholet, Director of the SG network in France
2.5.5 Societe Generale partners with world-leading start-ups to boost sustainable and
positive impact finance
Press release, 4 April 2023
Eleven new sustainability-focused start-ups joined Societe Generale’s flagship Global Markets Incubator (GMI) dedicated
to developing ground-breaking solutions for the financial industry. From a selection pool of over 140 applicants, these
start-ups are addressing some of the finance industry’s biggest ESG concerns, including carbon emissions quantification,
impact tracking and measurement, Voluntary Carbon Markets (VCM) and Biodiversity.
Hacina Py, Group Chief Sustainable Officer, explains: “We are proud to welcome within our GMI’s programme these
promising start-ups focused on positive impact, which is at the heart of Societe Generale’s ambitions. This cohort reflects
the importance of innovation as a leverage for sustainable finance to the benefits of our business and our clients.”
Aspiration, Emmi, BeZero Carbon, Enmacc, Regrow, Net Purpose, Simpl, Greenscope, YvesBlue, Arboretica and allcolibri
will participate in a six-month programme to rapidly advance, test, deploy and expose their products and services to
34
Societe Generale’s business environment. The Bank initially launched the GMI programme in 2018 to boost start-ups
collaborations, mix expertise and deliver innovative solutions to capital markets.
This year, the Group doubled the number of participants and welcomed its first sustainability-focused cohort, in support
of its offering for corporate, financial institution and private investor clients, who will benefit from innovative solutions
adapted to their ESG goals.
Isabelle Millat, Head of Sustainability for Global Markets, adds: “In the global markets industry, innovation is crucial to
offer new solutions to our clients, customised to their needs that evolve very quickly, specifically regarding ESG concerns.
GMI is a powerful accelerator to answer these needs.”
Following the programme, successful companies will see their solutions implemented across the bank or exposed to
clients, as Societe Generale supports them on their path to growth. Partnerships with upcoming start-ups provide an
exciting opportunity to collaborate in effective ways to support positive impact finance in these key areas:
Financial carbon metrics
Corporate carbon footprint is currently at the heart of investment decisions. A growing number of companies now reports
their greenhouse gas (GHG) emissions and assesses their contribution to climate change risks. Data remain still often
complex, non-standardised or incomplete data, and Societe Generale’s role is to help investors evaluate the progress that
companies make to achieve carbon emissions reduction and deliver an impact.
• With Emmi
Voluntary Carbon Markets (VCM)
The Voluntary Carbon Market (VCM) is gaining importance in the transition to net zero to offset non-abatable emissions by
offering for example opportunities to develop nature-based solutions projects. The market, however, faces several
challenges, like certification methodologies, liquidity and price transparency. Some project developers also still lack
access to finance due to market opacity and a low investor risk appetite.
• With Aspiration, BeZero Carbon, Enmacc
Impact investing and financing
The search for positive social and environmental impacts is at the heart of the decisions of a growing number of investors
or lenders, who aim to accelerate the transition of companies.
Leveraging its own deep sectorial expertise, Societe Generale has strong expectation from these collaborations to allow
rapid progress in the areas of risk management, analytics, insights generation and distribution, across all asset classes in
listed and private markets.
• With Net Purpose, Simpl, Greenscope, YvesBlue, Arboretica, allcolibri
Biodiversity
While net zero commitments represent a big step forward in the decarbonation trajectories, it is also important to bear in
mind the major challenges of preserving biodiversity and ecosystems. Societe Generale can take concrete actions in favour
of biodiversity through dedicated banking solutions and looks to further develop its offering by proposing innovative
services.
• With Regrow
Antoine Connault, Head of Global Markets Incubator, explains: “Whether the challenge is climate change, positive impact
or governance-related matters, the GMI’s programme offers a very exciting opportunity to work with top-of-the-class
companies and develop out-of-the-box thinking. We look forward to building strong partnerships through the
programme!”
2.5.6 Societe Generale and Lemonway are partnering to support the growth of b2b
marketplaces of european large corporates.
Societe Generale, one of the leading european banking groups, and Lemonway, a cross-european payment institution
licensed by the ACPR, are signing off a commercial agreement to provide payment services to large west european
Corporates that launch their b2b marketplaces. Those 2 key actors with complementary approaches commit themselves
to serve a fast-growing market with requirement not yet fully covered.
Numerous companies accelerate their digital transformation, becoming crucial to satisfy customer needs and ensuring
their b2b revenue growth. In this context, the launch of b2b marketplace allows to improve the payment experience, to
sustain globalization, to create value and optimize the commercialization and distribution of e-commerce.
Societe Generale keeps on supporting its clients in their digital transformation by associating with Lemonway.
As an expert in this sector, Lemonway proposes a modular and turnkey solution for their b2b marketplaces. It includes
payment solutions and other strategic services such as identity check, payment account opening and monitoring flows for
beneficiaries. Thus, b2b marketplaces actors will be able to manage complex transaction flows, applying with highest
regulatory standard. The technical implementation of this partnership will be soon effective in eight european countries
(France, Italy, Spain, Belgium, Netherlands, United Kingdom, Swiss and Germany).
This innovating partnership uses Lemonway expertise concerning third party account payment, combined with the
strength and security of Societe Generale in terms of cash management. Trustful banking partner for its clients’ growth,
35
Societe Generale completes its e-commerce panel of solutions, through investments or active partnerships. Lemonway
consolidates its position towards western european large corporates.
“Societe Generale is proud to announce its commercial partnership with Lemonway, whose expertise and tailor-made
approach perfectly match with our DNA. This partnership enables us to accompany their clients in their digital
transformation by proposing payment solutions always more comprehensive and innovating, in adequation with large
corporates specific needs for their b2b marketplaces. It illustrates the Societe Generale long-time strategy to cooperate
with fintechs to innovate to serve our clients”– Alexandre Maymat, head of Global Transactions and payments services at
Societe Generale.
“Lemonway is proud of associating with an international bank like Societe Generale. Its service-oriented approach for
corporates combined with our payment expertise for third party payments perfectly matches with fast-growing market
needs. Together we propose to b2b marketplaces a secured and compliant payment experience that enables our clients
to accelerate their development” – Antoine Orsini, Chief Executive Officer at Lemonway.
2.5.7 SG launches the solar pack to support its corporate and institutional customers from
end to end in the installation of photovoltaic panels
To meet the economic and environmental challenges of companies, associations and local authorities customers, SG Bank
is launching the Solar Pack: a solution for the installation of photovoltaic panels. The customer, accompanied by the
diagnosis to the realization of his project, can thus use or resell the electricity generated.
As a partner in its clients' energy transition, the bank offered them a solution to measure their carbon footprint in 2022.
Today, with the Solar Pack, SG supports them in the installation of photovoltaic panels and advises them throughout the
duration of the project:
• The bank identifies the need and estimates the feasibility of the project. Thus, the project managers will use a
new tool, resulting from the partnership between SG and namR, a startup specialized in the production of data
on buildings and their environment. The tool is based on enriched, precise and usable data (concerning the
terrain, the sunshine rate, the materials, the building, etc.) to provide an overall and realistic vision of the project.
• In order to carry out an in-depth study, SG puts the client in touch with partners, selected after a rigorous process,
recognized for their expertise and the quality of their services: Apex Energies, Legendre Energie and Sunopée
(Léon Grosse Énergies Renouvelables).
• Finally, the SG project manager can offer an Environmental and Social loan to finance the implementation of the
operation.
The Solar Pack, which embodies one of the bank's ambitions to support the ecological transition of regions and their
ecosystems, allows customers to act on:
• The reduction of the carbon footprint related to the electricity consumption of their buildings,
• which is in line with the objectives of the NLCS (National Low Carbon Strategy).
• The valuation of their real estate assets.
• Securing part of their energy bill thanks to the two possible valuations of photovoltaic electricity: total or partial
self-consumption, or injection into the grid to resell their production.
• The compliance of their buildings with all the regulations in force (Tertiary Decree, etc.).
"In line with the ambition of SG, the Solar Pack responds responsibly and innovatively to the expectations of our
companies, associations and local authorities customers, who want concrete support in their environmental issues.
Thanks to the expertise of our partners, recognized in the field of solar and data, we advise our clients in their CSR approach
and the implementation of their energy transition projects," says Véronique LOCTIN, CSR Director of the SG Network in
France.
2.5.8 Societe Generale takes a participation in Polestar Capital Circular Debt Fund to
accelerate its support to the circular economy
Hilversum 29 June 2023 - Polestar Capital announces the acquisition of a stake by Societe Generale Amsterdam in Polestar
Capital Circular Debt Fund, the sole debt fund in Europe dedicated to the circular economy. This participation and related
commercial partnership will support innovation and help scale up circular economy projects and solutions.
The Polestar Capital Circular Debt Fund (PCDF), launched in 2022 and based in the Netherlands, provides non-dilutive
funding to companies with circular economy principles at their core. It targets fast-growing markets addressed by circular
models in areas such as biomass waste, biomolecules, plastics pollution processing, and sustainable construction and
man-built environment.
Financing circular economy projects, though urgently required, remains a challenge because of applicable regulation,
exposure to new technologies and new markets, and the relatively small scale of investments. This partnership aims to
36
establish a continuity of financing solutions for circular ventures, with a first level of debt support provided by PCDF early
on and a smooth transition to Societe Generale for their next stages of development.
Marie-Aimée Boury, Head of Impact Based Finance at Societe Generale Corporate & Investment Banking says: “Supporting
the circular economy is crucial in the fight against climate change and biodiversity loss. It also builds long term resilience
and cost-effectiveness into our clients’ business models and across their value chains. We’re very happy to partner with
Polestar Capital whose expertise will accelerate our involvement in this new market segment and support our clients in
their positive impact transformation.”
Jan-Willem König, CEO of Polestar Capital adds: “The fund finances innovative circular breakthrough technologies that
require relatively large sums of capital and that take time to realise positive cashflows. Financing such companies is
complex within the context of traditional credit processes and banking regulations. In the meantime, we don’t have the
luxury to be patient in scaling sustainable circular technologies, as we need to reduce our emissions and pollution rather
sooner than later.
We are therefore very pleased with the combined investment of Societe Generale in the fund, as well our partnership for
the mutual financing of the further upscaling of circular innovators. This combination allows us to already support circular
companies in a phase not yet suitable for traditional bank financing, but also connects the borrowers of the fund with a
partner that may finance the roll-out of their circular technology. We believe the partnership is an important step for the
further acceleration of the transition to a circular economy, in the Netherlands and beyond.”
2.5.9 Franfinance lance Franfipay, une offre innovante de crédit long sur les sites e-
commerce
Press release as of 8 June 2023
In order to meet the new challenges of e-commerce, Franfinance, a specialist consumer credit subsidiary of Societe
Generale, announces the launch of Franfipay, an innovative fully digital and secure financing solution, accessible by
individuals via the site of merchant partners from Franfinance. Franfipay is now one of the fastest solutions on the market
for financing online purchases over a period of up to 60 months and for amounts from €100 to €30,000.
Long-term financing, the key to the continued development of e-commerce
In its 2022 e-commerce report, the FEVAD (Federation of e-commerce and distance selling) reveals that more than 10,000
merchant sites were created in 2022. The study also indicates that the number of transactions carried out on the internet
and the price of the average basket spent online increased by 6.5% and 6.9% respectively compared to 2021. “Consumers
expect from e-commerce the same financing facilities as those available in stores for capital goods (large household
appliances, home improvement, etc.). Long-term financing is the sine qua none condition for the continued development
of e-commerce. Our new Franfipay long-term financing offer is the ideal response to this challenge because it allows e-
merchants to offer assigned credit from their website, which meets the strictest regulatory requirements, with remote
subscription, to enable their customers to finance their purchases online", explains Frédéric JACOB-PERON, Managing
Director of Franfinance.
Franfipay, an innovative financing solution to increase the conversion rate of online sales
With the ambition of becoming the benchmark for long-term e-commerce credit, Franfinance provides Franfipay e-
merchants with all the tools to enable them to offer financing adapted to the baskets of their customers:
- payment facilities in 3 and 4 instalments free of charge, for amounts less than €4,000, with implementation in the
customer journey of e-commerce sites simplified thanks to the use of API-type technologies;
- a long term credit offer with financing for online purchases over a period of more than 4 months and up to 60 months;
and for amounts from €1,000 to €30,000.
Subscription is done in a few minutes and consumers will be able to receive a firm and definitive answer within a short
time (on average within 24 working hours and within a maximum of 48 hours). The entire course is completely
dematerialized and completely secure. Co-constructed with Franfinance partners and compatible with all e-commerce
sites, Franfipay limits the risk of fraud (in particular through the use of facial recognition) and also the risk of non-payment.
Finally, the installation of the solution is quick, the simple customer journey adapts to the colors of the merchant site to
preserve the customer experience.
This initiative is part of a broader strategy of the Societe Generale group to build a complete and innovative offer for e-
merchants.
37
2.6 Analysis of the consolidated balance sheet
Update of pages 59 and 60 of the 2023 Universal Registration Document
2.6.1 Consolidated balance sheet
ASSETS
In EUR m 30.06.2023 31.12.2022 R
Cash, due from central banks 215,376 207,013
Financial assets at fair value through profit or loss 496,362 427,151
Financial assets at fair value through other comprehensive income 90,556 92,960
Securities at amortised cost 27,595 26,143
Due from banks at amortised cost 83,269 68,171
Customer loans at amortised cost 490,421 506,635
Investments of insurance companies 616 353
Tax assets 4,385 4,484
Other assets 73,792 82,315
Non-current assets held for sale 3,590 1,081
Investments accounted for using the equity method 209 146
Tangible and intangible fixed assets 57,535 33,958
Goodwill 5,523 3,781
Total 1,578,430 1,484,900
LIABILITIES
In EUR m 30.06.2023 31.12.2022 R

Due to central banks 9,468 8,361
Financial liabilities at fair value through profit or loss 380,821 304,175
Due to banks 119,923 133,011
Tax liabilities 2,356 1,645
Other liabilities 93,421 107,315
Non-current liabilities held for sale 2,212 220
Insurance contract-related liabilities 138,746 135,875
Provisions 4,577 4,579
Total liabilities 1,500,446 1,411,574
Shareholders’ equity - -
Shareholders’ equity, Group share - -
Issued common stocks and capital reserves 21,267 21,248
Other equity instruments 10,136 9,136
Retained earnings 34,485 34,479
Net income 1,768 1,825
Sub-total 67,656 66,688
Unrealised or deferred capital gains and losses 351 282
Sub-total equity, Group share 68,007 66,970
Non-controlling interests 9,977 6,356
Total equity 77,984 73,326
Total 1,578,430 1,484,900
As of 30 June 2023, the Group's consolidated balance sheet totalled EUR 1,578.4 billion, i.e., an increase of EUR 93.5 billion
(+6,3%) compared to 31 December 2022 (EUR 1,484.9 billion).
38
2.6.2 Main changes in the scope of consolidation
The main change to the consolidation scope as at 30 June 2023, compared with the scope applicable at the closing date of
31 December 2022, is as follow:
LEASEPLAN ACQUISTION BY ALD

On 22 May 2023, following the approval of ALD’s Board of Directors and relevant regulatory authorities approvals, ALD
acquired 100% of LeasePlan for a consideration of EUR 4,882 million. This amount is subject to a contingent additional
consideration of an amount up to EUR 235 million in cash, according to the achievements of objectives related to
LeasePlan’s regulatory ratios particulary.
The consideration includes:
• A cash component: approximately EUR 1,828 million mainly financed via a capital increase of EUR 1,212 million.
Societe Generale held 79.82% of ALD’s capital prior to this increase. In accordance with its commitment to remain
ALD’s majority shareholder in the long term, Societe Generale subscribed to new shares for an amount of EUR
803 million representing 66.26% of the capital increase and held, at the end of 2022, 75.94% of ALD;
• A share component: 251,215,332 new ALD shares have been issued, representing 30.75% of ALD capital after the
completion of the acquisition, and before the exercise of warrants (ABSA). The value of this share component
amounts to EUR 2,871 million, based on the fair value of ALD's shares of EUR 11.43 at the completion date;
• A warrant component: ALD has issued 26,310,039 warrants attached to ALD’s share (ABSA) for the benefit of
LeasePlan’s selling shareholders, so that their total shareholding could reach 32.91% in case of full exercise of
warrants. These warrants were valued EUR 128 million, as at 22 May 2023;
• A contingent consideration: estimated by the Group at its fair value of EUR 55 million, as at the closing date of
the transaction. The earn out mechanism will last until 31 December 2024, subject to an additional 6-month
period in certain limited circumstances, with potential payments every quarter. In the Group’s financial
statements the contingent consideration is recorded as Other liabilities as at 30 June 2023.
As a result, after the completion of the LeasePlan acquisition, Societe Generale remains the majority shareholder of ALD
with a stake of 52.59%. This stake may be reduced to 50.95% in the event of the exercise of the shares with warrants
attached that have been granted to LeasePlan shareholders to allow them to increase their stake up to 32.91% of ALD’s
social capital. As of 30 June 2023, the former LeasePlan shareholders consortium led by TDR Capital holds 30.75% of the
combined entity, while the free float represents 16.66%.
Following the transaction, ALD (combined entity), after the acquisition of LeasePlan, keeps being fully consolidated by the
Group.
SALE OF ALD AUTOMOTIVE O.O.O BY ALD
On 27 April 2023, ALD SA sold to JSC Tsk all its shares on the Russian subsidiary ALD Automotive O.O.O.
2.6.3 Changes in major consolidated balance sheet items

Cash, due from central banks and due to central banks increased respectively by EUR 8.4 billion (+4.0%) & EUR 1.1 billion
(+13.3%) compared to 31 December 2022. The increase in assets is mainly due to the growth of cash due from Reserve
Federal Bank and Bank of France.
Financial assets at fair value through profit or loss increased by EUR 69.2 billion (+16.2%) compared to 31 December
2022. This evolution is the result of an increase in securities purchased under resale agreements for EUR +39.1 EUR billion
and an upward trend on bonds and equities for EUR +17.4 EUR billion and EUR +10.5 billion respectively.
Financial liabilities as fair value through profit or loss increased by EUR 76.6 billion (+25.2%) compared to 31 December
2022. This evolution is mainly due to the rises in securities sold under repurchase agreements and in structured bonds
issued by the group for EUR +60.2 billion EUR +15.5 billion respectively.
Hedging derivatives decreased by EUR 1.8 billion to assets (-5.6%) and by EUR 2 billion to liabilities (-4.3%) compared
with 31 December 2022. This variation is related to the fall in fair value hedging instruments and mainly to the interest rate
swaps.
Due from banks at amortized cost rose by EUR 15.1 billion (+22.1%) compared to 31 December 2022, due to the increase
in current accounts and in the reverse repo transaction with Czech National Bank.
Customer loans at amortized cost decreased by EUR 16.2 billion (-3.2%) compared to 31 December 2022, mainly
explained by the drop of the overdraft on current accounts for EUR -5.9 billion, and the decline on credit loans for EUR -
11.8 billion due to the stagnation of new loans, considering the economic environment.
Debt securities issued rose by EUR 18.1 billion (+13.6%) compared to 31 December 2022, explained essentially by the
variation on Interbank certificates and negotiable debt instruments for EUR +15.9 billion.
Customer deposits increased by EUR 15.9 billion (+3%) compared to 31 December 2022, due essentially to the purchase
of LeasePlan and an increase in term client deposits due to the rise of interest rates.
Due to banks decreased by EUR 13.1 billion (-9.8%) compared to 31 December 2022. This decrease is explained by the
anticipated reimbursement of the TLTRO III by SG Paris for EUR-19.3 billion.
39
Other assets decreased by EUR 8.5 billion (-10.4%) compared to 31 December 2022, mainly due to the decline in deposits
paid to the Clearing house for EUR -8.8 billion.
Other liabilities decreased by EUR 13.9 billion (-12.9%) compared to 31 December 2022, mainly due to the decline in the
forward financial instruments deposits paid by the customers in the energy sector, due to the fall in the price of gasoline.
Insurance contracts related liabilities increased by EUR 2.9 billion (+2.1%) compared to 31 December 2022, due to the
increase in the valuation of the contracts with participation, linked to the upward trend of the market value on affected
assets, booked under IFRS9.
Tangible and intangible fixed assets rose by EUR 23.6 billion (+69%) compared to 31 December 2022, linked to the
purchase of LeasePlan which has caused an increase in assets leased by specialized financing companies of EUR +20.8
billion.
Goodwill grew by EUR 1.7 billion (+46%) compared to 31 December 2022 explained by the acquisition of LeasePlan.
The Group shareholders’ equity amounted to EUR 68 billion as at 30 June 2023 versus 67 billion as at 31 December 2022.
This variation was attributable primarily to the following factors:
• Net income group share for the first semester of 2023: EUR 1.8 billion;
• Issuance of the deeply subordinated notes during the first semester of 2023: EUR 1 billion;
• Distribution of dividends: EUR -1.4 billion.
The rise on the non-controlling interest of EUR 3.6 billion is mainly due to the decrease in the detention rate in ALD group
from 75.94% as at 31 December 2022 to 52.59% as at 30 June 2023.
After taking into account the non-controlling interest EUR 10 billion, the Group shareholders’ equity totalled EUR 78 billion
as at 30 June 2023.
2.7 Property and equipment

Update of pages 62 and 65 of the 2023 Universal Registration Document
The gross book value of the Societe Generale group’s tangible operating fixed assets amounted to EUR 79 billion as of 30
June 2023. This figure comprises land and buildings (EUR 5.4 billion), right of use (EUR 3.3 billion), assets leased by
specialized financing companies (EUR 63.5 billion), investment property (EUR 0.7 billion) and other tangible assets (EUR
6.1 billion).
The net book value of the tangible operating assets and investment property amounted to EUR 54.2 billion, representing
only 3.4% of the consolidated balance sheet as at 30 June 2023.
Due to the nature of the activities of Societe Generale, property and equipment are not material at Group level.
40
2.8 Financial policy
Group debt policy – Update of pages 62 and 63 of the 2023 Universal Registration Document
Group short-term and long-term debt totalled EUR 249.8 billion at 30 June 2023, of which:
• EUR 12.8 billion issued by conduits (short term), and
• EUR 50.8 billion related to senior structured issues of small denomination (below EUR 100,000), predominately
distributed to retail clients.
GROUP LONG-TERM SECURITIES DEBT AT 30.06.2023: EUR 204.6bn
Subordinated debt (including subordinated

undated debt)
9% 13%
Senior vanilla Non-Preferred unsecured
11% debt
Senior vanilla Preferred unsecured debt

21% (including CD & CP >1y)
Senior structured debt
27%
Secured debt (including CRH)
18%
Debt at subsidiaries level (secured and

unsecured)
COMPLETION OF THE FINANCING PROGRAMME AT END-JUNE 2023: EUR 37.7bn
Subordinated debt (including subordinated

undated debt)
5% 12%
Senior vanilla Non-Preferred unsecured
13%
debt
14%
Senior vanilla Preferred unsecured debt
Senior structured debt
19%
38% Secured debt (including CRH)
Debt at subsidiaries level (secured and

unsecured)
41
2.9 Major investments and disposals
Business division Description of investments

2023
Acquisition of 100% capital of LeasePlan by ALD from a consortium led by TDR
2022
No acquisition finalised in 2022.
2021
Acquisition of Bansabadell Renting, a subsidiary of Banco Sabadell, in Spain.
Financial Services
2020
International Retail Banking and Acquisition of Reezocar, a French platform specialised in the online sale of used
Financial Services cars to individuals.
French Retail Banking Acquisition of Shine, neobank specialising in the professional and SME segments.

Acquisition of Socalfi, entity specialized consumer finance in New-Caledonia.
Financial Services
Acquisition of ITL through its subsidiary Franfinance, specialised in the
French Retail Banking
environmental, manufacturing and healthcare sectors.
Business division Description of disposals
2023
International Retail Banking and Disposal of ALD Russia to JSC Tsk.

Financial Services
2022
International Retail Banking and Disposal of Societe Generale Group’s and Sogecap’s entire stakes in Rosbank and
Financial Services two joint ventures co-held with Rosbank (Societe Generale Strakhovanie LLC and
Societe Generale Strakhovanie Zhizni LLC).
Corporate Centre Sale of a 5% stake in Treezor to MasterCard, reinforcing an industrial partnership.
International Retail Banking and Disposal of a minority stake in Schufa, a credit rating agency in Germany.
Financial Services
2021
Global Banking and Investor Disposal of Lyxor, a European asset management specialist.
Solutions
2020
International Retail Banking and Disposal of SG Finans AS, an equipment finance and factoring company in Norway,
Financial Services Sweden and Denmark
Disposal of Societe Generale Banque aux Antilles
Financial Services
Disposal through ALD of its entire participation in ALD fortune (50%), in China
Financial Services
Global Banking and Investor Disposal of Societe Generale's custody, depository and clearing activities in South
Solutions Africa
42
2.10 Statement on post-closing events
Update of the page 66 of the 2023 Universal Registration Document
Since the end of the last financial period, other than those described in the amendment to the universal registration
document filed with the AMF on May 12th, 2023 under n° D-23-0089-A01 and other than described in the amendment to
the universal registration document filed with the AMF on August 4th, 2023 under n° D-23-0089-A02, no significant change
in the financial performance of the group occurred.
2.11 Information about geographic locations and activities at 31 December

2022
The article L.511-45 of the Monetary and Financial Code modified by Order No. 2014-158 of 20 February, 2014, require credit
institutions to communicate information about the locations and activities of their entities included in their consolidation
scope, in each State or territory.
Société Générale publishes below the information relative to staff and the financial information by countries or territories.
Earnings
before Deferred
corporate Corporate corporate Other taxes
Country Staff (*) NBI (*) tax (*) tax (*) tax (*) (*)
Subventions (*)
South Africa - 0 (0) (0) - - -
Algeria 1,621 169 72 (19) (1) (7) -
Germany 2,983 1,082 322 (124) 17 (2) -
Australia 62 42 8 (4) 0 (1) -
Austria 83 26 5 (3) (0) (0) -
Belarus 3 2 1 (0) 0 - -
Belgium 358 123 58 (6) (7) (1) -
Benin 229 25 12 (1) (3) (1) -
Bermuda (1)
- 1 1 - - - -
Brazil 371 82 37 (7) (8) (14) -
Bulgaria 38 6 4 (0) 0 - -
Burkina Faso 284 60 27 (6) (1) (3) -
Cameroon 657 138 50 (16) 1 (4) -
Canada 64 36 9 (4) 0 (1) -
Chile 37 5 0 - 0 (0) -
China 269 76 29 (4) 4 (0) -
Colombia 29 4 2 (1) 2 (0) -
Congo 144 29 8 (2) (0) (1) -
South Korea 107 103 36 (20) 7 (3) -
Cote d'Ivoire 1,403 315 145 (26) (2) (8) -
Croatia 49 11 7 (1) 0 (0) -
Curacao (2)
- - - - - - -
Denmark 131 43 24 (4) 1 - -
United Arab Emirates 58 3 (13) - - (0) -
Spain 683 367 229 (56) (7) (2) -
Estonia 13 3 2 (1) - (0) -
United States 1,969 1,869 703 (11) (116) (7) -
43
Finland 123 55 38 (8) 1 - -
France 52,253 13,537 (1,824) 11 (139) (1,638) -
Ghana 543 77 25 (13) 5 (0) -
Gibraltar 38 5 1 - (0) (1) -
Greece 46 8 4 - (1) (0) -
Guinea 302 78 24 (15) 4 (2) -
Equatorial Guinea 236 16 6 (2) - (1) -
Hong Kong 1,069 700 257 (30) (0) (1) -
Hungary 99 18 12 (2) (0) (0) -
Îles Caïmans (3)
- - - - - - -
Isle of Man - - - - - - -
Guernsey 61 - - - - - -
India(4) 10,616 42 66 (55) (0) (1) -
Ireland 188 113 50 (10) 0 (0) -
Italy 2,014 932 457 (76) (33) (3) -
Japan 214 235 93 (30) 1 (2) -
Jersey 194 18 5 (2) 0 - -
Latvia 21 4 2 (0) - - -
Lithuania 13 5 4 (1) (0) (0) -
Luxembourg 1,357 758 317 (34) 9 (29) -
Madagascar 1,032 81 37 (8) 0 (5) -
Malaysia 16 0 (3) - 0 - -
Malta (2)
- - - - - - -
Morocco 3,667 527 195 (71) (8) (18) -
Mauritius - - (0) - - - -
Mauritania 190 29 11 (1) (3) (2) -
Mexico 128 30 20 (10) (1) (0) -
Monaco 321 130 25 (11) 1 (0) -
Norway 66 17 4 - (1) - -
New Caledonia 305 80 41 (12) (1) (0) -
Netherlands 299 143 88 (13) (11) (0) -
Peru 26 4 2 (1) (0) - -
Poland 497 101 49 (11) 1 (3) -
French Polynesia 262 52 26 (13) (1) (1) -
Portugal 129 37 27 (5) (2) - -
Czech Republic 7,887 1,625 910 (157) (12) (53) -
Romania 9,003 713 361 (61) (2) (17) -
United Kingdom 2,892 1,878 879 (219) 39 (12) -
Russian Federation 115 393 114 (21) (4) (7) -
Senegal 920 112 39 (16) (0) (8) -
Serbia 32 10 8 (2) 0 (0) -
Singapore 216 161 66 (4) (0) (0) -
Slovakia 116 32 25 (4) (1) (0) -
Slovenia 19 5 4 (1) 0 (0) -
Sweden 165 85 43 (9) 0 (0) -
44
Switzerland 550 264 59 (13) 0 (0) -
Taiwan 44 33 (6) (1) 5 (2) -
Chad 212 29 4 (3) 0 (2) -
Thailand 3 0 (0) - - - -
Togo 48 6 5 (0) - (0) -
Tunisia 1,400 154 59 (27) 3 (5) -
Turkey 105 103 98 (0) (24) (0) -
Ukraine 45 4 1 (1) (2) - -
Total 111,742 28,059 4,507 (1,274) (286) (1,867) -
* Staff: Full-time equivalent (FTE) as at closing date. Staff members of entities accounted for by the equity method and entities removed during the year are
excluded.
NBI: Net banking income by territorial contribution to the consolidated statement, in millions of euros, before elimination of intragroup reciprocal
transactions. Net income from companies accounted for by the equity method is directly recorded in the earnings before tax, there is no contribution from
them.
Earning before tax: Earning before tax by territorial contribution to the consolidation statement, in millions of euros, before elimination of intragroup
reciprocal transactions.
Corporate taxes: Such as presented in the consolidated statement in accordance with the IFRS standards and by distinguishing the current taxes of the
deferred taxes, in millions of euros.
Other taxes: Other taxes include among others payroll taxes, the C3S, the contribution to the SRF, CET taxes and local taxes. The data arise from the
consolidated reporting and from management report, in millions of euros.
Public subsidies received: Non-matching or non-refundable subsidies granted by a public entity on a one-off or renewable basis to complete a clearly
defined project.
(1) Income from the entity located in Bermuda is taxed in France.
(2) The entity located in Curacao was liquidated in 2022.
(3) Income from the entity located in Cayman Islands is taxed in the United States.
(4) Most of the staff located in India is assigned to a shared services centre, the re-invoicing income of which is recorded in general and administrative expenses
and not in NBI.
45
3. CORPORATE GOVERNANCE
3.1 Combined General Meeting on 23 May 2023

The General Meeting of shareholders of Societe Generale was held on 23 May 2023 at Maison de la Mutualité - 24 rue Saint-
Victor - 75005 Paris and was chaired by Mr. Lorenzo Bini Smaghi.
Quorum was established at 53. 45% (vs 54.83% in 2022):
• 681 shareholders participated by attending the General Meeting in person at the place where it was held on 23
May 2023;
• 914 shareholders were represented at the General Meeting on the day it was held by a person other than the
Chairman;
• 11605 shareholders voted online;
• 2 754 shareholders voted by post;
• 9 839 shareholders, including 7 244 online, representing 1.01% of the share capital, gave proxy to the Chairman;
• A total of 25 793 shareholders were, in accordance with the regulations, present or represented and thus
participated in the vote.
The agenda item, with no vote, was an opportunity to present and discuss with shareholders the Group's energy transition
plan and social and environmental responsibility.
In addition, 13 shareholders sent written questions prior to the General Meeting. The answers were made public before the
General Meeting on the institutional website.
All the resolutions put forward by the Board of Directors were adopted, in particular:
• The 2022 annual company accounts and annual consolidated accounts;
• The dividend per share was set at EUR 1.70. It shall traded ex-dividend on 30 May 2023 and paid from 1st June
2023;
• The appointment of four directors for 4 years: Mr. Slawomir Krupa, Mrs. Béatrice Cossa-Dumurgier, Mrs. Ulrika
Ekman and Mr. Benoît de Ruffray;
• The compensation policy for the Chairman, Chief Executive Officer, the Deputy Chief Executive Officers and the
Directors;
• The components composing the total compensation and the benefits of any kind paid or awarded for the 2022
financial year to the Chairman and the Chief Executive Officer and the Deputy Chief Executive Officers;
• A favorable opinion was issued on the remuneration paid in 2022 to regulated persons;
• The authorisation granted to the Board of Directors to purchase ordinary shares of the Company was renewed
for 18 months up to 10% of the share capital;
• The authorisation for capital increases, enabling the issue of shares in favour of employees within the framework
of a company or group saving plan, was renewed for 26 months;
• The amendments to the By-laws relating to the four-year term limit for Directors elected by employees and the
capping at 74 of the Chairman’s age limit.
6-The detailed voting result is available this day on the Company's website in the item "Annual General Meeting".
46
3.2 Board of Directors
Following the four appointments of directors decided by the General Meeting of 23 May 2023, the Board of Directors has
the following composition:
• Mr. Lorenzo Bini Smaghi, Chairman;
• Mr. Slawomir Krupa, Director;
• Mr. William Connelly, Director ;
• Mr. Jérôme Contamine, Director;
• Mrs. Béatrice Cossa-Dumurgier, Director ;
• Mrs. Diane Côté, Director;
• Mrs. Ulrika Ekman, Director;
• Mrs. France Houssaye, Director elected by employees;
• Mrs. Annette Messemer, Director ;
• Mr. Henri Poupart-Lafarge, Director;
• Mr Johan Praud, Director elected by employees;
• Mrs. Lubomira Rochet, Director;
• Mr. Benoît de Ruffray, Director ;
• Mrs. Alexandra Schaapveld, Director;
• Mr. Sébastien Wetter, Director representing employees shareholders.
• Mr. Jean-Bernard Lévy, Non-voting Director (“censeur”).
At the end of the General Meeting of 23 May 2023, on the proposal of the Nomination and Corporate Governance
Committee, the Board of Directors unanimously appointed Mr. Slawomir Krupa as Chief Executive Officer. The functions
of Chairman and Chief Executive Officer will continue to be separated in accordance with Article L. 511-58 of the French
Monetary and Financial Code. Lorenzo Bini Smaghi, Chairman of the Board of Directors, said: “The Board of Directors
expresses its warm gratitude to Frédéric Oudéa and to the General Management whose term of office has come to an end.
It commends Frédéric Oudéa’s actions during his 15 years of General Management, during which he demonstrated the
Bank’s ability to withstand crises and adapt its business model before launching or expanding major strategic initiatives
such as the merger of Societe Generale and Crédit du Nord retail banking networks in France, the development of
Boursorama, the acquisition of LeasePlan by ALD, the joint venture with Alliance Bernstein or the exit from Russia. The
entire Board also joins me in warmly congratulating Slawomir Krupa on his appointment as Chief Executive Officer. It will
be up to him, with the new General Management, to pursue these initiatives and further transform the Group for the greater
benefit of its shareholders, customers and all its teams respecting its corporate purpose (raison d’être) ‘Building together,
with our clients, a better and sustainable future through responsible and innovative financial solutions’.” After consulting
the Nomination and Corporate Governance Committee, the Board of Directors unanimously approved the proposal made
by the Chief Executive Officer, in compliance with the regulations in force, to appoint Philippe Aymerich and Pierre Palmieri
as Deputy Chief Executive Officers as of 23 May 2023, as announced in the press release dated 9 March 2023 (Hyperlink).
The Chief Executive Officer and the Deputy Chief Executive Officers are effective managers (“dirigeants effectifs”) within
the meaning of banking regulations (Article L.511-13 of the French Monetary and Financial Code). The Board of Directors
has adopted the terms and conditions of employment of the new Chief Executive Officer and Deputy Chief Executive
Officers. The Board of Directors is now made up of 50% women and more than 90% (11/12) independent directors if we
exclude from the calculations the three directors representing the employees in accordance with paragraph 1 of Article L.
225-23 of the Commercial Code, paragraph 2 of Article L. 225-27 of the Commercial Code and the AFEP-MEDEF code. The
Board of Directors held after the General Meeting has decided that, as of 23 May 2023, the Board committees will be
composed as follows:
• Audit and Internal Control Committee: Mrs. Alexandra Schaapveld (chairwoman), Mr. Jérôme Contamine, Mrs. Diane Côté,
Mrs. Ulrika Ekman and Mr. Sébastien Wetter;
• Risk Committee: Mr. William Connelly (chairman), Mrs. Béatrice Cossa Dumurgier as from 2024 and guest during the
period, Mrs. Diane Côté, Mrs.Ulrika Ekman, Mrs. Annette Messemer and Mrs. Alexandra Schaapveld ;
• Compensation Committee: Mr. Jérôme Contamine (chairman), Mr. Benoit de Ruffray, Mrs. France Houssaye and Mrs.
Annette Messemer;
• Nomination and Corporate Governance Committee: Mr. Henri Poupart-Lafarge (chairman), Mr. William Connelly, Mr.
Benoit de Ruffray and Mrs. Lubomira Rochet.
47
Biographies
Mr Slawomir KRUPA, born on 18 June 1974, of French and Polish nationalities, is graduated from the Institut d’Études
Politiques de Paris. he has acquired a 27 years experience in banking, particularly international banking. He joined the
Societe Generale group in 1996 as part of the General Inspection Department. As from 2007, he moved to Corporate and
Investment Banking, where he took on a range of responsibilities. In 2007, he was Head of Strategy and Development, then
Head of Central and Eastern Europe, Middle East and Africa (CEEMEA) in 2009 and Deputy Head of Financing in 2012. He
was appointed CEO of SG Americas in January 2016. In January 2021, he joined the Group’s General Management team as
Deputy Chief Executive Officer in charge of Global Banking and Investor Solutions. He holds a directorship at Societe
Generale FORGE, a French unlisted subsidiary of the Group. Professional address : Tours Société Générale, 17, cours Valmy,
CS 50318, 92972 La Défense cedex
Ms. Béatrice COSSA-DUMURGIER, born on 14 November 1973, of French nationality, is graduated from École Polytechnique
(1997), Corps des Ponts et Chaussées (2000), and holds a Master of Science from Massachussetts Institute of Technology
(Boston, 2000). She began her career at McKinsey in France and the US, before joining the French Ministry of Finance in
2000, first in the Treasury Department and later in the Agence des participations de l’État (French State Investment
Agency). She joined BNP Paribas Group in 2004 and held various strategic, operational and executive positions within G100
until 2019, the last being Chief Executive Officer of the online brokerage subsidiary and member of Domestic Markets’
Executive Committee. In 2019, she joined BlaBlaCar as Chief Operating Officer, CEO of BlaBlaBus and as a member of the
Executive Committee. She has been Deputy General Manager (employee not corporate officer) of Believe since September
2022. She is also an independent director of Peugeot Invest, SPAC Transition and Casino Guichard-Perrachon. Mrs. Béatrice
Cossa-Dumurgier has declared to the Board that these last two terms of office will end, at the latest, at the General
Meetings approving the 2023 financial statements. Professional address : 24 rue Toulouse Lautrec - 75017 Paris.
Ms. Ulrika EKMAN, born on 6 October 1962, of American and Swedish nationality, holds a J.D. from the New York University
School of Law, an M.A. in History from New York University and a B.S. in Foreign Service from Georgetown University. She
was a partner in the US and international law firm Davis Polk LLP, where she represented clients in complex domestic and
cross-border transactions across a wide range of sectors, including mergers, acquisitions, spin-offs, disposals and
reorganisations (1990-2004). Ulrika Ekman was a member of the Management Committee of Greenhill & Co., a leading
independent investment bank that provides financial advisory services for mergers, acquisitions, restructurings, financing
and fundraising to companies, institutions and governments from its multiple offices across five continents (2004-2012).
She is currently an independent member of the Board of Directors of Greenhill & Co., where she chairs the Nomination and
Governance Committee and sits on the Compensation Committee. Professional address : Tours Société Générale, 17, cours
Valmy, CS 50318, 92972 La Défense cedex
Mr Benoît de RUFFRAY, born on 4 June 1966, of French nationality, is graduated from École Polytechnique and École
Nationale des Ponts et Chaussées, and holds a Master’s degree from Imperial College in London. He began his career in
1990 upon joining the Bouygues group. After leading major international projects, he became Head of Latin America in
2001. From 2003 to 2007, he was Chief Executive Officer of Dragages Hong Kong, and later, in 2008, Deputy CEO of Bouygues
Bâtiment International. He became CEO of Soletanche Freyssinet group (Vinci group) in 2015. Benoît de Ruffray was
appointed Chairman and Chief Executive Officer of Eiffage on 18 January 2016. He is also Director of Getlink since 27 Avril
2023. Professional address: 3-7 place de l’Europe, 78140.
M. Philippe AYMERICH, born on 12 August 1965, of French nationality, is graduated from France’s École des Hautes Études
Commerciales (HEC). He joined Societe Generale in 1987, first in the Inspection Division where he performed audit and
advisory work in a range of areas until 1994, at which time he was appointed Chief Inspector. In 1997, he moved to Societe
Generale Corporate & Investment Banking where he was appointed Deputy Managing Director of SG Spain, in Madrid. From
1999 until 2004, he served in New York, first as Deputy Chief Operating Officer and later, from 2000, as Chief Operating
Officer for SG Americas’ Corporate & Investment Banking arm. In 2004, he was appointed Head of the Automotive,
Chemicals & General Industries Group in the Corporate & Institutions Division. In December 2006, he was appointed Deputy
Chief Risk Officer for Societe Generale Group. Philippe Aymerich was appointed Chief Executive Officer of Crédit du Nord
in January 2012. He has been Deputy Chief Executive Officer of Societe Generale since May 2018. He has also been director
and Chairman of the board of directors of Boursorama and Franfinance, French unlisted companies of the Group.
Professional address: Tours Société Générale, 17, cours Valmy, CS 50318, 92972 La Défense cedex
M. Pierre PALMIERI, born on 11 November 1962, of French nationality, is graduated from the École Supérieure de
Commerce in Tours. He began his career at Societe Generale Corporate and Investment Banking in 1987 within the Export
Finance department where he became, in 1989, Head of the finance engineering team. He joined the Agence
Internationale’s team in 1994, where he created the Commodity Finance global business line. He was appointed Global
Head of Structured Commodity Finance in 2001. In 2006, he created and co-headed the Natural Resources and Energy
global business line. He was appointed Deputy Head of Global Finance in 2008, became Head of Global Finance in 2012
before widening his scope of responsibilities to the whole Global Banking and Advisory activities in 2019. He holds a
48
directorship of Societe Generale Marocaine de Banques, unlisted company of the Group. Mr. Pierre Palmieri is proposed
for the position of Director of ALD at the General Meeting of this company scheduled on 24 May 2023. Professional address:
Tours Société Générale, 17, cours Valmy, CS 50318, 92972 La Défense cedex
Declarations
As all other Directors, the new Directors, as well as the Chief Executive Officer and the Deputy Chief Executive Officers have
made the regulatory declarations on the absence of conflicts of interest and the absence of convictions mentioned on page
158 of the Universal Registration Document filed by Societe Generale on 13 March 2023 with the French market authority
(AMF) under number D.23-0089
3.3 General Management

Press Release dated 24 May 2023
Appointed Chief Executive Officer by the Board of Directors after the General Meeting on May 23, 2023, Slawomir Krupa
establishes the new management team of the Group, and announces that the presentation of the Group’s new strategic
and financial roadmap will take place on September 18, 2023.
Effective today, the new management team, led by Slawomir Krupa, will be comprised of two Deputy Chief Executive
Officers, Philippe Aymerich and Pierre Palmieri, and a newly created Executive Committee.
The mission of this management team, is, together with all Societe Generale staff, to further pursue the development of
the Group, while serving its 25 million customers in France and abroad and making a purposeful and responsible
contribution to sustainable development goals.
The new strategic and financial roadmap will be presented to investors on September 18, 2023 at a Capital Markets Day in
London.
As announced on March 9, management has defined three priority objectives:
The efficient stewardship of the capital entrusted to the Group by its shareholders;
The quality of execution of the Group’s long-term roadmap, starting with our ongoing strategic projects: the full
implementation of the new SG retail bank in France, Boursorama’s development, ALD’s integration of LeasePlan, the joint
venture with AllianceBernstein, and the roll-out of the Group ESG strategy; and
The structural improvement of the Group’s operational performance and profitability.
Slawomir Krupa, Chief Executive Officer of Societe Generale Group, said: "I am very happy and proud to be leading Societe
Generale Group to which I have dedicated most of my entire professional life since 1996. But above all, I feel a great
responsibility - toward our employees, our clients and our shareholders - in opening this new chapter in the Group's 160-
year history, while being mindful of the challenges but also of the many opportunities. We are here to serve our clients and
support their endeavors with passion, professionalism, and commitment. They deserve our best. So do our shareholders,
whose capital we manage and whose trust we shall earn and preserve day in and day out. The broader society and the
communities of which we are part deserve from us the highest standards in terms of conduct and responsibility and that
our activities will make a positive impact. This much we pledge, my team and I."
The new General Management is composed of Slawomir Krupa, Chief Executive Officer, two Deputy Chief Executive Officers
Philippe Aymerich and Pierre Palmieri, and a new Executive Committee with talented women and men recognized in their
area of expertise:
• Anne-Christine Champion, Co-Head of Global Banking and Investor Solutions
• Anne-Sophie Chauveau-Galas, Group Chief Human Resources Officer
• Marie-Christine Ducholet, Head of the SG French Retail Banking Network
• Claire Dumas, Group Chief Financial Officer
• Alexandre Fleury, Co-Head of Global Banking and Investor Solutions
• Delphine Garcin-Meunier, Head of Mobility, International Retail Banking & Financial Services
• Stéphane Landon, Group Chief Risk Officer
• Laura Mather, Group Chief Operating Officer
• Laetitia Maurel, Group Chief Communication Officer
• Grégoire Simon-Barboux, Group Chief Compliance Officer
49
Presentation of the organization since May 2023
Update of page 70 of the 2023 Universal Registration Document (“URD”)
Presentation of the organisation

(since May 2023)
Update of page 71 of the 2023 Universal Registration Document, « Organisation of the governance » is
amended as follows:
Organisation of the governance

(since 23 May 2023)
On 15 January 2015, the Board of Directors decided that, in accordance with Article L. 511-58 of the French Monetary and
Financial Code (Code monétaire et financier), the offices of Chairman and Chief Executive Officer would be separated
following the General Meeting of 19 May 2015.
Lorenzo Bini Smaghi was appointed Chairman of the Board of Directors on 19 May 2015 and has been reappointed
Chairman on 17 May 2022.
On 23 May 2023, the Board of Directors appointed Mr Slawomir Krupa as Chief Executive Officer in place of M. Frédéric
Oudéa. He is assisted by two Deputy Chief Executive Officers. Their scopes of supervision are described on the next page
of this URD updated by this 2nd amendment.
50
Update of page 105 of the 2023 Universal Registration Document:
Organisation of General Management since May 2023
(since 23 mai 2023)
General Management oversees the Company and acts as its representative with respect to third parties. It comprises the
Chief Executive Officer, Slawomir Krupa, who is assisted by two Deputy Chief Executive Officers:
 Slawomir Krupa is in charge of supervising the risk control function, in addition to Inspection and Audit, Finance
function and Global Banking & Investor Solutions businesses;
 Philippe Aymerich, Deputy Chief Executive Officer, in office since 14 May 2018, has been, since 23 May 2023, more
specifically in charge of supervising the Group’s resources, other than human resources, the General Secretariat,
Communication, Retail Banking activities in France, including Innovation, Technologies & IT (ITIM), Private
Banking and Insurance;
 Pierre Palmieri, Deputy Chief Executive Officer, has been in office since 23 May 2023, specifically in charge of
supervising the compliance control function, Corporate Social Responsibility, Human Resources, International
Retail Banking activities and Financial Services.
Update of pages 106 and 107 of the 2023 Universal Registration Document:
Presentation of the members of General Management
Information about Frédéric Oudéa and Diony Lebot are no more relevant as they left their respective offices as Chief
Executive Officer and Deputy Chief Executive Officer following the Board of Directors of 23 May 2023.
Details on the new members of the General Management are provided in the press release on the General Meeting and the
Board of Directors dated 23 May 2023, excerpts of which are in this 2nd amendment to the URD
Update of page 108 of the 2023 Universal Registration Document

Governance bodies
GROUP EXECUTIVE COMMITTEE (GROUP EXCO)
The Group Executive Committee is the senior executive management governance body. It assists General Management
in the oversight and management of SG’s business, operations, functions, and affairs.
The Group Executive Committee is composed of:

• Slawomir KRUPA, Chief Executive Officer
• Philippe AYMERICH, Deputy Chief Executive Officer
• Pierre PALMIERI, Deputy Chief Executive Officer
• Anne-Christine CHAMPION, Co-Head of Global Banking and Investor Solutions
• Anne-Sophie CHAUVEAU-GALAS, Group Chief Human Resources Officer
• Marie-Christine DUCHOLET, Head of the SG French Retail Banking Network
• Claire DUMAS, Group Chief Financial Officer
• Alexandre FLEURY, Co-Head of Global Banking and Investor Solutions
51
• Delphine GARCIN-MEUNIER, Head of Mobility, International Retail Banking & Financial Services
• Stéphane LANDON, Group Chief Risk Officer
• Laura MATHER, Group Chief Operating Officer
• Laetitia MAUREL, Group Chief Communication Officer
• Grégoire SIMON-BARBOUX, Group Chief Compliance Officer
In addition to the Group-level committees chaired by General management, there are also other committees chaired by
the Group heads of Service Units that review Group-level topics and complement the risk management framework
established by General Management.
52
Update of page 109 and 110 of the 2023 Universal Registration Document
GENERAL MANAGEMENT COMMITTEE (AS OF 1ST JULY 2023)
The Group General Management committee comprises 61 executives belonging to the Service Units and Business Units.
They are all appointed by the Chief Executive Officer. The Group Management committee meets at least once every
quarter. During its meeting Committee members discuss strategy and issues of general interest to the Group.
The list of participants is described below:
Name Main function within the Societe Generale Group
Group General Management Committee
members
Slawomir KRUPA* Chief Executive Officer
Philippe AYMERICH* Deputy Chief Executive Officer
Pierre PALMIERI* Deputy Chief Executive Officer
David ABITBOL Head of Global Transaction and Payment Services
Stéphane ABOUT Chief Executive Officer of Societe Generale Americas
Tim ALBERTSEN Chief Executive Officer of ALD Automotive
Deputy Head of International Retail Banking for Africa, the Mediterranean
Philippe AMESTOY
Basin & Overseas
Group Country Head for the United Kingdom and Ireland and CEO of
Thierry D’ARGENT
Societe Generale London Branch
Pascal AUGÉ Advisor to the Head of the Inspection and Audit division
Cécile BARTENIEFF Chief Executive Officer for Societe Generale Asia Pacific
François BLOCH Chief Executive Officer of BRD
Ingrid BOCRIS Deputy Chief Executive Officer of Societe Generale Assurances
Gilles BRIATTA Group General Secretary
Claire CALMEJANE Group Chief Innovation Officer
Co-Head of Global Markets and Head of Fixed Income, Credit and
Sylvain CARTIER
Currencies
Anne-Christine CHAMPION* Co-Head of Global Banking and Investor Solutions
Anne-Sophie CHAUVEAU-GALAS* Group Chief Compliance Officer
Bertrand COZZAROLO Head of Societe Generale Private Banking
Antoine CREUX Chief Security Officer
Geoffroy DALLEMAGNE Global Head of Permanent Control and Internal Control Coordination
Chief Operating Officer of SG Retail Banking Network and Head of ITIM
Bruno DELAS
(Innovation, Technologies & IT)
Jean-François DESPOUX Deputy Head of Risk
Marie-Christine DUCHOLET* Head of the SG French Retail Banking Network
Claire DUMS* Group Chief Financial Officer
Alexandre FLEURY* Co-Head of Global Banking and Investor Solutions
Delphine GARCIN-MEUNIER* Head of Mobility, International Retail Banking & Financial Services
Aurore GASPAR COLSON Deputy Head of SG French Retail Banking Network
Carlos GONÇALVES Global Chief Information Officer
53
Name Main function within the Societe Generale Group
Head of Corporate & Investment Banking, Securities Services and Group
Donato GONZALES-SANCHEZ
Country Head for Spain and Portugal
Head of International Retail Banking for Africa, the Mediterranean Basin
Laurent GOUTARD
& Overseas
Benoît GRISONI Chief Executive Officer of Boursorama
Eric GROVEN Head of the Real Estate division of SG French Retail Banking Network
Alvaro HUETE Deputy Head of Global Banking and Advisory
Group Country Head for Luxembourg and CEO of Societe Generale
Arnaud JACQUEMIN
Luxembourg
Chairman of the Board and CEO of Komerční banka and Group Country
Jan JUCHELKA
Head for the Czech Republic and Slovakia
Stéphane LANDON* Group Chief Risk Officer
Christophe LATTUADA Chief Operating Officer of Global Banking & Investor Solutions
Christophe LEBLANC Head of the Group Operational Resilience Mission
Diony LEBOT Advisor to the General Management
Véronique LOCTIN Head of CSR for SG French Retail Banking Network
Xavier LOFFICIAL Deputy Chief Financial Officer of the Group
Michala MARCUSSEN Group Chief Economist and Head of Economic and Sectorial Research
Group Country Head for Switzerland and Chief Executive Officer of
Anne MARION-BOUCHACOURT
Societe Generale Zurich
Laura MATHER* Chief Operating Officer du Groupe
Laetitia MAUREL* Group Chief Operating Officer
Alexandre MAYMAT Head of the Inspection and Audit division
Hatem MUSTAPHA Co-Head of Global Markets and Head of Equities et Equity Derivatives
Yann DE NANTEUIL Deputy Head of SG French Retail Banking Network
Mai NGUYEN Deputy Chief Executive Officer of Societe Generale Assurances
Philippe PERET Head of the Insurance businesses
Ilya POLYAKOV Deputy Head of Global Banking and Advisory
Hacina PY Group Chief Sustainability Officer
John SAFRETT Deputy Chief Executive Officer of ALD Automotive
Odile DE SAIVRE Chief Executive Officer of Societe Generale Equipment Finance
Demetrio SALORIO Head of Global Banking and Advisory
Grégoire SIMON-BARBOUX* Group Chief Communication Officer
Giovanni-Luca SOMA Head of International Retail Banking for Europe
Mathieu VEDRENNE Head of Societe Generale Private Banking France
Alain VOIMENT Chief Technology Officer for the Group
Deputy Head of International Retail Banking for Africa, the Mediterranean
Georges WEGA
Basin & Overseas
Group Country Head for Germany and Austria and Head of Societe
Guido ZOELLER
Generale Corporate & Investment Banking activities in Germany
* Executive Committee Member
54
4. RISKS AND CAPITAL ADEQUACY
4.1 Risk factors

