cross asset solutions| FINDING SMART SOLUTIONS TOGETHER |

CONFIDENTIAL – INDICATIVE FOR DISCUSSION PURPOSES ONLY

FOR INSTITUTIONAL INVESTOR USE ONLY - NOT FOR RETAIL CUSTOMERS PLEASE SEE IMPORTANT LEGAL NOTICE BELOW

Global Markets Division

Cross-asset solUtions GroUPSEPTEMBER 15, 2014

If you are a “U.S. Person” (as defined by the U.S. Commodity Futures Trading Commission), please visit http://swapdisclosuresgcib.com for important information with respect to derivative products. By transacting with Société Générale, you are deemed to acknowledge that you have read and accepted the information

contained in the disclosure documents on this website.

SOCIETE GENERALE GROUP

Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group strives to combine financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognized in its markets, close to clients, and chosen for the quality and commitment of its teams. Around 154,000 employees, based in 76 countries, accompany more than 32 million clients throughout the world on a daily basis. Societe Generale’s teams offer services to individual, corporate and institutional customers in three core businesses:

� Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama � International retail banking, with a presence in Central and Eastern Europe and Russia, in the Mediterranean basin, in Sub-Saharan Africa, in Asia and in the French Overseas Territories

� Corporate and investment banking with a global expertise in investment banking, financing and global markets

Societe Generale is also a significant player in specialized financing and insurance, private banking, asset management and securities services. Societe Generale is included in the main international socially-responsible investment indices: FTSE4Good, ASPI, DJSI World and DJSI Europe.

FOR MORE INFORMATION, vISIT WWW.SOCIETEGENERAlE.COMOR FOllOW US ON TWITTER @SOCIETEGENERAlE

2

3

YOUR DIRECT ACCESS TO A CROSS ASSET PlATFORM WITH COMPREHENSIvE FINANCIAl ENGINEERING CAPABIlITIES AND CUTTING EDGE ClIENT SERvICES

CROSS ASSET SOLUTIONSintroDucinG cross asset solutions

Cross Asset Solutions operates at the heart of the Global Markets division of Societe Generale.

Cross Asset Solutions brings together the Equities, Fixed Income, Currencies, Commodities and Funds structuring capabilities to provide investors with a single multi-asset market solutions team.

Based on a client-oriented cross-asset approach with customized services, we deliver a comprehensive range of products and solutions across multiple asset classes while continuing to provide world-class trading capabilities.

sales - Financial enGineerinG - traDinG

EQUITIES INTEREST RATES

CURRENCIES COMMODITIES

CREDIT SOCIETE GENERAlE INDEX

MUTUAl FUNDS HEDGE FUNDS

GloBal resources – local coVeraGe

Our Sales teams are organized by region to be as close as possible to our customers and partners. Our Financial Engineering and Trading teams are integrated globally to facilitate market access & share expertise.

AMERICASCENTRAl EUROPE

MIDDlE EASTAFRICA

EUROPEASIA

PACIFIC

4

AS EACH ClIENT HAS SPECIFIC NEEDS, OUR SERvICE IS ORGANIzED AROUND THREE CATEGORIES

OUR CLIENTS

Financial institutions (oWn account)From asset and liability management solutions to risk management, our engineering teams leverage the entire bank’s capabilities to provide you with potential solutions.

� BANKS

� INSURANCE COMPANIES

� PENSION FUNDS

institutional inVestorsWe are committed to providing our clients with unparalleled support for their portfolio management, whether it be financing, investing, hedging solutions or fund linked derivatives. Our platform is client-driven and operationally efficient.

� ASSET MANAGERS

� ENDOWMENTS & FOUNDATIONS

� FUNDS OF FUNDS/HEDGE FUNDS

� FAMIlY OFFICES (HIGH NET WORTH INDIvIDUAlS)

DistriButorsOur approach is based on long-term partnerships with distributors. Whether running multiple pricing iterations of standardized payoffs or generating innovative trade ideas, our engineering teams help clients design the next product offering for their network.

� BROKER DEAlER PlATFORMS

� PRIvATE BANKS & RETAIl BANKS

� REGISTERED INvESTMENT ADvISORS

5

FROM INvESTMENT TO HEDGING AND FINANCING SOlUTIONS, OUR CAPABIlITIES ARE COMPREHENSIvE ACROSS All ASSET ClASSES

OUR CAPABILITIES

inVestMent HeDGinG

FinancinG

client oBjectiVe(s)Wealth PreservationYield enhancementrisk Management

asset & liability Management Cash extraction

unDerlyinG asset(s)Credit

CommoditiesCurrencies

equitiesHybrids

Hedge Fundsindices

interest ratesMutual Funds

inVestMent Horizonshort-term (<1Y)

Medium-term (1 to 5Y)long-term (5Y to 10Y)

and above (>10Y)

Market expectation(s)bullishbearishvolatile

trendless

currencyG10 Currencies

emerging Currencies

WrapperotC

WarrantsnotesFundssPvs

Collateralized vehiclesreinsurance contracts

6

OUR SOlUTIONS TEAM lEvERAGES ON All OUR CAPABIlITIES TO PROvIDE FINANCIAl INSTITUTIONS WITH A WIDE RANGE OF INvESTMENT PRODUCTS

FINANCIAL INSTITUTIONS

our experience

asset and liability Management Our experience and systems allow us to run analyses on balance sheet and cash flows at different dates and under numerous economic assumptions.

risk Based capitalWe can help clients find solutions to potentially optimize the capital consumption of their market exposure.

risk analysisWe have capacity to estimate certain implied risks of clients’ investments including impaired assets, loans, receivables and structured investments.

