SOCIÉTÉ GÉNÉRALE CUSIP: 83369FCU9

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1 Information contained in this slide and the accompanying Preliminary Pricing Supplement is subject to completion and amendment. No registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities are being offered pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended. This slide and the accompanying Preliminary Pricing Supplement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This slide is not for distribution in isolation and must be viewed in conjunction with the accompanying Preliminary Pricing Supplement, Product Supplement(s), Offering Memorandum and any associated documentation, which fully describe the terms, risks and conditions of the Notes described herein. CALLABLE FIXED TO DAILY RANGE ACCRUAL CMS SPREAD WORST- OF NON-PRINCIPAL PROTECTED NOTES LINKED TO REFERENCE INDICES PRELIMINARY TERMS REFERENCE INDICES (1) DOWNSIDE TRIGGER LEVEL COUPON BARRIER LEVEL VARIABLE DAYS ACTUAL DAYS Russell 2000 Index; Bloomberg Ticker: <RTY Index> S&P 500 Index; Bloomberg Ticker: <SPX Index> 60% of the Initial Index Level for each Reference Index 60% of the Initial Index Level for each Reference Index Number of calendar days on which the Accrual Condition is satisfied during a given Coupon Period Number of calendar days during a given Coupon Period 30 YEAR CMS RATE (1) As reported on Reuters page ICESWAP3 under the heading 30YR 2 YEAR CMS RATE (1) As reported on Reuters page ICESWAP3 under the heading 2YR VARIABLE BASE RATE VARIABLE RATE FIXED RATE FIXED RATE CUTOFF DATE MAXIMUM COUPON RATE MINIMUM COUPON RATE SPREAD 0.00% MULTIPLIER 50 (30 Year CMS Rate 2 Year CMS Rate + Spread) * Multiplier on a given CMS Determination Date, subject to Maximum and Minimum Coupon Rate Variable Base Rate x (Variable Days / Actual Days) 9% per annum 4th Coupon Payment Date; subject to the Business Day Convention 9% per annum 0% per annum COUPON PAYMENT Quarterly; 30/360 DAY COUNT FRACTION INITIAL INDEX LEVEL FINAL INDEX LEVEL PERFORMANCE PERCENTAGE TERM Number of days in Coupon Period based on a year consisting of twelve 30-day months, divided by 360-day year The Closing Level of each Reference Index on the Pricing Date The Closing Level of each Reference Index on the Valuation Date (Final Index Level Initial Index Level) / Initial Index Level 7 years 1) Please refer to the accompanying Preliminary Pricing Supplement and Product Supplements for detailed description of price source references CERTAIN INVESTOR SUITABILITY / RISK CONSIDERATIONS Investing in the Notes involves significant risks 100% principal at risk; you will lose all or a substantial portion of your investment if the Final Index Level of any Reference Index depreciates against its Initial Index Level by more than 60.00% The Coupon Payment on the Notes in any Coupon Period is capped at the Maximum Coupon Rate of 9.00% per annum Return on the Notes is capped at the total amount of Coupon Payments payable on the Notes; you will not participate in any appreciation of the CMS Reference Spread or the Reference Indices The return on your Notes will not reflect the return you would realize if you invested directly in fixed income securities The Coupon Payments on the Notes after the Fixed Rate Cutoff Date will be variable and unpredictable and may be zero; you could receive a low or no Coupon Payment on one or more Coupon Payment Dates The Variable Rate on the Notes may be less than the rate otherwise payable on conventional debt securities or other investments You should be willing to hold the Notes to maturity or Early Redemption, as applicable, and accept that there may be little or no secondary market for the Notes Reinvestment risk; the Notes may be redeemed early at our option, which limits your ability to earn interest or Coupon Payments over the full term of the Notes; if the Notes are redeemed early prior to maturity, you may not be able to invest in other securities of comparable maturities with similar levels of risk and yield as the Notes You assume the credit risk of the Issuer and Guarantor and Early Redemption, on the Maturity Date, in addition to any final accrued and unpaid Coupon Payment for each Notional Amount of Notes you hold Additional risk factors in respect to the Notes offering can be found in section Risk Factors of the accompanying Preliminary Pricing Supplement SOCIÉTÉ GÉNÉRALE CUSIP: 83369FCU9 PAYOFF MECHANISM Quarterly Coupon Payment (per Note, if not previously redeemed by the Issuer) On each Coupon Payment Date, to and including the Fixed Rate Cutoff Date (which is the fourth Coupon Payment Date) you will receive payment per Note held equal to: the product of (i) $1,000, (ii) the Fixed Rate and (iii) the Day Count Fraction. On each Coupon Payment Date following the Fixed Rate Cutoff Date, including the final Coupon Payment Date, you will receive per Note held equal to: the product of (i) $1,000, (ii) the Variable Rate for the corresponding Coupon Period and (iii) the Day Count Fraction: Variable Rate will not exceed 9% PER ANNUM and will be computed based on the following formula: Variable Base Rate x (Variable Days/Actual Days) Potential Payment at Maturity (per Note) If the Final Index Level for each Reference Index is greater than or equal to the Downside Trigger Level for such Reference Index, $1,000, which means that, under this scenario, you will only receive the Notional Amount of your Notes at maturity; or If the Final Index Level for any Reference Index is less than the Downside Trigger Level for such Reference Index, $1,000 multiplied by the sum of (i) 100% and (ii) the Performance Percentage of the Worst Performing Reference Index. In this event, the Redemption Amount will be less than $1,000 and you will lose some or all of the Notional Amount of your Notes. Potential Early Redemption Commencing on the fourth Coupon Payment Date, we will have the right, upon at least 5 New York Business Days notice to the Trustee, to redeem the Notes in whole, but not in part, on any Coupon Payment Date (excluding the Maturity Date) at an amount equal to 100% of the Notional Amount of the Notes that