SOCIÉTÉ GÉNÉRALE CUSIP: 83369FDD6

Transcription

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. 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. PRELIMINARY TERMS & PAYOFF MECHANISM REFERENCE INDEX (1) COUPON BARRIER LEVEL BASE RATE AUTO-CALLABLE BUFFERED DAILY RANGE ACCRUAL WORST-OF NON-PRINCIPAL PROTECTED NOTES LINKED TO INDICES Reference Index Level EURO STOXX 50 Index <SX5E Index>; S&P 500 Index <SPX Index> 80% of the Initial Index Level of each of the Reference Indices % per month (approximately 7.60% per annum) DOWNSIDE TRIGGER LEVEL 80% of the Initial Index Level of each of the Reference Indices. AUTOCALL TRIGGER 100% DOWNSIDE TRIGGER EVENT A Downside Trigger Event will be deemed to have occurred if the Closing Level of any Reference Index is below the Downside Trigger Level on the Final Valuation Date. INITIAL INDEX LEVEL The Closing Level of each Reference Index on the Pricing Date. FINAL INDEX LEVEL The Closing Level of each Reference Index on the Valuation Date. PERFORMANCE PERCENTAGE The quotient of [Final Index Level - Initial Index Level] / Initial Index Level MAXIMUM LOSS 80% TERM 5 years SETTLEMENT TYPE Coupon Payment DTC, Book entry, Transferable Subject to the credit risk of the Issuer and the Guarantor and Automatic Early Redemption, on each 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 and (ii) the Variable Rate for the corresponding Coupon Period. The Variable Rate for each Coupon Period shall be computed based on the following formula: Base Rate (Variable Days/Actual Days). Where, with respect to each Coupon Period, Base Rate means the applicable step-up rate as outlined above; Variable Days, means the actual number of Scheduled Trading Days during such Coupon Period on which the Accrual Condition is satisfied; and Actual Days, means the actual number of Scheduled Trading Days in such Coupon Period. The Accrual Condition will be satisfied on such Scheduled Trading Day if the Closing Level (as defined in the Product Supplement) of each Reference Index on such Scheduled Trading Day is greater than or equal to its Coupon Barrier Level. Potential Automatic Early Redemption If the Closing Level of each Reference Index is greater than or equal to its respective Initial Index Level x Autocall Trigger on any Review Date (i from 12 to 59), the Notes will be automatically called and you will receive 100% of the Notional Amount plus any final Coupon Payment on the immediately following Automatic Early Redemption Date Payment on the Maturity Date If a Downside Trigger Event does not occur, you will receive: $1,000 per Note. If a Downside Trigger Event does occur, you will receive : $1,000 x [120% + the Performance Percentage of the Worst Performing Reference Index]. In this case, you will lose some of the Notional Amount of your Notes. 1) Please refer to the accompanying Preliminary Pricing Supplement for detailed description of level source references HYPOTHETICAL REDEMPTION AMOUNT AT MATURITY (2) Performance Percentage Redemption Amount at Maturity (Per Note) (2) % $1, % $1, % $1, % $1, % $1, % $ % $ % $ % $ % $ % $ ) This column reflects only the Redemption Amount received in respect of the payment on the Maturity Date. SOCIÉTÉ GÉNÉRALE CUSIP: 83369FDD6 CERTAIN INVESTOR SUITABILITY / RISK CONSIDERATIONS Investing in the Notes involves significant risks; your principal may be exposed to the depreciation of the Worst Performing Reference Index and you may lose a significant portion, up to 80% of the Notional Amount of your Notes. Your maximum potential return on the Notes is limited to the total Coupon Payments, if any, payable over the term of the Notes, regardless of the appreciation of the Reference Indices, which may be significant. Additionally, the Coupon Payment on the Notes in any Coupon Period is capped at the Base Rate for such Coupon Period. The Notes are not ordinary fixed income securities; the Coupon Payments on the Notes are variable and unpredictable and may be zero; you could receive a low or no Coupon Payment on one or more Coupon Payment Dates. The Notes is subject to risks related to the timing of redemption which could adversely affect your return. Additionally, the risk of not satisfying the Accrual Condition on a substantial number of days is greater if one or more of the Reference Indices is volatile. You will be exposed to the risk of any Reference Index declining in value. You will lose some of the Notional Amount of your Notes due to the Final Index Level of any Reference Index falling below its respective Downside Trigger Level, even if the value of the other Reference Indices