Our Solutions group aims to bring the best of Societe Generale’s experience in investment, hedging and financing solutions to institutional investors.

Understanding needs is our priority. Our worldwide expertise in cutting edge investment strategies, hedging strategies and pricing tools allows us to provide solutions that may fit Financial Institutions’ needs under regulatory and accounting constraints* and business constraints through utilizing a large range of wrappers.

*SG does not provide investment, legal, accounting or regulatory advice in connection herewith and nothing herein should be construed as investment, legal, accounting or regulatory advice. Before making any accounting-related decision, you should discuss such decision with your accounting specialist. You must determine the accounting and regulatory treatment of any investment you make, SG provides no advice nor gives any guarantee in this regard.

Best bank for advisory and execution: interest and inflation risk; credit risk (2013)Deal of the year (2012) Insurance Risk Magazine

InsuranceAWARDS 2013

alM for Financial institutions (2013)Shortlisted as “Highly recommended”The Banker Investment Banking Awards

7

OUR TOOLBOx FOR FINANCIAL INSTITUTIONS

WE MAY HAvE THE TOOlS NECESSARY TO ANSWER YOUR NEEDS ARISING FROM All AREAS OF YOUR BAlANCE SHEET

assets liabilities

CASHEQUITY

PROFIT OR lOSSES

FIXED INCOME

lIABIlITIESEQUITIES

AlTERNATIvE INvESTMENTS

sHort terM inVestMent strateGies

A range of investment solutions designed to complement existing

cash positions

incoMe DiVersiFiersSolutions linked to various

potential sources of alpha and beta with principal protection

Beta & alpHa strateGiesA wide range of products, applying to Beta Exposure and Alpha Generation strategies

equity Finance & inDexationPotentially allowing financial

institutions to mix and gain exposures via various financing and derivative

tools to manage their trading strategies

alternatiVe inVestMentsBenefit from Societe Generale’s experience in hedge fund-related investment solutions

coMMoDitiesInnovative Solutions to access

the commodity market

risk-BaseD capitalSolutions which may address Risk Based Capital consumption*

accountinG tools Solutions that may mitigate accounting* impact of investments

HeDGinG tHrouGH HyBriD solutionsHybrid solutions designed to potentially provide protection only when it is desired i.e. taking into account your desired Solvency or Funding Ratio as well as the net contribution of the various components of the balance sheet to the Funding Ratio

structureD liaBilitiesStructured solutions for debt issuances tailored to potentially reduce financing costs

cross-asset FinancinGNon-recourse financing solutions of financial assets (including bonds, equities, structured notes, alternative investments, etc)

proDuct DesiGnMulti-asset or single asset volatility controlled indices designed with the goal of achieving attractive risk/return ratios.

CROss-asset OVeRlaYsOCiete GeneRale inDeX (sGi)A diverse range of indices providing access to bond, credit, commodity, equity betas and various equity-based quantitative strategies

*SG does not provide investment, legal, accounting or regulatory advice in connection herewith and nothing herein should be construed as investment, legal, accounting or regulatory advice. Before making any accounting-related decision, you should discuss such decision with your accounting specialist. You must determine the accounting and regulatory treatment of any investment you make, SG provides no advice nor gives any guarantee in this regard.

8

OUR TOOLBOx DESIGNED FOR INSURANCE COMPANIES

Macro-lonGeVity transactionSG offers Insurance Companies longevity risk hedging solutions using transactions based upon population weighted payouts in option form, and based upon Risk Management Solutions’ modeling of the longevity risk.

Micro-lonGeVity transactionSG offers Insurance Companies longevity risk hedging solutions linked to an index based upon reference lives underwritten by a medical underwriter between 2004 and 2008 and synthetic universal life insurance policies based thereon.

VariaBle annuitiesFull or partial hedge of existing books of variable annuities using both derivatives and reinsurance execution.

risk-BaseD capitalTo potentially improve Risk-Based Capital for on-balance sheet assets, SG developed solutions that may receive favorable NAIC treatment*.

� For new investments made by the Insurance Company (as outright investments into: alternative asset classes, private equity, commodities or non-traditional assets may result in high Risk-Based Capital charges)

� For current on-balance sheet corporate bond investments (as exposure to high yield corporate bonds may have a disadvantageous impact on Risk-Based Capital consumption)

MoDiFieD co-insuranceModified Co-insurance transactions may allow for regulatory and economic capital relief* at the operating company level, at a potential lower cost than complete reinsurance, as insurance companies only pay for the desired risk transfer**.

