Societe Generale S.a. Class A · EURONEXT:GLE
Societe Generale S.a. Class A — Q2 2006 Earnings Presentation
63 slides from Societe Generale S.a. Class A's earnings presentation, Aug 3, 2006
Slide 1: Second Quarter and First Half 2006 Results
03 / 08 / 2006 SECOND QUARTER AND FIRST HALF 2006 RESULTS
Slide 2: Disclaimer
Disclaimer The following presentation contains a number of forward-looking statements relating to Société Générale’s targets and strategy. These forecasts are based on a series of assumptions, both general and specific. As a result, there is a risk that these projections will not be met. Readers are
Slide 3: Agenda
Group results Results of core businesses Retail Banking & Financial Services Global Investment Management & Services Corporate & Investment Banking Conclusion Supplements SECOND QUARTER AND FIRST HALF 2006 RESULTS 03 / 08 / 2006 3
Slide 4: H1 06: continued profitable growth
SOCIETE GENERALE GROUP H1 06: continued profitable growth Strong organic growth in all core businesses Policy of targeted acquisitions Improvements in operating efficiency Sound risk management H1 06 net income: EUR 2,791m (+27.9% vs. H1 05) H1 06 earnings per share: EUR 6.76 (+26.1% vs.
Slide 5: Investments and recruitments to drive future growth
SOCIETE GENERALE GROUP Investments and recruitments to drive future growth Breakdown of risk-weighted assets French Networks (in EUR bn) +82 branches vs. June 2005 +14.6%* +440 sales staff vs. June 2005 272.9 234.4 Corporate & Growth drivers +15.4%* 79.7 Investment Banking Retail Banking outside
Slide 6: Policy of targeted acquisitions
SOCIETE GENERALE GROUP Policy of targeted acquisitions Retail Banking outside France: continued Eastern expansion Reinforcement of platform in South-East Europe • Splitska Banka (Croatia), 4th largest banking network with 9% market share Purchase of 10% stake in Rosbank (Russia) • 2nd largest reta
Slide 7: First half results up sharply
SOCIETE GENERALE GROUP First half results up sharply NBI +22.3%* vs. H1 05 In EUR m H1 05 H1 06 Change H1/H1 Net banking income 9,204 11,484 +24.8% +22.3%* Operating expenses: Operating expenses (5,882) (6,901) +17.3% +15.2%* +15.2%* vs. H1 05 Gross operating income 3,322 4,583 +38.0% +34.7% * N
Slide 8: Excellent second quarter
SOCIETE GENERALE GROUP Excellent second quarter In EUR m Q2 05 Q2 06 Change Q2/Q2 Net banking income 4,455 5,709 +28.1% +26.6%* NBI: +26.6%* vs. Q2 05 Operating expenses (2,897) (3,489) +20.4% +19.3%* Gross operating income 1,558 2,220 +42.5% +40.0% * Operating expenses: +19.3%* Net allocation t
Slide 9: Strong top-line growth in all core businesses
SOCIETE GENERALE GROUP Strong top-line growth in all core businesses Change NBI (in EUR m) Q2 06/Q2 05 5,709 +26.6%* Strong progress at growth drivers Corporate & (Retail Banking outside France, Investment Banking 4,455 1,832 Financial Services and GIMS) (+48.8% *) 1,233 GIMS Sustained growth in
Slide 10: Very low cost/income ratio: 61.1%
SOCIETE GENERALE GROUP Very low cost/income ratio: 61.1% Change Operating expenses (in EUR m) Q2 06/Q2 05 Reduction in C/I ratio at French Networks 3,489 +19.3%* excluding PEL/CEL: 66.2% (vs. 68.7% in Q2 05) Corporate & 2,897 1,063 Investment Banking (+35.8% *) Further reductions in C/I ratios a
Slide 11: Q2 06: risk provisioning remains low
SOCIETE GENERALE GROUP Q2 06: risk provisioning remains low Net allocation to provisions (in EUR m) Retail Banking and Financial Services 115 120 140 162 152 French Networks: cost of risk 26 bp (vs. 30 bp in Q2 05) 47 53 Retail Banking 48 outside France Retail Banking outside France: cost of risk
