#1SOCIETE GENERALE GROUP RESULTS 1st QUARTER 2023 RESULTS THE FUTURE IS YOU SOCIETE GENERALE#2DISCLAIMER The financial information on Societe Generale for its first quarter 2023 financial results comprises this presentation and a dedicated press release which are available on the website: https://investors.societegenerale.com/en. This presentation 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, in particular in the Covid-19 crisis and Ukraine war context, 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 https://investors.societegenerale.com/en). on 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. This presentation includes information pertaining to our markets and our competitive positions therein. Such information is based on market data and our actual revenues in those markets for the relevant periods. We obtained this market information from various third-party sources (publications, surveys and forecasts) and our own internal estimates. We have not independently verified these third-party sources and cannot guarantee their accuracy or completeness and our internal surveys and estimates have not been verified by independent experts or other independent sources. The financial information presented for the financial year ending 31 March 2023 was approved by the Board of Directors on 11 May 2023. It has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. This information has not been audited. SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#3SOLID RESULTS AND FUNDAMENTALS GROUP NET INCOME EUR 1.5bn (¹) in Q1 23 EUR 0.9bn reported +5.7% vs. Q1 22 ROTE 10.7% (1) in Q123 Robust business performance Group revenues EUR 6.7bn under IFRS17 -3.8%* vs. vs. Q1 22 o/w +0.3%* on businesses Strong growth for Boursorama, ALD and International Retail Banking Excellent contribution of Global Banking and Investor Solutions French networks impacted by temporary decrease in NIM Gross operating income EUR 2.5bn (¹) Cost/income ratio 60.5% (2) in Q1 23 Strong balance sheet and liquidity profile Cost of risk 13 bps in Q123 2023 <30 bps Limited defaults, high stock of provision CET 1 (3) 13.5% at end Q123 ~410 bps over MDA Approval of the 2022 share buy-backs ~EUR 440m Liquidity Coverage Ratio 171% at end Q123 EUR 296bn liquidity reserves Increase in deposits 2023 funding programme >70% already completed (1) Underlying data: adjusted for exceptional items (see Supplement), (2) Underlying and excluding the contribution to the Single Resolution Fund, (3) Including IFRS 9 phasing, 13.4% fully-loaded *When adjusted for changes in Group structure and at constant exchange rates NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities Major steps in the strategic initiatives French networks merger Success of the 1st IT migration 2nd IT migration scheduled 13 & 14 May 2023 Boursorama Breakeven in Q1 23 with still a strong client organic growth LeasePlan acquisition by ALD Share purchase agreement signed to sell six entities ALD Extraordinary General Meeting scheduled on 22 May 2023 Bernstein Signing of the acquisition agreement SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#41. GROUP PERFORMANCE#5ROBUST QUARTERLY OPERATING PERFORMANCE Business revenues Gross operating income Cost/income ratio _Total business revenues excl. corporate centre (EUR m) (1) _Underlying gross operating income (EUR m) (3) _Underlying cost/income (3) excluding SRF 7,004 7,031 6,052 6,068 I 5,278 I I I 6,896 2,956 2,500 79.0% 2,470 68.7% 2,148 I 1,846 63.3% 56.4% I 982 I 60.8% 60.5% Q1 19 Q120 Q121 Q122 Q123 Pro Forma (2) Q123 IFRS 17 Q1 19 Q120 Q121 Q122 Q123 Pro Forma(2) Q123 IFRS17 Q1 19 Q120 Q121 Q122 Q123 Pro Forma (2) Q123 IFRS17 IFRS4 IFRS4 IFRS4 (1) Excluding Russia, (2) Best estimate of financial data under IFRS 4, non audited, (3) Underlying data: adjusted for exceptional items (see Supplement) SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#6CONTINUED LOW COST OF RISK _Cost of risk (1) (in bp) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 NON-PERFORMING LOANS RATIO(2) MAR 19 MAR 20 MAR 21 MAR 22 MAR 23 GROUP 39 31 15 28 13 FRENCH RETAIL BANKING 32 35 14 3 INTERNATIONAL RETAIL 92 47 BANKING AND FINANCIAL 28 SERVICES 40 40 27 45 GLOBAL BANKING AND INVESTOR SOLUTIONS 16 17 16 3.5% 3.3% 3.1% 2.9% 2.8% Gross coverage ratio (3): 49% at end March 23 (Before netting of guarantees and collateral) 2023 Cost of risk expected below 30 bps (1) Calculated based on Gross loans outstanding at the beginning of period (annualised), (2) According to new EBA methodology published on 16 July 2019. The NPL rate calculation was modified in order to exclude the net accounting value of the tangible assets for operating lease from the gross exposure in the denominator. Historical data restated (see Supplement), (3) Ratio of S3 provisions to gross book value of NPL before netting of guarantees and collateral SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#7LOW DEFAULTS AND PRUDENT PROVISIONING Low defaults _Cost of risk (in EUR m) High level of S1/S2 total provisions _Total S1/S2 provisions (¹) (in EUR m) 3,769 3,758 3,622 3,355 264 820 (65 bps) 211 2,282 561 2,379 1,987 2,503 2,448 (39 bps) 276 1,231 248 182 (21 bps) (21 bps) 609 (13 bps) 273 300 313 1,051 1,243 1,368 1,266 1,310 206 -24 -24 Q1 19 Q120 Q121 Q122 Q123 31.12.19 31.12.20 31.12.21 31.12.22 31.03.23 Stage 1/Stage 2 Stage 3 (1) Quarterly variation of provisions for S1/S2 is not strictly matching the net S1/S2 cost of risk mainly due to FX impact SOCIETE GENERALE Stage 1 Stage 2 1ST QUARTER 2023 RESULTS | 12 MAY 2023#8SOUND CORPORATE RISK MANAGEMENT Diversified corporate exposure _Sectorial EaD(1) as a % of total Group EaD (1) CORPORATE EXPOSURE: EUR 385bn Low concentration risk Non- corporate 66% EUR 1,136bn at 31 March 2023 (1) Exposure at Default *: Including trading activities SOCIETE GENERALE Financial services 7.1% Real Estate 3.2% Utilities 2.7% Manufacturing industries Telecoms, media & technology Agriculture, food industry* Heavy industry & mining* 2.2% 1.9% 1.7% 1.6% Automotive 1.4% Corporate 34% Oil and gas industry 1.4% B2B and B2C services 1.3% Building & construction 1.1% Retail trade (excl. Automobile) 1.1% Aviation & Defense 1.0% Others 1.0% Oil and gas trading 1.0% Conglomerates 0.9% Shipping and cruise 0.9% Pharmaceuticals, health and social work 0.9% Land transport & logistics Hotels, catering, tourism & leisure 0.8% 0.5% US REGIONAL BANKS Very low exposure (EaD(¹) <USD 100m) REAL ESTATE Limited exposure to corporate real estate at c.3.2% of Group EaD (1) of which 1.9% to commercial real estate: .Disciplined origination, average current LTV at 50% .Low exposure to offices (~25%) .Diversified exposure mainly in Western Europe (79%), low presence in the US (12%) and Asia (7%) DIRECT LBO EXPOSURE ~EUR 5bn, i.e. ~0.4% of total Group EaD(1) Historically cautious approach on LBO with a selective origination and a low concentration RUSSIAN OFFSHORE PORTFOLIO EaD(1) down at EUR 1.6bn (down EUR 0.2bn vs Q4 22, -50% vs. Q4 21) Net exposure at risk < EUR 0.5bn (before provisions) Total provisions on offshore exposure at ~EUR 0.4bn as of 31 March 23 1ST QUARTER 2023 RESULTS | 12 MAY 2023#9STRONG CAPITAL, WELL ABOVE REQUIREMENTS CET 1 13.5% (1),~410 bps over MDA (9.43%) 13.4% fully loaded, ~+10 bps vs. 31.12.22 MREL at 34.3% (1) IFRS 9 phasing TLAC at 33.7% (1) Leverage ratio at 4.2% (1) _Q123 change in CET 1 ratio (in bp) +14 bps -4 bps -1 bp 13.5% +17 bps 13.5% +9 bps IFRS 9 phasing 31.12.22 Organic capital generation (2) Regulatory Other 31.03.23 (1) Including IFRS 9 phasing. Based on CRR2/CRD5 rules, including the Danish compromise for Insurance (see Methodology, (2) Based