appreciate over the term of the Notes. You should be willing to hold the Notes to maturity and accept that there may be little or no secondary market for the Notes. The Notes may be Automatically called early, which limits your ability to earn potential coupon or interest payments over the full term of the Notes, and you will be subject to reinvestment risk. You assume the credit risk of the Issuer and Guarantor for all payments under the Notes. Additional risk factors in respect to the Notes offering can be found in section Risk Factors of the accompanying Preliminary Pricing Supplement. HYPOTHETICAL PAYOFF ILLUSTRATION HYPOTHETICAL MECHANISM PERFORMANCE PER CENTAGE OF THE REFERENCE INDEX You receive: $1,000 x 0.634% x (30 / 30)] = $6.34 You receive: $1,000 x 0.634% x (5 / 30)] = $1.05 Please refer to the accompanying Preliminary Pricing Supplement, Product Supplement(s), Offering Memorandum, and associated documentation for further details on risks, liquidity, prospective returns, tax considerations, and other matters of interest. This slide must not be looked at in isolation, and a decision in respect to an investment into the securities must be taken in conjunction with all available documentation in reference to this security offering. Capitalized terms used in this slide, but not defined herein, shall have the meaning ascribed to them in the accompanying Preliminary Pricing Supplement, Product Supplement(s), or Offering Memorandum. 0% You receive: $1,000 x 0.634% x (10 / 30)] = $ Days 5 Days 5 Days Coupon Payment Date n-1 20 Days -20% Coupon Payment Date n

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 and the Product Supplement dated March 21, 2018) SOCIÉTÉ GÉNÉRALE $[] AUTO-CALLABLE BUFFERED DAILY RANGE ACCRUAL WORST-OF NON- PRINCIPAL PROTECTED NOTES LINKED TO INDICES SERIES DUE FEBRUARY 1, 2024 PRELIMINARY PRICING SUPPLEMENT Payment at maturity linked to the performances of the S&P 500 Index and EURO STOXX 50 Index Payment of all amounts due and payable under the Auto-Callable Buffered Daily Range Accrual Worst-Of Non-Principal Protected Notes linked to 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 Product Supplement ) and this preliminary pricing supplement (the Pricing Supplement ), the Auto-Callable Buffered Daily Range Accrual Worst-Of Non-Principal Protected Notes linked to 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 Supplement 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 SUPPLEMENT OR OFFERING MEMORANDUM. General: Payments on the Notes will be linked to the performances of the Reference Indices, which are S&P 500 Index and EURO STOXX 50 Index, during and over the terms of the Notes. 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 the entire Notional Amount to investors on the Maturity Date. An investment in the Notes may result in a loss of up to 80.00% of your principal. See Risk Factors beginning on page 12 of this Pricing Supplement, on page 2 of the accompanying Product Supplement and on page 8 of the accompanying Offering Memorandum. Subject to Automatic Early Redemption, the Coupon Payment on each Coupon Payment Date will vary based on the Accrual Condition described below. If the Accrual Condition is not satisfied on one or more Scheduled Trading Days during any Coupon Period, the Variable Rate and, therefore, the Coupon Payment for such Coupon Period will be reduced (and could be reduced to zero). The Notes may be automatically redeemed early prior to maturity, as described herein. If the Notes are automatically redeemed early, you will be subject to reinvestment risk. 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. Any payment on the Notes is 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: Subject to the credit risk of the Issuer and the Guarantor and Automatic Early Redemption, on each 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 and (ii) the Variable Rate for the corresponding Coupon Period. No adjustment to the calculated Coupon Payment will be made in the event a Coupon Payment Date is not a Business Day. THE VARIABLE RATE WILL NOT EXCEED THE BASE RATE, AND MAY BE AS LOW AS 0.00% FOR ONE OR MORE COUPON PERIODS. WITH RESPECT TO A COUPON PERIOD, INTEREST WILL ACCRUE AT THE BASE RATE FOR EACH SCHEDULED TRADING DAY ON WHICH THE ACCRUAL CONDITION IS MET DURING SUCH COUPON PERIOD. INTEREST WILL ACCRUE AT 0.00% FOR EACH SCHEDULED TRADING DAY ON WHICH THE ACCRUAL CONDITION IS NOT MET DURING SUCH COUPON PERIOD. IF THE ACCRUAL CONDITION IS NOT MET ON EACH SCHEDULED TRADING DAY DURING A COUPON PERIOD, YOU WILL NOT RECEIVE ANY COUPON FOR SUCH COUPON PERIOD.

