Societe Generale : Universal Registration Document filed on 9 March 2022 under D.22-0080 (PDF)

U N I V E R S A L

R E G I S T R AT I O N DOC U M E N T

2022

ANNUAL FINANCIAL REPORT 2021

T A B L E O F C O N T E N T S

1	KEY FIGURES AND PROFILE	5
	OF SOCIETE GENERALE
	1.1	History	7
	1.2	Profile of Societe Generale	8
	1.3	A strategy of profitable and sustainable
		development, based on a diversified
		and integrated banking model	11
2	1.4	The Group's core businesses	16
GROUP MANAGEMENT REPORT	27
	2.1	Societe Generale Group's main activities	28
	2.2	Group activity and results	30
	2.3	Activity and results of the core businesses	32
	2.4	New important products or services	47
	2.5	Analysis of the consolidated balance sheet	50
	2.6	Financial policy	52
	2.7	Major investments and disposals	55
	2.8	Pending acquisitions and major contracts	56
	2.9	Property and equipment	56
	2.10	Post-closing events	56
	2.11	Statement on post-closing events	57
	2.12	Information about geographic locations
3		and activities at 31 December 2021	58
CORPORATE GOVERNANCE	61
3.1	Board of Directors' report on corporate
		governance	62
	3.2	Statutory auditors' report on related-party
4		agreements	143
RISK AND CAPITAL ADEQUACY	145
		Key figures	146
	4.1	Risk factors	148
	4.2	Risk management organisation	161
	4.3	Internal control framework	173
	4.4	Capital management and adequacy	180
	4.5	Credit risk	191
	4.6	Counterparty credit risk	214
	4.7	Market risk	222
	4.8	Operational risk	234
	4.9	Structural interest rate and exchange rate risks	242
	4.10	Liquidity risk	246
	4.11	Compliance risk, litigation	253
	4.12	Model risk	260
	4.13	Risk related to insurance activities	262
	4.14	Other risks	263

5	CORPORATE SOCIAL RESPONSIBILITY	265
	Societe Generale - CSR at a glance	266
	5.1	Extra-financial challenges and risks
		for Societe Generale	268
	5.2	Defining a robust sustainability management
		framework	272
	5.3	Building a better and sustainable future
		with our clients	290
	5.4	Setting the example: an exemplary financial
		company	314
	5.5	Methodology note	331
	5.6	Independent third party's report on the
		consolidated non-financial statement	336
6	5.7	Group's duty of care plan	339
FINANCIAL INFORMATION	349
	6.1	Consolidated financial statements	350
	6.2	Notes to the consolidated financial statements	357
	6.3	Statutory auditors' report on the consolidated
		financial statements	538
	6.4	Societe Generale management report	544
	6.5	Financial statements	551
	6.6	Notes to the parent company financial
		statements	553
	6.7	Statutory auditors' report on the financial
7		statements	609
SHARE, SHARE CAPITAL	617
	AND LEGAL INFORMATION
	7.1	The Societe Generale share	618
	7.2	Information on share capital	621
	7.3	Additional information	625
	7.4	By-laws	627
	7.5	Internal rules of the Board of Directors	633
	7.6	List of regulated information published
		in the last 12 months	643
	PERSON RESPONSIBLE FOR	645
8 DOCUMENTTHE UNIVERSAL REGISTRATION
	8.1	Person responsible for the Universal
		Registration Document	646
	8.2	Statement of the person responsible
		for the Universal Registration Document
		and the Annual Financial Report	646
	8.3	Persons responsible for the audit
9		of the accounts	646
CROSS-REFERENCE TABLES	647
	9.1	Cross-reference tables	648
	9.2	Declaration of the Issuer	656

ABBREVIATIONS USED:

Millions of euros: EURm / Billions of euros: EURbn / FTE: Headcount in Full-Time Equivalents

Rankings: the source for all references to rankings is given explicitly. Where it is not, rankings are based on internal sources.

U N I V E R S A L

R E G I S T R AT I O N

DOC U M E N T

2022

ANNUAL FINANCIAL REPORT 2021

This Universal Registration Document was filed on 9 March 2022 with the AMF, as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.

This document is a translation into English of the Annual Financial Report/Universal Registration Document of the Company issued in French

and is available on the website of the Issuer.

The Universal registration document is a copy of the official version of the Universal registration document which has been prepared

in XHTML format and is available on the issuer's website.

