Bond Générale Société 7.375% ( US83368JKG49 ) in USD

Issuer Générale Société
Market price refresh price now   100 %  ▼ 
Country  France
ISIN code  US83368JKG49 ( in USD )
Interest rate 7.375% per year ( payment 2 times a year)
Maturity Perpetual



Prospectus brochure of the bond Societe Generale US83368JKG49 en USD 7.375%, maturity Perpetual


Minimal amount /
Total amount /
Cusip 83368JKG4
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Next Coupon 13/03/2026 ( In 88 days )
Detailed description Société Générale is a major French multinational banking and financial services corporation.

Societe Generale issued a perpetual USD-denominated bond (ISIN: US83368JKG49, CUSIP: 83368JKG4) currently trading at 100% of par value, offering a 7.375% coupon rate with a semi-annual payment frequency.








Issue of USD 1,500,000,000 Undated Deeply Subordinated Resettable Interest Rate Notes
Issue price: 100.000%
The USD 1,500,000,000 Undated Deeply Subordinated Resettable Interest Rate Notes (the "Notes") will be issued by Société Générale (the "Issuer")
and will constitute direct, unconditional, unsecured and deeply subordinated debt obligations of the Issuer, as described in Condition 5 (Status of the
Notes) of the "Terms and Conditions of the Notes".
The Notes will bear interest on their Current Principal Amount (as defined in Condition 2 (Interpretation) of the "Terms and Conditions of the Notes") from (and including)
September 13, 2016 (the "Issue Date") to (but excluding) September 13, 2021 (the "First Call Date") at the rate of 7.375% per annum, payable (subject to cancellation as
described below) semi-annually in arrear on March 13 and September 13 in each year (each an "Interest Payment Date"). The first payment of interest will be made on March
13, 2017 in respect of the period from (and including) the Issue Date to (but excluding) March 13, 2017. The rate of interest will reset on the First Call Date and on each fifth
anniversary thereafter, each a Reset Date (as defined in Condition 2 (Interpretation) of the "Terms and Conditions of the Notes"). The Issuer may elect, or may be required, to
cancel the payment of interest on the Notes (in whole or in part) on any Interest Payment Date. See Condition 6 (Interest) of the "Terms and Conditions of the Notes". As a
result, holders of Notes ("Noteholders") may not receive interest on any Interest Payment Date.
The Current Principal Amount of the Notes will be written down if the Issuer's Common Equity Tier 1 capital ratio falls below 5.125% (on a consolidated basis) (all as defined
in Condition 2 (Interpretation) of the "Terms and Conditions of the Notes"). Noteholders may lose some or all of their investment as a result of a Write-Down. Following such
reduction, the Current Principal Amount may, at the Issuer's full discretion, be written back up if certain conditions are met. See Condition 7 (Loss Absorption and Return to
Financial Health) of the "Terms and Conditions of the Notes".
The Notes have no fixed maturity and Noteholders do not have the right to call for their redemption. As a result, the Issuer is not required to make any payment of the principal
amount of the Notes at any time prior to its winding-up or administration. The Issuer may, at its option, redeem all, but not some only, of the Notes on the First Call Date or
any Reset Date thereafter at their Redemption Amount (all as defined in Condition 2 (Interpretation) of the "Terms and Conditions of the Notes"). The Issuer may also, at its
option, redeem all, but not some only, of the Notes at any time at their Redemption Amount upon the occurrence of certain Tax Events or a Capital Event (all as defined in
Condition 2 (Interpretation) of the "Terms and Conditions of the Notes"). Redemption can be made by the Issuer even if the principal amount of the Notes has been Written
Down and not yet reinstated in full, as described in Condition 7 (Loss Absorption and Return to Financial Health). If a Capital Event or a Tax Event has occurred and is
continuing, the Issuer may further substitute all, but not some only, of the Notes or vary the terms of all, but not some only, of the Notes, without the consent or approval of
Noteholders, so that they become or remain Qualifying Notes (as described in Condition 8.7 "Substitution and variation").
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF"), which is the Luxembourg competent authority for the purpose of the
