Subsidiaries

much-net AG has founded subsidiary companies in Bulgaria and Luxembourg to optimise sales of our PMS software product in the Bulgarian and Luxembourg market as well as to be able to offer intensive implementation support and customer proximity.

much-net financial software & services S.à.r.l.

In the middle of February 2011, much-net AG opened a subsidiary office in Luxembourg

much-net Bulgaria Ltd.

much-net Bulgaria was founded in 2007 and is a wholly owned subsidiary of much-net AG