*SG does not provide investment, legal, accounting or regulatory advice in connection herewith and nothing herein should be construed as investment, legal, accounting or regulatory advice. Before making any accounting-related decision, you should discuss such decision with your accounting specialist. You must determine the accounting and regulatory treatment of any investment you make, SG provides no advice nor gives any guarantee in this regard.** Terms and fees to be negotiated on a transaction-by-transaction basis.

9

VALUE PROPOSITION FOR INSTITUTIONAL INVESTORS

our experience

Societe Generale has continued to focus on its structured alternative investment business throughout the years.

Whether it be fi nancing, investing, hedging solutions or fund linked derivatives, institutional investors (asset Managers, endowment & Foundations, Hedge Funds managers, Funds of Funds managers, Family offi ces) continue to benefi t from our advanced platform, which works to design alternative investment structures.

Best House, europe (2014)top 17 positions (2014)top 12 positions (2013)European Structured Retail Products Awards

structured products House of the year (2014)equity Derivatives House of the year (2011, 2013) Risk Awards

#1 all categories#1 interest rate products#1 equity products#2 currency products#4 credit productsAsia Risk Interdealer Rankings (2013)

Hedge Fund & cross-asset FinancingIn 2000, SG launched the portfolio of hedge fund fi nancing division, originating, structuring, and fi nancing (directly and indirectly) credit facilities and other fi nancing structures for institutional clients.

SG developed a wide range of solutions for clients who may need credit lines:

� to fi nance portfolio turnover, subscriptions/redemptions (“Bridge Financing”)

� to create and distribute leveraged versions of their fl agship fund of funds

� for hedging needs (FX, Interest Rate swaps, Equity, Credit)

portfolio HedgingWe design systematic hedging strategies based on innovative SG algorithms and trading strategies.

cross-asset investment solutionsTo address our client’s needs for alternative investments, we offer access to:

� Structured investments across asset classes

� lyxor AM: SG’s platform of Hedge Funds and Fund of Hedge Funds

portable alphaWe offer fully integrated Portable Alpha solutions with capital effi cient access to Beta through synthetic collateralization, reducing operational burden and cash drag.

Awards2014

10

SERVICES FOR INSTITUTIONAL INVESTORS

quantitatiVe expertiseOur ability to innovate and develop new strategies for our institutional clients is based in large part on our quantitative expertise. The financial engineering team runs sophisticated analysis on investment/hedging strategies to help them identify alpha-generating market opportunities.

Whether it be comparing option maturities and strike levels, simulating the impact of the option rolls, or searching which out-of-the-money options would potentially optimize the results of a strategy, our clients benefit from our advanced engineering capability.

the following are some examples of quantitative studies that we have conducted in order to develop potential customized products for our clients:

Example of quantitative studies #1:How to reduce equity drawdowns by efficiently implementing a call-writing program to buy downside protection?Study on the Enhanced Collar.

Example of quantitative studies #2:How to improve the volatility profile of an equity portfolio using systematic overlays?#1: Study on the Buy-Write Strategy.#2: Study on the Dynamic Hedging Strategy.

Example of quantitative studies #3:How to generate returns from mean-reversion patterns in the S&P 500 Index by capturing the spread between its daily and weekly variance?Study on alternatives to improve the strategy (daily-over-bi-weekly variance swaps vs. daily-over-weekly, rolling strategy, etc.).

custoM inDex DeVelopMentCustom indices are developed in order to best match the investment objectives and constraints of our client base.

We pride ourselves in maintaining an open culture where new strategies are encouraged and enacted:

� Extracting value from “hidden” assets (implied volatility, dispersion, correlation, etc.)

� Implementing cost-efficient hedging solutions (tail risk or full hedging)

� Facilitating access to “hard-to-reach” or “exclusive” asset classes

SGI proprietary strategies (single or multi-assets) are all rules-based investible indices that represent a wide universe of indexation possibilities for certain qualified institutional clients.

inDex coMponentsstocks, indices, funds, bonds, futures, otC and listed options

CUSTOMIzED BESPOKEINDICES

asset classesMono (equities, interest rates,

credit, commodities, FX, alternative assets) or multi-asset

ForMula-BasseDstatic or dynamic with

algorithmic or systematic review

associateD proDuctsPayoffs (options, principal protection, delta-one) or

wrappers (securities derivatives)

inVestMent GoalMarket access (long only,

benchmarked or absolute return (momentum, option-based,

algorithm)

11

OUR PlATFORM IS ClIENT-DRIvEN AND OPERATIONAllY EFFICIENT

VALUE PROPOSITION FOR DISTRIBUTORS

We have built the expertise to provide our distributor partners (private Banks, Broker-Dealers, registered investment advisors, private Wealth Managers, etc.) with product design & cutting edge dedicated services.