3 Variable Rate: The Variable Rate for each of the Coupon Periods shall be the rate computed based on the following formula: Where, Base Rate (Variable Days/Actual Days) Base Rate means the monthly coupon rate of 0.634% (equivalent to an interest rate of approximately 7.60% per annum); Variable Days means, with respect to each Coupon Period, the actual number of Scheduled Trading 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 Scheduled Trading Days in such Coupon Period. Accrual Condition: With respect to each Scheduled Trading Day in any Coupon Period, the Accrual Condition will be satisfied on such Scheduled Trading Day if the Closing Level (as defined in the Product Supplement) of each Reference Index on such Scheduled Trading Day is greater than or equal to its respective Coupon Barrier Level. If the Closing Level of any of the Reference Indices on any Scheduled Trading Day is less than its respective Coupon Barrier Level then the Accrual Condition will not be satisfied for such Scheduled Trading Day and you will accrue interest at a rate of 0.00% for that day. Specific Terms for the Coupon Payments: Coupon Period End Date: Subject to Automatic Early Redemption, the last calendar day of each month, beginning on February 28, 2019 and ending on the Valuation Date or the Review Date preceding the Automatic Early Redemption Date, as applicable. If a Coupon Period End Date is not a Scheduled Trading Day for any Reference Index, the Coupon Period End Date shall be the immediately following Scheduled Trading Day. Coupon Payment Date: Subject to Automatic Early Redemption and adjustment in accordance with the Business Day Convention, the second Business Day following each Coupon Period End Date, beginning on March 4, 2019 and ending on the Maturity Date or the Automatic Early Redemption Date, as applicable. Coupon Period: With respect to each Coupon Payment Date, each Coupon Period will be the period from, but excluding, the Coupon Period End Date for the preceding Coupon Payment Date to, and including, the Coupon Period End Date for such Coupon Payment Date, except that (a) the first Coupon Period will commence on, but exclude, the Pricing Date and (b) the final Coupon Period will end on, and include, the scheduled Valuation Date or the Review Date immediately preceding the Automatic Early Redemption Date, as the case may be. Coupon Barrier Level: With respect to the Reference Index of S&P 500 Index, []; and with respect to the Reference Index of EURO STOXX 50 Index, []; which in each case is equal to 80.00% of the Initial Index Level of each of the Reference Indices. Automatic Early Redemption: If the Closing Level of each Reference Index on any Review Date is greater than or equal to the Initial Index Level for such Reference Index, the Notes will be automatically called on such Review Date and automatically redeemed early in whole, but not in part, on the corresponding Automatic Early Redemption Date (such redemption, the Automatic Early Redemption ) at an amount equal to 100% of the Notional Amount of the Notes that you hold plus the final Coupon Payment, if any, payable on the applicable Automatic Early Redemption Date (such amount, the Automatic Early Redemption Amount ). If the Notes are automatically 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 Automatic Early Redemption Date. In this case, you will not have the opportunity to continue to earn and be paid conditional coupon or interest payments to the original Maturity Date of the Notes. Specific Terms for Automatic Early Redemption Review Date: Subject to Automatic Early Redemption, the last calendar day of each month, beginning on, and including, January 31, 2020 and ending on, and including, December 31, If a Review Date is not a Scheduled Trading Day for any Reference Index, the Review Date shall be the immediately following Scheduled Trading Day. Payment on the Maturity Date: Automatic Early Redemption Dates: The second Businees Day following each Review Date. The relevant Automatic Early Redemption Date is subject to adjustment in accordance with the Business Day Convention. Subject to Automatic Early Redemption and the credit risk of the Issuer and the Guarantor, for each $1,000 Notional Amount of Notes that you hold, in addition to the final Coupon Payment payable on the Maturity Date (if any), you will receive the Redemption Amount, which will equal either: if a Downside Trigger Event has not occurred, $1,000, which means that, under this scenario, you will only receive the Notional Amount of your Notes at maturity; or if a Downside Trigger Event has occurred, $1,000 plus the product of (i) $1,000 and (ii) the sum of the Performance Percentage of the Worst Performing Reference Index and the absolute value of the Downside Buffer Level. In this event, the Redemption Amount will be less than $1,000 and you will lose some and could lose up to 80.00% of the Notional Amount of your Notes.

