CONFIDENTIAL

Exchange Traded ProductsTrading ETFs and structured products in a

liquid and transparent way

JANUARY 2011

For Professional Customers only

Exchange Traded Products0207 762 5111listedproducts@sgcib.com

Bloomberg: SGLP <GO>Reuters: SGLPwww.sglistedproducts.com

This document is not intended for use by or targeted at retail customers. Should a retail customer obtain a copy of this document they should not base their investment decisions solely on the basis of this document but must seek independent financial advice.

Presentation Title

What are Exchange Traded Products? SG – offering ETP for 20 years The Exchange Traded Product Family Our offer in the UK

Exchange Traded Products – A closer look Replication – Comparing ETFs and ETNs to other passive investments Investment Products – Participation and Yield Enhancement Gearing – Covered Warrants and Turbos

Trading and regulatory aspects How Listed Products trade Technical and Regulatory Background

Contents

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What are Exchange Traded Products?

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A diversified range of products available on Stock Exchanges around the world Ease of access for all investors Tradable like ordinary shares (settlement and delivery) Available through any broker dealer and bank Over 1000 products listed in London

Exposure to more than 350 underlyings across many asset classes Access to underlyings in different time zones SG listed products tradable in several currencies

Cost Efficient

The SG Exchange Traded Platform4

A wealth of

services

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A diverse and innovative range of investments… Three different product categoriesThree different product categories SG offer over SG offer over 1,000 1,000 products listed on the LSE All easily accessible in the secondary market Ongoing product development and renewal

ETFs – part of the Exchange Traded Products family

LISTED PRODUCTS

REPLICATION INVESTMENT STRATEGIES LEVERAGE

• ETFs

• ETNs

• CAPITAL PROTECTION

• GROWTH PARTICIPATION

• YIELD ENHANCEMENT

• COVERED WARRANTS

• TURBOS

• CALL & PUT SPREADS• TRACKERs

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Societe Generale launched their first ETPs 20 years ago – Covered Warrants on the Paris Stock Exchange

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Lyxor AM – A subsidiary of Societe Generale

Lyxor ETFs are the most traded of the major European issuers

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Exchange Traded Products – A closer look

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Lyxor ETFs ETNs

Range

Key Features

A robust platform allowing easy low cost access to benchmark equity, bond and other indices:

UK: FTSE 100, FTSE 250 and FTSE All Share

Other regions & countries: Europe, USA, Brazil, South Africa, Kuwait, India, China, Japan, etc…

Sectors: MSCI World & MSCI Asia ex Japan

Other underlyings include: Bond indices, MSCI World, MSCI EM, E.Europe, CRB

UCITS III Funds – rules limit concentration and counterparty risk (<10% SG Risk)

Easy way to diversify across a country or sector

Cost-efficient access to liquid underlying assets

Multiple market-makers

UK Distributor / Reporting Status*

Note (debt security – SG credit risk)

Broader range of underlying assets

Currency hedge available

Competitive Management Fees

Single market-maker (SG)

Typically CGT Eligible*

A platform with greater flexibility, permitting more underlying assets and product features:

Commodities: With/without GBP or EUR currency-hedge (“quanto”)

Equity Indices: With GBP currency hedge

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1. Replication

* More information on page 24

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1. Comparing ETFs & ETNs to other passive investmentsWrapper Unit Trust OEIC Lyxor ETF SG ETN

Example Legal & General European Index Trust

Fidelity MB European Index Fund

Lyxor EuroStoxx 50 ETFSG DJ EuroStoxx 50 ETN & SG Gold ETN (£ hedged)

Structure UK authorised unit trust Open-ended Luxembourg

UCITS 3 fundOpen-ended Luxembourg

UCITS 3 fundDebt Security

Investment Objective

Track an index Track an index Track an indexTrack an index or asset

with/without an FX hedge

Fees 0.84% TER 1.00% TER 0.30% TER 0.4% AMF + Quanto Fee

Liquidity Daily Daily Intra-day Intra-day

PricingDual Priced (0.48% Max

Spread between Bid/Offer, usually 0%)

NAVOn exchange - Bid/Offer

tracks NAV (typical spread < 0.1%)