on a pay-out ratio of 50% of the underlying Group net income after deduction of interest on deeply subordinated notes and undated subordinated notes SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#10SOUND LIQUIDITY PROFILE, INCREASING DEPOSITS IN Q1 Robust balance sheet _Funded balance sheet (1) in EUR bn as of Q1 23 Diversified deposit base _In EUR bn as of Q1 23 945 945 930 930 58 Short term wholesale funding Cash at central banks 213 47 TLTRO HQLA securities (2) 66 Interbank loans 40 Other(3) 78 Customer loans (4) 503 516 598 594 | +0.7% Client deposits 242 Long term debt & equity Long term assets 45 31.03.23 31.12.22 31.12.22 31.03.23 ASSETS LIABILITIES 14% 4% ■French retail ■International banking ■Private banking ■Transaction Banking 6% 46% EUR 598 bn 4% ■ Securities Services 7% ■ Wholesale 7% 4% 8% ■Central banks, Supranational & Finance Ministries ■ Corporate deposits ■Fiduciary deposits Excess of long-term resources, loan to deposit ratio at 84% Liquid assets (cash at central banks and HQLA securities) accounting for almost 30% of funded balance sheet Assets in USD fully funded by highly diversified resources in USD, limited reliance on money market fund (~USD 4bn) Strong client deposit base, further strengthened (+0.7% vs. 31.12.22, +6.4% vs. 31.12.21) Highly diversified and granular deposit base largely composed of retail and business driven deposits (1) Economic view, see Appendix (methodology), (2) Market value, (3) Including ~EUR 26bn HQLA securities encumbered to cover local stress tests, (4) Of which additional unencumbered assets eligible to ECB refinancing policy NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 10#11HIGH BUFFERS OF LIQUIDITY AND MREL ELIGIBLE DEBT High liquidity reserves (1) _ In EUR bn Strong MREL ratio % RWA 296 275 279 29 255 237 244 24 10 228 227 229 51 5 56 2 10 1 2 3 60 59 73 61 80 64 58 LCR 214 eligible 212 163 147 161 168 173 189 195 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Central Bank Deposits High Quality Liquid Asset Securities Central Bank Eligible Assets EUR bn 34.3% EUR 124bn 4.1% 15 SP SNP 25.4% (3) 10.1% 36 T2 AT1 | CET1 3.5% 13 3% 11 EUR 109bn O.W. junior debt 20.7% 13.5% 49 19 Req. March 2023 31.03.2023 31.03.2023 Strong liquidity reserves over time further strengthened since end 2022: . Significant amount of cash at Central Banks (EUR 212bn as of 31 March 2023 vs. EUR 195bn as of 31 December 2022) .HQLA (EUR 56bn net of haircuts) mostly composed of highly rated sovereign debts, which are hedged against interest rate risk High Liquidity Coverage Ratio at 171% end of period (+30 pts vs Q4 22) (2) MREL ratio well above requirement (o/w EUR 109bn of junior debt) AT1 and T2 buckets comfortably above minimum requirements 2023 long term funding programme well advanced (>70%) (4) with EUR 2.4bn of AT1, EUR 1bn of T2, EUR 5.2bn of SNP and a total of EUR 9.4bn of senior preferred and covered bonds (1) Unencumbered, net of haircuts, (2) 169% on average in Q1 23 (+24 pts vs Q4 22), (3) Tier 2 capital computed for TLAC / MREL differ from T2 capital for total capital ratio due to TLAC / MREL eligibility rules, (4) Vanilla programme N.B phased-in ratio SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#12GROUP RESULTS In EUR m Net banking income Q1 23 Q1 22 Change 6,671 7,043 -5.3% -3.8%* Operating expenses (5,057) (5,131) -1.4% +0.3%* Underlying operating expenses (1) (4,201) (4,147) +1.3% +3.6%* Gross operating income 1,614 1,912 -15.6% Underlying gross operating income (1) 2,470 2,896 -14.7% Net cost of risk (182) (561) -67.6% -14.6%* -14.1%* -51.4%* Operating income 1,432 1,351 +6.0% -5.9%* (1) Underlying operating income 2,288 2,335 -2.0% -8.7%* Net profits or losses from other assets (17) 2 n/s n/s Income tax (328) (333) -1.6% -4.0%* Net income 1,092 1,020 +7.1% -7.9%* O.w. non-controlling interests 224 199 +12.6% +12.4%* Reported Group net income 868 821 +5.7% -12.0%* Underlying Group net income (1) 1,508 1,538 -2.0% -11.5%* ROE 5.0% 5.1% ROTE 5.7% 5.8% Underlying ROTE (1) 10.7% 11.6% (1) Underlying data: adjusted for exceptional items and IFRIC 21 linearisation (see Supplement) *when adjusted for changes in Group structure and at constant exchange rates NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 12#132. BUSINESS PERFORMANCE#14FRENCH RETAIL BANK SG AND PRIVATE BANKING Stable +1% Stable AV. LOANS OUTSTANDING vs. Q1 22 AV. DEPOSITS OUTSTANDING vs. Q1 22 AV. LIFE INSURANCE OUTSTANDINGS vs. Q1 22 +2% AV. GLOBAL PRIVATE BANKING AUM vs. Q1 22 Av. Loans (1) (EURbn) Av. Deposits (1) (2) (EURbn) _Av. Life insurance outstandings (3) (EURbn) _ Av. Private Banking AuM (4) (EUR bn) 132 ■Individuals |||-!!! |||-!!! Unit-linked Corporates & professionnals Q122 Q422 Q123 Q122 Q422 Q123 Q122 Q422 Q123 Q122 Q422 Q123 Increase in corporate loans outstanding excl. PGE (~+5% vs. Q1 22) driven by both medium-long term credit and treasury loans Proactive selective origination in home loan production Robust deposit base, +1% vs. Q1 22 Robust life insurance (3) gross inflows of EUR 3.3bn in Q1 23 Strong net inflows in Private Banking (4) of EUR 2.4bn in Q1 23 Continued increase in both P&C premia (+7% vs. Q1 22) and Personal protection (+3% vs. Q1 22) (1) French networks, (2) Incl. French networks corporate deposits, (3) Total life insurance outstandings following the integration of the Private Banking in Q1 22, (4) Private Banking (France and International) excluding former Lyxor businesses SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 14#15BOURSORAMA +297K NEW CLIENT ONBOARDING in Q1 23 _New client onboarding ('000) +34% TOTAL CLIENTS vs. end of Mar. 22 _Total number of clients (m) +7% AV. LOANS OUTSTANDING vs. Q1 22 _Av. Loans (EURbn) +39% AV. DEPOSITS OUTSTANDING vs. Q1 22 _Av. Deposits and financial savings (EUR bn) 203 388 4.9 3.7 297 2.8 Q121 Q122 Q123 Q121 Q122 Q123 51.0 48.9 Consumer loans 36.6 15.5 14.3 15.2 Home loans Financial savings (2) ■Deposits Q122 Q422 Q123 Q122 Q422 Q123 Continued dynamic clients' acquisition in Q1 23 # 1 Best client satisfaction in the banking sector (NPS +36(1)) A high-quality client base using largely and actively Boursorama (86% of active users and 50% having Boursorama as primary bank) EXTERNAL RECOGNITIONS ...... CO Strong deposits outstanding growth (+39% vs. Q1 22, +3% vs. Q4 22), notably thanks to continued tonic deposit collection Positive net inflows in life insurance with high percentage of unit-linked (~50%) Pro-active restriction in home loan production in Q1 23 Dynamic day-to-day banking activity (+48% vs. Q1 22) Best European Global Performer A digital Bank Certified An ESG Bank D-Rating 2022 Joined the B Corp community D-Rating Corporation The Banker DEALS OF THE Ranked A by D-rating YEAR 2023 Securitisation in Europe Boursorama Master Home Loan France (1) Bain and Company Jan 23, (2) Life Insurance, Mutual Funds and Securities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 15#16BOURSORAMA BREAK-EVEN IN Q1 23 Strong increase in revenues Decrease in acquisition costs Revenues (excl. PEL/CEL & onboarding costs, basis 100 in 2019) _Avg.cost of Client onboarding (basis 100 in 2019) and number of new Clients ('000) 200 150 100 50 اس 0 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Acquisition Cost/New Client 100 80 60 New Clients ('000) An efficient model _ Operating Cost per Client (basis 100 in 2019) and clients per FTE Operating Cost/Client 400 100 200 80 60 60 60 40 40 20 Clients/FTE 5,000 4,000 3,000 2,000 40 0 0 1,000 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 2019 2020 2021 2022 2023 Revenues x1.6 vs. Q1 22 (excluding new clients' onboarding costs) Acceleration in