4 Therefore, if the Notes have not been automatically redeemed early and 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 the Downside Buffer Level and the Performance Percentage of the Worst Performing Reference Index. Therefore, you could lose up to 80.00% of your initial principal investment in the Notes. Specific Terms for Payment on the Maturity Date: Reference Index: S&P 500 Index (Bloomberg Ticker: SPX <Index>) and EURO STOXX 50 Index (Bloomberg Ticker: SX5E <Index>) (collectively referred to as the Reference Indices ). Index Sponsor: With respect to the S&P 500 Index, S&P Dow Jones Indices LLC and with respect to the EURO STOXX 50 Index, STOXX Limited. Downside Trigger Level: With respect to the S&P 500 Index, [ ]; and with respect to the EURO STOXX 50 Index, [ ], which in each case is equal to 80.00% of the Initial Index Level of each of the Reference Indices. Downside Trigger Event: A Downside Trigger Event occurs if the Closing Level of any Reference Index is below its respective Downside Trigger Level on the Valuation Date. Downside Buffer Level: % Performance Percentage: With respect to each Reference Index, the quotient of (i) the Final Index Level of such Reference Index minus 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. Worst Performing Reference Index: The Reference Index that has the lowest Performance Percentage. Initial Index Level: With respect to the S&P 500 Index, [ ]; and with respect to the EURO STOXX 50 Index, [ ], which in each case is equal to the Closing Level of each of the Reference Indices on the Pricing Date, as determined by the Calculation Agent. 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. Other Specific Terms of the Notes: CUSIP: 83369FDD6 ISIN: US83369FDD69 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 Note) Issue Price: $1,000 per $1,000 Notional Amount of Notes Pricing Date: January 29, 2019 Issue Date: January 31, 2019 Valuation Date: January 29, 2024 Maturity Date: February 1, 2024 Business Day Convention: Following. No adjustment to the calculated Coupon Payment will be made in the event a Coupon Payment Date is not a Business Day.