Slide 12: Agenda
Group results Results of core businesses Retail Banking & Financial Services Global Investment Management & Services Corporate & Investment Banking Conclusion Supplements SECOND QUARTER AND FIRST HALF 2006 RESULTS 03 / 08 / 2006 12
Slide 13: Retail Banking and Financial Services
RETAIL BANKING AND FINANCIAL SERVICES Q2 Q2 06 06 NBI: NBI: +16.0% +16.0% vs. vs. Q2 Q2 05; 05; +13.4% +13.4% like -for-like like-for-like French Networks Q2 Q2 06 06 net net income: income: 29% EUR EUR 603m, 603m, +37.7% +37.7% vs. vs. Q2 Q2 05 05 ROE: 25.1% Q2 Q2 06 06 ROE ROE after after tax tax:
Slide 14: Sustained activity levels
FRENCH NETWORKS Sustained activity levels Individual customers: consistent Individual customers franchise growth Change since Rapid growth in customer base: +191,300 personal 2001 current accounts vs. Q2 05 (+3.3%) +83% Outstanding o.w. +45,500 in Q2 06 (vs. +43,000 in Q2 05) 180 housing Outstandi
Slide 15: Increase in revenues
FRENCH NETWORKS Increase in revenues NBI: +5.3% vs. Q2 05 excl. PEL/CEL 1,486 1,532 1,651 1,668 1,695 NBI in EUR m NBI: +14.1% vs. Q2 05, after reversal of EUR 78m of PEL/CEL provisions vs. allocation of EUR 50m in 209 216 Financial Q2 05 221 commissions 176 186 Fee & commission income: +6.4% vs
Slide 16: Excellent financial results
FRENCH NETWORKS Excellent financial results Second quarter 2006 Operating expenses: +1.5% vs. Q2 05 Change Change In EUR m Q2 05 Q2 06 H1 06 Q2/Q2 H1/H1 ª C/I ratio: 66.2% excl. PEL/CEL Net banking income 1,486 1,695 +14.1% 3,363 +11.9% ª GOI: +13.5% vs. Q2 05 excl. PEL/CEL Operating expenses (1,0
Slide 17: Rapid franchise growth
RETAIL BANKING OUTSIDE FRANCE Rapid franchise growth Geographical breakdown of NBI Notable commercial performances (in EUR m) +587,000 individual customers at constant structure vs. end-June 2005 (+10.7%) CAGR: +15% Marked rise in customer deposits and loans: 669 • individual customer deposits: +9
Slide 18: Strong contribution and profitability
RETAIL BANKING OUTSIDE FRANCE Strong contribution and profitability Second quarter 2006** NBI: +13.0%* vs. Q2 05 Operating expenses: +13.5%* vs. Change In EUR m Q2 05 Q2 06 Change Q2/Q2 H1 06 H1/H1 Q2 05 (+7.4%* vs. Q2 05 excl. 572 669 1,310 Net banking income +17.0% +13.0%* +13.1%* development in
Slide 19: Specialised Financing: robust growth outside France
FINANCIAL SERVICES Specialised Financing: robust growth outside France +16.7%* Consumer credit** 13.6 New lending: EUR 2.3bn (+8.7%* vs. Q2 05 in France, 11.0 Outside and +10.4%* vs. Q2 05 outside France) Outstanding France 8.6 6.6 Outstanding at period-end: EUR 13.6bn (+12.0%* vs. consumer credit
Slide 20: Increase in results
FINANCIAL SERVICES Increase in results Second quarter 2006 Specialised Financing • NBI: +7.6%* vs. Q2 05 Change • Operating expenses: +9.1%* vs. Q2 05 In EUR m Q2 05 Q2 06 Change Q2/Q2 H1 06 H1/H1 • ROE after tax: 17.4% Net banking income 521 627 +20.3% +12.1%* 1,219 +12.5%* Life insurance o.w. sp
Slide 21: Global Investment Management and Services
GLOBAL INVESTMENT MANAGEMENT AND SERVICES Q2 Q2 06 06 NBI: NBI: +27.5% +27.5% vs. vs. Q2 Q2 05; 05; +25.9% +25.9% like -for-like like-for-like Q2 Q2 06 06 net net income: income: EUR EUR 148m 148m (+26.5% (+26.5% vs. vs. Q2 Q2 05) 05) Q2 Q2 06 06 net net inflows: inflows: 14% EUR EUR 10.9bn 10.9bn o
Slide 22: Strong net inflows