revenues driven by: Enlarged client base combined with a higher equipment rate (consistent trend by cohort) . Steady increase in deposits and savings collection in a positive interest rate environment Continuous strong client acquisition rhythm (x1.5 vs. Q121) Confirmed decrease in acquisition cost per client (-9% vs. Q1 22, -21% vs. Q1 21) Cost-to-serve further down (-11% in avg. p.a. since 2019) Contained FTE increase to support client base expansion (898 FTE in Q1 23, +46 FTE vs. end 2021) SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 16#17NET INTEREST MARGIN UNDER PRESSURE BEFORE A REBOUND IN 2024 KEY CONSIDERATIONS Specificities of the French retail market: impact of regulated savings (~EUR -400m) and of the usury rate on loans End of the benefit of the TLTRO (~EUR -300m) Benefit from positive rates on deposits temporarily offset in 2023 due to short-term hedging policy Materialisation of positive rates starting in 2024 as hedges progressively mature. MAIN ASSUMPTIONS Evolution of loan and deposit outstandings in line with current environment Trajectory based on March 2023 forward rates SOCIETE GENERALE _French retail banking expected net interest margin FY 22 Regulated Loans TLTRO savings Deposits Other FY23 FY24 & Hedging 1ST QUARTER 2023 RESULTS | 12 MAY 2023#18FRENCH RETAIL BANKING RESULTS Revenues -9.5% excl. PEL/CEL vs. Q1 22 Net interest margin excl. PEL/CEL and other -18% vs. Q1 22 Fees stable vs. Q1 22 Operating expenses -2.0% vs. Q1 22 In EUR m Q1 23 Q1 22 Change Net banking income 1,932 2,170 -11.0% Net banking income excl. PEL/CEL 1,942 2,147 -9.5% Operating expenses (1,664) (1,698) -2.0% Underlying operating expenses (1) (1,535) (1,528) +0.5% Gross operating income 268 472 -43.2% Underlying gross operating income (1) 397 642 -38.2% Net cost of risk (89) (47) +89.4% Operating income 179 425 -57.9% Net profits or losses from other assets 5 0 n/s Reported Group net income 138 316 -56.3% RONE Underlying Group net income Underlying RONE (1) 233 442 -47.2% (1) 4.5% 7.5% 10.7% 15.0% Q1 23 RONE 7.5% (1) (1) Underlying data: adjusted for exceptional items and IFRIC 21 linearisation (see Supplement) including PEL/CEL NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#19INTERNATIONAL RETAIL BANKING EUROPE +8% +2% AFRICA AND OTHERS +5% +5% LOANS OUTSTANDING vs. end of Mar.22 DEPOSITS OUTSTANDING vs. end of Mar.22 LOANS OUTSTANDING vs. end of Mar.22 DEPOSITS OUTSTANDING vs. end of Mar.22 _Loans (EUR m) 64 65 99 61 Q122 Q422 Q123 _Deposits (EUR m) 54 55 52 59 Q122 Q422 Q123 _Loans (EUR m) _Deposits (EURM) 22.5 24.4 23.6 25.2 26.9 26.4 Q122 Q422 Q123 Q122 Q422 Q123 Robust growth in loans outstanding across geographies, notably in Czech Republic (+9.8% vs. Q1 22) and Romania (+11.1% vs. Q1 22) Solid increase in deposits since end of Dec. 2022 (+6.9% vs. Q4 22), notably in Czech Republic Solid performance (NBI: +3.2% vs. Q1 22) notably driven by a strong revenue increase in Romania and still high net interest margin in Czech Republic SOCIETE GENERALE Solid increase in loans outstanding across geographies in line with overall improving economic environment Good momentum in deposits (+5.1% vs. Q1 22), loan to deposit at 89% at end Q1 23 Strong rebound in revenues (+14.3% vs. Q1 22), notably driven by high net interest margin and dynamic commercial forex activity 1ST QUARTER 2023 RESULTS | 12 MAY 2023#20INSURANCE AND FINANCIAL SERVICES INSURANCE Stable* +4%* FINANCIAL SERVICES +3.2% +1.5% LIFE INSURANCE OUTSTANDING vs. end of Mar. 22 PROTECTION PREMIUM vs. Q1 22 FUNDED FLEET GROWTH (1) vs. Q1 22 EQUIPMENT FINANCE NET OUTSTANDING vs. Q1 22 _Revenues (EURM) 102 +51%*(2) 147 _Revenues (EUR m) 634 +26%* 797 Q122 Q123 Dynamic gross inflows in life insurance (EUR 3.6bn) notably in France (+2%* vs. Q1 22) Life insurance outstandings at EUR 133bn, with an increase in unit-linked share (37%, +1pt vs. Q1 22) Robust performance in protection premium (+4%* vs. Q1 22), notably driven by high P&C premia (+7%* vs. Q1 22) Q122 Q123 Steady growth in funded fleet driven by good commercial dynamics Increase in revenues in Q1 23 vs. Q1 22 underpinned by both: High used car sales results (EUR 2,535 per unit in Q1 23 and EUR 3,102 restated from depreciation adjustment) . Depreciation adjustment (EUR 163m in Q1 23) (1) Excluding entities held for sale (Russia, Belarus, Portugal, Ireland and Norway except NF Fleet Norway), (2) Including a volatile effect linked to IFRS 17 (~EUR -40m), reversed in Q2 22 * When adjusted for changes in Group structure and at constant exchange rates (excluding activities sold in Russia) NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 20#21INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES RESULTS Revenues +15.3%* vs. Q1 22 International Retail Banking revenues +6.5%* vs. Q1 22 Insurance and Financial Services revenues +29.6%* vs. Q1 22 Operating expenses +13.5%*(1) vs. Q1 22 including ALD costs for the preparation of the integration of LeasePlan In EURM Net banking income RONE Underlying RONE Q1 23 Q1 22 Change 2,206 2,071 +6.5% +15.3%* Operating expenses (1,108) (1,083) +2.3% +12.2%* (1) Underlying operating expenses (1,039) (1,011) +2.8% +13.5%* Gross operating income 1,098 988 +11.1% +18.6% * Underlying gross operating income Net cost of risk (1) 1,167 1,060 +10.1% +17.0%* (91) (325) -72.0% Operating income 1,007 663 +51.9% Net profits or losses from other assets (1) 2 Reported Group net income 564 361 n/s +56.2% Underlying Group net income (1) 600 400 +50.1% -31.9%* +26.6%* n/s +19.6%* +17.6%* 21.4% 13.1% (1) 22.7% 14.5% Q1 23 RONE 22.7% (1) (1) Underlying data: adjusted for exceptional items and IFRIC 21 linearisation (see Supplement) * When adjusted for changes in Group structure and at constant exchange rates (excluding activities sold in Russia) NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#22GLOBAL MARKETS AND INVESTOR SERVICES REVENUES: -2% vs. Q1 22 Q123 Global Markets revenues (EUR m) 1,777 1,721 1,475 767 630 890 1,010 845 831 Q121 Q122 Q123 FIC ■ Equities GLOBAL MARKETS REVENUES -3% vs. Q1 22 Another excellent quarterly performance Dynamic commercial activity especially on rates and financing FIC +16% vs. Q1 22 Outstanding performance driven by strong client activity and risk management EQUITIES -18% vs. Q1 22 Good performance, down versus a record Q1 22(1), with overall lower volumes and volatility SECURITIES SERVICES +12% vs. Q1 22 (1) At comparable business model in the post GFC regulatory regime SOCIETE GENERALE Benefiting notably from Euroclear's holding reevaluation 1ST QUARTER 2023 RESULTS | 12 MAY 2023 22#23FINANCING AND ADVISORY REVENUES: +5% vs. Q1 22 Q123 F&A revenues (EUR m) 635 827 790 GLOBAL BANKING AND ADVISORY -5% vs. Q1 22 Excellent quarter, close to historic highs High momentum in Asset Finance across all asset classes Robust Investment Banking activity notably thanks to solid performances in Debt Capital Markets and TMT Finance Good activity in Asset Backed Products and Natural Resources, slightly down versus a very high Q1 22. Continued solid growth in Renewables GLOBAL TRANSACTION & PAYMENT SERVICES +51% vs. Q1 22 Very strong performance especially in cash management and correspondent banking, driven by a steady commercial growth in a positive interest rate environment Q121 Q122 EXTERNAL RECOGNITIONS SOCIETE GENERALE Q123 INVESTMENT BEST I BANK GORAK FINANCE Best Investment Bank for Sustainable Financing 2023 2nd year in a row Banque d'affaires : marches de capitaux TROPHEE OR Société Générale Best Bank in Capital Markets IJGlobal AWARDS Trophée Or des leaders de la finance 2023 2022 WINNER Global Financial Advisor of the year 2022 1ST QUARTER 2023 