Prospectus Directive (as defined below) and relevant implementing legislation in Luxembourg, for approval of this Prospectus as a prospectus issued in compliance with the
Prospectus Directive and relevant implementing legislation in Luxembourg for the purpose of giving information with regard to the issue of the Notes. This Prospectus
constitutes a prospectus for the purposes of Article 5.3 of Directive 2003/71/EU (as amended by Directive 2010/73/EU (except as otherwise specified herein))(the "Prospectus
Directive"). By approving this Prospectus, the CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this Prospectus or
the quality or solvency of the Issuer in accordance with Article 7(7) of the Luxembourg Act dated July 10, 2005 as amended on July 3, 2012 (the "Luxembourg Act") on
prospectuses for securities. Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to trading on the Luxembourg Stock Exchange's
regulated market and to be listed on the Official List of the Luxembourg Stock Exchange with effect from September 13, 2016. The Luxembourg Stock Exchange's regulated
market is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC.
The Notes are expected to be rated Ba2 by Moody's France S.A.S. ("Moody's") and BB+ by Standard & Poor's Global Ratings France S.A.S. ("S&P"). Each of Moody's and
S&P is established in the European Union ("EU") and is registered under Regulation (EC) No. 1060/2009 (as amended) (the "CRA Regulation") and is included in the list of
credit rating agencies registered in accordance with the CRA Regulation as of the date of this Prospectus. This list is available on the ESMA website at
www.esma.europa.eu/page/List-registered-and-certified-CRAs (list last updated on December 1, 2015). A rating is not a recommendation to buy, sell or hold securities and
may be subject to revision, suspension or withdrawal at any time by the assigning rating agency.
An investment in the Notes involves certain risks. Prospective purchasers of the Notes should ensure that they understand the nature of the Notes and the extent of their
exposure to risks and that they consider the suitability of the Notes as an investment in the light of their own circumstances and financial condition. For a discussion of
these risks see "Risk Factors" beginning on page 7.
The Notes will be issued in denominations of USD 200,000 and integral multiples of USD 1,000 in excess thereof. The Notes will be issued in the form of one or more Global
Certificates registered in the name of a nominee for the Depository Trust Company ("DTC"). It is expected that delivery of the Notes will be made only in book-entry form
through the facilities of DTC on or about September 13, 2016 (the "Issue Date").
The Notes have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction and may
not be offered or sold within the United States (as defined in Regulation S under the Securities Act ("Regulation S")) except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act. Accordingly, the Notes are being offered and sold only (a) in the United States to qualified institutional buyers
as defined in Rule 144A under the Securities Act ("QIBs") in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A under
the Securities Act ("Rule 144A") and (b) outside the United States to non-U.S. persons in compliance with Regulation S. For a description of certain restrictions on resales
and transfers, see "Transfer Restrictions".
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the Notes or determined that this
Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Under no circumstances shall this Prospectus constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification
under the securities laws of any such jurisdiction.
The Notes are not insured by the Federal Deposit Insurance Corporation or the Bank Insurance Fund or any other U.S. or French governmental or deposit insurance agency.
Société Générale (Canada Branch) is listed in Schedule III to the Bank Act (Canada) and is subject to regulation by the Office of the Superintendent of Financial Institutions
(Canada). The Notes will be issued by the Issuer in France and not from its Canadian branch.

Global Coordinator and Structuring Advisor
Société Générale Corporate & Investment Banking

Joint Lead Managers and Bookrunners
Citigroup
Credit Suisse
J.P. Morgan
SOCIETE GENERALE
Joint Lead Managers
Banca IMI
Barclays
Danske Bank
Santander
TD Securities
The date of this Prospectus is September 7, 2016