GLOBAL INVESTMENT MANAGEMENT AND SERVICES Strong net inflows Assets under management Asset Management (in EUR bn) Q2 06 net new money: EUR 8.9bn • 49% in alternative investment +8.9 -8.1 -5.7 H1 06 net new money: EUR 21.3bn • i.e. 13% of AuM on annualised basis Price effect of EUR -5.1bn and excha
Slide 23: Sharp growth in Securities Services
GLOBAL INVESTMENT MANAGEMENT AND SERVICES Sharp growth in Securities Services Assets under custody (EUR bn) Securities Services for Institutional Investors and Fund Administration 1,516 Significant increase in assets under custody*: EUR 1,516bn (+18.9% vs. end-June 2005) 1,275 Fund administration:
Slide 24: Significant growth in results
GLOBAL INVESTMENT MANAGEMENT AND SERVICES Significant growth in results GOI: +29.5%* vs. Q2 05 Change In EUR m Q2 05 Q2 06 Change Q2/Q2 H1 06 Asset Management H1/H1 Net banking income 608 775 +27.5% +25.9%* 1,544 +24.0%* NBI: +17.4%* vs. Q2 05 o.w. Asset Management 259 305 +17.8% +17.4%* 638 +18
Slide 25: Corporate and Investment Banking
CORPORATE AND INVESTMENT BANKING 32% of Group NBI Corporate Banking & Q2 Q2 06 06 NBI: NBI: Fixed Income +48.6% +48.6% vs. vs. Q2 Q2 05; 05; +48.8% +48.8% like -for-like like-for-like 17% Q2 Q2 06 06 net net income income:: Equity & Advisory EUR EUR 589m 589m (+70.2% (+70.2% vs. vs. Q2 Q2 05) 05) 15
Slide 26: Strong growth, confirming quality of the franchises
CORPORATE BANKING AND FIXED INCOME Strong growth, confirming quality of the franchises Continuation of strong organic growth in Structured Finance Debt Capital Markets client-driven activities in target businesses Euro corporate bonds* - H1 06 1 Deutsche Bank Reinforcement of euro bond capabilitie
Slide 27: Recognised leadership positions
EQUITY AND ADVISORY Recognised leadership positions Equity Derivative House of the Structurer of the Year Year - 2006 North America Continued diversification of client- driven and trading activities, underpinned by solid expertise Risk Magazine Diversification of client base Most Reasonable Levera
Slide 28: Success of growth strategy
CORPORATE AND INVESTMENT BANKING Success of growth strategy Record client revenues: EUR 1,253m (68% of overall revenues) Quarterly NBI (in EUR m) Average % of CIB NBI in Corporate Banking & Fixed Income: Q2 06 record quarter Very good activity levels in all Fixed Income Client-related activities
Slide 29: Results up sharply
CORPORATE AND INVESTMENT BANKING Results up sharply Excellent second quarter Change 2006 In EUR m Q2 05 Q2 06 Change Q2/Q2 H1 06 H1/H1 NBI: +48.8%* vs. Q2 05 Net banking income 1,233 1,832 +48.6% +48.8%* 3,789 +34.8%* o.w. Equity & Advisory 643 860 +33.7% +34.0%* 2,005 +43.7%* Operating expenses:
Slide 30: Agenda
Group results Results of core businesses Retail Banking & Financial Services Global Investment Management & Services Corporate & Investment Banking Conclusion Supplements SECOND QUARTER AND FIRST HALF 2006 RESULTS 03 / 08 / 2006 30
Slide 31: Excellent first half
SOCIETE GENERALE GROUP Excellent first half Net income (en M EUR) Strong organic growth in all core ROE businesses +27.9% after tax ROE 2,791 after tax Cost/income ratio very low at 60.1% (vs. 63.9% in H1 05) 2,183 Corporate & 1,232 51% Investment Banking Risk provisioning kept low 844 44% GIM
Slide 32: Supplementary Data
03 / 08 / 2006 SUPPLEMENTARY DATA
Slide 33: Quarterly income statement by core business
