We have carefully read your letter (and the corresponding sections of your report) sent to Mr. Frederic Oudea on November 29th 2021 and we thank you for giving us the opportunity to provide comments in relation with its content.

Most of the concerns and issues that you raised in relation with the Tengizchevroil (TCO) field are actually related to earlier stages of its development that predate our involvement. As you may know, Societe Generale entered the financing related to TCO only in July 2016 and cannot comment on the events that happened in the past.

Besides, as for any projects related to oil & gas sector, Societe Generale set very strong requirements in terms of Environmental & Social (“E&S”) compliance as a condition precedent to its financing respecting the Equator Principles. With the assistance of a reputable independent consultant, Lenders undertook detailed E&S due diligence at the time of the financing. Potential E&S issues associated with the transaction were properly assessed and appropriate actions were implemented such as an Environmental and Social Action Plan, yearly E&S monitoring reports, and specific E&S covenants in the Facility Agreement...

None of the issues you mentioned in terms of “Death and Health Impacts”, of “Environmental Degradation and Pollution” or of “Resettlement” were observed on the project financed by Societe Generale since July 2016...

We hope that the above additional information will enable you to separate the transaction financed by SG since 2016 from any past issues on the global Tengiz field...