you hold plus any final accrued and unpaid Coupon Payment payable on the date of such Early Redemption. Accrual Condition With respect to a calendar day in any Coupon Period following the Fixed Rate Cutoff Date, the Accrual Condition will be satisfied on such calendar day if the Closing Level of the Reference Indices on such calendar day are greater than or equal to their respective Coupon Barrier Levels. If, on any calendar day, the Closing Level of any Reference Index on such calendar day is less than its respective Coupon Barrier Level, then the Accrual Condition will not be satisfied for such calendar day and you will accrue interest at a rate of 0.00% for that day. HYPOTHETICAL REDEMPTION AMOUNT AT MATURITY (2) WORST PERFORMING Reference Index Pleaserefer to the accompanying PreliminaryPricingSupplement, ProductSupplement(s), Offering Memorandum, and associated documentationfor further detailson risks, liquidity, prospective returns, taxconsiderations, and othermattersofinterest. Thisslidemustnotbelookedatinisolation, andadecisionin respecttoaninvestmentinto thesecuritiesmustbetakeninconjunction withallavailabledocumentationin referencetothissecurityoffering. Capitalizedterms usedinthisslide,butnotdefinedherein, shallhavethemeaningascribedtothem intheaccompanying PricingSupplement, Product Supplement(s), oroffering Memorandum. 0% -40% Coupon Payment Maturity Date 1 Coupon Payment of: $1,000 x [9% x ((90/360])] = $22.50 Notional Amount of your Notes at maturity: $1,000 Payment at Maturity: $1,000 multiplied by the sum of (i) 100% and (ii) the Performance Percentage of the Worst Performing Reference Index (2) This graph reflects only the return received in respect of the payment on the maturity date. In addition to this payment, if the level of each Reference Index is greater than or equal to its respective Coupon Barrier Level on one or more days following the Fixed Rate Cutoff Date, you would receive the applicable Coupon Payments, for a maximum potential return equal to the Maximum Coupon Rate

2 Information contained in this preliminary Pricing Supplement is subject to completion and amendment. No registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities are being offered pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended. This preliminary Pricing Supplement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Preliminary Pricing Supplement (To the Offering Memorandum dated March 21, 2018 the Product Supplement for Index-Linked Notes dated March 21, 2018 and the Product Supplement for Rate-Linked Notes dated March 21, 2018) SOCIÉTÉ GÉNÉRALE $[] CALLABLE FIXED TO DAILY RANGE ACCRUAL CMS SPREAD WORST-OF NON-PRINCIPAL PROTECTED NOTES LINKED TO REFERENCE INDICES SERIES DUE DECEMBER 31, 2025 PRELIMINARY PRICING SUPPLEMENT Payment of all amounts due and payable under the Callable Fixed to Daily Range Accrual CMS Spread Worst-Of Non-Principal Protected Notes Linked to Reference Indices is irrevocably and unconditionally guaranteed pursuant to a Guarantee issued by Société Générale, New York Branch We, Société Générale, a société anonyme incorporated in the Republic of France (the Issuer ), are offering, pursuant to the offering memorandum dated March 21, 2018 (the Offering Memorandum ), the product supplement for Index-Linked Notes dated March 21, 2018 (the Index Product Supplement ), the Product Supplement for Rate-Linked Notes dated March 21, 2018 (the Rate Product Supplement and, together with the Index Product Supplement, collectively the Product Supplements ) and this preliminary pricing supplement (the Pricing Supplement ), the Callable Fixed to Daily Range Accrual CMS Spread Worst-Of Non-Principal Protected Notes linked to Reference Indices (each, a Note and together, the Notes ) specified herein. If the terms described herein are different or inconsistent with those described in the accompanying Product Supplements or the accompanying Offering Memorandum, the terms described herein shall control. Capitalized terms used in this Pricing Supplement, but not defined herein, shall have the meaning ascribed to them in the accompanying Product Supplements or the accompanying Offering Memorandum. General Payments (if any) on the Notes will be linked to the performance of the Reference Indices, specified herein. Reference Indices (each, a Reference Index ) S&P 500 Index Russell 2000 Index Bloomberg Ticker SPX <Index> RTY <Index> Index Sponsor S&P Dow Jones Indices LLC Russell Investments Initial Index Level Downside Trigger Level Coupon Barrier Level [] [] [] [] [] [] The Notes are unsecured debt obligations issued by us and are not listed on any exchange. Unlike ordinary debt securities, the Notes do not guarantee the return of any portion of the Notional Amount to Investors on the Maturity Date. An investment in the Notes will expose you to the risk of one of the Reference Indices declining in value and may result in a loss of up to 100% of your principal investment. The Notes involve risks not associated with an investment in ordinary debt securities. See Risk Factors beginning on page 12 of this Pricing Supplement, on page 2 of the accompanying Product Supplements and on page 8 of the accompanying Offering Memorandum. The Notes pay interest (i) in the first year, at a fixed rate of 9.00% per annum and (ii) in the second year to maturity or early redemption by us, at the Variable Rate per annum described below, subject to the Maximum Coupon Rate of 9.00% per annum and the Minimum Coupon Rate of 0.00% per annum. The Notes may be redeemed early prior to maturity beginning on the fourth Coupon Payment Date at the discretion of the Issuer, as described herein. By subscribing to or otherwise acquiring the Notes, you will be bound by and deemed irrevocably to consent to any application of the bail-in tool or any other resolution measure by the resolution authority, which may result in the conversion to equity, write-down or cancellation of all or a portion of the Notes or the Guarantee, or variation of the terms and conditions of the Notes or the Guarantee, if the Issuer or the Guarantor is determined to meet the conditions for resolution. If