Update of pages 163 to 174 of the 2023 Universal Registration Document
The numbering of the risk factors is unchanged from that published in the 2023 Universal Registration Document. Risk
factors not mentioned in this amendment are deemed unchanged.
4.1.1 Risks related to the macroeconomic, geopolitical, market and regulatory

environments
4.1.1.2 The Group’s failure to achieve its strategic and financial objectives disclosed to the market could
have an adverse effect on its business and results of operations.
The Group is fully on track to achieving its strategic milestones and has set targets for profitable and sustainable growth
by 2025 with:
▪ average annual revenue growth of 3% or greater over the 2021-2025 period by focusing on growth in the most profitable
businesses;
▪ an improved cost to income ratio equal to or lower than 62% in 2025 and ROTE of 10% based on a targeted CET1 ratio of
12% in 2025;
▪ disciplined management of scarce resources, in addition to keeping a tight rein on risks, will help strengthen and
improve the quality of the Bank’s balance sheet;
▪ stringent loan portfolio management with cost of risk of around 30 basis points in 2025;
▪ increased use of new technologies and digital transformation;
▪ commitments in Environmental, Social and Governance areas.
More precisely, the Group’s “Vision 2025” project involves a merger between the Retail Banking network of Societe
Generale in France and Crédit du Nord. Although this project has been designed to achieve controlled execution, the
merger could have a short-term material adverse effect on the Group’s business, financial position and costs.The project
could lead to some staff departures, requiring replacements and training efforts which could potentially generate
additional costs. The merger could also lead to the departure of some of the Group’s customers, resulting in loss of
revenue.
Following ALD’s announcement on 6 January 2022 of its plan to acquire LeasePlan, Societe Generale and ALD announced
on 22 May 2023 the completion of the acquisition of 100% of LeasePlan's share capital by ALD, with the aim of creating a
global leader in mobility solutions. The years 2023 and 2024 will be an intermediate period, with the implementation of
gradual integrations. From 2025 onwards, the new entity will make the transition to the target business model, including
the implementation and stabilization of IT and operational processes. If the integration plan is not carried out as expected
or within the planned schedule, this could have adverse effects on ALD, particularly by generating additional costs, which
could have a negative impact on the Group's activities and results.
The Group also announced in November 2022 the signing of a letter of intent with AllianceBernstein to combine the equity
research and execution businesses in a joint venture to create a leading global franchise in these activities. This
announcement was followed by the signature of an acquisition agreement in early February 2023.
The conclusion of final agreements on these strategic transactions depends on several stakeholders and, accordingly, is
subject to a degree of uncertainty (legal terms, delays in the integration process of LeasePlan or in the merger of the Crédit
du Nord agencies).
Societe Generale has placed Environmental, Social and Governance (ESG) at the heart of its strategy in order to contribute
to positive transformations in the environment and the development of local regions. In this respect, the Group has made
a certain number of commitments (see Chapter 2, page 46 and following and Chapter 5, page 291 and following of the 2023
URD). Failure to comply with these commitments, and those that the Group may make in the future, could entail legal and
reputation risks. Furthermore, the rollout of these commitments may have an impact on the Group's business model. Last,
failure to make specific commitments, particularly in the event of changes in market practices, could also generate
reputation and strategic risks.
55
The Group may face execution risk on these strategic projects, which are to be carried out simultaneously. Any difficulty
encountered during the process of integrating the activities (particularly from a human resources standpoint) is likely to
generate higher integration costs and lower-than-anticipated savings, synergies and benefits. Moreover, the process of
integrating the acquired operational businesses into the Group could disrupt the operations of one or more of its
subsidiaries and divert General Management’s attention, which could have a negative impact on the Group’s business and
results.
4.1.1.3 The Group is subject to an extended regulatory framework in each of the countries in which it
operates and changes to this regulatory framework could have a negative effect on the Group’s
businesses, financial position and costs, as well as on the financial and economic environment in which
it operates.
The Group is subject to the laws of the jurisdictions in which it operates. This includes French, European and US legislation
as well as other local laws in light of the Group’s cross-border activities, among other factors. The application of existing
laws and the implementation of future legislation require significant resources that could affect the Group’s performance.
In addition, possible failure to compliance with laws could lead to fines, damage to the Group’s reputation and public
image, force the suspension of its operations or, in extreme cases, the withdrawal of operating licences.
Among the laws that could have a significant influence on the Group:
▪ several regulatory changes are still likely to significantly alter the framework for Market activities: (i) the possible
strengthening of transparency constraints related to the implementation of the new requirements and investor
protection measures (review of MiFID II/MiFIR, IDD, ELTIF (European Long-Term Investment Fund Regulation)), (ii) the
implementation of the fundamental review of the trading book, or FRTB, which may significantly increase requirements
applicable to European banks and (iii) possible relocations of clearing activities could be requested, despite the
European Commission’s decision of 8 February 2022 to extend the equivalence granted to UK central counterparties
until 30 June 2025;
▪ new requirements resulting from the EU banking regulation reform proposal presented on 27 October 2021 by the
European Commission. The reform consists of several legislative instruments to amend the directive on capital
requirements (European Parliament and EU Council, Directive 2013/36/EU, 26 June 2013) as well as the regulation on
capital requirements (CRR) (European Parliament and EU Council, regulation (EU) No. 575/2013, 26 June 2013);
▪ in the United States, the implementation of the Dodd-Frank Act has almost been finalised. The Securities and Exchange
Commission’s (SEC) regulations relating to security-based swap dealers have been implemented and Societe Generale
has been registered with the SEC as a Securities Based Swap Dealer;
▪ european measures aimed at restoring banks’ balance sheets, especially through active management of non-performing
loans (“NPLs”), which are leading to a rise of prudential requirements and an adaptation of the Group’s strategy for
managing NPLs. More generally, additional measures to define a framework of good practices for granting (e.g., loan
origination orientations published by the European Banking Authority) and monitoring loans could also have an impact
on the Group;
▪ the strengthening of data quality and protection requirements and a future strengthening of cyber-resilience
requirements in relation to the adoption by the Council on 28 November 2022, which completes the legislative process,
of the European directive and regulation package on digital operational resilience for the financial sector;
▪ the implementation of European regulatory frameworks related to due diligence under the so-called "CSDD" directive
(Corporate Sustainability Due Diligence), as well as to sustainable finance, with an increase in non-financial reporting
obligations, particularly under the CSRD directive (Corporate Sustainability Reporting Directive), enhanced inclusion of
environmental, social and governance issues in risk management activities and the inclusion of such risks in the
supervisory review and assessment process (Supervisory Review and Evaluation Process, or SREP);
▪ the strengthening of the crisis prevention and resolution regime set out in the Bank Recovery and Resolution Directive
of 15 May 2014 (“BRRD”), as revised, which gives the Single Resolution Board (“SRB”) the power to initiate a resolution
procedure towards a credit institution when the point of non-viability is considered reached. In this context, the SRB
could, in order to limit the cost to the taxpayer, force some creditors and the shareholders of the Group to incur losses
in priority. Should the resolution mechanism be triggered, the Group could, in particular, be forced to sell certain of its
activities, modify the terms and conditions of the remuneration of its debt instruments, issue new debt instruments,
accept a depreciation of its debt instruments or convert them into equity securities.
▪ the European Commission's initiative, published on 18 April 2023, aiming to strengthen the framework for bank crisis
management and deposit insurance (CMDI)
▪ the strategy for retail investors presented by the European Commission on 24 May 2023, aiming to prioritize the interests
of retail investors and enhance their confidence in the EU Capital Markets Union.
New legal and regulatory obligations could also be imposed on the Group in the future, such as:
56
▪ the ongoing implementation in France of consumer-oriented measures affecting retail banking,
▪ the potential requirement at the European level to open more access to banking data to third-party service providers,
▪ new obligations arising from a package of proposed measures announced by the European Commission on 20 July 2021
aiming to strengthen the European supervisory framework around the fight against money laundering and terrorist
financing, as well as the creation of a new European agency to fight money laundering;
▪ from 2023, new regulatory texts will enter into force concerning rate risk of Banking Book (stress on IM, caps/limits on
maturity of deposits flows, etc.) and credit rate of banking portfolio. These new texts could constrain certain aspects of
rate and credit risk monitoring.
The Group is also subject to complex tax rules in the countries where it operates. Changes in applicable tax rules,
uncertainty regarding the interpretation of certain evolutions or their effects may have a negative impact on the Group’s
business, financial position and costs.
Moreover, as an international bank that handles transactions with US persons, denominated in US dollars, or involving US
financial institutions, the Group is subject to US regulations relating in particular to compliance with economic sanctions,
the fight against corruption and market abuse. More generally, in the context of agreements with US and French
authorities, the Group largely implemented, through a dedicated programme and a specific organisation, corrective
actions to address identified deficiencies and strengthen its compliance programme. In the event of a failure to comply
with relevant US regulations, or a breach of the Group’s commitments under these agreements, the Group could be
exposed to the risk of (i) administrative sanctions, including fines, suspension of access to US markets, and even
withdrawals of banking licences, (ii) criminal proceedings, and (iii) damage to its reputation.
4.1.1.6 The Group is subject to regulations relating to resolution procedures, which could have an
adverse effect on its business and the value of its financial instruments.
The BRRD and Regulation (EU) No. 806/2014 of the European Parliament and of the Council of the European Union of
15 July 2014 (the Single Resolution Mechanism, or “SRM”) define, respectively, a European Union-wide framework and a
Banking Union-wide framework for the recovery and resolution of credit institutions and investment firms. The BRRD
provides the authorities with a set of tools to intervene early and quickly enough in an institution considered to be failing
so as to ensure the continuity of the institution’s essential financial and economic functions while reducing the impact of
the failure of an institution on the economy and the financial system (including the exposure of taxpayers to the
consequences of the failure). Within the Banking Union, under the SRM Regulation, a centralised resolution authority is
established and entrusted to the SRB and national resolution authorities.
The powers granted to the resolution authority under the BRRD and the SRM Regulations include write-down/conversion
powers to ensure that capital instruments and eligible liabilities absorb the Group’s losses and recapitalise it in accordance
with an established order of priority (the “Bail-in Tool”). Subject to certain exceptions, losses are borne first by the
shareholders and then by the holders of additional Tier 1 and Tier 2 capital instruments, then by the non-preferred senior
debt holders and finally by the senior preferred debt holders, all in the order of their claims in a normal insolvency
proceeding. The conditions for resolution provided by the French Monetary and Financial Code implementing the BRRD
are deemed to be met if: (i) the resolution authority or the competent supervisory authority determines that the institution
is failing or likely to fail; (ii) there is no reasonable perspective that any measure other than a resolution measure could
prevent the failure within a reasonable timeframe; and (iii) a resolution measure is necessary to achieve the resolutions’
objectives (in particular, ensuring the continuity of critical functions, avoiding a significant negative effect on the financial
system, protecting public funds by minimising the recourse to extraordinary public financial support, and protecting
customers’ funds and assets) and the winding up of the institution under normal insolvency proceedings would not meet
these objectives to the same extent.
The resolution authority could also, independently of a resolution measure or in combination with a resolution measure,
proceed with the write-down or conversion of all or part of the Group’s capital instruments (including subordinated debt
instruments) into Common Equity Tier 1 (CET1) instruments if it determines that the Group will no longer be viable unless
it exercises this write-down or conversion power or if the Group requires extraordinary public financial support (except
where the extraordinary public financial support is provided in the form defined in Article L. 613-48 III, paragraph 3 of the
French Monetary and Financial Code).
The Bail-in Tool could result in the write-down or conversion of capital instruments in whole or in part into ordinary shares
or other ownership instruments.
In addition to the Bail-in Tool, the BRRD provides the resolution authority with broader powers to implement other
resolution measures with respect to institutions that meet the resolution requirements, which may include (without
limitation) the sale of the institution’s business segments, the establishment of a bridge institution, the split of assets, the
replacement or substitution of the institution as debtor of debt securities, changing the terms of the debt securities
(including changing the maturity and/or amount of interest payable and/or the imposition of a temporary suspension of
57
payments), the dismissal of management, the appointment of a provisional administrator and the suspension of the listing
and admission to trading of financial instruments.
Before taking any resolution action, including the implementation of the Bail-in Tool, or exercising the power to write down
or convert relevant capital instruments, the resolution authority must ensure that a fair, prudent and realistic valuation of
the institution’s assets and liabilities is made by a third party independent of any public authority.
The application of any measure under the French implementing provisions of the BRRD or any suggestion of such
application to the Group could have a material adverse effect on the Group’s ability to meet its obligations under its
financial instrument and, as a result, holders of these securities could lose their entire investment.
In addition, if the Group’s financial condition deteriorates, the existence of the Bail-in Tool or the exercise of write-down
or conversion powers or any other resolution tool by the resolution authority (independently of or in combination with a
resolution) if it determines that Societe Generale or the Group will no longer be viable could result in a more rapid decline
in the value of the Group’s financial instruments than in the absence of such powers.
4.1.2 CREDIT AND COUNTERPARTY CREDIT RISKS

Weighted assets (RWA) in relation to credit and counterparty risks amounted to EUR 324.6 billion at 30 June
2023.
4.1.2.2 The financial soundness and conduct of other financial institutions and market
participants could have an adverse effect on the Group’s business.
Financial institutions and other market players (commercial or investment banks, credit insurers, mutual funds,
alternative funds, institutional clients, clearing houses, investment service providers, etc.) are important counterparties
for the Group in capital or inter-bank markets. Financial services institutions and financial players are closely interrelated
as a result of trading, clearing and funding relationships. In addition, there is a growing involvement in the financial
markets of players with little or no regulation (hedge funds, for example). As a result, defaults by one or several actors in
the sector or a crisis of confidence affecting one or more actors could result in market-wide liquidity scarcity or chain
defaults, which would have an adverse effect on the Group’s activity but which is subject to a specific framework.
Developments in the financial markets, and in particular the rise in interest rates compounded by high volatility, could also
weaken or even cause the default of certain financial actors, thereby increasing liquidity risk and the cost of funding. In
addition, certain financial actors could experience operational or legal difficulties in the unwinding or settlement of certain
financial transactions.
The Group is exposed to clearing institutions and their members because of the increase in transactions traded through
these institutions, induced in part by regulatory changes that require mandatory clearing for over-the-counter derivative
instruments standardised by these clearing counterparties. The Group’s exposure to clearing houses amounted to
EUR 32.7 billion of EAD on 31 December 2022. The default of a member of a clearing institution12 could generate losses
for the Group and have an adverse effect on the business and results of the Group. These risks are also subject to specific
monitoring and supervision.
The Group is also exposed on assets held as collateral for credit or derivatives instruments, with the risk that, in the event
of failure of the counterparty, some of these assets may not be sold or that their disposal price may not cover the entire
exposure in credit and counterparty risks. These assets are subject to periodic monitoring and a specific management
framework.
4.1.3 MARKET AND STRUCTURAL RISKS

Market risk corresponds to the risk of impairment of financial instruments resulting from changes in market parameters,
the volatility of these parameters and the correlations between these parameters. The concerned parameters include
exchange rates, interest rates, as well as the prices of securities (shares, bonds) and commodities, derivatives and any
other assets.
4.1.3.2 Changes and volatility in the financial markets may have a material adverse effect on the Group’s
business and the results of market activities.
In the course of its activities, the Group takes trading positions in the debt, currency, commodities and stock markets, as
well as in unlisted shares, real estate assets and other types of assets including derivatives. The Group is thus exposed to
“market risk”. Volatility in the financial markets can have a material adverse effect on the Group’s market activities. In
particular:
12
The Group is also exposed to the risk of default of a clearing institution, which would be a major/systemic event considered to be less
likely.
58
▪ significant volatility over a long period of time could lead to corrections on risky financial assets (and especially on the
riskiest assets) and generate losses for the Group;
▪ a sudden change in the levels of volatility and its structure, or alternative short-term sharp declines and fast rebounds
in markets, could make it difficult or more costly to hedge certain structured products and thus increase the risk of loss
for the Group.
Severe market disruptions and high market volatility have occurred in recent years and may occur again in the future,
which could result in significant losses for the Group’s markets activities. Such losses may extend to a broad range of
trading and hedging products, notably on derivative instruments, both vanilla and structured.
In the event that a much lower-volatility environment emerges, reflecting a generally optimistic sentiment in the markets
and/or the presence of systematic volatility sellers, increased risks of correction may also develop, particularly if the main
market participants have similar positions (market positions) on certain products. Such corrections could result in
significant losses for the Group’s market activities. The volatility of the financial markets makes it difficult to predict trends
and implement effective trading strategies; it also increases risk of losses from net long positions when prices decline and,
conversely, from net short positions when prices rise. The realisation of any such losses could have a material adverse
effect on the Group’s results of operations and financial position.
Similarly, the sudden decrease in, or even the cancellation of, dividends, as experienced during the Covid-19 pandemic,
and changes in the correlations of different assets of the same class, could affect the Group’s performance, with many
activities being sensitive to these risks.
A prolonged slowdown in financial markets or reduced liquidity in financial markets could make asset disposals or position
manoeuvrability more difficult, leading to significant losses. In many of the Group’s activity segments, a prolonged decline
in financial markets, particularly asset prices, could reduce the level of activity in these markets or their liquidity. These
variations could lead to significant losses if the Group were unable to quickly unwind the positions concerned, adjust the
coverage of its positions, or if the assets held in collateral could not be divested, or if their selling prices did not cover the
Group’s entire exposure on defaulting loans or derivatives.
The assessment and management of the Group’s market risks are based on a set of risk indicators that make it possible to
evaluate the potential losses incurred at various time horizons and given probability levels, by defining various scenarios
for changes in market parameters impacting the Group’s positions. These scenarios are based on historical observations
or are hypothetically defined. However, these risk management approaches are based on a set of assumptions and
reasoning that could turn out to be inadequate in certain configurations or in the case of unexpected events, resulting in a
potential underestimation of risks and a significant negative effect on the results of the Group’s market activities.
Furthermore, in the event of a deterioration of the market situation, the Group could experience a decline in the volume
of transactions carried out on behalf of its customers, leading to a decrease in the revenues generated from this activity
and in particular in commissions received.
The first signs of slowing inflation, accompanied by a normalisation in monetary policies of certain central banks, has led
to an improvement in overall sentiment of the financial markets and the appreciation of risky assets during the first half
of 2023. However, the deterioration of certain macroeconomic and financial indicators suggests a possible recession in
Europe and the US by the end of the year. This could have a significant negative impact on the Group’s market activities
and results. Finally, financial markets outlook remains uncertain due in part to inflationary pressures, to a turbulent
geopolitical context and to turmoil within the global banking sector.
For information purposes, Global Markets & Investor Services activities represented EUR 3.4 billion of net banking income
in 2023, or 27% of the Group’s total revenues. At 30 June 2023, risk-weighted assets (RWA) in relation to market risk
represented EUR 11.6 billion (3% of the Group’s total RWA).
4.1.3.4 Adjustments to the carrying amount of the Group's securities and derivatives portfolios and of
its debt could have an impact on its net income and shareholders' equity.
The carrying amount of Societe Generale's securities portfolios, derivatives and certain other assets, as well as its own
debt recorded in its balance sheet, is adjusted at each financial statement reporting date.
Most adjustments are made on the basis of changes in the fair value of the Group's assets or liabilities during the financial
year, and changes are recorded either in the income statement or directly in shareholders' equity.
Variations recorded in the income statement, to the extent that they are not offset by opposite variations in the value of
other assets, affect the Group's consolidated results and consequently its net income.
All fair value adjustments have an impact on shareholders' equity and, consequently, on the Group's prudential ratios.
A downward adjustment in the fair value of the Group's securities and derivatives portfolios may result in a decrease in
shareholders' equity and, to the extent that such an adjustment is not offset by reversals affecting the value of the Group's
liabilities, the Group's prudential capital ratios might also be lowered.
59
The fact that fair value adjustments are recorded over one financial period does not mean that additional adjustments will
not be required in later periods.
As of 30 June 2023, on the assets side of the balance sheet, financial instruments valued at fair value through profit or loss,
hedging derivative instruments and financial assets at market value through shareholders’ equity amounted to EUR 496
billion, EUR 31 billion and EUR 91 billion, respectively. On the liabilities side, financial instruments valued at fair value
through profit or loss and hedging derivative instruments amounted respectively to EUR 381 billion and EUR 44 billion on
30 June 2023.
4.1.4 LIQUIDITY AND FUNDING RISKS

4.1.4.2 The Group’s access to financing and the cost of this financing could be negatively affected in the
event of a resurgence of financial crises or deteriorating economic conditions.
In past crises (such as the 2008 financial crisis, the eurozone sovereign debt crisis, the tensions on the financial markets
linked to the Covid-19 pandemic before the intervention of the central banks, or more recently the tensions linked to the
crisis in Ukraine), access to financing from European banks was intermittently restricted or subject to less favorable
conditions.
If unfavorable debt market conditions were to reappear following a new systemic or Group-specific crisis, the effect on the
liquidity of the European financial sector in general and on the Group in particular could be very significantly unfavorable
and could have an adverse impact on the Group’s operating results as well as its financial position.
For several years, central banks have taken measures to facilitate financial institutions’ access to liquidity, in particular by
lowering interest rates to historical lows and by setting up TLTRO (Targeted Longer-Term Refinancing Operations) type
facilities and by implementing asset purchase policies to keep long-term interest rates at very low levels. In a context of
higher inflation, central banks (notably the ECB and the US Federal Reserve) have begun to phase out these
accommodating policies in particular with the end of the TLTRO mechanism and the first repayments thereof. In this
context, the Group could face an unfavorable evolution of its financing cost and access to liquidity.
In addition, if the Group were unable to maintain a satisfactory level of deposits from its customers, it could be forced to
resort to more expensive financing due to rising interest rates, which would reduce its net interest margin as well as its
results.
The Group’s regulatory short-term liquidity coverage ratio (LCR) stood at 152% at 30 June 2023 and liquidity reserves
amounted to EUR 284 billion at 30 June 2023.
4.1.5 EXTRA-FINANCIAL RISKS (INCLUDING OPERATIONAL RISKS) AND MODEL RISKS

At 30 June 2023, risk-weighted assets in relation to operational risk amounted to EUR 48.8 billion, or 13% of the Group’s
total RWA. These risk-weighted assets relate mainly to Global Markets & Investor Services (59% of total operational risk).
Between 2018 and 2022, the Group’s operational risks were primarily concentrated in five risk categories, representing
94% of the Group’s total operating losses observed over the period: fraud (mainly external frauds) and other criminal
activities (33%), execution errors (24%), disputes with authorities (15%), errors in pricing or risk assessment, including
model risk (13%) and commercial disputes (9%). The Group’s other categories of operational risk (unauthorised activities
in the markets, loss of operating resources and failure of information systems) remain minor, representing on average 6%
of the Group’s losses between 2018 and 2022.
See Chapter 4.10.3 “Operational risk measurement” of the 2023 Universal Registration Document for more information on
the allocation of operating losses.
4.1.5.5 Reputational damage could harm the Group’s competitive position, its activity and financial
condition.
An organisation benefits from a good reputation when its activities and services meet or exceed the expectations of its
stakeholders, both external (customers, investors, shareholders, regulators, supervisors, suppliers, opinion leaders such
as NGOs, etc.) and internal (employees).
The Group’s reputation for financial strength and integrity is critical to its ability to foster loyalty and develop its
relationships with clients and other counterparties in a highly competitive environment. Any reputational damage could
result in loss of activity with its customers or a loss of confidence on the part of its stakeholders, which could affect the
Group’s competitive position, its business and its financial condition.
Therefore, failure by the Bank to comply with the relevant regulations and to meet its commitments, especially those
relating to CSR, could damage the Group's reputation.
60
Failure to comply with the various internal rules and Codes 13, which aim to anchor the Group's values in terms of ethics
and responsibility, could also have an impact on the Group's image.
For more information about reputation risk please see section 4.11 “Compliance risk”, 4.1.4 “Liquidity and funding risks”,
and 4.1.5 “Extra-financial risks (including operational risks) and model risks” of the 2023 Universal Registration Document.
4.1.5.7 The models, in particular the Group’s internal models, used in strategic decision-making and in
risk management systems could fail, face delays in deployment or prove to be inadequate and result in
financial losses for the Group.
Internal models used within the Group could prove to be deficient in terms of their conception, calibration, use or
monitoring of performance over time in relation to operational risk and therefore could produce erroneous results, notably
with financial consequences. The faulty use of so-called artificial intelligence techniques in the conception of these models
could also generate erroneous results.
In particular:
▪ the valuation of certain financial instruments that are not traded on regulated markets or other trading platforms, such
as OTC derivative contracts between banks, uses internal models that incorporate unobservable parameters. The
unobservable nature of these parameters results in an additional degree of uncertainty as to the adequacy of the
valuation of the positions. In the event that the relevant internal models prove unsuitable for changing market
conditions, some of the instruments held by the Group could be misvalued and could generate losses for the Group. For
illustrative purposes, financial assets and liabilities measured at fair value on the balance sheet categorised within
level 3 (for which the valuation is not based on observed data) represented EUR 14.7 billion and EUR 43.4 billion,
respectively, as of 31 December 2022 (see Note 3.4.1 and Note 3.4.2 of Chapter 6 of the consolidated financial statements
included in the 2023 Universal Registration Document on financial assets and liabilities measured at fair value);
▪ the assessment of client solvency and the Bank’s exposure to credit risk and counterparty risk is generally based on
historical assumptions and observations that may prove to be inappropriate in light of new economic conditions. It is
based on economic scenarios and projections that may not adequately anticipate unfavorable economic conditions or
the occurrence of unprecedented events. This miscalculation could, among other things, result in an under-valuation
and an under-provisioning of risks and an incorrect assessment of capital requirements;
▪ hedging strategies used in market activities rely on models that include assumptions about the changes of market
parameters and their correlation, partly inferred from historical data. These models could be inappropriate in certain
market environments (in the event of a large-scale armed conflict, strong movements in volatility resulting, for example,
from a pandemic, or tensions between the United States and China, in the Middle East or in Africa), leading to an
ineffective hedging strategy, thus causing unanticipated losses that could have a material adverse effect on the Group’s
results and financial position;
▪ hedging strategies to manage the interest-rate and liquidity risks of retail banking activities, particularly those in France,
use models that include behavioural assumptions. These models are partly based on historical observations the
purpose of which is to identify likely client behaviour as well as changes in the interest rate terms offered to customers
in relation to their banking products in specific interest rate scenarios. That said, they may be unsuitable for certain
specific or new market configurations (for example, sharp increases and decreases), in which movements in market rates
would not impact customer rates (Livret A/LDD, CSL, etc.) as anticipated by business lines, and would therefore
temporarily make the resulting hedging strategies inappropriate, thereby potentially harming bank revenues.
Assumptions about the impact of movements in market rates on customer rates are currently being revised following
the sharp rise in rates in 2022.
In addition, the Group has introduced changes to its internal credit risk model framework (dubbed the “Haussmann
project”), the first milestones of which have been reached. These changes could have a significant impact on the
calculation of its RWA credit and counterparty risk in the event of timetable delays when submitting its models to the
supervisor or in the event of the late validation by the supervisor.
4.1.6 RISK ON LONG-TERM LEASING ACTIVITIES

On the mobility market, due to the shortage of new car supply, demand for used vehicles has risen, pushing up resale
prices sharply. As a result, ALD has recorded a historically high result on used vehicle sales for the past year. Nonetheless,
ALD expects this exceptional situation to recede and the new car market to gradually normalise by the end of 2023. The
Group is exposed to a potential loss in a financial year from (i) resale of vehicles related to leases which expire during the
period whose resale value is lower than their net carrying amount and (ii) additional impairment during the lease period
if residual value drops below contractual residual value. Future sales and estimated losses are impacted by external factors
13
Internal Rules, “Code of Conduct”, ”Anti-corruption and Influence Peddling Code”, “Code of Tax Conduct” and, more generally, the
Group's standards.
61
such as macroeconomic conditions, government policies, tax and environmental regulations, consumer preferences, new
vehicle prices, etc.
4.2 . Regulatory ratios

4.2.1 Prudential ratio management – Update of pages 195 and following of the 2023
Universal Registration Document
During the first half of 2023, Societe Generale notably issued, in EUR equivalent, 1 billion of Additional Tier 1, 1.9 billion of
Tier 2 bonds, 3.7 billion of senior vanilla non-preferred bonds, EUR 5.1 billion of senior vanilla preferred bonds and 2.6
billion of covered bonds. In addition, during this period, Societe Generale redeemed at the first call date two Tier 2 private
placements for a total of JPY 13 billion (equivalent to EUR 90 million) issued in 2018.
4.2.2 Extract from the presentation dated 30 June 2023: Second quarter and first half
2023 results (and supplements)
RISK-WEIGHTED ASSETS* (CRR2/CRD5, in EUR bn)
Update of the page 203 of the 2023 Registration Document

385.0
369.3
361.0
48.8
136.6
126.8 121.5 120.7 45.6
46.0
110.0 105.5 107.1 110.4 113.7 7.4
11.6
4.6 0.1 28.9
5.0 5.1 4.5 29.0 29.0 13.0
5.1 12.7
0.1 0.1 0.2
0.0 0.0 11.8 11.3 10.5
129.1 324.6
104.9 100.4 102.1 105.8 108.9 310.6 302.3
86.0 81.2 81.3 22.0 20.3 20.5
7.1 7.4 7.4
1.0
14.0 1.2 1.0
11.8 12.1
Q2 22 Q1 23 Q2 23 Q2 22 Q1 23 Q2 23 Q2 22 Q1 23 Q2 23 Q2 22 Q1 23 Q2 23 Q2 22 Q1 23 Q2 23
French Retail International Retail Global Banking and Corporate Centre Group
Banking Banking and Investor Solutions
Financial Services
* Phased-in Risk-Weighted Asset including IFRS 9 phasing. Includes the entities reported under IFRS 5 until disposal
Credit
Market
Operational
62
Phased-in Common Equity Tier 1, Tier 1 and Total Capital
Update of the page 202 of the 2023 Registration Document
In EURbn 30.06.2023 31.12.2022
Shareholder equity Group share 68.0 66.5
(1)
Deeply subordinated notes (10.8) (10.0)
(2)
Distribution to be paid & interest on subordinated notes (1.1) (1.9)
Goodwill and intangible (7.5) (5.6)
Non controlling interests 9.1 5.3
Deductions and regulatory adjustments (7.5) (5.5)
Common Equity Tier 1 Capital 50.3 48.7
Additionnal Tier 1 Capital 11.1 10.1
Tier 1 Capital 61.3 58.8
Tier 2 capital 10.5 11.0
Total capital (Tier 1 + Tier 2) 71.9 69.8
Risk-Weighted Assets 385.0 360.5
Common Equity Tier 1 Ratio 13.1% 13.5%
Tier 1 Ratio 15.9% 16.3%
Total Capital Ratio 18.7% 19.4%

Ratios based on the CRR2/CDR5 rules as published in June 2019, including Danish compromise for insurance (see Methodology).
Ratio fully loaded at 13.0% and IFRS 9 phasing at +6 bps.
(1) Excluding issue premia on deeply subordinated notes and on undated subordinated notes, (2) The dividend to be paid is
calculated based on a pay-out ratio of 50% of the underlying Group net income, after deduction of deeply subordinated notes and
on undated subordinated notes
CRR leverage ratio(1)

Update of the page 204 and 205 of the 2023 Registration Document
In EURbn 30.06.2023 31.12.2022
Tier 1 Capital 61.3 58.8
(2)
Total prudential balance sheet 1,431 1,340
Adjustments related to derivative financial instruments (6) (7)
(3)
Adjustments related to securities financing transactions 16 15
Off-balance sheet exposure (loan and guarantee commitments 125 123
Technical and prudential adjustments (111) (126)
Leverage exposure 1,455 1,345
Phased leverage ratio 4.2% 4.4%
(1) Based on CRR2 rules adopted by the European Commission in June 2019. Fully loaded leverage ratio at 4.2% (see Methodology).
Including net income of the period and grandfathered AT1 instruments governed by English law
(2) The prudential balance sheet corresponds to the IFRS balance sheet less entities accounted for through the equity method (mainly
insurance subsidiaries)
(3) Securities financing transactions: repurchase transactions, securities lending or borrowing transactions and other similar
transactions
63
4.2.3 Reconciliation of the consolidated balance sheet and the accounting balance
sheet within the prudential scope -update of the 2023 Universal Registration document
page 197
Prudential
Balance sheet as in Prudential Balance sheet under
ASSETS at 30.06.2023 restatements linked
published financial restatements linked regulatory scope of
(in EURm) to consolidation
statements to insurance (1) consolidation
methods
Cash, due from banks 215 376 (1) 0 215 375
Financial assets at fair value through profit or loss 496 362 (90 840) (0) 405 522
Hedging derivatives 31 126 (144) - 30 982
Financial assets at fair value through other
90 556 (52 870) - 37 685
comprehensive income
Securities at amortised cost 27 595 (4 577) - 23 019
Due from banks at amortised cost 83 269 (1 579) 33 81 723
of which subordinated loans to credit institutions 189 0 - 189
Customer loans at amortised cost 490 421 1 451 (14) 491 857
Revaluation differences on portfilios hedged against
(1 925) - - (1 925)
interest rate risk
Investment of insurance activities - - - -
Tax assets 4 385 (248) 1 4 138
of which deferred tax assets that rely on future
profitability excluding those arising from temporary 1 894 - (676) 1 219
differences
of which deferred tax assets arising from temporary
1 837 - 593 2 431
differences
Other assets 74 408 (809) 101 73 701
of which defined-benefit pension fund assets 24 - - 24

Non-current assets held for sale 3 590 - - 3 590
Investments accounted for using the equity method 209 3 839 (28) 4 020
Tangible and intangible assets 57 535 (920) 0 56 614

of which intangible assets exclusive of leasing rights 3 343 - (19) 3 324
Goodwill 5 523 (325) - 5 198
TOTAL ASSETS 1 578 430 (147 023) 93 1 431 500
(1) Restatement of entities excluded from the prudential scope and reconsolidation of intra-group transactions relating to these entities.
64
Balance sheet as in Prudential restatements Balance sheet under
LIABILITIES at 30.06.2023 Prudential restatements
published financial linked to consolidation regulatory scope of
(in EURm) linked to insurance (1)
statements methods consolidation
Due to central banks 9,468 - - 9,468

Financial liabilities at fair value through profit
380,821 (1,646) - 379,175
or loss
Hedging derivatives 44,156 (5) - 44,152
Debt securities issued 151,320 329 - 151,649
Due to banks 119,923 (1,291) 101 118,733

Customer deposits 546,655 1,088 (246) 547,497
Revaluation differences on portfolios hedged
(8,367) - - (8,367)
against interest rate risk
Tax liabilities 2,356 (179) 2 2,178
Other Liabilities 232,167 (144,051) 236 88,353
Non-current liabilities held for sale 2,212 - - 2,212

Liabilities related to insurance activities
- - - -
contracts
Provisions 4,577 (24) 0 4,553
Subordinated debts 15,158 (5) - 15,153
of which redeemable subordinated notes

including revaluation differences on hedging 14,772 0 - 14,772
items
Total debts 1,500,446 (145,784) 93 1,354,755
Sub-Total Equity, Group share 68,007 (202) (0) 67,805
Issued common stocks, equity instruments and
31,403 1 - 31,404
capital reserves
Retained earnings 34,484 (203) (0) 34,282
Net income 1,768 0 - 1,768
Unrealised or deferred capital gains and
351 0 (0) 351
losses
Minority interests 9,977 (1,037) - 8,940
Total equity 77,983 (1,239) (0) 76,745
TOTAL LIABILITIES 1,578,430 (147,023) 93 1,431,500
(1) Restatement of entities excluded from the prudential scope and reconsolidation of intra-group transactions relating to these entities.
4.2.4 Entities outside the prudential reporting scope – Update of the Universal
Registration Document – Table page 199
Company Activity Country
Antarius Insurance France
ALD RE Designated Activity Company Insurance Ireland
Catalyst RE International LTD Insurance Bermuda
Sogelife Insurance Luxembourg
Sogecap Insurance France
Komercni Pojstovna A.S. Insurance Czech Republic
La Marocaine Vie Insurance Morocco
Oradea Vie Insurance France
SGL RE Insurance Luxembourg
Société Générale RE SA Insurance Luxembourg
Sogessur Insurance France
Banque Pouyanne Bank France
SG Luci Insurance Luxembourg
Euro Insurances Designated Activity Company Insurance Ireland
65
4.3 Asset quality
Asset quality
In EUR bn 30.06.2023 31.03.2023 30.06.2022

Performing loans 544.7 551.5 565.9
⁽¹⁾
inc. Stage 1 book outstandings 491.9 495.9 503.1
Non-performing loans 16.4 15.9 16.3
(2)
Total Gross book outstandings 561.2 567.4 582.2
(2)
Group Gross non performing loans ratio 2.9% 2.8% 2.8%
Provisions on performing loans 3.1 3.1 2.9
inc. Stage 1 provisions 1.1 1.1 1.0
Provisions on non-performing loans 7.6 7.8 8.1
Total provisions 10.7 11.0 10.9
Group gross non-performing loans ratio (provisions on non-
46% 49% 50%
performing loans/ non-performing loans)
(1) Data restated excluding loans at fair value through profit or loss which are not eligible to IFRS 9 provisioning. (2) Figures calculated on
on-balance sheet customer loans and advances, deposits at banks and loans due from banks, finance leases, excluding loans and advances
classified as held for sale, cash balances at central banks and other demand deposits, in accordance with the EBA/ITS/2019/02 Implementing
Technical Standards amending Commission Implementing Regulation (EU) No 680/2014 with regard to the reporting of financial information
(FINREP). The NPL rate calculation was modified in order to exclude from the gross exposure in the denominator the net accounting value of
the tangible assets for operating lease. Performing and non-performing loans include loans at fair value through profit or loss which are not
eligible to IFRS 9 provisioning and so not split by stage. Historical data restated
66
4.4 Change in trading VaR
Change in trading var(1) and stressed var(2)
15 15 13 15 18 24 25 27
10
__ Trading VaR(1)
23 18 18
17 21
14 Credit
7 11
7 16 18 17 15
13 13 12 15 Interest Rates
10
12 8 9 8 9 11 12 14
10 4 Equity
11 01 02 13 1 13 12 12 12
-16 -18
-26 -21 -25 -23 Forex
-32 -30 -31
Commodities
Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23
(2)
Stressed VAR (1 day 99%, in EUR M) Q2 22 Q3 22 Q4 22 Q1 23 Q2 23
Minimum 18 17 23 20 24
Maximum 52 47 46 59 42
Average 30 32 34 34 34
(1) Trading VaR: measurement over one year (i.e. 260 scenarios) of the greatest risk obtained after elimination of 1% of the most unfavourable occurrences
(2) Stressed VaR : Identical approach to VaR (historical simulation with 1-day shocks and a 99% confidence interval), but over a fixed one-year historical window
corresponding to a period of significant financial tension instead of a one-year rolling period
67
4.5 Structural interest rate risk
Update of the pages 247 to 249 of the 2023 Universal Registration Document
Structural interest rate risk is generated by commercial transactions and their hedging, as well as the management
operations specific to each of the consolidated entities.
The Group’s objective
The objective of managing structural interest rate risk is to manage exposure of each Group entity.
To this end, the Board of Directors, the Executive management, the Risk Department management and the Finance
Department management set sensitivity limits (in terms of value and income) for the Group, the BUs/SUs and the entities
respectively.
Measuring and monitoring structural interest rate risk
Societe Generale uses several indicators to measure the Group’s overall interest rate risk. The three most important
indicators are:
▪ the sensitivity of the net present value (NPV) to the risk of interest rate mismatch. It is measured as the sensitivity of the
net present value of the static balance sheet to a change in interest rates. This measure is calculated for all currencies to
which the Group is exposed;
▪ the sensitivity of the interest margin to changes in interest rates in various interest rate scenarios. It takes into account
the sensitivity generated by future commercial production;
▪ the sensitivity of NPV to basis risk (risk associated with decorrelation between different variable rate indices).
Limits on these indicators are applicable to the Group, the BUs/SUs and the various entities. Limits are set for shocks at
+/-0.1% and for stressed shocks (+/-1% for value sensitivity and +/-2% for income sensitivity) without floor application for
steering metrics. Only the sensitivity of income over the first two years is framed. The measurements are computed
monthly 10 months a year (with the exception of the months of January and July for which no Group-level closing is
acheved). An additional synthetic measurement of value sensitivity – all currencies – is framed for the Group. To comply
with these frameworks, the entities combine several possible approaches:
▪ strategic focus of the commercial policy so as to net interest rate positions taken on the asset and liability side;
▪ implementation of an interest rate swap operation or – failing this in the absence of such a market – use of a
loan/borrowing operation;
▪ purchase/sale of interest rate options on the market to cover optional positions taken vis-à-vis our clients.
Assets and liabilities are analysed without a prior allocation of resources to uses. Maturities of outstanding amounts are
determined by taking into account the contractual characteristics of the transactions, adjusted for the results of customer
behaviour modelling (in particular for demand deposits, savings and early loan repayments), possibly differentiated
according to the rate scenario considered, as well as a certain number of disposal agreements, in particular on equity
items.
As at 31 December 2022, the main models applicable for the calculation of interest rate risk measurements are models
(which are sometimes rate-dependent) on part of the deposits without a maturity date leading to an average duration of
less than 5 years.
The automatic balance sheet options are taken into account:
▪ either via the Bachelier formula or from Monte-Carlo type calculations for value sensitivity calculations; or
▪ by taking into account the pay-offs depending on the scenario considered in the income sensitivity calculations.
Changes in OCI or P&L of instruments recognised at fair value are not included in the framed interest income sensitivity
measures. These elements are managed through the Market Value Change metrics framed as of 2023.06.30.
Hedging transactions are mainly documented from an accounting viewpoint: this can be carried out either as micro-
hedging (individual hedging of commercial transactions and hedging instruments) or as macro-hedging under the IAS 39
“carve-out” arrangement (global backing of portfolios of similar commercial transactions within a Treasury Department;
macro-hedging concerns essentially French retail network entities).
Macro-hedging derivatives are essentially interest rate swaps in order to maintain networks’ net asset value and result
sensitivity within limit frameworks, considering hypotheses applied. For macro-hedging documentation, the hedged item
is an identified portion of a portfolio of commercial client or interbank operations. Conditions to respect in order to
document hedging relationships are reminded in Note 3.2 to the consolidated financial statements.
68
Macro-hedging derivatives are allocated to separate portfolios according to whether they are used to hedge fixed-rate
assets or liabilities in the accounting books. The hedging instrument portfolios allocated to liability elements are net fixed-
rate receiver/variable-rate payer whereas the hedging instrument portfolios allocated to asset elements are net fixed-rate
payer/variable-rate receiver.
In the context of the macro-hedging, the controls carried out and documented enable to verify that intra-group
transactions are returned to the market, to verify the non-over hedging and the non-disappearence of the items hedged
and the effectiveness of the hedges (MTM change in hedging instruments / MTM change in hedged items in the 80-125%
range).
TABLE 35: INTEREST RATE RISK OF NON-TRADING BOOK ACTIVITIES (IRRBB1)
30.06.2023
Changes of the economic value of Changes of the net interest income
(In EURm) equity (EVE) (NII)
Supervisory shock scenarios*
1 Parallel up (2 840) 1 062
2 Parallel down 512 (885)
3 Steepener 1 256
4 Flattener (1 855)
5 Short rates up (2 144)
6 Short rates down 2 169
31.12.2022
Changes of the economic value of Changes of the net interest
(In EURm) equity (EVE) income (NII)
Supervisory shock scenarios*
1 Parallel up (2 900) 375
2 Parallel down 1 011 (1 102)
3 Steepener 1 875
4 Flattener (2 547)
5 Short rates up (2 747)
6 Short rates down 2 862
69
4.6 Liquidity risk
LIQUID ASSET BUFFER

279 284
244 24 25
227 229
10
0 3 59 57
61 Central Bank Loans and Deposits(1)

58
80
High Quality Liquid Asset Securities(2)
Central Bank Eligible Assets(2)
195 202
168 173
147
Q2 21 Q4 21 Q2 22 Q4 22 Q2 23
Liquidity Coverage Ratio amounts to 158% on average for Q2 23.

(1) Excluding mandatory reserves, (2) Unencumbered, net of haircuts
Balance sheet schedule - update of the page 254 to 257 of the 2023 Universal Registration
Document
Financial liabilities
(In EURm) 30.06.2023
Note to the
consolidated
0-3 m 3 m-1 yr 1-5 yrs > 5 yrs Total
financial
statements
Due to central banks 9,868 0 0 0 9,868
Financial liabilities at
fair value through
Note 3.1 160,726 20,820 27,582 27,353 236,481
profit or loss, excluding
derivatives
Due to banks Note 3.6 60,746 4,446 80,860 1,819 147,871
Customer deposits Note 3.6 480,414 15,553 16,903 6,561 519,431
Securitised debt
Note 3.6 88,581 12,016 18,808 14,274 133,679
payables
Subordinated debt Note 3.9 8,276 65 3,904 4,829 17,074
70
Financial assets
(In EURm) 30.06.2023
Note to the
consolidated 0-3 3 months-
1-5 years > 5 years Total
financial months 1 year
statements
Cash, due from
213 506 493 1 023 354 215 376
central banks
Financial assets at
fair value through
profit or loss, Note 3.4 402 113 18 980 0 0 421 093
excluding
derivatives
Financial assets at
fair value through
other Note 3.4 88 427 1 849 0 280 90 556
comprehensive
income
Securities at
15 994 2 827 5 015 3 759 27 595
amortised cost
Due from banks at
Note 3.5 67 743 3 556 11 002 968 83 269
amortised cost
Customer loans at
Note 3.5 121 100 57 682 166 196 115 341 460 319
amortised cost
Lease financing
and similar Note 3.5 2 832 6 073 17 092 4 105 30 102
agreements
Other liabilities
(In EURm) 30.06.2023
Note to the
consolidated Not 0-3 3 months -
financial scheduled months 1 year
statements
Tax liabilities Note 6.3 - - 919 1 437 - 2 356
Revaluation
difference on
portfolios hedged -8 367 - - - - - 8 367
against interest
rate risk
Other liabilities Note 4.4 - 87 497 1 752 2 479 1 693 93 421
Non-current
liabilities held for Note 2.5 - - 2 212 - - 2 212
sale
Insurance
contracts related Note 4.3 - 3 328 13 042 39 450 82 926 138 746
liabilities
Provisions Note 8.3 4 577 - - - - 4 577
Shareholders’
77 984 - - - - 77 984
equity
Other assets
(In EURm) 30.06.2023
Note to the
consolidated Not 0-3 3 months -
financial scheduled months 1 year
statements
Revaluation
differences on
portfolios hedged -1 925 - - - - 1 925
against interest
rate risk
Other assets Note 4.4 - 73 792 - - - 73 792
Tax assets Note 6 4 385 - - - 4 385
Investments
accounted for
- - - - 209 209
using the equity
method
Tangible and
intangible fixed Note 8.4 - - - - 57 535 57 535
assets
Goodwill Note 2.2 - - - - 5 523 5 523
71
Non-current assets
Note 2.5 - 4 3 554 16 17 3 590
held for sale
Investments of
insurance - 50 41 166 359 616
companies
(In EURm) 31.12.2022

Note to the consolidated financial
0-3 m 3 m-1 yr 1-5 yrs > 5 yrs Total
statements
Due to central banks 8 361 0 0 0 8 361
Financial liabilities at fair
value through profit or Note 3.1 149 258 22 680 31 003 28 578 231 519
loss, excluding derivatives
Due to banks Note 3.6 49 817 39 643 42 217 1 334 133 011
Customer deposits Note 3.6 475 608 27 232 23 101 4 822 530 764
Securitised debt payables Note 3.6 34 158 24 030 46 583 28 405 133 176
Subordinated debt Note 3.9 3 0 6 063 9 882 15 948
Financial assets
(In EURm) 31.12.2022
Note to the consolidated financial 3 months-1
0-3 months 1-5 years > 5 years Total
statements year
Cash, due from central

203 389 734 1 808 1 082 207 013
banks
Financial assets at fair

value through profit or Note 3.4 330 113 20 264 0 0 350 377
loss, excluding derivatives

value through other Note 3.4 91 766 914 0 280 92 960
Securities at amortised
5 709 3 588 7 999 8 848 26 143
cost
Due from banks at
Note 3.5 58 614 1 599 7 487 471 68 171
amortised cost
Customer loans at
Note 3.5 111 271 62 691 183 035 121 036 478 033
amortised cost
Lease financing and
Note 3.5 2 760 6 014 15 663 4 165 28 602
similar agreements
Other liabilities
(In EURm) 31.12.2022

Note to the consolidated financial Not 3 months -1
statements scheduled year
Tax liabilities Note 6.3 - - 806 839 - 1 645
Revaluation difference on
portfolios hedged against - 9 659 - - - - - 9 659
interest rate risk
Other liabilities Note 4.4 - 100 649 1 987 2 832 1 847 107 315
Non-current liabilities held
Note 2.5 - - 220 - - 220
for sale
Insurance contracts
Note 4.3 - 3 616 9 152 36 869 86 239 135 875
related liabilities
Provisions Note 8.3 4 579 - - - - 4 579
Shareholders’ equity 73 326 - - - - 73 326
Other assets
72
(In EURm) 31.12.2022
Note to the consolidated financial Not 3 months -1
statements scheduled year
Revaluation differences on
portfolios hedged against - 2 262 - - - - - 2 262
interest rate risk
Other assets Note 4.4 - 82 315 - - - 82 315
Tax assets Note 6 4 484 - - - - 4 484
Deferred profit-sharing - - - - - -
Investments accounted for
- - - - 146 146
using the equity method
Tangible and intangible
Note 8.4 - - - - 33 958 33 958
fixed assets
Goodwill Note 2.2 - - - - 3 781 3 781
Non-current assets held
Note 2.5 - 1 1 049 15 17 1 081
for sale
Insurance contract assets - 7 21 89 236 353
73
5. FINANCIAL STATEMENTS
5.1 Financial statements as of 30 June 2023
SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS

1. CONSOLIDATED FINANCIAL STATEMENTS .................................................................................................... 75
CONSOLIDATED BALANCE SHEET - ASSETS .......................................................................................................................... 75
CONSOLIDATED BALANCE SHEET - LIABILITIES .................................................................................................................... 76
CONSOLIDATED INCOME STATEMENT .................................................................................................................................. 77
STATEMENT OF NET INCOME AND UNREALISED OR DEFERRED GAINS AND LOSSES ........................................................ 78
CHANGES IN SHAREHOLDERS’ EQUITY ................................................................................................................................. 79
CASH FLOW STATEMENT ........................................................................................................................................................ 81
2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .............................................................................. 82
NOTE 1 - SIGNIFICANT ACCOUNTING PRINCIPLES ............................................................................................................... 82
NOTE 2 - CONSOLIDATION ................................................................................................................................................... 104
NOTE 2.1 - CONSOLIDATION SCOPE................................................................................................................................ 104
NOTE 2.2 - GOODWILL ...................................................................................................................................................... 107
NOTE 2.3 - NON-CURRENT ASSETS HELD FOR SALE AND RELATED DEBT .................................................................... 110
NOTE 3 - FINANCIAL INSTRUMENTS .................................................................................................................................... 111
NOTE 3.1 - FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS .................................... 111
NOTE 3.2 - FINANCIAL DERIVATIVES ................................................................................................................................ 115
NOTE 3.3 - FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ................................... 120
NOTE 3.4 - FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ...................................................... 122
NOTE 3.5 - LOANS, RECEIVABLES AND SECURITIES AT AMORTISED COST ................................................................... 132
NOTE 3.6 - DEBTS ............................................................................................................................................................. 136
NOTE 3.7 - INTEREST INCOME AND EXPENSE ................................................................................................................. 138
NOTE 3.8 - IMPAIRMENT AND PROVISIONS ..................................................................................................................... 139
NOTE 3.9 - FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST ........................................... 156
NOTE 4 - OTHER ACTIVITIES ................................................................................................................................................. 158
NOTE 4.1 - FEE INCOME AND EXPENSE ........................................................................................................................... 158
NOTE 4.2 - INCOME AND EXPENSE FROM OTHER ACTIVITIES ........................................................................................ 159
NOTE 4.3 - INSURANCE ACTIVITIES ................................................................................................................................. 160
NOTE 4.4 - OTHER ASSETS AND LIABILITIES ................................................................................................................... 181
NOTE 5 – OTHER GENERAL OPERATING EXPENSES............................................................................................................ 183
NOTE 5.1 - PERSONNEL EXPENSES AND EMPLOYEE BENEFITS..................................................................................... 183
NOTE 5.2 - OTHER OPERATING EXPENSES ..................................................................................................................... 185
NOTE 6 - INCOME TAX ........................................................................................................................................................... 186
NOTE 7 - SHAREHOLDERS’ EQUITY ...................................................................................................................................... 190
NOTE 7.1 - TREASURY SHARES AND SHAREHOLDERS’ EQUITY ISSUED BY THE GROUP.............................................. 190
NOTE 7.2 - EARNINGS PER SHARE AND DIVIDENDS ........................................................................................................ 192
NOTE 8 - ADDITIONAL DISCLOSURES .................................................................................................................................. 193
NOTE 8.1 - SEGMENT REPORTING ................................................................................................................................... 193
NOTE 8.2 - PROVISIONS.................................................................................................................................................... 196
NOTE 8.3 - TANGIBLE AND INTANGIBLE FIXED ASSETS.................................................................................................. 196
NOTE 9 - INFORMATION ON RISKS AND LITIGATION .......................................................................................................... 198
NOTE 10 - RISK MANAGEMENT LINKED WITH FINANCIAL INSTRUMENTS ......................................................................... 203
NOTE 10.1 - REFORM OF INTEREST RATE BENCHMARKS ............................................................................................... 203
NOTE 10.2 - EXPOSURE OF THE CREDIT PORTFOLIO ..................................................................................................... 206
74
1. CONSOLIDATED FINANCIAL STATEMENTS
The amounts for 2022 have been restated (identified by a “R”) following the first retrospective application of IFRS 17 "Insurance Contracts"
and IFRS 9 "Financial Instruments" by the insurance subsidiaries (see Note 1).
CONSOLIDATED BALANCE SHEET - ASSETS

(In EUR m) 30.06.2023 31.12.2022 R 01.01.2022 R
Cash, due from central banks 215,376 207,013 179,969
Financial assets at fair value through

Notes 3.1, 3.2 and 3.4 496,362 427,151 446,717
profit or loss
Notes 3.2
Hedging derivatives 31,126 32,971 13,592
and 3.4
Notes 3.3
Financial assets at fair value through
90,556 92,960 112,695
other comprehensive income
and 3.4
Securities at amortised cost Notes 3.5, 3.8 and 3.9 27,595 26,143 24,149
Due from banks at amortised cost Notes 3.5, 3.8 and 3.9 83,269 68,171 57,204
Customer loans at amortised cost Notes 3.5, 3.8 and 3.9 490,421 506,635 497,233
Revaluation differences on portfolios

Note 3.2 (1,925) (2,262) 131
hedged against interest rate risk
Insurance and reinsurance contracts

Note 4.3 616 353 380
assets
Tax assets Note 6 4,385 4,484 4,747
Other assets Note 4.4 73,792 82,315 90,045
Non-current assets held for sale Note 2.3 3,590 1,081 27
Investments accounted for using the

