Issue Price：100% of the Nominal Amount

Minimum Return in Capital：100% of the Nominal Amount

Issue Size：USD 10,000,000

Annual Coupon：
On the Each Coupon Payment Date:
Coupon (1) = Nominal * 7%
Coupon (2) = Nominal * Max [3%, P2]

(i,t) or Valuation Date t：Stock (i,t) = Official Closing Price of Stock i on Valuation Date t

Valuation Date：

May 28, 2004
May 31, 2005
May 30, 2006
May 29, 2007
Provided that if any such day is not a dealing day in respect of the underlying stocks, it shall be postponed to the immediately following stock dealing day.

Coupon Payment Date：

June 13, 2003
June 14, 2004
June 13, 2005
June 13, 2006
June 13, 2007
Provided that if any such day is not a business day, it shall be postponed to the following business day

Redemption at Maturity：

On Maturity, the redemption will be:
Nominal amount x 100%

Calculation Agent：Societe Generale

Clearing：Clearstream / Euroclear

Listing：Luxembourg

Secondary Market：

After a 1 year closed period, under normal market conditions, Societe Generale will provide a secondary market bid price at the 7th and 17th day of each month.

Early Redemption only available on round lots of 1 Notes, no redemption of odd lots (i.e. 0.5 Notes) available.

*Please notice the fee schedules and sign on the following page

• If any of the above specified dates is not an exchange business day for the underlying shares, Paris business day, and U.S. business day, the date will be postponed to the following common business day.