Commentary & Deal Flow

Launched: 8NC7: €1.25bn @ MS+113bp - Books above €5.25bn+
Spread set at: 8NC7: MS+113bp - Books above €5bn+
Book Update: Books above €3bn+
IPTs: 8NC7: MS+145bp area

• Issuer: Societe Generale
• Ranking: Senior Non-Preferred Notes
• Issuer Ratings: A1 negative / A stable / A- stable (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BBB/A- (Moody's/S&P/Fitch)
• Format: Reg S, Dematerialised Notes in bearer form
• Size: €1.25bn
• ISIN: FR0014017V71
• Settle: 14-Apr-26 (T+4)
• Maturity: 14-Apr-34 (8NC7)
• Issuer Call Option: The Issuer may, at its option on the Optional Redemption Date, under certain conditions, redeem in whole or in part the outstanding Notes at par together with accrued interest
• Optional Redemption Date: 14-Apr-33
• Coupon: [.] %, Fixed-to-Floating Fixed: [.]% payable annually until the Optional Redemption Date, ACT/ACT ICMA Floating: If not redeemed on the Optional Redemption Date, floating rate based on the 3-month Euribor plus [.]bps, payable quarterly, ACT/360
• Early Redemption Events: The Issuer may, at its option, under certain conditions, redeem in whole but not in part the Notes, prior to their Maturity Date, following the occurrence of a Special Tax Event, Withholding Tax Event or a MREL or TLAC Disqualification Event at par together with accrued interest
• Clean-up Redemption Option: Not Applicable
• Conditions to redemption, purchase or cancellation prior to the Maturity Date: The Notes may only be redeemed, purchased or cancelled (as applicable) subject to the prior permission of the Relevant Resolution Authority, to such redemption, purchase or cancellation (as applicable)
• Waiver of Set-off: Noteholders waive any right of set-off, compensation and retention in relation to the Notes, to the extent permitted by law
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority or the Regulator
• Events of Default: None
• Denominations: €100,000 + €100,000
• Listing: Euronext Paris
• Governing Law: French Law
• Sole Bookrunner: Societe Generale
• Documentation: Under the Issuer’s Euro Medium Term Note Paris Registered Programme (the « Programme »): Base Prospectus dated 18-Dec-25 (as supplemented), as well as the Final Terms, when published, are available on http://prospectus.socgen.com/ and https://www.amf-france.org/
• Target Market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA and in the UK
• Timing: Books are now subject. Books to close at 11.45 UKT / 12.45 CET