SOCIÉTÉ GÉNÉRALE CUSIP: 83369EWG1

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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. 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. REFERENCE RATE ACCRUAL CONDITION AND WORST PERFORMING REFERENCE INDEX 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. HYBRID CALLABLE FIXED TO RANGE ACCRUAL WORST-OF NON-PRINCIPAL PROTECTED NOTES SOCIÉTÉ GÉNÉRALE CUSIP: 83369EWG1 TERMS & PAYOFF MECHANISM RUSSELL 2000 Index <BBG: RTY>, REFERENCE INDICES (1) S&P 500 Index <BBG: SPX> DOWNSIDE THRESHOLD LEVEL For each Reference Index, 50% of the Initial Index Level BARRIER LEVEL For each Reference Index, 50% of the Initial Index Level REFERENCE RATE (1) The difference between 30 Year CMS Rate and 2 Year CMS Rate REFERENCE RATE BARRIER 0% FIXED COUPON RATE [7.00%-7.50%] per annum BASE RATE quarterly coupon rate based on a per annum rate of [7.00%-7.50%] as adjusted (multiplied) by the 30/360 Day Count Fraction MAXIMUM LOSS 100% FINAL INDEX LEVEL Closing Level of each Reference Index on the Valuation Date INDEX PERFORMANCE (Final Index Level Initial Index Level) / Initial Index Level EARLY REDEMPTION DATE Quarterly starting on May 29, 2020 TERM Approximately 15 years SETTLEMENT TYPE Cash Coupon Payment (subject to Early Redemption, on the basis of a 360-day year consisting of twelve 30-day months) On every Coupon Payment Date for Coupon Periods from 1 to 12, you will receive: Fixed Coupon Rate x $1,000 x 30/360 Day Count Fraction per Note On every Coupon Payment Date for Coupon Periods from 13 to 60, you will receive Base Rate x (n / N) x $1,000 n means the actual number of calendar days during the relevant Coupon Period on which the Reference Rate remains at or above the Reference Rate Barrier AND the closing level of each of the Reference Indices remains at or above its respective Barrier Level. N represents the number of calendar days within the Coupon Period If on any calendar day in a Coupon Period the value of the Reference Rate is below 0% OR the closing level of either or both of the Reference Indices is less than its respective Barrier Level, the Coupon Payment will accrue at a rate of 0.00% per annum for that day. Redemption Amount at Maturity per Note (subject to Early Redemption) If the Final Index Level of each Reference Index is greater than or equal to its Downside Threshold Level, you will receive: $1,000 If the Final Index Level of any Reference Index is less than its Downside Threshold Level, you will receive: $1,000 x [100% + Index Performance of the Worst Performing Reference Index]. In this case, you will lose some or all of your invested principal. Early Redemption Date (from quarters 12 to 59). If the Notes are redeemed early due to Early Redemption, for each Note, the investor will receive on the Early Redemption Date 100% of its principal in such Note plus any final accrued and unpaid Coupon Payment. CERTAIN INVESTOR SUITABILITY / RISK CONSIDERATIONS Investing in the Notes involves significant risks. 100% principal at risk; you may lose all or a substantial portion of your investment. 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 any appreciation of the Reference Indices, which may be significant. You will not participate in any appreciation (which may be significant) of the Reference Indices. You will be exposed to the risk of the Reference Indices declining in value. 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. Following the Fixed Coupon Rate Cutoff Date, 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 may be called early at our discretion, 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 COUPON ILLUSTRATION 0% -50% HYPOTHETICAL COUPON MECHANISM 63 Days 63 Days 30 Days 17 Days 16 Days 1) Please refer to the accompanying Preliminary Pricing Supplement for detailed description of level source references HYPOTHETICAL REDEMPTION AMOUNT AT MATURITY RTY Index Performance SPX Index Performance Index Performance of Worst Performing Reference Index Redemption Amount at Maturity (Per Note) (2) % 50.00% 50.00% $1, % 80.00% 20.00% $1, % 50.00% 10.00% $1, % 0.00% 0.00% $1, % % % $1, % % % $1, % % % $ % % % $ % % % $0.00 2) This column reflects only the Redemption Amount received in respect of the payment on the Maturity Date. 0% 63 Days Coupon Payment Date 1 If the closing level of each of the Reference Indices remains at or above its respective Barrier Level AND the Reference Rate remains at or above the Reference Rate Barrier on the number of days indicated above, you receive a Coupon Payment of: Coupon Payment Date n Days 30 Days 17 Days 16 Days $ x (63 / 63) = $17.50 $ x (63 / 63) = $17.50 $ x (33 / 63) = $9.17 $ x (17 / 63) = $4.72 Coupon Payment Date n 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.