5 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 Supplement. (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 Supplement 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 $[] per Note. The marketing period for the Notes will be December 31, 2018 to January 29, 2019, 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 $954.80, 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 and the accompanying Product Supplement and 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 Automatic 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 and Risk Factors - There may be no secondary market for the Notes; potential illiquidity of the secondary market in the accompanying Product Supplement. This Pricing Supplement, the Product Supplement 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 December 31,

6 UNDER NO CIRCUMSTANCES SHALL THIS PRICING SUPPLEMENT AND, THE ACCOMPANYING PRODUCT SUPPLEMENT AND THE 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 Supplement and Offering Memorandum. Copies of this Pricing Supplement and the accompanying Product Supplement 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 Supplement 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 Supplement 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 Supplement 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. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, EACH PROSPECTIVE INVESTOR (AND EACH EMPLOYEE, REPRESENTATIVE, OR OTHER AGENT OF EACH PROSPECTIVE INVESTOR) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND, THE TAX TREATMENT AND TAX STRUCTURE OF THE TRANSACTIONS DESCRIBED IN THIS PRICING SUPPLEMENT OR THE ACCOMPANYING OFFERING MEMORANDUM, AS THE CASE MAY BE, AND ALL MATERIALS OF ANY KIND THAT ARE PROVIDED TO THE PROSPECTIVE INVESTOR RELATING TO SUCH TAX TREATMENT AND TAX STRUCTURE (AS SUCH TERMS ARE DEFINED IN TREASURY REGULATION SECTION ). THIS AUTHORIZATION OF TAX DISCLOSURE IS RETROACTIVELY EFFECTIVE TO THE COMMENCEMENT OF DISCUSSIONS BETWEEN THE ISSUER, GUARANTOR OR SGAS OR THEIR REPRESENTATIVES AND EACH PROSPECTIVE INVESTOR REGARDING THE TRANSACTIONS CONTEMPLATED HEREIN. 2

7 ADDITIONAL TERMS SPECIFIC TO THE NOTES You should read this Pricing Supplement together with the accompanying Offering Memorandum and Product Supplement 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 and the accompanying Product Supplement and 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: For additional supplements to the Offering Memorandum, please visit In this Pricing Supplement and the accompanying Product Supplement 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 Product Supplement, for purposes of determining whether or not the Accrual Condition is met on a Scheduled Trading Day, if on any Scheduled Trading Day in any relevant Coupon Period (including the Valuation Date), a Market Disruption Event occurs with respect to a Reference Index, the Closing Level for such Reference Index for such Scheduled Trading Day (the Original Disrupted Day ) shall be the Closing Level of that Reference Index on the immediately preceding Scheduled Trading Day on which no Market Disruption Event exists. However, if a Market Disruption Event for a 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 that Reference Index last in effect prior to such Market Disruption Event, but using only those constituents that comprised that 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 that Reference Index in such manner, it will determine the Closing Level of such Reference 3

8 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 that Reference Index at 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 Supplement 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 in that we do not guarantee you a Coupon Payment on each Coupon Payment Date, we will not pay you a fixed amount on the Maturity Date and we may pay you less than your initial investment amount in the Notes. The Notes are principal at risk securities, and you may lose some and could lose up to 80.00% of your initial principal investment in the Notes. The Notes will pay interest, if any, on each Coupon Payment Date at the Variable Rate, which will not exceed the Base Rate and may be as low as 0.00%. The amount of the Coupon Payment on each Coupon Payment Date will depend upon the performance of each of the Reference Indices during the relevant Coupon Period. You should be aware that you will only accrue a Coupon Payment for each day during a Coupon Period on which the Accrual Condition is satisfied (i.e., the Closing Level for each Reference Index is equal to or above its respective Coupon Barrier Level on such day), otherwise, no coupon will accrue for such day. If the Notes are not automatically 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 20.00%), 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 less than your initial investment amount, as described on the cover page herein. 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. 5

