ANNUAL GENERAL MEETING, 18 MAY 2016 Questions from the shareholders What are Societe Generale’s growth drivers in an environment of low and even negative interest rates? The core business set to grow the most is International Retail Banking and Financial Services. In international retail banking, we are present in countries with higher interest rates and better growth prospects than the euro zone. We are also expanding in specialised financial services, which are experiencing strong growth levels. For example, we rank among the leaders in financial services for businesses and in vehicle leasing and fleet management. Our Global Banking and Investor Solutions activities should also grow in line with global growth. A number of players are withdrawing from these activities and we can increase our market share. There is strong demand in this area, for example in infrastructure financing. How do you view the emergence of the high-tech 6 | LETTER TO SHAREHOLDERS_JUNE 2016 financial start-ups known as FinTechs? Are they competitors or pioneers to be followed? We see their development as an opportunity, allowing us to transform our relationships with our clients, upgrade our operational systems and change the way we work together within the Group. We are very involved in partnerships with innovative technology start-ups. We have a pragmatic approach. We are in relation with over 600 FinTechs. In some cases, we test their solutions while in others, we finance their growth through investment funds or by taking a direct stake in their capital. Doesn’t the development of digital banking dehumanise client relations? The potential contradiction between the development of digital technologies and personal relationships is at the very centre of the transformation of our banking model. We want to bring together the best of both worlds and, in particular, we want to ensure that all the possibilities of relationships based on information and communication that digital technologies offer allow us enhance the personal relationships we have with our customers. The two approaches complement each other in terms of renewing relationships with our clients. Digital technologies also free our staff from tasks that offer no added value, allowing them to concentrate on their advisory role. THE CORE BUSINESS SET TO GROW THE MOST IS INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
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