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 30, 2017, the Product Supplement for Rate-Linked Notes dated March 30, 2017 and the Product Supplement for Index-Linked Notes dated March 30, 2017) SOCIÉTÉ GÉNÉRALE $[ ] HYBRID CALLABLE FIXED TO RANGE ACCRUAL WORST-OF NON- PRINCIPAL PROTECTED NOTES SERIES DUE MAY 28, 2032 PRELIMINARY PRICING SUPPLEMENT Payment of all amounts due and payable under the Hybrid Callable Fixed to Range Accrual Worst-Of Non-Principal Protected Notes 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 30, 2017 (the Offering Memorandum ), the Product Supplement for Index-Linked Notes dated March 30, 2017 (the Index Product Supplement ), the Product Supplement for Rate-Linked Notes dated March 30, 2017 (the Rate Product Supplement and, together with the Index Product Supplement, collectively the Product Supplements ) and this preliminary pricing supplement (the Pricing Supplement ), the Hybrid Callable Fixed to Range Accrual Worst-Of Non-Principal Protected Notes (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. Following the Fixed Coupon Rate Cutoff Date, the Notes pay interest at the Variable Rate per annum described below, subject to the Maximum Coupon Rate of [ ]% per annum and the Minimum Coupon Rate of 0.00% per annum. Unlike ordinary debt securities, the Notes do not guarantee any interest or coupon payment on any Coupon Payment Date following the Fixed Coupon Rate Cutoff Date. YOU MAY RECEIVE A LOW OR NO COUPON PAYMENT ON ONE OR MORE COUPON PAYMENT DATES FOLLOWING THE FIXED COUPON RATE CUTOFF DATE. 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 SPECIFIED HEREIN (EACH A REFERENCE INDEX ) DECLINING IN VALUE AND MAY RESULT IN A LOSS OF UP TO 100% OF YOUR PRINCIPAL INVESTMENT. THE NOTES ARE UNSECURED DEBT OBLIGATIONS ISSUED BY US AND ARE NOT LISTED ON ANY EXCHANGE. 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. SUBJECT TO EARLY REDEMPTION, THE COUPON PAYMENT ON EACH COUPON PAYMENT DATE FOLLOWING THE FIXED COUPON RATE CUTOFF DATE WILL VARY BASED ON WHETHER THE CLOSING LEVEL OF EACH REFERENCE INDEX IS GREATER THAN OR EQUAL TO ITS RESPECTIVE BARRIER LEVEL ON EACH CALENDAR DAY DURING THE COUPON PERIOD AND WHETHER THE REFERENCE RATE ON EACH CALENDAR DAY IS GREATER THAN OR EQUAL TO THE REFERENCE RATE BARRIER, AS DESCRIBED UNDER ACCRUAL CONDITION BELOW. IF THE ACCRUAL CONDITION DESCRIBED BELOW IS NOT SATISFIED ON ONE OR MORE CALENDAR DAYS DURING ANY COUPON PERIOD FOLLOWING THE FIXED COUPON RATE CUTOFF DATE, THE VARIABLE RATE AND, THEREFORE, THE COUPON PAYMENT FOR SUCH COUPON PERIOD WILL BE REDUCED (AND COULD BE REDUCED TO ZERO). YOU MAY NOT RECEIVE ANY COUPON PAYMENT ON ONE OR MORE COUPON PAYMENT DATES FOLLOWING THE FIXED COUPON RATE CUTOFF DATE. THE NOTES MAY BE REDEEMED EARLY PRIOR TO MATURITY, AS DESCRIBED HEREIN. IF THE NOTES ARE 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. THE NOTES INVOLVE RISKS NOT ASSOCIATED WITH AN INVESTMENT IN ORDINARY DEBT SECURITIES. SEE RISK FACTORS BEGINNING ON PAGE 10 OF THIS PRICING SUPPLEMENT, ON PAGE 2 OF THE ACCOMPANYING PRODUCT SUPPLEMENTS AND ON PAGE 9 OF THE ACCOMPANYING OFFERING MEMORANDUM. Payment on the Maturity Date: Subject to Early Redemption and the credit risk of the Issuer and Guarantor, 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: $1,000, if the Final Index Level of each Reference Index is greater than or equal to its respective Downside Threshold Level, which means that in this case you will receive the principal amount of your Notes at maturity; or $1,000 plus the product of (i) $1,000 and (ii) the Index Performance of the Worst Performing Reference Index, if the Final Index Level of either one of the Reference Indices is less than its respective Downside Threshold Level (i.e., the Final Index Level of a Reference Index depreciates against its Initial Index Level by more than 50.00%). In this event the Redemption Amount will be less than $ and you will lose more than 50.00% and could lose all of your invested principal in the Notes.