209 146 95
equity method
Tangible and intangible fixed assets Note 8.3 57,535 33,958 32,848
Goodwill Note 2.2 5,523 3,781 3,741
Total 1,578,430 1,484,900 1,463,573
75
CONSOLIDATED BALANCE SHEET - LIABILITIES
(In EUR m) 30.06.2023 31.12.2022 R 01.01.2022 R (1)
Due to central banks 9,468 8,361 5,152
Financial liabilities at fair value through profit or loss Notes 3.1, 3.2 380,821 304,175 311,703
Hedging derivatives Notes 3.2 44,156 46,164 10,425
Debt securities issued Notes 3.6 151,320 133,176 135,324
Due to banks Notes 3.6 119,923 133,011 139,177
Customer deposits Notes 3.6 546,655 530,764 509,133
Revaluation differences on portfolios hedged Note 3.2 (8,367) (9,659) 2,832
Tax liabilities Note 6 2,356 1,645 1,573
Other liabilities Note 4.4 93,421 107,315 105,973
Non-current liabilities held for sale Note 2.3 2,212 220 1
Insurance contracts related liabilities Note 4.3 138,746 135,875 150,562
Provisions Note 8.2 4,577 4,579 4,850
Subordinated debts Note 3.9 15,158 15,948 15,959
Total liabilities 1,500,446 1,411,574 1,392,664
Shareholders’ equity
Shareholders' equity, Group share
Issued common stocks and capital reserves Note 7.1 21,267 21,248 21,913
Other equity instruments 10,136 9,136 7,534
Retained earnings 34,485 34,479 30,843
Net income 1,768 1,825 5,641
Sub-total 67,656 66,688 65,931
Unrealised or deferred capital gains and losses 351 282 (833)
Sub-total equity, Group share 68,007 66,970 65,098
Non-controlling interests 9,977 6,356 5,811
Total equity 77,984 73,326 70,909
Total 1,578,430 1,484,900 1,463,573
(1) The balances as at 1 January 2022 are presented before allocation of income and of the gains and losses recognised directly in equity.
76
CONSOLIDATED INCOME STATEMENT
(In EUR m) 1st semester of 2022 R 1st semester of

2023 2022 R
Interest and similar income Note 3.7 26,310 30,738 13,465
Interest and similar expense Note 3.7 (20,621) (17,897) (7,206)
Fee income Note 4.1 4,864 9,400 4,683
Fee expense Note 4.1 (2,216) (4,183) (2,086)
Net gains and losses on financial transactions 5,831 866 (2,024)
o/w net gains and losses on financial instruments at fair value 5,911 1,044 (1,983)
through profit or loss
o/w net gains and losses on financial instruments at fair value (61) (152) (28)
through other comprehensive income
o/w net gains and losses from the derecognition of financial (19) (26) (13)
instruments at amortised cost
Income from insurance activities Note 4.3 1,682 3,104 1,616
Expenses from insurance services Note 4.3 (859) (1,606) (806)
Income and expenses from reinsurance held Note 4.3 (5) (19) (25)
Net Finance income or expenses from insurance contracts issued Note 4.3 (3,679) 4,030 5,364
Net Finance income or expenses from reinsurance contracts held Note 4.3 3 45 -
Cost of credit risk of financial assets from insurance activities Note 3.8 3 1 (1)
Income from other activities Note 4.2 7,936 13,301 6,634
Expenses from other activities Note 4.2 (6,291) (10,625) (5,670)
Net banking income 12,958 27,155 13,944
Other operating expenses Note 5 (8,668) (16,425) (8,686)
Amortisation, depreciation and impairment of tangible and (830) (1,569) (770)

intangible fixed assets
Gross operating income 3,460 9,161 4,488
Cost of credit risk Note 3.8 (348) (1,647) (778)
Operating income 3,112 7,514 3,710
Net income from investments accounted for using the equity 12 15 4

method
Net gains or losses on other assets (98) (3,290) (3,290)
Earnings before tax 3,026 4,239 424
Income tax Note 6 (753) (1,483) (660)
Consolidated net income 2,273 2,756 (236)
Non-controlling interests 505 931 454
Net income, Group share 1,768 1,825 (690)
Earnings per ordinary share Note 7.2 1.73 1.50 (1.17)
Diluted earnings per ordinary share Note 7.2 1.73 1.50 (1.17)
77
STATEMENT OF NET INCOME AND UNREALISED OR DEFERRED GAINS AND
LOSSES
1st semester of 1st semester of
2022 R
(In EUR m) 2023 2022 R
Consolidated net income 2,273 2,756 (236)
Unrealised or deferred gains and losses that will be reclassified subsequently into 4 578 1,366
income
Translation differences (148) 1,820 2,418
Revaluation differences for the period (221) 1,278 1,876
Reclassified into income 73 542 542
Revaluation of debt instruments at fair value through other comprehensive income (1) 418 (10,849) (8,175)
Revaluation differences for the period 338 (11,029) (8,231)
Reclassified into income 80 180 56
Revaluation of insurance contracts at fair value through other comprehensive income (2) (238) 10,050 7,433
Revaluation of hedging derivatives 16 (610) (474)
Revaluation differences of the period 23 (482) (397)
Reclassified into income (7) (128) (77)
Related tax (44) 167 164
Unrealised or deferred gains and losses that will not be reclassified subsequently into 223 539 1,021
income
Actuarial gains and losses on defined benefit plans 18 92 127
Revaluation of own credit risk of financial liabilities at fair value through profit or loss 278 671 1,283
Revaluation of equity instruments at fair value through other comprehensive income 1 (26) (26)
Related tax (74) (198) (363)
Total unrealised or deferred gains and losses 227 1,117 2,387
Net income and unrealised or deferred gains and losses 2,500 3,873 2,151
o/w Group share 1,893 3,080 1,837
o/w non-controlling interests 607 793 314
(1) Including EUR +258 million for insurance sector subsidiaries as at 30 June 2023 (EUR -10,119 million as at 31 December 2022 and EUR -
7,476 million as at 30 June 2022). This amount should be read together with the financial income and expenses recorded directly in equity
as part of the measurement of the associated insurance contracts (see Note 4.3, table 4.3.C).
(2) The Revaluation of insurance contracts at fair value through other comprehensive income includes essentially the financial gains and
losses that the Group has chosen to recognise in equity, before being reclassified as income, in the context of the measurement of
insurance contracts (see Note 4.3).
78
CHANGES IN SHAREHOLDERS’ EQUITY
Shareholders' equity, Group share
Issued
common
stocks and Unrealised and Non- Total consolidated
capital Other equity Retained Net income, deferred gains and controlling shareholders’
(In EUR m) reserves instruments earnings Group share losses Total interests equity
At 1 January 2022 21,913 7,534 36,412 - (792) 65,067 5,796 70,863
Effect of the application of IFRS 17 and IFRS 9 for insurance

- - 212 - (181) 31 15 46
subsidiaries (see Note 1)
At 1 January 2022 R 21,913 7,534 36,624 - (973) 65,098 5,811 70,909
Increase in common stock and issuance / redemption and

(467) - (282) - - (749) (33) (782)
remuneration of equity instruments
Elimination of treasury stock 231 - (71) - - 160 - 160
Equity component of share-based payment plans 58 - - - - 58 - 58
1st semester 2022 Dividends paid (see Note 7.2) - - (1,371) - - (1,371) (574) (1,945)
Effect of changes of the consolidation scope - - (16) - - (16) 34 18
Sub-total of changes linked to relations with shareholders (178) - (1,740) - - (1,918) (573) (2,491)
1st semester 2022 Net income - - - (690) - (690) 454 (236)
Change in unrealised or deferred gains and losses - - - - 2,527 2,527 (140) 2,387
Other changes - - 6 - - 6 - 6
Sub-total - - 6 (690) 2,527 1,843 314 2,157
At 30 June 2022 R 21,735 7,534 34,890 (690) 1,554 65,023 5,552 70,575

234 1,602 (308) - - 1,528 - 1,528
remuneration of equity instruments
Elimination of treasury stock (755) - 5 - - (750) - (750)
2nd semester 2022 Dividends paid (see Note 7.2) - - - - - - (180) (180)
Effect of changes of the consolidation scope - - (72) - - (72) 509 437
Sub-total of changes linked to relations with shareholders (487) 1,602 (375) - - 740 329 1,069
2nd semester 2022 Net income - - - 2,515 - 2,515 477 2,992
Change in unrealised or deferred gains and losses - - - - (1,272) (1,272) 2 (1,270)
Other changes - - (36) - - (36) (4) (40)
Sub-total - - (36) 2,515 (1,272) 1,207 475 1,682
At 31 December 2022 R 21,248 9,136 34,479 1,825 282 66,970 6,356 73,326
Allocation to retained earnings - - 1,881 (1,825) (56) - - -
79
At 1 January 2023 21,248 9,136 36,360 - 226 66,970 6,356 73,326

(914) 1,000 (348) - - (262) (51) (313)
remuneration of equity instruments (see Note 7.1)
Elimination of treasury stock (see Note 7.1) 862 - (56) - - 806 - 806
1st semester 2023 Dividends paid (see Note 7.2) - - (1,362) - - (1,362) (434) (1,796)
Effect of changes of the consolidation scope

- - (20) - - (20) 3,533 3,513
(see Note 7.1)
Sub-total of changes linked to relations with shareholders 19 1,000 (1,786) - - (767) 3,048 2,281
1st semester 2023 Net income - - - 1,768 - 1,768 505 2,273
Change in unrealised or deferred gains and losses - - - - 125 125 102 227
Other changes - - (89) - - (89) (34) (123)
Sub-total - - (89) 1,768 125 1,804 573 2,377
At 30 June 2023 21,267 10,136 34,485 1,768 351 68,007 9,977 77,984
80
CASH FLOW STATEMENT
(In EUR m) 1st semester 2022 R 1st semester
of 2023 of 2022 R
Consolidated net income (I) 2,273 2,756 (236)
Amortisation expense on tangible and intangible fixed assets (including operational leasing) 3,020 5,342 2,731
Depreciation and net allocation to provisions (93) (18) 336
Net income/loss from investments accounted for using the equity method (12) (15) (4)
Change in deferred taxes 10 209 (9)
Net income from the sale of long-term assets and subsidiaries (23) (168) (206)
Other changes 2,760 5,368 10,767
Non-cash items included in net income and other adjustments excluding income on financial 5,662 10,718 13,615
instruments at fair value through profit or loss (II)
Income on financial instruments at fair value through profit or loss 721 11,739 7,602
Interbank transactions (21,838) (11,795) (13,865)
Customers transactions 22,066 3,632 (3,386)
Transactions related to other financial assets and liabilities 12,543 28,161 10,644
Transactions related to other non-financial assets and liabilities 778 (6,130) (7,314)
Net increase/decrease in cash related to operating assets and liabilities (III) 14,270 25,607 (6,319)
Net cash inflow (outflow) related to operating activities (A) = (I) + (II) + (III) 22,205 39,081 7,060
Net cash inflow (outflow) related to acquisition and disposal of financial assets and long term investments 1,207 578 3,598
(1)
Net cash inflow (outflow) related to tangible and intangible fixed assets (5,123) (9,579) (6,480)
Net cash inflow (outflow) related to investment activities (B) (3,916) (9,001) (2,882)
Cash flow from/to shareholders (1,573) (712) (2,706)

Other net cash flow arising from financing activities (724) 498 2,421
Net cash inflow (outflow) related to financing activities (C) (2,297) (214) (285)
Effect of changes in foreign exchange rates on cash and cash equivalents (D) (2,429) 2,354 2,292
Net inflow (outflow) in cash and cash equivalents (A) + (B) + (C) + (D) 13,563 32,220 6,185
Cash, due from central banks (assets) 207,013 179,969 179,969

Due to central banks (liabilities) (8,361) (5,152) (5,152)
Current accounts with banks (see Notes 3.5 and 4.3) 34,672 28,205 28,205
Demand deposits and current accounts with banks (see Note 3.6) (10,455) (12,373) (12,373)
Cash and cash equivalents at the start of the year 222,869 190,649 190,649
Cash, due from central banks (assets) 215,376 207,013 183,203

Due to central banks (liabilities) (9,468) (8,361) (9,868)
Current accounts with banks (see Notes 3.5 and 4.3) 41,943 34,672 37,540
Demand deposits and current accounts with banks (see Note 3.6) (11,421) (10,455) (14,041)
Cash and cash equivalents at the end of the year 236,430 222,869 196,834
Net inflow (outflow) in cash and cash equivalents 13,561 32,220 6,185
(1) Of which EUR +1,958 million related to the acquisition of LeasePlan: EUR +3,786 million related to the cash contribution of the LeasePlan
entities and EUR -1,828 million related to the cash component of the acquisition price (see Note 2.1).
81
2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SIGNIFICANT ACCOUNTING PRINCIPLES
1. INTRODUCTION
ACCOUNTING STANDARDS
The condensed half-yearly interim consolidated financial statements of the Societe Generale group (“the Group”) as at 30
June 2023 have been prepared and are presented in accordance with International Accounting Standard 34 (IAS) “Interim
Financial Report”. The Group comprises the Societe Generale parent company (including the Societe Generale foreign
branches) and all of the entities, in France and abroad, under its direct or indirect control (subsidiaries and joint
arrangements) or on which it exercises significant influence (associates).
The notes annexed to the interim consolidated financial statements should be read in conjunction with the audited
consolidated statements of the financial year ending on 31 December 2022 as contained in the 2023 Universal Registration
Document. However, the assumptions and estimates used in the preparation of these half-yearly consolidated financial
statements have changed compared to those used for the previous yearly closing to take into account the uncertainties
regarding the consequences of the geopolitical crises and the macroeconomic context. Furthermore, as the Group’s
activities are neither seasonal nor cyclical in nature, its first half results were not affected by these factors.
FINANCIAL STATEMENTS PRESENTATION

As the IFRS accounting framework does not specify a standard model, the format of the primary financial statements used
is consistent with the format proposed by the French Accounting Standard Setter, the Autorité des Normes Comptables
(ANC), under Recommendation No. 2022-01 of 8 April 2022.
The notes annexed to the interim consolidated financial statements describe the events and transactions that are
significant for understanding the changes in the situation and financial performance of the Group during the first half of
2023. The disclosures provided in these notes focus on information that is both relevant and material to the financial
statements of the Societe Generale group, its businesses, and the circumstances in which it conducted its operations
during this period.
PRESENTATION CURRENCY
The presentation currency of the consolidated financial statements is the euro.
The figures presented in the financial statements and in the notes are expressed in millions of euros, unless otherwise
specified. The effect of rounding may generate discrepancies between the figures presented in the financial statements
and those presented in the Notes.
82
2. NEW ACCOUNTING STANDARDS APPLIED BY THE GROUP AS OF 1 JANUARY 2023
Amendments to IFRS 17 and IFRS 9 - IFRS 17 “Insurance Contracts”
Amendments to IAS 1 “Disclosure of Accounting Policies”
Amendments to IAS 8 “Definition of Accounting Estimates”
Amendments to IAS 12 “Income Taxes - Deferred Tax related to Assets and Liabilities arising from a Single
Transaction”
IFRS 17 “INSURANCE CONTRACTS” – AMENDMENTS TO IFRS 17 PUBLISHED AS AT 25 JUNE 2020 AND AMENDMENTS TO IFRS 17 AND
IFRS 9 PUBLISHED AS AT 9 DECEMBER 2021
The impacts of the first application of IFRS 17 and IFRS 9 by the insurance subsidiaries are presented in paragraph 4 below.
AMENDMENTS TO IAS 1 “DISCLOSURE OF ACCOUNTING POLICIES”

The aim of these amendments is to help companies improve the materiality of the information on accounting policies disclosed in the
Notes to the financial statements and the usefulness of that information to investors and financial statement users.
The Group takes into account these amendments for the preparation of its consolidated financial statements.
AMENDMENTS TO IAS 8 “DEFINITION OF ACCOUNTING ESTIMATES”

The aim of these amendments is to facilitate distinguishing between changes in accounting methods and changes in accounting
estimates.
The Group takes into account these amendments for the preparation of its consolidated financial statements.
AMENDMENTS TO IAS 12 “INCOME TAXES” - DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE
TRANSACTION
These amendments clarify and narrow the scope of the exemption provided by the IAS 12 standard allowing institutions not to recognise
any deferred tax at the initial recognition of an asset or a liability. Are excluded from the exemption scope all leases and decommissioning
obligations for which companies recognise both an asset and a liability and will now have to recognise deferred taxes.
The aim of these amendments is to reduce heterogeneity in the recognition of the deferred taxes related to leases and to decommissioning
obligations.
Since the date of first application of IFRS 16, the Group has been considering the rights of use and the lease-related debt as a single
transaction. Consequently, on the initial recognition date, the amount of deferred tax asset offsets the amount of deferred tax liability.
The net temporary differences resulting from later variations in the right of use and lease debt subsequently result in the recognition of a
deferred tax. This amendment thus has no impact on the Group’s consolidated financial statements.
83
3. ACCOUNTING STANDARDS, AMENDMENTS OR INTERPRETATIONS TO BE APPLIED BY THE GROUP IN THE FUTURE
The IASB published accounting standards and amendments, some of which have not been adopted by the European Union as at 30 June
2023. Their application is required for the financial years beginning on or after 1 January 2024 at the earliest or on the date of their
adoption by the European Union. They have thus not been applied to the Group as at 30 June 2023.
The provisional timetable for the application of these standards is as follows:
•Amendments to IAS 12 "International Tax Reform - Pillar Two Model Rules"

2023
•Amendments to IFRS 16 "Lease Liability in a Sale and Leaseback"

2024
AMENDMENTS TO IAS 12 “INTERNATIONAL TAX REFORM - PILLAR TWO MODEL RULES”

Published by the IASB on 23 May 2023
These amendments introduce a mandatory and temporary exception to the recognition of the deferred taxes related to the
supplementary taxation arising from the OECD Pillar 2 rules. This exception is accompanied by specific disclosure requirements in the
annual accounts. However, it is not required to disclose this specific information in the 2023 interim accounts.
Subject to their adoption by the European Union expected by the end of the year, these amendments would apply retrospectively to fiscal
years beginning on or after 1 January 2023.
The Group is monitoring the approval of these amendments and has set up a project structure to identify impacts and comply with the
new accounting requirements of these amendments in relation to the OECD's “Pillar Two Model rules” international tax reform (see Note
6).
AMENDMENTS TO IFRS 16 “LEASE LIABILITY IN A SALE AND LEASEBACK”

Published by the IASB on 22 September 2022.
These amendments clarify the subsequent assessment of sale and leaseback transactions when the initial transfer of the property, plant
or equipment meets the criteria of IFRS 15 “Revenue from contracts with customers” for recognition as a sale. These amendments specify
in particular how to subsequently assess the lease liability resulting from this sale and leaseback transactions, made of payments of
variable leases that do not depend on an index or a rate.
The impact of these amendments is currently being analysed.
84
4. INITIAL APPLICATION OF IFRS 17 “INSURANCE CONTRACTS” AND OF IFRS 9 “FINANCIAL INSTRUMENTS” TO INSURANCE
SUBSIDIARIES
IFRS 17 “Insurance Contracts”, issued on 18 May 2017 and modified by the 25 June 2020 and 9 December 2021 Amendments, replaces
IFRS 4 “Insurance Contracts” which allowed, in particular, insurance contracts to be recognised using methods set out by the local
accounting regulations.
On 23 November 2021, the European Commission (EC) published in the Official Journal, Commission Regulation (EU) 2021/2036 of 19
November 2021 adopting IFRS 17 “Insurance Contracts”. This adoption included the possibility for European companies not to apply the
requirement laid out in the standard to group some insurance contracts by annual cohort for their measurement; this exemption will be
reassessed by the European Commission by 31 December 2027 at the latest.
Since 1 January 2023, the Group has been applying IFRS17. On that same date, the Group’ insurance subsidiaries started applying IFRS 9
“Financial Instruments” for the first time; this application had been delayed as a result of the possibilities offered by the Amendments to
IFRS 17 and to IFRS 4 issued by the IASB on 25 June 2020 and extended by Regulations (EU) 2017/1988 and 2020/2097 of the European
Commission.
On 8 September 2022, the European Union adopted the amendments to IFRS 17 published by the IASB on 9 December 2021 with the aim
of improving the usefulness of the comparative information about financial assets presented on the initial application of IFRS 17 and IFRS
9.
The main consequences of the application of IFRS 17 concern:
the measurement of insurance contracts, materialised mainly as liabilities on the balance sheet: their value will be updated on each
closing date based on a re-estimate of the future cash flows related to their fulfilment. This re-estimate will take account, in particular,
of market data in relation to financial elements and the behaviour of policyholders;
the recognition of the margin: although the profitability of the insurance contracts remains unchanged, the pace of recognition of the
margin in the income statement is modified. Any expected profit is deferred in the balance sheet and spread in the income statement
over the coverage period of the insurance contracts. Conversely, any expected loss is immediately recognised in the income statement
upon its initial recognition or in subsequent measurements; and
the presentation of the income statement: the operating expenses attributable to the fulfilment of insurance contracts is hence presented
in reduction of the Net Banking Income as Insurance service expenses and thus does not impact the total operating expenses on the
consolidated income statement anymore.
TRANSITIONAL AND INITIAL APPLICATION REQUIREMENTS

IFRS 17 standard
The initial application of IFRS 17 on 1 January 2023 is retrospective and the comparative data of the 2022 financial year have been restated.
The differences in measurement of the insurance assets and liabilities resulting from the retrospective application of IFRS 17 as at
1 January 2022 are presented directly in equity.
The retrospective measurement of these assets and liabilities, and in particular of the different insurance contract portfolios, may be
subject to simplified alternate approaches when the necessary data are not all available. The standard then allows for the use of:
either a modified retrospective approach that provides, based on reasonable information available at no cost or undue effort,
measurements that are as close as possible to those that would result from the retrospective application of the standard;
or an approach based on the fair value of the insurance contracts portfolios as at 1 January 2022.
85
The Group has applied a modified retrospective approach for the savings life insurance contracts and savings retirement contracts which
represent the large majority of its contracts. Protection-Property and casualty contracts were subject to a full retrospective approach. For
Protection-Provident contracts a retrospective approach, either full or modified, has been applied on a case-by-case basis.
The measurement of the insurance contracts made on a current basis, taking into account the time value of money and the financial risks
related to future cash flows, required to adjust the measurement of some assets held to back the contracts in order to reduce the possible
accounting mismatches.
Since 1 January 2023, initial application date of IFRS 17, the Group is measuring at fair value the investment properties held by insurance
companies to back the insurance contracts issued. These are investment properties held as part of the management of insurance
contracts with direct participations features.
IFRS 17 requires to include in the measurement of the insurance contracts general operating expenses (personnel expenses, amortisation
expenses for fixed assets and other operating expenses) directly attributable to the fulfilment of contracts and to present them as
Insurance service expenses in the Net banking income.
The Group’s insurance subsidiaries systematically identify in the fulfilment cash flows of their contracts the amount of administrative
costs they expect to bear. These administrative costs are presented under Insurance service expenses in the Net banking income.
Consequently, the administrative costs presented by nature on the consolidated income statement are reduced by the amounts allocated
to the fulfilment of the insurance contracts.
Furthermore, the Group’s banking entities sell, through their retail networks, the insurance contracts issued by the Group’s insurance
subsidiaries and thus invoice fees to these entities. These fees cover the costs incurred by the banking entities plus a margin. As this
invoicing takes place between Group-controlled entities, the internal margin received by the banking entity and incurred by the insurance
entity is eliminated in the consolidated accounts. The administrative costs incurred by the banking entities for the distribution of contracts
are regarded as expenses directly attributable to the fulfilment of the contracts and are thus incorporated into the measurement of the
contracts and presented under the Insurance service expenses heading. The contractual service margin of the insurance contracts
distributed by the Group’s banking entities is thus determined by taking into account both the costs incurred by the distributing banking
entity (excl. internal margin) and the other directly attributable costs incurred by the insurance entity.
IFRS 9 standard
The initial application of IFRS 9 by the Group’s insurance subsidiaries as at 1 January 2023 is retrospective.
For the sake of consistency with the IFRS 17 transition arrangements, and in order to provide more relevant and useful information, the
Group has restated the comparative figures of the 2022 financial year related to the relevant financial instruments of its insurance
subsidiaries (including the financial instruments derecognised during the 2022 financial year in accordance with IFRS 17 amendment
which allows the presentation of comparative information concerning a financial asset as if IFRS 9 had previously been applied to that
asset).
Following the retrospective application of IFRS 9 as at 1 January 2022, the differences in measurement (including the impairment for
credit risk) of the financial assets and liabilities impacted are recognised directly in equity.
86
New presentation of the financial statements
On the balance sheet, the accounting outstanding amounts related to insurance contracts, previously booked under Other assets,
Insurance contracts related liabilities and Other liabilities are now presented under Insurance and reinsurance contracts assets and
Insurance and reinsurance contracts liabilities.
The accounting outstanding amounts related to the financial instruments and investments properties of insurance activities, previously
booked on the assets side under Investments of insurance companies and on the liabilities side under Insurance contracts related
liabilities, are now presented under the different headings of the balance sheet according to their classification and valuation technique.
In the consolidated income statement, in the Net banking income, the income and expenses related to the insurance contracts issued and
the reinsurance contracts were previously grouped under Net income from insurance activities. These income and expenses are now
measured and recognised according to IFRS 17, and presented in the Net banking income under the following headings:
Income from insurance contracts issued;
Insurance service expenses;
Income and expenses from reinsurance contracts held;
Net finance income or expenses from insurance contracts issued; and
Net finance income or expenses from reinsurance contracts held.
The incomes and expenses related to the financial instruments of insurance subsidiaries, previously presented under Net income from
insurance activities, are now presented under the consolidated income statement headings dedicated to the valuation of financial
instruments, with the exception of the expenses and incomes related to credit risk which are presented in the Net banking income under
Cost of credit risk of the financial assets related to insurance activities.
Furthermore, in the context of the application of IFRS 17, the Group has modified the presentation of the general operating expenses in
the consolidated income statement to improve the readability of the Group’s performance. The Other general operating expenses heading
now includes the amounts previously presented under Personnel expenses and Other operating expenses, from which are deducted the
general operating expenses related to insurance contracts that will henceforth be presented under the Insurance service expenses
heading in the Net banking income.
87
IMPACTS ON THE GROUP’S BALANCE SHEET AND PERFORMANCE
The following tables reconcile the balance sheet as at 31 December 2021, presented taking into account the application of IAS 39 and IFRS
4 by the insurance subsidiaries, and the balance sheet as at 1 January 2022, presented taking into account the application of IFRS 9 and
IFRS 17. The tables also include the balance sheet as at 31 December 2022 restated as a result of the application of IFRS 9 and IFRS 17.
A B C D
Balances as
Other Reclassified
at IFRS 9 reclassifications
reclassifications balances
(In EUR m) 31.12.2021
of loans and
of available receivables
for- regarding
sale their of non-SPPI
financial business loans and
assets model receivables Others
Cash, due from central banks 179,969 - 179,969
Financial assets at fair value
342,714 15,879 2,085 85,826 446,504
through profit or loss
Hedging derivatives 13,239 353 13,592
through other comprehensive 43,450 67,632 1,454 - 112,536
income
Securities at amortised cost 19,371 4,975 22 24,368
Due from banks at amortised
55,972 1,232 57,204
cost
Customer loans at amortised
497,164 69 497,233
cost
Revaluation differences on
portfolios hedged against 131 - 131
interest rate risk
Investments of insurance
178,898 (88,486) (1,454) (2,085) (86,873) -
companies
through profit or loss (trading 211 (211)
portfolio)
through profit or loss (fair value 84,448 (84,448)
option)
Hedging derivatives 353 (353)
Available-for-sale financial
88,486 (88,486) -
assets
Due from banks 4,771 (1,454) (2,085) (1,232)
Customer loans 69 (69)
Held-to-maturity financial
22 (22)
assets
Real estate investments 538 (538)
Insurance and reinsurance
contracts assets
Tax assets 4,812 - 4,812
Other assets 92,898 (1,167) 91,731
Non-current assets held for sale 27 - 27
Deferred profit-sharing - - -
88
Investments accounted for using
95 - 95
the equity method
Tangible and intangible fixed
31,968 538 32,506
assets
Goodwill 3,741 - 3,741
Total Assets 1,464,449 - - - - 1,464,449
E F G H
Reclas- Balances Balances
Adjustment of book value Adjustment of book value related Deferred
sified as at as at
related to investments to insurance contracts taxes
balances 01.01.202231.12.2022
IFRS 4
IFRS 17 insurance
Dereco-
contracts accounting
gnition
Impairment
and
provisions
Reclassification for credit Through Through
(In EUR m) effects riskTotal reserves OCITotal
Cash, due from
179,969 - - - - 179,969 207,013
central banks
Financial assets at
fair value through 446,504 213 213 - - - 446,717 427,151
profit or loss
Hedging
13,592 - - - - 13, 592 32,971
derivatives
Financial assets at
fair value through
other 112,536 159 159 - - - 112, 695 92,960
comprehensive
income
Securities at
24,368 (218) (1) (219) - - - 24,149 26,143
amortised cost
Due from banks at
57,204 - - - - 57,204 68,171
amortised cost
Customer loans at
497,233 - - - - 497,233 506,635
amortised cost
Revaluation
differences on
portfolios hedged 131 - - - - 131 (2,262)
against interest
rate risk
Investments of
insurance -
companies
Insurance and
reinsurance - 355 25 380 380 353
contracts assets
Tax assets 4,812 - - - (65) 4,747 4,484
Other assets 91,731 (0) - (1,702) 16 16 90,045 82,315
Non-current assets
27 - - - - 27 1,081
held for sale
89
Deferred profit-
- - - - -
sharing
Investments
accounted for
95 - - - - 95 146
using the equity
method
Tangible and
intangible fixed 32,506 356 356 (14) - - 32,848 33,958
assets
Goodwill 3,741 - - - - 3,741 3,781
Total Assets 1,464,449 510 (1) 509 (1 716) 371 25 396 (65) 1,463,573 1,484,900
I J K L M
Balances
Balances
Adjustment of book value related to insurance as at
Balances at Reclassi- Adjustment of book value Deferre as at
contracts
31.12.2021 fications related to investments d taxes 31.12.202
01.01.2022(
1)
2
IFRS 4 IFRS 17 insurance contracts
Dereco- accounting
gnition
Impairment
Reclassi and
- provisions
fication for credit Through Through
(In EUR m) effects risk Total reserves OCI Total
Due to central banks 5,152 - 5,152 8,361
fair value through 307,563 4,140 - 311,703 304,175
profit or loss
Hedging derivatives 10,425 - 10,425 46,164
Debt securities
135,324 - 135,324 133,176
issued
Due to bank 139,177 - 139,177 133,011
Customer deposits 509,133 - 509,133 530,764
Revaluation
differences on
portfolio hedged 2,832 - 2,832 (9,659)
against interest rate
risk
Tax liabilities 1,577 - (4) 1,573 1,645
Other liabilities 106,305 (360) 28 28 105,973 107,315
Non-current
liabilities held for 1 - - 1 220
sale
Insurance contracts
155,288 (4,140) - - (151,148)
related liabilities
Underwriting
reserves of
151,148 (151,148)
insurance
companies
of insurance 4,140 (4,140)
companies
Insurance and
reinsurance - - 144,936 5,626 150,562 150,562 135,875
contracts liabilities
Provisions 4,850 - - 4,850 4,579
Subordinated debts 15,959 - - 15,959 15,948
Total liabilities 1,393,586 - (151,508) 144,964 5,626 150,590 (4) 1,392,664 1,411,574
Shareholders’
equity
90
Shareholders'
equity, Group share
Issued common
stocks and capital 21,913 - - 21,913 21,248
reserves
Other equity
7,534 - - 7,534 9,136
instruments
(143,944
Retained earnings 30,631 3,318 (20) 3,298 140,983 (143,944) (125) 30,843 34,479
)
Net income 5,641 - - - 5,641 1,825
(143,94
Sub-total 65,719 3,318 (20) 3,298 140,983 (143,944) (125) 65,931 66,688
4)
Unrealised or
deferred capital (652) (2,810) 19 (2,791) 8,143 (5,600) (5,600) 67 (833) 282
gains and losses
Sub-total equity, (149,54
65,067 508 (1) 507 149,126 (143,944) (5,600) (58) 65,098 66,970
Group share 4)
Non-controlling
5,796 2 (0) 2 666 (649) (1) (650) (3) 5,811 6,356
interests
(150,19
Total equity 70,863 510 (1) 509 149,792 (144,593) (5,601) (61) 70,909 73,326
4)
Total 1,464,449 - 510 (1) 509 (1,716) 371 25 396 (65) 1,463,573 1,484,900
(1) The balances as at 1 January 2022 are presented before allocation of income and of the gains and losses recognised directly in
equity.
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DESCRIPTION OF THE RECLASSIFICATIONS MADE FOR THE FINANCIAL INSTRUMENTS AND OTHER INVESTMENT ASSETS AS AT 1
JANUARY 2022 (COLUMNS A, B, C, D AND I)
RECLASSIFICATION OF AVAILABLE-FOR-SALE FINANCIAL ASSETS (COLUMN A)

Applying IFRS 9 causes the disappearance of the Available-for-sale financial assets accounting category. Consequently, the instruments
previously included in this category have been reclassified under IFRS 9 accounting headings according to the characteristics of their
contractual cash flows and their business model.
The Available-for-sale assets of insurance companies included, as at 31 December 2021, debt securities (bonds and equivalent securities)
for EUR 74,084 million and equity securities (shares and equivalent securities) for EUR 14,402 million.
Basic debt securities (financial instruments, whose contractual cash flows are solely payments of principal and interests) were reclassified
as follows:
− debt securities held as part of a business model whose objective is to hold assets in order to collect contractual cash flows business
model were reclassified as Financial assets at amortised cost for EUR 4,975 million. These are mainly debt securities acquired for the
purpose of reinvesting the own funds of insurance subsidiaries;
− debt securities held as part of a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets business model were reclassified as Financial assets at fair value through other comprehensive income for EUR 67,632
million. These debt securities are mainly acquired for the management of insurance contracts.
Non-basic debt securities and equity securities were reclassified into Financial assets at fair value through profit or loss for EUR 15,879
million. These securities are held for the purpose of managing insurance contracts.
RECLASSIFICATION OF LOANS AND RECEIVABLES (COLUMNS B, C AND D)

Basic loans and receivables (financial instruments whose contractual cash flows are Solely Payments of Principal and Interests) were
reclassified as follows:
− loans and receivables held as part of a business model whose objective is to hold assets in order to collect contractual cash flows
business model were reclassified as Due from banks at amortised cost for EUR 1,232 million and as Customer loans at amortised cost
for EUR 69 million (column D);
− loans and receivables held as part of a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets business model were reclassified as Financial assets at fair value through other comprehensive income for an
amount of EUR 1,454 million. These loans and receivables are Due from banks (column B).
Non-basic loans and receivables were reclassified as Financial assets at fair value through profit or loss for EUR 2,085 million (column C).
Financial instruments reclassified as Financial assets at fair value through other comprehensive income or as Financial assets at fair value
through profit or loss are mainly bonds recognised at amortised cost following the amendment of IAS 39 in 2008. This amendment
provided, under certain conditions, the option to reclassify Available-for-sale Financial Assets into the Loans and Receivables category.
OTHER RECLASSIFICATIONS (COLUMNS D AND I)

In addition to the reclassifications described above, the purpose of the other reclassifications was to reallocate the remaining outstanding
amounts related to insurance activities under the accounting headings commonly used by the rest of the Group.
Financial assets at fair value through profit or loss of the trading portfolio of insurance subsidiaries (EUR 211 million), Financial
instruments measured at fair value through profit or loss using the fair value option (EUR 84,448 million of which EUR 69,383 million of
non-basic financial instruments reclassified as Financial assets mandatorily measured at fair value through profit or loss), as well as an
asset resulting from an indexed co-insurance agreement, previously shown under Other assets (EUR 1,167 million), have been reclassified
as Financial assets at fair value through profit or loss.
Hedging derivatives were reclassified into the corresponding heading for EUR 353 million.
Real estate investments were reclassified as Tangible and intangible fixed assets for EUR 538 million.
Financial liabilities of insurance companies were reclassified as Financial liabilities at fair value through profit and loss for an amount of
EUR 4,140 million. These include investments contracts (outside the scope of IFRS 17) and trading derivatives in the scope of IFRS 9.
92
DESCRIPTION OF THE BOOK VALUE ADJUSTMENTS MADE FOR THE FINANCIAL INSTRUMENTS AND OTHER INVESTMENTS ASSETS AS
AT 1 JANUARY 2022 (COLUMNS E AND J)
The Balance sheet value of the Investments of insurance companies whose valuation method was modified, was adjusted in equity as at
1 January 2022 for a total amount of EUR 509 million before tax effects. This amount includes:
− the revaluation at fair value of investment properties for an amount of EUR 356 million in application of IAS 40, in order to avoid an
accounting mismatch between the measurement method applied to the investment properties and the insurance contracts they are
backing;
− the adjustment of the book value of financial assets for a net amount of EUR 153 million as a result of their new measurement method
in application of IFRS 9. This amount includes the recognition of additional expected credit losses for EUR 1 million for the Securities
at amortised cost.
Gains and losses recognised directly in equity for Financial assets at fair value through other comprehensive income relating to credit risk
were reclassified at 1 January 2022 to retained earnings for an amount of EUR 19 million. This refers to the expected credit loss related to
the impairment of loans in Stage 1 or Stage 2.
DESCRIPTION OF THE DERECOGNITION OF IFRS 4 INSURANCE CONTRACTS AND THE RECOGNITION OF INSURANCE CONTRACTS
UNDER IFRS 17 AS AT 1 JANUARY 2022 (COLUMNS F, G, K AND L)
The adjustment of the book value of the insurance contracts assets and liabilities, resulting from the replacement of IFRS 4 (prudent
valuation) by IFRS 17 (economic valuation), was recorded as at 1 January 2022 in equity for a negative amount of EUR 402 million before
tax effects.
93
This amount is broken down as follows:
149,792 8,386 150,194
3,165
Liabilities (1) : Liabilities (3) :
-11,149
+151,508 +150,590
Assets (2) : Assets (4) :
-1,716 -396
Re-measurement (6)
(5)
(1) This amount is composed of Underwriting reserves for EUR 151,148 million and of Other Liabilities for EUR 360 million.
(2) This amount is composed of Other Assets for EUR 1,702 million and of tangible and intangible fixed assets for EUR 14 million.
(3) This amount is composed of Insurance contracts liabilities for EUR 150,562 million and of Other Liabilities for EUR 28 million.
(4) This amount is composed of Insurance contracts assets for EUR 380 million and of Other Assets for EUR 16 million.
(5) The contractual service margin (CSM) represents the unearned profit that the entity will recognise in the income statement as the
insurance services are provided in the future.
(6) The non-financial risk adjustment corrects the present value of future cash flows in insurance contracts to reflect uncertainty about the
amount and timing of these flows.
MARGINAL TOTAL IMPACT ON THE TOTAL EQUITY AS AT 1 JANUARY 2022

As at the transition date (1 January 2022), the retrospective application of IFRS 17 and IFRS 9 by the Group’s insurance subsidiaries
resulted in a EUR 46 million increase in the Total consolidated equity.
This impact is broken down as follows: a decrease of EUR 402 million related to the transition from IFRS 4 to IFRS 17, an increase of EUR
509 million related to the transition to IFRS 9 and the revaluation of investment properties according to IAS 40, and a decrease of EUR 61
million related to the adjustment of deferred tax assets and liabilities.
POSITIVE TOTAL IMPACT ON THE TOTAL EQUITY AS AT 1 JANUARY 2023

The retrospective application of IFRS 9 and IFRS 17 by the Group’s insurance subsidiaries resulted in an adjustment of the comparative
data for the financial year 2022 for an amount of EUR -191 million on the consolidated net income and an amount of EUR 689 million on
the unrealised or deferred gains and losses recognised directly in equity.
As at the date of initial application (1 January 2023), the cumulative impact on the Total equity amounted to EUR 544 million.
The table below shows the Group’s consolidated income statement for 2022 as published in the last annual financial report and then the
restated income statement (2022 R) following the application of IFRS 17 and IFRS 9 by the Group’s insurance subsidiaries.
In the Notes to the financial statements, the restated data are identified with “R”.
(In EUR m) 2022 R 2022
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Interest and similar income (1) (2) 30,738 28,838
Interest and similar expense (1) (2)
(17,897) (17,552)
Fee income 9,400 9,335
Fee expense (4,183) (4,161)
Net gains and losses on financial transactions (1) (2) 866 6,691
o/w net gains and losses on financial instruments at fair value
1,044 6,715
through profit or loss (1) (2)
o/w net gains and losses on financial instruments at fair value
(152) (10)
through other comprehensive income
o/w net gains and losses from the derecognition of financial instruments at amortised cost (26) (14)
Net income from insurance activities 2,211
Income from insurance contracts issued 3,104
Insurance service expenses (3) (1,606)
Income and expenses from reinsurance contracts held (19)
Net finance income or expenses from insurance contracts issued (2)
4,030
Net finance income or expenses from reinsurance contracts held (2) 45
Cost of credit risk from financial assets related to insurance activities 1
Income from other activities (1) (2)
13,301 13,221
Expenses from other activities (10,625) (10,524)
Net banking income 27,155 28,059
Other general operating expenses (3)
(16,425) (17,061)
Amortisation, depreciation and impairment of tangible and intangible
(1,569) (1,569)
fixed assets
Gross operating income 9,161 9,429
Cost of credit risk (1,647) (1,647)
Operating income 7,514 7,782
Net income from investments accounted for using the equity method 15 15
Net income / expense from other assets (3,290) (3,290)
Value adjustments on goodwill - -
Earnings before tax 4,239 4,507
Income tax (1,483) (1,560)
Consolidated net income 2,756 2,947
Non-controlling interests 931 929
Net income, Group share 1,825 2,018
(1) The variations between the 2022 financial year published and the 2022 financial year restated are linked to the new presentation and
measurement of insurance companies’ investments, now including in the same headings used by the rest of the Group, previously
recorded as Net income from insurance activities.
(2) The financial performance of insurance companies must be analysed by taking into account on one hand the income and expenses from
the investments backing in the insurance contracts and on the other hand the net finance income or expenses from insurance contracts
measured according to IFRS 17. Both components of expenses and income mentioned above partly offset each other (see Note 4.3, table
4.3.C).
(3) The change in Other general operating expenses between the 2022 financial year published and the 2022 financial year restated is related
to the allocation within Insurance service expenses of general operating expenses attributable to the fulfilment of insurance contracts.
95
The table below presents the statement of net income and unrealised or deferred gains and losses published in 2022 and the one restated
(2022 R) following the application of IFRS 17 and IFRS 9 by the Group’s insurance subsidiaries.
(In EUR m) 2022 R 2022

Consolidated net income 2,756 2,947
Unrealised or deferred gains and losses that will be reclassified subsequently
578 (111)
into income
Translation differences 1,820 1,820
Revaluation of debt instruments at fair value through other comprehensive income (1) (2) (10,849) (731)
Revaluation of available-for-sale financial assets (3)
(1,223)
Revaluation of insurance and reinsurance contracts through other comprehensive income (2) 10,050
Revaluation of hedging derivatives (610) (380)

Related tax 167 403
Unrealised or deferred gains and losses that will not be reclassified
539 539
subsequently into income
Total unrealised or deferred gains and losses 1,117 428
Net income and unrealised or deferred gains and losses 3,873 3,375
o/w Group share 3,080 2,592
o/w non-controlling interests 793 783
(1) The variations between the 2022 financial year published and the 2022 financial year restated are linked to the new presentation and
measurement of insurance companies’ investments, under the same headings used by the rest of the Group.
(2) The financial performance of insurance companies must be analysed by taking into account on one hand the gains and losses of the
investments backing the insurance contracts and on the other hand the net finance gains and losses from insurance contracts measured
according to IFRS 17. Both components of losses and gains mentioned above partly offset each other.
(3) This amount of EUR -1,223 million included, pursuant to the application of IAS 39 and IFRS 4, the re-measurement of the Available-for-sale
assets for EUR -11,297 million, and the related Deferred profit-sharing for EUR 10,074 million.
5. USE OF ESTIMATES AND JUDGEMENT
With a view to the preparation of the Group’s consolidated financial statements, in application of the accounting principles and methods
described in the Notes to the consolidated financial statements, th General Management formulated assumptions and estimates that
may have an impact on the amounts recognised in the income statement or as Unrealised or deferred capital gains and losses, on the
valuation of balance sheet assets and liabilities and on the information shown in the related Notes.
In order to make these estimates and assumptions, the General Management uses the information available on the date of preparation of
the consolidated financial statements and may exercise its judgment. Valuations based on these estimates inherently involve risks and
uncertainties regarding their materialisation in the future; consequently, the future final outcome of the transactions concerned may
differ from these estimates and have a significant impact on the financial statements.
The assumptions and estimates made for the preparation of these consolidated financial statements take account of both the
uncertainties about the economic consequences of the geopolitical crises and the current macroeconomic context. The impact of these
circumstances on the assumptions and estimates selected is detailed in sub-section 6 of this Note.
Estimates apply in particular to the determination of the fair value of financial instruments, of the asset impairments and provisions
recognised as balance sheet liabilities, of the insurance contracts liabilities, as well as of the tax assets and liabilities on the balance sheet
and of the goodwill. They also apply to the analysis of the characteristics of the contractual cash flows of financial assets, the
determination of the effective interest rate of the financial instruments measured at amortised cost as well as to the assessment of control
for the determination of the scope of consolidated entities. The Group also uses estimates and judgment to determine the lease period to
be considered for the recognition of the right-of-use assets and lease liabilities, and to reassess the residual value of operating lease assets
(in particular the fleet of motor vehicles) and prospectively adjust their deprecation plans.
96
To assess the impairments and provisions for credit risk, the use of judgment and estimates concerns more specifically the assessment of
the deterioration in credit risk (also taking into account the aggravating circumstance of transition climate risk) observed since the initial
recognition of the financial assets and the measurement of the amount of expected credit losses on these financial assets.
Concerning the valuation of insurance contract assets and liabilities, the exercise of judgment and the use of estimates mainly concern
the valuation of future cash flows (premiums, claims, services, directly related costs), the level of adjustment for non-financial risks and
the pace of recognition in the income statement of the contractual service margin.
CLIMATE RISK
The Group continues its work to gradually integrate climate risk in the preparation of its consolidated accounts. Climate
change-related risks are not a new risk category but rather an aggravating factor for categories already covered by the Group’s
risk management system. In this regard, the impact of transitional risk on the credit risk of the corporate customers of
Societe Generale remains one of the Group’s primary climate risks.
As at 30 June 2023, the determination of the expected credit losses includes the possible impact of climate risks as considered when
assessing individual risks and sectoral risks, provided it is compatible with the provisioning horizon; and the impact of the Group’s
commitments in favour of energy and environmental transition and the development of the territories are still taken into account in the
estimated budgets used to determine the recoverable amount of the cash-generating units (CGU) and the recoverability of the deferred
tax assets.
In addition, the Group analyses the provisions of the draft ESRS (European Sustainability Reporting Standards) prepared and subjected
to public consultation by the EFRAG (European Financial Reporting Advisory Group), in particular those relating to connectivity between
these future disclosure requirements and the consolidated financial statements.
6. GEOPOLITICAL CRISES AND MACROECONOMIC CONTEXT
The restrictions related to the Covid-19 pandemics in Mainland China ended during the first quarter 2023 which renewed optimism about
economic activity for the year.
However, the conflict in Ukraine still causes great uncertainty heightened by tensions in the banking sector in the U.S.A. and in Europe.
Economic policies are clearly restrictive. Focusing on the containment of inflation, central banks tightened monetary policies, in particular
with rapid and significant increases in interest rates.
In the euro area:
the slowdown in economic activity observed during the first half of 2023 should continue during the rest of the year with a modest rebound
in 2024-2025;
inflation would remain high in 2023 to drop down to around 3% in 2024 and fall back to the target in the mid-term.
The monetary tightening imposed by the ECB should soften from the end of 2023 on.
In this context, the Group updated the macroeconomic scenarios chosen for the preparation of the consolidated financial statements and
maintained some adjustments applied to its models (see Note 3.8).
These macroeconomic scenarios are taken into account in the credit loss measurement models including forward-looking data (see Note
3.8) and are also used in some goodwill impairment tests (see Note 2.2) and tests regarding deferred tax assets recovery (see Note 6).
97
6.1 Macroeconomic scenarios
As at 30 June 2023, the Group has selected three macroeconomic scenarios to help understand the uncertainties related to the current
macroeconomic context.
The assumptions selected to build these scenarios (which have not undergone any significant developments since 31 December 2022) are
described below:
the central scenario (“SG Central”) predicts a sharp economic slowdown in 2023, and only a modest rebound in growth in 2024. In 2023,
inflation will remain high, close to 5.5% before dropping down to around 3% in 2024 and returning to target in the mid-term. The ECB
will continue tightening its monetary policy in the short term; but a possible easing might start at the end of 2023. In particular in the
U.S.A, the central scenario forecasts further disinflation and a technical recession, with a credit crunch in the context of increased
Federal Reserve interest rates and banking tensions;
the favourable scenario (“SG Favourable”) describes an accelerated economic growth compared to the trajectory projected in the central
scenario; this growth may result from improved supply conditions owing to a positive shock on productivity or from unexpectedly
improved demand conditions. In both cases, stronger growth will have a positive impact on employment and/or the profitability of
companies;
the stressed scenario (“SG Stress”) corresponds to a crisis situation leading to a negative deviation in GDP compared to the central
scenario. This scenario may result from a financial crisis (2008 crisis, euro area crisis…), an exogenous crisis (Covid-19-like pandemic)
or a combination of both.
These scenarios are developed by the Economic and Sector Research Division of Societe Generale for all the entities of the Group based,
in particular, on the information published by the statistical institutes in each country. Forecasts from institutions (IMF, Global Bank, ECB,
OECD…) and the consensus among market economists serve as a reference to challenge the Group’s forecasts in order to ensure the
relevance and consistency of the thus-constructed scenarios.
6.2 Financial instruments: expected credit losses
The scenarios provided by the Group economists are incorporated into the credit loss provisioning models over a three-year horizon,
followed by a two-year period to gradually return by the fifth year to the average probability of default observed during the calibration
period.
The assumptions made by the Group with a view to developing these macroeconomic scenarios have been updated during the second
quarter 2023 to account for the uncertainties about the macroeconomic context and the economic consequences of the war in Ukraine.
VARIABLES
The GDP growth rate, the profit margin of companies in France, the unemployment rates, the inflation rate in France and the yield on
France ten-year government bonds are the main variables used in the expected credit losses measurement models.
98
The variables with the stronger impact on the determination of expected credit losses (GDP growth percentage for the major countries in
which the Group operates and corporate profit margin in France) for each scenario are detailed hereinafter:
“SG Favourable” scenario 2023 2024 2025 2026 2027

France GDP 1.0 2.3 2.5 2.1 1.8
Corporate profit margin in France 32.5 32.9 32.8 32.9 32.6
Euro area GDP 1.0 2.2 2.5 2.1 1.8
United States GDP 1.3 2.0 3.2 2.8 2.8
China GDP 5.5 5.8 5.6 5.2 4.9
Czech Republic GDP 0.7 3.5 3.5 3.1 2.8
Romania GDP 3.0 4.3 4.3 3.8 3.7
“SG Central” scenario 2023 2024 2025 2026 2027

France GDP 0.5 0.8 1.0 1.1 1.3
Euro area GDP 0.5 0.7 1.0 1.1 1.3
United States GDP 0.8 0.5 1.7 1.8 2.3
China GDP 5.0 4.3 4.1 4.2 4.4
Czech Republic GDP 0.2 2.0 2.0 2.1 2.3
Romania GDP 2.5 2.8 2.8 2.8 3.2
“SG Stress” scenario 2023 2024 2025 2026 2027

France GDP (2.0) (3.2) (1.2) 0.1 1.1
Euro area GDP (2.0) (3.3) (1.2) 0.1 1.1
United States GDP (1.7) (3.5) (0.5) 0.8 2.1
China GDP 2.5 0.3 1.8 3.2 4.2
Czech Republic GDP (2.3) (2.0) (0.2) 1.1 2.1
Romania GDP 0.0 (1.2) 0.6 1.8 3.0
These simulations assume that the historical relationships between the key economic variables and the risk parameters remain
unchanged. In reality, these correlations may be impacted by geopolitical or climatic events, or changes in behaviour, legal environment
or credit granting policy.
99
The graph below compares the GDP forecasts in the euro area used by the Group for each scenario with the scenarios published by the
ECB in December 2022.
GDP forecast by scenario, in percentage

3
0
2023 2024 2025 2026 2027
-1
-2
-3
-4
SG Favorable SG Central SG Stress ECB Baseline
WEIGHTING OF THE MACROECONOMIC SCENARIOS

The probabilities used are based on the differences observed over the past 25 years between the forecasts made by a consensus of
economists regarding the US GDP and the actual scenario that occurred (forecast similar to the actual scenario, significantly optimistic or
pessimistic).
In order to better account for a possible reversal in the cycle, the Group applies a methodology for weighting the scenarios and assigns a
higher weight to the SG Central scenario when the economy is depressed.
Conversely, the methodology provides for a higher weight to be assigned to the SG Stress scenario when the economy moves towards the
peak of the cycle. Accordingly, the weighting applied to the SG Central scenario is set at 62% as at 30 June 2023.
Presentation of the changes in weights:
30.06.2023 31.12.2022 30.06.2022

SG Central 62% 60% 60%
SG Stress 28% 30% 30%
SG Favourable 10% 10% 10%
CALCULATION OF EXPECTED CREDIT LOSSES AND SENSITIVITY ANALYSIS

Credit risk costs as at 30 June 2023 amount to a net expense of EUR 348 million, decreasing by EUR 430 million (-55%) compared to 30
June 2022 (EUR 1,647 million as at 31 December 2022).
Sensitivity tests have been performed to measure the impact of the changes in weights on the models. The sectoral adjustments have
been taken into account in these sensitivity tests. The scope of these tests includes the Stage 1 and Stage 2 outstanding loans subject to
a statistical modelling of the impacts of the macroeconomic variables (which accounts for 82% of the expected credit losses on the
outstanding loans concerned compared to 72% as at 31 December 2022).
100
The results of these tests, with no impact on the classification of the outstanding amounts concerned, show that, in the event of a 100%
weighting:
of the SG Stress scenario, the impact would be an additional allocation of EUR 652 million;
of the SG Favourable scenario, the impact would be a reversal of EUR 341 million;
of the SG Central scenario, the impact would be a reversal of EUR 224 million.
COVID-19 CRISIS: STATE GUARANTEED LOANS (PGE)

Until 30 June 2022, the Group offered to its crisis-impacted customers (professionals and corporate customers) the allocation of State
Guaranteed Loan facilities (PGE). Within the framework of the 2020 French Amending Finance Act and the conditions set by the French
decree of 23 March 2020, these are financings granted at cost price and guaranteed by the government for a share of the borrowed amount
between 70 to 90% depending on the size of the borrowing enterprise (with a waiting period of two months after disbursement at the end
of which the guarantee period begins).
With a maximum amount corresponding, in the general case, to three months of turnover before tax, these loans come with a one-year
repayment exemption. At the end of that year, the customer may either repay the loan or amortise it over one to five more years, with the
possibility of extending the grace period for the repayment of principal for one year (in line with the announcements made by the French
Ministre de l’Economie, des Finances et de la Relance on 14 January 2021) without extending the total duration of the loan.
The remuneration conditions of the guarantee are set by the State and are applicable by all French banking institutions: the Bank keeps
only a share of the guarantee premium paid by the borrower (the amount of which depends on the size of the Company and the maturity
of the loan) remunerating the risk it bears, which corresponds to the part of the loan not guaranteed by the State (i.e., between 10% and
30% of the loan depending on the size of the borrowing company).
The contractual characteristics of the PGE are those of basic loans (SPPI criterion) and these loans are held by the Group within the
framework of a business model whose objective is to collect their contractual cash flows until their maturity; as a result, these loans have
been recorded in the consolidated balance sheet under Customer loans at amortised cost.
As at 30 June 2023, the balance sheet outstanding amount of State Guaranteed Loans (PGE) granted by the Group is approximately EUR
10.6 billion after the first repayments made in 2022 and in the first half of 2023 at the end of the moratorium period (of which EUR 2.3
billion classified as Stage 2 and EUR 1 billion as Stage 3). The portion of PGE granted by the French Retail networks amounts, as at 30 June
2023, to EUR 9.3 billion (of which EUR 2 billion classified as Stage 2 and EUR 0.9 billion as Stage 3), without predominance of a specific
sector; the State guarantee for these loans covers, on average, 90% of their amount.
The expected credit losses recognised as at 30 June 2023 for PGE (French State Guaranteed Loans) amount to some EUR 250 million
including EUR 170 million booked by the French retail networks (including EUR 40 million in Stage 2 and EUR 100 million in Stage 3).
A French decree published on 19 January 2022, amending the decree published on 23 March 2020, allows some companies to benefit,
under certain conditions, from an extension of their PGE repayment
deadlines from six to ten years; these extensions have not had any significant impact on the Group’s financial statements as at 30 June
2023.
101
CONSEQUENCES OF THE WAR IN UKRAINE
The table below shows the changes in balance sheet and off-balance sheet exposures (measured at amortised cost or at fair value through
OCI) booked by the Group’s entities in Russia, on one side, and by the Group’s entities outside Russia for Russian counterparties or
subsidiaries of Russian groups, on the other side.
30.06.2023 31.12.2022 30.06.2022
Gross Gross Gross