Consistently offering innovative and relevant structures that fit each client’s needs is a must for SG to maintain successful and long lasting relationships.

our approacH is partnersHip DriVen

exclusive products to answer a strategic need: Widening clients’ product offeringOur teams have been behind many of the innovations launched on the market over the last 20 years. As of today, Societe Generale has one of the widest ranges of solutions in the industry.

cross asset offeringSociete Generale is one of only few players to have the ability to customize structured solutions across asset classes and have in its tool box the most extensive range of payoffs.

Because clients deal with changing constraints and requirements, our experts can provide them with adaptable solutions to best match their needs with attractive pricing.

Most innovative investment Bank in structured investor products (2013)Most innovative investment Bank for retail structured products (2011)The Banker Investment Banking Awards

Best equity House in France (2013)Best infrastructure & project Finance House (2013)Best Global structured products House (2011, 2012) Euromoney

House of the year, asia (2013)equity Derivatives House of the year, europe (2012, 2013)Best in nordic region (2012)House of the year europe (2010)House of the year americas (2010)House of the year latam (2010 – 2011)Structured Products Magazine

structured products House of the year (2012, 2013)Asia Risk Awards

12

SERVICES FOR DISTRIBUTORS

DeDicateD pricinG teaMs & toolsOur sales people benefi t from their own pricing teams to design creative, relevant and market-driven ideas to distributors. Our fi nancial engineers aspire to lead the derivative and structured solution market, helping to shape its evolution and support its growth.

We benefi t from timely pricing tools fully devoted to standard products that provide indicative quotes (to be confi rmed by SG trading before the transaction).

coMpetitiVe pricinGSG has one the largest books of exotic derivatives in the market and our traders’ interest are aligned with our sales teams. It allows us to provide our clients with competitive pricings and privileged market access.

MontHly synDicateD

oFFerinG

Distributors have constant needs for standard issues. To answer this need, the dedicated Distribution team launches several cross asset issues every month.

Our clients can then subscribe and have access to a wide range of payoffs and asset classes.

selF serVice & interactiVe pricinG tool

� Up to 10,000 prices uploaded on a daily basis on Reverse Convertible, Autocallable Reconv, Worst of Reconv, Appolon, Arragon, Athena.

� Up to150 underlyings, divided among up to 11 sectors.

Distributors can:� request refreshed coupon rates directly from SG sales & pricers (via a pop-up window)

� customize their specifi cations� receive the most up-to-date coupon rates via email

e-Weekly caMpaiGns “proDucts iDeas

oF tHe Week”

We believe that distributor clients should always be made aware of the latest market innovations and solutions.

As a result, we developed product idea e-mailing across all asset classes to keep distributor clients on top of an ever-changing structured solutions market.

traininG netWork

SG partners with its distributors in order to achieve success of each campaign.

To achieve this objective, the dedicated Distribution team spends time:� training the sales force of distributors,

� participating in conference calls with clients,

� providing indicative marketing documents to the distributors.

www.sg-structuredproducts.com/primary-issues/indicative-pricing/

13

PRE-TRADE SERVICESaCross oUr Client base

cross-asset researcHCross-Asset Research is Multi-Asset - Multi-product – Thematic – Transactional.

Cross-Asset Research draws on Societe Generale’s proactive fostering of synergies by combining different areas of knowledge within the bank whenever it can bring value to clients. This ability to offer analysis across asset classes is organized without regrouping the teams, thus preserving their experience.

Cross-Asset Research provides our clients and partners with a new approach that combines analysis and views across fi nancial markets: Equity, Equity Derivatives, Credit, Foreign Exchange & Fixed Income, and Commodity.

Cross-Asset Research adopted a smart answer to the increasing correlation and interaction between asset classes and investors’ related need for analysis across markets.

DeDicateD WeBsitewww.sg-structuredproducts.com provides useful information about:

� about us learn more about what makes us unique and why distributors should partner with one of the most comprehensive Structured Products Platforms on the market.

� primary issues (password protected for members only)

> Current offerings (syndicated offers)

> Pricing Tool for Distributors (6 payoffs: Reverse Convertible, Autocallable Reconv, Worst of Reconv, Appolon, Arragon, Athena)

� secondary markets(Indicative quotes*)

� sGi indices (password protected for members only)

� Education

> Payoff Education with dynamic mechanism illustrations

> Q&A Structured Products > Glossary > Publications

*There is no assurance that any transaction will be entered into on any indicative or potential fi rm quote. For more information about indicative quotes and valuations, please see “Important legal Notice” section on the last page of this document.

14

seconDary MarketUnder ordinary market conditions, Societe Generale or any of its affi liates may endeavor to maintain a secondary market* during the lifetime of the product.

The secondary market team is your primary contact for: � indicative quotes*

� placing secondary orders**

� any information during the lifetime of each product

Fully inteGrateD operational process � Dedicated middle & back-offi ce teams to process all confi rmations and settlements in a timely manner.

� adherence to uncompromising standards throughout the entire transaction process.

� Dedicated client service team to streamline the settlement process. The mission of the Client Services team is to streamline the process and assist clients in All questions and issues related to the settlement process (such as discrepancy on price quantity, settlement instructions and pending settlements) & Trade Confi rmations (OTC/Securities).