3 If the Final Index Level of either of the Reference Indices is less than its Downside Threshold Level (i.e., such Reference Index has depreciated from its Initial Index Level by more than 50.00% over the term of the Notes), you will lose 1.00% of the Notional Amount of your Notes for every 1.00% decline of the Reference Index below zero. Therefore, you could lose up to 100% of your invested principal in the Notes. Specific Terms relating to the Payment on the Maturity Date: Index Performance: With respect to each Reference Index, (i) the Final Index Level minus the Initial Index Level divided by (ii) the Initial Index Level, expressed as a percentage, as determined by the Calculation Agent. Initial Index Level: (i) with respect to the S&P 500 Index, [ ] and (ii) with respect to the Russell 2000 Index, [ ], each of which reflects the Closing Level of the respective Reference Index on the Pricing Date, as determined by the Calculation Agent. Early Redemption Final Index Level: With respect to each Reference Index, its respective Closing Level on the Valuation Date, as determined by the Calculation Agent. Downside Threshold Level: (i) with respect to the S&P 500 Index, [ ] and (ii) with respect to the Russell 2000 Index, [ ], each of which is equal to 50.00% of the respective Initial Index Level of the Reference Indices. Worst Performing Reference Index: The Reference Index that has the lowest Index Performance. Commencing on the twelfth Coupon Payment Date, we will have the right, upon at least 5 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. Coupon Payments: Subject to Early Redemption and the credit risk of the Issuer and the Guarantor, on each Coupon Payment Date during the period commencing on, and including, the first Coupon Payment Date to, and including, the Fixed Coupon Rate Cutoff Date (which is also the twelfth 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 Day Count Fraction and (iii) the Fixed Coupon Rate ; and Subject to Early Redemption and the credit risk of the Issuer and Guarantor, on each Coupon Payment Date following the Fixed Coupon Rate Cutoff 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. With respect to each Coupon Period following the Fixed Coupon Rate Cutoff Date, if the Accrual Condition is not satisfied on each calendar day during such Coupon Period, then you will not receive any Coupon Payment on the related Coupon Payment Date. THEREFORE, YOU MAY RECEIVE A LOW OR NO COUPON PAYMENT ON ONE OR MORE COUPON PAYMENT DATES FOLLOWING THE FIXED COUPON RATE CUTOFF DATE. Variable Rate (the Coupon Rate ): The Variable Rate for each of the Coupon Periods following the Fixed Coupon Rate Cutoff Date shall be the rate computed based on the following formula: Where, Base Rate x (Variable Days/Actual Days) Base Rate means the quarterly coupon rate based on a per annum rate of [ ]% as adjusted (multiplied) by the 30/360 Day Count Fraction; 30/360 Day Count Fraction means, 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; Variable Days means, with respect to each Coupon Period following the Fixed Coupon Rate Cutoff Date, 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 following the Fixed Coupon Rate Cutoff Date, the actual number of calendar days in such Coupon Period. Accrual Condition: For each Coupon Period following the Fixed Coupon Rate Cutoff Date, a calendar day in such Coupon Period shall be deemed to have satisfied the Accrual Condition if both (i) the Reference Rate on such calendar day is greater than or equal to the Reference Rate Barrier and (ii) the Closing Level (as defined in the Index Product Supplement) of each Reference Index on such calendar day is greater than or equal to its respective Barrier Level. If on any calendar day following the Fixed Coupon Rate Cutoff Date, (i) the Reference Rate on such calendar day is less than the Reference Rate Barrier and/or (ii) the Closing Level of either Reference Index on such calendar day is less than its respective Barrier Level, then the Accrual Condition shall be deemed not to have been satisfied for such calendar day. If a calendar day in any relevant Coupon Period is not a New York Business Day, the Reference Rate for such calendar day shall be the Reference Rate on the immediately preceding New York Business Day. If a calendar day in any relevant Coupon Period is not a Scheduled Trading Day (as defined in the Index Product Supplement) for any Reference Index, the Closing Level of such Reference Index for such calendar day shall be the Closing Level of such Reference Index on the immediately preceding Scheduled Trading Day. With respect to each Exclusion Period for the Reference Rate, the Reference Rate for each calendar day in such Exclusion Period shall be the Reference Rate on the fifth New York Business Day preceding the corresponding Coupon Payment Date.