This label recognises the most transparent documents and information materials according to the criteria of the classement annuel de la Transparence

(Annual Transparency Ranking) (https://www.grandsprixtransparence.com).

| SOCIETE GENERALE GROUP | UNIVERSAL REGISTRATION DOCUMENT 2022 1

MESSAGE FROM THE CHAIRMAN

The year 2021 will be historic for our Group with the achievement of a record performance.

In 2021, beyond our ability to make the most of a situation favourable to economic recovery, despite the ongoing public health crisis, our financial and extra-financial performances confirm the coherence of our model, the solidity of our risk profile and the relevance of the strategy we are pursuing in each of our business lines. Societe Generale is a group that creates value for its clients, shareholders, staff and all of its stakeholders.

Record results

Above all, 2021 was a record year in terms of commercial and financial performance. Across all our business lines, we increased our revenues and kept costs and risks under control, resulting in a record high level of net income. The dynamism of our business lines was also demonstrated by the many significant transactions entrusted to us by our major clients, by the increase

in our client satisfaction as well as the optimisation of the client experience and the services we offer, thanks in particular to our approach to digital innovation. Our Group has a very solid balance sheet, with a very high-quality loan portfolio

and high capital ratios.

Strategic milestones

We also made progress with the roll-out of our major strategic projects in 2021, with ambitious objectives across all of our business lines and a constant focus on rigorous execution.

In Retail Banking in France, Vision 2025 - the project to merge the Societe Generale and Crédit du Nord networks - is now well advanced and will see the creation of a new bank from 2023, one with a commercially aggressive and more efficient model serving 10 million clients. At the same time, we are accelerating the development of Boursorama, the clear leader in online banking in France, driven by its outstanding client acquisition drive, with 800,000 new clients in 2021, and the additional benefits of the agreement signed at the start of 2022 to provide an alternative solution to clients of ING France. Boursorama is on track to achieve its target of more than four million clients a year ahead of schedule.

In International Retail Banking, Insurance and Financial Services, we finalised or continued our development plans for our international retail banking subsidiaries, as well as for our consumer credit activities. In Global Banking and Investor Solutions, we presented our new strategic roadmap focused on sustainable and profitable growth, with the ambition of building on our clients' growing financing and advisory

Lorenzo Bini Smaghi

Chairman of the Board of Directors

AND CHIEF EXECUTIVE OFFICER

needs, and consolidating our market activities while continuing to manage our risk profile. Finally, in our specialist financial business lines, we are strengthening our banking and insurance model in all regions and moving forward with our plan for ALD to acquire LeasePlan, creating a world leader in sustainable mobility. We aim to close this transformative deal by the end of 2022.

Responsible banking commitments

In terms of ESG (Environment, Social, Governance), 2021 was also historic with our extra-financial performance recognised and welcomed by our stakeholders. Now equipped with a new ESG governance at Group level, we have reinforced our environmental commitments to achieve carbon neutrality in our business portfolios by 2050 and developed our positive-impact offers and solutions to support our clients' energy transition, which we are actively supporting. As a responsible employer, we have made progress in achieving our objectives in terms of diversity and gender parity, as demonstrated by the recent appointments to the Group's management bodies, and we continue to invest in our teams' training and commitment levels. The end of the year also saw the definitive dismissal of the two legal proceedings initiated by the US authorities. We have completed the corrective action programmes and will ensure that the reinforcements of our compliance systems are incorporated over the long term.

Maintaining

the momentum in 2022

In an environment set to be more volatile and uncertain, we are determined to sustain this positive momentum and maintain a regularly high level of results by combining commercial performance with a disciplined approach to costs and risks. We will resolutely pursue the implementation of major strategic projects in each of our business lines and finalise our medium‑term roadmap at Group level. We will move onto the next stage in the two major transformations common to all our business lines: integrating CSR objectives into the heart of both our activities and our culture of responsibility, and focusing on digital innovation to accelerate the use of new technologies for the benefit of our clients and to improve operational efficiency.

To deliver on this momentum, we can count on our Group's entrepreneurial energy and capacity for collective action, which our teams show on a daily basis. Determined, committed and responsible, we put our corporate purpose into action: to build together, with our clients, a better

and sustainable future.

We will move onto the next stage in the two major

transformations common to all our business lines: integrating CSR objectives into the heart of both our activities and our culture of responsibility, and focusing on digital innovation to accelerate the use of new technologies for the benefit of our clients and to improve operational efficiency.

Frédéric Oudéa

Chief Executive

Officer