POST-TRADE SERVICESaCross oUr Client base

*The secondary market service is subject to certain terms and conditions and is not guaranteed. Societe Generale and its affi liates are under no obligation to develop or maintain any secondary or trading market for our products. For more information about secondary market, please see “Important legal Notice” section on the last page of this document.** Only if a market is developed and maintained.

www.sg-structuredproducts.com www.sgvaluation.comwhere clients can get their own login and

password to check the valuations of THEIR products.

Bloomberg page(SGNY)

15

Create, QUote anD eXeCUteYOUR STRUCTURED PRODUCTS IN REAl TIME:

www.alphainfo.socgen.com

DisCOVeR alPHa sP: soCiete Generale’s neWstrUCtUreD ProDUCt traDinG PlatForM

FOR MORE INFORMATION:

WWW.AlPHAINFO.SOCGEN.COM | AlPHA@SGCIB.COM

16

iMportant leGal notice (u.s.)

This summary of product idea(s) is confidential and is provided for informational purposes only. The terms and conditions of the potential product(s) described herein are indicative and are subject to change. There is no assurance that a transaction will be entered into or an offer or sale of any product described herein will be made on any indicative terms or otherwise. This document is provided solely for informational purposes and may not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell, any financial instrument or to engage in any particular trading strategy or as an official confirmation of terms. Société Géné-rale and SG Americas Securities, llC (“SGAS”) (together with their affiliates, “SG”) expressly disclaim all responsibility for any use of or reliance upon this document. Investors must make their own investment decisions using their own independent advisors while considering their own financial situation and investment objectives. SG does not act as a financial adviser, as a municipal advisor or as a fiduciary in respect of any transaction unless such entity expressly agrees so in writing. This document may not be relied upon as investment, accounting, legal, regulatory or tax advice or an investment recommendation.

Prior to making any investment decision, you should refer to the offering document relating to the relevant financial instrument which includes important information, including related risk factors. Financial instruments of the type described herein may involve a high degree of risk and their value may be highly volatile. Such risks include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default, risk of adverse events involving any underlying reference obligation or entity and risk of illiquidity. In some fi-nancial instruments, investors may lose their entire investment or incur an unlimited loss. This brief statement does not disclose all the risks and other significant aspects in connection with any product(s) of the type described herein. You are urged to consider carefully whether any product(s) discussed herein are appropriate for you or any of your clients given your or their objectives, experience, financial and operational resources and other relevant circumstances.

This document is for use only by Institutional Investors (as defined under FINRA 2210 of the Financial Industry Regulatory Authority, Inc.). Use of this communication with or by any other party is prohibited. You should be aware that the product(s) described herein may be subject to certain additional investor qualification(s) pursuant to the internal policy of Société Générale (or any of its affiliates) or the relevant law in the jurisdiction where the product is offered, as applicable.

If you are a “U.S. Person” (as defined by the U.S. Commodity Futures Trading Commis-sion), please visit http://swapdisclosure.sgcib.com for important information with respect to derivative products. By transacting with Société Générale, you are deemed to acknowledge that you have read and accepted the information contained in the disclosure documents on this website.

This material describes certain services and products available from SG and should in no way be read as investment, financial, business, legal, regulatory, tax, accounting or other advice or a recommendation to enter into any transaction. SG does not, and will not, act as a fiduciary with respect to any employee benefit plan, individual retirement account or fund that holds the assets of any such plan or account (each, a “Plan”), unless it expressly agrees in writing to act in such capacity. The fiduciary of any such Plan must make an independent deter-mination as to the advisability of entering into any transaction of the type described herein. Plans entering into any transaction with SG will be required to represent that the transaction is not prohibited under applicable law and/or the organizational documents and investment

guidelines and/or restrictions applicable to the Plan.

Unless expressly agreed in writing, Société Générale, SG Americas Securities, llC and their affiliates (collectively, “SG”) are not acting as an advisor or in an advisory capacity to any recipient of this document. In particular, SG is not acting as your fiduciary under Section 15B of the Securities Exchange Act of 1934, as amended (the “Act”), and our relationship will not otherwise be subject to the provisions of such Section 15B, the rules thereunder, or the rules issued by the Municipal Securities Rulemaking Board that relate to the provision of advice to municipal entities or their obligated persons.

If you are interested in any of the product ideas described herein, please contact your local SG representative for more detailed information about the product.

© 2014 Société Générale (“SG”), SGAS and their affiliates. SG CIB is the Corporate and Investment Banking arm of SG. Certain services described herein are provided by SGAS, a US registered broker-dealer, member of the NYSE, FINRA and SIPC, and a wholly owned subsidiary of SG. Services provided outside the US may be provided by affiliates of SGAS.

