<SEC-DOCUMENT>0001157523-14-002948.txt : 20140724
<SEC-HEADER>0001157523-14-002948.hdr.sgml : 20140724
<ACCEPTANCE-DATETIME>20140724060600
ACCESSION NUMBER:		0001157523-14-002948
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140724
FILED AS OF DATE:		20140724
DATE AS OF CHANGE:		20140724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEQUANS COMMUNICATIONS
		CENTRAL INDEX KEY:			0001383395
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			I0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35135
		FILM NUMBER:		14989964

	BUSINESS ADDRESS:	
		STREET 1:		19 LE PARVIS
		STREET 2:		BATIMENT CITICENTER
		CITY:			PARIS LA DEFENSE
		STATE:			I0
		ZIP:			92073
		BUSINESS PHONE:		0170721600

	MAIL ADDRESS:	
		STREET 1:		19 LE PARVIS
		STREET 2:		BATIMENT CITICENTER
		CITY:			PARIS LA DEFENSE
		STATE:			I0
		ZIP:			92073
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a50911402.htm
<DESCRIPTION>SEQUANS COMMUNICATIONS S.A. 6-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2014 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 16pt"><b>UNITED
      STATES</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 16pt"><b>FORM 6-K</b></font><br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>REPORT OF
      FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>UNDER
      THE SECURITIES EXCHANGE ACT OF 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>For the
      month of</b></font> <font style="font-family: Times New Roman; font-size: 10pt"><b>July
      2014</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Commission
      File Number</b></font><b>: 001-35135</b>
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 16pt"><b>Sequans Communications S.A.</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Translation of Registrant&#8217;s name into English)
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0px; margin-bottom: 0px">
            <b>15-55 boulevard Charles de Gaulle</b>
          </p>
          <p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0px; margin-bottom: 0px">
            <b>92700 Colombes, France </b>
          </p>
          <p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0px; margin-bottom: 0px">
            <b>Telephone : +33 1 70 72 16 00</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of Principal Executive Office)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F: </font><br><font style="font-family: Times New Roman; font-size: 10pt">Form
      20-F </font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#9745;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Form 40-F </font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark if the registrant is submitting the Form 6-K in paper as
      permitted by Regulation S-T Rule 101(b)(1):&#160;Yes&#160;</font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-size: 12pt">&#160;</font><font style="font-size: 10pt">No&#160;</font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#9745;</font><br>
    </p>
    <p>
      <b>Note:</b> Regulation&#160;S-T Rule&#160;101(b)(1) only permits the submission
      in paper of a Form 6-K if submitted solely to provide an attached annual
      report to security holders.
    </p>
    <p style="text-align: justify">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark if the registrant is submitting the Form 6-K in paper as
      permitted by Regulation S-T Rule 101(b)(7):&#160;Yes&#160;</font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-size: 12pt">&#160;</font><font style="font-size: 10pt">No&#160;</font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#9745;</font><br>
    </p>
    <p>
      <b>Note: </b>Regulation&#160;S-T Rule&#160;101(b)(7) only permits the submission
      in paper of a Form 6-K if submitted to furnish a report or other
      document that the registrant foreign private issuer must furnish and
      make public under the laws of the jurisdiction in which the registrant
      is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home
      country&#8221;), or under the rules of the home country exchange on which the
      registrant&#8217;s securities are traded, as long as the report or other
      document is not a press release, is not required to be and has not been
      distributed to the registrant&#8217;s security holders, and, if discussing a
      material event, has already been the subject of a Form 6-K submission or
      other Commission filing on EDGAR.
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. Yes </font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      No </font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#9745;</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Times New Roman; font-size: 10pt">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b): </font>82-_______________.
    </p>
    <p>
      Exhibit 99.1 to this report, furnished on Form 6-K, shall be
      incorporated by reference into each of the following Registration
      Statements under the Securities Act of 1933, as amended, of the
      registrant: Form S-8 (File Nos. 333-177919, 333-180487 and 333-187611)
      and Form F-3 (File No.&#160;333-182854).
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify">

    </p>
    <p style="text-align: center">
      <b>EXPLANATORY NOTE</b>
    </p>
    <p>

    </p>
    <p>
      On July 24, 2014, Sequans Communications S.A. issued a press release
      announcing its financial results for the second quarter ended June 30,
      2014.&#160;&#160;A copy of the press release is attached to this Form 6-K as
      Exhibit 99.1 and is incorporated herein by reference.&#160;
    </p>
    <p style="text-align: justify">
      <br>
      <br>
      <br>
      <br>
      <br>

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">
      </font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized. </font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>SEQUANS COMMUNICATIONS S.A.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 18%" valign="top">