the resolution authority applies the bail-in tool or any other resolution measure to us, you may lose some or all of your investment in the Notes. Please see the accompanying Offering Memorandum for provisions related to bail-in tool and other resolution measures applicable to us. All payments on the Notes are subject to the creditworthiness (ability to pay) of the Issuer and Société Générale, New York Branch, as the Guarantor. You face the risk of not receiving any payment on your investment if we or the Guarantor file for bankruptcy or are otherwise unable to pay our or its debt obligations. Coupon Payments: On each Coupon Payment Date from the first Coupon Payment Date to, and including, the Fixed Rate Cutoff Date (which is also the fourth Coupon Payment Date), for each $1,000 Notional Amount of Notes that you hold, you will receive a Coupon Payment equal to the product of (i) $1,000, (ii) the Fixed Rate and (iii) the Day Count Fraction; and On each Coupon Payment Date following the Fixed Rate Cutoff Date to, and including, the final Coupon Payment Date, for each $1,000 Notional Amount of Notes that you hold, you will receive a Coupon Payment equal to the product of (i) $1,000, (ii) the Variable Rate for the corresponding Coupon Period and (iii) the Day Count Fraction. THE VARIABLE RATE WILL NOT EXCEED 9.00% PER ANNUM, AND MAY BE AS LOW AS 0.00% FOR ONE OR MORE COUPON PERIODS AFTER THE FIRST YEAR. IF, ON THE RELATED CMS DETERMINATION DATE DESCRIBED BELOW, THE 30 YEAR CMS RATE IS LESS THAN OR EQUAL TO THE 2 YEAR CMS RATE, INTEREST WILL ACCRUE AT A RATE OF 0.00% FOR THAT COUPON PERIOD. IN ADDITION, IF ON ANY

3 CALENDAR DAY, THE CLOSING LEVEL OF ANY REFERENCE INDEX IS LESS THAN ITS COUPON BARRIER LEVEL, INTEREST WILL ACCRUE AT A RATE OF 0.00% PER ANNUM FOR THAT DAY. No adjustment to the calculated Coupon Payment will be made in the event a Coupon Payment Date is not a Business Day. Variable Rate: The Variable Rate for each Coupon Period commencing on or after the Fixed Rate Cutoff Date will be the rate computed based on the following formula: where, Variable Base Rate (Variable Days/Actual Days) Variable Days means, with respect to each Coupon Period, the actual number of calendar days during such Coupon Period on which the Accrual Condition is satisfied; and Actual Days means, with respect to each Coupon Period, the actual number of calendar days in such Coupon Period. Variable Base Rate: The Variable Base Rate for each Coupon Period will be the product of (i) the 30 Year CMS Rate on the related CMS Determination Date minus the 2 Year CMS Rate on the related CMS Determination Date (the CMS Reference Spread ) and (ii) the Multiplier, subject to the Maximum Coupon Rate and the Minimum Coupon Rate. If, on any CMS Determination Date, the 30 Year CMS Rate or the 2 Year CMS Rate does not appear on the Reuters page "ICESWAP3" or any successor page, then the Calculation Agent will determine the 30 Year CMS Rate or the 2 Year CMS Rate, as the case may be, on such CMS Determination Date in accordance with the section "Description of the Notes A. Description of the Notes 5. The Reference Rates - USD CMS Rate" in the Rate Product Supplement. Accrual Condition: With respect to a calendar day in any Coupon Period commencing on or after the Fixed Rate Cutoff Date, the Accrual Condition will be satisfied on such calendar day if the Closing Levels of both Reference Indices on such calendar day are greater than or equal to their respective Coupon Barrier Levels. If, on any calendar day, the Closing Level of any Reference Index on such calendar day is less than its Coupon Barrier Level, then the Accrual Condition will not be satisfied for such calendar day and you will accrue interest at a rate of 0.00% for that day. If a calendar day in any relevant Coupon Period is not a Scheduled Trading Day (as defined in the Index Product Supplement) for a Reference Index, the Closing Level of such Reference Index for such calendar day will be the Closing Level of such Reference Index on the immediately preceding Scheduled Trading Day. With respect to only the determination of whether or not Accrual Condition is satisfied on any calendar day, notwithstanding the section Description of the Notes Market Disruption Event in the Index Product Supplement and subject to the section Market Disruption Event herein, if a Market Disruption Event occurs with respect to a Reference Index on a calendar day in any Coupon Period following the Fixed Rate Cutoff Date, the Closing Level of such Reference Index for such calendar day will be the Closing Level of such Reference Index on the immediately preceding Scheduled Trading Day on which no Market Disruption Event exists. Reference Index Cut-Off: The Closing Level of a Reference Index for each calendar day from and including the fifth Scheduled Trading Day prior to the related Coupon Payment Date for any Coupon Period following the Fixed Rate Cutoff Date to but excluding such related Coupon Payment Date (such period, the Reference Index Cut-off Period ) will be the Closing Level of such Reference Index for such fifth Scheduled Trading Day preceding the corresponding Coupon Payment Date. Specific Terms for the Coupon Payments: Coupon Barrier Level: With respect to each Reference Index, a level equal to 60.00% of the Initial Index Level of such Reference Index. Fixed Rate: 9.00% per annum. Fixed Rate Cutoff Date: The fourth Coupon Payment Date, subject to the Business Day Convention. 