RESULTS | 12 MAY 2023 23#24GLOBAL BANKING AND INVESTOR SOLUTIONS RESULTS Revenues Stable vs. Q1 22 Operating expenses -5.9% vs. Q1 22 +1.7% (1) excl. SRF(2) C/I ratio (¹) excl. SRF(2) 53.7% in Q1 23 In EUR m Net banking income Q1 23 Q1 22 Variation 2,758 2,755 +0.1% -1.3%* Operating expenses (2,043) (2,172) -5.9% -6.1%* (1) Underlying operating expenses (1,603) (1,611) -0.5% -0.8%* Gross operating income 715 Underlying gross operating income (1) 1,155 Net cost of risk 583 +22.6% +15.9%* 1,144 +1.0% -1.9%* (194) -97.4% -97.4%* Operating income 710 389 +82.5% +68.5%* Reported Group net income 565 302 +87.1% +73.1%* Underlying Group net income (1) 899 734 +22.6% +18.7%* RONE 15.5% 8.6% Underlying RONE (1) 24.7% 20.8% Q1 23 RONE 24.7% (1) (27.3% (1) excl. SRF(2)) (1) Underlying data: adjusted for exceptional items and IFRIC 21 linearisation (see Supplement), (2) Single Resolution Fund * When adjusted for changes in Group structure and at constant exchange rates SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 24#25CORPORATE CENTRE Revenues Q1 23 revenues notably impacted by: . the unwinding of the hedges on TLTRO (~EUR -0.1bn in Q1 and ~EUR -0.3bn in FY) the implementation of IFRS 17 (~EUR -70m both on revenues and costs for the same amount) In EUR m Net banking income Operating expenses EUR -182m (2) transformation charges in Q1 23 Q1 23 Q1 22 (225) 47 Operating expenses (242) (178) Underlying operating expenses (1) (23) 3 Gross operating income (467) (131) Underlying gross operating income Net cost of risk (1) (248) 50 3 5 Net profits or losses from other assets Income tax (21) 113 19 Reported Group net income Underlying Group net income (399) (158) (1) (225) (37) (1) Underlying data: adjusted for exceptional items and IFRIC 21 linearisation (see Supplement), (2) Q1 23 transformation charges: French Retail Banking (EUR 140m), Global Banking and Investor Solutions (EUR 11m) and Corporate Center (EUR 31m) NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 25#26SOCIETE GENERALE 3. CONCLUSION#27CONCLUSION French Retail Banking A new retail bank with an improved client relationship model Definitive leader in online banking with strong growth and profitability potential SOCIETE GENERALE RENEWED BUSINESS MODEL Mobility Insurance & International Retail Refocused perimeter around profitable businesses Creation of the leading global player in sustainable mobility SOLID BALANCE SHEET STRONG RISK AND COMPLIANCE CULTURE Global Banking & Investor Solutions An efficient model with leading franchises and differentiating expertise 1ST QUARTER 2023 RESULTS | 12 MAY 2023#28SOCIETE GENERALE 4. SUPPLEMENT#29MAPPING OF EXTRA-FINANCIAL RATINGS AGENCIES MOODY'S ESG MSCI ESG Research Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA ISS ESG‣ BEST 69 100 60 60 AAA AA SCORE WORST POSITION VERSUS PEERS 50 50 30 0 A BBB BB B CCC 100 60 57 54 79 A+ C+ C 0 10 20 30 40 SUSTAINALYTICS 19.4 negligible low medium high 30 C- D+ D severe Note: Number of companies in each agency universe: MSCI 198 banks; S&P CSA 736 banks; Sustainalytics 385 banks; Moody's ESG Solutions 4,882 companies; ISS ESG 285 banks SOCIETE GENERALE O TOP 1% ALL COMPANIES WORLDWIDE TOP DECILE BANKS WORLDWIDE TOP DECILE BANKS WORLDWIDE TOP DECILE BANKS WORLDWIDE 80+ TOP 15% BANKS WORLDWIDE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#30LEADING THE ENERGY TRANSITION WITH FLAGSHIP TARGETS Decarbonising our portfolios Engaging our businesses BEST-IN-CLASS SECTOR POLICIES SETTING STANDARDS CLIENT-FOCUSED UPSTREAM OIL AND GAS Reduce exposure by 20% by 2025 vs 2019 Reduce scope 3 absolute carbon emissions by -30% by 2030 vs 2019 VEHICLE LEASING Reduce the carbon intensity of ALD COMPETITIVE EDGE Automotive deliveries by 40% by 2025 vs 2019 COAL Reduce to zero our exposure to thermal coal in 2030 in EU and OECD countries, and 2040 elsewhere BBB POWER Carbon emission intensity target at 125 gCO2/kWh by 2030 (-40% vs 2019) EUR 300bn To support sustainable finance 2022-2025 ALD Automotive 30% Electric Vehicles in ALD deliveries by 2025 INSURANCE X2 green AUM by 2025 vs 2020 Aligning credit portfolios with trajectories compatible with a 1.5°C scenario SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 30#31GROUP QUARTERLY INCOME STATEMENT BY CORE BUSINESS International Retail Banking French Retail Banking and Financial Services Global Banking and Investor Solutions Corporate Centre Group In EURM Net banking income Operating expenses Q123 Q122 Q123 Q122 Q123 Q122 Q123 Q122 Q123 Q1 22 1,932 2,170 2,206 2,071 2,758 2,755 (225) 47 6,671 7,043 (1,664) (1,698) (1,108) (1,083) (2,043) (2,172) (242) (178) (5,057) (5,131) Gross operating income 268 472 1,098 988 715 583 (467) (131) 1,614 1,912 Net cost of risk (89) (47) (91) (325) (5) (194) 3 5 (182) (561) Operating income 179 425 1,007 663 710 389 (464) (126) 1,432 1,351 Net income from companies accounted for by the equity method 2 1 1 (2) 2 1 0 0 5 0 Net profits or losses from other assets Income tax 5 0 (1) 2 0 0 (21) 0 (17) 2 (48) (111) (254) (165) (139) (76) 113 19 (328) (333) Non controlling Interests 0 (1) 189 137 8 12 27 51 224 199 Group net income Average allocated capital Group ROE (after tax) 138 316 564 361 565 302 (399) (158) 868 821 12,392 11,822 10,564 11,026 14,562 14,127 18,554(1) 17,789(1) 56,072 54,764 5.0% 5.1% (1) Calculated as the difference between total Group capital and capital allocated to the core businesses NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#32GROUP UNDERLYING DATA – RECONCILIATION WITH REPORTED FIGURES in EUR m Exceptional operating expenses (-) IFRIC linearisation (1) Transformation costs Of which related to French Retail Banking Q123 Q1 22 856 984 674 841 182 143 140 104 Of which related to Global Banking & Investor Solutions 11 14 Of which related to Corporate Centre 31 25 Total exceptional items (pre-tax) 856 984 Total exceptional items (post-tax) Reported Net income - Group Share Total exceptional items - Group share (post-tax) Underlying Net income - Group Share 640 717 868 821 640 717 1,508 1,538 (1) Allocated to Corporate Centre NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#33GROUP UNDERLYING DATA – IFRIC 21 IMPACT Total IFRIC 21 Impact - costs o/w Resolution Funds In EURM Q123 Q1 22 Q123 Q1 22 French Retail Banking (171) (227) (116) (175) International Retail Banking and Financial Services (92) (96) (62) (65) Financial Services to Corporates (11) (10) (3) (4) International Retail Banking (81) (61) Western Europe (6) (4) Czech Republic (48) (52) (40) (44) Romania (15) Other Europe (4) Russia 0 (1) 0 Africa, Asia, Mediterranean bassin and Overseas Global Banking and Investor Solutions (599) (747) (491) (622) Global Markets and Investor Services (434) (568) (361) (484) Financing and Advisory Corporate Centre Group (164) (180) (129) (138) (49) (50) (3) (3) (911) (1,121) (672) (864) NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#34GROUP CRR2/CRD5 PRUDENTIAL CAPITAL RATIOS _Phased-in Common Equity Tier 1, Tier 1 and Total Capital In EURbn 31.03.2023 31.12.2022 Shareholder equity Group share 68.7 66.5 Deeply subordinated notes (¹) (10.8) (10.0) (2) Distribution to be paid & interest on subordinated notes (2.4) (1.9) Goodwill and intangible (5.6) (5.6) Non controlling interests 5.5 5.3 Deductions and regulatory adjustments (6.6) (5.5) Common Equity Tier 1 Capital 48.8 48.7 Additionnal Tier 1 Capital 10.9 10.1 Tier 1 Capital 59.7 58.8 Tier 2 capital 10.1 11.0 Total capital (Tier 1 + Tier2) 69.9 69.8 Risk-Weighted Assets 361.0 360.5 Common Equity Tier 1 Ratio 13.5% 13.5% Tier 1 Ratio 16.5% 16.3% Total Capital Ratio 19.4% 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 