SUPPLEMENT - SOCIETE GENERALE GROUP Quarterly income statement by core business Global Investment Corporate & In EUR m Retail Banking & Management & Investment Corporate Centre Group Financial Services Services Banking Q2 06 Q2 05 Q2 06 Q2 05 Q2 06 Q2 05 Q2 06 Q2 05 Q2 06 Q2 05 Net banking income 2,
Slide 34: First-half income statement by core business
SUPPLEMENT - SOCIETE GENERALE GROUP First-half income statement by core business Global Investment Corporate & In EUR m Retail Banking & Management & Investment Corporate Centre Group Financial Services Services Banking H1 06 H1 05 H1 06 H1 05 H1 06 H1 05 H1 06 H1 05 H1 06 H1 05 Net banking income 5
Slide 35: Quarterly income statement
SUPPLEMENT - RETAIL BANKING AND FINANCIAL SERVICES Quarterly income statement In EUR m Retail Banking outside Total Retail Banking and French Networks Financial Services France Financial Services Q2 06 Q2 05 Change Q2 06 Q2 05 Change Q2 06 Q2 05 Change Q2 06 Q2 05 Change Net banking income 1,695 1,4
Slide 36: First-half income statement
SUPPLEMENT - RETAIL BANKING AND FINANCIAL SERVICES First-half income statement In EUR m Retail Banking outside Total Retail Banking and French Networks Financial Services France Financial Services H1 06 H1 05 Change H1 06 H1 05 Change H1 06 H1 05 Change H1 06 H1 05 Change Net banking income 3,363 3,
Slide 37: Change in risk-weighted assets
SUPPLEMENT - RETAIL BANKING AND FINANCIAL SERVICES Change in risk-weighted assets Average credit risk equivalent in EUR bn 156.3 162.4 150.4 143.8 135.4 139.2 30.3 133.3 28.0 Retail Banking 130.1 26.5 125.7 24.5 outside France 22.3 23.4 21.2 21.9 19.1 34.8 Financial Services 33.6 32.1 29.3 30.5 25.6
Slide 38: Customer deposits and savings
SUPPLEMENT - FRENCH NETWORKS Customer deposits and savings Average outstanding Change in EUR bn Q2 06/Q2 05 177.4 180.5 182.5 188.4 191.7 +8.1% 55.3 57.0 +16.8% LIFE INSURANCE * 48.8 50.6 52.1 Managed savings SHARE ACCOUNTS +11.3% MUTUAL FUNDS 46.9 48.3 +7.0% 45.2 45.4 45.3 OTHER -18.3% 2.5 2.3 2.2
Slide 39: Customer loans
SUPPLEMENT - FRENCH NETWORKS Customer loans Average outstanding Change In EUR bn Q2 06/Q2 05 101.9 104.5 107.7 111.9 115.7 +13.5% INDIVIDUALS o.w.: 52.0 +17.5% 50.3 - Housing 46.4 48.4 44.3 - Consumer credit 9.4 +3.3% 9.3 9.4 & overdrafts 9.1 9.2 BUSINESS 51.6 +12.4% CUSTOMERS* 45.9 46.3 47.5 49.6 B
Slide 40: Productivity of the French Networks
SUPPLEMENT - FRENCH NETWORKS Productivity of the French Networks Change since 1997 160 +56% Bank cards (No.) 150 +50% Savings accounts (No.) 140 130 +27% Individual customer current a/c (No.) 120 110 100 -1% Global headcount* 90 -20% Administrative staff 80 1997 1998 1999 2000 2001 2002 2003 2004 20
Slide 41: Interest margin of the French Networks
SUPPLEMENT - FRENCH NETWORKS Interest margin of the French Networks The interest margin is an aggregate indicator dependent on 5 elements: Overall level of client assets Interest earned on interest-earning assets As a % Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Interest paid on interes
Slide 42: A productive organisation
SUPPLEMENT - SOCIETE GENERALE NETWORK A productive organisation B BN N R y 2000: 136 branch groups RE E A A TT y 06/06: 27 branch groups + N NWW 75 Sales Departments (DEC) C COO H R H R y Start 2007: 90 DEC KK NN SS y 2000: 136 local back-office structures E U E U y 06/06: 52 local structures Commer
Slide 43: Central & Eastern Europe and Mediterranean Basin