TABLE OF CONTENTS

Page
NOTICE TO INVESTORS .............................................................................................................................. iii
ENFORCEMENT OF CIVIL LIABILITIES .................................................................................................. vii
FORWARD-LOOKING STATEMENTS ...................................................................................................... viii
EXCHANGE RATE AND CURRENCY INFORMATION ............................................................................. x
OVERVIEW ....................................................................................................................................................... 1
RISK FACTORS ................................................................................................................................................ 7
DOCUMENTS INCORPORATED BY REFERENCE ................................................................................... 24
SELECTED FINANCIAL DATA.................................................................................................................... 30
USE OF PROCEEDS ....................................................................................................................................... 35
CAPITALIZATION ......................................................................................................................................... 36
THE ISSUER AND THE GROUP ................................................................................................................... 37
GOVERNMENTAL SUPERVISION AND REGULATION .......................................................................... 38
TERMS AND CONDITIONS OF THE NOTES ............................................................................................. 52
THE GLOBAL CERTIFICATES .................................................................................................................... 73
BOOK-ENTRY PROCEDURES AND SETTLEMENT ................................................................................. 76
TAXATION ..................................................................................................................................................... 79
BENEFIT PLAN INVESTOR CONSIDERATIONS ...................................................................................... 83
PLAN OF DISTRIBUTION ............................................................................................................................. 85
TRANSFER RESTRICTIONS......................................................................................................................... 90
LEGAL MATTERS ......................................................................................................................................... 94
INDEPENDENT AUDITORS ......................................................................................................................... 94
GENERAL INFORMATION........................................................................................................................... 95




ii




NOTICE TO INVESTORS
This Prospectus should be read and construed together with any documents incorporated by reference
herein (see "Documents Incorporated by Reference").
No person has been authorized by the Issuer or any of Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, J.P. Morgan Securities LLC, SG Americas Securities LLC, Banca IMI S.p.A., Barclays
Capital Inc., Danske Bank A/S, Santander Investment Securities Inc., and TD Securities (USA) LLC (the
"Initial Purchasers") to give any information or to make any representation not contained in or not consistent
with this Prospectus or any other information supplied by the Issuer or such other information as is in the public
domain and, if given or made, such information or representation should not be relied upon as having been
authorized by the Issuer or any of the Initial Purchasers.
None of the Initial Purchasers has independently verified the information contained in this Prospectus.
Accordingly, no representation or warranty is made or implied by the Initial Purchasers or any of their
respective affiliates, and neither the Initial Purchasers nor any of their respective affiliates makes any
representation or warranty or accepts any responsibility, as to the accuracy or completeness of the information
contained in this Prospectus. Neither the delivery of this Prospectus nor the offering, sale or delivery of the
Notes shall, in any circumstances, create any implication that the information contained in this Prospectus is
true subsequent to the date hereof or that any other information supplied in connection with the Notes is correct
at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
Neither this Prospectus nor any other information supplied in connection with the Notes (a) is intended to
provide the basis of any credit evaluation or (b) should be considered as a recommendation or a statement of
opinion (or a report on either of those things) by the Issuer, the Initial Purchasers or any of them that any
recipient of this Prospectus or any other information supplied in connection with the Notes should purchase any
Notes. Each investor contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer.
Prospective investors hereby acknowledge that (a) they have been afforded an opportunity to request
from the Issuer and to review, and have received, all additional information considered by them to be necessary
to verify the accuracy of, or to supplement, the information contained herein, (b) they have had the opportunity
to review all of the documents described herein, (c) they have not relied on the Initial Purchasers or any person
affiliated with the Initial Purchasers in connection with any investigation of the accuracy of such information or
their investment decision, and (d) no person has been authorized to give any information or to make any
representation concerning the Issuer or the Notes (other than as contained herein and information given by the
Issuer's duly authorized officers and employees, as applicable, in connection with investors' examination of
Société Générale and the terms of the Notes) and, if given or made, any such other information or representation
should not be relied upon as having been authorized by the Issuer or the Initial Purchasers.
This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction
in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such an
offer or solicitation.
The distribution of this Prospectus and the offering, sale and delivery of the Notes in certain jurisdictions
may be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and
the Initial Purchasers to inform themselves about and to observe any such restrictions (see "Plan of
Distribution").
In connection with the issue of the Notes, SG Americas Securities, LLC as stabilizing manager (the
"Stabilizing Manager") (or persons acting on behalf of the Stabilizing Manager) may over allot notes or
effect transactions with a view to supporting the price of the Notes at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilizing Manager (or persons acting on