30 Year CMS Rate: For each Coupon Period commencing on or after the Fixed Rate Cutoff Date, the rate for U.S. Dollar swaps with a maturity of 30 years, expressed as a percentage, which appears on Reuters page "ICESWAP3" or any successor page under the heading "30YR" around 11:00 a.m., New York City time, on the corresponding CMS Determination Date. 2 Year CMS Rate: For each Coupon Period commencing on or after the Fixed Rate Cutoff Date, the rate for U.S. Dollar swaps with a maturity of 2 years, expressed as a percentage, which appears on Reuters page "ICESWAP3" or any successor page under the heading "2YR" around 11:00 a.m., New York City time, on the corresponding CMS Determination Date. Reset Dates: With respect to each Coupon Period on or after the Fixed Rate Cutoff Date, the Reset Date for that period shall be the first day of such Coupon Period, or, in the case of the first Coupon Period, the Issue Date. CMS Determination Date: With respect to each Coupon Period commencing on or after the Fixed Rate Cutoff Date, four Business Days before the Reset Date for such Coupon Period. Multiplier: Maximum Coupon Rate: 9.00% per annum. Minimum Coupon Rate: 0.00% per annum. Coupon Payment Date: Subject to the Business Day Convention, the last calendar day of each March, June, September and December, provided that (i) the first Coupon Payment Date will be March 29, 2019 and (ii) the final Coupon Payment Date will be the Maturity Date or the Early Redemption Date, as the case may be. Coupon Period: With respect to each Coupon Payment Date, each period from, and including, the preceding scheduled Coupon Payment Date to, but excluding, such scheduled Coupon Payment Date, except that (a) the first Coupon Period will commence on, and include, the Issue Date and (b) the final Coupon Period will end on, but exclude, the scheduled Maturity Date or Early Redemption Date, as the case may be. U.S. Government Securities Business Day: Any day except for a Saturday, Sunday or a day on which The Securities Industry and Financial Markets Association recommends that the fixed income departments of its

4 members be closed for the entire day for purposes of trading in U.S. government securities. Business Day: any day other than (a) a Saturday or Sunday, or (b) any day that is not a U.S. Government Securities Business Day. For purposes of determining whether or not a Coupon Payment Date or the Maturity Date is a Business Day, Business Day should mean New York Business Day. New York Business Day: Any day other than (a) a Saturday or Sunday or (b) a day on which banking institutions in New York City, USA are authorized or required by law, regulation or executive order to close. Day Count Fraction: With respect to each Coupon Payment, the number of days in the Coupon Period in respect of which such Coupon Payment is being made, determined on the basis of a 360-day year consisting of twelve 30-day months, divided by 360. Early Redemption Commencing on the fourth Coupon Payment Date, we will have the right, upon at least 5 New York Business Days notice to the Trustee, to redeem the Notes in whole, but not in part, on any Coupon Payment Date (excluding the Maturity Date) at an amount equal to 100% of the Notional Amount of the Notes that you hold plus any final accrued and unpaid Coupon Payment payable on the date of such Early Redemption. If we exercise our Early Redemption option, the Coupon Payment Date on which we exercise such option will be referred to as the Early Redemption Date." Payment on the Maturity Date: Subject to the credit risk of the Issuer and Guarantor and Early Redemption, on the Maturity Date, in addition to any final accrued and unpaid Coupon Payment, for each $1,000 Notional Amount of Notes that you hold, you will receive the Redemption Amount, which will equal: if the Final Index Level for each Reference Index is greater than or equal to the Downside Trigger Level for such Reference Index, $1,000, which means that, under this scenario, you will only receive the Notional Amount of your Notes at maturity; or if the Final Index Level for any Reference Index is less than the Downside Trigger Level for such Reference Index, $1,000 multiplied by the sum of (i) 100% and (ii) the Performance Percentage of the Worst Performing Reference Index. In this event, the Redemption Amount will be less than $1,000 and you will lose some or all of the Notional Amount of your Notes. Therefore, if the Final Index Level for any Reference Index is less than its respective Downside Trigger Level, you will lose 1.00% of the Notional Amount of your Notes for each 1.00% difference between zero and the Performance Percentage of the Worst Performing Reference Index. In other words, if any Reference Index depreciates against its Initial Index Level by more than 40.00% as of the Valuation Date, your investment will be fully exposed to the negative performance of the Worst Performing Reference Index. In this case, you will lose more than 40.00% and could lose up to 100% of the Notional Amount of your Notes. Specific Terms for Payment on the Maturity Date: Initial Index Level: With respect to each Reference Index, the Closing Level of such Reference Index on the Pricing Date. The Closing Level shall have the meaning ascribed to such term in the accompanying Index Product Supplement. Final Index Level: With respect to each Reference Index, the Closing Level of such Reference Index on the Valuation Date, as determined by the Calculation Agent. Downside Trigger Level: With respect to each Reference Index, a level equal to 60.00% of the Initial Index Level of such Reference Index. Other Specific Terms of the Notes: CUSIP: 83369FCU9 ISIN: US83369FCU93 Calculation Agent: Société Générale Placement Agent: SG Americas Securities, LLC Aggregate Notional Amount: $[] Notional Amount per Note: $1,000 Minimum Investment Amount/Minimum Holding: $1,000 Notional Amount of Notes (1 Notes) Issue Price: $1,000 per $1,000 Notional Amount of Notes Worst Performing Reference Index: The Reference Index that has the lowest Performance Percentage. Index Sponsor: With respect to the S&P 500 Index, S&P Dow Jones Indices LLC; and with respect to the Russell 2000 Index, Russell Investments. Performance Percentage: With respect to each Reference Index, (i) the difference between the Final Index Level of such Reference Index and the Initial Index Level of such Reference Index, divided by (ii) the Initial Index Level of such Reference Index, expressed as a percentage, as determined by the Calculation Agent. Pricing Date: December 26, 2018 Issue Date: December 31, 2018 Valuation Date: December 26, 2025 Maturity Date: December 31, 2025 Business Day Convention: Modified Following. No adjustment to the calculated Coupon Payment will be made in the event a Coupon Payment Date is not a Business Day.