SUPPLEMENT - RETAIL BANKING OUTSIDE FRANCE Central & Eastern Europe and Mediterranean Basin Data at end- end-June 2006 CROATIA SERBIA CZECH REPUBLIC RUSSIA SG Splitska Banka SG Yugoslav Bank Komercni Banka SG Vostok (2001) (2003) (2006) (2001) Balance sheet (EUR m) 3,376 Balance sheet (EUR m) 542 Ba
Slide 44: Specialised Financing: a major European player
SUPPLEMENT – FINANCIAL SERVICES Specialised Financing1: a major European player with diversified and growing businesses Breakdown of Q2 06 NBI(1) by Breakdown of Q2 06 NBI(1) by activity geographical region 63% Business Finance & Services Europe (excl. France) Operational Vehicle Leasing & Fleet Man
Slide 45: Change in risk-weighted assets
SUPPLEMENT – FINANCIAL SERVICES Change in risk-weighted assets Average credit risk equivalent in EUR bn 33.8 32.7 31.2 29.7 6.3 Operational Vehicle Leasing & 28.5 6.0 Fleet Management 5.5 5.0 4.8 12.8 13.4 Consumer Credit 11.4 12.2 10.8 12.6 13.0 13.2 13.6 13.9 Equipment Finance IT Asset Leasing & M
Slide 46: Quarterly income statement
SUPPLEMENT – GLOBAL INVESTMENT MANAGEMENT & SERVICES Quarterly income statement In EUR m Asset Management Private Banking SG SS & Online Savings Total GIMS Q2 06 Q2 05 Change Q2 06 Q2 05 Change Q2 06 Q2 05 Change Q2 06 Q2 05 Change Net banking income 305 259 +17%* 164 129 +28%* 306 220 +35%* 775 608
Slide 47: First-half income statement
SUPPLEMENT – GLOBAL INVESTMENT MANAGEMENT & SERVICES First-half income statement In EUR m Asset Management Private Banking SG SS & Online Savings Total GIMS H1 06 H1 05 Change H1 06 H1 05 Change H1 06 H1 05 Change H1 06 H1 05 Change Net banking income 638 528 +18%* 328 256 +28%* 578 426 +29%* 1,544
Slide 48: Breakdown of assets under management by type of product
SUPPLEMENT - ASSET MANAGEMENT Breakdown of assets under management by type of product EUR 333.9bn at June 30th 2006 June 06 June 05 298.1 312.8 326.7 338.8 333.9 51.2 16% Alternative 13% 46.0 53.9 Alternative 41.7 Investment (1) 39.2 Investment 49.1 52.6 53.1 (2) 48.1 Diversified 46.4 40% Equities &
Slide 49: Breakdown of assets under management by client segment
SUPPLEMENT - ASSET MANAGEMENT Breakdown of assets under management by client segment EUR 333.9bn at June 30th 2006 298.1 312.8 326.7 338.8 333.9 14% 14% 15% Third-party 15% 15% distribution 17% 17% 46% Retail 17% French 16% 17% Networks 15% 15% 15% Life 16% 16% 5% 4% Insurance 5% 4% 4% Asia 27% 25%
Slide 50: Quarterly income statement
SUPPLEMENT – CORPORATE & INVESTMENT BANKING Quarterly income statement Corporate Banking & Total Corporate & Investment In EUR m Equity & Advisory Fixed Income Banking Q2 06 Q2 05 Change Q2 06 Q2 05 Change Q2 06 Q2 05 Change Net banking income 860 643 +34% +34%* 972 590 +65% +65%* 1,832 1,233 +49% +
Slide 51: First-half income statement
SUPPLEMENT – CORPORATE & INVESTMENT BANKING First-half income statement Corporate Banking & Total Corporate & Investment In EUR m Equity & Advisory Fixed Income Banking H1 06 H1 05 Change H1 06 H1 05 Change H1 06 H1 05 Change Net banking income 2,005 1,383 +45% +44%* 1,784 1,400 +27% +26%* 3,789 2,7
Slide 52: Change in risk-weighted assets
SUPPLEMENT – CORPORATE & INVESTMENT BANKING Change in risk-weighted assets Change over 12 months Change over at constant 12 months Credit risk equivalent in EUR bn exchange rates 80.3 79.7 +13.3% +15.8% 75.3 77.3 70.3 60.0 60.4 60.4 61.6 60.7 62.4 57.0 59.0 -7.5% Commercial banking +20.9% Corporate
Slide 53: League table rankings