On exchange - Bid/Offer tracks NAV (typical spread

< 1%)

Marketmakers N/A N/A Multiple Single / few

Use of derivatives

For efficient portfolio management

For efficient portfolio management

Swap-based index replication minimises

tracking errorTo track index

Counterparty Risk

Derivative Counterparty Derivative CounterpartyDerivative Counterparty (SG) - risk capped at 10%

of NAV by UCITS rulesSociete Generale

Source: Bloomberg, Simplified Prospectus, Provider websites

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1. Replication – Example – MSCI Japan ETN11

The Japanese Yen is currently very strong against the British Pound, with one pound currently buying 129 Yen, compared to over 240 Yen in 2007*.

Investors in the Japanese stock market that don’t hedge their currency exposure would be negatively impacted if the Japanese Yen were to fall against the British Pound.

The ETN offers one-to-one exposure to the MSCI Japan Index, with a currency hedge into Pounds. The ETN is subject to the credit risk of Societe Generale.

* Source: Bloomberg – Weekly data since 01/01/2001

Japanese Yen / British Pound Exchange Rate:

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1. Replication – The full SG ETN Range

Intraday on-exchange liquidity

Trading in GBP, EUR or USD

Tight bid-offer spread

Low Management Fees

SG only market-maker

CGT Eligible, can be held in ISA & SIPP*

Investments are subject to SG Counterparty risk*

Invested Capital is at risk

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* More information on page 24

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Protection Level

2. Investment Strategies – Yield Enhancement13

Indicative information as of 08th Novùeber 2010 Source Société Générale

Underlying Index Level SZ Ask Price

Protection Level

Synthetic Level Expiry Protection Level

(% of Index Price)Potential

YieldAnnualised

Yield

FTSE 100 5,956.3 £57.70 £3,800 £7,115 20 Dec 13 - 36% + 22.2% 7.0%

100%

Payoff

Underlying

Payoff – equals the Synthetic Level unless the Underlying is below the the Protection Level upon expiry

Underlying

How the pay-off at maturity depends on the performance of the Underlying:

Synthetic Level

“Synthetic Zero” High fixed return equal to the Synthetic Level

provided the underlying closes above the Protection Level at expiry.

Otherwise, capital is at risk, with the investor receiving the price of the underlying at expiry

Investors bear a credit risk on the issuer

Example – FTSE 100 – SZ16:On 10th January 2011, the price was £57.74 / £58.24

Upon expiry: If FTSE > 3,800, payoff = £71.15 If FTSE ≤ 3,800, payoff = Index Level / 100

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2. Investment Strategies – Yield Enhancement

“Autocall” High Target Annual Return provided the

Index closes above the Reference Level on one of the anniversary dates.

Capital is at risk, with the investor receiving the Index Performance if it closes below the Protection Level at expiry (typically 3 or 5 years).

Investors bear a credit risk on the issuer

Example – UK 10% Autocall – SG01:1 to 3 Year FTSE 100 Planned Exit Security

Target Annual Return = 10%

Protection Level = 3000

Reference Level = 5000

Expiry Date = 3rd September 2013

Scenario Analysis – UK 10% Autocall – SG01

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2. Investment Strategies – Yield Enhancement

“Autocall Series I – 5 Year FTSE 100 Planned Exit Securities”

Anniversary Dates = 3rd September each year

Expiry Date = 3rd September 2015

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2. Investment Strategies – Yield Enhancement

Autocalls are available to purchase in the secondary market

Real-time bid/ask prices are fed to the LSE – and are visible online

Indicative information based on closing levels on 10 th January 2010 (Source Bloomberg)

“Autocall – Secondary market prices”

CodeTarget Annual

ReturnProtection

LevelReference (Call) Level

Bid AskAnnualised

ReturnYield to Call

(pa)Expiry Date

SG06 14% 4,000 5,500 109.55 110.55 29.4% 4.83% 3 Sep 2015

SG05 11% 3,500 5,000 108.46 109.46 25.8% 2.17% 3 Sep 2015

SG04 12% 3,000 5,500 108.07 109.07 24.6% 4.15% 3 Sep 2015

SG03 9% 2,500 5,000 107.28 108.28 22.0% 1.02% 3 Sep 2015

SG01 10% 3,000 5,000 106.86 107.86 20.7% 3.06% 3 Sep 2013

Note: All products were issued at £100 and launched on 3rd Sept 2010. The Annualised Return is based on buying at the Issue Price and sell ing at the Bid Price. Yield to Call is an annualised figure based on paying the Ask Price and receiving the potential return on the first call date (Sep 2011)

