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Axway SoftwareInvestor PresentationOctober 2019

Forward-looking statements This presentation contains forecasts that may be subject to various risks and uncertaintiesconcerning the company’s future growth and profitability. The Group highlights that signatures oflicense contracts, which often represent investments for clients, are historically more significant in thesecond half of the year and may therefore have a more or less favorable impact on full-yearperformance. Furthermore, activity during the year and/or actual results may differ from those described in thisdocument as a result of a number of risks and uncertainties set out in the 2018 RegistrationDocument filed with the French Financial Markets Authority (Autorité des Marchés Financiers, AMF)on April 26, 2019 under number D.19-0404. The distribution of this document in certain countries may be subject to prevailing laws andregulations. Natural persons present in these countries and in which this document is disseminated,published or distributed, should obtain information about such restrictions and comply with them.2

Investor Presentation – October 2019Content1 - Company overview2 - Market overview3 - Update on the transformation project4 - H1 & Q3 2019 Highlights & Performance5 - Targets & Ambitions6 - Appendices3

Company Overview

Axway at a glanceA long-standing specialist in Middleware marketsand the 5th largest software publisher in France*,Axway develops, distributes, integrates andmaintains its own infrastructure solutions toenable optimized data flow governance in themost complex organizations.Euronext Paris – Compartment BBloomberg : AXW:FRReuters : AXW.PAMarket Cap (31/12/18) : 264mMain Indexes CAC Mid Small CAC TECHNOLOGY ENT TECH 40Axway solutions are deployed by over 11,000 customers spanning 100 countriesFrench-American dual nationality Headquartered in Phoenix, AZ – USA Listed on Euronext Paris (France)17 Locations worldwide1,850 employees – 680 in R&DFigures as of 31/12/201823%ServicesLicenseRest of Europe29%14%Subscription2018 Revenue : 283,8mProfit on Operating Activities : 11.2%Free Cash Flow / Revenue : 6.2%Balance sheet and debt capacity to seizestrategic acquisition 64% recurring revenue5%Asia - Pacific2018Revenue43%Americas71% of revenue generated outside FranceMain vertical markets: Financial Services / Manufacturing - Retail - Transport / Public Sector* Source Top 250 EY – Syntec Numérique 20185

A balanced history of organic and external growth2016300250Acquistion’s Strategic Rationale2012 Customer Position20192014Businessmodeltransition Technology / Know-how200 m20172008150200620071002002500Incubationwithin Sopra1985 - 2000B2B and Integration2001 - 2005CollaborativeBusiness Solutions2006 - 2009Network ofprofessionalinteractionsMFT market leader2010 - 2012Governingthe flow of dataAxway 5 Suite2013 - 2015Becoming a leader inHybrid Integration Platforms2016 - Today6

Axway enables business to leverage changeData ker2002458Minternet users(7.6% world)2006GoesliveAutomatingsupply chains20072008EngagementSecuring filetransfer2011Apple iPhone changessmartphone marketProtecting SOA andservices through APIs201220132014Increasingbusiness visibility20152016Unifying 01.86Bsmartphone users4.17Binternet users(54.6% world)15B connected IoTdevices2.8Bsmartphone users28B connectedIoT devices7

Axway PartnersCloud ProvidersGlobal SystemIntegratorsDigital SolutionProvidersResellers8

Axway’s historical performance300Profit on Operating ActivitiesRevenue250 3237.51501005035.335.037.539.744.50Total GrowthOrganic GrowthMargin on Operating Activities20112012201320142015201620172018 4.2% 5.7%16.3% 3.3%-1.6%15.6% 5.9% 3.7%15.8% 10.1% 3.6%15.2% 8.8% 0.0%15.6% 5.8% 4.4%16.9%-0.4%-3.8%13.5%-5.3%-3.6%11.2%9

Axway’s historical net profit & dividend40Net 0.400,500.400,400,400.352015 m250,6031.50,300.250.2011.0104.450,100Payout Ratio 21%29%23%31%30%27%95%77%10