13.4% and IFRS 9 phasing at +9 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 SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 34#35GROUP CRR2 LEVERAGE RATIO _CRR2 phased-in Leverage Ratio (1) In EURbn Tier 1 Capital Total prudential balance sheet (2) Adjustments related to derivative financial instruments Adjustments related to securities financing transactions (3) Off-balance sheet exposure (loan and guarantee commitments Technical and prudential adjustments Leverage exposure Phased leverage ratio 31.03.2023 31.12.2022 59.7 58.8 1,407 1,340 0 (7) 15 15 122 123 (109) (126) 1,435 1,345 4.2% 4.4% (1) Based on CRR2 rules adopted by the European Commission in June 2019. Fully loaded leverage ratio at 4.1% (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 SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 35#36STRONG TLAC/MREL RATIOS TLAC Q1 23 ratios Meeting end of March 2023 requirements % RWA EUR bn 33.7% EUR 122bn 3.5% 13 ■SP SNP T2 (1) 10.1% 36 1AT1 21.7% ■CET1 MREL Q1 23 ratios Meeting end of March 2023 requirements % Leverage % RWA 3.5% 13 3% 11 EUR 109bn 8.5% 6.75% 13.5% 49 Req. 2023 31.03.2023 31.03.2023 _ EUR bn 34.3% EUR 124bn 4.1% 15 SP SNP 25.4% (1) T2 10.1% 36 AT1 ■CET1 3.5% 13 3% 11 O.W. junior debt 20.7% 13.5% 49 % Leverage 5.91% 8.6% Req. 2023 31.03.2023 Req. 2023 31.03.2023 31.03.2023 Req. 2023 31.03.2023 (1) Tier 2 capital computed for TLAC/MREL differ from T2 capital for total capital ratio due to TLAC / MREL eligibility rules N.B: phased-in ratio SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 36#37GROUP RISK-WEIGHTED ASSETS (1) (CRR2/CRD5, IN EURbn) 376.7 362.4 361.0 46.8 46.0 46.0 125.9 123.2 123.7 121.5 13.0 5.5 112.0 113.7 107.8 106.3 105.5 0.2 4.6 29.1 4.6 29.0 13.7 12.7 29.0 5.0 5.1 5.1 0.2 0.2 0.1 0.0 0.0 11.7 12.7 11.3 117.6 107.2 108.9 102.7 101.2 100.4 85.2 82.1 81.2 19.8 20.3 20.3 7.3 7.4 7.4 1.0 0.9 1.2 11.5 12.1 11.8 316.9 302.6 302.3 Total Operational Market Q1 22 Q422 Q123 Q122 Q4 22 Q1 23 Q122 Q4 22 Credit Q1 23 Q122 Q4 22 Q1 23 Q1 22 Q4 22 Q123 French Retail Banking International Retail Banking and Financial Services Global Banking and Investor Solutions Corporate Centre Group (1) Phased-in Risk-Weighted Asset including IFRS 9 phasing. Includes the entities reported under IFRS 5 until disposal NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#38GROUP GEOGRAPHIC BREAKDOWN OF SG GROUP COMMITMENTS AT 31.03.2023 On-and off-balance sheet EAD(1) All customers included: EUR 1,136bn Africa and Middle Latin America and East 4% Caribbean 1% Asia Pacific 5% Eastern Europe (EU) 7% North America 15% (1) Total credit risk (debtor, issuer and replacement risk for all portfolios) SOCIETE GENERALE Western Europe (excl. France) 22% France 47% 1ST QUARTER 2023 RESULTS | 12 MAY 2023 38#39GROUP CHANGE IN GROSS BOOK OUTSTANDINGS (1) _End of period in EURbn 594.7 573.0 579.9 585.0 586.1 572.4 Total 553.9 530.2 538.8 131.9 138.1 142.3 139.3 145.3 137.8 141.7 136.7 139.9 International Banking and Financial Services ■Global Banking and Investor Solutions 190.7 190.1 182.9 176.9 170.7 170.7 145.3 149.9 160.4 French Retail Banking Corporate Center 234.6 234.8 237.2 242.6 245.7 246.5 250.2 247.4 245.0 13.6 14.2 14.6 144 14.9 15.9 16.4 16.5 18.9 Q1 21 Q2 21 Q3 21 Q4 21 Q1-22 Q2 22 Q3 22 Q4 22 Q1 23 (1) Customer loans; deposits and loans due from banks, leasing and lease assets. Excluding repurchase agreements Excluding entities reported under IFRS 5 SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#40GROUP COST OF RISK In EURM Q123 Q1 22 Net Cost Of Risk 89 47 French Retail Banking Gross loan Outstandings 252,689 242,645 Cost of Risk in bp 14 8 Net Cost Of Risk 91 325 International Retail Banking and Financial Services Gross loan Outstandings 134,988 140,547 Cost of Risk in bp 27 92 Net Cost Of Risk 5 194 Global Banking and Investor Solutions Gross loan Outstandings 177,590 170,749 Cost of Risk in bp 1 45 Net Cost Of Risk (5) Corporate Centre Gross loan Outstandings 16,537 14,413 Cost of Risk in bp (6) (12) Societe Generale Group Net Cost Of Risk Gross loan Outstandings Cost of Risk in bp 182 561 581,804 568,354 13 39 See: Methodology. Cost of Risk in bp are calculated based on Gross loans outstanding at the beginning of period (annualised) SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 40#41GROUP NON-PERFORMING LOANS In EUR bn Performing loans 31.03.2023 31.12.2022 31.03.2022 551.5 554.4 561.3 (1) inc. Stage 1 book outstandings inc. Stage 2 book outstandings Non-performing loans 495.9 494.2 491.3 39.1 43.6 50.7 15.9 15.9 16.9 inc. Stage 3 book outstandings 15.9 15.9 16.9 Total Gross book outstandings (2) 567.4 570.3 578.2 Group Gross non performing loans ratio 2.8% 2.8% 2.9% Provisions on performing loans 3.1 3.2 3.1 inc. Stage 1 provisions 1.1 1.0 1.2 inc. Stage 2 provisions 2.0 2.1 1.9 Provisions on non-performing loans 7.8 7.7 8.4 inc. Stage 3 provisions 7.8 7.7 8.4 Total provisions 11.0 10.9 11.4 Group gross non-performing loans ratio (provisions on non-performing loans/non-performing loans) 49% 48% 49% (1) Data 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. SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#42FOCUS ON EXPOSURES Corporate portfolio breakdown Corporate EAD (¹) in each sector (2) in % of total group EAD at 31.03.2023 Total group EAD: EUR 1,136bn Exposure to sensitive sectors Financial services Real Estate 3.2% Utilities 2.7% Manufacturing industries 2.2% Telecoms, media & technology 1.9% Agriculture, food industry* 1.7% Heavy industry & mining* 1.6% 7.1% COMMERCIAL REAL ESTATE: 1.9% of total Group EAD CONSTRUCTION (excl. Civil Engineering): 0.8% of total Group EAD CAR PARTS MANUFACTURERS: 0.1% of total Group EAD Automotive 1.4% Oil and gas industry 1.4% B2B and B2C services 1.3% Building & construction 1.1% DIRECT GROUP LBO EXPOSURE: EUR~5bn (~0.4%) Retail trade (excl. Automobile) 1.1% Aviation & Defense 1.0% Others 1.0% Oil and gas trading 1.0% SME REPRESENT ~5% OF TOTAL GROUP EAD (mostly in France) Conglomerates 0.9% Shipping and cruise 0.9% Pharmaceuticals, health and social work 0.9% Land transport & logistics 0.8% Hotels, catering, tourism & leisure 0.5% (1) EAD for the corporate portfolio as defined by the Basel regulations (large corporate including insurance companies, funds and hedge funds, SME, specialised financing and factoring) based on the obligor's characteristics before taking account of the substitution effect. Total credit risk (debtor, issuer and replacement risk). Corporate EAD: EUR 385bn, (2) The grouping of business segments was reviewed in 2022 in order to comply with internal credit risk monitoring methodologies and new reporting requirements from EBA on sectors. The grouping used is based on the main economic activity of counterparties. * Including trading activities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#43IFRS 9 MONITORING METHODOLOGY APPLIED As of Q1 23, IFRS 9 parameters were updated in order to take into account the current economic environment: • • 3 macroeconomic scenarios were retained to capture the uncertainties around the general economic context and the war in Ukraine: central, favourable and stress. Additional sector / areas-at-risk adjustments to capture specific risks not reflected by the ECL models, in particular the specific economic context with high inflation and rising interest rate and the Russian-Ukrainian crisis MACROECONOMIC SCENARIOS (FRANCE GDP GROWTH) 115 110 105 100 95 95 00 90 2022 2023 *scenario weighting in IFRS 9 expected credit loss calculation SOCIETE GENERALE 2024 2025 2026 2027 - SG FAVOURABLE 10%* SG CENTRAL 60%* SG STRESS 30%* 1ST QUARTER 2023 RESULTS | 12 MAY 