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2. Investment Strategies – Participation – PASSIVE PLUS

“FTSE - Accelerated Growth” SG91 – 3 Year FTSE 100 Accelerated Growth

product

Provides a return at maturity equal to 3x the growth of the FTSE 100 above 5700, up to a maximum return of 48.96%.

If the Index is below 5700 after 3 years, capital is at risk, and the return equals the fall in the FTSE 100 below 5700.

Potential to significantly outperform moderate growth in UK equities.

Capital at risk – no downside protection

Assuming 2% pa net dividends, the product outperforms the FTSE 100 Index if it is between 5814 and 8148 after 3 years.

Investors bear a credit risk on the issuer

Intra-day liquidity with a 1% bid-ask spread

Payout at Maturity – SG91 – FTSE Accelerated Growth

Assumes the product is purchased at 100% on Issue Date and a starting level of the FTSE 100 of 5700.

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1818

“Gold – Accelerated Growth”

18 month securities traded on LSE

Available in USD or GBP with a currency hedge

200% participation in the growth of Gold up to a cap

Maximum return of 30% (SG89 USD) or 28% (SG90 GBP)

Capital at risk – no downside protection

Investors face the credit risk of SG

Launch Date – 12th October 2010

Expiration Date – 5th April 2012

CGT Eligible*

2. Investment Strategies – Participation – PASSIVE PLUS

*The tax statement is only a general guide. The tax treatment of investments will depend on an individual’s circumstances. If investors are in any doubt as to their tax position, they must consult with an appropriate professional tax adviser. This statement of the UK tax treatment of the product is based on our understanding of the laws and practice in force as of the date of this document and is subject to any changes in law and the interpretation and application thereof, which changes could be made with retroactive effect.

For full details of the product, please refer to the SG listed

products website

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3. Leverage – Covered Warrants

Single Stocks

FTSE 100 Stocks (55 underlyings)

Indices CommoditiesForeign Exchange

These geared products offer leveraged exposure to the underlying asset above (Calls) or below (Puts) the specified Strike Price

The value of puts and calls depends on many factors, not just the underlying asset. Calls and Puts issued by SG with a listing on the London Stock Exchange

Rapid issue process (5 business days) Full support for Investment Managers with pricings, simulations of outcomes and factsheets.

US Stocks (3 underlyings)

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Turbos offer an alternative way to obtain gearing, with the maximum loss limited to the initial investment.

Can be easier to use than calls and puts because the value prior to maturity is less affected by time to maturity or changes in the volatility of the underlying asset:

Negligible theta impact (time decay)

Negligible vega impact (volatility)

Can be held in UCITS III funds or SIPPs. Typically CGT eligible*

Listings in GBP, USD, EUR

Potentially suitable for:Hedging strategies and straightforward

geared exposureIntraday trading thanks to the tight bid-

offer spreads

3. Leverage – Turbos

Source: ReutersPast performance is not an indicator of future performance

* More information provided on page 24

Chart illustrating the performance of a Short Turbo (red curve in GBP – right-hand side scale) compared to the

Performance of the FTSE 100 Index (black line - left-hand side scale)

Trading and regulatory aspects

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Listing requirements:

- Market supervision

- Transparency

- Standard T+3 CREST Settlement

Issue process (5 business days)

How Listed Products trade:

Execution-only / Advisory Stockbrokers

Discretionary Managers

RETAIL CLIENTS

Private Wealth Managers

Asset Managers

Market scenarios

Ease of access, trading, settlement and follow-up

TRADEBid Offer

750,000 0.133 0.135 750,000

0.14 2,000

SQ34in the order-book of the LSE

via the Winner system

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LSE in GBP, EUR or USD

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Technical and regulatory information:

SGA Netherlands Antilles SG Effekten

Objectives / Pay-offs

Closed-end strategies Open-end Notes

Range

Issue process 5 business days issue process for the listing, diversity of underlyings