17

iMportant leGal notice (latin aMerica)

This material is confidential and is provided fThis material is confidential and is provided for information purposes only. There is no assurance that a transaction will be entered into on any indicative terms. Société Générale (including its affiliates) believes the information in this document is reliable but makes no representation or warranty as to whether the informa-tion is current, accurate or complete. Société Générale is under no obligation to update, modify or amend this communication or to otherwise notify you that any matter contained herein has changed or subsequently become inaccurate. Société Générale and its affiliates expressly disclaim all responsibility for any use of or reliance upon this document. This docu-ment is provided solely for informational purposes and may not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell any financial instrument or to engage in any particular trading strategy or as an official confirmation of terms. Investors must make their own investment decisions using their own independent advisors while considering their own financial situation and investment objectives. Société Générale and its affiliates do not act as a financial adviser or as a fiduciary in respect of any transaction unless such entity expressly agrees so in writing. This document may not be relied upon as investment, accounting, legal, regulatory or tax advice or an investment recommendation.

Transactions in derivative instruments involve numerous risks including, among others, mar-ket, counterparty default and illiquidity risk. Trading in options involves risk and is not suitable for all investors. An option may become completely worthless by its expiration date, as it is a depreciating asset. Options could result in significant investment loss or gain. Options writers of unhedged positions assume significant risk. Assignment risks can be substantial, and the risk involved in writing uncovered call options (that is, selling options on an equity that the seller does not own) may be unlimited. Prior to buying or selling an option investors must review the “Characteristics and Risks of Standardized Options” at http://www.optionsclea-ring.com/publications/risks/riskchap1.jsp. Past results should not be viewed as an indicator of future performance.

In the US, any research produced by Société Générale is intended only for U.S. Institutional Investors pursuant to SEC Rule 15a-6 and any person wishing to discuss a research report or effect transactions should do so through SG Americas Securities, llC (“SGAS”), a US registered broker-dealer, member of the NYSE, FINRA and SIPC, and a wholly owned sub-sidiary of Société Générale. Services provided outside the US may be provided by affiliates of SGAS.

Certain products are subject to certain investor qualifications in the jurisdictions where they are sold and may not be suitable for all investors. Depending on the jurisdiction where those products are sold, investors must meet the applicable investor qualifications, should make their own appraisal of the risks and should seek their own financial advice regarding the appropriateness of investing in any securities or financial instrument or participating in any investment strategy described herein. Specific information regarding any product is provided in the offering materials for that product, which supersedes any information provided in this document. Investors should also carefully review the section of the offering materials entitled “Risk Factors” which highlights certain risks, to determine whether an investment in such product is appropriate.

A tax advisor and financial advisor should also be consulted prior to investing. You should refer to any offering document relating to any financial instrument which includes important information, including related risk factors. Financial instruments of the type described herein may involve a high degree of risk and their value may be highly volatile. Such risks include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default, risk of adverse events involving any underlying reference obligation or entity and risk of illiquidity. In some financial instruments, counterparties may lose their entire investment or incur an unlimited loss.

This brief statement does not disclose all the risks and other significant aspects in connec-tion with transactions of the type described in this document. You are urged to consider carefully whether any products discussed herein are appropriate for you or any of your clients given your or their objectives, experience, financial and operational resources and other relevant circumstances.

This document may not be reproduced, distributed or published by any person for any person without the prior written consent of Société Générale.

Secondary Market: Upon issuance, our products may not have an established trading or secondary market. Société Générale and its affiliates cannot assure investors that a trading or secondary market will develop for each of our products or, if one develops for any of our products, that it will be maintained. Société Générale and its affiliates are under no obligation to develop or maintain any secondary or trading market for any of our products.

Indicative quotes and valuations: There is no assurance that any transaction will be entered into on any indicative quote or potential firm quote. valuations of transactions provided by Société Générale or any of its affiliates are indicative and for information purposes only. The valuations do not represent (i) the actual terms on which a new transaction would be entered into, (ii) the actual terms on which any existing transactions could be unwound, (iii) the calculation or estimate of an amount that would be payable following an early termination of the transactions or (iv) the actual valuations given to the transactions by Société Générale or any of its affiliates in its books of account for financial reporting, credit or risk management purposes. No representation is made that the indications are current or actionable (i.e., they are not firm quotes). Securities may not be available for purchase or sale at the price indica-tions and the price indications may change without prior notice.

© 2014 Société Générale (“SG”), SGAS and their affiliates. SG CIB is the Corporate and Investment Banking arm of SG. Certain services described herein are provided by SGAS, a US registered broker-dealer, member of the NYSE, FINRA and SIPC, and a wholly owned subsidiary

18

iMportant leGal notice (latin aMerica)

notice to investors in argentina: The Notes described herein have not and will not be marketed in Argentina by means of a public offer of securities, as such term is defined under Section 16 of law N 17,811, as amended. No application has been made or will be made with the Argentine Comisión Nacional de valores, the Argentine securities governmental authority, to offer the Notes in Argentina.