iii




behalf of a Stabilizing Manager) will undertake stabilization action. Any stabilization action may begin
on or after the date on which adequate public disclosure of the terms of the offer of the Notes is made
and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the
Issue Date and 60 days after the date of the allotment of the Notes. Such stabilizing or over-allotment
shall be conducted in accordance with all applicable laws, regulations and rules.
The Issuer expects that the Initial Purchasers for the offering may include one or more of its
broker-dealer or other affiliates, including SG Americas Securities, LLC. These broker-dealer or other
affiliates also expect to offer and sell previously issued securities of the Issuer as part of their business
and may act as a principal or agent in such transactions, although a secondary market for the Notes
cannot be assured. The Issuer or any of its broker-dealer or other affiliates may use this Prospectus in
connection with any of these activities, including for market-making transactions involving the Notes
after their initial sale. It is not possible to predict whether the Notes will trade in a secondary market or,
if they do, whether such market will be liquid or illiquid. The Initial Purchasers, or one or more of their
affiliates, reserve the right to enter, from time to time and at any time, into agreements with one or more
Noteholders to provide a market for the Notes but none of the Initial Purchasers or any of their affiliates
is obligated to do so or to make any market for the Notes.
The Notes discussed in this document are complex financial instruments and are not a suitable or
appropriate investment for all investors. In some jurisdictions, regulatory authorities have adopted or
published laws, regulations or guidance with respect to the offer or sale of securities such as the Notes to
retail investors.
In particular, in June 2015, the U.K. Financial Conduct Authority (the "FCA") published the
Product Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument 2015
(as amended or replaced from time to time) which took effect from October 1, 2015 (the "PI
Instrument"). Under the rules set out in the PI Instrument (as amended or replaced from time to time,
the "PI Rules"):
i.
certain contingent write-down or convertible securities (including any beneficial interests
therein), such as the Notes, must not be sold to retail clients in the EEA; and
ii.
there must not be any communication or approval of an invitation or inducement to
participate in, acquire or underwrite such securities (or the beneficial interest in such securities) where
that invitation or inducement is addressed to or disseminated in such a way that it is likely to be received
by a retail client in the EEA (in each case, within the meaning of the PI Rules), other than in accordance
with the limited exemptions set out in the PI Rules.
By purchasing, or making or accepting an offer to purchase any Notes (or a beneficial interest in
such Notes) from the Issuer and/or the Joint-Lead Managers and Bookrunners, each investor represents,
warrants, agrees with and undertakes to the Issuer and each of the Joint-Lead Managers and
Bookrunners that (1) it is not a retail client in the EEA (as defined in the PI Rules), (2) whether or not it
is subject to the PI Rules, it will not sell or offer the Notes to retail clients in the EEA or communicate
(including the distribution of this Prospectus) or approve an invitation or inducement to participate in,
acquire or underwrite the Notes (or any beneficial interest therein) where that invitation or inducement is
addressed to or disseminated in such a way that it is likely to be received by a retail client in the EEA (in
each case within the meaning of the PI Rules), in any such case other than (i) in relation to any sale or
offer to sell Notes (or any beneficial interest therein) to a retail client in or resident in the United
Kingdom, in circumstances that do not and will not give rise to a contravention of the PI Rules by any
person and/or (ii) in relation to any sale or offer to sell Notes (or any beneficial interest therein) to a retail
client in any EEA member state other than the United Kingdom, where (a) it has conducted an
assessment and concluded that the relevant retail client understands the risks of an investment in the
Notes (or such beneficial interests therein) and is able to bear the potential losses involved in an
investment in the Notes (or such beneficial interests therein) and (b) it has at all times acted in relation to
such sale or offer in compliance with the Markets in Financial Instruments Directive (2004/39/EC)


