Société Générale Global Equities and Derivatives Solutions Capital Guaranteed Funds

1. Société Générale Global Equities and Derivatives Solutions Capital Guaranteed Funds March 28, 2008 Christian Cazenille Managing Director

2. Disclaimer Société Générale Global Equities and Derivatives Solutions Capital Guaranteed Funds • The contents of this document are given for purely indicative purposes and have no contractual value. Prior to any investment in the product, you should make your own appraisal of the risks from a legal, tax and accounting perspective, without relying exclusively on the information with which you were provided, by consulting, if you deem it necessary, your own advisors in these matters or any other professional advisors. Subject to compliance with legal and regulatory requirements, Société Générale may not be held responsible for the financial or other consequences that may arise from the investment in this product. • This product may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is your responsibility to ensure that you are authorised to invest in this product. This document does not constitute an offer for sale of securities in the United States. The securities can be neither offered nor transferred in the United States of America without being registered or being exempted from registration under the US Securities Act 1933, as amended. • The documents relating to this product will provide for methods of adjustment or substitution in order to take into account the consequences on this product of extraordinary events which may affect one or several of the underlying instruments on which it is based or, as the case may be, the early termination of this product. • WHEN SIMULATED PERFORMANCE OR PAST PERFORMANCE ARE DISPLAYED, THE FIGURES RELATING THERETO REFER TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR OF FUTURE RESULTS. When future performance is displayed, the figures relating to future performance are a forecast which is not a reliable indicator of future results. Furthermore, where past performance or simulated past performance rely on figures denominated in a currency other than that of your country of residence, the return may increase or decrease as a result of currency fluctuations. Finally, when simulated performance or performance (whether past or future) are displayed, the potential return may also be reduced by the effect of commissions, fees or other charges. • For the products benefiting from a guarantee of Société Générale or of any other entity of Société Générale group (hereinafter referred to as the «Guarantor»), the due and punctual payment by the principal debtor of the obligation of any sums due in respect of these products is guaranteed by the Guarantor according to the terms set forth in the deed of guarantee. In this case, the investor bears in the end a credit risk on the Guarantor. For products with a capital protection, such capital protection is only ensured on the Maturity Date, and the secondary market price may fall below this capital protection during the life of the product. • Moreover the investor should be aware that the capital protection feature requires for the Issuer, the Guarantor and/or their affiliates, to enter into hedging transactions which have a cost and which may affect the market price, liquidity or value of the Notes, especially when comparing them to the market price, liquidity and value of the underlyings of the Note. The Issuer and the Guarantor assume no responsibility whatsoever for such consequences and their impact on the investment. • The attention of investors is drawn to the fact that, by the maturity date, the price of certain products can be subject to volatility due to the evolution of market parameters and more precisely the price of the underlying and the interest rates. For certain products, except when Société Générale undertakes to assure a secondary market, there is no liquid market on which these products can be easily traded, and this may have a material adverse effect on the price at which these products might be sold. • The information presented in this document is based on market data at a given moment and may change from time to time. Back testing permits the calculation of returns that the product would have had if it had been launched in the past, presented according to the maturity date. It allows an understanding of how the product would have performed at different market stages over previous years. • This document is confidential and may not be communicated to a third party (with the exception of your external advisors on the condition that they themselves respect the confidentiality) without prior written consent from Société Générale. March 28, 2008 Christian Cazenille Managing Director Société Générale Corporate & Investment Banking 17 cours Valmy 92987 La Défense Cedex Paris – France Société Générale Corporate & Investment Banking Siège Social: Société Générale, 29 Boulevard Haussmann, 75009 Paris 552 120 222 RCS de Paris - Numéro APE: 651C

3. Why Capital Guaranteed Funds ? • Capital Guaranteed Funds have witnesses a huge increase in the past few years. • Investors have exhibited enhanced appetite for these investment solutions because of a variety of reasons • Capital Protection has proved to be a very attractive feature • Enhancement of risk/return profile • Possibility to benefit from innovative payoffs • Opportunity to be linked to multiple asset classes • Benefit from the performance of traditional and non-traditional asset classes • Tax optimization possible in some countries • Insurance linked guarantees have also seen a huge demand • Access to exotic betas • The Capital Guaranteed Funds are also called as Capital Guaranteed Structured Products

4. When did it begin? Much earlier than what you thought “… If any one owe a debt for a loan, and a storm prostrates the grain, , …… ……. in that year he needs not give his creditor any grain, ……….. pays no rent for this year…” One of the first derivatives in history: Hammurabi Code 1800 B.C. Hammurabi was the 6th king of babylonia. He unified his kingdom creating a unique religion, language and law: The Hammurabi Code