Exposure at outstanding / Exposure at outstanding / Exposure at outstanding /
(In EUR billion) default commitments default commitments default commitments
Onshore exposures on
consolidated 0 0 0.3 0.3 0.3 0.3
subsidiaries
Offshore exposures (1) 1.6 1.7 1.8 2 2.6 2.9
Rosbank
0.1 0.1 0.1 0.1 0.5 0.5
residual exposures
Total 1.7 1.8 2.2 2.4 3.4 3.7
(1) Offshore exposures (exc. Private Banking and residual exposures linked to the disposal of Rosbank) correspond to the exposures on
Russian counterparties or subsidiaries of Russian groups booked outside Russia.
Exposures in Russia and Ukraine
On 11 April 2022, ALD announced that it would not engage in any new commercial transactions in Russia, Kazakhstan and Belarus without
challenging the going concern status over the next twelve months of ALD AUTOMOTIVE OOO in Russia and ALD AUTOMOTIVE LLC in
Belarus, the two entities continuing to serve their clients and manage the existing vehicle fleet without encountering any specific
difficulties in relation to business activities.
On 27 April 2023, ALD announced the completion of the sale of its ALD AUTOMOTIVE OOO subsidiary in Russia.
As at 30 June 2023, the Group operates in Russia through its LeasePlan subsidiary (see onshore exposures on consolidated subsidiaries).
The Group also operates in Ukraine through its ALD AUTOMOTIVE UKRAINE LIMITED LIABILITY COMPANY subsidiary of which the total
balance sheet is EUR 76 million as at 30 June 2023.
Offshore exposures
The Group also holds assets on Russian counterparties. These outstanding loans (EUR 1.8 bn including the residual exposures on Rosbank
as at 30 June 2023, against EUR 2.1 bn including the residual exposures on Rosbank in 2022) have been classified as “sensitive” from the
very beginning of the conflict (see Note 3.8) and declassified to Stage 2 of impairment for credit risk or Stage 3 when necessary.
The consequences of these classifications, as well as the account taken of new macroeconomic scenarios to determine expected credit
losses as at 30 June 2023 are described in Note 3.8.
Furthermore, to take account of these specific risk exposures the Group supplemented the expected credit losses through a post-model
adjustment, as described in Note 3.8.
102
7. HYPERINFLATION IN TURKEY
On 16 March 2022, the International Practices Task Force of the Centre for Audit Quality, a standard reference for identifying countries
with hyperinflation, published a working paper including Turkey in the list of hyperinflationary economies.
Consequently, since 1 January 2022, the Group has been applying the provisions of IAS 29 (“Financial Reporting in Hyperinflationary
Economies”) to prepare the separate financial statements presented in turkish pound of the entities of the ALD group located in Turkey
(before their conversion in euros as part of the consolidation process). However, the accounts of the SG Istanbul branch have not been
restated, their impact being non-material.
This also applies to the LEASEPLAN OTOMOTIV SERVIS VE TICARET A.S Turkish subsidiary purchased during the first half of 2023. The
information below does not include the impact of the restatements made for this entity, as they are not material at Group level as at 30
June 2023.
In accordance with IAS 29, the accounting value of some balance sheet items measured at cost is adjusted, at closing date, for the inflation
effects observed over the period. In the financial statements of the entities concerned, these adjustments are mainly applied to the
tangible assets representative of the vehicle fleet, as well as to the different components of equity.
The inflation adjustments of the assets concerned and of the equity items as well as of the income and expenses for the period, are
recognised as income or expenses on foreign exchange transactions under Net gains and losses on financial transactions.
Thus restated, the financial statements in Turkish lira of ALD Turkey are converted into euro on the basis of the exchange rate applicable
at closing date.
As at 30 June 2023, a gain of EUR 21.4 million has been recognised under Net gains and losses on financial transactions for the inflation
adjustments of the period. After tax and adjustment of the other income and expenses items of the period, the effect of hyperinflation
adjustments on the net consolidated income amounts to EUR 7.2 million.
103
NOTE 2 - CONSOLIDATION
NOTE 2.1 - CONSOLIDATION SCOPE
The consolidation scope includes subsidiaries and structured entities under the Group’s exclusive control, joint arrangements (joint
ventures and joint operations) and associates whose financial statements are significant relative to the Group’s consolidated financial
statements, notably regarding Group consolidated total assets and gross operating income.
The main change to the consolidation scope as at 30 June 2023, compared with the scope applicable at the closing date of 31 December
2022, is as follow:
LEASEPLAN ACQUISTION BY ALD

On 22 May 2023, following the approval of ALD’s Board of Directors and relevant regulatory authorities’ approvals, ALD acquired 100% of
LeasePlan for a consideration of EUR 4,882 million. This amount is subject to a contingent additional consideration of an amount up to
EUR 235 million in cash, according to the achievements of objectives related to LeasePlan’s regulatory ratios particularly.
The consideration includes:
A cash component: EUR 1,828 million mainly financed via a capital increase of EUR 1,212 million in 2022. Societe Generale held 79.82% of
ALD’s capital prior to this increase. In accordance with its commitment to remain ALD’s majority shareholder in the long term, Societe
Generale subscribed to new shares for an amount of EUR 803 million representing 66.26% of the capital increase and held, at the end of
2022, 75.94% of ALD;
A share component: 251,215,332 new ALD shares have been issued, representing 30.75% of ALD capital after the completion of the
acquisition, and before the exercise of the attached warrants. The value of this share component amounts to EUR 2,871 million, based on
the fair value of ALD's shares of EUR 11.43 at the completion date;
A warrant component: ALD has issued 26,310,039 warrants attached to ALD’s share for the benefit of LeasePlan’s selling shareholders, so
that their total shareholding could reach 32.91% in case of full exercise of warrants.Their main characteristics are as follows: exercise price
of EUR 2.00 per share; parity of 1 warrant for 1 share; and exercisable 1 to 3 years after their issuance, if the ALD share price reaches EUR
14.07 per share in the exercise period. The fair value of these warrants’ amounts, as at 22 May 2023, EUR 128 million. This value was
determined based on a Black & Scholes mathematical valuation model, taking as main assumptions the exercise possible at any time
between 1 and 3 years; a euro area risk-free interest rate and an assumed historical volatility of the observed ALD share of around 30%;
A contingent consideration: estimated by the Group at its fair value of EUR 55 million, as at the closing date of the transaction. The
earn-out mechanism will last until 31 December 2024, subject to an additional 6-month period in certain limited circumstances, with
potential payments every quarter. In the Group’s financial statements, the contingent consideration is recorded as Other liabilities as at
30 June 2023.
As a result, after the completion of the LeasePlan acquisition, Societe Generale remains the majority shareholder of ALD with a stake of
52.59%. This stake may be reduced to 50.95% in the event of the exercise of the shares with warrants attached that have been granted to
LeasePlan shareholders to allow them to increase their stake up to 32.91% of ALD’s social capital. As of 30 June 2023, the former LeasePlan
shareholders consortium led by TDR Capital holds 30.75% of the combined entity, while the free float represents 16.6%.
104
Following the completion of the whole transaction, ALD group (combined entity), remains fully consolidated by the Group.
Details of the purchase price are set out in the table below:
(In EUR m)
Purchase price paid in ALD shares (1) 2,871
Fair value of warrants attached to shares 128
Acquisition price paid in ALD equity instruments 2,999
Acquisition price paid in cash 1,828
Total acquisition price 4,827
Contingent consideration (2)
55
Total acquisition price including contingent consideration 4,882
(1) o/w 26,310,039 shares with warrants attached.
(2) ALD estimate at the date of the acquisition.
Due to the short timeline between LeasePlan’s acquisition closing and publishing of interim financial statements, the Group has
recognised the identifiable assets and liabilities at their carrying amounts in LeasePlan’s IFRS consolidated accounts. The Group has 12
months to finalise the acquisition accounting and the recognition of the identifiable assets and liabilities of LeasePlan at their fair value.
As at 30 June 2023, the Group has recognised a provisional goodwill of EUR 1,744 million (see Note 2.2).
Temporary allocation as
(In EUR m) at 30 June 2023
Cash, due from central banks 3,685
Customer loans at amortised cost 1,436
Net non-current assets and liabilities held for sale (1) 651
Tangible and intangible fixed assets 21,423
o/w Assets under operating leases 20,790
Debts securities issued (9,360)
Due to bank (2,855)
Customer deposits (11,434)
Net tax assets/liabilities (504)
Net other assets and liabilities 609
FAIR VALUE OF ASSETS AND LIABILITIES ACQUIRED (C) 3,651
NON-CONTROLLING INTERESTS (2)
(B) 513
TOTAL PURCHASE PRICE (A) 4,882
GOODWILL (A) + (B) – (C) 1,744
(1) Amount after elimination of intragroup transactions.
(2) Other equity instruments issued.
105
The combined entity will be well-positioned to deliver profitable growth drawing on a fleet of around 3.4 million vehicles (this figure
excludes vehicles from entities classified in non-current assets held for sale), including worldwide biggest multi-brand electric vehicle
fleet, and a direct presence in 44 countries covering all customers categories. Thanks to multiple strengths like complementarities and
scale effects, the combined entity targets to achieve strong synergies regarding costs and supplies.
ALD and LeasePlan serve the same three client segments (large corporates, SMEs, individual consumers), but each of them has specific
areas of leadership. LeasePlan has a network of large and very large blue‑chip international and national corporate clients and has been
particularly strong in this segment in which a customer overlap with ALD is limited. ALD has developed a strong network of partnerships
with more than 200 partners across a large spectrum of sectors. It allowed the Company to rapidly develop its presence in the SME and
individual consumers segments. This complementarity must offer to the combined entity the best footprint across all segments.
ALD benefits a financing structure and strong credit ratings facilitating efficient access to external funding. LeasePlan relies on its deposit
collection platforms in Germany and the Netherlands. The combined entity would therefore have an enlarged funding source base.
The consolidated income of the Group includes the income of LeasePlan’s activities from 22 May 2023. As at 30 June 2023, the contribution
of LeasePlan’s activities amounts to EUR 207 million in net banking income and EUR 65 million in consolidated net income, of which EUR
32 million net income Group share.
On 22 March 2023, the Group announced that ALD entered into a share agreement to sell its subsidiaries in Ireland, Portugal and Norway,
as well as LeasePlan’s subsidiaries in Luxembourg, Finland and Czech Republic. These disposals have been initiated to fulfil the
commitments made by ALD in the context of the clearance by the European Commission of the acquisition of LeasePlan by ALD, to address
concentration risk in the involved countries. As at 30 June 2023, the Group has classified these entities as Non-current assets held for sale
and related debt (see Note 2.3).
106
NOTE 2.2 - GOODWILL
The table below shows, by operating segment (Note 8.1), the changes in net value of the cash-generating units (CGU) goodwill over the
first half of 2023:
Table 2.2.B
Disposals
Acquisitions
Value as at and other and other Value as at
(In EUR m) 31.12.2022 increases decreases Transfers Impairment 30.06.2023
French Retail Banking 1,068 - - - - 1,068
French Networks 1,068 - - - - 1,068
International Retail
1,473 - (6) - - 1,467
Banking
Europe 1,359 - - - - 1,359
Africa, Mediterranean Basin and

114 - (6) - - 108
Overseas
Insurance 334 - - - - 334
Insurance 334 - - - - 334
Financial Services 849 1,748 - - - 2,597
Equipment and Vendor Finance 228 - - - - 228
Auto Leasing Financial Services (1) 621 1,748 - - - 2,369
Global Markets and Investor

- - - - - -
Services
Global Markets and Investor Services - - - - - -
Financing and Advisory 57 - - - - 57
Financing and Advisory 57 - - - - 57
Total 3,781 1,748 (6) - - 5,523
(1) The increase is almost completely related to the acquisition of LeasePlan (see Note 2.1).
107
IMPAIRMENT TEST OF CGU
Goodwill is subject to an impairment test as soon as there is any indication of impairment and at least once a year. The change in the
macroeconomic scenario alone is not an indication of impairment, however, its consequences on the Group's results and financial
projections justify the performance of tests on all CGUs as part of the preparation of the half-yearly financial statements as at 30 June
2023.
A CGU is defined as the smallest identifiable group of assets that generates cash inflows, which are largely independent of the cash inflows
from the Group’s other assets or groups of assets. Impairment tests consist into assessing the recoverable value of each CGU and
comparing it with its carrying value. An irreversible impairment loss is recorded in the income statement if the carrying value of a CGU,
including goodwill, exceeds its recoverable value. This loss is booked under value adjustment on Goodwill.
The recoverable amount of a CGU is calculated using the discounted cash flow (DCF) method applied to the entire CGU.
The key principles retained for the implementation of the tests as at 30 June 2023 for the assessment of the recoverable value of CGUs are
as follows:
The budget trajectories of the CGUs have been revised in June 2023 on the basis of the SG Central scenario established by the Group's
economists and whose underlying assumptions are presented in Note 1.
For each CGU, estimates of future distributable dividends are determined over a five-year period, on the basis of a four-year budget
trajectory (from 2023 to 2026) extrapolated to 2027, the latter year being used to calculate the terminal value.
These estimates take into account the equity target allocated to each CGU, unchanged compared to 31 December 2022 (11% of the
risk-weighted assets of each CGU).
The growth rates used to calculate the terminal value are determined using forecasts on sustainable long-term economic growth and
inflation. These rates are estimated using two main sources, namely the International Monetary Fund and the economic analyses
produced by SG Cross Asset Research which provides 2027 forecasts.
The projected dividends are then discounted on the basis of a rate equal to the risk-free rate grossed up by a risk premium based on
the CGU’s underlying activities. This risk premium, specific to each activity, is calculated from a series of equity risk premiums
published by SG Cross Asset Research and from its specific estimated volatility (beta). Where appropriate, the risk-free rate is also
grossed up by a sovereign risk premium, representing the difference between the risk-free rate available in the area of monetary
assignment (mainly US dollar area or euro area) and the interest rate observed on liquid long-term treasury bonds issued (mainly US
dollar area or euro area), in proportion with risk-weighted assets for CGUs covering several countries.
108
The table below presents discount rates and long-term growth rates specific to the CGUs of the Group’s three core businesses:
Table 2.2.C
Long-term
Assumptions as at 30 June 2023 Discount rate growth rate
French Retail Banking
French Networks 9.1% 2.0%
International Retail Banking
Retail Banking and Consumer Finance 11.3% à 14.1% 2% to 3%
Insurance
Insurance 10.2% 2,5%
Financial Services
Equipment and Vendor Finance and Auto Leasing Financial Services 10.3% 2.0%
Global Markets and Investor Services
Global Markets and Investor Services 11.8% 2.0%
Financing and Advisory
Financing and Advisory 10.3% 2.0%
As at 30 June 2023, no impairment has been recorded in the accounts.
109
NOTE 2.3 - NON-CURRENT ASSETS HELD FOR SALE AND RELATED DEBT
Table 2.3.A
(In EUR m) 30.06.2023 31.12.2022
Assets 3,590 1,081
Fixed assets and Goodwill 1,864 839
Financial assets 867 95
Financial assets at fair value through profit or loss 4 -
Securities at the amortised cost 265 -
Due from banks 37 93
Customer loans 561 2
Other assets 859 147
Liabilities 2,212 220
Allowances 20 -
Financial liabilities 1,841 57
Financial liabilities at fair value through profit or loss - 1
Due to banks 399 56
Customer deposits 1,442 -
Other liabilities 351 163
As at 30 June 2023, the Non-current assets held for sale and Non-current liabilities held for sale items encompass the assets and liabilities
related:
To long-term leasing and car fleet management activity, of which mainly those of LeasePlan entities in Czech Republic, in Finland and in
Luxembourg since the first semester of 2023 (LEASEPLAN CESKA REPUBLIKA S.R.O., FLEET INSURANCE PLAN S.R.O., LEASEPLAN FINLAND
OY and LEASEPLAN LUXEMBOURG S.A) and those of ALD entities in Portugal, Norway, Ireland since the second semester of 2022 (SGALD
AUTOMOTIVE SOCIEDADE GERAL DE COMERCIO E ALUGUER DE BENS SA, ALD AUTOMOTIVE AS and MERRION FLEET MANAGEMENT
LIMITED). Indeed, the acquisition of LeasePlan by ALD has been approved by the European Commission subject to the sale these activities
(Note 2.1).
To subsidiaries SOCIETE GENERALE CONGO, SOCIETE GENERALE DE BANQUES EN GUINEE EQUATORIALE, SOCIETE GENERALE
MAURITANIE and SOCIETE GENERALE TCHAD since the first semester of 2023.
110
NOTE 3 - FINANCIAL INSTRUMENTS
The data presented in Note 3 includes the financial instruments of insurance sector subsidiaries following the first application of IFRS 9
by these entities (see Note 1).
NOTE 3.1 - FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR
LOSS
IMPACT ON GROUP FINANCIAL ASSETS AND LIABILITIES OF THE FIRST IFRS 9 APPLICATION BY INSURANCE SUBSIDIARIES
(SEE NOTE 1)
Adjustment of book
Reclassified
31.12.2021 Reclassifications value related to 01.01.2022 R 31.12.2022 R
balances
investments
of available for- of financial
sale liabilities of
financial of non-SPPI loans insurance
(In EUR m) assets and receivables others activities Reclassification effects
value through profit or
loss
Trading portfolio 319,789 211 320,000 61 320,061 310,945
Financial assets
measured mandatory at
21,356 15,879 2,085 70,550 109,870 152 110,022 101,602
fair value through profit
or loss
Financial instruments
measured at fair value
through profit or loss 1,569 15,065 16,634 16,634 14,604
using the fair value
option
Total 342,714 15,879 2,085 83,826 - 446,504 213 446,717 427,151
fair value through
profit or loss
Trading portfolio 243,112 520 243,632 243,632 235,433
measured mandatory at
64,451 3,620 68,071 68,071 68,742
fair value through profit
or loss
Total 307,563 - - - 4,140 311,703 - 311,703 304,175
111
OVERVIEW
Table 3.1.A
30.06.2023 31.12.2022 R
(In EUR m) Assets Liabilities Assets Liabilities
Trading portfolio 375,223 296,581 310,945 235,433
Financial assets measured mandatorily at fair value through 106,160 101,602
Financial instruments measured at fair value through profit 14,979 84,240 14,604 68,742
Total 496,362 380,821 427,151 304,175
o/w securities purchased/sold under resale/repurchase 161,805 163,568 122,786 103,365
1. TRADING PORTFOLIO
ASSETS
Table 3.1.B
(In EUR m) 30.06.2023 31.12.2022 R
Bonds and other debt securities 43,459 26,022
Shares and other equity securities 84,917 74,404
Securities purchased under resale agreements 161,805 122,752
Trading derivatives (1)
75,269 76,775
Loans, receivables and other trading assets 9,773 10,992
Total 375,223 310,945
o/w securities lent 14,306 12,455
(1) See Note 3.2 Financial derivatives.
LIABILITIES
Table 3.1.C
(In EUR m) 30.06.2023 31.12.2022 R
Amounts payable on borrowed securities 42,867 51,101
Bonds and other debt instruments sold short 7,318 5,186
Shares and other equity instruments sold short 2,530 1,244
Securities sold under repurchase agreements 162,861 102,673
Trading derivatives (1) 78,752 72,656
Borrowings and other trading liabilities 2,253 2,573
Total 296,581 235,433
(1) See Note 3.2 Financial derivatives.
112
2. FINANCIAL INSTRUMENTS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS
Table 3.1.D
(In EUR m) 30.06.2023 31.12.2022 R
Shares and other equity securities 66,920 62,756
Loans, receivables and securities purchased under resale agreements 15,660 16,433
Total 106,160 101,602
The loans and receivables and securities purchased under resale agreements recorded in the balance sheet under Financial assets
mandatorily at fair value through profit or loss are mainly:
loans that include prepayment features with compensation that do not reflect the effect of changes in the benchmark interest rate;
loans that include indexation clauses that do not permit to be recognised as basic loans (SPPI).
3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS USING FAIR VALUE OPTION
ASSETS
Table 3.1.F
(In EUR m) 30.06.2023 31.12.2022 R
Loans, receivables and securities purchased under resale agreements 21 55
Separate assets for employee benefits plans (1)
1,237 1,180
Total 14,979 14,604
(1) Including, as at 30 June 2023, EUR 1,058 million of plan assets for defined post-employment benefits compared to EUR 1,002 million as
at 31 December 2022.
LIABILITIES
Financial liabilities measured at fair value through profit or loss in accordance with the fair value option predominantly consist of
structured bonds issued by the Societe Generale group.
Table 3.1.G
30.06.2023 31.12.2022 R
Amount redeemable at Amount redeemable at

(In EUR m) Fair value maturity Fair value maturity
Financial instruments measured using fair value

84,240 87,792 68,742 70,288
option through profit or loss
The revaluation differences attributable to the Group’s issuer credit risk are determined using valuation models taking into account the
Societe Generale group’s most recent financing conditions on the markets and the residual maturity of the related liabilities.
113
Changes in fair value attributable to own credit risk generated an unrealised gain of EUR 278 million. As at 30 June 2023, the total gains
attributable to own credit risk amounted to EUR 604 million recognised directly in equity.
114
NOTE 3.2 - FINANCIAL DERIVATIVES
1. TRADING DERIVATIVES
FAIR VALUE
Table 3.2.A
30.06.2023 31.12.2022 R
Interest rate instruments 34,731 26,052 35,004 23,784

Foreign exchange instruments 20,011 21,977 24,272 25,324
Equities & index Instruments 19,366 28,269 15,517 21,209
Commodities Instruments 66 293 199 154
Credit derivatives 767 1,040 1,756 1,404
Other forward financial instruments 328 1,121 27 781
Total 75,269 78,752 76,775 72,656
The Group uses credit derivatives in the management of its corporate credit portfolio, primarily to reduce individual, sectorial and
geographical concentration and to implement a proactive risk and capital management approach. All credit derivatives, regardless of
their purpose, are measured at fair value through profit or loss and cannot be qualified as hedging instruments for accounting purposes.
Accordingly, they are recognised at fair value among trading derivatives.
COMMITMENTS (NOTIONAL AMOUNTS)
Table 3.2.B
(In EUR m) 30.06.2023 31.12.2022 R
Interest rate instruments 11,748,577 9,804,009
Firm instruments 9,811,125 8,002,813
Swaps 7,789,703 6,416,536
FRAs 2,021,422 1,586,277
Options 1,937,452 1,801,196
Foreign exchange instruments 4,630,782 4,163,080
Firm instruments 3,477,971 3,047,062
Options 1,152,811 1,116,018
Equity and index instruments 909,325 794,584
Firm instruments 153,127 138,533
Options 756,198 656,051
Commodities instruments 21,984 20,714
Options 4,654 242
115
Credit derivatives 145,908 170,225
Other forward financial instruments 25,902 28,066
Total 17,482,478 14,980,678
116
2. HEDGING DERIVATIVES
According to the transitional provisions of IFRS 9, the Group made the choice to maintain the IAS 39 provisions related to
hedge accounting. Consequently, equity instruments held (shares and other equity securities) do not qualify for hedge
accounting regardless of their accounting category.
FAIR VALUE
Table 3.2.C
30.06.2023 31.12.2022 R
Fair value hedge 30,447 43,539 32,272 45,539
Interest rate instruments 30,409 43,525 32,252 45,538
Foreign exchange instruments 37 10 20 1
Equity and index Instruments 1 4 - -
Cash flow hedge 485 508 469 511
Interest rate instruments 408 428 420 443
Equity and index Instruments 7 19 6 17
Net investment hedge 194 109 230 114
Total 31,126 44,156 32,971 46,164
The Group sets up hedging relationships recognised for accounting purposes as fair value hedges in order to protect its fixed-rate financial
assets and liabilities (primarily loans / borrowings, securities issued and fixed-rate securities) against changes in long-term interest rates.
The hedging instruments used mainly consist of interest rate swaps.
Furthermore, through some of its Corporate and Investment Banking operations, the Group is exposed to future cash flow changes in its
short and medium-term funding requirements and sets up hedging relationships recognised for accounting purposes as cash flow hedges.
Highly probable funding requirements are determined using historic data established for each activity and representative of balance sheet
outstanding. These data may be increased or decreased by changes in management methods.
Finally, as part of their management of structural interest rate and exchange rate risks, the Group’s entities set up fair value hedge for
portfolios of assets or liabilities for interest rate risk as well as cash flow hedge and net investment hedge for foreign exchange risk.
For the first half-year 2023, the revaluation differences on macro-hedged fixed-rate assets portfolios and fixed-rate liabilities portfolios
remain negative as a result of the interest rate raise. On the asset side of the balance sheet, the revaluation difference on assets portfolios
hedged against interest rate risk amounts to EUR -1,925 million as at 30 June 2023 (compared to EUR -2,262 million as at
31 December 2022); and on the liabilities side, the revaluation differences on liabilities portfolios hedged against interest rate risk
amounts to EUR -8,367 million as at 30 June 2023 (against EUR -9,659 million as at 31 December 2022).
117
118
COMMITMENTS (NOTIONAL AMOUNTS)
Table 3.2.D
(In EUR m) 30.06.2023 31.12.2022 R
Interest rate instruments 785,716 862,372
Swaps 716,909 729,222
FRAs 68,807 132,808
Options - 342
Foreign exchange instruments 9,384 8,333
Equity and index instruments 389 179
Firm instruments 389 179
Total 795,489 870,884
119
NOTE 3.3 - FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE
INCOME
IMPACT ON GROUP FINANCIAL ASSETS AND LIABILITIES OF THE FIRST IFRS 9 APPLICATION BY INSURANCE SUBSIDIARIES
(SEE NOTE 1)
Adjustment of
Reclassified book value
31.12.2021 Reclassifications 01.01.2022 R 31.12.2022 R
balances related to
investments
of available of loans and
for-sale receivables
financial regarding their Reclassification
(In EUR m) assets business model effects
Debt instruments 43,180 67,632 1,454 112,266 159 112,425 92,696
Bonds and other debt
43,081 67,632 1,417 112,130 159 112,289 92,655
securities
Loans and receivables
and securities
99 37 136 136 41
purchased under resale
agreements
Shares and other equity
270 270 270 264
securities
Total financial assets at fair
value through other 43,450 67,632 1,454 112,536 159 112,695 92,960
OVERVIEW
Table 3.3.A
(In EUR m) 30.06.2023 31.12.2022 R
Debt instruments 90,292 92,696
Loans and receivables and securities purchased under resale agreements 16 41
Shares and other equity securities 264 264
Total 90,556 92,960
o/w securities lent 246 249
120
1. DEBT INSTRUMENTS
CHANGES OF THE PERIOD
Table 3.3.B
(In EUR m) 2023
Balance as at 1 January 92,696
Acquisitions / disbursements 35,513
Disposals / redemptions (37,755)
Transfers towards (or from) another accounting category 31
Change in scope and others (485)
Changes in fair value during the period 745
Change in related receivables (93)
Translation differences (360)
Balance as at 30 June 90,292
CUMULATIVE UNREALISED GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY
Table 3.3.C
(In EUR m) 30.06.2023 31.12.2022 R
Unrealised gains 703 797
Unrealised losses (5,362) (5,874)
Total (1) (4,659) (5,077)
(1) Including EUR -4,221 million for insurance sector subsidiaries as at 30 June 2023 (EUR -4,479 million as at 31 December 2022). This amount
must be read together with the financial income and expenses recorded directly in equity as part of the measurement of the associated
insurance contracts for EUR +4,210 million as at 30 June 2023 (EUR +4,448 million as at 31 December 2022).
2. EQUITY INSTRUMENTS
The Group chose only in few cases to designate equity instruments to be measured at fair value through other comprehensive income.
121
NOTE 3.4 - FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
1. FINANCIAL ASSETS MEASURED AT FAIR VALUE

Table 3.4.A
30.06.2023 31.12.2022 R
(In EUR m) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Trading portfolio 124,493 169,332 6,129 299,954 96,964 130,804 6,402 234,170
Bonds and other debt securities 39,481 3,844 134 43,459 23,600 2,264 158 26,022
Shares and other equity securities 84,863 54 - 84,917 73,362 1,042 - 74,404
Securities purchased under resale - 156,114 5,691 161,805 - 116,586 6,166 122,752
agreements
Loans, receivables and other trading 149 9,320 304 9,773 2 10,912 78 10,992
assets
Trading derivatives 18 72,371 2,880 75,269 - 73,393 3,382 76,775
Interest rate instruments 16 32,794 1,921 34,731 - 32,527 2,477 35,004
Foreign exchange instruments 1 19,597 413 20,011 - 23,826 446 24,272
Equity and index instruments 1 19,212 153 19,366 - 15,411 106 15,517
Commodity instruments - 66 - 66 - 199 - 199
Credit derivatives - 374 393 767 - 1,403 353 1,756
Other forward financial instruments - 328 - 328 - 27 - 27
Financial assets measured 64,771 28,538 12,851 106,160 60,538 27,681 13,383 101,602
mandatorily at fair value through
Bonds and other debt securities 20,554 1,707 1,319 23,580 19,645 1,904 864 22,413
Shares and other equity securities 44,217 12,397 10,306 66,920 40,893 11,934 9,929 62,756
Loans, receivables and securities - 14,434 1,226 15,660 - 13,843 2,590 16,433
purchased under resale agreements
Financial assets measured using fair 13,692 1,287 - 14,979 13,167 1,437 - 14,604
value option through profit or loss
Bonds and other debt securities 13,692 29 - 13,721 13,167 202 - 13,369
Loans, receivables and securities - 21 - 21 - 55 - 55

Separate assets for employee benefit - 1,237 - 1,237 - 1,180 - 1,180
plans
Hedging derivatives - 31,126 - 31,126 - 32,971 - 32,971
Interest rate instruments - 30,817 - 30,817 - 32,672 - 32,672
Foreign exchange instruments - 301 - 301 - 293 - 293
Equity and index instruments - 8 - 8 - 6 - 6
Financial assets measured 88,427 1,849 280 90,556 91,518 1,162 280 92,960
Bonds and other debt securities 88,427 1,849 - 90,276 91,492 1,162 1 92,655
Shares and other equity securities - - 264 264 - - 264 264
Loans and receivables - - 16 16 26 - 15 41
Total 291,401 304,503 22,140 618,044 262,187 267,448 23,447 553,082
The restatement of amounts as at 31 December 2022 includes some adjustments of the classification among levels in accordance with the
financial instruments observability. They mainly concern a transfer of Shares and other equity securities of the trading portfolio from
Level 2 to Level 1 (EUR 3,780 million).
122
2. FINANCIAL LIABILITIES MEASURED AT FAIR VALUE
Table 3.4.B
30.06.2023 31.12.2022 R
(In EUR m) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Trading portfolio 9,842 205,112 2,875 217,829 6,424 152,967 3,386 162,777
Amounts payable on borrowed - 42,860 7 42,867 8 51,037 56 51,101

securities
Bonds and other debt instruments sold 7,312 - 6 7,318 5,172 - 14 5,186
short
Shares and other equity instruments 2,530 - - 2,530 1,244 - - 1,244
sold short
Securities sold under repurchase - 160,004 2,857 162,861 - 99,366 3,307 102,673
agreements
Borrowings and other trading liabilities - 2,248 5 2,253 - 2,564 9 2,573
Trading derivatives 24 73,918 4,810 78,752 14 68,701 3,941 72,656
Interest rate instruments 23 23,287 2,742 26,052 - 21,122 2,662 23,784
Foreign exchange instruments - 21,298 679 21,977 6 25,046 272 25,324
Equity and index instruments - 27,169 1,100 28,269 7 20,464 738 21,209
Commodity instruments - 293 - 293 - 154 - 154
Credit derivatives - 751 289 1,040 - 1,135 269 1,404
Other forward financial instruments 1 1,120 - 1,121 1 780 - 781
Financial liabilities measured using - 48,356 35,884 84,240 - 32,071 36,671 68,742
fair value option through profit or
Hedging derivatives - 44,156 - 44,156 - 46,164 - 46,164
Interest rate instruments - 43,953 - 43,953 - 45,981 - 45,981
Foreign exchange instruments - 180 - 180 - 166 - 166
Equity and index instruments - 23 - 23 - 17 - 17
Total 9,866 371,542 43,569 424,977 6,438 299,903 43,998 350,339
123
3. VARIATION IN LEVEL 3 FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
Table 3.4.C
Disposals /
redemp- Transfer from
Balance as at Transfer to Gains and Translation Change in scope Balance as at
(In EUR m) 31.12.2022 R Acquisitions tions Level 2 Level 2 losses differences and others 30.06.2023
Trading portfolio (excluding

6,402 3,015 (1,974) (1,313) 7 20 (26) (2) 6,129
derivatives)
Bonds and other debt securities 158 294 (375) (11) 7 64 (2) (1) 134
Securities purchased under resale

6,166 2,497 (1,599) (1,302) - (48) (23) - 5,691
agreements
Loans, receivables and other trading

78 224 - - - 4 (1) (1) 304
assets
Trading derivatives 3,382 38 (4) (378) 185 (278) (65) - 2,880
Interest rate instruments 2,477 - - (352) 124 (283) (45) - 1,921
Foreign exchange instruments 446 1 - (2) 2 (19) (15) - 413
Equity and index instruments 106 37 (4) - - 14 - - 153
Commodity instruments - - - - - - - - -
Credit derivatives 353 - - (24) 59 10 (5) - 393
Financial assets measured

mandatorily at fair value through 13,383 754 (559) (1,712) 85 149 (34) 785 12,851
profit or loss
Bonds and other debt securities 864 10 (3) - 38 68 - 342 1,319
Shares and other equity securities 9,929 744 (488) (471) 35 112 2 443 10,306
Loans, receivables and securities

2,590 - (68) (1,241) 12 (31) (36) - 1,226
Financial assets measured using fair

- - - - - - - - -
value option through profit or loss
Bonds and other debt securities - - - - - - - - -
Loans, receivables and securities

- - - - - - - - -
Financial assets measured at fair

value option through other 280 - (1) - - - 1 - 280
Debt instruments 1 - (1) - - - - - -
Equity instruments 264 - - - - - - - 264
Loans and receivables 15 - - - - - 1 - 16
Total 23,447 3,807 (2,538) (3,403) 277 (109) (124) 783 22,140
124
FINANCIAL LIABILITIES
Table 3.4.D
Balance Balance
Change in
as at 31.12.2022 Transfer to Transfer from Gains and Translation scope and as at
(In EUR m) R Issues Redemptions Level 2 Level 2 losses differences others 30.06.2023
Trading portfolio (excluding

3,386 1,304 (969) (292) - (524) (30) - 2,875
derivatives)
Amounts payable on borrowed

56 - - - - (49) - - 7
securities
Bonds and other debt instruments

14 - - (2) - (6) - - 6
sold short
Securities sold under repurchase

3,307 1,304 (969) (290) - (465) (30) - 2,857
agreements
Borrowings and other trading

9 - - - - (4) - - 5
liabilities
Trading derivatives 3,941 809 (227) (440) 342 697 (312) - 4,810
Interest rate instruments 2,662 1 - (310) 290 400 (301) - 2,742
Foreign exchange instruments 272 502 (220) (2) - 128 (1) - 679
Equity and index instruments 738 306 (7) (78) 1 145 (5) - 1,100
Commodity instruments - - - - - - - - -
Credit derivatives 269 - - (50) 51 24 (5) - 289
Financial liabilities measured

using fair value option through 36,671 7,732 (7,997) (1,562) 295 1,250 (505) - 35,884
profit or loss
Total 43,998 9,845 (9,193) (2,294) 637 1,423 (847) - 43,569
125
4. VALUATION METHODS OF FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE ON THE BALANCE SHEET
For financial instruments recognised at fair value on the balance sheet, fair value is determined primarily on the basis of the prices quoted
in an active market. These prices may be adjusted, if they are not available at the balance sheet date in order to incorporate the events
that have an impact on prices and occurred after the closing of the stock markets but before the measurement date or in the event of an
inactive market.
However, due notably to the varied characteristics of financial instruments traded over-the-counter on the financial markets, a large
number of financial products traded by the Group does not have quoted prices in the markets.
For these products, fair value is determined using models based on valuation techniques commonly used by market participants to
measure financial instruments, such as discounted future cash flows for swaps or the Black & Scholes formula for certain options and
using valuation parameters that reflect current market conditions at the balance sheet date. These valuation models are validated
independently by the experts from the Market Risk Department of the Group’s Risk Division.
Furthermore, the inputs used in the valuation models, whether derived from observable market data or not, are checked by the Finance
Division of Market Activities, in accordance with the methodologies defined by the Market Risk Department.
If necessary, these valuations are supplemented by additional reserves (such as bid-ask spreads and liquidity) determined reasonably and
appropriately after an analysis of available information.
Derivatives and security financing transactions are subject to a Credit Valuation Adjustment (CVA) or Debt Valuation Adjustment (DVA).
The Group includes all clients and clearing houses in this adjustment, which also reflects the netting agreements existing for each
counterparty.
The CVA is determined based on the Group entity’s expected positive exposure to the counterparty, the counterparty’s probability of
default and the amount of the loss given default. The DVA is determined symmetrically based on the negative expected exposure. These
calculations are carried out over the life of the potential exposure, with a focus on the use of relevant and observable market data. Since
2021, a system has been in place to identify the new transactions for which CVA/DVA adjustments are significant. These transactions are
then classified in Level 3.
Similarly, an adjustment to take into account the costs or profits linked to the financing of these transactions (FVA, Funding Value
Adjustment) is also performed.
Observable data must be: independent, available, publicly distributed, based on a narrow consensus and/or backed up by transaction
prices.
For example, consensus data provided by external counterparties are considered observable if the underlying market is liquid and if the
prices provided are confirmed by actual transactions. For long maturities, these consensus data are not observable. This is the case for
the implied volatility used for the valuation of equity options with maturities of more than five years. However, when the residual maturity
of the instrument falls below five years, its fair value becomes sensitive to observable inputs.
In the event of unusual tensions on the markets, leading to a lack of the usual reference data used to measure a financial instrument, the
Risk Division may implement a new model in accordance with pertinent available data, similar to methods used by other market players.
126
SHARES AND OTHER EQUITY SECURITIES
For listed shares, fair value is taken to be the quoted price on the balance sheet date.
The significant unlisted securities and the significant securities listed on an illiquid market will be valued primarily by using a developed
valuation method: Discounted Cash Flows (DCF) or Discounted Dividend Model (DDM) and/or Market multiples.
For non-significant unlisted shares, fair value is determined depending on the type of financial instrument and according to one of the
following methods:
proportion of net asset value held;
valuation based on a recent transaction involving the issuing company (third party buying into the issuing company’s capital, appraisal
by a professional valuation agent, etc.);
valuation based on a recent transaction in the same sector as the issuing company (income multiple, asset multiple, etc.).
DEBT INSTRUMENTS HELD IN PORTFOLIO, ISSUES OF STRUCTURED SECURITIES MEASURED AT FAIR VALUE AND FINANCIAL
DERIVATIVES INSTRUMENTS
The fair value of these financial instruments is determined based on the quoted price on the balance sheet date or prices provided by
brokers on the same date, when available. For unlisted financial instruments, fair value is determined using valuation techniques.
Concerning liabilities measured at fair value, the on-balance sheet amounts include changes in the Group’s issuer credit risk.
OTHER DEBTS
For listed financial instruments, fair value is taken as their closing quoted price on the balance sheet date. For unlisted financial
instruments, fair value is determined by discounting future cash flows to present value at market rates (including counterparty risks, non-
performance and liquidity risks).
CUSTOMER LOANS
The fair value of loans and receivables is calculated, in the absence of an actively traded market for these loans, by discounting the
expected cash flows to present value at a discount rate based on interest rates prevailing on the market at the reporting date for Ioans
with broadly similar terms and maturities. These discount rates are adjusted for borrower credit risk.
127
5. ESTIMATES OF MAIN UNOBSERVABLE INPUTS
The following table provides, for Level 3 instruments, the ranges of values of the most significant unobservable inputs by main product
type.
Table 3.4.E
(In EUR m)
Cash instruments Valuation Significant Range of inputs
and derivatives Main products techniques used unobservable inputs min. max.
Equity volatilities 3.2% 196.2%
Simple and complex instruments Equity dividends 0.0% 15.90%

Various option models on
Equities/funds or derivatives on funds, equities funds, equities or baskets of Correlations -72.4% 99.9%
stocks
or baskets of stocks Hedge fund volatilities 7.6% 7.6%
Mutual fund volatilities 5.4% 27.8%
Hybrid forex / interest

Hybrid forex interest rate or
credit interest rate option Correlations -67.0% 90.0%
rate or credit / interest rate
pricing models
derivatives
Forex derivatives Forex option pricing models Forex volatilities 1.0% 47.0%
Interest rate derivatives whose

Interest rates and Forex
notional is indexed to
Prepayment modelling Constant prepayment rates 0.0% 20.0%
prepayment behaviour in European
collateral pools
Inflation instruments
Inflation pricing models Correlations 72.0% 90.0%
and derivatives
Time to default correlations 0.0% 100.0%

Collateralised Debt Obligations and Recovery and base correlation
index tranches projection models Recovery rate variance for
0.0% 100.0%
single name underlyings
Credit
Time to default correlations 0.0% 100.0%
Other credit derivatives Credit default models Quanto correlations -50.0% 40.0%
Credit spreads 0 bps 1,000 bps
128
Option models on
Commodities Derivatives on commodities baskets Correlations NA NA
commodities
Long term equity Net Book Value / Recent

Securities held for strategic purposes Not applicable - -
investments transactions
129
The table below shows the valuation of cash and derivative instruments on the balance sheet. When it comes to hybrid instruments, they
are broken down according to the main unobservable inputs.
Table 3.4.F
30.06.2023
(In EUR m) Assets Liabilities
Equities/funds 9,160 23,156
Rates and Forex 10,705 20,124
Credit 393 289
Long term equity investments 1,882 -
Total 22,140 43,569
6. SENSITIVITY OF FAIR VALUE FOR LEVEL 3 INSTRUMENTS
Unobservable inputs are assessed carefully, particularly in this persistently uncertain economic environment and market. However, by
their very nature, unobservable inputs inject a degree of uncertainty into the valuation of Level 3 instruments.
To quantify this, fair value sensitivity was estimated at 30 June 2023 on instruments whose valuation requires certain unobservable inputs.
This estimate was based either on a “standardised” variation in unobservable inputs, calculated for each input on a net position, or on
assumptions in line with the additional valuation adjustment policies for the financial instruments in question.
The “standardised” variation corresponds to the standard deviation of consensus prices (TOTEM, etc.) used to measure an input
nevertheless considered as unobservable. In cases of unavailability of these data, the standard deviation of historical data is then used to
assess the input.
130
SENSITIVITY OF LEVEL 3 FAIR VALUE TO A “STANDARDISED” VARIATION IN UNOBSERVABLE INPUTS
Table 3.4.G
30.06.2023 31.12.2022
Negative Positive Negative Positive

(In EUR m) impact impact impact impact
Shares and other equity instruments and derivatives (34) 49 (30) 82
Equity volatilities (13) 13 - 5
Dividends (8) 8 - 20
Correlations (13) 27 (30) 56
Hedge Fund volatilities - 0 - -
Mutual Fund volatilities (0) 1 (0) 1
Rates or Forex instruments and derivatives (13) 26 (15) 28
Correlations between exchange rates and/or interest rates (13) 26 (14) 27
Forex volatilities (0) 0 (1) 1
Constant prepayment rates - - - -
Inflation/inflation correlations (0) 0 (0) 0
Credit instruments and derivatives (0) 3 - 5
Time to default correlations - 0 - 0
Quanto correlations (0) 3 - 3
Credit spreads - 0 - 2
Commodity derivatives NA NA NA NA
Commodities correlations NA NA NA NA
Long term securities NA NA NA NA
It should be noted that, given the already conservative valuation levels, this sensitivity is higher for a favourable impact on results than
for an unfavourable impact. Moreover, the amounts shown above illustrate the uncertainty of the valuation as at the computation date
based on a “standardised” variation in inputs. Future variations in fair value cannot be deduced or forecasted from these estimates.
131
7. DEFERRED MARGIN RELATED TO MAIN UNOBSERVABLE INPUTS
At initial recognition, financial assets and liabilities are measured at fair value, that is to say the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When this fair value differs from transaction price and the instrument’s valuation technique uses one or more unobservable inputs, this
difference representative of a commercial margin is deferred in time to be recorded in the income statement, from case to case, at
maturity of the instrument, at the time of sell or transfer, over time, or when the inputs become observable.
The table below shows the amount remaining to be recognised in the income statement due to this difference, less any amounts recorded
in the income statement after initial recognition of the instrument.
Table 3.4.H
(In EUR m) 2023

Deferred margin as at 1 January 1,249
Deferred margin on new transactions during the period 271
Margin recorded in the income statement during the period (366)
o/w amortisation (222)
o/w switch to observable inputs (12)
o/w disposed, expired or terminated (131)
Deferred margin as at 30 June 1,154
132
NOTE 3.5 - LOANS, RECEIVABLES AND SECURITIES AT AMORTISED COST
IMPACT ON GROUP FINANCIAL ASSETS AND LIABILITIES OF THE FIRST IFRS 9 APPLICATION BY INSURANCE SUBSIDIARIES (SEE NOTE
1)
Reclassified Adjustment of book value related to

31.12.2021 Reclassifications 01.01.2022 R 31.12.2022 R
balances investments
of available Impairment
for-sale and
Total
financial Reclassification provisions for
(In EUR m) assets others effects credit risk
Securities at amortised
19,371 4,975 22 24,368 (218) (1) (219) 24,149 26,143
cost
Due from banks at

55,972 1,232 57,204 - 57,204 68,171
amortised cost
Customer loans and

receivables at 497,164 69 497,233 - 497,233 506,635
amortised cost
Total 572,507 4,975 1,323 578,805 (218) (1) (219) 578,586 600,949
OVERVIEW
Table 3.5.A
30.06.2023 31.12.2022 R
Carrying Carrying
o/w impairment o/w impairment
(In EUR m) amount amount
Due from banks 83,269 (39) 68,171 (39)
Customer loans 490,421 (10,410) 506,635 (10,634)
Securities 27,595 (69) 26,143 (63)
Total 601,285 (10,518) 600,949 (10,736)
133
1. DUE FROM BANKS
Table 3.5.B
(In EUR m) 30.06.2023 31.12.2022 R
Current accounts 41,943 34,672
Deposits and loans 14,067 15,053
Subordinated and participating loans 189 238
Related receivables 287 655
Due from banks before impairments (1) 83,377 68,286
Credit loss impairments (39) (39)
Revaluation of hedged items (69) (76)
Total 83,269 68,171
(1) As at 30 June 2023, the amount due from banks classified as Stage 3 impairment (credit impaired) is EUR 58 million compared to EUR 68
million as at 31 December 2022. The accrued interests included in this amount are limited to interests recognised in net income by
applying the effective interest rate to the net carrying amount of the financial asset (see Note 3.7).
2. CUSTOMER LOANS
Table 3.5.C
(In EUR m) 30.06.2023 31.12.2022 R
Overdrafts 23,366 29,244
Other customer loans 432,784 444,612
Lease financing agreements 30,979 29,499
Related receivables 4,542 4,071
Customer loans before impairments (1) 501,119 517,585
Credit loss impairments (10,410) (10,634)
Total 490,421 506,635
134
(1) As at 30 June 2023, the amount due from customers classified as Stage 3 impairment (credit impaired) is EUR 16,153 million compared
to EUR 15,687 million as at 31 December 2022. The accrued interests included in this amount are limited to interests recognised in net
income by applying the effective interest rate to the carrying amount to the net carrying amount of the financial asset (see Note 3.7).
3. SECURITIES
Table 3.5.F
(In EUR m) 30.06.2023 31.12.2022 R
Government securities 13,942 13,480
Negotiable certificates, bonds and other debt securities 13,607 12,742
Related receivables 287 242
Securities before impairments 27,836 26,464
Impairment (69) (63)
Total 27,595 26,143
135
NOTE 3.6 - DEBTS
1. DUE TO BANKS
Table 3.6.A
(In EUR m) 30.06.2023 31.12.2022 R
Demand deposits and current accounts 11,421 10,455
Overnight deposits and borrowings 1,554 392
Term deposits (1) 104,799 120,164
Related payables 927 301
Revaluation of hedged items (1,810) (1,933)
Securities sold under repurchase agreements 3,032 3,632
Total 119,923 133,011
(1) Including term-deposits linked to governments and central administrations, and in particular long-term refinancing operations set up
by the ECB (Targeted Longer-Term Refinancing Operations – TLTRO).
TLTRO
The European Central Bank (ECB) launched in 2019 a third series of Targeted Longer-Term Refinancing Operations (TLTRO) with the aim
of maintaining favourable credit conditions in the euro area. As in the two previous systems, the level of remuneration of the borrowings
depends on the performance of the borrowing banking institutions in terms of loans granted to their household customers (excluding real
estate loans) and business customers (excluding financial institutions); depending on these performances, the borrowing institutions may
benefit from a reduced interest rate and an additional temporary bonus applicable from 24 June 2020 to 23 June 2021 (reduction by 50
basis points of the average rate of the deposit facility with a floor rate set at -1%). These TLTRO III operations are conducted on a quarterly
basis between September 2019 and December 2021, for a possible total of 10 drawdowns. Each such operation has a three-year maturity
and includes an early repayment option. Some terms and conditions were modified in March 2020, in particular the loan production
objectives, rate conditions and drawdown limit, in order to further support the granting of loans at the outset of the Covid-19 crisis.
In January 2021, the ECB decided to extend the temporary additional bonus over the period from 24 June 2021 to 23 June 2022 subject to
performance in terms of number of granted loans observed over a new reference period from 1 October 2020 to 31 December 2021.
The Group subscribed to TLTRO III loans through quarterly drawdowns staggered between December 2019 and December 2021. The
residual amount of TLTRO borrowings on the liabilities side of the balance sheet is EUR 33 billion as at 30 June 2023, following the early
repayments made in the first semester of 2023 for an amount of EUR 19 billion.
As at 31 December 2021, the Group had already reached its objective of stability of the loans outstanding required to benefit from the
reduced interest rate as well as from two additional temporary bonuses applied from 24 June 2020 to 23 June 2021 and from 24 June 2021
to 23 June 2022. The additional bonuses have been qualified for accounting purposes as grants under IAS 20 and the loans as adjustable-
rate liabilities under IFRS 9.
On 27 October 2022, the ECB changed the methods for calculating the interest rate relating to the last period of TLTRO III. The effect of
these changes resulted in an adjustment of the effective interest rate applied between 23 June 2022 to 22 November 2022 and the
implementation of new calculation method from 23 November 2022.
In the first half of 2023, the total amount of interest and subsidies on TLTRO loans is a net expense of EUR 0.6 billion (EUR 0.2 billion
recorded as Interest and similar income in the first half of 2022); this amount includes the immediate registration of bonuses not yet
recognised on the early repaid loans.
136
2. CUSTOMER DEPOSITS
Table 3.6.B
(In EUR m) 30.06.2023 31.12.2022
Regulated savings accounts 120,863 111,496
Demand 96,136 86,368
Term 24,727 25,128
Other demand deposits (1) 271,461 295,933
Other term deposits (1) 143,652 115,651
Related payables 2,601 876
Total customer deposits 538,480 523,867
Securities sold to customers under repurchase agreements 8,175 6,897
Total 546,655 530,764
(1) Including deposits linked to governments and central administrations.
3. DEBT SECURITIES ISSUED
Table 3.6.D
(In EUR m) 30.06.2023 31.12.2022
Term savings certificates 201 230
Bond borrowings 27,934 25,974
Interbank certificates and negotiable debt instruments 126,425 110,543
Related payables 1,044 635
Revaluation of hedged items (4,284) (4,206)
Total 151,320 133,176
o/w floating-rate securities 83,863 77,220
137
NOTE 3.7 - INTEREST INCOME AND EXPENSE
Table 3.7.A
1st semester of 2023 2022 R 1st semester of 2022 R
(In EUR m) Income Expense Net Income Expense Net Income Expense Net
Financial instruments at amortised cost 14,834 (11,152) 3,682 17,546 (8,845) 8,701 7,248 (3,129) 4,119
Central banks 2,842 (164) 2,678 1,255 (306) 949 212 (210) 2
Bonds and other debt securities 549 (1,793) (1,244) 620 (1,690) (1,070) 271 (813) (542)
Due from/to banks (1) 2,031 (3,099) (1,068) 1,935 (1,737) 198 708 (433) 275
Customer loans and deposits 8,332 (5,341) 2,991 12,172 (3,917) 8,255 5,309 (1,178) 4,131
Subordinated debt - (340) (340) - (641) (641) - (294) (294)
Securities lending/borrowing 4 (9) (5) 42 (14) 28 42 (6) 36
Repo transactions 1,076 (406) 670 1,522 (540) 982 706 (195) 511
Hedging derivatives 9,116 (9,335) (219) 9,739 (8,737) 1,002 4,522 (3,630) 892
Financial instruments at fair value through other

1,241 (110) 1,131 2,208 (277) 1,931 1,043 (429) 614
comprehensive income (2)
Lease agreements 543 (22) 521 852 (37) 815 417 (18) 399
Real estate lease agreements 138 (22) 116 181 (37) 144 81 (18) 63
Non-real estate lease agreements 405 - 405 671 - 671 336 - 336
Subtotal interest income/expense on financial instruments

25,734 (20,619) 5,115 30,345 (17,896) 12,449 13,230 (7,206) 6,024
using the effective interest method
Financial instruments mandatorily at fair value through profit

576 (2) 574 393 (1) 392 235 - 235
or loss
Total Interest income and expense 26,310 (20,621) 5,689 30,738 (17,897) 12,841 13,465 (7,206) 6,259
o/w interest income from impaired financial assets 129 - 129 250 - 250 123 - 123
(1) In 2022, negative interest on TLTRO borrowings is recorded under income due from/to banks (see Note 3.6).
(2) Including EUR 665 million for insurance subsidiaries in 1st semester 2023 (EUR 1,411 million in 2022 and EUR 695 million in the first
semester 2022). This amount must be read together with the financial income and expenses of insurance contracts (see Note 4.3, Table
4.3.C).
These interest expenses include the refinancing cost of financial instruments at fair value through profit or loss, the results of which are
classified in net gains or losses on these instruments (see Note 3.1). Given that income and expenses booked in the income statement are
classified by type of instrument rather than by purpose, the net income generated by activities in financial instruments at fair value
through profit or loss must be assessed as a whole.
138
NOTE 3.8 - IMPAIRMENT AND PROVISIONS
METHOD FOR ESTIMATING EXPECTED CREDIT LOSSES

The method for calculating the impairment and provisions for expected credit losses in Stage 1 and Stage 2 was developed in the Basel
framework which served as a basis for selecting the methods for evaluating the calculation parameters (probability of default and credit
loss rate for the amounts outstanding under an advanced Basel approach - IRBA and IRBF - and provisioning rate for the amounts
outstanding under the standardised Basel approach).
The Group’s portfolios have been segmented in order to ensure homogeneousness of the risk characteristics and a better correlation with
the macroeconomic variables, both worldwide and local. This segmentation allows for all the Group’s specificities to be processed. It is
consistent with or similar to the one specified in the Basel framework in order to ensure the uniqueness of the historical records of defaults
and losses.
The measurement of expected credit losses is performed based on the parameters mentioned below, supplemented with the internal
analyses relating to the credit quality of each counterparty, individually or statistically.
GEOPOLITICAL CRISES AND MACROECONOMIC CONTEXT

For the first half-year, the Group revised the parameters used in the models based on the updated macroeconomic scenarios which take
account of the recent economic developments and macroeconomic impacts related to the war in Ukraine (see Note 1).
To account for the uncertainties related to the war in Ukraine and the macroeconomic context, the Group updated, as at 30 June 2023,
the model and post-model adjustments as described in the 2023 Universal Registration Document.
The effects of the model and post-model adjustments in the determination of expected credit losses are described hereinafter.
UPDATE OF THE MODELS AND IMPACT ON THE ESTIMATION OF EXPECTED CREDIT LOSSES
As at 30 June 2023, the updates of macroeconomic variables and probabilities of default and of the weighting of the scenarios have
resulted in a EUR 64 million decrease in the amount of impairment and provisions for credit risk (EUR 10 million decrease for the 2022
financial year).
The impact of the revision of the macroeconomic variables and probabilities of default is a EUR 49 million decrease, the impact of the
update of the weighting of the macroeconomic scenarios described in Note 1 is a EUR 15 million decrease.
Furthermore, owing to the geopolitical context related to the war in Ukraine, all our Russian counterparties including residual exposures
on Rosbank (EUR 2.1 billion as at 31 December 2022) have been classified as “sensitive” (concept of watch list) from the beginning of the
conflict and the associated outstanding loans have been transferred to Stage 2 as at 30 June 2023, they amount to EUR 1.8 billion including
the Rosbank residual exposures. Further analysis has resulted in the identification amidst this population of the outstanding loans that
have to be transferred to Stage 3, from the beginning of the war in Ukraine (EUR 0.6 billion including 0.1 billion for the first half of 2023).
The impact of these transfers on the calculation of expected credit loses amounts to EUR 394 million as at 30 June 2023 (including the
additional adjustment detailed in the “Other adjustments” sub-section).
Adjustments supplementing the application of the models
Sectoral adjustments
The Group may supplement the models with two types of sectoral adjustments: the first one relates to the possible revision of the estimate
of expected credit losses (with no impact on the classification of the outstanding exposures) of some sectors; the second, put in place
since 2020 in relation to the Covid-19 crisis and applicable only to certain outstandings, supplements the analysis of the increase in credit
risk and may result in additional transfers to Stage 2.
Specific criterion: estimation of expected credit losses

The different estimation models of expected credit losses may be supplemented with sectoral adjustments that will increase or decrease
the amount of expected credit losses. These adjustments enable us to better anticipate the default/recovery cycle in some sectors with a
139
cyclical business which have been subject to peaks of default in the past or which are most exposed to the current crises and on which the
Group’s exposure exceeds a threshold that is annually reviewed and set by the Risk Division.
These sectoral adjustments are examined and updated quarterly by the Risk Division and validated according to materiality thresholds
by the General Management.
The major sectors concerned as at 30 June 2023 are commercial real-estate, non-food retail, hotels, restaurants, leisure, oil and gas, cruise
operators and airlines, and construction (which was also concerned as at 31 December 2022 to a lesser extent).
The total sectoral adjustments thus amount to EUR 781 million as at 30 June 2023 (EUR 741 million as at 31 December 2022). This increase
is mainly due to an increase in the commercial real-estate and non-food retail sectors, the future circumstances of which are deteriorating
owing to multiple factors, such as the difficult situation on the real estate market, the effects of inflation and the changes in purchasing
behaviours. These increases are partly offset by a decrease in the oil and gas sector.
The specific adjustments implemented in 2022 to take account of the impact of raw materials/commodities/energy supply issues as a
result of the war in Ukraine and of the impact of a lasting stagflation on the most exposed sectors have been maintained in 2023.
Additional criterion for transfer to Stage 2
Since 2020 and the start of the Covid-19 crisis, in addition to the transfer criteria for transfer as under-performing assets to Stage 2, applied
at an individual level, further analysis based on expert opinion has been carried out at the level of the outstanding portfolios existing at
the end of that year 2020 and for which the increase in credit risk since granting was considered significant. The subsequent productions
are not concerned by these measures. This analysis performed half-yearly, in accordance with the governance set up during the Covid-19
crisis, resulted in additional transfers to underperforming loans classified as Stage 2 using a collective approach for all the loans of the
sectors regarded by the Group as being most impacted by the Covid-19 crisis and granted before the crisis. As at 30 June 2023, the only
sector still concerned is the Shipbuilding, aircraft and rail construction sector. For the loans concerned, in addition to these transfers to
Stage 2, the provision estimate is made taking account of the sectoral adjustments (described above) that should have been applied.
This adjustment amounts to EUR 3 million as at 30 June 2023 (EUR 17 million as at 31 December 2022).
Other adjustments
Adjustments based on expert opinion have also been made to reflect the deterioration in credit risk on some portfolios when this
deterioration has not been observed through a line-by-line analysis of the outstanding stock:
for the scope of entities that have not developed models enabling them to estimate the correlations between macroeconomic variables
and default rate; and
for the scopes on which models have been developed but cannot reflect future risks not observed in the past.
These adjustments amount to EUR 731 million as at 30 June 2023 (EUR 796 million as at 31 December 2022). This change results from the
account taken of:
the specific risk on the portfolio of offshore loans to Russian corporate customers resulting from the geopolitical situation;
the risks arising from the specific economic context, such as the higher inflation and interest rates, regarding fragile customers and the
most exposed portfolios, as such risks are not taken into account in the models.
1. OVERVIEW
In accordance with the application of IFRS 9 “Financial instruments” by the insurance subsidiaries (see Note 1), the impairments and
provisions of these subsidiaries are included in the tables below.
Since 2022, the measurement adopted is the accounting outstanding amounts (Balance Sheet and Off-Balance Sheet). For the sake of
rationalisation, all the quantitative information related to credit risk is presented in this Note.
PRESENTATION OF BALANCE SHEET AND OFF-BALANCE SHEET OUTSTANDING AMOUNTS
Table 3.8.A
(In EUR m) 30.06.2023 31.12.2022 R
Debt instruments at fair value through other comprehensive income Note 3.3 90,292 92,696
Securities at amortised cost Note 3.5 27,595 26,143
Due from banks at amortised cost Note 3.5 83,269 68,171
Due from central banks (1) 212,999 204,553
Customer loans at amortised cost Note 3.5 490,421 506,635
Guarantee deposits paid Note 4.4 52,440 67,768
Others 6,409 4,175
140
o/w other miscellaneous receivables bearing credit risk Note 4.4 6,110 3,913
o/w due from clearing houses bearing credit risk Note 4.4 299 262
Net value of accounting outstanding amounts on balance sheet 963,425 970,141
Impairment of loans at amortised cost Note 3.8 10,817 11,031
Gross value of accounting outstanding amounts on balance sheet 974,242 981,172
Financing commitments 215,630 216,573
Guarantee commitments 81,195 94,727
Gross value of off balance-sheet accounting amounts 296,825 311,300
Total of accounting amounts (balance-sheet and off balance-sheet) 1,271,067 1,292,472
(1) Included in line Cash, due from central banks.