iv




("MiFID") to the extent it applies to it or, to the extent MiFID does not apply to it, in a manner which
would be in compliance with MiFID if it were to apply to it, and (3) it will at all times comply with all
applicable laws, regulations and regulatory guidance (whether inside or outside the EEA) relating to the
promotion, offering, distribution and/or sale of the Notes (or any beneficial interests therein), including
(without limitation) any such laws, regulations and regulatory guidance relating to determining the
appropriateness and/or suitability of an investment in the Notes (or any beneficial interests therein) by
investors in any relevant jurisdiction.
NOTICE TO U.S. INVESTORS
The Notes have not been approved or disapproved by the United States Securities and Exchange
Commission or any other securities commission or other regulatory authority in the United States, nor have the
foregoing authorities approved this Prospectus or confirmed the accuracy or determined the adequacy of the
information contained in this Prospectus. Any representation to the contrary is unlawful.
This Prospectus may be distributed on a confidential basis in the United States to a limited number of
QIBs for informational use solely in connection with the consideration of the purchase of the Notes being
offered hereby. Its use for any other purpose in the United States is not authorized. It may not be copied or
reproduced in whole or in part nor may it be distributed or any of its contents disclosed to anyone other than the
prospective investors to whom it is originally submitted.
The Notes may be offered or sold within the United States only to QIBs in transactions exempt from
the registration requirements under the Securities Act. The Issuer and the Initial Purchasers are relying upon
exemptions from registration under the Securities Act for offers and sales of securities which do not involve a
public offering, including Rule 144A under the Securities Act. Prospective investors are hereby notified that
sellers of the Notes may be relying on the exemption from the provision of Section 5 of the Securities Act
provided by Rule 144A. The Notes are subject to restrictions on transferability and resale. Purchasers of the
Notes may not transfer or resell such Notes except as permitted under the Securities Act and applicable state
securities laws. See "Transfer Restrictions". Prospective investors should thus be aware that they may be
required to bear the financial risks of this investment for an indefinite period of time.
The distribution of this Prospectus and the offer and sale of the Notes may, in certain jurisdictions, be
restricted by law. Each purchaser of the Notes must comply with all applicable laws and regulations in force in
each jurisdiction in which it purchases, offers or sells the Notes or possesses or distributes this Prospectus, and
must obtain any consent, approval or permission required for the purchase, offer or sale by it of the Notes under
the laws and regulations in force in any jurisdiction to which it is subject or in which it makes purchases, offers
or sales. There are restrictions on the offer and sale of the Notes, and the circulation of documents relating
thereto, in certain jurisdictions including the United States, the United Kingdom and France, and to persons
connected therewith. See "Plan of Distribution" and "Transfer Restrictions".
Each prospective investor in the Notes must determine, based on its own independent review and such
professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is fully
consistent with its financial needs, objectives and condition, complies and is fully consistent with all investment
policies, guidelines and restrictions applicable to it and is a fit, proper and suitable investment for it,
notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.
A prospective investor may not rely on the Issuer, the Initial Purchasers or any of their respective
affiliates in connection with its determination as to the legality of its acquisition of the Notes or as to the other
matters referred to above.
Each prospective investor in the Notes must determine the suitability of that investment in light of its own
financial circumstances and investment objectives, and only after careful consideration with their financial,
legal, tax and other advisers. In particular, each prospective investor should:


v




· have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and
risks of investing in the Notes and the information contained or incorporated by reference in this
Prospectus;
· have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
· have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including where the currency for principal or interest payments is different from the prospective
investor's currency;
· understand thoroughly the terms and conditions of the Notes; and
· be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic,
interest rate and other factors that may affect its investment and its ability to bear applicable risks.
The Notes are complex financial instruments. Sophisticated institutional investors generally do not
purchase complex financial instruments as stand-alone investments. They purchase complex financial
instruments as a way to reduce risk or enhance yield with an understood, measured and appropriate addition of
risk to their overall portfolios. A prospective investor should not invest in Notes unless it has the expertise
(either alone or with a financial adviser) to evaluate how the Notes will perform under changing conditions, the
resulting effects on the value of the Notes and the impact this investment will have on the prospective investor's
overall investment portfolio.
Each prospective investor should consult its own advisers as to legal, tax and related aspects of its
investment in the Notes. A Noteholder's effective yield on the Notes may be diminished by the tax on that
Noteholder's investment in the Notes.


