“In an environment that will experience considerable changes going forward, I definitely consider that Société Générale has a very strong business model with key competitive edges to be one of the most successful European banks. The last few years have been challenging for the Group, its shareholders and employees but we have learnt from the crisis. 2010 represents the beginning of a new period for Société Générale. In this respect, the results delivered in the first quarter are a first tangible proof of our ability to rebound. My strategy for the coming years will be to enhance our client-oriented and integrated universal banking model, take advantage of our strong positions in regions with high growth potential and further transform our operational model. Keeping as a priority the high quality banking services we want to bring to our clients, we will deliver strong results on the back of a sustainable growth, and strictly discipline financial and risk management.”

Frédéric Oudéa, Chairman and CEO

A client-oriented universal bank refocused on three pillars
The Group confirms its universal banking model, which demonstrated its resilience during the crisis and should remain effective in a 2010-2015 environment marked by considerable uncertainty and increasing constraints.
The strength of this model is based not only on the long-term relationships that it builds with clients, but also on its diversification (multi-businesses and multi-clients) and on an appropriate balance between financing solutions and deposits collection.
From five business lines on an equal footing, the model has been refocused on three pillars:
• French Networks,
• International Retail Banking,
• Corporate and Investment Banking.
These pillars are at the heart of relationships with clients. Their solid positioning offers significant growth potential for the Group.
The two other businesses, Specialised Financial Services & Insurance and Global Investment Management & Services are expected to consolidate their respective leadership positions. They will support the above mentioned pillars, and be developed based on four simple criteria:
• the level of potential synergies with the Group’s three pillars,
• their consumption of scarce resources,
• their contribution to the Group’s financial results,
• their ability to maintain competitive positions.

Fully unlock the Group’s growth potential
Societe Generale’s portfolio of activities is unique in that it offers, compared to a large number of peers, significant potential for sustainable and profitable growth. In addition to holding significant competitive advantages, the Group operates in geographies with significant potential going forward.
The Group’s renewed management team intends to accelerate this growth through more than 50 initiatives involving all its business lines and reflecting the “Ambition SG 2015” plan. In a nutshell, Societe Generale aspires to the following accomplishments:
• Be the benchmark for customer satisfaction in French retail banking,
• Top 3 in Central and Eastern Europe and Russia,
• Top 5 position in Europe in Corporate & investment banking,
• For the Group as a whole, return to profitable and mainly organic growth over the 2009-2015 period.
By 2012, Societe Generale will roll out its ‘Ambition 2015’ initiatives and fully unlock the potential of its franchises. The Group will continue with the arbitrages in its business portfolios that were initiated with the creation of Amundi, the restructuring of peripheral activities, the consolidation of the Russian activities, the purchase of 20% in Crédit du Nord and, as announced by the Groupe on 14 June 2010, the start of exclusive negotiations regarding the potential acquisition of Société Marseillaise de Crédit by Crédit du Nord.

Transform the operational model and strictly control risks
Capitalising on the lessons learnt from the crisis, Societe Generale will continue to adapt to theenvironment and, by focusing on:
• The improvement of its operational efficiency through the industrialisation of processes and the pooling of resources
• The development of internal synergies
• Attracting talents and developing best practices in terms of management
• A constant and reinforced vigilance on risk control

Deliver around EUR 6bn in earnings target by 2012
In a scenario of modest GDP growth worldwide, Societe Generale is targeting:
• Net earnings group share around EUR 6 bn in 2012
• An annual 4% revenue growth between 2009 and 20121
• C/I ratio below 60% in 2012
• An average cost of risk of 55-65bps of loans and receivables outstandings across the cycle
• After tax RoE of around 14-15% in 2012
The Group will maintain a solid capital position over the period with a minimum Core Tier 1 ratio of 8% by 2012 (under Basel II and post CRD3).