5. How big is the industry now? Evolution of Structured Products: fast growing activity • Structured Products have witnesses a huge increase in the past few years. • A business led by the European market • The most innovative Structured products Retail market volume 2004/2006 +52% EUR Billion 39% +26% Source: Structured retail products

6. Reasons behind the development • Equity markets are widespread and easily accessible underlying • A global demand for Equity linked Structured Products match various risk profiles • A way to protect an equity investment… • …and a way to enhance the yield return of a bond portfolio • An adequate offer • Recent developments of technology and the financial engineering techniques enable further innovation • Banks’ infrastructures are set up to accept an increasing demand

7. With Principal Protected SP 190% 100% in Equities Without Principal Protected SP 170% 150% Expected 10-year gain 130% 110% 100% in SP 90% 100% in Bond Cvar(95%) 70% -20,0% -10,0% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% Source : Edhec Risk and Asset Management Research Centre. July 2005 Encouragement for InnovationCase Study on Principal Protected Notes • From the investor standpoint • Value added as compared to balanced funds • Improvement of the efficient frontier B A

8. Structured Products: created for a range of clients Conservative Profile Medium Profile Dynamic Profile • Investment with total safety • Pattern recognition for Target Clients • Lifestyle : Simple and Safe • Risk Tolerance: Low • Current Portfolio: Bond Oriented and Less Diversified • Typical Age group: 30+ • Behavior Traits: Highly concerned about risks • Investment with the optimal balance • Pattern recognition for Target Clients • Lifestyle : Balanced • Risk Tolerance: Medium and Normal • Current Portfolio: Equities & Bonds (or deposits) • Typical Age group: 25 + • Behavior Traits: Willing to go the extra mile with added risk appetite • Investment with a maximum leverage • Pattern recognition for Target Clients • Lifestyle : Adventurous • Risk Tolerance: Extremely High • Current Portfolio: Equity Options Bias • Typical Age group: 25-45 • Behavior Traits: Enjoy taking risks for the additional upside potential Capital Guarantee Partial Capital Guarantee No Capital Guarantee “Play Safe” Solution “Best Size  Fits all” Solution Solution for “Gambling can be fun”

9. Conclusion • Equity linked Structured Products are not trendy investments but long lasting financial tools • Their ability to provide added value encourages new developments & innovation • Their flexibility allows to address almost all client needs

10. Future Trends • The Future of the Capital Guaranteed Funds in Turkey seems to be promising because of the following reasons • Turkish individual investors have confidence in local financial institutions (based on marketing research, newspapers, TV..) • Conviction that regulations protect strongly small investors on local market • Increasingly sophisticated needs of investors lead to search for newer sources of performance • More amount of time is being spent in the financial planning activities at the corporate and the individual level • The convergence of various factors have created a very conducive environment for Capital Guaranteed Funds in Turkey • Société Générale is proud of its commitment to the Turkish market and is a partner of choice for various major solution providers around the world in the domain of equity derivatives • We commit to design customized investment solutions and educate the market on an on going basis (www.equityderivatives.com)

11. “Modern Great in Equity Derivatives”, Risk 20th anniversary issue in 2007 SOCIETE GENERALE Culture of innovation : creating trends & recognized innovation 1989 1993 1995 1998 2000 2003 2004 2005 2006 2007 1989 1993 1995 1998 2000 2003 2004 2005 2006 2007 Warrants Warrants in in Securitization Option on Sharpe Ratio Hybrid Europe Europe Securitization New strategies New strategies second of and multi - second of dedicated to dedicated to order risks asset Hedge Funds Hedge Funds Structuration Structuration of a of a fund eligible to fund eligible to Correlation products with PEA PEA in France in France Launch of products 100% capital guaranteed Correlation products with Hybrid & Multi Asset Class Structured products based on our 100% capital guaranteed dedicated to retail networks Structured products Hidden Assets (Everest, Himalaya, dedicated to retail networks Structured products mutual based on mutual based on Development of a new Development of a new funds and Hedge funds and Hedge offer dedicated to Funds offer dedicated to Institutional Investors Risk 20 years: Modern Great Risk 20 years: Pioneer 2001/2002 2007 2004 2003 2005 2006 The contenders Société Générale BNP Paribas Deutsche Bank JP Morgan UBS The contenders Bankers Trust Credit Suisse Financial Products Salomon Brothers SBC O’Connor Société Générale “Equity Derivatives House of The Year”, The Banker “Equity Derivatives House of The Year”, RISK “Equity Derivatives House of The Year”, IFR “Equity Derivatives House of the Year”, Asia Risk “Best Equity Derivatives Provider” in Europe and Asia, Global Finance “Equity Derivatives House of the Year Europe”, Structured Products