vi




ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is a société anonyme incorporated under the laws of France. Most of its directors and
officers reside outside the United States, principally in France. In addition, a large portion of its assets and its
directors' and officers' assets is located outside the United States. As a result, U.S. investors may find it
difficult in a lawsuit based on the civil liability provisions of the U.S. federal securities laws to:
· effect service within the United States upon the Issuer or its directors and officers located outside
the United States;
· enforce outside the United States judgments obtained against the Issuer or its directors and officers
in the U.S. courts;
· enforce in U.S. courts judgments obtained against the Issuer or its directors and officers in courts in
jurisdictions outside the United States; and
· enforce against the Issuer or its directors and officers in France, whether in original actions or in
actions for the enforcement of judgments of U.S. courts, civil liabilities based solely upon the U.S.
federal securities laws.
In addition, actions in the United States under U.S. federal securities laws could be affected under
certain circumstances by the French law No. 68-678 of July 26, 1968, as modified by law No. 80-538 of July
16, 1980 (relating to communication of documents and information of an economic, commercial, industrial,
financial or technical nature to foreign natural or legal persons), which may preclude or restrict the obtaining of
evidence in France or from French persons in connection with these actions. Similarly, French data protection
rules (law No. 78-17 of January 6, 1978 on data processing, data files and individual liberties, as modified from
time to time) can limit under certain circumstances the possibility of obtaining information in France or from
French persons, in connection with a judicial or administrative U.S. action in a discovery context.
AVAILABLE INFORMATION
While any of the Notes remain outstanding and are "restricted securities" within the meaning of Rule
144(a)(3) of the Securities Act and the Issuer is neither subject to Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act") nor exempt from reporting pursuant to Rule 12g3-2(b) under
the Exchange Act, the Issuer will make available, upon request, to any Noteholder or prospective purchasers of
Notes the information specified in Rule 144A(d)(4) under the Securities Act.


vii




FORWARD-LOOKING STATEMENTS
This Prospectus (including the documents incorporated by reference herein or therein) contains certain
forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of
1995, but, for the avoidance of doubt, not within the meaning of Commission Regulation (EC) No 809/2004 of
April 29, 2004 implementing Directive 2003/71/EC) and information relating to the Group (as defined below)
that is based on the beliefs of the Issuer's management, as well as assumptions made by and information
currently available to its management.
When used in this Prospectus (including the documents incorporated by reference herein or therein),
the words "estimate", "project", "believe", "anticipate", "plan", "should", "intend", "expect", "will" and similar
expressions are intended to identify forward-looking statements.
Examples of such forward-looking statements include, but are not limited to:
· statements of the Issuer or of its management's plans, objectives or goals for future operations;
· statements of the Group's future economic performance; and
· statements of assumptions underlying such statements.
Although the Issuer believes that expectations reflected in its forward-looking statements are
reasonable as of the date of this Prospectus, there can be no assurance that such expectations will prove to have
been correct. These forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause the Group's actual results, performance or achievements or industry results to be
materially different from those contemplated, projected, forecasted, estimated or budgeted, whether expressed
or implied, by these forward-looking statements. These factors include, among others, the following:
· general economic and business conditions;
· the effects of, and changes in, laws and regulations;
· regional market exposures, including to the Group's home market;
· reputational risk;
· access to financing and liquidity;
· reduced liquidity or volatility in the financial markets;
· trading volatility;
· changes in interest and exchange rates;
· regulatory risks;
· counterparty risk and concentration of risk;
· the soundness and conduct of other financial institutions;
· the inability to hedge certain risks;
· adequacy of loss reserves;
· litigation risks;
· the inability to effectively integrate acquisition targets;
· operational risks, including failure or breach of technology systems;