10 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 Supplement. For a detailed description of the general terms of the Notes, see the section Description of the Notes in the accompanying Product Supplement and the section Description of the Notes in the accompanying Offering Memorandum. What is the minimum required purchase, holding or transfer amount for each account? The minimum purchase, holding or transfer amount in the Notes is $1,000 or 1 Note. No person may, at any time, purchase, hold or transfer Notes in an amount less than $1,000. Do I get my principal back at maturity? If the Notes are not automatically called early, the Notes do not offer full principal protection. As such, you are not guaranteed to receive the return of your entire invested principal at maturity in the event the Notes are not automatically early redeemed. If a Downside Trigger Event has occurred (i.e., any Reference Index has declined from its respective Initial Index Level by more than 20.00% on the Valuation Date), for each 1.00% difference between the Downside Buffer Level and the Performance Percentage of the Worst Performing Reference Index, you will lose 1.00% of the Notional Amount of your Notes. Accordingly, if the Notes are not automatically redeemed early, you could lose up to 80.00% of your investment in the Notes. If the Notes are called early prior to the scheduled maturity, you will receive your invested principal on the Automatic Early Redemption Date (subject to the credit risk of the Issuer or Guarantor). However, you should be aware that the repayment of your invested principal is only available at Automatic Early Redemption. If you sell your Notes in the secondary market (if any exists) prior to the Automatic Early Redemption Date, you could suffer a significant loss of your invested principal in the Notes. Moreover, the repayment of your invested principal at Automatic Early Redemption is subject to the credit risk of the Issuer and the Guarantor. Is there a limit on how much I can earn on the Notes? Yes. Subject to Automatic Early Redemption and the credit risk of the Issuer and the Guarantor, your return on the Notes will be limited to the total amount of Coupon Payments, if any, payable on your Notes, regardless of the appreciation, if any, in the levels of the Reference Indices over the term of the Notes, which may be significant. In no event will the total payment on your Notes exceed the Notional Amount of your Notes plus the total amount of any conditional Coupon Payments payable on your Notes. You should be aware that the coupons are variable and unpredictable and could be zero. The terms of the Notes differ from those of ordinary fixed income debt securities in that the amount of the Coupon Payment on your Notes on each Coupon Payment Date is not fixed, but will vary and will be unpredictable based on the number of Scheduled Trading Days during the corresponding Coupon Period on which the Accrual Condition is met (i.e., the number of Scheduled Trading Days on which the Closing Levels of the Reference Indices are greater than or equal to their respective Coupon Barrier Levels). Subject to Automatic Early Redemption, for each Coupon Period, you will accrue conditional interest at the Base Rate on each Scheduled Trading Day during that Coupon Period if and only if the Reference Indices on that day are above or at their respective Coupon Barrier Levels. On each Scheduled Trading Day of a Coupon Period on which any Reference Index is below its Coupon Barrier Level for that Coupon Period, you will accrue interest at a rate of 0.00% for such Scheduled Trading Day. If the Accrual Condition is not satisfied on one or more Scheduled Trading Days during any Coupon Period, the Variable Rate and, therefore, the Coupon Payment for such Coupon Period will be reduced (and could be reduced to zero). As such, you could receive a low or no Coupon Payment on some or all of the Coupon Payment Dates. 6

11 Furthermore, the Notes may be automatically called commencing on the twelfth Review Date. If the Notes are automatically 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 Automatic Early Redemption Date. In this case, you will not have the opportunity to continue to earn and be paid any Coupon Payments to the original Maturity Date of the Notes. You should be aware that if the Notes are automatically called early, the term of the Notes may be reduced to as short as approximately 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 automatically called prior to the scheduled Maturity Date. Is there a limit on how much I can lose on the Notes? You should be aware that 80.00% of your principal will be at risk. If a Downside Trigger Event has occurred (i.e., a Reference Index has declined from its respective Initial Index Level by more than 20.00% over the term of the Notes), for each 1.00% difference between the Downside Buffer Level and the Performance Percentage of the Worst Performing Reference Index, you will lose 1.00% of the Notional Amount of your Notes. Accordingly, you could lose up to 80.00% of your initial principal investment in the Notes. What is a Downside Trigger Event? A Downside Trigger Event will be deemed to occur if the Closing Level of any Reference Index has declined, as measured against the Initial Index Level for such Reference Index, by more than 20.00% on the Valuation Date. Therefore, if the Closing Level of any Reference Index is less than the Downside Trigger Level for such Reference Index (which is 80.00% of the Initial Index Level for such Reference Index) on the Valuation Date, you could lose up to 80.00% of your initial principal investment in the Notes. What are the consequences of a Downside Trigger Event? If a Downside Trigger Event occurs on the Valuation