5 The Notes are subject to acceleration upon occurrence of an Event of Default as described under Risk Factors If the Notes are accelerated due to our insolvency, you may receive an amount substantially less than the Notional Amount of the Notes in the accompanying Product Supplements and Risk Factors Your return may be limited or delayed by the insolvency of Société Générale in the Offering Memorandum. Price to Public (1) Distributor s Commission (2) Proceeds to Us Per Note $1, up to $[] no less than $[] Total $[] up to $[] no less than $[] (1) The price to the public includes our structuring and development costs as well as the expected cost and profit of hedging our obligations under the Notes. Also see Risk Factors Certain built-in costs are likely to adversely affect the value of the Notes prior to redemption; secondary market prices of the Notes will likely be lower than the original issue price of the Notes and vary from the estimated value of the Notes herein and Risk Factors The inclusion of commissions and projected profit from hedging in the original price is likely to adversely affect secondary market prices in the accompanying Product Supplements. (2) Please see Supplemental Plan of Distribution (Conflict of Interest) in this Pricing Supplement as well as Supplemental Plan of Distribution in the accompanying Product Supplements for information about fees and commissions. Each Distributor or any dealer selling a Note to an account with respect to which it receives a management fee will forego any commission on such sale, and this may result in holders of such accounts being entitled to purchase the Notes at a price lower than $1,000 per Note, but not less than $[]. The marketing period for the Notes will be November 30, 2018 to December 26, 2018, subject to earlier closure at the discretion of the Issuer. We currently estimate that the value of each $1,000 Notional Amount of the Notes on the Pricing Date will be between $ and $916.40, as determined by reference to our proprietary pricing models and the discount rate at which we are currently willing to borrow funds through the issuance of the Notes, which may account for the higher costs associated with structuring and offering the Notes and our liquidity needs (our internal funding rate ). This range of estimated values reflects terms that are not yet fixed. A single estimated value reflecting final terms will be determined on the Pricing Date. The estimated value of the Notes, when the actual terms of the Notes are set, will be less than the public offering price you pay to purchase the Notes. The estimated value of the Notes is not an indication of actual profit to us or any of our affiliates, nor is it an indication of the price, if any, at which we, the Placement Agent or any other person may be willing to buy the Notes from you at any time after issuance. See Estimated Value and Secondary Market Prices of the Notes in this Pricing Supplement for additional information. The actual value of your Notes at any time will reflect many factors and cannot be predicted with accuracy. THE NOTES AND THE GUARANTEE BY SOCIÉTÉ GÉNÉRALE, NEW YORK BRANCH HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS. THE NOTES ARE BEING OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION CONTAINED IN SECTION 3(a)(2) OF THE SECURITIES ACT. Neither the Securities and Exchange Commission (the SEC ) nor any state securities commission or regulatory authority has approved or disapproved of the Notes or the guarantee or passed upon the accuracy or adequacy of this Pricing Supplement, the Product Supplements and the Offering Memorandum. Any representation to the contrary is a criminal offense. The Notes are not, and will not be, rated by any nationally recognized statistical rating organization. The Notes are securities in the same series as and have equal rights and obligations as investment-grade rated notes and certificates issued by us under the Program (as defined on the cover page of the accompanying Offering Memorandum). Société Générale is rated A by Standard & Poor s, A1 by Moody s and A by Fitch Rating. The ratings listed above have been assigned to Société Générale and reflect the rating agencies view of the likelihood that we will honor our long-term unsecured debt obligations and do not address the price at which the Notes may be resold prior to maturity or Early Redemption, which may be substantially less than the Issue Price of the Notes. The Issuer s rating assigned by each rating agency reflects only the view of that rating agency, is not a recommendation to buy, sell or hold the Notes and is subject to revision or withdrawal at any time by that rating agency in its sole discretion. Each rating should be evaluated independently of any other rating. Neither the Placement Agent nor our distributors are obligated to purchase the Notes but have agreed to use reasonable efforts to solicit offers to purchase the Notes. To the extent the full Aggregate Notional Amount of the Notes being offered by this Pricing Supplement is not purchased by investors in the offering, the Placement Agent or one or more of its or our affiliates may agree to purchase a part or all of the unsold portion, which may constitute a substantial portion of the total Aggregate Notional Amount of the Notes, and to hold such Notes for investment purposes. See Risk Factors - The Notes will not be listed on any securities exchange or any inter-dealer quotation system; there may be no secondary market for the Notes; potential illiquidity of the secondary market; holding of the Notes by the Placement Agent or its or our affiliates and future sales in this Pricing Supplement. This Pricing Supplement and the accompanying Product Supplements and Offering Memorandum may be used by our affiliates in connection with offers and sales of the Notes in market-making transactions. The Issuer reserves the right to withdraw, cancel or modify the offer and to reject orders in whole or in part. The Notes are expected to be delivered through the facilities of The Depository Trust Company on or about the Issue Date The date of this Pricing Supplement is November 30,