A shareholding structure backing the corporate projectSopra es outstanding32.57%Voting rights36.09%Shareholders’ agreement56.92% of shares outstanding / 65.31% of voting rights21,225,381 Shares outstanding34,712,232 Voting rightsFigures as of 31/08/201911

Axway’s Corporate Social Responsibility2018 Initiatives & Labels Member of theUN Global Compact Awarded SilverEcovadis CSR Label Selected for the Gaïa Index Reinforced Ethics Charter& Alert SystemGovernanceHuman ResourcesBoard of Directors:- 57% independent- 43% of women- 95% attendance rateAxway University:- 36K Hours of training formore than 1,250 AxwegiansEnvironment- Promotingeco-responsible practices- Measures to take account ofenvironmental issues andcarry out evaluations orcertification proceduresAxway’s CSR Report available at Investors.axway.com12

Market Overview

Axway’s market in the Software industry[ Enterprise Software Market ]estimated at 417 billion in 2019*Application DevelopmentApplication Infrastructure and MiddlewareApplication SoftwareMarketestimated at 209 billion in 2019*Infrastructure SoftwareMarketData Integration Tools and Data Quality Toolsestimated at 208 billion in 2019*Master Data Management ProductsDatabase Management SystemsIT OperationsOperating SystemsAn estimated 18.9Bmarket for Axway**Other Infrastructure SoftwareSecurityStorage ManagementVirtualisation Infrastructure Software* Source Gartner / ** Source Axway14

Axway’s historical Middleware market AAABPM / BAMDataIntegration(ETL, MDM, )MFTB2BEFSSApplicationIntegration(ESB, MOM, )IntegrationBrokerage(VAN ), iPaaSIntegrationMiddlewareSOA Governance / API ManagementAAA15

and its digital evolution sEnd-UsersCustomer Experience Economy16

Axway’s purpose remains the sameWe moved and integrated data securely for businesses It is the foundation of what we doWe will still move, integrate and expose data securelyfor businessesNEWWAYAxway's mission remains the same, we are merely implementing our market strategy:Become a leader in Hybrid Integration Platforms17

2019 Market Forecast and 2019-2022 CAGRTotal market estimated at 18.9 billion in 2019 / Average CAGR 2019-2022 estimated at 11.2%18

Competitive landscapeIntegrationEngagementthe samethe sameIaaS19

Evolution of practices in a Subscription worldSequences of a perpetual License offeringPURCHASESALEIMPLEMENTSUPPORTCycle of a Subscription offeringSUBSCRIPTIONRENEWIT FocusBusiness FocusCustomer AcquisitionCustomer GrowthUpfront RevenueLifetime RevenueEpisodic engagementContinuous engagementReactive supportProactive ValueImplementation servicesCustomer OutcomesTry & Buy / Sales20

Update on thetransformation project

Transformation projectUpgrading the product portfolioStrengthening the management team and engaging employeesImplementing a structure adapted to changes in the business modelIncreasing awareness and sustaining a growth dynamic In Progress22

AMPLIFY : 15 years of strategic evolution2006SECURELY MOVING AND INTEGRATING DATA2008BUSINESS CONTEXT2013DATA OPENESS2017 CUSTOMER CENTRICITYAMPLIFY 202023

Axway’s solutions evolutionSpecialised productsAMPLIFY ProductsApp DevTrack &TraceB2B / yticsIT ntentCollaboration24

AMPLIFY : Continued investments, Strengthened offerAllocation of R&D resources (%)AMPLIFY Investments100%up 80%49 % in H1 2019 vs. H2 2017 Launch of the new AMPLIFY components at the endof March 201960%40%555561626366706920% Integration of Streamdata.io and launch ofAMPLIFY Streams in June 2019 Investments in MFT and API assets to maximize thecapabilities of the HIP platform Strengthening of the HIP and UX in progress0%Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019AMPLIFYMaintenanceOthers25