Date your principal will be exposed to the depreciation of the Worst Performing Reference Index beyond the Downside Buffer Level over the term of the Notes. As a result, you could lose up to 80.00% of the Notional Amount of your Notes. Will I receive any Coupon Payments on the Notes? Possibly. Each Coupon Payment is conditioned upon the Closing Level of each Reference Index and will vary based on the number of Scheduled Trading Days during the corresponding Coupon Period on which the Accrual Condition is met (i.e., the number of Scheduled Trading Days on which the Closing Level of each Reference Index is greater than or equal to its Coupon Barrier Level). If the Accrual Condition is not satisfied on one or more Scheduled Trading Days during any Coupon Period, the Variable Rate for such Coupon Period will be reduced (possibly to zero), and a reduced coupon (or perhaps no coupon) will be accrued or payable with respect to that Coupon Payment Date. Therefore, a Coupon Payment is not guaranteed on any Coupon Payment Date. 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. You should also be aware that, if the Notes are automatically redeemed early, you will lose the opportunity to continue to earn and be paid any Coupon Payments up to the original Maturity Date of the Notes. In that case, the final Coupon Payment, if any, will be paid on the Automatic Early Redemption Date. Please refer to the section entitled Description of the Notes Payments of Interest or Coupon and Redemption Amount and Description of the Notes Interest or Coupon in the Offering Memorandum 7

12 for additional terms relating to coupon calculations, accruals and payments. For the avoidance of doubt, the Notes constitute Fixed Rate Notes for purposes of the aforementioned provisions. How is the Variable Rate determined? The Variable Rate on the Notes for each Coupon Period will be a coupon rate equal to the product of (i) the Base Rate, and (ii) the quotient of (x) the number of Scheduled Trading Days in such Coupon Period on which the Accrual Condition is satisfied divided by (y) the actual number of Scheduled Trading Days in such Coupon Period. The Accrual Condition will be satisfied on a Scheduled Trading Day during such Coupon Period if the Closing Level of each of the Reference Indices on such Scheduled Trading Day is greater than or equal to its respective Coupon Barrier Level. Consequently, each Scheduled Trading Day during such Coupon Period on which the Closing Level of any of the Reference Indices is less than its respective Coupon Barrier Level will result in a reduction of the Variable Rate for such Coupon Period and, therefore, the Coupon Payment for such period. If the Accrual Condition is not satisfied on one or more Scheduled Trading Days during a Coupon Period, the Variable Rate will be lower and could be as low as 0.00% for such Coupon Period and, therefore, your Coupon Payment will be reduced (and could be as low as zero) for such period. If the Accrual Condition is not satisfied on all Scheduled Trading Days during each Coupon Period, the Notes will not pay any coupon and your return on the Notes will be limited to the Redemption Amount, which may be less than the Notional Amount of your Notes. You should note that the Variable Rate will never exceed the Base Rate and may be 0.00% for one or more Coupon Periods (if the Accrual Condition is not met for each Scheduled Trading Day in such periods). 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 is the Closing Level of the Reference Indices determined on each Scheduled Trading Day? The Closing Level of the Reference Indices on any Scheduled Trading Day is the official closing level of such Reference Index on such Scheduled Trading Day as published and announced by the Index Sponsor. However, notwithstanding the section Description of the Notes Market Disruption Event in the accompanying Product Supplement, for purposes of determining whether or not the Accrual Condition is met on a Scheduled Trading Day, if a Market Disruption Event occurs with respect to any Reference Index on a Scheduled Trading Day in any relevant Coupon Period, the Closing Level of such Reference Index for such Scheduled Trading Day shall be the Closing Level of such Reference Index on the immediately preceding Scheduled Trading Day on which no Market Disruption Event exists. Can the Notes be redeemed prior to maturity? Yes. While the term of the Notes is approximately 5 years, the Notes will be automatically called before the scheduled Maturity Date if the Closing Level of each Reference Index on any Review Date is greater than or equal to the Initial Index Level for such Reference Index. In this case, you will be entitled to the Notional Amount of your investment in the Notes plus the final conditional Coupon Payment, if any, payable on the Automatic Early Redemption Date. If the Notes are automatically 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 Automatic Early Redemption Date. In this case, you will lose the opportunity to continue to earn and be paid any conditional coupon or interest payments to the original Maturity Date of the Notes. You should be aware that if the Notes are automatically called early, the term of the Notes may be reduced to as short as approximately 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 automatically called prior to the scheduled Maturity Date. 8