AXWAY_REGISTRATION_DOCUMENT_2017

AXWAY GROUP AND ITS BUSINESS ACTIVITIES

CORPORATE RESPONSIBILITY

CORPORATE GOVERNANCE

CONSOLIDATED FINANCIAL STATEMENTS

2017 ANNUAL FINANCIAL STATEMENTS

CAPITAL AND AXWAY SOFTWARE STOCK

INFORMATIONS ADMINISTRATIVES ETbJURIDIQUES

COMBINED GENERAL MEETING OFb6bJUNEb2018

Subsidiaries and associated entities

4.7 Subsidiaries and associated entities

4.7.1 Acquisitions of equity interests in subsidiaries and associated entities Newly consolidated entities also liquidated. These companies were deconsolidated at the beginning of the 2017 fiscal year.

Following the acquisition of Syncplicity in FebruaryǾ2017, two new subsidiaries were consolidated within the Axway Group. These subsidiaries are included in the above table.

Syncplicity GmbH in Germany, held by Syncplicity LLC, was liquidated before the acquisition on 22ǾFebruary 2017, without being consolidated.

Deconsolidated entities InǾ2017, the Group put into liquidation Systar Limited in the UK, Appcelerator GmbH in Germany and Axway Software Sdn Bhd in Malaysia. These companies were deconsolidated inǾ2017. The subsidiaries Systar Inc in the United States, Appcelerator UK in the UK and Appcelerator Singapore in Singapore were

Reorganization of legal entities No reorganization took place inǾ2017.

Restructuring measures No restructuring took place inǾ2017.

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AXWAY - 2017 REGISTRATION DOCUMENT