OUTSTANDING AMOUNTS SUBJECT TO IMPAIRMENT AND PROVISIONS BY IMPAIRMENT STAGE AND BY ACCOUNTING CATEGORY
Table 3.8.B
30.06.2023 31.12.2022 R
Group without Insurance Insurance Group without Insurance Insurance

activities activities
(In EUR m) Outstanding Impairment Outstanding Impairment Outstanding Impairment Outstanding Impairment
amounts amounts amounts amounts
Financial assets at fair value through / i i / i i / i i / i i
37,422 3 52,870 17 37,199 8 55,497 20
other comprehensive income
Performing assets outstanding (Stage 1) 37,420 1 51,632 5 37,192 1 54,445 5
Underperforming assets outstanding 2 2 1,232 12 1 1 1,046 15

(Stage 2)
Doubtful assets outstanding - - 6 - 6 6 6 -
( )
Financial assets at amortised cost (1) 876,916 10,817 7,034 - 881,771 11,031 6,705 -
Performing assets outstanding (Stage 1) 818,284 1,059 6,961 - 820,736 1,042 6,634 -
Underperforming assets outstanding 41,862 2,047 73 - 44,689 2,134 71 -

(Stage 2)
Doubtful assets outstanding 16,770 7,711 - - 16,346 7,855 - -
( )
o/w lease financing 30,979 875 - - 29,500 896 - -
Performing assets outstanding (Stage 1) 24,639 125 - - 24,340 110 - -
Underperforming assets outstanding 4,651 158 - - 3,536 169 - -

(Stage 2)
Doubtful assets outstanding 1,689 592 - - 1,624 617 - -
( )
Financing commitments 215,629 467 1 - 216,571 467 2 -
Performing assets outstanding (Stage 1) 197,736 171 1 - 204,724 166 2 -

(Stage 2)
Doubtful assets outstanding 348 45 - - 283 50 - -
( )
Guarantee commitments 81,195 411 - - 94,727 431 - -
141
Performing assets outstanding (Stage 1) 76,334 57 - - 90,332 57 - -

(Stage 2)
Doubtful assets outstanding 651 246 - - 679 258 - -
( of accounting
Total ) amounts (balance- 1,211,162 11,698 59,905 17 1,230,268 11,937 62,204 20
sheet and off
(1) Including Central Banks for EUR 212,999 million as at 30 June 2023 (versus EUR 204,553 million as at 31 December 2022).
In order to disclose its exposure to credit risk, the Group has decided to tabulate its assets outstanding and impairment by stage of
impairment of the financial assets at amortised cost by Basel category, by geographical area, and by rating of the counterparty. Due to
the absence of significant exposure to credit risk for insurance activities, assets measured at fair value through other comprehensive
income as well as for financing and guarantee commitments, this information is not presented below.
GROUP ASSETS AT AMORTISED COST WITHOUT INSURANCE ACTIVITIES: OUTSTANDING AMOUNTS AND IMPAIRMENTS BY BASEL
PORTFOLIO
Table 3.8.C
30.06.2023
Assets at amortised cost Impairment
(In EUR m) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Sovereign 250,446 4,572 120 255,138 6 2 79 87
Institutions 140,097 465 74 140,636 8 - 25 33
Corporates 233,847 19,353 9,379 262,579 603 1,343 3,999 5,945
o/w SME 43,214 5,500 3,477 52,191 199 339 1,799 2,337
Retail 192,598 17,430 7,180 217,208 440 700 3,601 4,741
o/w VSB 24,650 2,970 2,489 30,109 110 265 1,347 1,722
Others 1,296 42 17 1,355 2 2 7 11
Total 818,284 41,862 16,770 876,916 1,059 2,047 7,711 10,817
Table 3.8.D
31.12.2022
Sovereign * 232,527 291 215 233,033 6 2 77 85
Institutions * 161,523 592 53 162,168 8 2 24 34
142
Corporates * 234,572 20,367 9,221 264,160 619 1,399 4,260 6,278
o/w SME * 42,271 5,666 3,581 51,518 226 318 1,829 2,373
Retail 190,709 23,391 6,841 220,941 406 728 3,488 4,622
o/w VSB 23,972 4,746 2,343 31,061 95 271 1,306 1,672
Others * 1,405 48 16 1,469 3 3 6 12
Total 820,736 44,689 16,346 881,771 1,042 2,134 7,855 11,031
* Amounts restated compared to the financial statements published for 2022.
The financial assets measured at fair value through other comprehensive income mainly correspond to cash management for own
account and to the management of the portfolio of HQLA (High Quality Liquid Assets) securities included in the liquidity reserves. These
assets mainly correspond to Sovereigns classified in Stage 1.
The financing and guarantee commitments mainly correspond to outstanding amounts not drawn by Corporate customers. These assets
are mainly classified in Stage 1.
143
GROUP ASSETS AT AMORTISED COST WITHOUT INSURANCE ACTIVITIES: OUTSTANDING AMOUNTS AND IMPAIRMENTS BY
GEOGRAPHICAL ZONE
The geographic area chosen corresponds to the country of the counterparty. When this information is unavailable, it is the country of the
issuing entity that is used.
Table 3.8.E
30.06.2023
France 433,919 18,795 8,659 461,373 516 1,105 3,313 4,934
Western European
141,096 11,264 1,777 154,137 209 267 812 1,288
countries (excl. France)
Eastern European
61,211 6,463 1,005 68,679 145 263 575 983
countries EU
Eastern Europe excluding

3,334 1,432 562 5,328 2 138 131 271
EU
North America 99,616 1,412 325 101,353 18 84 56 158
Latin America and

6,461 536 368 7,365 3 9 100 112
Caribbean
Asia-Pacific 35,372 151 492 36,015 13 3 244 260
Africa and Middle East 37,275 1,809 3,582 42,666 153 178 2,480 2,811
Total 818,284 41,862 16,770 876,916 1,059 2,047 7,711 10,817
Over 80% of all financing and guarantee commitments have Western Europe, North America or France as their country of counterparty.
Table 3.8.F
31.12.2022
France 442,513 26,042 8,054 476,609 480 1,166 3,240 4,886
Western European 157,496 5,569 1,695 164,760 220 273 767 1,260
countries (excl. France)
Eastern European 51,781 6,455 1,088 59,324 144 256 640 1,040
countries EU
Eastern Europe excluding 2,945 2,032 524 5,501 2 149 121 272
EU
North America 82,014 1,479 165 83,658 21 113 43 177
Latin America and 5,757 472 319 6,548 5 11 88 104

Caribbean
Asia-Pacific 37,999 616 572 39,187 14 6 258 278
144
Africa and Middle East 40,231 2,024 3,929 46,184 156 160 2,698 3,014
Total 820,736 44,689 16,346 881,771 1,042 2,134 7,855 11,031
145
GROUP ASSETS AT AMORTISED COST WITHOUT INSURANCE ACTIVITIES: SUBJECT TO IMPAIRMENT AND PROVISIONS BY RATING OF
COUNTERPARTY (1)
Classification in Stage 1 or Stage 2 does not depend on the absolute probability of default but on the elements that make it possible to
assess the significant increase in credit risk, including the relative change in the probability of default since initial recognition. Therefore,
there is no direct relationship between the counterparty rating, presented in the table below, and the classification by stage of
impairment.
Table 3.8.G
30.06.2023
1 73,384 903 - 74,287 1 3 - 4
2 182,845 5,460 - 188,305 3 6 - 9
3 48,747 526 - 49,273 8 4 - 12
4 86,184 850 - 87,034 68 11 - 79
5 84,850 3,607 - 88,457 248 103 - 351
6 23,148 8,988 - 32,136 179 571 - 750
7 3,036 5,302 - 8,338 18 433 - 451
Default (8, 9, 10) - - 9,294 9,294 - - 3,952 3,952
Other method 316,090 16,226 7,476 339,792 534 916 3,759 5,209
Total 818,284 41,862 16,770 876,916 1,059 2,047 7,711 10,817
(1) The indicative corresponding between the Societe Generale’s internal rating scale and the scales of rating agencies is presented in
chapter 4 of Universal Registration Document.
Table 3.8.H
31.12.2022
Outstanding amounts Impairment
1 59,826 874 - 60,700 1 3 - 4
2 186,818 889 - 187,707 4 5 - 9
3 50,465 622 - 51,087 8 5 - 13
4 85,773 1,431 - 87,204 69 15 - 84
5 84,343 4,322 - 88,665 246 146 - 392
6 22,694 10,044 - 32,738 186 532 - 718
7 2,832 7,082 - 9,914 21 445 - 466
Default (8, 9, 10) - - 9,378 9,378 - - 4,071 4,071
Other method 327,985 19,425 6,968 354,378 507 983 3,784 5,274
146
Total 820,736 44,689 16,346 881,771 1,042 2,134 7,855 11,031
(1) The indicative corresponding between the Societe Generale’s internal rating scale and the scales of rating agencies is presented in
chapter 4 of Universal Registration Document.
2. IMPAIRMENT OF FINANCIAL ASSETS
BREAKDOWN
In accordance with the application of IFRS 9 “Financial instruments” by the insurance subsidiaries (see Note 1), the
impairment booked in these subsidiaries is presented below.
Table 3.8.I
Amount
as at Amount
Write-backs Net impairment Write- Currency and
(In EUR m) 31.12.2022 R Allocations available losses backs used scope effects as at 30.06.2023
value through other
Impairment on performing assets

6 17 (17) - - 6
outstanding (Stage 1)
Impairment on underperforming
16 1 (3) (2) - 14
assets outstanding (Stage 2)
Impairment on doubtful
6 - (6) (6) - - -
Total 28 18 (26) (8) - - 20
Financial assets measured at

- - - - - - -
amortised cost

1,042 471 (464) 7 10 1,059
2,134 897 (981) (84) (3) 2,047
Impairment on doubtful
7,855 2,028 (1,581) 447 (387) (204) 7,711
Total 11,031 3,396 (3,026) 370 (387) (197) 10,817
o/w lease financing and similar

896 226 (217) 9 (52) 22 875
agreements
147
110 46 (33) 13 2 125
169 53 (75) (22) 11 158
Impairment on doubtful assets

617 127 (109) 18 (52) 9 592
148
GROUP VARIATIONS OF IMPAIREMENT WITHOUT INSURANCE ACTIVITIES ACCORDING TO CHANGES IN THE AMOUNT OF FINANCIAL
ASSETS AT AMORTISED COST
Due to lack of significant variations of impairment on financial assets measured at fair value through other comprehensive income and
on financial assets at amortised cost of insurance activities, this information is not presented in the table below.
Table 3.8.J
Of which lease Of which lease Of which lease
financing financing financing
(In EUR m) Stage 1 receivables Stage 2 receivables Stage 3 receivables Total
Amount as at 31.12.2022 1,042 110 2,134 169 7,855 617 11,031
Production & Acquisition (1) 198 19 84 5 72 2 354
Derecognition (2) (108) (5) (113) - (255) (58) (476)
Transfer from stage 1

(40) (4) 362 30 - - 322
to stage 2 (3)
Transfer from stage 2

26 3 (223) (21) - - (197)
to stage 1 (3)
Transfer to stage 3 (3) (7) (1) (128) (11) 522 59 387
Transfer from stage 3 (3) 1 - 34 3 (125) (14) (90)
Allocations & Write-backs

(40) 2 (104) (24) (134) (48) (278)
without stage transfer (3)
Currency effect - - (2) - 24 6 22
Scope effect (9) - 8 11 (250) 23 (251)
Other variations (4) - (5) (4) 2 5 (7)
Amount as at 30.06.2023 1,059 124 2,047 158 7,711 592 10,817
(1) The amounts of impairment presented in the line Production and Acquisition in Stage 2 and Stage 3 could include impairments calculated
on contracts originated in Stage 1 and reclassified in Stage 2 or Stage 3 during the period.
(2) Including repayments, disposals and debt waivers.
(3) The amounts presented in the transfers include variations due to amortisation. Transfers to Stage 3 correspond to outstanding amounts
initially classified as Stage 1 which, during the period, were downgraded directly to Stage 3, or to Stage 2 and later to Stage 3.
149
BREAKDOWN OF TRANSFERS BETWEEN STAGES FOR FINANCIAL ASSETS AT AMORTISED COST OF THE GROUP WITHOUT INSURANCE
ACTIVITIES AS AT 30 JUNE 2023
The amounts presented in the transfers below include variations due to amortisation and new drawdowns on the contracts active during
the financial year.
To describe the transfers between steps:
The starting stage corresponds to the stage of the outstanding balance as at 31 December of the previous year.
The end stage corresponds to the stage of the outstanding balance at the end of the financial year (even in the event of several changes
during the financial year).
Table 3.8.K
Stock of
Stage 1 Stage 2 Stage 3
impairment
Stock of associated with
Outstanding Outstanding Outstanding outstanding assets transferred
transferred as at 30 outstanding
(In EUR m) amounts Impairment amounts Impairment amounts Impairment June amounts
Transfer from Stage 1 to

(12,110) (40) 8,300 361 - - 8,300 361
Stage 2

11,301 26 (12,785) (223) - - 11,301 26
Stage 1

179 1 - - (271) (40) 179 1
Stage 1

- - 509 34 (489) (85) 509 34
Stage 2

(1,132) (7) - - 1,083 235 1,083 235
Stage 3

- - (1,384) (128) 1,427 287 1,427 287
Stage 3
Currency effect on contracts

- - (10) - (7) 1 (17) 1
that change Stage
150
3. CREDIT RISK PROVISIONS
BREAKDOWN
In accordance with the application of IFRS 9 “Financial instruments” by the insurance subsidiaries (see Note 1), the provisions of these
subsidiaries are presented below.
Table 3.8.L
Amount Currency Amount
Net
as at Write-backs impairment and scope as at
(In EUR m) 31.21.2022 Allocations available losses effects 30.06.2023
Financing commitments
Provisions on performing
166 95 (93) 2 3 171
commitments outstanding (Stage 1)
Provisions on underperforming
251 127 (127) - - 251
Provisions on doubtful
50 25 (54) (29) 24 45
Total 467 247 (274) (27) 27 467
Guarantee commitments
Provisions on performing
57 30 (27) 3 (3) 57
Provisions on underperforming
116 28 (33) (5) (3) 108
Provisions on doubtful
258 43 (32) 11 (23) 246
Total 431 101 (92) 9 (29) 411
151
GROUP VARIATIONS OF PROVISIONS WITHOUT INSURANCE ACTIVITIES ACCORDING TO CHANGES IN THE AMOUNT OF FINANCING
AND GUARANTEE COMMITMENTS
Due to lack of significant variations of provisions on the financing and guarantee commitments of insurance activities, this information is
not presented in the table below.
Table 3.8.M
Provisions
On financing commitments On guarantee commitments Total
Amount as at 31.12.2022 166 251 50 467 57 116 258 431 898
Production & Acquisition (1)

34 8 7 49 17 9 33 59 108
Derecognition (2)
(30) (2) (9) (41) (13) (13) (31) (57) (98)
Transfer from stage 1 to stage 2 (3)

(5) 26 - 21 (1) 9 - 8 29
Transfer from stage 2 to stage 1 (3) 4 (17) - (13) 1 (6) - (5) (18)
Transfer to stage 3 (3) - (5) 1 (4) - (1) 12 11 7
Transfer from stage 3 (3)

- - (1) (1) - - (5) (5) (6)
Allocations & Write-backs without stage transfer (3)

2 (21) (2) (21) (4) (6) (27) (37) (58)
Currency effect - (1) - (1) - - 1 1 -
Scope effect - - - - - - - - -
Other variations - 12 (1) 11 - - 5 5 16
Amount as at 30.06.2023 171 251 45 467 57 108 246 411 878
(1) The amounts of impairment presented in the Production and Acquisition line in Stage 2 and Stage 3 may include originated contracts in
Stage 1 reclassified in Stage 2 or Stage 3 during the period.
(2) Including repayments, disposals and debt waivers.
(3) The amounts presented in transfers include variations due to amortisation. Transfers to Stage 3 correspond to outstanding amounts
initially classified as Stage 1 which, during the period, were downgraded directly to Stage 3, or to Stage 2 and later to Stage 3.
152
BREAKDOWN OF TRANSFERS BETWEEN STAGES FOR OFF-BALANCE SHEET COMMITMENTS OF THE GROUP WITHOUT INSURANCE
ACTIVITIES FOR THE PERIOD
The amounts presented in the transfers hereinafter include new drawdowns on the contracts active during the financial year.
To describe the transfers between steps:
 The starting stage corresponds to the stage of the outstanding balance as on 31 December of the previous year.
 The end stage corresponds to the stage of the outstanding balance at the end of the financial year (even in the event of several changes
during the financial year).
Table 3.8.N
Financing commitments
Stage 1 Stage 2 Stage 3 Stock of

Stock of provisions
Outstanding Outstanding Outstanding outstanding associated with
amounts subject to amounts subject to amounts subject to commitments transferred
impairment and impairment and impairment and transferred as at outstanding
(In EUR m) provisions Provisions provisions Provisions provisions Provisions 30 June amounts

(1,649) (5) 1,280 27 - - 1,280 27
Stage 2

1,139 4 (1,223) (17) - - 1,139 4
Stage 1

11 - - - (7) - 11 -
Stage 1

- - 10 - (17) (1) 10 -
Stage 2

(26) - - - 22 - 22 -
Stage 3

- - (175) (5) 15 1 15 1
Stage 3
Currency effect on contracts

(3) - (12) - - - (15) -
that change Stage
Table 3.8.O
Guarantee commitments Stock of Stock of
outstanding provisions
Stage 1 Stage 2 Stage 3 commitments associated with
transferred as at transferred
(In EUR m) Outstanding Provisions Outstanding Provisions Outstanding Provisions 30 June outstanding
amounts subject to amounts subject to amounts subject to amounts
Transfer from Stage 1 to (1,180) (1) 973 9 - - 973 9

Stage 2
Transfer from Stage 2 to 421 1 (500) (6) - - 421 1
Stage 1
Transfer from Stage 3 to 5 - - - (3) - 5 -
Stage 1
Transfer from Stage 3 to - - 18 - (26) (5) 18 -
Stage 2
Transfer from Stage 1 to (25) - - - 27 3 27 3
Stage 3
Transfer from Stage 2 to - - (41) (1) 38 9 38 9
Stage 3
Currency effect on contracts (2) - - - - - (2) -
that change Stage
153
4. QUALITATIVE INFORMATION OF CHANGES IN IMPAIRMENT/PROVISIONS ON CREDIT RISK
The variation in credit risk impairment and provisions since 31 December 2022 is mainly linked to:
Covered losses on Stage 3 loans (EUR 387 million) included in the line derecognition.
This is in line with the Group strategy for monitoring non-performing loans (NPL), which leads to write-offs and sales of defaulted
exposures.
Uncovered losses amount to EUR 90 million.
Transfer of loans to Stage 3 due to default for EUR 2.6 billion of outstanding amounts. This transfer resulted in an increase in impairment
and provisions of EUR 394 million.
Particularly, this variation concerns:
EUR 1.1 billion of outstanding amounts for which the impairment and provisions amount to EUR 232 million as at 30 June 2023. These
contracts were in Stage 1 as at 31 December 2022;
EUR 1.5 billion of outstanding amounts for which the impairment and provisions amount to EUR 162 million as at 30 June 2023. These
contracts were in Stage 2 as at 31 December 2022.
Transfer of loans to Stage 2 due to downgraded ratings, transfer to “sensitive” or 30 days overdue for EUR 10.5 billion. This transfer
resulted in an increase in impairment and provisions of EUR 351 million.
The acquisition of LeasePlan resulted an increase in impairment and provisions of EUR 39 million, included in the line Scope effect.
IFRS 5 entities classified as held for sale during the first semester 2023. This classification resulted a decrease in impairment and provisions
of EUR 290 million, included in the line Scope effect.
154
5. COST OF CREDIT RISK
SUMMARY
Table 3.8.P
2022 R
(In EUR m) 2023 2022 R
Cost of credit risk of financial assets from insurance activities 3 1 (1)
Cost of credit risk (348) (1,647) (778)
Total (345) (1,646) (779)
Following the application of IFRS 9 “Financial instruments” by the insurance subsidiaries (see Note 1), the cost of credit risk
for these subsidiaries is also presented below.
Table 3.8.Q
2022 R
(In EUR m) 2023 2022 R
Net allocation to impairment losses (362) (1,464) (751)
On financial assets at fair value through other comprehensive income 8 - (1)
On financial assets at amortised cost (370) (1,464) (750)
Net allocations to provisions 18 (23) 31
On financing commitments 27 (10) 37
On guarantee commitments (9) (13) (6)
Losses not covered on irrecoverable loans (90) (318) (117)
Amounts recovered on irrecoverable loans 102 132 62
Effect from guarantee not taken into account for the calculation of impairment (13) 27 (4)
Total (345) (1,646) (779)
o/w cost of credit risk on performing outstanding classified in Stage 1 (17) (58) (35)
o/w cost of credit risk on underperforming loans classified in Stage 2 82 (618) (273)
o/w cost of credit risk on doubtful outstanding classified in Stage 3 (410) (970) (471)
155
NOTE 3.9 - FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST
1. FINANCIAL ASSETS MEASURED AT AMORTISED COST
Table 3.9.A
30.06.2023
(In EUR m) Carrying amount Fair value
Due from banks 83,269 83,235
Customer loans 490,421 463,296
Debt securities 27,595 26,895
Total 601,285 573,426
Table 3.9.B
31.12.2022 R
Due from banks 68,171 67,964
Customer loans 506,635 480,914
Debt Securities 26,143 25,285
Total 600,949 574,163
2. FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Table 3.9.C
30.06.2023
Due to banks 119,923 119,893
Total 833,056 829,678
156
Table 3.9.D
31.12.2022 R
Due to banks 133,011 133,009
Total 812,899 809,347
In a context of rising interest rates, financial assets, unlike financial liabilities, have a fair value significantly lower than their book value.
This asymmetry can be explained in particular by the fact that financial liabilities, relating to Debts to customers, mainly include significant
demand deposits.
Since the contractual maturity of these deposits is immediate, the discounting effect is nil and their fair value is equal to their nominal
amount.
157
NOTE 4 - OTHER ACTIVITIES
NOTE 4.1 - FEE INCOME AND EXPENSE
Table 4.1.A
Transactions with banks 64 (63) 1 133 (110) 23 70 (49) 21
Transactions with customers 1,474 1,474 3,088 3,088 1,537 1,537
Financial instruments operations 1,572 (1,512) 60 2,475 (2,447) 28 1,227 (1,227) -
Securities transactions 416 (681) (265) 495 (1,008) (513) 265 (534) (269)
Primary market transactions 160 160 162 162 78 78
Foreign exchange transactions and financial derivatives 996 (831) 165 1,818 (1,439) 379 884 (693) 191
Loan and guarantee commitments 496 (225) 271 974 (424) 550 469 (187) 282
Various services 1,258 (416) 842 2,730 (1,202) 1,528 1,380 (623) 757
Asset management fees 144 144 329 329 155 155
Means of payment fees 512 512 1,072 1,072 524 524
Insurance product fees 86 86 236 236 124 124
Underwriting fees of UCITS 42 42 75 75 39 39
Other fees 474 (416) 58 1,018 (1,202) (184) 538 (623) (85)
Total 4,864 (2,216) 2,648 9,400 (4,183) 5,217 4,683 (2,086) 2,597
158
NOTE 4.2 - INCOME AND EXPENSE FROM OTHER ACTIVITIES
Table 4.2.A
Real estate development 28 (1) 27 69 - 69 31 - 31
Real estate leasing 42 (27) 15 80 (151) (71) 52 (89) (36)
Equipment leasing (1) 7,408 (5,573) 1,835 12,490 (9,466) 3,024 6,161 (4,764) 1,396
Other activities 458 (690) (232) 662 (1,008) (346) 390 (817) (426)
Total 7,936 (6,291) 1,645 13,301 (10,625) 2,676 6,634 (5,670) 964
(1) The amount recorded under this heading is mainly due to income and expenses related to long-term leasing and car fleet management
businesses, of which EUR 285 million related to the car sales result as at 30 June 2023 (vs EUR 753 million as at 31 December 2022 and
433 million as at 30 June 2022). Most of the Group’s long-term lease agreements are 36-month to 48-month leases.
159
NOTE 4.3 - INSURANCE ACTIVITIES
Insurance activities (life insurance and non-life insurance) add to the range of products included in the banking
services offered to Group customers.
These activities are carried out by dedicated subsidiaries, subject to regulations specific to the insurance sector.
MAKE IT
SIMPLE The rules for measuring and accounting for risks associated with insurance contracts are specific to the
Insurance sector.
ACCOUNTING PRINCIPLES
Insurance contracts subject to IFRS 17 “Insurance Contracts” are insurance contracts issued, reinsurance contracts issued (reinsurance
assumed) or held (reinsurance ceded), as well as investment contracts issued including a discretionary participation clause provided that
they are issued by an entity which also issues insurance contracts.
The accounting principles below do not apply to the insurance contracts for which the Group is the insured beneficiary except for the
contracts identified as reinsurance treaties.
Investment contracts without discretionary participation features and with no insurance component (pure unit-linked contracts) do not
meet the IFRS 17 definition of an insurance contract and are recognised as Financial liabilities measured at fair value through profit or
loss (see Note 3.1 paragraph 3). These are financial liabilities indexed on the performance of underlying assets for which the Group has
elected to exercise the option to measure the instruments at fair value without requiring the separation of the embedded derivatives.
GROUPING OF CONTRACTS
For their assessment, insurance contracts are grouped into homogeneous portfolios to take account of the pooling of risks specific to the
insurance activity. These portfolios include insurance contracts that are exposed to similar risks and managed together.
Within each portfolio, three groups of contracts shall be distinguished on initial recognition of the later: onerous contracts, contracts with
no significant possibility of becoming subsequently onerous, and other contracts.
Lastly, contracts issued more than one year apart cannot be included in the same group. Consequently, each group of contracts shall be
subdivided into annual cohorts. However, while adopting IFRS 17, the European Union has provided European undertakings with an
option not to implement this provision to contracts benefiting from an intergenerational mutualisation of returns on the underlying assets
in countries where these undertakings market insurance contracts.
The Group uses this optional exemption on the life-insurance savings and retirement savings contracts issued as they include direct or
discretionary profit-sharing items for which both risks and cashflows are shared between different generations of policyholders. These
savings life-insurance contracts are also managed on an intergenerational basis in order to mitigate interest rate risk and longevity risk
exposures.
The portfolios of contracts are determined by the Group, using (i) the product line to identify the insurance contracts exposed to similar
risks and (ii) the country of issuance of the contract and/or the distribution entity.
When the materiality of the outstanding amounts of the contracts concerned is not significant in the context of the aggregates of the
Group’s consolidated balance sheet, some of these portfolios may be grouped together.
160
The major portfolios identified by the Group are as follows:
Scope of products Product line

Life Insurance Savings with accumulation of capital paid out upon redemption or death
Savings
(investments in euro funds, unit-linked funds, multivehicle contracts)
Individual and group insurance contracts such as Retirement savings plans (French ‘Plan
Retirement Epargne Retraite’ – PER) with payout in annuities and/or capital (single or multiple unit-
linked investments)
Borrower insurance; Individual protection; Group protection; Individual health insurance;

Protection–Provident
Group health insurance; Funeral insurance; Nursing care insurance.
Protection–Non-life insurance (property and Personal injury accident; Insurance of the Means of payment; Multi-risk home insurance;
casualty) Land motor vehicle insurance; Miscellaneous Risk Insurance.
MEASUREMENT MODELS
Each group of insurance contracts is measured separately, and its value is presented in the balance sheet either under Insurance and
reinsurance contract assets or under Insurance and reinsurance contract liabilities.
General model applicable to the insurance contracts issued
Initial measurement
Upon initial recognition, the value of a group of insurance contracts issued corresponds to the sum of the following items:
Liabilities representative of the insurance contracts
Current value of the insurance services or Fulfilment cash flows
Future cash flows estimated as Discounting Adjustment for non-financial

at the effective date of the risks
contract Time value of money and financial (Risk adjustment)
risks not taken into account in the
Premiums, services, directly related estimated flows. Margin for uncertainties on the
costs. estimated future flows.
Contractual service margin

Future expected profits calculated at the subscription of the contract.
Future estimated cash flows

These cash flows are the current estimates of all the amounts that the insurer expects to receive (for premiums…) or pay to the benefit of
insurance policyholders (in relation to life insurance, claims to be compensated, guaranteed benefits and other directly attributable
expenses) as part of the fulfilment of insurance contracts, until their settlement.
These amounts are adjusted to reflect:
161
the present value of the future cash flows taking into account the time value of money and the financial risks related to the future cash
flows (see Discounting),
the uncertainties about the amount and frequency of the cash flows (see Adjustment for non-financial risk).
Discounting
The future cash flows estimated are discounted using a risk-free yield curve (swap rate curve) adjusted for an illiquidity premium to
represent the differences in characteristics between the liquid, risk-free financial instruments and the financial instruments backed
insurance contracts (bottom-up approach).
Adjustment for non-financial risk

The discounted cash flows are adjusted to reflect the uncertainties about the amount and frequency of the future cash flows. This
adjustment for non-financial risks is determined using a quantile approach based on a confidence level of 80% for the Retirement Savings
business. Thus, the technical provisions supplemented with this risk adjustment will allow these estimated future cash flows to be covered
in 80% of probable cases, a level of caution deemed appropriate. For the Protection business, this quantile level is between 80% and 90%.
The calculation method of the adjustment for non-financial risks ignores the diversification effect between the different insurance
activities.
Contractual service margin (CSM)

The contractual service margin (CSM) represents the unearned profit that the entity will recognise in the income statement as the
insurance services are provided in the future. Its amount is determined at the time of initial recognition of the group of insurance contracts
so that, at that date, neither income nor expense is recorded in the income statement. In the event of onerous contracts, the expected
loss shall immediately be recognised in profit or loss. This initial loss will later be reversed in profit or loss to offset the expense for incurred
claims.
Subsequent measurement
On each closing date, the carrying amount in the balance sheet of the group of insurance contracts issued is remeasured. It is then equal
to the sum of the following amounts:
the liability for remaining coverage (LRC), for an amount equal to the reestimated value as at the date of the fulfilment cash flows related
to future services (discounted value of the amounts receivable and payable related to the supply of insurance services on the remaining
coverage period and the deposit components) and, when appropriate, the contractual service margin reestimated on the same date as
described below;
the liability for incurred claims (LIC), for an amount equal to the reestimated value as at the date of the fulfilment cash flows related to
past services (discounted value of the amounts payable in relation to services on already incurred claims).
162
Income and expense are recognised for the changes in liabilities for remaining coverage and for incurred claims, as summarised below:
Changes in liability for remaining coverage Changes in liability for incurred claims
Insurance products Reversals related to the insurance services
provided during the period
Insurance services expenses Losses recognised on onerous contracts and
reversal of these losses Allocations of liabilities for the incurred claims
and the unfunded expenses incurred during
the period
Subsequent changes in the fulfilment cash flows
relating to the incurred claims and the
unfunded expenses incurred
Insurance financial expenses Account taken of the impacts of the time value of Account taken of the impacts of the time value of
and income money money
On this same closing date, the amount of contractual service margin is adjusted to take notably account, for all contracts, of:
the impact of the new contracts added to the Group;
the interest capitalised on the carrying amount of the margin at the discounting rate used to determine the initial margin value;
the reestimate of the fulfilment cash flows (discounted value of the amounts receivable and payable related to the insurance services
provided during the remaining coverage period, excl. estimated amounts to be paid for already incurred claims that are subject to
separate measurement);
the amount recognised as insurance revenue because of the transfer of insurance contract services in the period.
Moreover, the contractual service margin is recognised in profit or loss according to coverage units that reflect the amount of service
provided and the expected coverage period for the contracts remaining in the group of contracts.
The contractual service margin is not adjusted for the following changes in cash flows as they are not related to future services:
inclusion of the impacts (and changes in them) of the time value of money and the financial risk (for example, the impact of a change in
the discounting rate);
changes in estimates of the fulfilment cash flows of liabilities for incurred claims;
adjustments related to experience (difference between the estimate of the amounts expected for the period and the actual cash flows of
the period).
Protection-Provident business
The Group mainly applies the General Model to measure its Protection-Provident contracts (borrower insurance, funeral, dependency
contracts…).
For the Protection – Provident business, the insured value (for example the outstanding capital of the loan in the context of a borrower
contract) is used to measure the quantity of service (or coverage units) provided or to be provided, in order to recognise a portion of the
contractual service margin in the net income of the period.
163
General Model adapted to the insurance contracts issued with direct participation features (Variable Fee Approach)
Insurance contracts issued with direct participation features may be regarded as creating an obligation to pay to policyholders an amount
equal to the fair value of the underlying items (for example, investments in units of funds), minus a variable fee for the service.
The variable fee:
a) represents the counterparty that a company receives to provide investment services;
b) is based on the portion of the performance of the underlying items that varies over time. Consequently, the variable fee reflects
the performance of the underlying items and the other cash flows necessary for the fulfilment of the contracts.
The general accounting model is adapted to reflect that the consideration received for this type of contract is a variable fee (Variable Fee
Approach - VFA).
This adaptation of the general accounting model is used to measure the groups of insurance contracts for which:
the contractual clauses specify that the policy holder is entitled to a portion of a clearly defined portfolio of underlying items;
the entity expects to pay to the policyholder an amount equal to a substantial share of the yield on the fair value of the underlying
items; and
the entity expects any change in the amounts payable to the shareholder to be attributable, substantially, to a change in fair value of the
underlying items.
Eligibility to this measurement model is analysed on the issuance date of the contracts and may subsequently be reassessed only in case
of changes in the contract.
This measurement model is in line with the general model with regards to the following items:
the fulfilment cash flows are measured the same way;
during the initial measurement, the contractual service margin is identical;
the subsequent changes in the fulfilment cash flows associated with the future services adjust the contractual service margin while the
other changes, related to the services provided during the period or before impact the net income.
There are however several differences:
General model Tailored General model - VFA
Recognition of the changes in fulfilment in full in the Statement of net income and as an adjustment of the contractual service
cash flows in relation to the changes in unrealised or deferred gains and losses margin for the portion of this change
discounting rates and other financial associated with the insurer’s share of
variables underlying items
Determination of the interest expense explicitly applying the discount rate used implicitly when taking account of the
for the capitalisation of interest on the during the initial measurement insurer’s share in the change in fair value
contractual service margin of the underlying items for the
determination of the contractual service
margin
Savings and Retirement business

The Group determined that the majority of life savings insurance contracts and individual and collective retirement savings contracts issued
by its insurance subsidiaries meet the definition of contracts with direct participation features. These contracts, which make up the Group’s
predominant insurance activity (some 99% of the discounted estimated cash flows), are measured using the adapted General model known
as Variable Fee Approach (VFA). The other contracts in these categories are measured based on the General Model or under IFRS 9 if they meet
the definition of an investment contract.
164
For the Savings and Retirement business, the quantity of service (or coverage units) used for the amortisation of the contractual service
margin is determined based on the amounts of estimated future cash flows for the current and future periods. An adjustment is made to
correct a bow wave effect, using the financial performance expected over the projection horizon.
General Model adapted to the reinsurance contracts held

Following the issuance of insurance contracts, some risks may be ceded to another insurance company through reinsurance contracts.
The general accounting model is adapted to take account of the specificities of the reinsurance contracts held. These reinsurance
contracts held are booked under the General Model, modified on the following features:
Estimate of the fulfilment cash flows The fulfilment cash flows take into account the risk of non-fulfilment by the issuer of the
reinsurance contract (i.e. the risk of not recovering the expected compensation in the event
of default of the reinsurer).
Measurement of the contractual Any net cost or profit determined at initial recognition (determined based on the estimated
service margin during initial amount of premiums payable, expenses to be paid and compensations to be received) is
recognition recognised as a contractual service margin.
Measurement of the contractual The contractual service margin is adjusted and an income is recognised accordingly, when a
service margin in the context of loss is recognised at initial recognition of a group of onerous underlying insurance contracts
onerous underlying contracts or when onerous underlying insurance contracts are added to the group.
Simplified model (Premium Allocation Approach)

The standard also allows, under some conditions, for the application of a simplified accounting model for the contracts whose insurance
coverage is lower or equal to 12 months, or for which the measurement of the Group’s remaining coverage liabilities determined using
this approach is not significantly different from the one that would result from the application of the general model.
The remaining coverage liabilities presented on the balance sheet corresponds to:
the amount of premium received under the contract adjusted for the amounts recognised as insurance contracts income as the company
provides the insurance coverage;
minus the remaining depreciable acquisition costs paid.
If a group of contracts is onerous, the remaining coverage liability is increased up to the estimated future fulfilment cash flows and a loss
is recognised in the income statement.
The incurred claim liability is measured based on the general model. The Group does not discount the liability when it expects the claims
to be settled within one year.
The simplified approach does not require:
an explicit measurement of the contractual service margin;
an update of the remaining coverage liability for the changes in discount rate and financial variables.
Protection – non-life insurance activity

The Group mostly applies the simplified approach to measure its non-life insurance contracts (personal injuries, means of payment, multi-
risk home insurance…).
165
PRESENTATION OF THE FINANCIAL PERFORMANCE OF INSURANCE CONTRACTS
Expenses and income relating to insurance contracts are presented in the income statement, distinguishing between:
the income arising from insurance services which includes:
income from insurance contracts issued;
insurance services expenses;
net income or expenses from the reinsurance contracts held;
the financial result of the insurance and reinsurance contracts.
Income from insurance contracts issued

The revenues from insurance contracts represent the consideration that the insurance subsidiary expects to receive (representative of
the premium received) against the services provided under the contracts.
The revenues recognised for the period include the amount representative of the premium received as coverage of the insurance service
expenses and the margin expected in relation to the services provided during the period.
Many insurance contracts providing investment services include a deposit component, which is an amount paid by the policyholder and
repaid by the insurer even when the insured event does not take place. These deposit components are excluded from the income
statement, as the collection and repayment of a deposit are not, respectively, an income and an expense.
Insurance services expenses

Insurance services expenses reflect the costs incurred to provide services over the period, including those associated with the claims
incurred, and excluding the deposit component.
The expenses recorded over the period include the insurance services expenses related to the services provided for the incurred claims
during the current or past periods and other amounts such as the amortisation of the insurance acquisition costs, the costs on onerous
contracts and their reversals.
Income and expenses of the reinsurance contracts held.

Income and expenses are representative of the amounts recovered from reinsurers and of the allocation of the premiums paid for this
coverage.
Financial income and expenses of insurance contracts

The fulfilment cash flows and contractual service margin are booked on a discounted basis reflecting the frequency of cash flows. Over
time, the effect of the time value of money decreases, which is reflected in the income statement as an insurance financial expense (the
present value of future disbursements increases). Indeed, the financing costs (financial expenses of the contracts) of insurance are similar
to the interest paid on an early payment (in the form of a premium) and reflect the fact that policyholders usually pay the premiums in
advance and receive benefits at a later date.
Finance income or expenses from insurance also include the effects on the carrying amount of insurance contracts of some changes in
financial assumptions (namely discount rate and other financial variables).
The effect of the changes in discount rates and other financial variables is recognised over the period during which the changes occurred.
The Group has elected, for most of its groups of contracts, to present the effect of these changes in a disaggregated manner between the
income statement and equity. The aim of this choice is to minimise accounting mismatch between the investments of the insurance
activity (associated to the financial assets held to cover the insurance contracts) and the financial expenses of the insurance contracts.
This choice is made for each group of insurance contracts.
166
The Group decided to present the Notes detailing the financial data of the insurance subsidiaries distinguishing between the data
attributed to the insurance contracts within the scope of IFRS 17 (columns headed “Insurance contracts”) including the measurement of
these contracts and the investments backing them. These data also distinguish between the insurance contracts issued with direct
participation features measured using the VFA model and their underlying investments.
The financial data of the investment contracts without participation features and without insurance component (contracts within the
scope of IFRS 9) as well as all financial instruments that are not backing insurance contracts within the scope of IFRS 17 (ex: financial
instruments negotiated in the context of the investment of equity) are presented separately from the other financial data in the “Others”
column.
1. EXCERPT FROM THE BALANCE SHEET OF THE INSURANCE ACTIVITY
The tables below present the carrying amount of the assets and liabilities recognised on the balance sheet of the Group’s insurance
subsidiaries for:
• Insurance contracts or investment contracts;
• Investments made (whether or not backed by insurance contracts).
167
ASSET DETAILS
Table 4.3.A
30.06.2023 31.12.2022 R
Insurance contracts Insurance contracts
With direct Other Total With direct Other Total

participations Other participations Other
(In EUR m) features features
Financial assets at fair value through profit or loss 98,763 173 3,864 102,800 92,759 216 4,739 97,714
Trading portfolio 587 - 35 622 833 - 25 858
Shares and other equity securities - - 22 22 - - 17 17
Trading derivatives 587 - 13 600 833 - 8 841
Financial assets measured mandatorily at fair value through profit or loss 84,886 167 3,784 88,837 78,677 210 4,712 83,599
Bonds and other debt securities 23,126 13 232 23,371 21,968 21 229 22,218
Shares and other equity securities 60,747 150 3,252 64,149 55,671 184 4,086 59,941
Loans, receivables and securities puchased under resale agreements 1,013 4 300 1,317 1,038 5 397 1,440
Financial instruments measured using fair value option through profit or

13,290 6 45 13,341 13,249 6 2 13,257
loss
Bonds and other debt securities 13,290 6 45 13,341 13,249 6 2 13,257
Hedging derivatives 112 - - 112 121 - - 121
Financial assets at fair value through other comprehensive income 51,266 1,399 205 52,870 53,971 1,326 200 55,497
Debt instruments 51,266 1,399 205 52,870 53,971 1,326 200 55,497
Bonds and other debt securities 51,251 1,399 205 52,855 53,930 1,326 200 55,456
Loans, receivables and securities purchased under resale agreements 15 - - 15 41 - - 41
Financial assets at amortised cost (1) 1,040 567 4,663 6,270 1,155 263 4,670 6,088
Investment Property 876 - - 876 876 - 1 877
TOTAL INVESTMENTS OF INSURANCE ACTIVITIES (2) 152,057 2,139 8,732 162,928 148,882 1,805 9,610 160,297
Deferred acquisition costs 194 - - 194 6 - - 6
Insurance contracts issued assets - 64 - 64 - 42 - 42
Reinsurance contracts held assets - 358 - 358 - 305 - 305
TOTAL INSURANCE AND REINSURANCE CONTRACTS ASSETS 194 422 - 616 6 347 - 353
(1) The financial assets at amortised cost are mainly related to Debt securities at amortised cost and Loans and receivables due from banks
at amortised cost
(2) The Group has chosen to keep in the consolidated accounts investments made with Group companies measured at fair value through
profit or loss in representation of unit-linked liabilities
168
DETAIL OF LIABILITIES
Table 4.3.B
30.06.2023 31.12.2022 R
with direct Other Total with direct Other Total

Financial liabilities at fair value through profit or loss 199 - 3,677 3,876 78 - 3,520 3,598
Trading portfolio 199 - 556 755 47 - 572 619
Borrowings and securities sold under repurchase agreements 48 - 15 63 - - 33 33
Trading derivatives 151 - 541 692 47 - 539 586
Financial instruments measured using fair value option through profit or loss - - 3,121 3,121 31 - 2,946 2,977
Hedging derivatives - - - - - - - -
Debt securities issued - - - - - - - -
Due to banks 1,218 5 33 1,256 2,116 74 45 2,235
Customer deposits - - 3 3 - - 3 3
TOTAL OF FINANCIAL LIABILITIES FROM INSURANCE ACTIVITIES 1,417 5 3,713 5,135 2,194 74 3,568 5,836
Insurance contracts issued liabilities 136,299 2,440 - 138,739 133,795 2,079 - 135,874
Reinsurance contracts held liabilities - 7 - 7 - 1 - 1
TOTAL INSURANCE AND REINSURANCE CONTRACTS LIABILITIES 136,299 2,447 - 138,746 133,795 2,080 - 135,875
(1) The financial instruments measured using the fair value option correspond to the unit-linked contracts without participation features.
2. PERFORMANCE OF INSURANCE ACTIVITIES
The tables below show the details of the income and expenses recognised in the income statement or in the gains and losses directly
recognised in equity by the Group’s insurance subsidiaries for:
• the commercial performance of insurance services presented within the Net income of insurance services,
• the financial performance related to the management of contracts resulting from:
• the financial income and expenses recognised on insurance contracts,
• the financial income and expenses recognised on the investments backed on contracts,
• the financial performance of the other investments.
169
2.1 DETAIL OF PERFORMANCE OF INSURANCE ACTIVITIES
Table 4.3.C
Insurance contracts Insurance contracts Insurance contracts

Other Total Other Total Other Total
(In EUR m) with direct Other with direct Other with direct Other
participations participations participations
features features features
Financial result of investments and other 3,924 1 80 4,005 (4,208) (7) (36) (4,251) (5,499) 7 (53) (5,545)
transactions from insurance activities
Interest and similar income 778 19 67 864 1,738 39 119 1,896 869 19 134 1,022
Interest and similar expense (91) (6) (57) (154) (238) (19) (87) (344) (85) (7) (83) (175)
Fee income 5 - - 5 9 12 - 21 5 14 - 19
Fee expense (26) (5) (1) (32) (16) (1) (1) (18) (5) (24) (1) (30)
Net gains and losses on financial 3,237 3 67 3,307 (5,723) (23) (91) (5,837) (6,310) 13 (106) (6,403)
transactions
o/w gains and losses on financial

3,337 3 67 3,407 (5,581) (20) (82) (5,683) (6,270) 16 (97) (6,351)
instruments at fair value through profit or
loss
o/w gains and losses on financial (100) - - (100) (142) - - (142) (40) - - (40)
instruments at fair value through other
o/w gains and losses on financial - - - - - (3) (9) (12) - (3) (9) (12)
instruments at amortised cost
Cost of credit risk from financial assets 3 - - 3 1 - - 1 (3) - 2 (1)

related to insurance activities
Net income from other activities (1) 18 (10) 4 12 21 (15) 24 30 30 (8) 1 23
Insurance service result 490 328 818 930 549 1,479 504 281 785
Income from insurance contracts issued 625 1,057 1,682 1,120 1,984 3,104 552 1,064 1,616
Insurance service expenses (135) (724) (859) (190) (1,416) (1,606) (48) (758) (806)
Income and expenses from reinsurance - (5) (5) - (19) (19) - (25) (25)
contracts held
Financial result of insurance services (3,657) (19) (3,676) 4,053 22 4,075 5,363 1 5,364
Net finance income or expenses from (3,657) (22) (3,679) 4,053 (23) 4,030 5,363 1 5,364
insurance contracts issued
Net finance income or expenses from - 3 3 - 45 45 - - -

reinsurance contracts held
Unrealised or deferred gains and losses 237 23 2 262 (10,032) (259) (17) (10,308) (7,393) (207) (13) (7,613)
from investments that will be reclassified
subsequently into income
Revaluation of debt instruments at fair 233 23 2 258 (9,843) (259) (17) (10,119) (7,256) (207) (13) (7,476)
value through other comprehensive income
Revaluation of hedging derivatives 4 - - 4 (189) - - (189) (137) - - (137)
Unrealised or deferred gains and losses (235) (3) (238) 10,025 25 10,050 7,390 43 7,433
from insurance contracts that will be
reclassified subsequently into income
Revaluation of insurance contracts issued (235) (1) (236) 10,025 42 10,067 7,390 52 7,442
170
Revaluation of the reinsurance contracts - (2) (2) - (17) (17) - (9) (9)
held
(1) The item Net income from other activities corresponds to Income from other activities and Expenses from other activities
171
2.2 MONITORING OF THE AMOUNT OF THE GAINS AND LOSSES DIRECTLY RECOGNISED IN EQUITY FOR DEBTS INSTRUMENTS
UNDERLYING CONTRACTS WITH DIRECT PARTICIPATION FEATURES PRESENT AS AT THE TRANSITION DATE
The Group elected, for the groups of contracts with direct participation features, to recognise in the Net income of the period the financial
income or expenses that eliminate accounting mismatches with the income or expenses recognised in the Net income for the underlying
items held. Consequently, insurance subsidiaries directly recognise in equity the difference between the total financial income or
expenses to be booked for the period for the contracts with direct participation features and the amount recognised in the Net income to
eliminate an accounting mismatch.
The table below shows the changes in cumulative amount of the financial income and expenses related to insurance activities recognised
directly in equity in relation to the contracts with direct participation features identified as at 1 January 2022 (date of transition to the
new measurement method of contracts provided for by IFRS 17).
Table 4.3.D
30.06.2023 31.12.2022 R R
Cumulative amounts included in OCI for debt Cumulative amounts included in OCI for debt
instruments underlying with direct participation instruments underlying with direct participation
contracts present on the date of transition contracts present on the date of transition
Opening balance (4,308) 5,577
Unrealised or deferred gains and losses for the period 149 (9,840)
Unrealised or deferred gains and losses reclassified in profit or loss 101 (45)
Closing balance (4,058) (4,308)
3. DETAILS RELATING TO THE OUTSTANDING STOCK OF INSURANCE CONTRACTS
The Group elected not to show detailed information regarding the reinsurance contracts held owing to their low materiality Group-wide.
SUMMARY OF THE OUTSTANDING STOCK
Table 4.3.E
30.06.2023 31.12.2022 R
with direct Total with direct Total