6 UNDER NO CIRCUMSTANCES SHALL THIS PRICING SUPPLEMENT AND THE ACCOMPANYING PRODUCT SUPPLEMENTS AND OFFERING MEMORANDUM CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THESE NOTES OR THE GUARANTEE, IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THE NOTES CONSTITUTE UNCONDITIONAL LIABILITIES OF THE ISSUER, AND THE GUARANTEE CONSTITUTES AN UNCONDITIONAL OBLIGATION OF THE GUARANTOR. THE NOTES AND THE GUARANTEE ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND OR ANY U.S. OR FRENCH GOVERNMENTAL OR DEPOSIT INSURANCE AGENCY. In making your investment decision, you should rely only on the information contained or incorporated by reference in this Pricing Supplement and the accompanying Product Supplements and Offering Memorandum. Copies of this Pricing Supplement and the accompanying Product Supplements and Offering Memorandum are available from us, at no cost to you, and you should read each of these documents carefully prior to investing in the Notes. We have not authorized anyone to give you any additional or different information. The information in this Pricing Supplement and the accompanying Product Supplements and Offering Memorandum may only be accurate as of the dates of each of these documents, respectively. The contents of this Pricing Supplement are not to be construed as legal, business, or tax advice. The Notes described in this Pricing Supplement and the accompanying Product Supplements and Offering Memorandum are not appropriate for all investors, and involve important legal and tax consequences and investment risks, which should be discussed with your professional advisors. You should be aware that the regulations of the Financial Industry Regulatory Authority, Inc. and the laws of certain jurisdictions (including regulations and laws that require brokers to ensure that investments are suitable for their customers) may limit the availability of the Notes. We are offering to sell, and are seeking offers to buy, the Notes only in jurisdictions where such offers and sales are permitted. This Pricing Supplement and the accompanying Product Supplements and Offering Memorandum do not constitute an offer to sell or a solicitation of an offer to buy the Notes in any circumstances in which such offer or solicitation is unlawful. 2

7 ADDITIONAL TERMS SPECIFIC TO THE NOTES You should read this Pricing Supplement together with the accompanying Offering Memorandum and the accompanying Product Supplements relating to the Notes and the Program (of which the Notes are a part). This Pricing Supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth under Risk Factors in this Pricing Supplement, the accompanying Product Supplements and the accompanying Offering Memorandum, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, accounting and other advisors before you invest in the Notes. You may access these documents as follows: Offering Memorandum dated March 21, 2018: Product Supplement for Index-Linked Notes dated March 21, 2018: Product Supplement for Rate-Linked Notes dated March 21, 2018: For additional supplements to the Offering Memorandum, please visit In this Pricing Supplement and the accompanying Product Supplements and Offering Memorandum, we, us and our refer to Société Générale, unless the context requires otherwise. MARKET DISRUPTION EVENT Notwithstanding the section Description of the Notes Market Disruption Event in the accompanying Index Product Supplement, if on any Scheduled Trading Day in any relevant Coupon Period (including the Valuation Date), a Market Disruption Event occurs with respect to any Reference Index, the Closing Level for such Reference Index for such Scheduled Trading Day (the Original Disrupted Day ) shall be the Closing Level of such Reference Index on the immediately preceding Scheduled Trading Day on which no Market Disruption Event exists. However, if a Market Disruption Event for any Reference Index exists on each of the eight consecutive Scheduled Trading Days immediately preceding the Original Disrupted Day, the Calculation Agent will determine the Closing Level for such Reference Index on the eighth Scheduled Trading Day immediately preceding the Original Disrupted Day (the Reference Index Disruption Calculation Day ) (notwithstanding the fact that a Market Disruption Event exists on the Reference Index Disruption Calculation Day) in accordance with the formula for and method of calculating such Reference Index last in effect prior to such Market Disruption Event, but using only those constituents that comprised such Reference Index prior to such Market Disruption Event and using the Exchange traded or quoted price of each of such constituents as of the Scheduled Closing Time of the relevant Exchange on the Reference Index Disruption Calculation Day (or if a Market Disruption Event has occurred with respect to any constituent of such Reference Index on the Reference Index Disruption Calculation Day, its good faith estimate of the value of the relevant constituent as of the Scheduled Closing Time on the Reference Index Disruption Calculation Day, which may equal the latest available price or quote for such constituent on or prior to the Reference Index Disruption Calculation Day) and the good faith estimate of the value of the Closing Level of such Reference Index so calculated shall be the Closing Level for the Original Disrupted Day. To the extent the Calculation Agent is unable, in its reasonable determination, to calculate such Reference Index in such manner, it will determine the Closing Level of such Reference Index for the Original Disrupted Day, in its sole discretion, based on its good faith and commercially reasonable determination of the level of such Reference Index (which may be the level of the Reference Index at 3

8 which we, the Guarantor or one or more of our affiliates acquire, establish, reestablish, substitute, maintain, unwind or dispose of any hedging transactions with respect to the Notes). CONTACT INFORMATION You may contact Société Générale, New York Branch at their offices located at 245 Park Avenue, New York, NY Attention: Global Markets Division, or by telephoning Société Générale, New York Branch at for additional information. 4

