STATEMENT - 24 OCTOBER 2012

Societe Generale acknowledges the conviction of Jérôme Kerviel on the charges of breach of trust, fraudulent entry into an automated processing system, forgery and use of forgeries. The ruling of the Paris Court of Appeals confirms the guilt of Jérôme Kerviel in the massive fraud of which the bank and its employees were victims, in line with the findings of all legal proceedings conducted up to this point, and clearly establishes that his fraudulent activities were committed without the bank's knowledge.

In its decision, the Court of Appeals also fully acknowledges the exceptional moral and financial harm suffered by the bank and its employees.

As it stated when the court made its initial ruling, the bank will be able to find a realistic and measured solution regarding the recovery of the damages that it has been awarded.

More than four and a half years after the events, the group has learned everything it can from this affair and is pursuing its strategy with determination.