notice to investors in the Bahamas: Societe Generale agrees that it has not, and will not, offer, sell or cause any distribution of any of the Notes in The Bahamas except in compliance with applicable Bahamian laws or pursuant to an exemption thereunder. This document is not, and shall not be construed as, an offer to sell, or a solicitation of an offer to buy, or a distribution of the Notes in, or to the public, in The Bahamas. Furthermore, no [Notes] shall be issued, transferred to, registered in favor of or beneficially owned by any person (legal or natural) deemed resident in The Bahamas pursuant to the Exchange Control Regulations Act 1956 of The Bahamas and the Regulations promulgated thereunder except with the prior approval of the Central Bank of The Bahamas

notice to investors in Bermuda: The offering documents and the Notes offered hereby have not been, and will not be, registered under the laws and regulations of Bermuda, nor has any regulatory authority in Bermuda commented upon or approved the accuracy or adequacy of this offering material..

notice to investors in Bolivia: The Notes described herein are not a public offer and have not been registered as a public offer within Bolivia.

notice to investors in Brazil: The Notes described herein and their related documentation and information may not be offered or sold to the public in Brazil nor used in connection with any offer for subscription or sale of any securities to the public in Brazil as the offering of the Notes is not a public offering of securities in Brazil. . The Notes are not and will not be registered with the Brazilian Securities Commission (Comissão de valores Mobiliários, the “CvM”), and are not and will not be listed at the BM&FBOvESPA. Therefore, the Notes are not subject to the regulation and surveillance of these institutions. Since the Notes are not registered with the CvM or subject to Brazilian legislation or regulation, investors must be aware of the underlying risks before acquiring the Notes. Access to information related to the Notes will be available by entity. The CvM and the BM&FBOvESPA are not responsible for any information disclosed or for any eventual access failures.

notice to investors in British Virgin islands: The Notes described herein may not be offered to the public.

notice to investors in the cayman islands: The offering of the Notes has not been, and will not be, registered under the laws and regulations of the Cayman Islands and neither the issuer nor Société Générale or SGAS are regulated in the Cayman Islands.

notice to investors in chile: This marketing material has been distributed to you according to the terms and conditions established in the General Rule No. 336 issued by the Securities and Insurance Commission (“Superintendencia de valores y Seguros”) as of June 27th, 2012, as amended (“GR No. 336”) and as a result of your acknowledgment and repre-sentation to SG that you are an eligible investor under such rule. Should for any reason, you not fulfill the requirements to be qualified as an eligible investor under the GR No. 336, whether upon the receipt of this marketing material or in the future, you represent that you shall immediately notify SG of this change of circumstances and will immediately proceed to

destroy or return to SG this document and any copy that you may have obtained.

Please note that:

1.The offering of the Financial Securities referenced in this marketing material shall com-mence on the date of this document as shown on the cover page and will be subject to the GR No. 336;

2.The Financial Instruments are not listed in the Registry of Securities or the Registry of Foreign Securities held by the Securities and Insurance Commission (“Superintendencia de valores y Seguros”), so such Financial Instruments are not subject to the surveillance by such Commission;

3.Due to the fact that the Financial Instruments are not listed in the Registry of Securities or the Registry of Foreign Securities held by the Securities and Insurance Commission (“Supe-rintendencia de valores y Seguros”) or abroad, there is no obligation by the Issuer to deliver in Chile public information as to these Financial Instruments; and

4.The Financial Instruments shall not be subject to public offering while they are not listed in the relevant Registry of Securities.

Any and all levels or spreads that may be set forth herein are indicative only, depend upon market conditions, are subject to change and do not represent a live price or a commitment by SG to sell the Note. The information provided herein does not reflect actual or final terms at which SG would be willing to enter into a transaction or sell a product. The information, terms and assumptions herein are subject to change without notice. Any such changes may have a material impact on the returns and risks detailed.

Upon receipt of this document, the recipient agrees that it has been delivered according to the GR No. 336. The recipient understands that, should it determine to enter into a transac-tion with, or purchase a product from, SG that such investment or product will not be execu-ted in Chile and will not be subject to Chilean law, save for Chilean foreign exchange and tax regulations. SG is not a registered securities broker/dealer in Chile or a licensed commercial bank in Chile. No action has been taken by SG to permit a public offering in any jurisdiction.

This document can neither be deemed as a commitment by SG or any of its affiliates to ini-tiate the registration or procurement of any license –to become a broker/dealer of securities nor a commercial bank- under Chilean law. The recipient of this information represents that (a) it will consult its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it deems necessary and (b) it will make its own investment, hedging, and trading decisions based upon its own judgment and upon any advice from such advi-sers as it deems necessary.

notice to investors in colombia: Société Générale does not have a subsidiary in Colombia. All Notes and services referenced herein are provided from outside of Colombia. Colombian residents must comply with any applicable exchange control regulations and any other applicable local requirements.