viii




· catastrophic events, terrorist attacks or pandemics;
· reductions in brokerage fees or other commission income;
· the inability to attract or retain qualified employees;
· various other factors referenced in this Prospectus (including in the section entitled "Risk Factors",
beginning on page 7); and
· the Group's success in adequately identifying and managing the risks of the foregoing.
The risks described above and in this Prospectus are not the only risks an investor should consider.
New risk factors emerge from time to time and the Issuer cannot predict all such risk factors that may affect its
business or the extent to which any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given these risks and uncertainties,
investors should not place any undue reliance on forward-looking statements as a prediction of actual results.
The Issuer undertakes no obligation to update the forward-looking statements contained in this Prospectus, or
any other forward-looking statement it may make.
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
In this Prospectus, unless otherwise specified or the context otherwise requires, references to "$",
"U.S.$", "USD", "U.S. dollars" and "dollars" are to United States dollars and references to "", "EUR", "euro"
and "euros" are to the single currency of the Member States of the European Union participating in the third stage
of the economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as
amended and supplemented from time to time. References to a particular "fiscal" year are to the Issuer's fiscal
year ended December 31 of such year. In this Prospectus, references to "U.S." or "United States" are to the
United States of America, its territories and its possessions. References to "France" are to the Republic of France.
In this Prospectus, the "Issuer" refers to Société Générale. The Issuer and its consolidated subsidiaries
(filiales consolidées) taken as a whole are referred to as the "Group".
The Issuer maintains its financial books and records and prepares its financial statements in accordance
with International Financial Reporting Standards as adopted by the European Union ("IFRS") which differ in
certain important respects from generally accepted accounting principles in the United States ("U.S. GAAP").
The Issuer makes use of the provisions of IAS 39 as adopted by the European Union for applying macro-fair value
hedge accounting (IAS 39 "carve-out").
The Issuer publishes its financial statements in euros. See "Exchange Rate and Currency Information".
In this Prospectus, various figures and percentages have been rounded and, accordingly, may not total.
RESPONSIBILITY STATEMENT
The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the
knowledge of the Issuer (which has taken all reasonable care to ensure that such is the case), the information
contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the
import of such information. References herein to this "Prospectus" are to this document, including the
documents incorporated by reference.


ix




EXCHANGE RATE AND CURRENCY INFORMATION
The following table sets forth, for the periods indicated, high, low, average and period-end daily
reference exchange rates published by the European Central Bank (the "ECB") expressed in U.S. dollars per
EUR 1.00. The rates may differ from the actual rates used in the preparation of the IFRS financial statements
and other financial information appearing in this Prospectus.
On September 6, 2016, the ECB daily reference exchange rate was USD 1.1159 = EUR 1.00.


USD per EUR 1.00


High

Low

Average

Period End
Month




September 2016 (up to September 6, 2016) ..........
1.1193
1.1146
1.1164
1.1159
August 2016 ..........................................................
1.1339
1.1078
1.1212
1.1132
July 2016 ...............................................................
1.1157
1.0982
1.1069
1.1113
June 2016 ..............................................................
1.1389
1.0998
1.1229
1.1102
May 2016 ..............................................................
1.1569
1.1139
1.1311
1.1154
April 2016 .............................................................
1.1432
1.1252
1.1339
1.1403
March 2016 ...........................................................
1.1385
1.0856
1.1100
1.1385

Six months ended
June 30, 2015
1.2043
1.0552
1.1158
1.1189
June 30, 2016
1.1569
1.0742
1.1159
1.1102

Year




2015 ................................................................
1.2043
1.0552
1.1095
1.0887
2014 ................................................................
1.3953
1.2141
1.3287
1.2141
2013 ................................................................
1.3814
1.2768
1.2808
1.3791
2012 ................................................................
1.3454
1.2089
1.2848
1.3194
2011 ................................................................
1.4882
1.2989
1.3920
1.2939

Fluctuations in exchange rates that have occurred in the past are not necessarily indicative of fluctuations
in the exchange rates that may occur at any time in the future. No representations are made in this Prospectus
that the euro or U.S. dollar amounts referred to herein could have been or could be converted into U.S. dollars
or euros, as the case may be, at any particular rate.



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