Insurance contracts issued assets - 64 64 - 42 42
o/w insurance contracts measured under the general model - 62 62 - 40 40
Insurance contracts issued liabilities 136,299 2,440 138,739 133,795 2,079 135,874
o/w insurance contracts measured under the general model 136,299 1,082 137,381 133,795 1,072 134,867
Reinsurance contracts held assets - 358 358 - 305 305
o/w reinsurance contracts measured under the general model - 100 100 - 110 110
172
Reinsurance contracts held liabilities - 7 7 - 1 1
o/w reinsurance contracts measured under the general model - - - - - -
Investment contracts (1) - - 3,121 - - 2,976
(1) Investment contracts with no discretionary participation features measured at fair value through profit or loss using the fair value option.
DETAILED NET INCOME FROM INSURANCE SERVICES
The table below shows the Net income from insurance services. The way in which the Insurance income and expenses are recognised are
detailed in the accounting principles under the “Presentation of the financial performance of insurance contracts” heading.
Table 4.3.F
Insurance contracts Insurance contracts Insurance contracts
with direct with direct with direct
participations Other Total participations Other Total participations Other Total
(In EUR m) features features features
Income from insurance contracts issued 625 1,057 1,682 1,120 1,984 3,104 552 1,064 1,616
Contracts measured under the general model 625 516 1,141 1,120 998 2,118 552 583 1,135
Income of premiums (relating to changes in Liabilities for

Remaining Coverage) relative to:
- Deferred acquisition costs 17 89 106 45 175 220 25 146 171
- Expected claims and handling costs 71 218 289 156 437 593 62 222 284
- Expected non financial risk adjustment 136 57 193 145 123 268 73 61 134
- Expected contractual services margin 401 152 553 774 263 1,037 392 154 546
Contracts measured under the PAA - 541 541 - 986 986 - 481 481
Insurance service expenses (135) (724) (859) (190) (1,416) (1,606) (48) (758) (806)
Amortisation of acquisition costs (17) (150) (167) (45) (304) (349) (25) (207) (232)
Net expenses for expected costs of claims, handling costs and

non-financial risk adjustment (changes in Liabilities Incurred (121) (891) (1,012) (148) (1,344) (1,492) (10) (714) (724)
Claims) - Incurred in the period
Changes in net expenses for expected costs of claims and

handling costs (changes in Liabilities Incurred Claims) - Past 3 314 317 3 255 258 2 185 187
services
Losses and reversals of losses on onerous contracts (changes

- 3 3 - (23) (23) (15) (22) (37)
in Liabilities for Remaining Coverage)
Net income or expenses from reinsurance contracts held - (5) (5) - (19) (19) - (25) (25)
INSURANCE SERVICE RESULT 490 328 818 930 549 1,479 504 281 785
173
3.1 INSURANCE CONTRACTS MEASURED UNDER THE GENERAL MODEL (INCLUDING INSURANCE CONTRACTS ISSUED WITH DIRECT
PARTICIPATION FEATURES) AND THE SIMPLIFIED MODEL
TABLE OF RECONCILIATION OF THE INSURANCE CONTRACTS ASSETS AND LIABILITIES BY TYPE OF COVERAGE (REMAINING
COVERAGE AND CLAIMS INCURRED)
Table 4.3.G
30.06.2023
Incurred claims
Remaining coverage
Incurred claims
(measured under the PAA)
Total
(measured under
Present value of
excluding the loss the general model) Non financial risk
Loss component the future cash
component adjustment
(In EUR m) flows
Insurance contracts issued liabilities 134,009 21 944 820 80 135,874
Insurance contracts issued assets (39) 5 (10) 2 - (42)
NET BALANCE AS AT 1 JANUARY 133,970 26 934 822 80 135,832
Income from insurance contracts issued (1) (1,682) - - - - (1,682)
Insurance service expenses 167 (3) 344 337 14 859
Amortisation of acquisition costs 167 - - - - 167
Net expenses for expected costs of claims, handling costs and non-financial
- - 633 356 23 1,012
risk adjustment (changes in Liabilities Incurred Claims) - Incurred in the period
Changes in net expenses for expected costs of claims and handling costs
- - (289) (19) (9) (317)
(changes in Liabilities Incurred Claims) - Past services
Losses and reversals of losses on onerous contracts (changes in Liabilities for

- (3) - - - (3)
Remaining Coverage)
Net finance income or expenses from insurance contracts issued (2) 3,902 1 7 5 - 3,915
Changes relative to the deposits component included in the insurance

(7,648) - 7,648 - - -
contract
Other changes (88) 5 (41) 390 19 285
Cash flows : 7,772 - (7,980) (326) - (534)
Premiums received (as a reduction of premiums to be received included in the

7,925 - - - - 7,925
remaining coverage)
Costs of claims and handling costs (as a reduction of the incurred claims
- - (7,980) (326) - (8,306)
liabilities)
Paid acquisition costs (as a net adjustment of the remaining coverage

(153) - - - - (153)
following the transfer of deferred amounts or amortisations)
NET BALANCE AS AT 30 JUNE 136,393 29 912 1,228 113 138,675
Insurance contracts issued liabilities 136,470 24 907 1,225 113 138,739
Insurance contracts issued assets (77) 5 5 3 - (64)
(1) Of which, for the insurance contracts present on the transition date (and measured under the general model): EUR 801 million using the
modified retrospective approach, and EUR 60 million using the fair value approach.
174
(2) This heading includes the financial charges and income that were recorded under the heading Revaluation of insurance contracts in
equity within Gains and losses recognised directly in equity and which will be reclassified later in profit or loss.
175
Table 4.3.H
31.12.2022 R
Incurred claims
Remaining coverage
Incurred claims
(measured under the PAA)
Total
(measured under
Present value of
excluding the loss the general model) Non financial risk
Loss component the future cash
component adjustment
(In EUR m) flows
Insurance contracts issued liabilities 148,665 4 1,060 780 56 150,565
Insurance contracts issued assets (72) - 27 2 - (43)
NET BALANCE AS AT 1 JANUARY 148,593 4 1,087 782 56 150,522
Income from insurance contracts issued (1) (3,104) - - - - (3,104)
Insurance service expenses 349 23 607 600 27 1,606
Amortisation of acquisition costs 349 - - - - 349
Net expenses for expected costs of claims, handling costs and non-financial
- - 792 665 35 1,492
risk adjustment (changes in Liabilities Incurred Claims) - Incurred in the period
Changes in net expenses for expected costs of claims and handling costs
- - (185) (65) (8) (258)
(changes in Liabilities Incurred Claims) - Past services
Losses and reversals of losses on onerous contracts (changes in Liabilities for

- 23 - - - 23
Remaining Coverage)
Net finance income or expenses from insurance contracts issued (2) (14,043) (1) (16) (31) (4) (14,095)
Changes relative to the deposits component included in the insurance

(14,132) - 14,132 - - -
contract
Other changes 293 - (291) (322) 1 (319)
Cash flows : 16,014 - (14,585) (207) - 1,222
Premiums received (as a reduction of premiums to be received included in the

16,375 - - - - 16,375
remaining coverage)
Costs of claims and handling costs (as a reduction of the incurred claims
- - (14,585) (207) - (14,792)
liabilities)
Paid acquisition costs (as a net adjustment of the remaining coverage

(361) - - - - (361)
following the transfer of deferred amounts or amortisations)
NET BALANCE AS AT 31 DECEMBER 133,970 26 934 822 80 135,832
Insurance contracts issued liabilities 134,009 21 944 820 80 135,874
Insurance contracts issued assets (39) 5 (10) 2 - (42)
(1) Of which, for the insurance contracts present on the transition date (and measured under the general model): EUR 1,143 million using
the modified retrospective approach, and EUR 88 million using the fair value approach.
(2) This heading includes the financial charges and income that were recorded under the heading Revaluation of insurance contracts in
176
3.2 CONTRACTS MEASURED UNDER THE GENERAL MODEL (INCLUDING INSURANCE CONTRACTS ISSUED WITH DIRECT
PARTICIPATION)
TABLE OF RECONCILIATION OF THE INSURANCE CONTRACTS ASSETS AND LIABILITIES ISSUED BY ESTIMATE COMPONENTS
(DISCOUNTED FUTURE CASH FLOWS, ADJUSTMENT FOR NON-FINANCIAL RISK AND CONTRACTUAL SERVICE MARGIN)
Table 4.3.I
30.06.2023
Present value of the Non-financial risk Contractual service
Total
(In EUR m) future cash flows adjustment margin
Insurance contracts issued liabilities 123,297 3,452 8,118 134,867
Insurance contracts issued assets (214) 40 134 (40)
NET BALANCE AS AT 1 JANUARY 123,083 3,492 8,252 134,827
Changes that relate to future services (1,383) 309 1,078 4
Changes in estimates that adjust the CSM (971) 195 776 -
Changes in estimates that result in losses and reversals on onerous contracts (ie, that do not
(24) - - (24)
adjust the CSM)
Effect of new contracts recognised in the year (388) 114 302 28
Changes that relate to current services 251 (109) (552) (410)
Contractual services margin recognised in profit or loss for services provided - - (552) (552)
Change in non-financial risk adjustment for risk expired - (109) - (109)
Experiences adjustments 251 - - 251
Changes that relate to past services (ie, changes in fulfillment cash flows relative to
(206) (83) - (289)
incurred claims)
Net finance income or expenses from insurance contracts issued (1) 3,907 (4) 8 3,911
Other changes (17) - 2 (15)
Cash flows: (709) - - (709)
Premiums received (as a reduction of premiums to be received included in the remaining

7,378 - - 7,378
coverage)
Costs of claims and handling costs (as a reduction of the incurred claims liabilities) (7,980) - - (7,980)
Paid acquisition costs (as a net adjustment of the remaining coverage following the transfer
(107) - - (107)
of deferred amounts or amortisations)
NET BALANCE AS AT 30 JUNE 124,926 3,605 8,788 137,319
Insurance contracts issued liabilities (2) 125,169 3,564 8,648 137,381
Insurance contracts issued assets (2) (243) 41 140 (62)
(1) This heading includes the financial income and expenses that were recorded under the heading Revaluation of insurance contracts in
(2) Of which, for the contractual service margin of the insurance contracts present on the transition date (and measured under the general
model): EUR 7,328 million using the modified retrospective approach, and EUR 332 million using the fair value approach.
177
Table 4.3.J
31.12.2022 R
Present value of the Non-financial risk Contractual service

Total
(In EUR m) future cash flows adjustment margin
Insurance contracts issued liabilities 138,337 3,064 8,269 149,670
Insurance contracts issued assets (229) 52 135 (42)
NET BALANCE AS AT 1 JANUARY 138,108 3,116 8,404 149,628
Changes that relate to future services (1,586) 667 945 26
Changes in estimates that adjust the CSM (1,157) 439 718 -
Changes in estimates that result in losses and reversals on onerous contracts (ie, that do not
18 2 - 20
adjust the CSM)
Effect of new contracts recognised in the year (447) 226 227 6
Changes that relate to current services 115 (194) (1,036) (1,115)
Contractual services margin recognised in profit or loss for services provided - - (1,036) (1,036)
Change in non-financial risk adjustment for risk expired - (194) - (194)
Experiences adjustments 115 - - 115
Changes that relate to past services (ie, changes in fulfillment cash flows relative to
(108) (77) - (185)
incurred claims)
Net finance income or expenses from insurance contracts issued (1) (14,037) (39) 16 (14,060)
Other changes 254 19 (77) 196
Cash flows: 337 - - 337
Premiums received (as a reduction of premiums to be received included in the remaining

15,261 - - 15,261
coverage)
Costs of claims and handling costs (as a reduction of the incurred claims liabilities) (14,585) - - (14,585)
Paid acquisition costs (as a net adjustment of the remaining coverage following the transfer
(339) - - (339)
of deferred amounts or amortisations)
NET BALANCE AS AT 31 DECEMBER 123,083 3,492 8,252 134,827
Insurance contracts issued liabilities (2) 123,297 3,452 8,118 134,867
Insurance contracts issued assets (2) (214) 40 134 (40)
(1) This heading includes the financial income and expenses that were recorded under the heading Revaluation of insurance contracts in equity within Gains
and losses recognised directly in equity and which will be reclassified later in profit or loss.
(2) Of which, for the contractual service margin of the insurance contracts present on the transition date (and measured under the general model): EUR 7,243
million using the modified retrospective approach, and EUR 324 million using the fair value approach.
178
DETAILED EFFECT OF THE NEW CONTRACTS RECOGNISED DURING THE PERIOD
Table 4.3.K
30.06.2023 31.12.2022 R
(In EUR m) issued o/w transfer of contracts issued o/w transfer of contracts
Present value of:
Estimated cash outflows 4,336 - 7,245 -
o/w acquisitions costs 107 - 339 -
o/w costs of claims and handling costs 4,229 - 6,906 -
Estimated cash inflows (4,752) - (7,698) -
Non-financial risk adjustment 114 - 226 -
Contractual service margin 302 - 227 -
Loss component on onerous contracts 28 - 6 -
TOTAL 28 - 6 -
179
3.3 DETAILS ON THE PROJECTED ITEMS RELATING TO THE MEASUREMENT OF CONTRACTS
SCHEDULING OF THE CASH FLOWS RELATED TO THE INSURANCE AND REINSURANCE CONTRACTS LIABILITIES
Table 4.3.L
(In EUR m) Up to 3 months From 3 months to 1 year From 1 to 5 years More than 5 years 30.06.2023
Insurance and reinsurance contracts liabilities 3,328 13,042 39,450 82,926 138,746
EXPECTED RECOGNITION IN THE INCOME STATEMENT OF THE CONTRACTUAL SERVICE MARGIN DETERMINED AT THE END OF THE
PERIOD (1)
Table 4.3.M
(In EUR m) 30.06.2023 31.12.2022 R
Expected years before recognising CSM in profit or loss Insurance contracts issued Insurance contracts issued
From 1 to 5 years 3,772 3,520
From 6 to 10 years 2,067 1,973
> 10 years 2,949 2,759
Total 8,788 8,252
(1) The contractual service margin determined at the end of the period does not include future new insurance contracts, and insurance
contracts valued according to the simplified model.
4. MANAGEMENT OF INSURANCE RISKS

The Group carries out its insurance activities through the distribution and reinsurance acceptance of a wide range of life insurance,
protection and health insurance, and non-life insurance policies. Since the life insurance business is predominant on the French market
in the Group’s insurance activities, the market risks of financial assets in terms of technical liabilities constitute the most significant
exposure. Within market risks, the insurance business line is sensitive to shocks in interest rates, equity markets and credit spreads. In
connection with the life insurance savings activity, a risk of withdrawals is also significant.
Managing these risks is key to the Insurance business line’s activity. It is carried out by qualified and experienced teams, with major
bespoke IT resources. Risks undergo regular monitoring and are reported to the General Management of both the entities concerned and
the business lines.
Risk management techniques are based on the following:
heightened security for the risk acceptance process, with the aim of guaranteeing that the price schedule matches the policyholder’s risk
profile and the guarantees provided;
regular monitoring of indicators on product claims rates in order to adjust certain product parameters, such as pricing or the level of
guarantee, if necessary;
implementation of a reinsurance plan to protect the business line from major/serial claims;
application of policies on risk, provisioning and reinsurance.
Management of risks linked to the financial markets and to ALM is an integral part of the investment strategy just like objectives on long-
term performance. The optimisation of these two factors is highly influenced by the asset/liability balance. Liability commitments
(guarantees offered to customers, maturity of policies), as well as the amounts booked under the major items on the balance sheet
(shareholders’ equity, income, provisions, reserves, etc.) are analysed by the Finance and Risk Department of the insurance business line.
Risk management related to financial markets (interest rates, credit and shares) and to ALM is based on the following:
monitoring short- and long-term cash flows (match between the term of a liability and the term of an asset, liquidity risk management);
particular monitoring of policyholder behaviour (redemption);
close monitoring of financial markets;
180
hedging of exchange rate risks (both rising and falling);
defining thresholds and limits per counterparty, per rating issuer and per category of assets;
stress tests, the results of which are presented annually at entities’ Board of Directors’ meetings, as part of the ORSA report (Own Risk and
Solvency Assessment), transferred to the ACPR after approval by the Board;
application of policies related to ALM and investment risks.
NOTE 4.4 - OTHER ASSETS AND LIABILITIES
1. OTHER ASSETS
Table 4.4.A
(In EUR m) 30.06.2023 31.12.2022 R
Guarantee deposits paid (1)
52,440 67,768
Settlement accounts on securities transactions 5,571 3,895
o/w due from clearing houses bearing credit risk 299 262
Prepaid expenses 1,856 1,387
Miscellaneous receivables (2)
14,360 9,684
o/w miscellaneous receivables bearing credit risk (3) 6,409 4,208
Gross amount 74,227 82,734
Impairments (435) (419)
Credit risk (3)
(299) (295)
Other risks (136) (124)
Net amount 73,792 82,315
(1) Mainly relates to guarantee deposits paid on financial instruments, their fair value is assumed to be the same as their book value net of
impairment for credit risk.
(2) Miscellaneous receivables primarily include trade receivables, fee income and income from other activities to be received. The operating
leases receivables equal to EUR 1,973 million as at 30 June 2023, compared to
EUR 1,258 million as at 31 December 2022.
(3) Net value of miscellaneous receivables bearing credit risk amounts to EUR 6,110 million as at
30 June 2023, compared to EUR 3,913 million as at 31 December 2022 (see Note 3.8).
2. OTHER LIABILITIES
Table 4.4.B
(In EUR m) 30.06.2023 31.12.2022 R
Guarantee deposits received (1)

56,534 74,306
Settlement accounts on securities transactions 5,350 4,759
Expenses payable on employee benefits 2,210 2,610
Lease liability 2,214 2,104
Deferred income 1,725 1,297
Miscellaneous payables (2) 25,388 22,239
Total 93,421 107,315
181
(1) Mainly relates to guarantee deposits received on financial instruments, their fair value is assumed to be the same as their book value.
(2) Miscellaneous payables primarily include trade payables, fee expense and expense from other activities to be paid.
182
NOTE 5 - OTHER GENERAL OPERATING EXPENSES
Table 5.A

31.12.2022 R
(In EUR m) 2023 2022 R
Personnel expenses (1) Note 5.1 (5,275) (10,052) (5,112)
Other operating expenses (1) Note 5.2 (3,758) (7,009) (3,904)
Other general operating expenses attributable to the

365 636 330
insurance contracts (2)
Total (8,668) (16,425) (8,686)
(1) The amount of Personnel expenses and Other administrative expenses detailed in Note 5.1 and Note 5.2 are presented in the income
statement before reallocation in the Net Banking Income of the expenses attributable to insurance contracts.
(2) Part of the general operating expenses attributable to insurance contracts is recognised during the period as service expenses relating
to the insurance and reinsurance contracts issued; another part is deferred in the balance sheet as acquisition expenses and will be
recognised subsequently as service expenses relating to insurance contracts.
NOTE 5.1 - PERSONNEL EXPENSES AND EMPLOYEE BENEFITS
NOTE 5.1.1 - PERSONNEL EXPENSES
Table 5.1.1.A
2022
(In EUR m) 2023 2022
Employee compensation (3,745) (7,244) (3,646)
Social security charges and payroll taxes (888) (1,655) (862)
Net pension expenses - defined contribution plans (381) (709) (342)
Net pension expenses - defined benefit plans (35) (61) (35)
Employee profit-sharing and incentives (226) (383) (227)
Total (5,275) (10,052) (5,112)
Including net expenses from share - based payments (117) (196) (84)
183
NOTE 5.1.2 - EMPLOYEE BENEFITS
DETAIL OF PROVISIONS FOR EMPLOYEE BENEFITS
Table 5.1.2.A
Actuarial Currency
Provisions as Write-backs Net Write- gains and and scope Provisions as
(In EUR m) at 31.12.2022 Allocations available allocation backs used losses effects at 30.06.2023
Post-employment benefits 1,171 44 (9) 35 (44) 19 7 1,188
Other long-term benefits 604 90 (47) 43 (43) - (11) 593
Termination benefits (1) 227 71 (19) 52 (36) (17) 36 262
Total (2) 2,002 205 (75) 130 (123) 2 32 2,043
(1) Termination benefits include mainly the expenses the cost of voluntary redundancy related to the New French Retail Banking
organisation project presented by the Group in the fourth quarter of 2021, which led to the legal merger of Crédit du Nord and Societe
Generale on 1 January 2023. The accounting treatment of the expenses for these measures has been assimilated to the post-employment
benefits.
(2) The Group has taken into account the effects of the Law of 14 April 2023 on the amending financing of social security in the assessment
of its employees’ pension commitments (impact of EUR 13 million under Other general operating expenses).
NOTE 5.1.3 - SHARE-BASED PAYMENT PLANS
2023 SOCIETE GENERALE FREE PERFORMANCE SHARES PLAN

The table below presents the 2023 free share allocation plan that does not concern the shares allocated to regulated population, under
the article L.511-71 of the monetary and financial Code, whose remuneration is deferred, and the Chiefs Executive Officers and
Management Committee members of Societe Generale.
Date of shareholders’ agreement 17.05.2022
Date of Board of Directors' decision 08.03.2023
Number of free shares granted 1,293,652
Number of free shares outstanding at 30.06.2023 1,293,652
Vesting period 08.03.2023 - 31.03.2026
Performance conditions (1) Yes
Fair value (% of the share price as at grant date) 88.30%
Method of valuation Arbitrage
(1) For all the Group, the performance condition is based on the profitability level of Societe Generale group, the Net income, Group share.
184
NOTE 5.2 - OTHER OPERATING EXPENSES
Table 5.2.A
2022
(In EUR m) 2023 2022
Rentals (192) (348) (158)
Taxes and levies (964) (1,359) (1,265)
Data & telecom (excluding rentals) (1,265) (2,574) (1,234)
Consulting fees (602) (1,351) (628)
Other (735) (1,377) (619)
Total (3,758) (7,009) (3,904)
CONTRIBUTION TO BANK RESOLUTION MECHANISMS

The European regulatory framework designed to enhance financial stability was updated by the Directive 2014/59/UE of 15 May 2014
establishing a framework for the recovery and resolution of credit institutions and investment firms (Bank Recovery and Resolution
Directive).
The European Regulation UE n°806/2014 of 15 July 2014 then determined the financing means of resolution mechanisms within the
European Banking Union through the establishment of a Single Resolution Fund (SRF). In addition to this instrument, the National
Resolution Fund (NRF) exists for institutions subject to this resolution mechanisms, but that have no SRF.
The SRF, established in January 2016, shall receive annual contributions from the participating European financial institutions. By the end
of 2023, the available financial means of the Fund shall reach at least 1% of the amount of covered deposits of all these participating
financial institutions. A share of the annual contributions can be provided through irrevocable payment commitments.
In 2023, the Group's contributions to the SRF and the FRNs were made:
for 77.5%, in the form of a cash contribution amounting to EUR 658 million (compared to EUR 863 million in 2022) of which 603 million
under the SRF and 55 million under the FRN, not tax-deductible in France and recognised in the income statement under Other
administrative expenses on the ‘Taxes and duties and other contributions’ line;
for 22.5%, in the form of an irrevocable payment commitment secured by the payment of a cash guarantee deposit for an amount of EUR
175 million under the SRF (compared to EUR 142 million in 2022) recognised as an asset in the balance sheet under Other assets.
185
NOTE 6 - INCOME TAX
1. BREAKDOWN OF THE TAX EXPENSES
Table 6.A
2022 R
(In EUR m) 2023 2022 R
Current taxes (743) (1,274) (669)
Deferred taxes (10) (209) 9
Total (753) (1,483) (660)
RECONCILIATION OF THE DIFFERENCE BETWEEN THE GROUP’S STANDARD TAX RATE AND ITS EFFECTIVE TAX RATE
Table 6.B
% EUR m % EUR m % EUR m

Income before tax, excluding net income from companies
accounted for using the equity method and impairment losses 3,014 4,224 420
on goodwill
Group effective tax rate 24.98% 35.11% 156.99%
Permanent differences -0.04% (2) 0.92% 39 -2.92% (12)
Differential on securities with tax exemption or taxed at reduced (1) -0.33% (10) -14.04% (593) -140.96% (592)
Tax rate differential on profits taxed outside France 1.21% 36 2.56% 108 12.79% 54
Changes in the measurement of deferred tax assets / liabilities 0.01% 0 1.28% 54 -0.07% 0
Normal tax rate applicable to French companies (including 3.3%

25.83% 25.83% 25.83%
national contribution)
(1) In 2022, this amount includes the effect of the tax treatment of the disposal of Rosbank.
In compliance with the French tax provisions that define the ordinary corporate tax rate, the latter has been set at 25% (article 219 of the
French tax code), plus the existing national contribution (CSB) of 3.3%, which lead to a tax rate of 25.83%.
Long-term capital gains on affiliates are exempt from this corporate tax, except for a 12% fee on the gross amount.
Furthermore, under the parent-subsidiary regime, dividends from companies in which Societe Generale’s equity interest is at least 5% are
tax exempt, subject to taxation of a portion of fees and expenses of 1% or 5% at the full statutory tax rate.
186
2. TAX ASSETS AND LIABILITIES
TAX ASSETS
Table 6.C
(In EUR m) 30.06.2023 31.12.2022 R
Current tax assets 654 819
Deferred tax assets 3,731 3,665
o/w deferred tax assets on tax loss carry-forwards 1,894 1,662
o/w deferred tax assets on temporary differences 1,837 2,003
Total 4,385 4,484
TAX LIABILITIES
Table 6.D
(In EUR m) 30.06.2023 31.12.2022 R
Current tax liabilities 850 735
Provisions for tax adjustments 69 72
Deferred tax liabilities 1,437 838
Total 2,356 1,645
The Group performs an annual review of its capacity to use tax loss carry-forwards, taking into account the tax system applicable to each
tax entity (or tax group) concerned and a realistic forecast of its tax results. For this purpose, the tax results are determined based on the
projected performance of the businesses. This performance corresponds to the estimated budget (scenario SG Central) over four years
(from 2023 to 2026), extrapolated to 2027, which corresponds to a “normative” year.
The tax results also take into consideration the accounting and tax adjustments (including the reversal of the deferred tax assets and
liabilities bases on temporary differences) applicable to the entities and jurisdictions concerned. These adjustments are determined on
the basis of historical tax results and on the Group's tax expertise. An extrapolation of the tax results is performed from 2027 on and over
a timeframe considered reasonable and depending on the nature of the activities carried out within each tax entity.
On principle, the appreciation of the selected macroeconomic factors and the internal estimates used to determine the tax results involve
risks and uncertainties about their materialisation over the estimated timeframe for the absorption of the losses. These risks and
uncertainties are especially related to possible changes in the applicable tax rules (computation of the tax result, as well as allocation
rules for tax loss carry-forwards) or materialisation of the assumptions selected. These uncertainties are mitigated by robustness checks
of the budgetary and strategic assumptions.
The updated projections show that the Group’s activated tax loss-carry forwards may likely be used against its future taxable income.
187
PILLAR II: TAX REFORM – GLOBAL MINIMUM CORPORATE TAX RATE
In October 2021, 137 of the 140 jurisdictions members of the Organisation for Economic Co-operation and Development (OECD) Inclusive
Framework on Base Erosion and Profit Shifting (BEPS) committed to the principle of establishing a global minimum corporate tax rate of
15% on the profit. This set of measures would be applied Country-by-Country to multinational enterprises earnings with revenue
exceeding EUR 750 million.
A set of rules referred to as “Pillar 2” was published by the OECD on 20 December 2021, followed by the publication of a draft European
directive on 22 December 2021 regarding their implementation within the European Union. Following the unanimous agreement of the
Member States, this Directive was formally adopted and published in the Official Journal of the European Union on 22 December 2022.
The rules are to be implemented through the tax systems of the 27 Member States before 31 December 2023 for application to the fiscal
years opened from 1 January 2024 on. The transposition of the Directive into French law is expected with the publication of the draft
Finance Bill for 2024.
In accordance with the requirements introduced by the amendments to IAS 12 (see Note 1), the Group will apply the exception to the
recognition of deferred taxes associated with income taxes arising from Pillar 2 rules upon its adoption by the European Union.
Pending this adoption and in the absence of specific normative requirements in IAS 12, the Group has estimated as appropriate to not
recognise deferred taxes under Pillar 2 rules when these rules have been adopted in a jurisdiction, which will be the case in South Korea
as of 1 January 2024 and in Japan as of 1 April 2024.
A project structure has been set up at Group level in order to perform the analysis of the requirements in the EU Minimum Tax Directive,
to conduct a study of the impacts for the Group and take the necessary measures to ensure compliance with it when it comes into force.
3. DEFERRED TAX ASSETS RECOGNISED ON TAX LOSS CARRY-FORWARDS AND DEFERRED TAX ASSETS NOT
RECOGNISED
As at 30 June 2023, based on the tax system of each entity and a realistic projection of their tax income, the projected period for deferred
tax assets recovery is indicated in the table below:
Table 6.E
Statutory time limit on Expected recovery
30.06.2023
(In EUR m) carryforwards period
Total deferred tax assets relating to tax loss carry-forwards 1,894 - -
o/w French tax group 1,608 Unlimited (1) 7 years
o/w US tax group 99 20 years (2) 7 years
Others 187 - -
(1) In accordance with the 2013 French Finance Act, the deduction of previous losses is limited to EUR 1 million plus 50% of the fraction of the
taxable income for the fiscal year exceeding this limit. The non-deductible portion of losses may be carried forward to the following fiscal
years with no time limit and under the same conditions.
(2) Tax losses generated before 31 December 2011.
188
The main deferred taxes not recognised as assets in the balance sheet by tax group are presented in the table below. They may be
recognised in the balance sheet when it becomes probable that a future taxable profit will allow their recovery.
Table 6.F
(In EUR m) 30.06.2023 31.12.2022
French tax group 520 520
US tax groups 272 277
SG Singapore 79 82
SG de Banques en Guinée Equatoriale (1) 36 36
SG Kleinwort Hambros Limited 31 29
(1) Including EUR 10 million of tax carry forward and EUR 26 million temporary differences as at 30 June 2023 and at 31 December 2022.
Others deferred tax relating to tax loss carry-forwards not recognised as assets in the balance sheet amounts to EUR 63 million as at 30
June 2023.
189
NOTE 7 - SHAREHOLDERS’ EQUITY
NOTE 7.1 - TREASURY SHARES AND SHAREHOLDERS’ EQUITY ISSUED BY THE GROUP
1. ORDINARY SHARES AND CAPITAL RESERVES
Table 7.1.A
(In EUR m) 30.06.2023 31.12.2022 R
Issued capital 1,010 1,062
Issuing premiums and capital reserves 20,586 21,377
Elimination of treasury stock (329) (1,191)
Total 21,267 21,248
ORDINARY SHARES ISSUED BY SOCIETE GENERALE S.A.
Table 7.1.B
(Number of shares) 30.06.2023 31.12.2022 R
Ordinary shares 808,208,965 849,883,778
Including treasury stock with voting rights (1) 6,737,574 48,737,016
Including shares held by employees 82,338,108 79,097,967
(1) Excluding Societe Generale shares held for trading purposes or in respect of the liquidity contract.
As at 31 December 2022, 41,674,813 Societe Generale shares were acquired on the market at a cost price of EUR 914 million, for the purpose
of cancellation, in accordance with the decision of the General Meeting of 17 May 2022. The capital reduction by cancellation of securities
was carried out on 1 February 2023.
As at 30 June 2023, Societe Generale S.A.’s fully paid up capital amounted to EUR 1,010,261,206.25 and was made up of 808,208,965 shares
with a nominal value of EUR 1.25.
As at 23 May 2023, as part of the Group’s employee share ownership policy (see Note 5), Societe Generale offered its employees the
opportunity to subscribe to a reserved capital increase. 12,548,674 shares were subscribed. The capital increase was carried out on 24
July 2023.
190
2. TREASURY STOCK
As at 30 June 2023, the Group held 8,330,460 of its own shares as treasury stock, for trading purposes or for the active management of
shareholders' equity, representing 1.03% of the capital of Societe Generale S.A.
The amount deducted by the Group from its equity for treasury shares (and related derivatives) came to EUR 329 million, including EUR
135 million in shares held for trading activities.
The change in treasury stock over 2023 breaks down as follows:
Table 7.1.C
Treasury stock and active
Liquidity Trading management of
(In EUR m) contract activities shareholders’ equity Total
Disposals net of purchases - (68) 930 862

Capital gains net of tax on treasury stock and
treasury share derivatives, booked under - (4) (52) (56)
shareholders’ equity
3. SHAREHOLDERS’ EQUITY ISSUED BY THE GROUP
As at 30 June 2023, the amount of equity instruments issued by the Group is EUR 10,136 million. The EUR 1,000 million increase in the first
half of 2023 can be explained by the issuance of a perpetual deeply subordinated note in EUR.
The amount of other equity instruments issued by the Group’s subsidiaries and recognised under Non-controlling interests totalled EUR
1,300 million including EUR 500 million issued by LeasePlan.
4. EFFECT OF THE CHANGES IN THE SCOPE OF CONSOLIDATION
The impact of changes in the consolidation scope recognised in shareholders’ equity (EUR -20 million in Group share and EUR 3,533 million
in Non-controlling interests) is mainly explained by the acquisition of LeasePlan (see Note 2.1) with:
• the decrease in the ownership interest in ALD from 75.94% to 52.59% with EUR -4 million in Group share and EUR 3,303 million in Non-
controlling interests;
• an impact of EUR 513 million on the Non-controlling interests linked to other equity instruments issued by LeasePlan.
191
NOTE 7.2 - EARNINGS PER SHARE AND DIVIDENDS
1. EARNINGS PER SHARE
Table 7.2.A
2022 R
(In EUR m) 2023 2022 R
Net income, Group share 1,768 1,825 (690)
Attributable remuneration to subordinated and deeply subordinated notes (377) (587) (278)
Issuance fees related to subordinated and deeply subordinated notes (1) (9) -
Net income attributable to ordinary shareholders 1,390 1,229 (968)
Weighted average number of ordinary shares outstanding (1) 801,363,017 822,437,425 831,083,824
Earnings per ordinary share (in EUR) 1.73 1.50 (1.17)
Average number of ordinary shares used in the dilution calculation - - -
Weighted average number of ordinary shares used in the calculation of diluted net
801,363,017 822,437,425 831,083,824
earnings per share
Diluted earnings per ordinary share (in EUR) 1.73 1.50 (1.17)
(1) Excluding treasury shares.
2. DIVIDENDS PAID
Dividends paid by the Group for the first half of 2023 amounted to EUR 1,796 million and are detailed in the following table:
Table 7.2.B
1st semester of 2023 2022
Non- Non-
controlling controlling
(In EUR m) Group Share interests Total Group Share interests Total
Paid in shares - - - - - -
Paid in cash (1,362) (434) (1,796) (1,371) (754) (2,125)
Total (1,362) (434) (1,796) (1,371) (754) (2,125)
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NOTE 8 - ADDITIONAL DISCLOSURES
NOTE 8.1 - SEGMENT REPORTING
Segment income takes intra-group transactions into account, while these transactions are eliminated from segment assets and liabilities.
Table 8.1.A
1st Semester of 2023

Global Banking and Investor
International Retail Banking and Financial Services
Solutions
Total
French
Corporate Societe
Retail
Centre (1) Generale
Banking Inter- Global group
national Markets and
Retail Financial Investors Financing
(In EUR m) Banking Services Insurance Total Services and advisory Total
Net banking income 3,850 2,530 1,717 328 4,575 3,452 1,681 5,133 (600) 12,958
Operating expenses (2)

(3,101) (1,417) (804) (60) (2,281) (2,559) (1,089) (3,648) (468) (9,498)
Gross operating income 749 1,113 913 268 2,294 893 592 1,485 (1,068) 3,460
Cost of risk (198) (150) (24) - (174) 15 7 22 2 (348)
Operating income 551 963 889 268 2,120 908 599 1,507 (1,066) 3,112
Net income from investments

4 2 1 - 3 4 - 4 1 12
accounted for using the equity method
Net gains or losses on other assets 3 (1) - - (1) - - - (100) (98)
Value adjustments
- - - - - - - - - -
on goodwill
Earnings before tax 558 964 890 268 2,122 912 599 1,511 (1,165) 3,026
Income tax (143) (247) (219) (70) (536) (215) (75) (290) 216 (753)
Consolidated
415 717 671 198 1,586 697 524 1,221 (949) 2,273
Net Income
Non-controlling interests - 240 193 2 435 18 - 18 52 505
Net income,
415 477 478 196 1,151 679 524 1,203 (1,001) 1,768
Group Share
Segment assets 270,937 134,086 82,179 163,704 379,969 666,520 168,468 834,988 92,536 1,578,430
Segment liabilities (3) 292,447 95,522 45,665 148,201 289,388 703,253 70,490 773,743 144,868 1,500,446
193
Table 8.1.B
2022 R
Solutions
Total
French
Corporate Societe
Retail
Centre (1) Generale
Banking * Inter- Global
group
national Markets and Financing
Retail Financial Investors and
(In EUR m) Banking Services Insurance * Total * Services * advisory * Total
Operating expenses (2) (6,380) (2,783) (1,147) (102) (4,032) (4,708) (1,926) (6,634) (948) (17,994)
Gross operating income 2,304 2,355 1,822 408 4,585 2,000 1,448 3,448 (1,176) 9,161
Cost of risk (483) (637) (68) - (705) 5 (426) (421) (38) (1,647)
Operating income 1,821 1,718 1,754 408 3,880 2,005 1,022 3,027 (1,214) 7,514
Net income from investments accounted

8 1 - - 1 6 - 6 - 15
for using the equity method
Net gains or losses on other assets (4) 57 11 - - 11 3 3 6 (3,364) (3,290)
Value adjustments
- - - - - - - - - -
on goodwill
Earnings before tax 1,886 1,730 1,754 408 3,892 2,014 1,025 3,039 (4,578) 4,239
Income tax (487) (439) (397) (106) (942) (457) (119) (576) 522 (1,483)
Consolidated
1,399 1,291 1,357 302 2,950 1,557 906 2,463 (4,056) 2,756
Net Income
Non-controlling interests (1) 452 271 2 725 35 1 36 171 931
Net income,
1,400 839 1,086 300 2,225 1,522 905 2,427 (4,227) 1,825
Group Share
Segment assets 300,473 124,734 45,698 160,817 331,249 591,685 172,360 764,045 89,133 1,484,900
Segment liabilities (3)

308,606 89,694 15,447 146,586 251,727 637,899 72,072 709,971 141,270 1,411,574
194
Table 8.1.C
1st Semester of 2022 R

Solutions
Total
French
Corporate Societe
Retail
Centre (1) générale
Banking *
Inter- Global group
national Markets and Financing
Retail Financial Investors and advisory
(In EUR m) Banking Services Insurance * Total * Services * * Total
Operating expenses (2)

(3,182) (1,473) (538) (54) (2,065) (2,694) (1,043) (3,737) (472) (9,456)
Gross operating income 1,211 1,130 880 223 2,233 1,013 568 1,581 (537) 4,488
Cost of risk (68) (396) (26) - (422) 3 (266) (263) (25) (778)
Operating income 1,143 734 854 223 1,811 1,016 302 1,318 (562) 3,710
Net income from investments accounted

2 (1) - - (1) 3 - 3 - 4
for using the equity method
Net gains or losses on other assets (4) 3 10 - - 10 - - - (3,303) (3,290)
Value adjustments
- - - - - - - - - -
on goodwill
Earnings before tax 1,148 743 854 223 1,820 1,019 302 1,321 (3,865) 424
Income tax (298) (193) (193) (57) (443) (233) (22) (255) 336 (660)
Consolidated
850 550 661 166 1,377 786 280 1,066 (3,529) (236)
Net Income
Non-controlling interests (1) 204 126 - 330 22 - 22 103 454
Net income,
851 346 535 166 1,047 764 280 1,044 (3,632) (690)
Group Share
Segment assets 303,865 128,611 43,153 165,458 337,222 555,183 170,441 725,624 171,343 1,538,054
Segment liabilities (3) 312,860 92,326 14,913 153,191 260,430 695,902 70,160 766,062 128,127 1,467,479
*Following the steering changes at the beginning of 2023, the 2022 data have been restated to reflect the new organisation.
(1) Income and expenses, as well as assets and liabilities that are not directly related to business line activities are allocated to the Corporate Centre. Corporate
Centre income includes, in particular, some consequences of the Group’s centralised management of litigation and of transactions leading to changes in the
consolidation scope.
Management fees incurred by banking entities in connection with the distribution of insurance contracts are considered as costs directly related to the
performance of the contracts and are therefore included in the valuation of the latter and presented under Insurance services expense (see Note1); this
restatement is allocated to the Corporate Centre.
(2) These amounts include Personnel expenses, Other operating expenses and Amortisation, depreciation and impairment of tangible and intangible fixed
assets.
(3) Segment liabilities correspond to debts (i.e. total liabilities excluding equity).
(4)The Net gains or losses on other assets item for the first semester of 2022 includes the impacts of the sale of Rosbank and insurance subsidiaries in Russia.
195
NOTE 8.2 - PROVISIONS
OVERVIEW
Table 8.2.A
Provisions as Write-backs Net Write-backs Currency and Provisions as

(In EUR m) at 31.12.2022 Allocations available allocation used others at 30.06.2023
Provisions for credit of risk on off

balance sheet commitments
898 348 (366) (18) - (2) 878
(see Note 3.8)
Provisions for employee benefits (see

2,002 205 (75) 130 (123) 34 2,043
Note 5.1)
Provisions for mortgage savings plans

125 35 (30) 5 0 - 130
and accounts commitments
Other provisions (1) 1,554 414 (260) 154 (153) (29) 1,526
Total 4,579 1,002 (731) 271 (276) 3 4,577
(1) Including provisions for legal disputes, fines, penalties and commercial disputes.
Other provisions include provisions for restructuring, provisions for commercial litigation and provisions for future repayment of funds in
connection with customer financing transactions.
Each quarter the Group carries out a detailed examination of the outstanding disputes which present a significant risk. The description of
those disputes is provided in Note 9 “Information on risks and litigation”.
196
NOTE 8.3 - TANGIBLE AND INTANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE AND INTANGIBLE FIXED ASSETS
Table 8.3.A
Increases / Disposals / Other
(In EUR m) 31.12.2022 R allowances reversals Revaluation movements 30.06.2023
Intangible Assets 2,874 106 (39) 402 3,343
of which gross value 8,935 459 (80) 585 9,899
of which amortisation and impairments (6,061) (353) 41 (183) (6,556)
Tangible Assets (w/o assets under operating

4,289 8 (38) 23 4,282
leases)
Assets under operating leases (1) 24,071 7,230 (4,903) 20,699 47,097
of which gross value 32,933 9,406 (7,078) 28,179 63,440
of which amortisation and impairments (8,862) (2,176) 2,175 (7,480) (16,343)
Investment Property (except insurance

11 - - 2 13
activities)
of which gross value 30 - - 7 37
of which amortisation and impairments (19) - - (5) (24)
Investment Property (including insurance