9 SUMMARY Because this is a summary, it does not contain all of the information that may be important to you. You should read this summary together with the more detailed information that is contained in (i) this Pricing Supplement, (ii) the Description of the Notes section in the accompanying Product Supplements and (iii) the Description of the Notes section in the accompanying Offering Memorandum. What are the Notes? The Notes are senior unsecured obligations issued by us and are fully and unconditionally guaranteed by Société Générale, New York Branch ( SGNY or the Guarantor ) as to the payment of all amounts when and as they become due and payable. The Notes specified herein will rank pari passu without any preference among themselves and will rank pari passu among, and be of the same series with, all of the Issuer s other unconditional, unsecured and unsubordinated obligations issued under the Program. The Notes are not, and will not be, rated by any nationally recognized statistical rating organization. The terms of the Notes differ from those of ordinary debt securities. An investment in the Notes will subject your principal investment to downside risk, the Notes may not pay any Coupon Payment on one or more Coupon Payment Dates after the first year of the Notes and the Notes are callable early in whole, but not in part, by us. The Notes do not offer any degree of principal protection; therefore, all of your principal investment amount is at risk. The amount of the coupon or interest payment on each Coupon Payment Date after the Fixed Rate Cutoff Date will depend upon the daily performance of the Reference Indices during the relevant Coupon Period and the 30 Year CMS Rate and the 2 Year CMS Rate on the relevant CMS Determination Date for that Coupon Period, and the repayment of your principal at maturity will be linked solely to the performance of the Reference Indices. If the Notes are not redeemed early and the Final Index Level of any Reference Index is less than its respective Downside Trigger Level (i.e., such Reference Index has declined from its respective Initial Index Level by more than 40.00%), the Redemption Amount payable to you at maturity will be based on the negative Performance Percentage of the Worst Performing Reference Index and will be at least 40.00% less than your initial investment amount (and may be zero), as described on the cover page hereto ANY PAYMENT ON THE NOTES IS SUBJECT TO THE CREDITWORTHINESS (ABILITY TO PAY) OF THE ISSUER AND THE GUARANTOR. The Notes and the Guarantee are subject to any application of the Bail-in Tool or any other resolution measure by the Resolution Authority, which may result in the conversion to equity, write-down or cancellation of all or a portion of the Notes or the Guarantee, or variation of the terms and conditions of the Notes or the Guarantee, if the Issuer or the Guarantor is determined to meet the conditions for resolution. Please refer to the section entitled Description of the Notes Bail-In Tool, Governmental Supervision and Regulation and Description of the Notes SGNY Guarantee in the Offering Memorandum for more information relating to the Bail-in Tool and other resolution measures applicable to the Issuer. Neither the Notes nor the Guarantee are deposit liabilities of the Issuer or the Guarantor, respectively. The Notes will be solely our and the Guarantor s obligations, and no other third party entity will have any obligation, contingent or otherwise, to make any payments or deliveries with respect to the Notes. The offering of the Notes is being made by SG Americas Securities, LLC ( SGAS ), an affiliate of the Issuer, pursuant to FINRA Rule Also see the section Risk Factors We will sell the Notes through our affiliate, SGAS; Potential conflict of interest in the accompanying Product Supplements. What is the minimum required purchase, holding or transfer amount? The minimum purchase, holding and transfer amount in the Notes is $10,000 or 10 Notes. No person may, at any time, purchase, hold or transfer Notes in an amount less than $10,000. 5

10 Can the Notes be redeemed prior to maturity? Yes. While the term of the Notes is 7 years, the Notes may be called before the scheduled maturity at the discretion of the Issuer. Commencing on the fourth Coupon Payment Date and ending on the Coupon Payment Date immediately preceding the Maturity Date, the Issuer has the right, upon at least 5 New York Business Days notice to the Trustee, to redeem the Notes in whole on any Early Redemption Date. In this case, you will be entitled to the Notional Amount of your investment in the Notes plus any final accrued and unpaid Coupon Payment, if any, payable on the Early Redemption Date. If the Notes are redeemed early prior to the scheduled Maturity Date, you will lose the right to receive any further benefits or additional payments under the Notes following the Early Redemption Date. In this case, you will not have the opportunity to continue to earn and be paid coupon or interest payments to the original Maturity Date of the Notes. You should be aware that if the Notes are called early, the term of the Notes may be reduced to as short as one year. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return with a similar level of risk in the event the Notes are called prior to the scheduled Maturity Date. You should be aware that, if the Notes are not redeemed early by us and any Reference Index declines in value by more than 40.00% over the term of the Notes, your invested principal in the Notes will be fully exposed to such decline in value. Do I get my invested principal back at maturity or at Early Redemption? If we call the Notes early prior to the scheduled maturity, you will receive your invested principal on the Early Redemption Date. However, you should be aware that the protection of your invested principal is only available at Early Redemption. If you sell your Notes in the secondary market (if any exists) prior to the Early Redemption Date, you could suffer a significant loss of your invested principal in the Notes. Moreover, the repayment of your invested principal at Early Redemption is subject to the credit risk of the Issuer and the Guarantor. The terms of the Notes differ from those of ordinary debt securities in that we will not pay you a fixed amount on the Maturity Date and (subject to Early Redemption) we may pay you less than the Notional Amount of your Notes at maturity. The Redemption Amount payable to you at maturity (subject to Early Redemption) for each Note will depend on the Closing Level of each Reference Index on the Valuation Date relative to its respective Downside Trigger Level. You will receive