2023#44GROUP CHANGE IN TRADING VAR (1) AND STRESSED VAR(2) _Quarterly Average of 1-Day, 99% Trading VaR (1) (in EURm) 22 15 15 13 10 18 24 25 25 15 18 15 23 18 17 27 21 14 19 11 7 7 18 17 16 13 15 12 13 10 17 8 12 8 10 4 3 2 3 -16 -18 -21 -26 21 -35 93 11 12 2 2 -25 -32 -30 -31 Q121 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q123 Stressed VAR (2) (1 day 99%, in EUR M) Minimum Maximum Average Q1 22 Q2 22 Q3 22 Q422 Q123 23 18 17 23 20 48 52 47 46 59 32 30 32 34 34 Trading VaR (1) ■Credit Interest Rates ■ Equity ■Forex ■Commodities ■Compensation Effect (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 SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 44#45LONG TERM FUNDING PROGRAMME 2023 ALREADY WELL ADVANCED: >70% OF VANILLA PROGRAMME COMPLETED 2023 long-term funding programme: . c. EUR 24bn vanilla debt, well balanced across formats 2023 long term programme and status (1) • c. EUR 25bn of structured notes As of 26 April 2023, EUR 27.6bn has been raised under the 2023 funding programme, of which: c. EUR 18.0bn of vanilla debt (incl. EUR 7.1bn of pre-funding raised in 2022) • c. EUR 9.6bn of structured notes • 2023 funding programme conditions in Q1-23: MS+88bp (including structured notes, excluding subordinated debt) • Average maturity of 5.2 years Additional EUR 1.25bn issued by subsidiaries Active diversification of the investor base across different currencies (EUR, USD, AUD, CHF, NOK, CNY), maturities and types Secured debt Programme (in EUR bn) Issued (in EUR bn) ~6-7 ~4.7 Senior Preferred debt ~6-7 ~4.7 Senior Non Preferred debt ~5-6 ~5.2 Subordinated debt (AT1/T2) ~4-5 ~2.4 AT1 ~1.0 T2 Recent transactions Societe Generale In Feb-23 Senior Preferred 3Y & 7Y CHF 180m 2.278% Feb-26 CHF 260m 2.618% Feb-30 Societe Generale SFH In Feb-23 Covered Bonds 3Y & 9Y EUR 750m 3.125% Feb-26 EUR 1,500m 3.125% Feb-32 Societe Generale In Jan-23 Additional Tier 1 PerpNC6.5 EUR 1,000m 7.875% PerpNC29 Societe Generale In Jan-23 Senior Preferred 2Y EUR 2,000m 3mE+45bp Jan-25 Societe Generale In Jan-23 Senior Non-Preferred USD 1,250m 6.447% 27NC26 USD 1,250m 6.446% 29NC28 USD 1,500m 6.691% 34NC33 Tier 2 30Y bullet USD 1,000m 7.367% Jan-53 (1) Excluding structured notes SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 45#46GROUP LIQUID ASSET BUFFER _Liquid Asset Buffer (in EURbn) 275 279 255 244 296 212 195 214 173 189 Central Bank Loans and Deposits (1) High Quality Liquid Asset Securities(2) Central Bank Eligible 59 56 51 10 61 Assets (2) 60 10 24 29 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Liquidity Coverage Ratio at 169% on average in Q1 23, 171% at end Q1 23 (1) Excluding mandatory reserves, (2) Unencumbered, net of haircuts SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 46#47GROUP EPS CALCULATION Average number of shares (thousands) Existing shares Q123 2022 2021 829,046 845,478 853,371 Deductions Shares allocated to cover stock option plans and free shares awarded to staff 6,899 6,252 3,861 Other own shares and treasury shares 20,838 16,788 3,249 Number of shares used to calculate EPS (¹) 801,309 822,437 846,261 Group net Income 868 1,825 5,641 Interest on deeply subordinated notes and undated subordinated notes (163) (596) (590) Adjusted Group net income (in EURM) 705 1,230 5,051 EPS (in EUR) 0.88 1.50 5.97 Underlying EPS (in EUR) 1.05 5.87 5.52 (1) The number of shares considered is the average number of ordinary shares of the period, excluding treasury shares and buybacks, but including the trading shares held by the Group. NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#48GROUP NET ASSET VALUE, TANGIBLE NET ASSET VALUE End of period (in EUR m) Shareholders' equity Group share Q123 2022 2021 68,747 66,970 65,067 Deeply subordinated and undated subordinated notes (10,823) (10,017) (8,003) Interest of deeply & undated subordinated notes, issue premium (1) amortisations (102) (24) 20 Book value of own shares in trading portfolio Net Asset Value Goodwill Intangible Assets Net Tangible Asset Value 130 67 37 57,952 56,996 57,121 (3,652) (3,652) (3,624) (2,878) (2,875) (2,733) 51,423 50,469 50,764 Number of shares used to calculate NAPS (2) 801,471 801,147 831,162 Net Asset Value per Share 72.3 71.1 68.7 Net Tangible Asset Value per Share 64.2 63.0 61.1 (1) Interest net of tax, payable to holders of deeply subordinated notes & undated subordinated notes, issue premium amortisations (2) The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousand of shares). NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 48#49GROUP ROE/ROTE CALCULATION DETAIL End of period (in EUR m) Q123 Q1 22 Shareholders' equity Group share 68,747 66,089 Deeply subordinated and undated subordinated notes (10,823) (8,178) (1) Interest of deeeply & undated subodinated notes, issue premium amortisations (102) (65) OCI excluding conversion reserves 640 72 Distribution provision (2) (421) (415) Distribution N-1 to be paid ROE equity end-of-period Average ROE equity Average Goodwill Average Intangible Assets (1,803) (2,285) 56,238 55,218 56,072 54,764 (3,652) (3,624) (2,876) (2,747) Average ROTE equity Group net Income 49,544 48,393 868 821 Interest on deeply subordinated notes and undated subordinated notes (163) (119) Cancellation of goodwill impairment Ajusted Group net Income 2 705 704 Average ROTE equity ROTE 49,544 48,393 5.7% 5.8% Underlying Group net income Interest on deeply subordinated notes and undated subordinated notes Cancellation of goodwill impairment Ajusted Underlying Group net Income Average ROTE equity (underlying) Underlying ROTE 1,508 1,538 (163) (119) 2 1,345 1,421 50,183 49,110 10.7% 11.6% ROE/ROTE: see Methodology (1) Interest net of tax, payable to holders of deeply & undateds subordinated notes, issue premium amortisations (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 NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#50FRENCH RETAIL BANKING NET BANKING INCOME _NBI, (in EURM) 2,170 2,233 2,128 2,175 1,932 1,014 1,003 978 1,004 1,017 100 78 187 Fees 61 82 1,033 972 1,011 1,074 843 23 71 53 44 -10 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 NB: 2022 figures have been restated, in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE Other Income Net Interest Margin PEL/CEL Provision or Reversal 1ST QUARTER 2023 RESULTS | 12 MAY 2023 50#51FRENCH RETAIL BANKING CUSTOMER DEPOSITS AND FINANCIAL SAVINGS _Average outstandings (in EURbn) 440 433 452 449 445 119 120 115 115 117 25* 26 27 26* 27 178 171 161 175 170 17 18 17 18 18 Life Insurance Securities, Mutual Funds and Others Sight Deposits (1) PEL Regulated Savings Schemes (excl. PEL) 82 82 81 77 77 80 Term Deposits (2) 24 26 30 34 43 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 (1) Including deposits from Financial Institutions and foreign currency deposits, (2) Including deposits from Financial Institutions and medium-term notes, and incl. French networks corporate deposits SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#52FRENCH RETAIL BANKING LOANS OUTSTANDING _Average outstandings, net of provisions (in EURbn) 248 249 247 244 244 125 126 127 126 124 20 20 20 20 20 20 20 20 100 101 102 102 19 101 Housing Consumer Credit and Overdraft Business Customers (1) and Financial Institutions Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 (1) SMEs, self-employed professionals, local authorities, corporates, NPOs, including foreign currency loans SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#53INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES QUARTERLY RESULTS International Retail Banking Insurance Financial Services Total In EUR m Q123 Q1 22 Change Q123 Q1 22 Change Q123 Q122 Change Q123 