SUPPLEMENT – CORPORATE & INVESTMENT BANKING League table rankings Euro capital markets All markets No. 5 in Best Overall Capital raising poll (Euromoney – October 2005) Best Debt House in France (Euromoney – July 2006) Bonds No. 5 bookrunner of euro bond issues (IFR – June 2006) No. 1 bookrunner o
Slide 54: League table rankings
SUPPLEMENT – CORPORATE & INVESTMENT BANKING League table rankings Derivatives Equity Derivatives Equity Derivatives House of the Year (Risk Magazine - 2006) Equity Derivatives House of the Year - Europe and Americas (The Banker - 2005) Equity Derivatives House of the Year (IFR – 2005) Structurer o
Slide 55: Corporate Centre
SUPPLEMENT – SOCIETE GENERALE GROUP Corporate Centre* Gross operating income Capital gains on the proprietary equity portfolio booked to NBI: EUR 75m in Q2 06 In EUR m Q2 06 Q2 05 Additional charge of EUR 61m linked to Gross operating income 43 42 health insurance agreement Net income from other 2
Slide 56: Breakdown of SG Group's commitments at June 30th 2006
SUPPLEMENT – RISK MANAGEMENT Geographical breakdown of SG Group’s commitments at June 30th 2006 Collective services Business services 5% Corporate Healthcare, social 6% Personal & dom estic services services loans: 2% 1% Oil & gas Telecom s EUR 320bn* 4% 3% Metals, m inerals Media 4% 3% Transport &
Slide 57: Geographical breakdown of SG Group's commitments at June 30th 2006
SUPPLEMENT – RISK MANAGEMENT Geographical breakdown of SG Group’s commitments at June 30th 2006 On- and off-balance sheet* On-balance sheet* Corporates + Individuals: EUR 403bn Corporates + Individuals: EUR 264bn Japan/ North North Japan/ Australia South America America America 1% Australia South Am
Slide 58: Trading VaR
SUPPLEMENT – RISK MANAGEMENT Trading VaR Quarterly average of 1-day, 99% Trading VaR (in EUR m) 27,2 26,0 23,6 24,4 21,4 19,8 20,3 21,8 17,6 16,2 Trading VaR 16,3 15,7 16,3 11,8 14,5 10,7 12,3 12,6 Credit 11,6 12,8 15,6 18,4 19,2 18,8 Fixed Income 17,0 20,3 16,2 15,5 14,9 16,4 15,9 19,4 Equity 13,1
Slide 59: Provisioning of doubtful loans
SUPPLEMENT – RISK MANAGEMENT Provisioning of doubtful loans French GAAP IFRS 31/12/2004 31/12/2005 31/03/2006 30/06/2006 Customer loans (in EUR bn) 205 245 253 264 Doubtful loans (in EUR bn) 10.3 10.7 10.3 10.3 Doubtful loans/customer loans 5.0% 4.4% 4.1% 3.9% Provisions (in EUR bn)* 7.0 7.0 6.7 6.6
Slide 60: Balance sheet
SUPPLEMENT - SOCIETE GENERALE GROUP Balance sheet ASSETS (in billions of euros) 31/12/05 30/06/06 LIABILITIES (in billions of euros) 31/12/05 30/06/06 Cash, due from central banks 6.2 8.4 Due to central banks 2.8 5.1 Financial assets at fair value through P&L 402.6* 431.7 Financial liabilities at fa
Slide 61: Determination of number of shares used to calculate EPS
TECHNICAL SUPPLEMENT Determination of number of shares used to calculate EPS and book value per share Average number of shares (thousands) 2004 2005 H1 06 Existing shares 441,157 437,836 434,426 Deductions Shares allocated to cover stock options awarded to 12,693* 16,456 13,685 staff and restricted
Slide 62: Economic and financial environment
TECHNICAL SUPPLEMENT Economic and financial environment Q2 05 Q1 06 Q2 06 Interest rates (quarterly average) (%) 10-year French government bond 3.37 3.51 3.99 3-month Euribor 2.12 2.61 2.89 Indices (end of period) CAC 40 4,229 5,220 4,966 Euro Stoxx 50 3,182 3,854 3,649 Nasdaq 2,057 2,340 2,172 Curr
Slide 63: Investor Relations
03 / 08 / 2006 Investor Relations Didier VALET, Sayuri AOKI, Stéphane MARTY, Pascale MASSOUD-AYOUB Tel.: +33 (0) 1 42 14 47 72 E-mail: [email protected] - Internet: www.ir.socgen.com