a Redemption Amount equal to the Notional Amount of your Notes (subject to the credit risk of the Issuer and the Guarantor) if and only if the Final Index Level of each Reference Index is greater than or equal to its Downside Trigger Level. If the Notes are not redeemed early and the Final Index Level of any Reference Index is less than its Downside Trigger Level (i.e., a Reference Index has declined, on the Valuation Date, from its respective Initial Index Level by more than 40.00%), you will receive a Redemption Amount less than the Notional Amount of your Notes (and may be zero) and will suffer a loss that is proportionate to the negative Performance Percentage of the Worst Performing Reference Index. In that case, for the avoidance of doubt, the total return on the Notes will be less (perhaps significantly less) than your initial investment amount. Therefore, an investment in the Notes may lead to a loss (up to 100%) of your invested principal. Will I participate in any appreciation of the Reference Indices or the positive performance of the CMS Reference Spread over the term of the Notes? No. Even though you will be exposed to the risk of the Reference Indices declining in value, you will not participate in any positive performance of the Reference Indices or the CMS Reference Spread. Your return on the Notes in excess of the Redemption Amount will be limited to the total amount of Coupon Payments payable over the term of the Notes, regardless of any appreciation in the Reference Indices or the CMS Reference Spread over the term of the Notes, which may be significant. An investment in the Notes is not equivalent to an investment in the Reference Indices, the 30 Year CMS Rate, the 2 Year CMS Rate, or the CMS Reference Spread. Furthermore, you will not have voting rights, or rights to receive cash dividends or other distributions that holders of securities underlying the Reference Indices would have. 6

11 Is there a limit on how much I can lose on the Notes? No. Your entire principal is at risk and you could lose up to 100% of your initial principal investment. If the Notes are not redeemed early and the Final Index Level of any Reference Index is less than its Downside Trigger Level (i.e., such Reference Index has declined, on the Valuation Date, from its Initial Index Level by more than 40.00%), you will receive a Redemption Amount that is less than the Notional Amount of your Notes (and may be zero), which will result in a loss that is proportionate to the value decline of the Worst Performing Reference Index over the term of the Notes. In that case, you will lose more than 40.00% and could lose up to 100% of the Notional Amount of your Notes. Will I receive any Coupon Payments on the Notes? You will receive Coupon Payments at the Fixed Rate of 9.00% per annum on each of the first four Coupon Payment Dates (including the Fixed Rate Cutoff Date) and will receive Coupon Payments at the Variable Rate (which may be zero) on each Coupon Payment Date after the Fixed Rate Cutoff Date. Following the Fixed Rate Cutoff Date, the Variable Rate will never exceed 9.00% per annum. You should be aware that the amount of the Coupon Payment on your Notes for each Coupon Period after the Fixed Rate Cutoff Date is not fixed, but will be unpredictable and will vary based on the Variable Rate for such period and may be zero. Therefore, the return on your Notes may be less than that of conventional fixed rate debt securities and other investments. The Variable Rate on the Notes for each Coupon Period commencing on or after the Fixed Rate Cutoff Date will be a variable rate equal to the product of (i) the Variable Base Rate (which may be 0.00% and will not exceed 9.00% per annum) and (ii) the quotient of (x) the number of calendar days in such Coupon Period on which the Accrual Condition is satisfied divided by (y) the actual number of calendar days in such Coupon Period. The Accrual Condition will be satisfied on a calendar day during such Coupon Period if the Closing Levels of the Reference Indices on such calendar day are greater than or equal to their respective Coupon Barrier Levels. Consequently, each calendar day during such Coupon Period on which the Closing Level of any Reference Index is less than its Coupon Barrier Level will result in a reduction of the Variable Rate for such Coupon Period and, therefore, the Coupon Payment for such period. Because each coupon, if any, will be payable quarterly in arrears, due to the Day Count Fraction, you will receive only a fraction of the Variable Rate (which is computed based on a per annum Variable Base Rate as reduced by the Accrual Condition mechanism and which may be 0.00%) for each Coupon Period. However, you should note that the Variable Rate will never exceed 9.00% per annum and may be 0.00% for one or more Coupon Periods (if the Accrual Condition is not met for each calendar day in such periods). The Variable Base Rate for any Coupon Period following the Fixed Rate Cutoff Date is calculated as the product of (i) the 30 Year CMS Rate on the related CMS Determination Date minus the 2 Year CMS Rate on the related CMS Determination Date and (ii) the Multiplier of 50.00, subject to the Maximum Coupon Rate of 9.00% and Minimum Coupon Rate of 0.00%. For any Coupon Period following the Fixed Rate Cutoff Date, if the 30 Year CMS Rate on the related CMS Determination Date is less than or equal to the 2 Year CMS Rate on the related CMS Determination Date, the Variable Base Rate for that Coupon Period will be 0.00% and you will receive no Coupon Payment for that period. Because you may receive a low or no Coupon Payment on one or more Coupon Payment Dates, the interest rate on your Notes may be lower than the interest rate of conventional fixed rate debt securities and other investments. How are the 30 Year CMS Rate and the 2 Year CMS Rate determined for each Coupon Period commencing on or after the Fixed Rate Cutoff Date? For each Coupon Period commencing on or after the Fixed Rate Cutoff Date, the 30 Year CMS Rate is the rate for U.S. Dollar swaps with a maturity of 30 years, expressed as a percentage, which appears on Reuters page ICESWAP3 or any successor page under the heading 30YR around 11:00 a.m., New York City time, on the corresponding CMS Determination Date. 7

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