SOCIETE GENERALE DISCLOSES PRUDENTIAL CAPITAL REQUIREMENTS

Under Pillar 2, following the results of the Supervisory Review and Evaluation Process (SREP) performed by the European Central Bank (ECB), Societe Generale is required to meet on a consolidated basis a transitional Common Equity Tier 1 (CET1) ratio of 9.5%¹ as of January 1^st 2016. The G-SIB buffer required by the Financial Stability Board (FSB) to be applied on top of this SREP ratio is equal to 0.25% for Societe Generale from January 1^st 2016 and will be increased by 0.25% per annum thereafter, ultimately reaching 1% in 2019. The prudential capital requirement of Societe Generale is therefore 9.75% as of January 1^st 2016.

As of September 30^th 2015, Societe Generale's transitional CET1 ratio on a consolidated basis was equal to 11.1% (pro forma for current earnings, net of dividends), which does not take into account an additional 24 basis points from the disposal of the Group's stake in Amundi in the fourth quarter of 2015. Therefore, Societe Generale's capital position is very solid, with the total deduction of goodwill and deferred tax assets, and a limited benefit from the Danish compromise (around 15 basis points). It is comfortably above the minimum regulatory requirements and as such does not trigger any restriction or limitation in dividend payout, coupons or variable compensation of the relevant staff.

Going forward, the Group will keep up its policy of progressively and steadily strengthening its CET 1 ratio, with the aim of maintaining a 100-150 basis points management buffer above the regulatory requirements resulting from Basel rules.

1      Including  capital conservation buffer