4 With respect to each Exclusion Period for the Reference Indices, the Closing Level of any Reference Index for each calendar day in such Exclusion Period shall be the Closing Level of such Reference Index on the fifth Scheduled Trading Day preceding the corresponding Coupon Payment Date. Specific Terms relating to the Coupon: Reference Indices: (i) S&P 500 Index (Bloomberg ticker: SPX <Index>) and (ii) Russell 2000 Index (Bloomberg ticker: RTY <Index>), each a Reference Index and collectively, the Reference Indices. Index Sponsor: (i) with respect to the S&P 500 Index, S&P Dow Jones Indices LLC, and (ii) with respect to the Russell 2000 Index, Russell Investments. Barrier Level: (i) with respect to the S&P 500 Index, [ ] and (ii) with respect to the Russell 2000 Index, [ ], each of which is equal to 50.00% of the respective Initial Index Level of the Reference Indices. Fixed Coupon Rate: On each Coupon Payment Date during the period commencing on, and including the first (1 st ) Coupon Payment Date to, and including, the twelfth (12 th ) Coupon Payment Date, [ ]% per annum. Reference Rate Barrier: 0.00% Reference Rate: With respect to each calendar day during a Coupon Period, a percentage equal to (a) the 30 Year CMS Rate on such calendar day minus (b) the 2 Year CMS Rate on such calendar day. 30 Year CMS Rate: With respect to each calendar day during a Coupon Period, 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. 2 Year CMS Rate: With respect to each calendar day during a Coupon Period, 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. 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. Coupon Payment Date: The last calendar day of each February, May, August and November; provided that (i) the first Coupon Payment Date will be August Other Specific Terms of the Notes: CUSIP: 83369EWG1 ISIN: US83369EWG15 Calculation Agent: Société Générale Placement Agent: SG Americas Securities, LLC Aggregate Notional Amount: $[ ] Notional Amount per Note: $1,000 Minimum Investment Amount/Minimum Holding: $10,000 Notional Amount of Notes (10 Notes) 31, 2017 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 Coupon Payment Date to, but excluding, such 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 Maturity Date or Early Redemption Date, as the case may be. Exclusion Period: With respect to each relevant Coupon Period and the Reference Rate, the period commencing on, and including, the fifth New York Business Day preceding the corresponding Coupon Payment Date and ending on, and including, the last calendar day of such Coupon Period; and with respect to each relevant Coupon Period and the Reference Index, the period commencing on, and including, the fifth Scheduled Trading Day preceding the corresponding Coupon Payment Date and ending on, and including, the last calendar day of such Coupon Period. 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 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. Issue Price: $1,000 per $1,000 Notional Amount of Notes Pricing Date: May 25, 2017 Issue Date: May 31, 2017 Valuation Date: May 25, 2032 Maturity Date: May 28, 2032 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.

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 maturity; 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; estimated value of the Notes retains certain anticipated risk provisions 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 May 2, 2017 through May 25, 2017, 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 approximately between $ and $950.00, 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 SUPPLEMENTS AND OFFERING MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Société Générale is rated A by Standard & Poor s, A2 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. The Notes are not, and will not be, rated by any nationally recognized statistical rating organization. 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 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 our or its affiliates and future sales in this Pricing Supplement. This Pricing Supplement, the 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 May 2, 2017.