877 1 (1) (1) - 876
activities)
Rights-of-use 1,836 41 (87) 134 1,924
Total 33,958 7,386 (5,068) (1) 21,260 57,535
(1) The other movements are mainly explained by the acquisition of LeasePlan (cf. Note 2.1).
197
NOTE 9 - INFORMATION ON RISKS AND LITIGATION
Every quarter, the Group reviews in detail the disputes presenting a significant risk. These disputes may lead to the recording of a provision
if it becomes probable or certain that the Group will incur an outflow of resources for the benefit of a third party without receiving at least
the equivalent value in exchange. These provisions for litigations are classified among the Other provisions included in the Provisions
item in the liabilities of the balance-sheet.
No detailed information can be disclosed on either the recording or the amount of a specific provision given that such disclosure would
likely seriously prejudice the outcome of the disputes in question.
On 24 October 2012, the Court of Appeal of Paris confirmed the first judgment delivered on 5 October 2010, finding J. Kerviel guilty of
breach of trust, fraudulent insertion of data into a computer system, forgery and use of forged documents. J. Kerviel was sentenced to
serve a prison sentence of five years, two years of which are suspended, and was ordered to pay EUR 4.9 billion in damages to Societe
Generale. On 19 March 2014, the Supreme Court confirmed the criminal liability of J. Kerviel. This decision puts an end to the criminal
proceedings. On the civil front, on 23 September 2016, the Versailles Court of Appeal rejected J. Kerviel’s request for an expert
determination of the damage suffered by the bank, and therefore confirmed that the net accounting losses suffered by the Bank as a result
of his criminal conduct amount to EUR 4.9 billion. It also declared J. Kerviel partially responsible for the damage caused to Societe
Generale and sentenced him to pay to Societe Generale EUR 1 million. Societe Generale and J. Kerviel did not appeal before the Supreme
Court. Societe Generale considers that this decision has no impact on its tax situation. However, as indicated by the Minister of the
Economy and Finance in September 2016, the tax authorities have examined the tax consequences of this book loss and indicated that
they intended to call into question the deductibility of the loss caused by the actions of J. Kerviel, amounting to EUR 4.9 billion. This
proposed tax rectification has no immediate effect and will possibly have to be confirmed by an adjustment notice sent by the tax
authorities when Societe Generale will be in a position to deduct the tax loss carry forwards arising from the loss from its taxable income.
Such a situation will not occur for several years according to the Bank’s forecasts. In view of the 2011 opinion of the French Supreme
Administrative Court (Conseil d’Etat) and its established case law which was recently confirmed again in this regard, Societe Generale
considers that there is no need to provision the corresponding deferred tax assets. In the event that the authorities decide, in due course,
to confirm their current position, Societe Generale Group will not fail to assert its rights before the competent courts. By a decision handed
down on 20 September 2018, the Investigation Committee of the reviewing and reassessment Criminal Court has furthermore declared
inadmissible the request filed in May 2015 by J. Kerviel against his criminal sentence, confirming the absence of any new element or fact
that could justify the reopening of the criminal file.
Between 2003 and 2008, Societe Generale set up gold consignment lines with the Turkish group Goldas. In February 2008, Societe Generale
was alerted to a risk of fraud and embezzlement of gold stocks held by Goldas. These suspicions were rapidly confirmed following the
failure by Goldas to pay or refund gold worth EUR 466.4 million. Societe Generale brought civil proceedings against its insurers and various
Goldas Group entities. Goldas launched various proceedings in Turkey and in the UK against Societe Generale. In the action brought by
Societe Generale against Goldas in the UK, Goldas applied to have the action of Societe Generale struck-out and applied to the UK court
for damages. On 3 April 2017, the UK court granted both applications and will, after an inquiry into damages, rule on the amount due to
Goldas, if any. On 15 May 2018, the London Court of Appeal discharged entirely the inquiry into damages granted by the London High
Court to Goldas but rejected Societe Generale’s arguments relating to service of the claims issued against Goldas, which are therefore
time-barred. On 18 December 2018, the Supreme Court refused permission to appeal to both Societe Generale and Goldas, which has
therefore become definitive. On 16 February 2017, the Paris Commercial Court dismissed Societe Generale’s claims against its insurers.
Societe Generale filed an appeal against the Paris Commercial Court’s decision. On 1 February 2023, the Paris Court of Appeals confirmed
this decision.
In the early 2000s, the French banking industry decided to transition to a new digital system in order to streamline cheque clearing.
To support this reform (known as EIC – Echange d’Images Chèques), which has contributed to the improvement of cheque payments
security and to the fight against fraud, the Banks established several interbank fees (including the CEIC which was abolished in 2007).
These fees were implemented under the aegis of the banking sector supervisory authorities, and to the knowledge of the public
authorities.
On 20 September 2010, the French competition authority ruled that the joint implementation and the setting of the amount of the CEIC
and of two additional fees for related services were in breach of competition law. The authority fined all the participants to the agreement
(including the Banque de France) a total of approximately EUR 385 million of penalties. On 2 December 2021, after several years of
proceedings and two decisions of the Supreme Court, the Paris Court of Appeal overturned the decision of the French competition
198
authority and ruled that (i) it was not proven that the establishment of the CEIC and the fees for related services on AOCT (cancellation of
wrongly cleared transactions) as well as their collection had infringed the provisions of Article L. 420-1 of the French Commercial Code
and of Article 101 of the Treaty on the Functioning of the European Union and, (ii) that its decision was giving rise to a right of restitution
of the sums paid in execution of the overturned decision, namely approximatively EUR 53.5 million for Societe Generale and
approximatively EUR 7 million for Crédit du Nord, together with interests at the legal rate. On 31 December 2021, the French competition
authority filed an appeal before the Supreme court against this decision. The Supreme Court dismissed this appeal by a decision of 28
June 2023, putting a definitive end to this litigation.
On 3 January 2023, Societe Generale Private Banking (Switzerland) (“SGPBS”) entered into an agreement to settle litigation in the United
States stemming from the Ponzi scheme of Robert Allen Stanford and his affiliates. On 21 February 2023, the Receiver and the Official
Stanford Investors Committee (“OSIC”) filed a motion in US District Court for the Northern District of Texas seeking approval of the
settlement. The settlement provides for the payment by SGPBS of USD 157 million in exchange for the release of all claims. During the 7
June 2023 hearing, the Court granted the Receiver’s motion to approve the settlement. This order is now subject to various appeals, the
schedule for which has not yet been determined. The settlement was fully covered by reserves in the accounts of Societe Generale S.A.
following a financial guarantee provided by Societe Generale S.A. to SGPBS. Each of the other defendant banks in this litigation also
announced settlements in the first quarter of 2023 with the US Receiver and OSIC resolving their claims. These settlements were reached
in advance of a jury trial that had been scheduled to start on 27 February 2023.
In the same matter, a pre-contentious claim (requête en conciliation) was initiated in Geneva in November 2022 by the Joint Liquidators
of SIBL, appointed by the courts in Antigua, representing the same investors as those represented by the US plaintiffs. SGPBS was served
with the statement of claim on 20 June 2023 and will defend itself against the claims in this proceeding.
Notwithstanding the agreements reached in 2018 with the US authorities regarding certain London Interbank Offered Rates and the Euro
Interbank Offered Rate (“the IBOR matter”) and the dismissal on 30 November 2021 of the legal proceedings brought by the DOJ in this
matter (see Chapter 4 of the Universal Registration Document), the Bank continues to defend civil proceedings in the United States (as
described below) and has responded to information requests received from other authorities, including the Attorneys General of various
States of the United States and the New York Department of Financial Services.
In the United States, Societe Generale, along with other financial institutions, has been named as a defendant in putative class actions
involving the setting of US Dollar Libor, Japanese Yen Libor, and Euribor rates and trading in instruments indexed to those rates. Societe
Generale has also been named in several individual (non-class) actions concerning the US Dollar Libor rate. All of these actions are pending
in the US District Court in Manhattan (the “District Court”).
As to US Dollar Libor, all claims against Societe Generale were dismissed by the District Court or voluntarily dismissed by the plaintiffs,
except in two putative class actions and one individual action that were effectively stayed. The class plaintiffs and a number of individual
plaintiffs appealed the dismissal of their antitrust claims to the United States Court of Appeals for the Second Circuit (“Second Circuit”).
On 30 December 2021, the Second Circuit reversed the dismissal and reinstated the antitrust claims. These reinstated claims which have
been returned to the District Court include those asserted by a proposed class of over-the-counter (OTC) plaintiffs and by OTC plaintiffs
that have filed individual actions. On 21 June 2022, the U.S. Supreme Court denied a petition filed by Societe Generale and other
defendants that sought review of the Second Circuit’s ruling. Discovery is ongoing. On 19 August 2022, one of the stayed putative class
actions was voluntarily dismissed by plaintiffs. On 9 January 2023, the claims against Societe Generale by one of the individual plaintiffs,
National Credit Union Administration (as Liquidating Agent for certain credit unions), were voluntarily dismissed with prejudice. On 12
May 2023, Societe Generale and two other financial institutions entered into a settlement agreement to resolve the OTC class action for a
combined USD 90 million. Societe Generale’s portion of this settlement was fully covered by reserves. The District Court granted
preliminary settlement approval on 25 May 2023 and scheduled a hearing to consider final settlement approval for 17 October 2023.
As to Japanese Yen Libor, the District Court dismissed the complaint brought by purchasers of Euroyen over-the-counter derivative
products. On 1 April 2020, the Second Circuit reversed the dismissal and reinstated the claims. On 30 September 2021, the District Court
dismissed certain plaintiffs and all Racketeer Influenced and Corrupt Organizations Act claims but upheld certain antitrust and state law
claims against Societe Generale. Discovery in that action is ongoing. In the other action, brought by purchasers or sellers of Euroyen
derivative contracts on the Chicago Mercantile Exchange on 27 September 2019, plaintiff filed a motion for class certification. On
25 September 2020, the District Court granted defendants’ motion for judgment on the pleadings and dismissed plaintiff’s remaining
claims. Plaintiff appealed to the Second Circuit. On 18 October 2022, as amended on 8 December 2022, the Second Circuit affirmed the
District Court’s dismissal of plaintiff’s claims.
As to Euribor, the District Court dismissed all claims against Societe Generale in the putative class action and denied the plaintiffs’ motion
to file a proposed amended complaint. Plaintiffs have appealed those rulings to the Second Circuit. Societe Generale reached a settlement
of this action in an amount covered by reserves. Shortly thereafter, on 21 November 2022, the Second Circuit stayed plaintiffs’ appeal as
199
to Societe Generale and remanded that portion of the case to the District Court for consideration of the proposed settlement. On 18 April
2023, the District Court granted preliminary settlement approval and scheduled a hearing to consider final settlement approval for
7 September 2023.
In Argentina, Societe Generale, along with other financial institutions, has been named as a defendant in litigation brought by a consumer
association on behalf of Argentine consumers who held government bonds or other specified instruments that paid interest tied to US
Dollar Libor. The allegations concern violations of Argentine consumer protection law in connection with alleged manipulation of the US
Dollar Libor rate. Societe Generale has not yet been served with the complaint in this matter.
Beginning on 15 January 2019, Societe Generale and SG Americas Securities, LLC, along with other financial institutions, were named in
three putative antitrust class actions in the US District Court in Manhattan, which were consolidated. Plaintiffs alleged that the USD ICE
Libor panel banks conspired to make artificially low submissions to that benchmark in order to profit on their trading in derivatives tied
to USD ICE Libor. Plaintiffs were seeking to certify a class comprised of US residents (individuals and entities) that transacted with a
defendant in floating rate debt instruments or interest rate swaps tied to USD ICE Libor and received a payment at any time between
1 February 2014 to the present, regardless of when the instrument was purchased. By order dated 26 March 2020, the District Court
dismissed the action. Plaintiffs appealed that ruling. On 6 April 2021, the Second Circuit permitted a new proposed class representative
to intervene as a plaintiff in the appeal. The original proposed class representatives withdrew from the action. On 14 February 2022, the
Second Circuit dismissed the remaining plaintiff’s appeal for lack of standing leaving undisturbed the District Court’s dismissal. This
litigation is now concluded.
Societe Generale, along with several other financial institutions, was named as a defendant in a putative class action alleging violations
of US antitrust laws and the CEA in connection with foreign exchange spot and derivatives trading. The action was brought by persons or
entities that transacted in certain over-the-counter and exchange-traded foreign exchange instruments. Societe Generale reached a
settlement of USD 18 million, which was approved by the Court on 6 August 2018. On 7 November 2018, a group of individual entities that
elected to opt out of the settlement filed a lawsuit against Societe Generale, SG Americas Securities, LLC and several other financial
institutions. SG Americas Securities, LLC was dismissed by order dated 28 May 2020. On 11 November 2020, Societe Generale was named,
along with several other banks, in a UK action alleging collusion in the market for FX instruments. The action was subsequently transferred
to the Competition Appeal Tribunal. By orders dated 17 May 2023 and 23 May 2023 respectively, the US and UK actions were dismissed.
These actions are now over.
On 10 December 2012, the French Supreme Administrative Court (Conseil d’Etat) rendered two decisions confirming that the “précompte
tax” which used to be levied on corporations in France does not comply with EU law and defined a methodology for the reimbursement
of the amounts levied by the tax authorities. However, such methodology considerably reduces the amount to be reimbursed.
Societe Generale purchased in 2005 the “précompte tax” claims of two companies (Rhodia and Suez, now Engie) with a limited recourse
on the selling companies. One of the above decisions of the French Supreme Administrative Court relates to Rhodia. Societe Generale has
brought proceedings before the French administrative courts.
Several French companies applied to the European Commission, who considered that the decisions handed down by the Conseil d’Etat
on 10 December 2012, which was supposed to implement the decision rendered by the Court of Justice of the European Union (CJEU) on
15 September 2011, infringed a number of principles of European law. The European Commission subsequently brought infringement
proceedings against the French Republic in November 2014, and since then confirmed its position by referring the matter to the CJEU on
8 December 2016. The CJEU rendered its judgement on 4 October 2018 and sentenced France for failure by the Conseil d’Etat to disregard
the tax on EU sub-subsidiaries in order to secure the précompte paid in error as well as on the absence of any preliminary question. With
regard to the practical implementation of the decision, Societe Generale has continued to assert its rights with the competent courts and
the tax authorities, which it expects to be treated in accordance with the law. On 23 June 2020, the Administrative Court of Appeal of
Versailles issued a ruling in favour of Engie on our 2002 and 2003 Suez claims, followed by an enforcement in our favour. The judgment of
Versailles held that the advance payment was not compatible with the Parent-Subsidiary Directive: the Conseil d’Etat pointed out that a
question should be referred to the CJEU for a preliminary ruling in order to ascertain this. The Court of Luxembourg has confirmed on
12 May 2022 that the précompte was incompatible with the Parent-Subsidiary Directive. The Conseil d’Etat, by an Engie judgment of 30
June 2023, taking note of this incompatibility, confirmed the provisions of the Versailles judgment for the year 2002, but referred the year
2003 to a more in-depth examination by the Court of Versailles of the declarations of précompte produced, in order to validate the amount
to be received. At the same time, compensation litigation was brought in March 2023 before the European Commission and the Paris
Administrative Court of Appeal for the Rhodia claim and the Suez claims for 1999 to 2001, judged respectively by the Conseil d’Etat in 2012
and 2016, before the 2018 and 2022 judgments of the CJEU.
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Societe Generale, along with other financial institutions, was named as a defendant in a putative class action alleging violations of
US antitrust laws and the CEA in connection with its involvement in the London Gold Market Fixing. The action is brought on behalf of
persons or entities that sold physical gold, sold gold futures contracts traded on the CME, sold shares in gold ETFs, sold gold call options
traded on CME, bought gold put options traded on CME, sold over-the-counter gold spot or forward contracts or gold call options, or
bought over-the-counter gold put options. Societe Generale, along with three other defendants, has reached a settlement to resolve this
action for USD 50 million. By order dated 13 January 2022, the Court granted preliminary approval of the settlement. The final fairness
hearing was held on 5 August 2022, and the settlement received final approval by order dated 8 August 2022. This matter is now concluded.
Although Societe Generale’s share of the settlement is not public, it was not material from a financial perspective. Societe Generale, along
with other financial institutions, is also named as a defendant in two putative class actions in Canada (in the Ontario Superior Court in
Toronto and Quebec Superior Court in Quebec City) involving similar claims. Societe Generale is defending the claims.
Since August 2015, various former and current employees of the Societe Generale Group have been under investigation by German
criminal prosecution and tax authorities for their alleged participation in the so called “CumEx” patterns in connection with withholding
tax on dividends on German shares. These investigations relate inter alia to a fund administered by SGSS GmbH proprietary trading
activities and transactions carried out on behalf of clients. The Group entities respond to the requests of the German authorities.
Societe Generale Group entities may also be exposed to claims by third parties, including German tax offices, and become party to legal
disputes initiated by clients involved in proceedings against the German tax administration.
In May 2019, SGAS was named, along with other financial institutions, as a defendant in a putative class action in the US alleging
anticompetitive behaviour in the pricing of “agency bonds” issued by US Government Sponsored Enterprises (GSEs), including Federal
Home Loan Bank (FHLB), Federal Home Loan Mortgage Corporation (Freddie Mac), and Federal National Mortgage Association
(Fannie Mae). On 16 June 2020, SGAS and twelve other bank defendants reached a final settlement with plaintiffs. Although SGAS’s share
of the settlement is not public, the amount was not material from a financial statement perspective. SGAS was also named in four separate
individual opt-out litigations by the following plaintiffs: the State of Louisiana (filed September 2019), the City of Baton Rouge/East Baton
Rouge Parish and related entities (October 2019), Louisiana Asset Management Pool (April 2020), and the City of New Orleans and related
entities (September 2020). These suits also asserted antitrust claims (and in some cases other related claims) against SGAS and multiple
other bank defendants based on these plaintiffs’ purchases of GSE bonds. As to the opt-out litigations, a settlement was reached involving
all defendants in June 2021, of which SGAS’s share was immaterial, and these actions have been dismissed. SGAS also received a
subpoena from the US Department of Justice (DOJ) in connection with its US agency bond business. SGAS responded to these requests
and is cooperating with the DOJ investigation.
Societe Generale and certain of its subsidiaries are defendants in an action pending in the US Bankruptcy Court in Manhattan brought by
the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS). The action is similar to those brought
by the BLMIS Trustee against numerous institutions and seeks recovery of amounts allegedly received by the Societe Generale entities
indirectly from BLMIS through so-called “feeder funds” that were invested in BLMIS and from which the Societe Generale entities received
redemptions. The suit alleges that the amounts that the Societe Generale entities received are avoidable and recoverable under the US
Bankruptcy Code and New York state law. The BLMIS Trustee seeks to recover, in the aggregate, approximately USD 150 million from the
Societe Generale entities. The Societe Generale entities are defending the action. In decisions dated 22 November 2016 and 3 October
2018, the Court rejected most of the claims brought by the BLMIS Trustee. The Trustee appealed to the US Court of Appeals for the Second
Circuit. By order dated 25 February 2019, the Second Circuit vacated the judgements and remanded for further proceedings.
On 1 June 2020, the United States Supreme Court denied Defendant-Appellees’ petition for a writ of certiorari. The case is now before the
Bankruptcy Court for further proceedings. The Societe Generale defendants filed a motion to dismiss on 29 April 2022. The motion was
denied by order dated 7 October 2022. Discovery is proceeding.
On 10 July 2019, Societe Generale was named as a defendant in a litigation filed in the US District Court in Miami by plaintiffs seeking
compensation under the Cuban Liberty and Democratic Solidarity (Libertad) Act of 1996 (known as the Helms-Burton Act) stemming from
the expropriation by the Cuban government in 1960 of Banco Nunez in which they are alleged to have held an interest. Plaintiff claims
damages from Societe Generale under the terms of this statute. Plaintiff filed an amended complaint on 24 September 2019 adding three
other banks as defendants and adding several new factual allegations as to Societe Generale. Societe Generale filed a motion to dismiss,
which was fully briefed as of 10 January 2020. While the motion to dismiss was pending, plaintiffs filed an unopposed motion on
29 January 2020, to transfer the case to federal court in Manhattan, which the court granted on 30 January 2020. Plaintiffs filed a second
amended complaint on 11 September 2020, in which it dropped the three other banks as defendants, added a different bank as an
additional defendant, and added as additional plaintiffs who purport to be heirs of the founders of Banco Nunez. The court granted
Societe Generale’s motion to dismiss on 22 December 2021 but permitted plaintiffs to replead their claims. On 25 February 2022, plaintiffs
filed an amended complaint, and on 11 April 2022, Societe Generale filed its motion to dismiss. By order entered 30 March 2023, the court
granted Societe Generale’s motion to dismiss. Plaintiffs have appealed.
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On 9 November 2020, Societe Generale was named as a defendant, together with another bank, in a similar Helms-Burton litigation filed
in the US District Court in Manhattan (Pujol I) by the purported heirs of former owners, and personal representatives of estates of heirs or
former owners, of Banco Pujol, aCuban bank alleged to have been confiscated by the Cuban government in 1960. On 27 January 2021,
Societe Generale filed a motion to dismiss. In response, as permitted by the judge’s rules, plaintiffs chose to file an amended complaint
and did so on 26 February 2021. Societe Generale filed a motion to dismiss the amended complaint on 19 March 2021, which was granted
by the court on 24 November 2021. The court permitted plaintiffs to replead their claims. On 4 February 2022, plaintiffs filed an amended
complaint, and on 14 March 2022, Societe Generale filed its motion to dismiss, which was granted by the court on 23 January 2023.
Plaintiffs have appealed.
On 16 March 2021, Societe Generale was named as a defendant, together with another bank, in a nearly identical Helms-Burton litigation
filed in the US District Court in Manhattan (Pujol II) by the personal representative of one of the purported heirs to Banco Pujol who is also
a plaintiff in Pujol I. The case was stayed pending developments in Pujol I. At the parties’ request, following dismissal of Pujol I, the court
lifted the stay on Pujol II and entered an order dismissing the case for the same reasons it dismissed Pujol I. Plaintiff has appealed.
On 1 June 2021, a shareholder of Societe Generale initiated an action designated by him as a “derivative action” (action ut singuli) before
the Commercial Court of Paris against the CEO of the Company (Directeur Général), Mr. Frédéric Oudéa. Plaintiff is seeking an order that
Mr. Oudéa pay to Societe Generale an amount equal to fines paid to the U.S. and French treasuries under the “convention judiciaire
d’intérêt public” of 24 May 2018 between Societe Generale and the French Financial Public Prosecutor (the “CJIP”) and the Deferred
Prosecution Agreement of 5 June 2018 between SocieteGenerale and the United States Department of Justice (the “DPA”).
Societe Generale voluntarily joined these proceedings at the first procedural hearing in order to seek the dismissal of the claims made by
the plaintiff. Thereafter, the plaintiff filed a brief asking the court to dismiss the case with prejudice, and the parties asked the court to put
an end to these proceedings. By order dated 15 February 2022, the Commercial Court of Paris therefore took note of the termination of
the proceedings. This matter is therefore definitively over.
In the context of the sale of its Polish subsidiary Euro Bank to Bank Millennium on 31 May 2019 and of the indemnity granted to the latter
against certain risks, Societe Generale continues to monitor the evolution of court cases related to CHF-denominated or CHF-indexed
loans issued by Euro Bank.
Like other financial institutions, Societe Generale is subject to audits by the tax authorities regarding its securities lending/borrowing and
equity and index derivatives activities. The 2017, 2018 and 2019 audited years are the subject of notifications of proposals of tax
adjustments in respect of the application of a withholding tax. These proposals are contested by the Group. In parallel, given the
significance of the matter, on 30 March 2023, the French Banking Federation has brought proceedings against the tax administration’s
doctrine. In addition, further to raids conducted by the “parquet national financier” at the end of March 2023 at the premises of five banks
in Paris, among which Societe Generale, the latter has been informed that it was subject to a preliminary investigation pertaining to the
same issue. Societe Generale is defending the action.
On 19 August 2022, a Russian fertiliser company, EuroChem North West-2 (“EuroChem”), a wholly owned subsidiary of EuroChem AG, filed
a claim against Societe Generale S.A. and its Milan branch (“Societe Generale”) before English courts. This claim relates to five on-demand
bonds that Societe Generale issued to EuroChem in connection with a construction project in Kingisepp, Russia. On 4 August 2022,
EuroChem made demands under the guarantees. Societe Generale explained it was unable to honour the claims due to international
sanctions directly impacting the transactions, an assessment which EuroChem disputes. Societe Generale filed its defence submissions
on 1 November 2022, to which EuroChem replied on 13 December 2022. A case management conference (“CMC”) is expected to take place
on 26 September 2023.
SG Americas Securities, LLC (“SGAS”) received a request for information in December 2022 from the US Securities and Exchange
Commission (“SEC”) focused on compliance with record-keeping requirements in connection with business-related communications on
messaging platforms that were not approved by the firm. On 28 March 2023, SGAS and Societe Generale received a similar request from
the US Commodity Futures Trading Commission (“CFTC”). These inquiries follow a number of regulatory settlements in 2022 with other
firms covering similar matters. SGAS has reached a settlement with the SEC, and Societe Generale and SGAS have reached a settlement
with the CFTC. As of the date of this update, both settlements were pending formal regulatory approval.
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NOTE 10 - RISK MANAGEMENT LINKED WITH FINANCIAL INSTRUMENTS
Note 10 is solely disclosed in the financial statements for the purpose of updating the exposures of the credit portfolio and the reform of
interest rate benchmarks project.
The risks associated with financial instruments and the way in which the Group manages them are presented in chapter 3 of the Universal
Registration Document update for the first half of 2023.
NOTE 10.1 - REFORM OF INTEREST RATE BENCHMARKS
Presentation of the reform
The Interest Rate Benchmark Reform (also referred to as “IBOR reform” as IBORs = InterBank Offered Rates), initiated by the Financial
Stability Board in 2014, aims at replacing these benchmark rates with alternative rates, in particular the Risk-Free Rates (RFR). This reform
accelerated on 5 March 2021, when the British Financial Conduct Authority (FCA), the supervisor of LIBOR, announced the official dates
for the cessation and loss of representativeness of the following interest rate benchmarks:
CHF LIBOR and EUR LIBOR (all terms); GBP LIBOR and JPY LIBOR (terms: overnight, 1-week, 2-month and 12-month); USD LIBOR (terms:
1-week and 2-month): the publication of these benchmark settings has permanently ceased as of 1 January 2022;
GBP LIBOR and JPY LIBOR (terms: 1-, 3- and 6-month): these settings have not been contributed by banks since 1 January 2022 and are or
have been published in a synthetic form as follows:
JPY LIBOR (terms: 1-, 3- and 6-month): till end December 2022,
GBP LIBOR (terms: 1- and 6-month): till end March 2023,
GBP LIBOR (term: 3-month): till end March 2024;
USD LIBOR (terms: overnight, 1-, 3-, 6- and 12-month): the publication of these benchmark settings as contributed by banks has ceased
as of 30 June 2023; since then, they have been published for the 1-, 3- and 6-month terms only, in synthetic form; the use of these synthetic
settings is restricted to the run-off management of legacy positions; and their transitional publication will cease on 30 September 2024.
Meanwhile, other USD LIBOR settings ceased end June 2023: USD LIBOR ICE SWAP RATE, MIFOR (India), PHIREF (Philippines), SOR
(Singapore) and THBFIX (Thailand).
The publication of the MosPrime rate has also ceased on 30 June 2023.
As regards the major benchmark indices of the euro area:
EURIBOR: the EMMI (European Money Markets Institute), administrator of the index, does not contemplate ceasing its publication.
EURIBOR will thus be maintained in the coming years;
EONIA: its publication completely ceased on 3 January 2022. The replacement benchmark index recommended by the working group on
interest rates in the euro area set up by the European Central Bank is the €STR on which the EONIA has been based since end 2019.
Impact of the reform on the Societe Generale group

The Societe Generale group supports these reforms and takes an active part in the working groups set up by the central banks of the
currencies concerned, and it maintains active liaison with the relevant supervisory authorities to keep them informed of the progress of
the working groups with regard to transition.
The Group has actively prepared for these changes, through a specific transition program set up in the Summer of 2018 and supervised
by the Finance division.
For this purpose, the Group has launched active awareness and communication campaigns for its customers, supplemented by a monthly
newsletter and a Frequently Asked Questions (FAQ) page on the IBOR transition available to the public on the Societe Generale website.
To prepare for the cessation dates announced for LIBOR and other transitioning benchmarks, the public authorities and the working
groups set up by the central banks issued recommendations to the banking industry. These recommendations aim at stopping the
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production of new contracts referencing these indices as well as at migrating the existing contracts referencing said indices to alternative
benchmark rates.
To ensure a consistent approach throughout the Societe Generale group, an internal Committee has been formed. Its role is to issue
periodical orientations reflecting both the market developments and the recommendations from regulators and their working groups.
Several internal guidelines have been issued covering four main themes:
strengthening of the new contracts through the inclusion of fallback clauses and risk warnings;
discontinuation of the production of new transactions referencing discontinued benchmarks (with some exceptions provided for by
regulators) and use of alternative solutions;
fair and homogenous treatment of customers through the involvement of the compliance teams in the renegotiations of contracts;
reporting obligation, and restrictions related to the use of certain interest rates as alternatives to LIBOR.
At this stage, all directives are being applied and widely circulated among the Group’s staff.
In order to build the capacity to deal on products referencing RFRs or some term RFRs and thus ensure the continuity of its business after
the phasing out of IBOR, the Societe Generale group updated its tools and processes in line with the major calculation methods
recommended by the relevant working groups or professional associations. Nevertheless, the Group continues monitoring developments
in the use of RFRs and other alternative rates in order to implement any new convention and meet its customers’ needs.
Migration of USD LIBOR, USD LIBOR ICE SWAP RATE and other benchmarks (MIFOR, PHIREF, SOR, THBFIX and MosPrime).
At end June 2023, the Societe Generale group has completed over 99% of its legal migration of the contracts indexed on the benchmarks
terminated or not representative anymore at that time. Remainders are mainly contracts still being renegotiated as at 30 June and for
which using the synthetic USD LIBOR will allow the renegotiation to be concluded in 2023 or, at the latest, before the cessation date of the
synthetic LIBOR.
Depending on the products, the migration took place mostly according to four major modalities:
Loans and credit facilities were subject to individual renegotiations; likewise for the related hedging instruments in order to maintain their
effectiveness.
Most derivative products were migrated on the initiative of clearing houses or through activation of their fallback indices clauses (protocol
set up by the ISDA and to which the Societe Generale group subscribed in October 2020). Some derivatives products have however been
renegotiated bilaterally.
The vast majority of issuances was migrated via the activation of the contractual fallback indices clauses or, by way of exception, following
agreement by the shareholders.
For some products (typically current accounts and similar), the migration was implemented through an update of the general terms and
conditions.
It is to be noted that, for some types of contracts, the operational migration will take place at the end of the ongoing interest period at 30
June 2023 and, consequently, exposures on pre-June 2023 fixings of USD LIBOR and other indices will still appear beyond 30 June 2023
pending these migrations.
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Risks associated with the reference rate reform
The risks associated with the interbank benchmark rates were mostly related to the USD LIBOR for the period until June 2023.
The June term for the USD LIBOR, and the existence of a synthetic USD LIBOR until September 2024 involve a significant reduction in the
previously identified risks.:
program governance and execution risk, liable to cause delays and loss of opportunities, is monitored as part of the work of regular
Committees and arbitration bodies;
legal documentation risk, liable to lead to post-transition litigations, is managed through fallback clauses inserted in the contracts
depending on the availability of market standards;
market risk, with the creation of a basis risk between rate curves associated with different indexes: it decreased on the old indices
following the migration of transactions and is now related only marginally to positions indexed on the Term SOFR and synthetic USD
LIBOR;
operational risks in the execution of the migration of transactions depend in particular on the willingness and preparedness of our
counterparties, the volume of transactions to be migrated and their spread over time;
regulatory risk is managed according to the Societe Generale group guidelines in line with the recommendations of the regulators and
working groups on the LIBOR transition;
conduct risk, related to the end of LIBOR, is notably managed through:
specific guidelines on the appropriate conduct detailed by business line,
training of the teams,
communications to customers (conferences, events, bilateral discussions in particular with the less informed customers) are organised
on the transition-related risks, the alternative solutions that may be implemented, and on how they might be affected.
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NOTE 10.2 - EXPOSURE OF THE CREDIT PORTFOLIO
In this section, the measurement used for credit exposures is the EAD – Exposure at Default (on-and off-balance sheet). Under the
Standardised Approach, EAD is calculated net of collateral and provisions.
SECTOR BREAKDOWN OF “GROUP CORPORATE” EXPOSURE AS AT 30 JUNE 2023 (BASEL PORTFOLIO)
Financial services 6.9%

Real estate 3.1%
Utilities 2.7%
Manufacturing industries 2.3%
Telecoms, media and technology 2.0%
Agriculture, food industry 2.0%
Automotive 1.7%
Heavy industry and mining 1.6%
B2B and B2C services 1.4%
Oil and Gas 1.4%
Others 1.4%
Construction & Civil Engineering 1.2%
Retail trade excluding automotive 1.1%
Aviation and defense 1.0%
Pharmaceuticals, health and social work 0.9%
Land transport and logistics 0.9%
Shipping and cruise 0.9%
Oil and Gas Traders 0.8%
Conglomerates 0.7%
Hotels, Restaurants, Tourism, Leisure 0.5%
0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8%
EAD of the Corporate portfolio is presented in accordance with the Basel rules (large corporates, including insurance companies, funds
and hedge funds, SMEs, specialised financing, factoring businesses), based on the obligor’s characteristics, before taking into account the
substitution effect (credit risk scope: debtor, issuer and replacement risk).
As at 30 June 2023, the Corporate portfolio amounted to EUR 398 billion (on- and off-balance sheet exposures measured in EAD). Two
sectors account for more than 30% of this portfolio each (Financial services and Real Estate). The Group’s exposure to its ten largest
Corporate counterparties accounts for 6% of this portfolio.
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5.2 Statutory Auditors’ Review Report on the Half-yearly financial information
DELOITTE & ASSOCIES ERNST & YOUNG et Autres
6, place de la Pyramide Tour First
92908 Paris-La Défense cedex TSA 14444
S.A.S. au capital de € 2 188 160 92037 Paris-La Défense cedex
572 028 041 R.C.S. Nanterre S.A.S. à capital variable
438 476 913 R.C.S. Nanterre
Commissaire aux Comptes Commissaire aux Comptes

Membre de la compagnie Membre de la compagnie
régionale de Versailles régionale de Versailles
Société Générale
Period from January 1 to June 30, 2023
Statutory auditors’ review report on the half-yearly financial information
To the Shareholders,
In compliance with the assignment entrusted to us by your Annual General Meeting, and in accordance with the requirements of Article
L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:
• the review of the accompanying condensed half-yearly consolidated financial statements of Société Générale, for the period from
January 1 to June 30, 2023;
• the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a
conclusion on these financial statements based on our review.
1. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists
of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France
and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified
in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly
consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 – standard of the IFRSs as adopted
by the European Union applicable to interim financial information.
207
2. Observation
Notwithstanding the conclusion expressed above, we would like to draw your attention to paragraph 4 of note 1 "Significant accounting
principles" and to note 4.3 "Insurance activities" which set out the impact related to the first applications of IFRS 17 “Insurance Contracts”
and IFRS 9 “Financial Instruments” by the insurance subsidiaries.
3. Specific verification
We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial
statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.
Paris-La Défense, August 4, 2023
The Statutory Auditors

French original signed by
DELOITTE & ASSOCIES ERNST & YOUNG et Autres
Jean-Marc Mickeler Maud Monin Micha Missakian Vincent Roty
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6. SHARE, SHARE CAPITAL AND LEGAL INFORMATION
6.1 Information on share capital

Breakdown of capital and voting rights*
At 30 June 2023(1)
Number of Number of % of voting % of voting rights

% of capital
shares voting rights (2) rights (2) exercisable at AG (2)
Employee shareholding – savings plans(3) 69,272,422 8.57% 69,272,422 7.85% 7.91%

BlackRock, Inc. 7.29% 6.68% 6.73%
58,923,812 58,923,812
The Capital Group Companies, Inc. 2.17% 1.99% 2.00%
17,531,431 17,531,431
Amundi 4.00% 3.66% 3.69%
32,311,272 32,311,272
Caisse des Dépôts et Consignations 2.45% 25,510,746 2.89% 2.91%
19,815,026
BNPP AM 3.04% 25,267,967 2.86% 2.88%
24,573,089
Float 579,038,339 71.64% 647,040,069 73.31% 73.88%
Share buybacks 6,743,574 0.83% 6,743,574 0.76% 0.00%
Total 808,208,965 100% 882,601,293 100% 100%
Calculation base 808,208,965 882,601,293 875,857,719
* including double voting rights (article 14 of by-laws)
(1) At 30 June 2022, the share of European shareholders in the capital is estimated at 43.18%.
(2) In accordance with article 223-11 of the AMF's General Regulations, the calculation of the total voting rights includes voting rights associated with share buybacks and
vote at annual General Meetings.
(3) Since January 1, 2021, the voting rights relating to the Société Générale shares included in the FCPE "Société Générale Actionnariat (Fonds E)" are exclusively exercised
units forming fractional rights, by the Supervisory Board of this fund
The table above lists the shareholders which have made a legal threshold crossing declaration and those who have recently made a
statutory threshold crossing declaration (since 19 May 2020).
Press release dated 24 July 2023-

SUCCESS OF THE 2023 GLOBAL EMPLOYEE SHARE OWNERHIP PROGRAMME
Societe Generale announces successful completion of its 2023 Global Employee Share Ownership Programme
The capital increase, reserved for current and retired employees under the framework of the Global Employee Share Ownership
Programme, has been completed.
Almost 50 000 current and retired employees in 40 countries have subscribed to the transaction. The capital increase amounts to EUR
221.2 million, resulting in the issuance of 12,548,674 new shares.
Following the completion today, the share capital stands at EUR 1,025,947,048.75 euros and comprises 820,757,639 shares with a nominal
value of EUR 1.25 per share.
The impact on the CET 1 ratio will be around +6 basis point and will be effective in the capital ratio at the end of Q3 23.
Voting rights
As a consequence, on 24 July 2023, the theoretical number of voting rights (gross) was 895,116,675.
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6.2 Internal rules of the Board of Directors of Societe Generale (amended on
2 August 2023)
Preamble:
The Board of Directors collectively represents all shareholders and acts in the corporate interest of Societe Generale (the "Company"),
taking into consideration the social and environmental stakes of its activity. Each director, regardless of the manner in which he/she was
appointed, must act in all circumstances in the Company's corporate interest.
Societe Generale applies the AFEP-MEDEF corporate governance code for listed companies.
As a credit institution listed on a regulated market, Societe Generale is subject to the provisions of the regulations, directives and other
European texts applicable to the banking and financial sectors, the French Commercial Code, the French Monetary and Financial Code
and the recommendations or guidelines of the European Banking Authority (the "EBA") included in national law, the French Prudential
Supervisory and Resolution Authority (the "ACPR") and the Autorité des Marchés Financiers (the "AMF").
The purpose of these Internal Rules is to define the Board of Directors' organisation and operating procedures and to specify the rights
and obligations of its members (the "Internal Rules").
The Board of Directors ensures that Societe Generale has a solid governance system including, in particular, a clear organisation ensuring
a well-defined, transparent and coherent sharing of responsibilities, effective procedures for the detection, management, monitoring and
reporting of risks to which the Company is or could be exposed, an adequate internal control system, sound administrative and
accounting procedures and compensation policies and practices enabling and promoting sound and effective risk management.
Article 1 : Powers of the Board of Directors
1.1. The Board of Directors shall deliberate on any issue falling within its legal or regulatory powers and devote sufficient time to perform
its tasks.
1.2. The Board of Directors is competent to act in the following (non-exhaustive) areas:
a) Orientations for the Group's activity
General orientations
The Board of Directors determines the orientations for the Group's activity, ensures their implementation by General Management
and reviews them at least once a year; these orientations incorporate the values and the Code of Conduct of the Group, which it approves,
as well as the main thrusts of the policy adopted with respect to social and environmental responsibility, human resources, information
systems and organisation;
Orientations in respect of social and environmental responsibility
Multi-year social and environmental responsibility orientations are decided by the Board of Directors on the basis of a proposition
from General Management which is reviewed by the non-voting Director (“censeur”). The proposition is previously reviewed: by the Risk
Committee in respect of the risk aspects, the Compensation Committee with regard to the compensation aspects pertaining to the
Chairman and Chief Executive Officers (“dirigeants mandataires sociaux”), and the Nomination and Corporate Governance Committee
concerning governance questions (including internal governance of the Group). In addition, the Audit and Internal Control Committee
reviews all financial and extra-financial communication documentation relating to social and environmental responsibility before it is
submitted to the Board of Directors for approval.
General Management presents to the Board of Directors the manner in which it will implement this strategy, with an action plan and
the time frames in which these actions will be rolled out. General Management informs the Board of Directors of the results obtained on
an annual basis.
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On climate, the strategy comprises a number of precise targets to be achieved over various time frames. The Board of Directors
examines each year the results obtained and the opportunity, where appropriate, to adapt the action plan or modify the objectives
notably in light of developments in the corporate strategy, technologies, shareholders’ expectations and the economic viability of
implementing them. This assessment is subject to preparatory work by the non-voting Director and each of the committees that have
reviewed the Management Board's proposal on the multi-year strategic orientations in terms of social and environmental responsibility.
b) Strategic transactions
• approves the plans for strategic transactions, in particular acquisitions or disposals, that may have a significant impact on the
Group's earnings, its balance-sheet structure or its risk profile.
This prior approval process concerns:
- organic growth transactions of a unit amount higher than EUR 250 million and not already approved as part of the annual
budget or the strategic plan;
- external growth transactions of a unit amount higher than EUR 500 million or higher than EUR 250 million if these
transactions do not fall within the development priorities approved in the strategic plan;
- disposal transactions of a unit amount higher than EUR 250 million;
- partnership transactions with a compensation (“soulte”) of an amount higher than EUR 250 million;
- transactions substantially degrading the Group's risk profile.
The Chairman shall assess, on a case-by-case basis, the appropriateness of a referral to the Board of Directors to deliberate on a
transaction that does not fall under the aforementioned circumstances.
During each Board of Directors' meeting, an update is made on the transactions concluded since the previous meeting, as well
as on the main projects in progress and likely to be concluded before the next Board of Directors' meeting.
c) Risk management and control
The Board of Directors:
• approves the overall strategy and the appetite in terms of risks of any kind 1 and controls the implementation, including
outsourced activities. To this end, it:
- approves and regularly reviews the strategies and policies governing the taking, management, monitoring and
reduction of the risks to which the Group is or could be exposed;
- ensures, in particular, the adequacy and effectiveness of the risk management systems;
- approves, each year, the Group Risk Appetite Statement and the Group Risk Appetite Framework. It approves the
overall risk limits;
- approves the result of the internal capital adequacy assessment process (ICAAP) and the internal liquidity
adequacy assessment process (ILAAP);
- ensures the effectiveness of the corrective measures taken in the event of a failure and implements a specific
process organising its information and, where applicable, its referral if risk limits are exceeded or in case of non-
compliance with the action plans implemented in accordance with the rules described in the Group Risk Appetite
Statement and the Group Risk Appetite Framework;
• approves the business continuity and operational resilience plans;
• adopts the preventive recovery plan communicated to the European Central Bank (ECB) and deliberates on any similar plan
requested by another supervisory authority;
1
The typology of risks is that mentioned in the Group Risk Appetite Statement.
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• draws up the elements necessary for the establishment of the resolution plan communicated to the competent supervisory
authorities.
• determines the orientations and controls the implementation by the Effective Senior Managers 1 of the oversight systems in
order to ensure effective and prudent management of the institution, in particular the separation of functions within the
organisation of the Company and the prevention of conflicts of interest;
• has all relevant information on developments in risks of any kind incurred by the Company, including in relation to anti-money
laundering and financing of terrorism. To do so, it determines, where applicable, with the assistance of its Committees, the
volume, form and frequency of the information submitted to it;
• examines at least twice a year the activity and the results of internal control, in particular compliance control based on the
information sent to it for this purpose by the Effective Senior Managers and the Heads of the second-level control and audit
functions;
• approves the audit plan, as well as its amendments, after having heard a presentation by the Head of inspection and Audit and
the recommendations of the Audit and Internal Control Committee;
• is the recipient of the annual report on internal control and debates it;
• concerning anti-money laundering and terrorism financing (AML-FT), it:

- regularly reviews the policy, risk classification, systems and procedures, and their effectiveness;
- is informed, at least once a year, of the activity and results of the internal controls in terms of AML-FT, incidents
and shortcomings, as well as the corrective measures taken;
- approves the annual report on the internal control of AML-FT systems;
• ensures the implementation of a system to prevent and detect corruption and influence peddling. It receives all of the necessary
information for this purpose;
• approves the IT strategy;
• approves the information system security policy, including cybersecurity;
• approves outsourcing policies, ensures their implementation and oversees the risks related to outsourced activities;
• approves the Group's investment services policy;
• examines, as necessary, the Group's draft responses to follow-up letters from supervisors;
• is informed of the system put in place concerning "whistleblowers" and developments in the system;
• examines, in accordance with regulations and the Group Risk Appetite Framework and the Group Risk Appetite Statement,
compliance incidents and the corresponding action plans;
• approves the annual statement on modern slavery and human trafficking, reiterating key actions taken to prevent them, a
statement established under the UK Modern Slavery Act 2015 and the Australian Modern Slavery Act 2018;
• carries out controls and verifications that it deems appropriate based on the Group's internal audit or by drawing on external
consultants.
d) Financial statements, financial communication and financial projections
The Board of Directors, after having heard the Statutory Auditors as necessary:
1
This legal classification of "Effective Senior Managers" is understood only within the meaning of the banking regulations falling within the remit of the ECB and the
ACPR. For Societe Generale, on the date of the last update of the Internal Rules, this is the Chief Executive Officer and the Deputy Chief Executive Officers.
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• approves and ensures the accuracy and truthfulness of the annual and consolidated annual accounts and the quality of the
information provided to the shareholders and the market;
• approves the management report, including the Non-Financial Performance Statement and the due diligence plan;
• controls the publication and communication process, the quality and reliability of the financial and non-financial information
to be published and communicated by the Company;
• approves the budget and the financial trajectory.
e) Governance
The Board of Directors;
• appoints the Chairman;
• where applicable, a "lead" director;
• appoints the Chief Executive Officer and, at the latter's proposal, the Deputy Chief Executive Officer(s);
• appoints the Effective Senior Managers;
• sets any limitations on the powers of the Chief Executive Officer and, on the proposal of the latter, the Deputy Chief Executive
Officer(s);
• establishes once a year the succession plan for Executive Officers (dirigeants mandataires sociaux);
• reviews the Group's internal governance system, ensuring a clear organisation with well-defined responsibilities that respect
the independence of the control functions, and to this end becomes aware of the Group's legal, organisational and operational
structure and ensures its compatibility with the Group's strategy; it periodically evaluates its effectiveness;
• deliberates on changes to the Group's management structures prior to their implementation and is informed of the main
changes to its organisation;
• ensures that Executive Officers implement a policy of non-discrimination and diversity, particularly with regard to the balanced
representation of women and men in the Group's management bodies;
• ensures the existence of a selection and appointment procedure for holders of key functions and is informed of the appointment
of the Heads of Business Units or Service Units. Their succession plan is communicated to it.
• deliberates at least once a year on its operation and that of its Committees, on the skills, aptitudes and availability of its
members and on the conclusions of their periodic assessment;
• regularly reviews the Internal Rules of the Board of Directors;
• prepares the corporate governance report presented to the General Meeting;
f) Relations with control functions
• ensures compliance with its internal control obligations, including compliance with banking and financial regulations on
internal control and, in particular, reviews the internal control activity and its results at least twice a year;
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• at least twice a year, devotes an item on its agenda to each of the internal control functions (risk, compliance, audit) and is
briefed by the corresponding head. Moreover, it ensures their presence at the debates of the Board of Directors for matters that
may fall within their remit. The Chief Risk Officer presents the risk dashboard to the Board of Directors at least four times a year;
Where necessary, in the event of changes in the risks affecting or likely to affect the Company, the Chief Risk Officer, the Head of
Compliance and the Head of inspection and Audit may each report directly to the Board of Directors, without referring to the
Effective Senior Managers.;
• gives its opinion prior to the appointment of the Head of inspection and Audit, the Chief Risk Officer and the Head of Compliance;
• gives its opinion prior to the dismissal of the Head of inspection and Audit, the Chief Risk Officer and the Head of Compliance;
• gives its consent prior to the dismissal of the Chief Risk Officer;
• validates the audit charter;
• ensures the existence of standards documentation applicable within the Group and regularly updated.
g) Compensation of Corporate Officers ("mandataires sociaux") and wage policy (“politique salariale”)
The Board of Directors:
• proposes to the General Meeting of Shareholders the overall amount of the Directors' compensation and distributes this amount
in accordance with Article 18 of these Internal Rules, based on the proposal of the Nomination and Corporate Governance
Committee and after receiving the opinion of the Compensation Committee;
• determines, without prejudice to the powers of the General Meeting, the compensation of the Chairman of the Board of Directors
and the Chief Executive Officers, in particular their fixed and variable compensation, including benefits in kind, awards of
performance shares or any compensation instrument, as well as post-employment benefits. When it decides on the
compensation of the Chairman of the Board of Directors and the Chief Executive Officers, it does so in their absence;
• regularly determines and reviews the principles of the compensation policy applicable in the Group, in particular with regard to:
a. the categories of personnel whose activities have a significant impact on the Group's risk profile and ensures that the
internal control systems make it possible to verify that these principles comply with the regulations and professional
standards and are aligned with the risk control objectives;
b. as well as employees who, in view of their overall income, are in the same compensation bracket as those whose
professional activities have an impact on the Group's risk profile;
As part of this process, it obtains the opinion of the Chief Risk Officer and the Head of Compliance.
• validates each year, after consulting the Compensation Committee, the compensation of the heads of internal control functions
(Head of inspection and Audit, Chief Risk Officer and Head of Compliance);
• deliberates once a year on the Company’s policy regarding professional and wage equality between men and women;
• carries out the award of free performance shares, determines the identity of the beneficiaries and the number of shares awarded
to each of them, and sets the conditions and criteria for the award of said shares;
• draws up, where applicable, the principle and terms of a capital increase reserved for members of one of the company savings
plans within the Group.
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Article 2 : Composition of the Board of Directors
2.1. The composition of the Board of Directors aims to achieve a balance between professional and international experience, skills and
independence, while respecting gender equality, diversity and a balance in terms of age and length of service within the Board. The
composition of the Board of Directors reflects the increasingly international scope of the Group's activities and of its shareholding through
the presence of a significant number of directors of foreign nationality.
2.2. As such, among the directors appointed by the General Meeting, the Board of Directors ensures compliance with a minimum
proportion of 50% independent directors1. To this end, the Board of Directors, in the report of its Nomination and Corporate Governance
Committee, conducts an annual review of the situation of each of its members with regard to the independence criteria defined in the
AFEP-MEDEF Code.
2.3. The Board of Directors verifies that the candidates proposed for renewal or appointment meet the conditions of competence and
suitability and have the time necessary to perform their duties. The Board of Directors strives to comply with all of the conditions laid
down by the EBA and the ECB as part of the "fit and proper" reviews.
2.4. The candidates, proposed by the Board of Directors at the General Meeting, have been selected beforehand by the Nomination and
Corporate Governance Committee and have been interviewed as necessary.
2.5. The objectives set by the Board of Directors with regard to its composition and that of the Committees are reviewed each year by the
Board of Directors and the Nomination and Corporate Governance Committee based on an annual assessment, the results of which are
presented in the corporate governance report.
Article 3 : Skills and aptitudes of the members of the Board of Directors
3.1. The members of the Board of Directors shall have at all times the good repute, knowledge, skills and experience necessary for the
performance of their duties and, collectively, the knowledge, skills and experience necessary to understand the Company's activities,
including the main risks to which it is exposed.
3.2. Each Director undertakes to improve his/her knowledge of the Company and its sector of activity on an ongoing basis.
Article 4 : Availability of the members of the Board of Directors
4.1. The members of the Board of Directors shall devote sufficient time to the performance of their functions. Directors participate actively
and attentively in meetings of the Board of Directors and the Committees.
4.2. The employee directors have a fifteen-hour preparation time per meeting of the Board of Directors or of the Committee in question.
4.3. Under the conditions defined by the legislation in force, the directors may hold, within any legal entity, only one executive directorship
and two non-executive directorships or four non-executive directorships. For the purpose of this rule, directorships held within the same
group are considered to be a single directorship. The ECB may authorise a member of the Board of Directors to perform an additional non-
executive directorship.
4.4. Any Director holding an executive directorship in the Group must obtain the opinion of the Board of Directors before accepting a
corporate office position in a company; the Director must comply with the procedure set out in article 8 "Conflicts of interest".
4.5. The Director shall promptly inform the Chairman of any change in the number of directorships held, including his/her participation
in a committee of a Board or of a Supervisory Board, as well as any change in professional responsibility.
He/she undertakes to let the Board of Directors decide whether he/she should continue to serve as a Director in the event of a significant
change in his/her professional responsibilities or directorships.
1
Societe Generale applies the rule of the AFEP-MEDEF Code, which excludes directors elected by employees and the director representing employee shareholders
from the calculation.
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He/she undertakes to resign from his/her directorship when he/she no longer considers himself/herself able to perform his/her duties
within the Board of Directors and the Committees of which he/she is a member.
The Universal Registration Document reports on the of Directors at meetings of the Board of Directors and the Committees.
4.6. The Directors shall attend the General Meetings of Shareholders.
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Article 5 : Ethics of the members of the Board of Directors
5.1. The director takes note of the general or specific obligations incumbent on him/her, in particular legal or regulatory texts, the By-
laws, the recommendations of the AFEP-MEDEF code and the Internal Rules of the Board of Directors.
5.2. The Director keeps, in all circumstances, his/her independence of analysis, judgement, decision and action. He/she freely expresses
his/her positions, possibly minority positions, on the subjects discussed in the session.
5.3. He/she undertakes not to seek, accept or receive any benefit or service likely to compromise his/her independence
5.4. Each member of the Board of Directors is bound by a duty of care as to the retention, use and, where applicable, return of the tools,
documents and information made available.
5.5. Each Director must comply with the provisions of the rules on market abuse, in particular those relating to the communication and
the use of inside information with regard to Societe Generale shares, debt securities and derivative instruments or other financial
instruments related to the Societe Generale share (hereinafter, Financial Instruments). He/she must also comply with these same rules
for Financial Instruments of his/her subsidiaries or listed investments or companies on which he/she may hold inside information received
as a result of his/her participation in the Board of Directors of Societe Generale.
5.6. Directors shall abstain from intervening on the market of Societe Generale Financial Instruments during the 30 calendar days
preceding the publication of Societe Generale's quarterly, half-yearly and annual results, as well as on the day of said publication.
They shall refrain from carrying out speculative or leveraged transactions on Societe Generale Financial instruments or those of a listed
company controlled directly or indirectly by Societe Generale within the meaning of article L. 233-3 of the French Commercial Code.
They shall inform the Secretary of the Board of Directors of any difficulty they may encounter in enforcing the above.
5.7. In accordance with the regulations in force, Directors and persons closely associated with them must report to the French Financial
Markets Authority (AMF) the transactions carried out on Societe Generale Financial instruments.
A copy of this statement is also sent to the Secretary of the Board of Directors.
5.8. The director informs the Chairman of the Board of Directors of any criminal or civil conviction, administrative or disciplinary sanction,
any indictment, incrimination and/or public sanction, in particular for fraud or giving rise to a prohibition to manage or administer against
him/her, as well as of any bankruptcy, receivership, liquidation or placement of companies under judicial administration in which he/she
has been or is likely to be associated with or be the subject of. He/she shall inform him/her of any dismissal for professional misconduct
or of any revocation of a corporate office position of which he/she is subject. He/she also informs him/her of any legal, administrative or
disciplinary proceedings brought against him/her if he/she is likely to potentially undermine the regulatory requirement of good repute
or that of probity.
Article 6 : Confidentiality
6.1. Each Director and any person involved in the work of the Board of Directors are bound by an absolute obligation of confidentiality
with regard to the content of the discussions and deliberations of the Board of Directors and its Committees, as well as the information
and documents presented or communicated to them, in any form whatsoever.
6.2. They are prohibited from communicating to anyone outside the Board of Directors any information that is not made public by the
Company.
6.3. They shall assume an obligation of vigilance, circumspection and confidentiality.
Article 7 : Duty of loyalty
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7.1. Each Director has a duty of loyalty to the Company. Under no circumstances must he/she act for his/her own interest against the
interest of the Company.
7.2. This loyalty implies absolutely that the Director does not act against the Company in the interest of a person or entity with which
he/she would be bound, for example as parent, shareholder, creditor, employee, corporate officer or permanent representative.
7.3. This loyalty implies transparency with regard to the members of the Board of Directors, in order to ensure compliance with the
essential principle of collegiality of this body.
Article 8 : Conflicts of interest
8.1. The Director shall inform the Secretary of the Board of Directors by letter or email of any conflict of interest, including potential, in
which he/she may be directly or indirectly involved. He/she shall refrain from participating in any discussion and voting on such matters.
8.2. The Chairman is in charge of managing conflict of interest situations of the members of the Board of Directors. Where appropriate,
he/she refers the matter to the Nomination and Corporate Governance Committee. Regarding conflicts that could affect him/her
personally, he/she refers to the Chairman of the Nomination and Corporate Governance Committee.
Where necessary, the Chairman may request a Director subject to a conflict of interest to refrain from attending the deliberation.
8.3. The Director shall inform, by letter or email, the Chairman of the Board of Directors and the Chairman of the Nomination and
Corporate Governance Committee of his/her intention to accept a new corporate office position, including his/her participation in a
Committee in a company not belonging to a group of which he/she is director or officer, in order to enable the Board of Directors, based
on the proposal of the Nomination and Corporate Governance Committee, to decide where appropriate that such an appointment would
be inconsistent with the directorship in Societe Generale.
8.4. Each Director shall make a sworn statement as to the existence or otherwise of the situations referred to in 5.8 and 8.1: (i) upon taking
up his/her office, (ii) each year in response to the request made by the Secretary of the Board of Directors upon the preparation of the
Universal Registration Document, (iii) at any time if the Secretary of the Board of Directors requests it and (iv) within 10 working days
following the occurrence of any event that renders the previous statement made by him/her in whole or in part inaccurate.
8.5. In accordance with article L. 511-53-1 of the French Monetary and Financial Code, Societe Generale and the entities of the Societe
Generale group keep up to date and at the disposal of the ACPR the appropriate documentation concerning all of the loans granted by
Societe Generale or an entity of the Group to each director and their related parties. In addition to the legal provisions, where applicable,
relating to regulated agreements requiring prior authorisation from the Board of Directors in which the interested party does not take
part, an internal procedure within the Group dedicated to loans granted to these persons is established and reviewed by the Nomination
and Corporate Governance Committee; its effective implementation is subject to internal controls and information from the Board of
Directors when anomalies are identified.
Article 9 : The Chairman of the Board of Directors
9.1. The Chairman convenes and chairs the Board of Directors meetings. He/she sets the timetable and agenda of the meetings. He/she
organises and manages the work of the Board of Directors and reports on its activities to the General Meeting. He/she chairs the General
Meetings of Shareholders.
9.2. The Chairman ensures the proper functioning of the Company's bodies and the implementation of the best corporate governance
practices, in particular as regards the Committees set up within the Board of Directors, which he/she may attend without the right to vote.
He/she may submit questions for the consideration of these Committees.
9.3. He/she receives all information relevant to his/her missions. He/she is regularly informed by the Chief Executive Officer and, where
applicable, the Deputy Chief Executive Officers, of significant events relating to the life of the Group. He/she may request the disclosure
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of any information or document that may inform the Board of Directors. For the same purpose, he/she may hear the Statutory Auditors
and, after having informed the Chief Executive Officer, any Group senior manager.
9.4. He/she may ask the Chief Executive Officer or any manager, and in particular the heads of the control functions, for any information
likely to inform the Board of Directors and its Committees in the performance of their mission.
9.5. He/she may hear the Statutory Auditors with a view to preparing the work of the Board of Directors.
9.6. He/she ensures that the Directors are in a position to fulfil their missions and ensures that they are properly informed.
9.7. He/she is the only person authorised to speak on behalf of the Board of Directors, except in exceptional circumstances or with a
specific mandate entrusted to another Director.
9.8. He/she devotes his/her best efforts to promote in all circumstances the values and the image of the Company. In consultation with
General Management, he/she may represent the Group in its high-level relations, in particular with major clients, regulators, major
shareholders and public authorities, both domestically and internationally.
9.9. He/she has the material resources necessary for the performance of his/her missions.
9.10. The Chairman has no executive responsibilities, these responsibilities being exercised by General Management, which proposes and
applies the Company's strategy, within the limits defined by law and in compliance with the corporate governance rules and directions
set by the Board of Directors.
Article 10 : The Secretary of the Board of Directors
10.1. Pursuant to article 11 of the By-laws, the secretary of the Board of Directors shall be a member of the management appointed by the
Chairman as Secretary of the Board of Directors.
10.2. In the absence of the Secretary of the Board of Directors, the Chairman appoints a member of the Board of Directors or a third party
to replace him/her.
10.3. The Secretary of the Board of Directors assists the Chairman in the performance of his/her duties, in particular in the organisation of
the work of the Board of Directors and the definition of the timetable and agenda of the meetings of the Board of Directors.
10.4. The Secretary of the Board of Directors:
• ensures compliance with the procedures relating to the functioning of the Board of Directors;
• with the assistance of General Management, ensures the quality and production, within sufficient time, of the files submitted
to the Board of Directors;
• is responsible for sending the work files sent to the directors and ensures that they are complete and transmitted within the
appropriate time limits in accordance with article 11 of the Internal Rules;
• is responsible for the secure IT platform made available to the directors;
• attends meetings, executive sessions and seminars of the Board of Directors;
• ensures the keeping of an register, signed by the directors participating in the meeting of the Board of Directors and which
mentions the names of the directors deemed present pursuant to article 11 of the Internal Rules;
• is authorised to issue and certify as true copies or extracts of minutes;
• keeps the document on the status of requests made by the Board of Directors up to date.
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10.5. The Secretary of the Board of Directors shall set up, in accordance with the guidelines of the Nomination and Corporate Governance
Committee, the annual assessment of the work of the Board of Directors.
10.6. The Secretary of the Board of Directors shall organise, in conjunction with the Chairman, the preparation of the Annual General
Meeting of Shareholders with the assistance of the General Secretariat.
10.7. He/she is available to the directors for any request for information concerning their rights and obligations, the functioning of the
Board of Directors or the everyday operations of the Company.
10.8. The Secretary to the Board of Directors relies on the General Secretariat to perform his duties, notably in respect of the following
matters:
• reviewing the legal and regulatory duties of the Board of Directors;
• gathering the necessary information related to corporate officers required by French or foreign regulations and the
implementation of the corresponding procedures;
• calculating and paying Directors' compensation, and filling in the Single Tax Declarations Forms (“Imprimé Fiscal Unique” /
“IFU”);
10.9. Secretarial services for each Committee are provided, under the supervision of the Chairman of each of the Committees, by the
Secretary of the Board of Directors or a person designated by the latter.
Article 11 : Meetings of the Board of Directors
11.1. Timetable, agenda, duration
a) The Board of Directors meets as often as required by the corporate interest and at least eight times per year.
b) Except in exceptional circumstances, the provisional dates of meetings are set no later than twelve months before the start of the year.
c) The provisional agenda of the meetings of the Board of Directors for the year shall be set no later than 1rst January.
d) The agenda of each meeting and the duration devoted to each subject are subject to prior approval by the Chairman.
e) In order to determine the agenda, priority is given to topics requiring a decision by the Board of Directors, in particular strategic points
and risk management. The Chairman ensures that topics of informational purposes only are addressed either during seminars or during
training sessions, where possible.
f) The frequency and duration of meetings of the Board of Directors must be such that they enable a review and discussion of each of the
topics or dashboards falling within the competence of the Board of Directors, including when preparatory work has been performed by a
Committee.
11.2. Quorum
a) In accordance with article 11 of the By-laws, in all cases, Board of Directors decisions shall only be deemed valid where at least half of
the members are present.
b) Directors who participate in a meeting of the Board of Directors by means of videoconference or telecommunication enabling their
identification and guaranteeing their effective participation shall be deemed present for the calculation of the quorum and the majority.
To this end, the means chosen shall transmit at least the voice of the participants and comply with technical characteristics enabling the
continuous and simultaneous transmission of the deliberations.
This provision does not apply when the Board of Directors is convened to carry out the work for establishing and adopting the annual and
consolidated annual accounts and the Management Report unless, after the last date on which these Internal Rules are updated, new
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legal provisions come into force authorising in these cases participation in meetings of the Board of Directors by video conference or
telecommunication means.
A director who participates by video conference or telecommunications shall ensure that the confidentiality of the debates is preserved.
c) In accordance with the By-laws, every Director may give his/her proxy to another Director, but a Director may act as proxy for only one
other Director and a proxy can only be given for one specific meeting of the Board of Directors.
11.3. Notification of Board Meetings
The possible authors of a notice of a Board of Directors meeting are defined in article 10 of the By-laws.
Convening notices, which may be transmitted by the Secretary of the Board of Directors, are sent by letter, fax, email or by any other
means, including verbally.
The delegate of the Central Social and Economic Committee attends the meetings of the Board of Directors under the conditions provided
for by the regulations.
At the decision of the Chairman, the Deputy Chief Executive Officers or other Group senior managers or, where relevant, external persons
whose is useful to the deliberations may attend all or part of the meetings of the Board of Directors. These persons are subject to the
same rules of ethics, confidentiality, loyalty and ethics as Directors.
11.4. Preparation of the Board of Directors' files
The files, previously validated by General Management under the conditions it determines, are, except in an emergency, sent by the
Secretary of the Board of Directors no later than seven calendar days before the meeting of the Board of Directors.
The files sent to the Board of Directors contain:
i. the indication that the file is sent for debate, guidance or decision;
ii. the name of the member of the General Management who validated it and the BU/SU author of the document;
iii. where applicable, the legal or regulatory references justifying the review by the Board of Directors;
iv. a summary;
v. an indication of the points to which the attention of the Board of Directors is particularly drawn;
vi. information on the social and environmental issues to be taken, where applicable, into consideration by the Board of Directors;
vii. where applicable, the text of the draft decision of the Board of Directors;
viii. relevant supporting document in appendix
A file template is available from the Secretary of the Board of Directors.
When a subject requires a formal opinion from the risk, compliance or audit function, this opinion must be the subject of a separate note
added as an appendix to the file. As part of the preparation, the Chairman of the Board of Directors may hear the heads of the control
functions.
11.5. Holding of meetings
In accordance with article 11 of the By-laws, board meetings are chaired by the Chairman of the Board of Directors or, in his/her absence,
by a Director designated for this purpose at the beginning of the meeting.
At the beginning of the meeting, the Chairman of the meeting:

• mentions, where applicable, the Director responsible for introducing a file on the agenda;
• systematically indicates the nature of the conclusion following the consideration of each item on the agenda (for discussion,
orientation, or decision); and
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• in the event of a request for approval by the Board of Directors, indicates whether there will be a formal vote.
On each item on the agenda, the Chairman leaves each Director the necessary speaking time in accordance with the indicative time
provided for in the agenda.
In accordance with article 11 of the By-laws, resolutions are adopted by a majority vote of the directors present or represented. In the
event of a tie, the Chairman holds a casting vote.
11.6. Minutes
Each of the deliberations of the Board of Directors is reported in minutes drawn up by the Secretary of the Board of Directors. The minutes
include a summary of the discussions and deliberations. They mention the questions raised or the reservations stated by the participants,
grouping them together by theme if possible. They specify the guidelines or decisions adopted by the Board of Directors.
Each set of minutes of the Board of Directors are approved at a subsequent meeting of the Board of Directors.
They are then transcribed in a special register in accordance with the legislation in force.
11.7. Statement of requests from the Board of Directors
When the Board of Directors sends requests, they are formalised in a document, which contains an expected target response date and,
where applicable, the BU(s) or SU concerned for each request.
This document is regularly updated and sent to the Board of Directors at each of its meetings.
It compiles the previous requests that have not yet received a response and mentions the requests that have received a response,
indicating the date of the response sent.
Article 12 : Executive session
The Directors meet at least twice a year in an executive sessions, with the exception of Executive Officers and Directors who have an
employee status.
It is up to the Chairman to assess, in view of the subject(s) addressed, whether the Chief Executive Officer can be convened to participate
in all or part of an executive session.
It is also up to the Chairman to assess, in view of the subjects addressed, whether Directors with employee status may be convened to an
executive session for all or part of this session, particularly if the performance of the Executive Officers is assessed at this meeting.
This meeting is convened and chaired by the Chairman of the Board of Directors if he/she has the status of independent director or, failing
that, by the lead director.
This meeting includes an agenda decided by the Chairman, who leaves room for various matters at the directors' initiative.
Article 13 : Seminar
13.1. The Board of Directors meets at least once a year during a seminar to conduct working sessions which may be held either on the
Company premises or outside such premises. In addition to the members of the Board of Directors, the General Management, the Head
of Strategy and the Chief Financial Officer participate in the seminar. The heads of the BUs and SUs attend, where appropriate.
13.2. The purpose of this seminar is notably to review the banking environment, the Group's main business lines and its competitive
environment. Where applicable, a summary of the guidelines is drawn up and submitted for approval at the next Board meeting.
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Article 14 : Information provided to the Board of Directors
14.1. Resources
The Chairman or the Chief Executive Officer shall provide each Director and non-voting Director with all the information and documents
necessary for the performance of their duties; each Director is provided with computer equipment to facilitate access to them. All
protective measures deemed necessary are taken to preserve the confidentiality, integrity and availability of information, and each
member of the Board of Directors or any person who has received the documentation is responsible not only for the ressources and
materials thus made available to them but also for their access.
14.2. Information received
Effective Senior Managers shall inform the Board of Directors of all significant risks, risk management policies and changes made to them.
Meetings of the Board of Directors and the Committees are preceded by the online publication or availability in a timely manner of a file
on the agenda items that require special analysis and prior thought whenever confidentiality considerations so permit.
Between meetings, Directors also receive all useful information, including critical information, about events or transactions significant for
the Company. Notably, they receive press releases issued by the Company.
14.3. Information requested
In order to contribute effectively to the meetings of the Board of Directors and to enable it to make an informed decision, each Director
may request to be provided by the Chairman or the Chief executive officer all of documents and information necessary for the performance
of his/her mission, as long as they are useful for decision-making and related to the powers of the Board of Directors.
Requests are sent to the Chairman, who directly relays the requests either to the Chief Executive Officer or through the Secretary of the
Board of Directors.
When the Chief Executive Officer considers it preferable, for reasons of confidentiality, the documents thusly made available to the
Director and to any person attending the meetings of the Board of Directors are consulted with the Secretary of the Board of Directors or
with the relevant Group employee.
Article 15 : Training of Directors
15.1. Training of all Directors
The Company devotes the necessary human and financial resources to the training of the Directors, particularly in the banking and
financial field. Annual training is provided by the Company, during which the members of the Board of Directors meet the managers of
the topics presented . The seminars mentioned in article 13 are also an opportunity to supplement the directors' training, particularly on
subjects relating to changes in the environment of the Group's activity.
Two types of training are held each year:

• training related to the specifics of the bank's business lines, the regulations applicable to them (banking, prudential and
financial); and
• training relating to risks, including emerging risks.
Several training sessions are held each year, with a number of hours adapted to the Directors' needs and with a minimum of five sessions
of two hours.
Each Director may, on his/her appointment or throughout his/her term of office, receive any training that he/she deems necessary for the
performance of the corporate office position. He/she submits a request to the Secretary of the Board of Directors.
These training sessions shall be organised by the Company, which shall bear their costs.
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15.2. Training of employee Directors
This enables the acquisition and improvement of the knowledge and techniques necessary for the performance of their corporate office
position.
It focuses on the role and functioning of the Board of Directors, the rights and obligations of the Directors and their responsibilities, and
the organisation and activities of the Company.
Employee Directors receive 40 hours of training per year (including training time dedicated to the entire Board of Directors).
The time spent on training is deducted from actual working time and remunerated as such on the normal expiry date.
The Secretary of the Board of Directors reports on, for validation by the Board of Directors during the first half of the year of the beginning
of the term of office of each of the employee Directors:
- the content of the training programme after obtaining the opinion of the employee Director; and
- the entities responsible for providing the training.
At the end of the training, the training centre chosen by the Board of Directors must issue a certificate of that the employee Director must
submit to the Secretary of the Board of Directors.
Article 16 : Annual assessment
The Board of Directors annually reviews its operations in the form of an assessment. As part of this process, an annual assessment of each
of the Directors is also carried out.
This assessment is carried out every three years by a specialised external consultant.
In other years, this assessment is carried out based on:

- individual interviews with the Chairman of the Board of Directors and the Chairman of the Nomination and Corporate
Governance Committee; and
- questionnaires prepared by the Nomination and Corporate Governance Committee
The Board debates the views and opinions stated. It draws conclusions from this in order to improve the conditions under which its work
and the work of its Committees is prepared and organised.
The findings of the review are made public in the assessment part of the corporate governance report.
Article 17 : The Committees of the Board of Directors
17.1. In certain areas, the Board of Directors' deliberations are prepared by specialised Committees composed of Directors appointed by
the Board of Directors, which examine the subjects within their remit and submit their opinions and proposals to the Board of Directors.
Apart from the Audit and Internal Control Committee, regarding the selection of Statutory Auditors and on the authorisation of services
other than the certification of the financial statements, they never have decision-making power. Each file presented mentions the nature
of the decision to be taken by the Board of Directors.
17.2. These Committees are comprised of members of the Board of Directors who do not hold any executive function within the Company
and who have suitable knowledge for the performance of the missions of the Committee in which they participate.
17.3. The Chairman of the Nomination and Corporate Governance Committee is appointed by the Board of Directors.
The Chairpersons of the other Committees are appointed by the Board of Directors on the recommendation of the Nomination and
Corporate Governance Committee.
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All Committee Chairpersons are appointed from among the independent Directors.
17.4. These Committees may decide, as necessary, to involve other Directors without voting rights in their meetings.
17.5. They have the necessary resources to carry out their duties and act under the responsibility of the Board of Directors.
17.6. In the exercise of their respective powers, they may request the communication of any relevant information, hear the Chief Executive
Officer, the Deputy Chief Executive Officers and the Group's management executives and, after informing the Chairman, request the
conduct of external technical studies, at the Company's expense. They subsequently report on the information obtained and the advice
collected.
17.7. Each Committee defines its annual work programme which is approved by the Chairman of the Committee. The frequency and
duration of Committee meetings must be such that they enable an in-depth review and discussion of each of the topics or dashboards
falling within the competence of the Committees. The agendas and the duration devoted to each topic must receive prior approval from
the Chairman. The agendas systematically indicate the nature of the conclusions expected from the Board of Directors (for debate,
guidance or decision);
17.8. As for meetings of the Board of Directors, the timetable and agenda of the meetings shall be set by the Chairman of the Committee
at the latest, except in exceptional circumstances, on 1 January, with the ability to add meetings and items to the agenda of the meetings
as necessary. The minimum number of meetings of each of the Committees is specified in their respective charters.
17.9. Four standing Committees exist:

- the Audit and Internal Control Committee;
- the Risk Committee;
- the Compensation Committee,
- the Nomination and Corporate Governance Committee.
The Risk Committee also acts as a US Risk Committee. A dedicated Charter appended to these Internal Rules defines its mission,
composition, organisation and operation. The Chairman of the Risk Committee reports on his/her work to the Board of Directors, which
validates this work.
17.10. By decision of the Chairmen of the Committees concerned, joint meetings between the Committees may be organised on topics of
common interest. These meetings are co-chaired by the Chairmen of the Committees.
17.11. The Board may create one or more "ad hoc" committees.
17.12. The Risk Committee, the Compensation Committee and the Nomination and Corporate Governance Committee may perform their
missions for Group companies on a consolidated or sub-consolidated basis.
17.13. The secretarial services of each Committee are provided by the Secretary of the Board of Directors or a person appointed by the
Secretary of the Board of Directors.
The Secretary of the Committee shall prepare the minutes of the meetings, which are kept in the archives specific to each Committee.
17.14. The Chairman of each Committee produces a detailed report for the Board of Directors, stating the subjects examined by the
Committee, the issues discussed and the recommendations made with the decisions of the Board of Directors in mind. A written report of
the Committees' work is made available to the members of the Board of Directors.
Each Committee shall give an opinion to the Board of Directors on the part of the Universal Registration Document dealing with the issues
falling within its scope of activity and prepare an annual activity report, submitted to the Board of Directors' approval, to be inserted in
the Universal Registration Document.
17.15. The missions, composition, organisation and functioning of each Committee are defined by a dedicated charter. These charters are
appended hereto. The subjects that may be dealt with jointly by the Risk Committee and the Audit and Internal Control Committee are
indicated by an asterisk (*).
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Article 18 : Directors' compensation
18.1. The overall amount of the Directors' compensation is set by the General Meeting. The Board of Directors may decide to only partially
use it. It may decide to allocate a budget for specific tasks or temporary workload increases for some members of the Board of Directors
or of Committees.
18.2. The Chairman and the Chief Executive Officer, when he/she is also a Director, do not receive this compensation.
18.3. As from 1 May 2018, the amount of allocated compensation is reduced by a sum equal to €200,000 to be distributed between the
members of the Risk Committee and the members of the Audit and Internal Control Committee gathered as the US Risk Committee. This
amount is distributed in equal portions, except for the Chairman of the Risk Committee, who has two portions.
The balance is then reduced by a lump sum of €130,000 distributed between the Chairman of the Audit and Internal Control Committee
and the Chairman of the Risk Committee.
18.4. The balance is divided into 50% fixed, 50% variable. The number of fixed portions per Director is 6. Additional fixed units are allocated
as follows:
• Chairman of the Audit and Internal Control Committee or of the Risk Committee: 4 portions;
• Chairman of the Nomination and Corporate Governance Committee or of the Compensation Committee: 3 portions;
• Member of the Nomination and Corporate Governance Committee or of the Compensation Committee: 0.5 portions;
• Member of the Audit and Internal Control Committee or of the Risk Committee: 1 portion.
Fixed shares may be reduced in proportion to the actual when the over the year is below 80%.
18.5. The variable portion of the compensation is divided up at the end of the year, in proportion to the number of meetings or working
meetings of the Board of Directors and of each of the Committees which each Director has attended.
Executive sessions, work seminars and training are not counted as meetings of the Board of Directors and do not give rise to the award of
any specific compensation.
Article 19 : Personally-owned shares
Each Director appointed by the General Meeting (whether in his/her own name or as a permanent representative of a legal entity) must
hold at least 2,000 Societe Generale shares. Each Director has a six month timeframe to hold the 600 shares provided for by the By-laws,
followed by an additional six month timeframe to increase his/her holding to at least 1,000 shares. Later, the number of shares held by
each Director must rise to 2,000 before the end of the month of February of the year his/her term of office expires. The Director
representing employee shareholders appointed pursuant to Article L. 225-23 of the French Commercial Code is not bound by the terms of
the present paragraph. In the event that a Director is co-opted, the duty to acquire 600 and subsequently 1,000 shares applies from the
starting date of the co-optation without, however, this holding having to be increased to 2,000 shares at the date of the General Meeting
of Shareholders convened to ratify said Director’s appointment.
The Board of Directors sets a minimum number of shares that the Chief Executive Officers must hold in registered form until the end of
their functions. This decision shall be reviewed at least each time their term of office is renewed. Until this shareholding objective is
achieved, the Chief Executive Officers use for this purpose a portion of the exercise of options or performance share awards as determined
by the Board of Directors. This information is included in the corporate governance report.
Each corporate officer shall refrain from hedging his/her shares.
Article 20 : Directors' expenses
20.1. Directors' travel, accommodation, meals and mission expenses pertaining to the meetings of the Board of Directors, the Committees
of the Board of Directors, the General Meeting of Shareholders or any other meetings related to the work of the Board of Directors or the
Committees, are borne or reimbursed by Societe Generale upon delivery of receipts.
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At least once a year, the Nomination and Corporate Governance Committee reviews the statement of Directors' expenses in respect of the
previous year and, as necessary, makes proposals or recommendations.
20.2. As to the Chairman, the Company also pays the expenses necessary for the performance of his/her duties.
20.3. The Secretary of the Board of Directors receives and verifies the relevant supportive documents and ensures that the sums due are
paid or reimbursed.
Article 21 : Non-voting Director
The non-voting Director attends meetings, executive sessions and seminars of the Board of Directors and may participate in the meetings
of the specialised committees in an advisory capacity.
One of his tasks is to assist the Board of Directors on social and environmental responsibility and, more specifically, on energy transition.
In addition to his role in defining strategy in this area, he assists all Committee meetings dealing with social and environmental
responsibility topics.
He is subject to the same rules of ethics, confidentiality, conflicts of interest and professional conduct (“déontologie”) as the Directors.
The compensation of the non-voting Director is set by the Board of Directors upon the proposal from the Compensation Committee. It is
equal to the average compensation paid to Directors pursuant to Article 18 of the Internal Rules after deducting the amount allocated
under the US Risk Committee and with the exception of the compensation paid to Committee Chairpersons. Said compensation takes
into account his . His expenses may be reimbursed under the same conditions as those applying to the Directors.
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List of Appendices to the Internal Rules of the Board of Directors of Societe Generale
Appendix 1 – Charter of the Audit and Internal Control Committee of Societe Generale
Appendix 2 – Charter of the Risk Committee of Societe Generale
Appendix 3 – Charter of the Compensation Committee of Societe Generale
Appendix 4 – Charter of the Nomination and Corporate Governance Committee of Societe Generale
Appendix 5 – Charter of the US Risk Committee of the Board of Directors of Societe Generale
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Appendix 1 - Charter of the Audit and Internal Control Committee of Societe Generale
Article 1 : Content of the Policy
This Charter forms an integral part of the Internal Rules of the Board of Directors of Societe Generale (the "Internal Rules"). Any subject
not covered by this Charter shall be governed by the Internal Rules, and the terms used are defined in the Internal Rules.
The subjects that may be addressed jointly by the Audit and Internal Control Committee and the Risk Committee are indicated by an
asterisk (*) in each of the charters.
Article 2 : Role
Without prejudice to the detailed list of missions referred to in article 5, the Audit and Internal Control Committee's mission is to monitor
issues concerning the preparation and control of accounting, financial and non-financial information, as well as the monitoring of the
effectiveness of internal control, measurement, monitoring and risk control systems. It conducts the procedure for selecting the Statutory
Auditors. It approves the services provided by the Statutory Auditors other than the certification of the financial statements.
Article 3 : Composition
The Audit and Internal Control Committee is comprised of at least four directors, appointed by the Board of Directors, who have
appropriate financial, accounting, statutory audit or non-financial expertise. At least two thirds of the Committee's members are
independent within the meaning of the AFEP-MEDEF Corporate Governance Code.
The heads of the control functions (risk, compliance, audit), the CFO and the Secretary General are present at all meetings, unless
otherwise decided by the Chairman of the Committee.
The Statutory Auditors shall be invited to the meetings of the Audit and Internal Control Committee, unless the Committee decides
otherwise. They may also be consulted outside meetings and without the presence of Executive Officers and any employee of the
company.
When the Committee reviews the financial statements, this is preceded by a meeting with the Statutory Auditors, without the presence of
the Executive Officers and any employee of the company.
The Executive Officer in charge of supervising internal control is present at the Committee's meetings when it examines the report on
internal control.
The Executive Officers may also, from time to time, assist the work of the Committee at its request.
Article 4 : Meetings
The Audit and Internal Control Committee meets as often as required by the corporate interest and at least four times per year.
Article 5 : Missions
In particular, it is responsible for:
a) ensuring the monitoring of the process for the production of financial and non-financial information, particularly reviewing the
quality and reliability of existing systems, making proposals for their improvement and ensuring that corrective actions have
been implemented in the event of a malfunction in the process; where appropriate, it makes recommendations to ensure their
integrity;
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b) analysing the draft accounts to be submitted to the Board of Directors in order to, in particular, verify the clarity of the
information provided and assess the relevance and consistency of the accounting methods adopted for drawing up annual
accounts and consolidated annual accounts; it examines the scope of the consolidated companies and, where applicable, the
reasons why companies would not be included therein; it also examines the implementation procedures adopted for the
application of the main accounting standards applicable to the Group, particularly with regard to the provisioning rules*;
c) submitting to the Board of Directors its opinion on these financial statements and the corresponding financial communication,
after having heard the opinion of the Statutory Auditors;
d) reporting regularly to the Board of Directors on the results of the audit of the accounts, the manner in which this mission has
contributed to the integrity of the financial and non-financial information and the role it has played in this process. It informs
the Board of Directors without delay of any difficulty encountered;
e) conducting the procedure for selecting the Statutory Auditors and issuing a recommendation to the Board of Directors,
developed in accordance with the provisions of article 16 of the regulation (EU) no. 537/2014 dated 16 April 2014, concerning
their appointment or renewal as well as their compensation;
f) ensuring the independence of the Statutory Auditors in accordance with the regulations in force;
g) approving, in accordance with article L. 823-19 of the French Commercial Code and the policy adopted by the Board of Directors,
the provision of services other than the certification of accounts referred to in article L. 822-11-2 of said Code after analysing the
risks to the Statutory Auditor's independence and the safeguard measures applied by the latter;
h) reviewing the work programme of the Statutory Auditors and, more generally, monitoring the control of the accounts by the
Statutory Auditors in accordance with the regulations in force;
i) ensuring the monitoring of the effectiveness of internal control and audit systems, in particular with regard to procedures for
the preparation and processing of accounting, financial and non-financial information. To this end, the Committee is
responsible primarily for:
• reviewing the Group's permanent control quarterly dashboard;
• reviewing the internal control and risk control of the business segments, divisions and main subsidiaries;
• reviewing the Group's annual and multi-year periodic monitoring programmes, as well as their amendments, prior to their
approval by the Board of Directors;
• monitoring the implementation of the audit plan for the year and is systematically informed in the event of a delay or
postponement of the missions;
• giving its opinion on the organisation and functioning of the internal control departments*;
• reviewing the follow-up letters from the banking and markets supervisors and issuing an opinion on draft replies to these
letters;
j) familiarising itself with the reports prepared to comply with regulations on internal control and in particular the audit reports;
k) concerning anti-money laundering and financing of terrorism (AML-FT), it prepares the discussions of the Board of Directors
when it:
• reviews the policy, mechanisms and procedures, and their effectiveness*;
• is informed, at least once a year, of the activity and results of the internal controls in terms of AML-FT, incidents and
shortcomings, as well as the corrective measures taken;
• approves the annual report on the internal control of AML-FT systems;
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l) examining the system put in place concerning "whistleblowers" and developments in the system;
m) examining compliance incidents, as well as the corresponding action plans;
n) examining the system put in place to prevent and detect corruption and influence peddling. It receives all of the necessary
information for this purpose;
o) giving its opinion to the Board of directors prior to the appointment and dismissal of the Head of inspection and Audit and the
Head of Compliance.
The Audit and Internal Control Committee or its Chairman hears the Directors in charge of the internal control functions (risk, compliance,
audit), as well as the Chief Financial Officer, possibly at their request and, where necessary, the managers responsible for the preparation
of accounts, internal control, risk control, compliance control and periodic control; each quarter, prior to the session examining the report
of the Head of the Inspection and Audit, the Committee hears him in a meeting without the presence of any other senior manager.
The Audit and Internal Control Committee sends its opinion to General Management on the objectives and assessment of the heads of
risk control, compliance control and periodic control.
The Audit and Internal Control Committee provides an annual update on matters related to:
- customer protection;
- market integrity:
- the implementation of the obligations arising from the GDPR (General Data Protection Regulation);
- the Group's tax policy and management*.
The Audit Committee monitors sales and acquisitions annually. It receives a post-mortem appraisal of the most significant transactions.
At each meeting of the Board of Directors subsequent to the holding of an Audit Committee meeting, the Chairman of the Committee
produces a detailed report reiterating the subjects examined, the issues discussed and the recommendations made with the decisions
of the Board of Directors in mind.
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Appendix 2 - Charter of the Risk Committee of Societe Generale
not covered by this Charter shall be governed by the Internal Rules, and the terms used are defined in the Internal Rules. The type of risks
falling within the scope of the Committee's competence is that mentioned in the Group's Risk Appetite Statement.
The subjects that may be dealt with jointly by the Risk Committee and the Audit and Internal Control Committee are indicated by an
asterisk (*) in each of the charters.
Article 2 : Role
The Risk Committee prepares the Board of Directors' work on the Group's overall strategy and appetite for risks of all kinds 1, both current
and future, [and assists it when the controls reveal difficulties in their implementation].
The Risk Committee is composed of at least four Directors appointed by the Board of Directors who have knowledge, skills and expertise
concerning risks. At least two thirds of the Committee's members are independent within the meaning of the AFEP-MEDEF Corporate
Governance Code.
The heads of the control functions (risk, compliance, audit), the CFO and the Secretary General are present at all meetings, unless
otherwise decided by the Chairman of the Committee.
The Executive Officer in charge of supervising the control functions is present at the Committee's meetings when it examines the
assessment of these functions. He/she may also participate from time to time in the Committee's work at its request.
The Statutory Auditors are invited to the meetings of the Risk Committee, unless the Committee decides otherwise. They may also be
consulted outside these meetings.
The Risk Committee meets as often as required by the corporate interest and at least four times a year.
In particular, it is responsible for:
a) assisting the Board of Directors in determining the global risk strategy and appetite for risks of all types. It assists the Board of
Directors and prepares the discussions in respect of the annual approval of the Group Risk Appetite Statement, and of the Group Risk
Appetite Framework. It is regularly informed of developments in the risk context, notably to enable it to provide information to the
Board of Directors. It examines and prepares the discussions of the Board of Directors, which approves the risk limits and in particular
market risk limits;
b) performing a regular review of the strategies, policies, procedures and systems used to detect, manage and monitor risks of all types 2
and reports its findings to the Board of Directors; *
c) reviewing the risk control procedures and is consulted in order to set global risk limits;
d) analysing the results of the annual risk, compliance and audit function review assessments. On this occasion, it is informed of
significant changes to the control functions organisations and, on an annual basis, to their budgets and resources. When assessing
the audit function*, it relies on information received from the Audit and Internal Control Committee;
1 The typology of risks is that mentioned in the Group Risk Appetite Statement.
2
The typology of risks falling within the scope of the Committee's competence appears in the chapter of the Universal Registration Document on risks.
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e) issuing an opinion on the Group's overall policy and level of provisioning, as well as on specific provisions of a significant amount; *
f) reviewing the reports prepared to comply with banking regulations on risks;
g) reviewing the policy concerning risk control and the monitoring of off-balance sheet commitments, especially in light of memoranda
prepared to this end by the Finance Division, the Risk Division and the Statutory Auditors; *
h) reviewing, as part of its mission, whether the prices for the products and services mentioned in Books II and III of the French Monetary
and Financial Code and offered to clients are consistent with the Company's risk strategy. When these prices do not correctly reflect
the risks, it informs the Board of Directors accordingly and provides its opinion on the remedial action plan;
i) without prejudice to the Compensation Committee's missions, it reviews whether the incentives provided for by the compensation
policy and practices are consistent with the Company's situation and strategic objectives in respect of its risk exposure, its capital
and its liquidity, and in respect of the probability and phasing of the expected benefits;
j) reviewing the risks related to strategic orientations in terms of social and environmental responsibility, including climate-related
risks. The Risk Committee also examines the risks related social and environmental responsibility at least once every quarter,
together with climate stress test results.
k) reviewing culture and conduct indicators;
l) reviewing the enterprise risk management of the Company's operations in the United States in accordance with the requirements of
the US Federal Reserve's Enhanced Prudential Standard Rules and supervisory guidelines. When sitting as the US Risk Committee,
the Risk Committee operates under a dedicated charter which forms part of and supplements this section. The Chairman of the Risk
Committee reports on the work performed by the US Risk Committee to the Board of Directors, which validates it;
m) reviewing, at least every six months, the risks related to financial security, the anti-money laundering and financing of terrorism
policy referred to in Article L. 561-4-1 of the French Monetary and Financial Code, the systems and procedures put in place to comply
with the provisions of Book II of Article L. 561-36-1 of the same code and the remedial measures necessary to correct significant
incidents and deficiencies in the fight against money laundering and the financing of terrorism, and the freezing of assets and the
prohibition on making available or using funds or economic resources, and to ensure their effectiveness;*
n) reviewing the documents and preparing the discussions and decisions of the Board of Directors on the ICAAP (internal capital
adequacy assessment process) and the ILAAP (internal liquidity adequacy assessment process);
o) regularly reviewing risk dashboards of all types, including reputation risk and compliance risk. It also reviews the dashboards on
operations. It receives all the information provided for by the regulations or the Risk Appetite Framework on breaches of limits and
remedial measures;
p) reviewing the follow-up of the recommendations of supervisors in its area of competence;
q) reviewing the business continuity and operational resilience plans;
r) reviewing the preventive recovery plan communicated to the ECB and deliberating on any similar plan requested by other
authorities;
s) reviewing the elements necessary to establish the resolution plan communicated to the competent supervisory authorities;
t) reviewing the risks related to the information system security policy, including cyber security, IT strategy and outsourced activities;
u) reviewing significant incidents that may affect the Bank with regard to the risks arising from the mapping and associated with
reputation, compliance, operations and regulatory projects. In particular, it reviews environmental risks or risk related to the
implementation of strategic orientations by the Group in respect of social and environmental responsibility, data quality notably in
respect of the BCBS 239, and dispute management;
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v) issuing an opinion to the Compensation Committee in which the risks in the compensation procedure for regulated persons (market
professionals and others) are analysed;
w) regularly reviewing the important points raised at the new product committees;
x) issuing its opinion to the Board of Directors prior to the appointment and dismissal of the Chief Risk Officer.
The Risk Committee or its Chairman hear the heads of the internal control functions (risk, compliance, internal audit) as well as the Chief
Financial Officer and, as necessary, the managers responsible for drawing up the accounts, internal control, risk control, compliance
control and periodic control.
The Committee is kept informed by General Management of the appointment of the managers of the second-level internal control and
periodic control functions.
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Appendix 3 - Charter of the Compensation Committee of Societe Generale
Article 2 : Role
The Compensation Committee prepares the decisions of the Board of Directors concerning compensation, especially those related to the
compensation of Executive Officers, as well as of persons that have an impact on the risk and the management of risks in the Company.
It is comprised of at least four Directors and includes a Director elected by the employees. At least two thirds of the Committee's members
are independent within the meaning of the AFEP-MEDEF Code 1. Its composition enables it to assess the compensation policies and
practices with regard to the management of the Company's risks, equity and liquidity.
The Compensation Committee meets as often as required by the corporate interest and at least four times per year.
a) It performs an annual review of the principles of the Company's compensation policy;

b) It prepares the Board of Directors’ decisions:
- without the persons concerned being present, regarding the compensation, allowances and benefits of any kind granted
to the Chief Executive Officers, as well as the Effective Senior Managers, if they are different.
- regarding the compensation policy for regulated persons within the meaning of banking regulations whose professional
activities have a significant impact on the risk profile of the Company or the Group, as well as any employee who, in view of
their global income, falls within the same compensation bracket. For this purpose, it hears the Chief Risk Officer, the Head
of Compliance and the Head of inspection and Audit as part of the mission provided for in Article L. 511-74 of the French
Monetary and Financial Code. As part of this process, it takes into account the opinion of the Risk Committee and refers to
it in its opinion to the Board of Directors. It hears, where necessary, the Chairman of the Risk Committee.
It prepares the control by the Board of Directors of the compensation of the Chief Risk Officer, the Head of Compliance and the Head of
inspection and Audit, following the opinion of the Audit and Internal Control Committee and the Risk Committee, each as far as it is
concerned.
It receives all information necessary for its mission.
It examines the annual reports sent to the supervisory authorities.
It shall hear, as necessary, General Management, the heads of Business Units and Service Units and the heads of the control functions.
1
For the calculation of the rate of independents within the committees, the AFEP-MEDEF Code does not take employees into account.
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It may be assisted by the internal control services or by external experts.
In particular, the Committee:
a) proposes to the Board of Directors, in compliance with the regulations applicable to credit institutions, the principles given by
the AFEP-MEDEF Corporate Governance Code and professional standards, the principles of the compensation policy for
Executive Officers, and especially the criteria for determination, the structure and the amount of this compensation, including
allowances and benefits in kind, insurance or retirement and compensation of any kind received from all Group companies; it
ensures their application;
b) prepares the annual performance assessment of the Executive Officers;
c) proposes to the Board of Directors the policy on performance shares;
d) prepares the decisions of the Board of Directors concerning employee savings and employee share ownership.
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Appendix 4 - Charter of the Nomination and Corporate Governance Committee of Societe Generale
Article 2 : Role
The Nomination and Corporate Governance Committee prepares the decisions of the Board of Directors regarding the selection of
Directors, the appointment of Executive Officers, succession plans, the composition of management bodies and the proper functioning
of the Board of Directors, in particular the application of the governance rules described in the Internal Rules.
It is comprised of at least four Directors. At least two thirds of the Committee's members are independent within the meaning of the AFEP-
MEDEF Corporate Governance Code. The Chief Executive Officer is involved, as necessary, in the Committee's work.
The Nomination and Corporate Governance Committee meets as often as required by the corporate interest and at least four times per
year.
The Nomination and Corporate Governance Committee:
a) periodically reviews, and at least once a year the structure, size, composition and effectiveness of the Board of Directors' work
with regard to the missions assigned to it and submits to the Board of Directors any recommendation relevant to conducting
the annual assessment of the Board of Directors and its members. This assessment is prepared by the Committee, its Chairman
reporting to the Board of Directors. Every three years, when the assessment is carried out by an external firm, the Committee
makes any proposal for the selection of the firm and the smooth running of the assessment;
b) periodically reviews the Board of Directors' policies concerning the selection and appointment of the Executive Officers and
makes recommendations in this area;
c) is responsible for making proposals to the Board of Directors for the appointment of Directors, non-voting Directors ("censeurs")
and Committee members. To this end, it prepares the selection criteria to be submitted to the Board of Directors, proposes to
the Board of Directors an objective to be achieved concerning the balanced representation of women and men on the Board of
Directors and develops a policy designed to achieve this objective 1;
d) in carrying out its missions, it seeks to comply with all of the conditions laid down by the EBA and the ECB as part of the "fit and
proper" reviews;
e) prepares and reviews, each year, the succession plan for corporate officers, particularly in the event of an unforeseeable
vacancy, after carrying out the useful studies;
1
The objective and policy of the credit institutions, as well as the terms of implementation, are made public in accordance with paragraph 2 (c) of article
435 of regulation (EU) no. 575/2013 dated 26 June 2013.
237
f) ensures the existence of an appointment selection procedure for holders of key functions and is informed of the appointment
of the Heads of Business Units or Service Units. Their succession plan is communicated to it and it reports on this plan to the
Board of Directors;
g) gives its opinion to the Board of Directors on the appointment and dismissal of the Chief Risk Officer, the Head of Compliance
and the Head of inspection and Audit, after notifying:
• the Risk Committee regarding the Chief Risk Officer; and
• the Audit and Internal Control Committee regarding the Head of inspection and Audit and the Head of Compliance;
h) prepares the review by the Board of Directors of corporate governance issues, as well as the Board of Directors' work on matters
relating to Corporate culture. It proposes to the Board of Directors the presentation of the Board of Directors in the Universal
Registration Document and in particular the list of independent Directors.
i) prepares the work of the Board of Directors relating to the governance of the subsidiaries in order to ensure compliance with
the general principles applicable to the Group;
j) prepares the work of the Board of Directors in the event of a revision of the Company's By-laws or the Internal Rules of the Board
of Directors;
k) It proposes to the Board of Directors the distribution of directors' compensation.
238
Appendix 5 - Charter of the US Risk Committee of the Board of Directors of Societe Generale
Title:
Charter of the U.S. Risk Committee of the Société Générale Board of Directors (the “Charter”)
Mandate:
The U.S. Risk Committee ( “Committee” or the “USRC”) of the Société Générale (“SG” or “SG Group”) Board of Directors (“Board”)
is formed in accordance with the requirements of the Enhanced Prudential Standards for Bank Holding Companies and Foreign
Banking Organizations (“EPS Rules”) as promulgated by the Board of Governors of the Federal Reserve System. 1 The
Committee’s mandate is to (a) review all kinds of risks, both current and future, relating to, booked in or arising from SG’s
business, activities, affairs and operations in the United States, including SG’s subsidiaries, branches and representative offices
in the United States (collectively, “SGUS”), (b) advise the Board on the overall strategy and the appetite regarding such risks,
and (c) assist the Board when it oversees the implementation of this strategy; and (d) oversee the adequacy and effectiveness
of the SGUS Internal Audit function.
For avoidance of doubt, it is the responsibility of SG and SGUS senior management to identify and assess SGUS’ exposure to risk
and escalate those risks, and planned mitigants, to the Committee. Although the Committee is responsible for overseeing the
SGUS enterprise risk management function and challenging management on SGUS risk issues, it is not the sole body responsible
for ensuring that SGUS’ risk management function is carried out efficiently and effectively.
Charter:
The USRC is formed pursuant to Article 17.9 of the Internal Rules of the SG Board of Directors, as amended from time to time
(the “Internal Rules”), which forms the USRC and this Charter forms part of and supplements the Internal Rules. Any topic not
covered herein shall be governed by the Internal Rules.
Membership:
The Committee is composed of the members of the SG Board’s Risk Committee (Comité des Risques), the Chair of the Board’s
Audit and Internal Control Committee (Comité d’Audit et de Contrôle Interne). and the other members of the Comité d’Audit et de
Contrôle Interne unless the Board has provided an exception to one or more of such members. The Committee is chaired by the
Chair of the Comité des Risques. If the Committee Chair cannot be present at a meeting, he or she shall delegate the role to the
Chair of the Comité d’Audit et de Contrôle Interne.
The Committee shall meet the requirements for independent membership set out in the Internal Rules and shall at all times
include at least one member who meets the independence requirements set forth in the EPS Rules.
Quorum and Committee Decisions:
The presence of at least a majority of the members of the Committee shall constitute a quorum. If a quorum is present, the
Committee may act through the vote of a majority of the directors who are in . Committee members may attend meetings in
person, or by video conference or by telephone. Committee decisions may be taken absent a meeting by unanimous written
consent.
Agenda and Committee Materials:
The Committee shall approve an annual agenda submitted to it by the SGUS Chief Executive Officer after consultation with the
SGUS Chief Risk Officer and SGUS General Counsel. The agenda for each meeting is based off the approved annual agenda, with
additions and modifications as relevant issues within the USRC’s mandate arise each year. Materials for each meeting of the
Committee are typically circulated to Committee members no less than five business days prior to meetings.
1
79 Fed. Reg. 17,240 (Mar. 27, 2014), codified at 12 C.F.R. Part 252.
239
Meeting Frequency:
The Committee may meet as often as it determines is appropriate to carry out its responsibilities under this Charter, provided
that the Committee shall meet at least once per quarter. Special meetings of the Committee may be held from time to time.
Meeting Minutes:
The SGUS General Counsel (or his or her designee) shall be the Secretary of the Committee and shall document the meetings.
Minutes shall be circulated to the Committee members prior to the next meeting of the Committee and shall be approved at
such subsequent meeting of the Committee. The official records of Committee meetings shall be maintained by the Secretary
to the Board.
Roles and Responsibilities:
The mandate of the Committee, including its function of challenging management, is set forth above. The Committee’s specific
roles and responsibilities in fulfillment of this mandate include the following:
• Regularly receiving updates from the heads of the internal control functions (risk, compliance, internal audit) as well
as the Chief Financial Officer and, as necessary, other SGUS managers;
• At least annually, reviewing and approving the SGUS enterprise risk management framework including, but not
limited to, the elements of the framework relating to liquidity risk management, and any material revisions thereto;
• At least annually, reviewing and approving the SGUS Risk Appetite Statement, and any material revisions thereto,
and reviewing any other relevant overarching policies establishing the SGUS risk management governance and risk
control infrastructure as well as the processes and systems for implementing, monitoring and reporting compliance
with such policies;
• On a quarterly basis, reviewing a quarterly report from the U.S. Chief Risk Officer on risks affecting SGUS, which risks
include, but are not limited to, liquidity risk. For avoidance of doubt, no member of the SG management has the right
to demand changes to or veto the contents of the quarterly risk report;
• At least annually, reviewing and approving the SGUS Liquidity Risk Policy, and any material revisions thereto;
• At least quarterly, and more frequently if needed, conducting in camera meetings with the SGUS Chief Risk Officer
with no other SG Group or SGUS personnel present. In addition, the SGUS Chief Risk Officer shall have unfettered
access to the USRC should he or she need to report an issue, finding, conclusion, recommendation or analysis to the
Committee;
• At least annually, reviewing and approving the acceptable level of liquidity risk that SG may assume in connection
with the operating strategies for its combined U.S. operations (liquidity risk tolerance), taking into account the
capital structure, risk profile, complexity, activities, size and SG’s enterprise-wide liquidity risk tolerance of such
operations;
• At least semi-annually, reviewing information sufficient to determine whether SG’s combined U.S. operations are
operating in accordance with its established liquidity risk tolerance and to ensure that such liquidity risk tolerance
is consistent with SG’s enterprise-wide liquidity risk tolerance;
• At least annually, reviewing SGUS significant business lines and products to determine whether each creates or has
created any unanticipated liquidity risk and whether the liquidity risk of each is within the established liquidity risk
tolerance;
• At least annually, reviewing and approving the SGUS contingency funding plan and any material revisions thereto;
• At least annually, reviewing the SGUS business plans, results and strategy;
• On a regular basis, reviewing progress on all SGUS remediation projects arising from prudential supervisory issues;
• At least quarterly, reviewing information about the SGUS corporate compliance framework, including metrics,
updates and challenges;
• At least annually, reviewing and approving the SGUS Compliance Risk Management Program Framework and any
material revisions thereto;
240
• Serving as the ultimate oversight body over SGUS’ compliance with U.S. anti-money laundering laws, including the
Bank Secrecy Act, Office of Foreign Assets Control regulations, and applicable know-your-customer requirements
and, at least annually, reviewing the SGUS framework for compliance with such regulations and requirements;
• Annually, reviewing and approving the SGUS Internal Audit function (“SGIAA”) proposed annual audit plan, SGIAA
charter and key performance indicators;
• On a regular basis, reviewing reports from SGIAA relating to: the conclusions of the audit work, including the
adequacy of key SGUS risk management processes, areas of higher risk, the status of issues and recommendations,
root-cause analysis, and information on significant industry and institution thematic trends.
• On a regular basis, receiving a presentation from the SGIAA Chief Audit Executive provided outside of the presence
of SGUS senior management (other than the SGUS Chief Executive Officer and the SGUS General Counsel) relating
to: the completion status of the annual audit plan, including any significant changes made to such plan; updates on
ongoing SGIAA remediation plans, if any; and the results of SGIAA key performance indicators and internal and
external quality assurance reviews;
• As and when requested by SGIAA, conducting in camera meetings with the SGIAA Chief Audit Executive. In addition,
the SGIAA Chief Audit Executive shall have unfettered access to the USRC should he or she need to report an issue,
finding, conclusion, recommendation or analysis to the Committee;
• At least annually: reviewing SGIAA’s annual Independent and Objectivity Assertion Presentation and SGIAA’s annual
skills assessment; assessing the ability of SGIAA to operate independently and objectively; and raising any concerns
regarding SGIAA to the Group Head of Audit and the SGUS CEO; and
• At least annually, receiving information and training on a range of topics affecting SGUS. Such topics will change
from time to time but will typically include anti-bribery and corruption, liquidity risk, human resources, culture &
conduct, information technology risk management; cybersecurity, regulatory developments and litigation and
enforcement developments.
Additional details on the periodicity of all the foregoing topics are set forth in the annual agenda of the Committee.
For avoidance of doubt, all SGIAA presentations referenced herein shall be made to the Committee and the SGIAA Chief Audit
Executive interactions described herein shall be with the Committee. The Group Audit function shall continue to report to the
Comité d’Audit et de Contrôle Interne and may in its discretion include information in its reports about any matters relating to
SGUS or SGIAA and its work.
Annex A contains a list of all documents scheduled for approval by the Committee on an annual basis. Other items may also be
presented to the Committee for approval as needed.
Amendments to this Charter:
Amendments to this Charter shall be approved by the Committee and the SG Board after prior examination by the Nomination
and Corporate Governance Committee of the Board.
Use of Advisors:
The Committee may request select, retain and terminate special risk management, legal, financial, accounting, audit or other
professional advisors to assist the Committee in performing its responsibilities under this Charter at the corporation’s expense,
after informing the Chairman of the Board of Directors or the Board of Directors itself, and subject to reporting back to the Board
thereon. Such retention shall be coordinated by the Committee Chair with the assistance of the Secretary to the Board.
Annex A: List of Items Approved by the Committee Annually
SGUS Risk Appetite Statement

SGUS Liquidity Risk Tolerance
SGUS Enterprise Risk Management Framework
SGUS Contingency Funding Plan
241
SGUS Liquidity Risk Policy
Annual U.S. Risk Committee Agenda
SGUS Compliance Risk Management Program Framework

SGIAA Charter
SGIAA Key Performance Indicators
SGIAA Annual Audit Plan
242
7. PERSON RESPONSIBLE FOR THE SECOND AMENDMENT TO THE
UNIVERSAL REGISTRATION DOCUMENT
Person responsible for the second amendment to the Universal Registration

Document
Mr. Slawomir KRUPA

Chief Executive Officer of Societe Generale
7.2 Statement of the person responsible

I hereby certify that the information contained in this amendment to the Universal Registration Document is, to the best of my knowledge,
in accordance with the facts and contains no omission likely to affect its meaning.
I certify, to the best of my knowledge, that the condensed accounts for the first half year have been prepared in accordance with applicable
accounting standards and are a fair reflection of the assets, liabilities, financial position and profit or loss of the Company and all the
entities included in the consolidation scope, and that the interim management report (comprising the sections of this amendment to the
Universal Registration Document listed in the cross-reference table in section 8.2) presents a fair review of the important events which
have occurred during the first six months of the financial year, their impact on the accounts, the major related parties transactions and a
description of the main risks and uncertainties for the remaining six months of the financial year.
Paris, on 4 August 2023
Mr. Slawomir KRUPA

Chief Executive Officer of Societe Generale
243
7.3 Persons responsible for the audit of the accounts
STATUTORY AUDITORS
Name: Company Ernst & Young et Autres Name: Company Deloitte & Associés
represented by Mr. Micha Missakian represented by Mr. Jean-Marc Mickeler
and Mr. Vincent Roty and Mrs. Maud Monin
Address: 1/2, place des Saisons Address: 6, place de la Pyramide

92400 Courbevoie – Paris-La Défense 92908 Paris-La Défense Cedex
(France) (France)
Date of appointment: 22nd May 2012 Date of first appointment: 18th April 2003
Date of renewal: 23rd May 2018 Date of latest renewal: 23rd May 2018
Duration of current term of office: six financial years Duration of current term of office: six financial years
End of current term of office: at the close of the Ordinary End of current term of office: at the close of the Ordinary
General Meeting called to approve the accounts for the year General Meeting called to approve the accounts for the year
ended 31st December 2023 ended 31st December 2023
The companies Ernst & Young et Autres and Deloitte & Associés are registered as Statutory Auditors with the Compagnie
régionale des Commissaires aux comptes de Versailles.
7.4 Declaration of the issuer related to the amendment

This second amendment to the Universal Registration Document has been filed on 4 August 2023 with the AMF, as competent
authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation.
The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of
securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments
to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.
244
8. CROSS-REFERENCE TABLE
This cross-reference table contains the headings provided for in Annex 1 (as referred to in Annex 2) of the Commission Delegated
Regulation (EU) 2019/980 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council and repealing
Commission Regulation (EC) No 809/2004, and refers to the pages of this amendment to the Universal Registration Document where
the information relating to each of these headings is mentioned.
Page numbers of the 1st 2nd

Universal Registration Amendment Amendment
Headings Document
1 PERSONS RESPONSIBLE
1.1 Name and function of the 674 93 243
persons responsible
1.2 Declaration by the persons 674 93 243
responsible
1.3 Statement or report attributed to NA NA NA
a person as an expert
1.4 Information sourced from a third NA NA NA
party
1.5 Statement by the issuer 684 94 244
2 STATUTORY AUDITORS
2.1 Names and addresses of the 674 94 244
auditors
2.2 Resignation, removal or non- NA NA NA
reappointment of the auditors
3 RISK FACTORS 163-174 NA 55-62
4 INFORMATION ABOUT THE
ISSUER
4.1 Legal and commercial name of 643 1 1
the issuer
4.2 Place of registration, registration 643 NA NA
number and legal entity
identifier (LEI) of the issuer
4.3 Date of incorporation and the 643 NA NA
length of life of the issuer
4.4 Domicile and legal form of the 643 NA NA
issuer, applicable legislation,
country of incorporation,
address and telephone number
of its registered office and
website
5 BUSINESS OVERVIEW
5.1 Principal activities 8-10 ; 18-26 ; 54-58 6-29 6-45
5.2 Principal markets 8-17 ; 18-26 ; 28-29 ; 67- 6-29 6-45
68 ; 506-507
5.3 Important events in the 6-26 6-9 6-45
development of the business
5.4 Strategy and objectives 11-17; 18-26 ; 30-31 3-5 3-7;42
5.5 Extent to which the issuer is NA NA NA
dependent on patents or
licences, industrial, commercial
or financial contracts or new
manufacturing processes
245
5.6 Basis for any statements made 30-40 NA 8-19
by the issuer regarding its
competitive position
5.7 Investments 64-65 ; 288 ; 326 ; 357 ; NA 42
396-404
6 ORGANISATIONAL STRUCTURE
6.1 Brief description of the Group 8-10 ; 28-29 NA NA
6.2 List of the significant subsidiaries 28-29 ; 518-550 NA 31;43-45
7 OPERATING AND FINANCIAL
REVIEW
7.1 Financial condition 30-45 ;59-63 ; 564-569 6-29 ; 31 ; 37-41 8-30
7.2 Operating results 30-45 6-29 8-19
8 CAPITAL RESOURCES
8.1 Information concerning the 61 ; 374-378 ; 499-504 ; 20;24-29 41; 190-191
issuer’s capital resources 606-609
8.2 Sources and amounts of the 379 NA 81
issuer’s cash flows
8.3 Information on the borrowing 62-63 30 41
requirements and funding
structure of the issuer
8.4 Information regarding any NA NA NA
restrictions on the use of capital
resources that have materially
affected, or could materially
affect the issuer’s operations
8.5 Information regarding the 61-63 ; 65 30 41
anticipated sources of funds
needed to fulfil commitments
referred to in item 5.7.2
9 REGULATORY ENVIRONMENT 16-17 ; 41 ; 195 3-5 3-5
10 TREND INFORMATION
10.1 Most significant recent trends in 65-66 31 43
production, sales and inventory,
and costs and selling prices since
the end of the last financial year
Any significant change in the
financial performance of the
Group or provide an appropriate
negative statement.
10.2 Trends, uncertainties, demands, 16-17 3-5 3-5
commitments or events that are
reasonably likely to have a
material effect on the issuer’s
prospects for at least the current
financial year
11 PROFIT FORECASTS OR 33 NA NA
ESTIMATES
12 ADMINISTRATIVE,
MANAGEMENT AND
SUPERVISORY BODIES AND
GENERAL MANAGEMENT
12.1 Board of Directors and General 70-111 34-36 46-54
Management
12.2 Administrative, management 158 NA 49
and supervisory bodies and
246
General Management conflicts of
interests
13 REMUNERATION AND BENEFITS
13.1 Amount of remuneration paid 112-154 NA NA
and benefits in kind
13.2 Total amounts set aside or 486-493 NA 183-184
accrued by the issuer or its
subsidiaries to provide for
pension, retirement or similar
benefits
14 BOARD AND GENERAL
MANAGEMENT PRACTICES
14.1 Date of expiration of the current 74-75 ; 81-88 ; 106-107 ; NA NA
term of office 113 ; 153
14.2 Members of the administrative NA NA NA
bodies’ service contracts with
the issuer
14.3 Information about the issuer’s 95-104 78-81 ; 85-86 NA
audit committee and
remuneration committee
14.4 Statement as to whether or not 71 NA NA
the issuer complies with the
corporate governance regime
14.5 Potential material impacts on 72-75 NA NA
the corporate governance,
including future changes in the
board and committees
composition
15 EMPLOYEES
15.1 Number of employees 293 NA 43-45
15.2 Shareholdings and stock options 74 ; 81-88 ; 106-107 ; 112- NA 209
of company officers 154
15.3 Description of any arrangements 487 ; 494 ; 638-639 ; 644- NA 209
for involving the employees in 645
the capital of the issuer
16 MAJOR SHAREHOLDERS
16.1 Shareholders holding more than 639-640 NA 209
5% of capital or voting rights
16.2 Different voting rights held by 639-640; 643-644 NA 209
the major shareholders
16.3 Control of the issuer 639-640 ; 642 NA 209
16.4 Arrangements, known to the NA NA NA
issuer, the operation of which
may at a subsequent date result
in a change in control of the
issuer
17 RELATED PARTY 158-159 ; 487 NA NA
TRANSACTIONS
18 FINANCIAL INFORMATION
CONCERNING THE ISSUER’S
ASSETS AND LIABILITIES,
FINANCIAL POSITION AND
PROFITS AND LOSSES
18.1 Historical financial information 10 ; 30-45 ; 162 ; 374-634 6-29 8-30 ; 38-40
247
18.2 Interim and other financial NA NA 8-30 ; 38-40
information
18.3 Auditing of historical annual 557-563 ; 628-634 NA 207-208
financial information
18.4 Pro forma financial information NA 28-29 NA
18.5 Dividend policy 13 ; 638 NA NA
18.6 Legal and arbitration 270 ; 624-627 42-45 198-202
proceedings
198-20218.7 Significant change in the issuer’s 65 NA NA
financial position
19 ADDITIONAL INFORMATION
19.1 Share capital 156-157 ; 636-646 1 1
19.2 Memorandum and Articles of 646-651 NA 210-242
Association
20 MATERIAL CONTRACTS 65 NA NA
21 DOCUMENTS AVAILABLE 643-645 NA NA
Cross-reference table of the interim financial report

Pursuant to Article 9 Section 12 to the Regulation (EU) 2017/1129 of the European Parliament and of the Council, this amendment
comprises the information of the interim financial report referred to in Article L. 451-1-2 of the French Monetary and Financial
Code and Article 222-4 of the AMF’s General Regulation.
Interim financial report Page numbers
Statement of the person responsible for the Universal Registration Document 243
Management report
Analysis of results, financial position, risks and main characteristics of internal control and risk 8-30; 38-40 ; 72-206
management procedures for the preparation and processing of accounting and financial information of
the parent company and consolidated Group (Article L. 225-100-1 of the French Commercial Code)
Information about share buybacks (Article L. 225-211, paragraph 2 of the French Commercial Code) 209
Information about geographic locations and activities (Article L. 511-45 of the French Monetary and 43-45
Financial Code)
Financial statements 72-206
Annual accounts NA
 Statutory Auditors’ report on the annual accounts NA
 Consolidated accounts 75-206
 Statutory Auditors’ report on the consolidated accounts 207-208
Statement of the person responsible for the Universal Registration Document 243
248

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A French corporation with share capital of 1,025,947,048.

TO UNIVERSAL REGISTRATION DOCUMENT

1. KEY FIGURES AND PROFILE OF SOCIETE GENERALE ............................................................................... 3

1.1 Recent developments and outlook

• The regulatory framework around sustainability continues to develop in 2023.

Other recent developments

2.1 Press release as of 22 May 2023: Closing of the acquisition of LeasePlan by

2.2 Press release as of 6 June 2023: Societe Generale announces agreements

FIRST HALF 2023 RESULTS

BALANCE SHEET AND LIQUIDITY PROFILE

SHARE BUYBACK PROGRAMME

MAJOR MILESTONES ACHIEVED

Slawomir Krupa, the Group’s Chief Executive Officer, commented:

Net banking income

One-off expenses totalled EUR 35 million and included litigation payments.

(3) Pro-forma estimation, subject to ECB notification

In EURm Q2 23 Q2 22 Change H1 23 H1 22 Change

The average loan to average deposit ratio stood at 87% in Q2 23.

Net banking income

Group net income

In EURm Q2 23 Q2 22 Change H1 23 H1 22 Change

Net banking income

In the Insurance business, operating expenses increased by +14.8% vs. Q2 22.

Reported Group net income

Net banking income

Group net income

The Corporate Centre includes:

2023 and 2024 financial communications calendar

18 September 2023 Capital Markets Day (London)

GROUP NET INCOME BY CORE BUSINESS

In EUR m Q2 23 Q2 22 Variation H1 23 H1 22 Variation

In EUR m 30.06.2023 31.12.2022

In EUR m 30.06.2023 31.12.2022

2 - Net banking income

Reported Net income - Group Share 900 (1,511) 1,768 (690)

(1) Allocated to Corporate Centre

7 - ROE, ROTE, RONE

Group net Income 900 (1,511) 1,768 (690)

Underlying Group net income 1,159 1,481 2,667 3,019

RONE calculation: Average capital allocated to Core Businesses (in EURm)

In EURm Q2 23 Q2 22 Change H1 23 H1 22 Change

(1) Interest net of tax

End of period (in EURm) H1 23 Q1 23 2022

Number of shares used to calculate NAPS(2) 801,471 801,471 801,147

(1) Interest net of tax

Average number of shares (thousands) H1 23 Q1 23 2022

Other own shares and treasury shares 13,892 20,838 16,788

10. APPENDIX 3 : PUBLICATION OF NEW QUARTERLY SERIES

Group French Retail Banking

Reported Reported Gap Reported Reported Gap

Net Banking 27,155 27,155 - 8,706 8,684 -22

Net Banking 8,595 8,617 22 10,082 10,082 - -228 -228 -

Reported Reported Gap Reported Reported Gap Reported Reported Gap

Net Banking 6,708 6,708 - 3,374 3,374 - 10,082 10,082 -

Simplified organisation chart at 30 June 2023

Groupe Société Générale Groupe Société Générale

► Société Générale* branches of:

AFRICA - MEDITERANEAN AFRICA - MEDITERANEAN