More than 1,000 products

- Covered Warrants and Turbos

- Investment Strategies

ETNs on Indices and Commodities

Underlyings Equities, Indices, Commodities, FXFull flexibility in terms of pay-offs and/or combination of pay-offs / underlyings

Equities, Indices, Commodities, FXFull flexibility in terms of combination of underlyings

Listing

Tax Treatment CGT eligible* (option wrapper)

SIPPs and SASS eligible *

UCITS III eligible

ISSUER

Guarantor SOCIETE GENERALE *

* Please see important information on page 24

CGT eligible* (Excluded Index Security)

SIPPs and SASS eligible *

UCITS III eligible

Financial Services Compensation Scheme

Not available

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Client-driven range of flexible and dynamic solutions

Regular new issues based on wealth managers requests and market conditions

Low minimum size

Liquidity offered by Société Générale as a market maker

Dedicated services (marketing supports, factsheets and hotline)

www.sglistedproducts.co.uk

www.sgturbos.co.uk

www.lyxoretf.co.uk

Listed Products Team 0207 762 5111

listedproducts@sgcib.com www.sglistedproducts.com

SG Listed Products – A wealth of services

Trading Lines

0207 588 7109

Presentation Title

Important Information:This document is issued in the UK by the London Branch of Société Générale. Société Générale is a French credit institution (bank) authorized by the Autorité de Contrôle Prudentiel (the French Prudential Control Authority). Société Générale is subject to limited regulation by the Financial Services Authority in the UK. Details of the extent of our regulation by the Financial Services Authority are available from us on request. Although information contained herein is from sources believed to be reliable, Société Générale makes no representation or warranty regarding the accuracy of any information. Any reproduction, disclosure or dissemination of these materials is prohibited.  The product described within this document is not suitable for everyone. Investors' capital is at risk. Investors should not deal in this product unless they understand its nature and the extent of their exposure to risk. The value of the product can go down as well as up and can be subject to volatility due to factors such as price changes in the underlying instrument and interest rates. Prior to any investment in this product, you should make your own appraisal of the risks from a financial, legal and tax perspective, without relying exclusively on the information provided by us, both in this document and the Pricing Supplement of the product available on the website www.sglistedproducts.co.uk. We recommend that you consult your own independent professional advisors.

Investors should note that holdings in this product will not be covered by the provisions of the Financial Services Compensation Scheme, nor by any similar scheme in Curacao.

The securities can be neither offered nor transferred in the United States.

The tax statement is only a general guide. The tax treatment of investments will depend on an individual’s circumstances. If investors are in any doubt as to their tax position, they must consult with an appropriate professional tax adviser. This statement of the UK tax treatment of the product is based on our understanding of the laws and practice in force as of the date of this document and is subject to any changes in law and the interpretation and application thereof, which changes could be made with retroactive effect.

Lyxor and Lyxor ETFs are names used by Société Générale to promote the products of Lyxor Asset Management

All gains on the sale of Lyxor ETFs shares and dividend distributions made by Lyxor ETFs may be subject to tax on the basis of applicable tax regulations. Investors must seek their own Tax advice for any further information.The ETF maybe denominated in a currency different to that of the index that it tracks, which means that exchange rate fluctuations could have a negative effect on returns. ETF Trading Currency refers to the currency or currencies in which the ETF can be traded on the London Stock Exchange. Underlying Index Currency refers to the currency of the index tracked by the ETF. Through Lyxor ETFs, investors are exposed to counterparty risks resulting from the use of an OTC (Over-the-Counter) Swap with Société Générale. In-line with UCITS guidelines, the exposure to the Swap Counterparty, Société Générale, cannot exceed 10% of the total fund assets. It is recommended that potential investors study the Prospectus before investing. This document is not aimed at persons who reside in the United States, Canada or any province or territory thereof, where the funds are not authorised or registered for distribution and where no prospectus for the funds has been filed with any regulatory authority. The complete prospectuses for all LSE-listed Lyxor ETFs are available online and can be downloaded from www.lyxoretf.co.uk

For more information: see the Terms and Conditions available on our website www.sglistedproducts.co.uk

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