6 UNDER NO CIRCUMSTANCES SHALL THIS PRICING SUPPLEMENT, THE PRODUCT SUPPLEMENTS 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 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. 1

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 30, 2017: Product Supplement for Rate-Linked Notes dated March 30, 2017: Product Supplement for Index-Linked Notes dated March 30, 2017: This Pricing Supplement and the Index Product Supplement (as amended below) shall govern the Notes with respect to terms relating to the Reference Index, and this Pricing Supplement and the Rate Product Supplement shall govern the Notes with respect to terms relating to the Reference Rate. In this Pricing Supplement, the accompanying Product Supplements and the accompanying 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 the Reference Index, the Closing Level for the Reference Index for such Scheduled Trading Day (the Original Disrupted Day ) shall be the Closing Level of the Reference Index on the immediately preceding Scheduled Trading Day on which no Market Disruption Event exists. However, if a Market Disruption Event for the 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 the 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 the Reference Index last in effect prior to such Market Disruption Event, but using only those constituents that comprised the 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 the 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 the 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 the Reference Index in such manner, it will determine the Closing Level of the Reference Index 2

8 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 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. 3

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 in that we do not guarantee you a Coupon Payment on each Coupon Payment Date following the Fixed Coupon Rate Cutoff 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 or all of your initial principal investment in the Notes. Following the Fixed Coupon Rate Cutoff Date, the Notes will pay interest, if any, on each Coupon Payment Date at the Variable Rate, which will not exceed [ ]% per annum and may be as low as 0.00%. The amount of the coupon or interest payment on each Coupon Payment Date following the Fixed Coupon Rate Cutoff Date will depend upon the performance of the Reference Rate and 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 following the Fixed Coupon Rate Cutoff Date on which the Accrual Condition is satisfied (i.e., the Reference Rate on such calendar day is greater than or equal to the Reference Rate Barrier and the Closing Level for each Reference Index is equal to or above its respective Barrier Level on such day), otherwise, no coupon will accrue for such day. If the Notes are not redeemed early and the Final Index Level of any Reference Index is less than its respective Downside Threshold Level (i.e., such Reference Index has declined from its respective Initial Index Level by more than 50.00%), the Redemption Amount payable to you at maturity will be based on the negative Index Performance of the Worst Performing Reference Index and will be at least 50.00% less than your initial investment amount (and may be zero), 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. 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 may 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. 4

10 What is the minimum required purchase, holding or transfer amount? The minimum purchase, holding or transfer amount of the Notes is $10,000 or 10 Notes. No person may, at any time, purchase or transfer Notes in an amount less than $10,000. Can the Notes be redeemed prior to maturity? Yes. While the term of the Notes is 15 years, the Notes may be called before the scheduled maturity at the discretion of the Issuer. Commencing on the twelfth Coupon Payment Date and ending on the Coupon Payment Date immediately preceding the Maturity Date, the Issuer has the right, upon at least 5 Business Days notice to the Trustee, to redeem the Notes in whole on any Coupon Payment 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 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 approximately three years. 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 50.00% 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. If we do not call the Notes early, the Notes do not offer any degree of principal protection, so you are not guaranteed to receive the return of any portion of your invested principal at maturity in the event the Notes are not early redeemed. If the Index Performance of any Reference Index is less than % (i.e., any Reference Index has depreciated by more than 50.00% over the term of the Notes) for each 1.00% difference between zero and the Index Performance of such Reference Index, you will lose 1.00% of the Notional Amount of your Notes. Accordingly, if the Notes are not redeemed early by us, you will lose more than 50.00% and could lose up to 100% of your investment in the Notes. An investment in the Notes will expose you to substantial downside risk (i.e., your principal will be fully exposed to any depreciation of the Worst Performing Reference Index). Will I participate in any appreciation of the Reference Indices or the Reference Rate over the term of the Notes? No. Even though you will be exposed to the risk of either Reference Index declining in value, you will not participate in any positive performance of any Reference Index, the Reference Rate, the 30 Year CMS Rate or the 2 Year CMS Rate. Your return on the Notes in excess of the Redemption Amount will be limited to the total amount of Coupon Payments, if any, payable over the term of the Notes, regardless of any appreciation in either Reference Index, the Reference Rate, the 30 Year CMS Rate or the 2 Year CMS Rate 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 Reference Rate, the 30 Year CMS Rate and/or the 2 Year CMS Rate. 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. Is there a limit on how much I can lose on the Notes? No, your entire investment is at risk. If the Final Index Level of any Reference Index is less than its Downside Threshold Level (i.e., any Reference Index has depreciated by more than 50.00% over the 5