19

iMportant leGal notice (latin aMerica)

notice to investors in costa rica: The information contained in this document is intended to disclose the characteristics and risks related to the investment in the Notes described therein. This document does not constitute and shall not be relied upon as an offer to the public for the purpose of investing in securities or solicitation in any investment product or scheme. All transactions shall be conducted under the private offering exemptions issued by the local securities regulator; therefore the Notes are not subject to Costa Rican regulation or oversight. The client or potential investor acknowledges that he fully understands the legal implications and the tax regimen applicable to the product. The client or potential investor also acknowledges that (i) SG is not licensed to provide investment or brokerage services in Costa Rica, (ii) this document shall not be construed as pertaining to the offering of invest-ment services in Costa Rica, (iii) no transaction shall be carried out in Costa Rica, and (iv) SG shall not be required under any circumstances to offer investment or brokerage services in any act that might be deemed as the providing of investment or brokerage services in Costa Rica. The client or potential investor acknowledges than it has read this document and fully knows and understands the nature and risks of the product, and that client has made its investment decision based on its own analysis and review.

All offering documents have been produced for the purpose of providing information about the Notes and will be provided to a maximum of 50 investors in Costa Rica who are Institutional or Sophisticated Investors in accordance with the exemptions established in the Regulations on Public Offers of values. Any offering document is made available on the condition that it is for the use only by the recipient and may not be passed onto any other person or be reproduced in any part. The Notes have not been and will not be offered in the course of a public offering or of equivalent marketing in Costa Rica

notice to investors in ecuador: The Notes described herein are not a public offer. The Notes are a private placement and are not being subject to the Ecuadorian Securities Market law

notice to investors in el salvador: The Notes described herein will not be offered to the public in El Salvador, and according to Article 2 of the ley de Mercado de valores (Securities Market law) of the Republic of El Salvador, legislative Decree number 809 dated February 16th, 1994, published on the Diario Oficial (Official Gazette) number 73-BIS, Number 323, dated April 21st, 1994, and in compliance with the aforementioned regulation, each investor has represented and agreed that it will not make an invitation for subscription or purchase of the product to indeterminate individuals, nor it will make known its Offering Documentation in the territory of El Salvador through any mass media communication such as Television, Radio, Press, or a similar one. The Notes have not been registered with an authorized stock exchange in the Republic of El Salvador. Any negotiation for the purchase or sale of Notes in the Republic of El Salvador shall only be negotiated on an individual basis with determinate individuals or entities in strict compliance of the aforementioned Article 2 of the Salvadoran Securities Market law, and shall in any event be effected in accordance with all securities, tax and exchange control, and other applicable laws or regulations of the Republic of El Salvador.

notice to investors in Guatemala: The Notes described herein are not a public offer and have not been registered as a public offer in the Guatemalan Registry of Securities and Commodities (the “RNvM”)

notice to investors in Honduras: The Notes described herein are not a public offer of securities.

notice to investors in Mexico: The Notes described herein have not been and will not be registered in the National Securities Registry (Registro Nacional de valores). Therefore, the Notes may not be offered or sold in the United Mexican States (“Mexico”) by any means except in circumstances which do not constitute a public offering (oferta pública) within the meaning of the Securities Market law (ley del Mercado de valores) and its regulations. All applicable provisions of the Securities Market law must be complied with in respect to anything done in relation to the Notes in, from or otherwise involving Mexico. If located in Mexico, the acquirer hereby represents and warrants that it is a qualified investor (inver-sionista calificado) within the meaning of the Mexican Securites law (ley del Mercado de valores) and the regulations in effect as of the date hereof.

notice to investors in panama: The Notes described herein have not been and will not be registered with the National Securities Commission of Panama under Decree law N 1 of July 8, 1999 (the “Panamanian Securities Act”) and may not be publicly offered or sold within Panama, except in certain limited transactions exempted from the registration requirements of the Panamanian Securities Act. The Notes do not benefit from the tax incentives accorded to registered securities by the Panamanian Securities Act and are not subject to regulation or supervision by the National Securities Commission of Panama.

notice to investors in peru: The Notes described herein are not a public offer. The Notes have not been registered before the Superintendencia del Mercado de valores (SMv) and are being placed by means of a private offer. SMv has not reviewed the information provided to the investor. This offering material is only for the exclusive use of institutional investors in Peru and is not for public distribution.

notice to investors in uruguay: The Notes described herein are not publicly offered, and are private placements not being subject to law nbr. 16.749.

The sale of the Notes qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The Notes must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The Notes are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay.

notice to investors in Venezuela: The Notes described herein are not suitable for all inves-tors and are subject to several risks. The information provided is indicative, and investors or purchasers should rely only on the full offering document for any investment in making any decision relating thereto. Such investors or purchasers should conduct their own analysis of any product or transaction, including consulting its own legal, tax and investment advisors, prior to making any investment decision. No Note described is or was a public offering, nor has any such Note been registered with any authority, except as may be expressly stated in the offering documents thereof, and, if such registration is required for such investment or product to be sold in any jurisdiction, neither this material, nor any offering document, should be construed as an invitation to buy or an offer to sell such investment or product in such jurisdiction. Any investment or product described herein may be subject to transfer restrictions, and there may not be a liquid market for any such investment or product at any given time.

b u i l d i n g t e a m s p i r i t t o g e t h e r