Q122 Change Net banking income 1,262 1,335 +6.5%* 147 102 +51.2%* 797 634 +26.3%* 2,206 2,071 +15.3%* Operating expenses (743) (806) +4.9%* (23) (21) +21.0%* (342) (256) +31.9%* (1,108) (1,083) +12.2%* Gross operating income 519 529 +8.8%* 124 81 +58.6%* 455 378 +22.5% 1,098 988 +18.6%* Net cost of risk (83) (313) -31.1%* 0 0 n/s (8) (12) -36.6%* (91) (325) -31.9%* Operating income 436 216 +21.5%* 124 81 +59.2%* 447 366 +24.3%* 1,007 663 +26.6%* Net profits or losses from other assets (1) 2 n/s 0 0 n/s 0 0 n/s (1) 2 n/s Income tax (112) (61) +25.6%* (32) (21) +58.4%* (110) (83) +34.9%* (254) (165) +33.2%* Group net income 216 74 +13.1%* 91 59 +59.7%* 257 228 +14.7%* 564 361 +19.6%* C/I ratio 59% 60% 16% 21% 43% 40% 50% 52% Average allocated capital 5,429 6,118 2,147 2,069 2,948 2,810 10,564 11,026 * When adjusted for changes in Group structure and at constant exchange rates NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#54INTERNATIONAL RETAIL BANKING BREAKDOWN BY REGION - QUARTERLY RESULTS Western Europe Czech Republic Romania Russia (1) Africa, Mediterranean basin and Overseas Total International Retail Banking In EUR m Q123 Net banking income Operating expenses Gross operating income Net cost of risk 233 (111) Q122 Change Q123 242 -3.7%* 330 (108) +2.8%* (213) 122 134 -9.0%* 117 (52) (37) +40.5%* 18 Operating income 70 97 -27.8%* 135 Net profit or losses from other assets 0 0 Income tax (15) (21) n/s -28.6%* 0 118 2 n/s +10.5%* 0 47 Q1 22 Change Q123 Q122 Change Q122 Change 325 -1.9%* 174 145 +19.1%* n/a (196) +5.1%* (108) (98) +9.5%* 0 (105) n/a 129 -12.4%* 66 47 +38.9%* 0 57 (11) 0 n/s 0 66 Q123 0 162 n/a 219 165 (198) n/a (49) (67) +38.9%* 0 (141) n/a 170 98 -100.0%* (1) 0 n/s 0 0 n/a 0 0 (30) (27) +7.4%* (14) (10) +38.5%* 0 28 n/a (54) (32) -32.9%* (83) +81.3%* 436 n/s +76.2%* (112) Q123 Q122 Change Q123 Q1 22 Change 526 460 +14.8%* 1,262 1,335 +6.5%* (307) (295) +4.3%* (743) (806) +4.9%* +33.9%* 519 529 +8.8%* (313) -31.1%* +21.5%* 216 (1) 2 n/s (62) +25.6%* Minority interests 3 Group net income 53 32 42 36 +10.4%* 20 15 +35.9%* 0 0 n/a 40 25 +68.8%* 108 81 +32.4%* 72 -26.4%* 64 56 +8.7%* C/I ratio 48% 45% 65% 60% 31 62% 22 68% +36.2%* 0 (113) n/a 76 41 +87.0%* 216 74 +13.1%* n/s 65% 58% 64% 59% 60% Average allocated capital 1,593 1,476 1,200 1,048 638 512 0 1,167 1,998 1,908 5,429 6,118 * When adjusted for changes in Group structure and at constant exchange rates (1) Russia structure includes Rosbank, Rusfinance and their consolidated subsidiaries in International Retail Banking disposed on 18 May 2022 NB: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 54#55INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES BREAKDOWN OF LOANS AND DEPOSITS OUTSTANDING _Breakdown of Loans Outstanding (in EUR bn) _Change Mar 23 vs. Mar 22 _Breakdown of Deposits Outstanding (in EUR bn) _Change Mar 23 vs. Mar 22 14.8 +1.6%* 14.5 ■Equipment Finance 88.9 +16.9%* 1.4 +5.8%* 1.2 83.1 79.4 +0.7%* 24.1 23.2 +3.9%* Sub-total International Retail Banking: 81.5 2.1 1.8 +15.3%* Western Europe 41.7 41.7 -3.5%* (Specialized Consumer Finance) 33.4 30.4 +5.8%* Czech Republic 10.8 +4.6%* 11.2 Romania 7.0 +11.1%* 7.8 +6.0%* 22.5 23.6 March 22 March 23 * When adjusted for changes in Group structure and at constant exchange rates SOCIETE GENERALE Africa and other 25.2 26.4 +5.2%* March 22 March 23 1ST QUARTER 2023 RESULTS | 12 MAY 2023#56INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES INSURANCE KEY FIGURES _Life Insurance Outstandings and Unit Linked Breakdown (in EUR bn) 133.9 131.0 129.6 131.6 132.9 36% 35% 35% 36% 37% Unit Linked 64% 65% 65% 64% 63% Euro Funds Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 _Life Insurance Gross Inflows (in EUR bn) 3.8 3.5 2.6 2.9 3.6 43% 44% 39% 44% 36% _Personal Protection Insurance Premiums (in EUR m) Change Q123/Q1 22 276 264 256 264 268 +0.5%* Q122 Q2 22 Q3 22 Q4 22 Q1 23 _Property and Casualty Insurance Premiums (in EUR m) 224 210 205 209 213 Change Q1 23/Q1 22 +7.4%* Unit Linked 57% 56% 61% 56% 64% Euro Funds Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 * When adjusted for changes in Group structure and at constant exchange rates SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 56#57GLOBAL BANKING AND INVESTOR SOLUTIONS QUARTERLY RESULTS Global Markets and Investor Services Financing and Advisory Total Global Banking and Investor Solutions In EURM Q123 Q1 22 Change Net banking income 1,931 1,965 -3.3%* Q123 827 Q1 22 790 Operating expenses (1,420) (1,600) -11.4%* (623) (572) Gross operating income 511 365 +29.9%* 204 218 Change Q123 +3.9%* 2,758 +8.8%* (2,043) (2,172) -8.7%* 715 Q1 22 2,755 Change 583 Net cost of risk 14 2 n/s (19) (196) -90.4%* (5) (194) Operating income 525 367 +32.8%* 185 22 x 7.1* 710 389 +0.1% -5.9% +22.6% +15.9%* -97.4% -97.4%* +82.5% +68.5%* -1.3%* -6.1%* Income tax (125) (84) +37.7%* (14) 8 n/s (139) (76) +82.9% +65.9%* Net income 402 284 +31.6%* 171 30 x5.2* 573 314 +82.5% +69.2%* Non controlling Interests 8 12 -35.0%* 0 0 n/s 8 12 -33.3% -35.0%* Group net income 394 272 +34.4%* 171 30 x5.2* Average allocated capital C/I ratio 7,413 7,685 7,142 6,440 74% 81% 75% 72% 565 14,562 14,127 74% 79% 302 +87.1% +73.1%* *When adjusted for changes in Group structure and at constant exchange rates SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#58GLOBAL BANKING AND INVESTOR SOLUTIONS KEY FINANCIAL INDICATORS _Global Markets and Investor Services RWA (in EURbn) _Financing and Advisory RWA (in EURbn) 61.5 63.4 60.3 64.4 60.3 61.2 5.6 5.6 5.6 1.6 2.2 0.9 23.5 23.3 23.3 10.1 10.5 10.4 54.3 55.6 53.8 30.8 26.5 27.4 Q1 22 Q4 22 Q1 23 Q1 22 Securities Services: Assets under Custody (in EURbn) Q4 22 Q1 23 Securities Services: Assets under Administration (in EURbn) 676 4,375 4,277 4,275 4,257 4,605 627 598 580 584 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 SOCIETE GENERALE Operational Market Credit 1ST QUARTER 2023 RESULTS | 12 MAY 2023 58#59GLOBAL BANKING AND INVESTOR SOLUTIONS REVENUES _Global Markets and Investor Services Revenues (in EURm) 188 210 226 767 161 274 890 683 538 577 Securities Services Fixed Income and Currencies 1,010 833 806 831 645 Equities Q122 Q2 22 Q3 22 Q422 Q123 SOCIETE GENERALE Europe Financing & Advisory Revenues (in EURm) 956 790 821 807 827 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 _Revenues Split by Region (in %) 69% NBI Q1 23 EUR 2.8bn 18% 13% Americas Asia 1ST QUARTER 2023 RESULTS | 12 MAY 2023#60GLOBAL BANKING AND INVESTOR SOLUTIONS RECOGNISED EXPERTISE: LEAGUE TABLES - RANKINGS - AWARDS AWARDS & RANKINGS GLOBAL BANKING & ADVISORY GLOBAL MARKETS VESTMENT BEST BANK AWARD BEST INVESTMENT BANK AWARD 2023 SRP EUROPE AWARDS CONSEILS PYRAMIDES DE LA GESTION DE PATRIMOINE 2023 2023 2023 SOCIETE GENERALE SRP EUROPE AWARDS 2023 BAL INANCE Best Investment Bank for Sustainable Financing Best House Europe Best House ESG Best House France Best Warrant Provider Best Proprietary Index Best Issuance platform Best House Yield Enhancement IJGlobal AWARDS 2022 WINNER IJGLOBAL AWARDS 2022 FX BANKS BEST FX PROVIDERS AWARDS 2023 Meilleur émetteur de produits structurés SYNDICATED LOAN GlobalCapital AWARDS 2023 Best Arranger of Project Finance Loans Best Arranger of Infrastructure and Renewable Loans TRANSACTION BANKING BEST FIN LEAGUE TABLES SUSTAINABLE FINANCE #1 Sustainability-Linked Loans EMEA - Bookrunner #3 Sustainability-Linked Loans France - Bookrunner CAPITAL MARKETS #1 All International Bonds for Financial Institutions (ex CB) #1 All International Euro-denominated Subordinated Bonds for Financial Institutions #2 All Italian Euro-denominated Bonds #4 All International Euro-denominated Bonds CEEMEA #5 All