11 term of the Notes), for each 1.00% difference between zero and the Index Performance of the Worst Performing Reference Index, you will lose 1.00% of the Notional Amount of your Notes. If the Index Performance of any Reference Index is less than %, you will lose more than 50.00% and could lose up to 100% of your invested principal in the Notes. Is there a limit on how much I can earn on the Notes? Yes. You will never receive more than [ ]% per annum in Coupon Payments on the Notes. You should further be aware that each Coupon Payment following the Fixed Coupon Rate Cutoff Date will be variable, may reflect less than [ ]% per annum and could be zero, as adjusted by the Day Count Fraction. You may receive a low or no Coupon Payment on one or more Coupon Payment Dates following the Fixed Coupon Rate Cutoff Date. Subject to the credit risk of the Issuer and the Guarantor, your return on the Notes will be limited to the total Coupons Payments payable over the term of the Notes. During any Coupon Period following the Fixed Coupon Rate Cutoff Date, you will accrue conditional interest at the Base Rate on each calendar day of such Coupon Period on which the Accrual Condition is satisfied (i.e., the Reference Rate on such calendar day is greater than or equal to the Reference Rate Barrier and the Closing Level for each Reference Index is equal to or above its respective Barrier Level on such day). On each calendar day of any Coupon Period following the Fixed Coupon Rate Cutoff Date on which the Accrual Condition is not satisfied (i.e., the Reference Rate on such calendar day is less than the Reference Rate Barrier and/or the Closing Level for either Reference Index is less than its respective Barrier Level on such day), you will accrue interest at a rate of 0.00% for such calendar day. The maximum amount of interest you will accrue on the Notes for any Coupon Period following the Fixed Coupon Rate Cutoff Date, even if the Accrual Condition is satisfied on each calendar day during such Coupon Period, is [ ]% per annum. For the avoidance of doubt, the lowest amount of interest you could accrue on the Notes for any Coupon Period following the Fixed Coupon Rate Cutoff Date is 0.00%. Therefore, you could receive a low or no coupon for one or more Coupon Periods over the term of the Notes. Due to the to the effect of the Day Count Fraction, the Coupon Payment on any Coupon Payment Date will be based on an adjusted rate equal to a fraction of the per annum Variable Rate and Fixed Coupon Rate for such Coupon Payment Date, as applicable. You should also be aware that 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. Will I receive any Coupon Payments on the Notes? Subject to the credit risk of the Issuer and the Guarantor, on each Coupon Payment Date during the period commencing on, and including, the first Coupon Payment Date to, and including, the Fixed Coupon Rate Cutoff Date (which is also the twelfth Coupon Payment Date), you will receive Coupon Payments at the Fixed Coupon Rate. On each Coupon Payment Date during the period commencing on, but excluding, the Fixed Coupon Rate Cutoff Date and ending on the final Coupon Payment Date, you will receive Coupon Payments at the Variable Rate (which may be zero) on each Coupon Payment Date. The Variable Rate will never exceed [ ]% per annum. You may receive a minimal coupon or no coupon on one or more Coupon Payment Dates following the Fixed Coupon Rate Cutoff Date. You should be aware that the amount of the Coupon Payment on your Notes on each Coupon Payment Date following the Fixed Coupon Rate Cutoff Date is not fixed, but will be unpredictable and will vary based on the Variable Rate for the corresponding Coupon Period, and may be less than that of conventional fixed rate debt securities or other investments. The Variable Rate on the Notes for each relevant Coupon Period following the Fixed Coupon Rate Cutoff Date will be a variable rate equal to the product of (i) the Base Rate 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. Consequently, each calendar day during any relevant Coupon Period following the Fixed Coupon Rate Cutoff Date on which (i) the Reference Rate is less than the Reference Rate Barrier and/or (ii) the Closing Level of either Reference Index is less than its Barrier Level (each as determined pursuant to the cover page herein) will result in a reduction of the 6

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