AMPLIFY : Continued investments, Strengthened offer sinceApril 2019Unified Catalogfor multiple integration patterns26

AMPLIFY : Setting the standard for HIPEndpointsCRMsCloud ServicesAMPLIFY ProductsApp DevelopmentB2B / EDIMFTGeneral LedgersAnalyticsLegacy Systemsetc.API ManagementContent Collaboration27

Better TogetherStrengthened management team-Appointment of D. Fougerat, EVP Human Resources and C. Allmacher, Chief Financial Officer-Entry into function of 3 new business leaders in Europe, the United States and the Asia-Pacific region-Creation of a dedicated Go-to-Market team, supported by product experts, under the responsibility of Paul French,newly hired EVP, Go-to-MarketRenewed employee engagement-Training and enablement through Axway University 2.0-Quarterly satisfaction surveys and enhanced dialogue with the management team-Implementation of a free share grant plan for all employees with a vesting date of 2022 Attrition down 33% in H1 2019 compared to H1 2018”Make Axway the place to be”28

Customer Success OrganisationObjectives Help customers accelerate theirtransformation through rapidresults Allow incremental AMPLIFY serviceconsumption Facilitate and accelerate thetransition to the Subscription modelCustomer Centric Bring together and align all playersinteracting with customers Optimize the Acquisition, Adoption,Expansion and Renewal cycle Making the customer experience adifferentiatorOrganisation Creation of the Customer SuccessManager function to supportcustomers throughout their lifecycle Proximity to customers withregional General Management29

Customer Success Organisation – H1 2019 evolutionOrganisationNew Regional Leadership Asia-Pacific (January 2019) USA (April 2019) Europe (July 2019)Customer SuccessGo-To-MarketEvolve our Customer SuccessManagement TeamStrengthen Go-To-Marketleadership, processes and focus: Accelerate our CustomerSuccess Management practices API First approach Grow and expand Inside Sales Evangelization API GM / EVP Go-To-Market30

Go-To-Market – Axway Catalysts Team and OfferingsAxway CatalystsA team of trusted advisors who help customers make digital strategy, design andtechnology decisionsThought LeadershipProactive outreach and value delivery to the API Community through keynote presentations,networks of knowledge and workshop facilitationAxway AccelerateHigh-impact consulting services to enable Integration Strategy, Digital Transformation, APILifecycle Design and Continuous Delivery31

Our customers’ success is our successMission CriticalAxway Solutions at the heartof our customers’ strategicbusiness outcomesAMPLIFY Flexible solutions to secureand transform criticalbusiness processes whileprotecting past investmentCustomer CentricServing our customers as avalued, strategic partner“From Start to Forever”32

H1 & Q3 2019Highlights & Performance

H1 2019

2019 Half-Year - Revenue by ActivityH1 2019H1 2018Restated*H1 .5-4.3%-6.8%Axway138.6138.9134.92.7%-0.2%[ m]16 %License15 %Services17 %Subscription52 %Maintenance69% Recurring revenuevs. 61.0% in H1 2018* Alternative performance measures are defined in the glossary at the end of this document Significant growth in Subscription revenueResilience of the Maintenance activityDecrease in License and Services activitiesIncrease of 8 points in the Group's share of recurring revenues to 69% of total revenue35

2019 Half-Year - Income StatementIn millions of eurosRevenueCost of salesGross Profit ( % of Revenue)Operating expensesof which Sales and marketingof which Research and developmentof which General and administrativeProfit on operating activitiesProfit from recurring operationsOperating profitIncome taxesNet profit ( % of Revenue)Basic earnings per share (in )H1 .1-0.2966.8%1.8%-1.9%-2.1%-4.4%H1 0.1868.3%9.1%5.8%3.7%2.9% Stable organic* revenue,growth of 2.7 % in total In line with budget, profit onoperating activities of 2.5m(1.8% of Rev.) due to theplanned acceleration inoperating investments Net profit of - 6.1mor - 0.29 per share* Alternative performance measures are defined in the glossary at the end of this document.36