International Euro-denominated Bonds Global Financial Adviser of the Year Global Mandated Lead Arranger of the Year Europe & Africa Mandated Lead Arranger of the Year Europe & Africa Financial Adviser of the Year North America Financial Adviser of the Year APAC Mandated Lead Arranger of the Year Real Estate Capital Europe REAL ESTATE CAPITAL AWARDS 2022 AWARDS 2022 Bank Lender of the Year: France ronds de captase TROPHEE OR Socies General AWARD RD 2023 GIORANCE Global winner for Best FX Bank for Corporates Regional winner for Best FX Bank in Central & Eastern Europe Country winner for Best FX Bank in Cote d'Ivoire and Ghana FXTech Awards: Best FX Execution Algorithms CELENT MODEL SELLSIDE 2023 TROPHEE DES LEADERS DE LA FINANCE 2023 Banque d'affaire: marché de capitaux (Best Bank in Capital Markets) SOCIETE GENERALE CELENT MODEL SELL SIDE AWARD 2023 Data Management & Analytics HEDGEWEEK EUROPEAN AWARDS2023 Seatre bror Catali HEDGEWEEK EUROPEAN AWARDS 2023 Best Prime Broker - Capital Introduction PROVIDER GORANCE GLOBAL FINANCEBEST TRADE FINANCE PROVIDER AWARDS 2023 Best Trade Finance Provider in Romania, Cameroon & Senegal Most Innovative Bank in Trade Finance &CASH MANAGEMENT GLORANCE GLOBAL FINANCE BEST TREASURY & CASH MANAGEMENT AWARDS 2023 Global Best Bank for Financial Institutions Global Best Bank for Liquidity Management Best Bank for Payments & Collections in Africa Best Bank for Cash Management in Western Europe & Africa Best Bank for Cash Management in France, Cameroon & Senegal PROJECT AND ASSET FINANCE #5 Project Finance Loans Bookrunner EMEA¹ #2 EMEA Syndicated Real Estate Finance Loans Volume by MLA M&A AND ACQUISITION FINANCE #2 Acquisition Finance Bookrunner France LOANS #1 Bookrunner France¹ #2 Energy & Utility Loans EMEA - Bookrunner SECURITISATIONS #5 Global Securitisations EUR ex CDOS Sources: Dealogic Q1 2023 (except for: 'Bloomberg) 1ST QUARTER 2023 RESULTS | 12 MAY 2023#61FINANCING & ADVISORY SUPPORTING CLIENTS IN THEIR TRANSFORMATIONS CLIENT PROXIMITY INNOVATION PRODUCT EXCELLENCE INDUSTRY EXPERTISE ADVISORY CAPACITY GLOBAL COVERAGE VIRGIN MEDIA 02 (VM02) Sole Structuring Bank, Underwriter, MLA and Bookrunner SQUADRON ENERGY Mandated Lead Arranger and Hedge Provider Liberty Global and Telefonica, shareholders of VMO2, established Nexfibre, a 50/50 JV with InfraVia Capital Partners to build and operate a new FTTH (Vid network in the UK with a GBP 3.3bn sustainability linked financing O. Financing of AUD 1.85bn to support Squadron Energy's acquisition of CWP Renewables from Partners Group in order to create the largest renewable SQUADRON energy player in Australia ENERGY 717 SOCIETE GENERALE SIEMENS ENERGY Joint Global Coordinator EUR 1.3bn ABB Capital Increase from Siemens Energy to partially refinance the EUR 4.2bn bridge facility set in 2022 for the acquisition of Siemens Gamesa SIEMENS energy NEOEN Joint Global Coordinator and Joint Bookrunner EUR 750m rights issue to increase installed capacity by 50 % and to intensify investments in storage facilities. SG has been the sole bank active NEOEN on all of Neoen 6 ECM issuances REPUBLIC OF SENEGAL Mandated Lead Arranger and Sole Lender EUR 145m Export Loan with a social loan label to the Republic of Senegal for the re-construction of the university hospital Aristide Le Dantec in Dakar (650 beds) under European standards 1ST QUARTER 2023 RESULTS | 12 MAY 2023#62METHODOLOGY (1/3) 1- 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. 2- Operating expenses Operating expenses are defined on page 41 of Societe Generale's 2023 Universal Registration Document. 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. 3-IFRIC 21 adjustment and SRF definition 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. Contributions to the Single Resolution Funds (<< SRF »>) are part of the charges adjusted under IFRIC 21. They include contributions to the national resolution funds within the EU. 4- Exceptional items - transition from accounting data to underlying data The Group may be required to provide underlying indicators for a clearer understanding of its actual performance. Underlying data is obtained from reported data by restating the latter to take into account exceptional items and the IFRIC 21 adjustment The Group also 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. Details of these items, as well as the other items that are the subject of a one-off or recurring restatement (exceptional items) are given in the supplement. 5- Cost of risk in basis points, coverage ratio for non-performing loans 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. The gross coverage ratio for non-performing loans or “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 ("non-performing"). SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#63METHODOLOGY (2/3) 6- ROE, RONE, ROTE The notion of ROE (Return On Equity) and ROTE (Return On Tangible Equity), as well as the methodology for calculating it, are specified on pages 43 of Societe Generale's 2023 Universal Registration Document. This measure makes it possible to assess return on equity and Societe Generale's 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 44 of Societe Generale's 2023 Universal Registration Document. The Group net income retained for the numerator of the ratio is the accounting Group net income adjusted by the interest to be paid on TSS & TSDI, interest paid to the holders of TSS & TSDI amortization of premiums issues and the impairment of goodwill. 7 - Net assets and tangible net assets are defined in the methodology, page 45 of the Group's 2023 Universal Registration Document. 8- 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 45 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. For indicative purpose, the Group also publishes EPS adjusted for the impact of exceptional items and for IFRIC 21 adjustment (Underlying EPS). 9 - The Societe Generale Group's Common Equity Tier 1 capital is calculated in accordance with applicable CRR2/CRD5 rules. The phased-in ratios include the earnings for the current financial year and the related provision for dividends. The difference between phased-in ratio and fully-loaded ratio is related to the IFRS 9 impacts. The leverage ratio is calculated according to applicable CRR2/CRD5 rules including the phased-in adjustment in accordance with solvency ratios. 10 - The liquid asset buffer or liquidity reserve includes 1/ central bank cash and deposits recognised for the calculation of the liquidity buffer for the LCR ratio, 2/ liquid assets rapidly tradable in the market (High Quality Liquid Assets or HQLA), unencumbered net of haircuts, as included in the liquidity buffer for the LCR ratio and 3/ central bank eligible assets, unencumbered net of haircuts. 11 - The "Long Term Funding" outstanding is based on the Group financial statements adjusted by the following items for a more economic reading: interbank liabilities and debt securities issued with a maturity above one year at inception. Issues placed in the Group's Retail Banking network (recorded in medium/long-term financing) are removed from the total of debt securities issued. SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023#64METHODOLOGY (3/3) 12-Funded balance sheet, loan/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 into "other items” derivatives, repurchase agreements, securities borrowing/lending and other assets and liabilities. The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet. Note: The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules. 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. SOCIETE GENERALE 1ST QUARTER 2023 RESULTS | 12 MAY 2023 64