        </td>
        <td style="width: 28%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            July 24, 2014
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 4%" valign="top">
          By:
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 18%; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Deborah Choate
          </p>
        </td>
        <td style="width: 28%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Deborah Choate
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b><br>
    </p>
    <p>
      The following exhibit is filed as part of this Form 6-K:<br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit</u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; width: 12%" valign="top">
          99.1
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release dated July 24, 2014
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50911402ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2014 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Sequans
      Communications Announces Second Quarter 2014 Financial Results</b></font>
    </p>
    <p>
      PARIS--(BUSINESS WIRE)--July 24, 2014--4G chipmaker<b> </b>Sequans
      Communications S.A. (NYSE: SQNS) today announced financial results for
      the second quarter ended June 30, 2014.
    </p>
    <p>
      <b>Second Quarter 2014 Highlights:</b>
    </p>
    <p>
      <b>Revenue:</b> Revenue of $5.1 million increased 13% compared to the
      first quarter of 2014, due to higher sales of chipsets and higher other
      revenue. Revenue increased 116% compared to the second quarter of 2013
      due to higher sales of products for the LTE markets.
    </p>
    <p>
      <b>Gross margin: </b>Gross margin was 41.3% compared to gross margin of
      39.5% in the first quarter of 2014, and 41.1% in the second quarter of
      2013, due to a more favorable revenue mix including more other revenue.
    </p>
    <p>
      <b>Operating loss:</b> Operating loss was $8.7 million compared to an
      operating loss of $8.3 million in the first quarter of 2014 and an
      operating loss of $9.2 million in the second quarter of 2013, due to
      higher operating expenses primarily related to product development costs.
    </p>
    <p>
      <b>Net loss:</b> Net loss was $8.7 million, or ($0.15) per diluted
      share/ADS, compared to a net loss of $8.3 million, or ($0.14) per
      diluted share/ADS in the first quarter of 2014 and a net loss of $9.1
      million, or ($0.20)<b> </b>per diluted share/ADS in the second quarter
      of 2013.
    </p>
    <p>
      <b>Non-IFRS Net loss:</b> Excluding stock-based compensation, non-IFRS
      net loss was $8.4 million, or ($0.14) per diluted share/ADS, compared to
      a non-IFRS net loss of $7.9 million, or ($0.13) per diluted share/ADS in
      the first quarter of 2014, and a non-IFRS net loss of $8.6 million, or
      ($0.19) per diluted share/ADS, in the second quarter of 2013.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          In millions of US$ except percentages, shares and per share amounts
        </td>
        <td>

        </td>
        <td colspan="11" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <i><b>Key Metrics</b></i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Q2 2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>%*</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Q1 2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          %*
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Q2 2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          %*
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$5.1</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $4.5
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $2.3
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2.1</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i><b>41.3%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.8
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>39.5%</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.0
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>41.1%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating loss
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(8.7)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>(171.2%)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8.3)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>(183.6%)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (9.2)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>(392.7%)</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net loss
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(8.7)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>(171.4%)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8.3)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>(183.3%)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (9.1)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>(387.3%)</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted EPS
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>($0.15)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.14)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.20)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted average number of diluted shares/ADS
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>59,144,398</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          59,136,031
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          44,683,839
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash flow used in operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(3.3)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8.4)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8.1)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash, cash equivalents and short-term investments at quarter-end
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>22.1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          27.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24.9
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <i>Additional information:</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Stock-based compensation included in operating result
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>0.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.5
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Non-IFRS diluted EPS (excludes stock-based compensation)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>($0.14)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.13)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          ($0.19)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          * Percentage of revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      &#8220;We have begun shipping for the build of a mobile computing design win
      targeting a Q4 launch in the U.S. and our home/portable router business
      is providing a growing base of revenues,&#8221; said Georges Karam, Sequans
      CEO. &#8220;During Q2,&#160;we&#160;added several new design wins for routers and M2M
      applications, and we are in advanced discussions on a number of others,
      including several mobile computing opportunities. The new Colibri
      platform introduced in June has been gaining a lot of traction,
      especially among module manufacturers. Looking ahead, we see a growing
      pipeline of follow-on design wins and new carrier opportunities in the
      U.S., APAC, and the rest of the world,&#8221; concluded Dr. Karam.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Third Quarter 2014 Outlook</b>
    </p>
    <p>
      <i>The following statements are based on management&#8217;s current
      assumptions and expectations.</i> <i>These statements are
      forward-looking and actual results may differ materially.</i> <i>Sequans
      undertakes no obligation to update these statements.</i>
    </p>
    <p>
      Sequans expects revenue for the third quarter of 2014 to be in the range
      of $6.5 to $7.5 million, with non-IFRS gross margin of above 35%. Based
      on this revenue range and expected gross margin, non-IFRS net loss per
      diluted share/ADS is expected to be between ($0.12) and ($0.14) for the
      third quarter of 2014, based on approximately 59.1 million weighted
      average number of diluted shares/ADSs. Non-IFRS EPS guidance excludes
      primarily the impact of stock based compensation.
    </p>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      Sequans plans to conduct a teleconference and live webcast to discuss
      the financial results for the second quarter of 2014 today, July 24,
      2014, at 8:00 a.m. EDT /14:00 CEST. To participate in the live call,
      analysts and investors should dial 877-260-8898 (or +1 612-332-0802 if
      outside the U.S.). A live and archived webcast of the call will be
      available from the Investors section of the Sequans website at <u>www.sequans.com/investors/</u>.
      A replay of the conference call will be available until August 24, 2014,
      by dialing toll free 800-475-6701 in the U.S., or +1 320-365-3844 from
      outside the U.S., using the following access code: 330549.
    </p>
    <p>
      <b>Forward Looking Statements</b>
    </p>
    <p>
      This press release contains projections and other forward-looking
      statements regarding future events or our future financial performance.
      All statements other than present and historical facts and conditions
      contained in this release, including any statements regarding our future
      results of operations and financial positions, business strategy, plans
      and our objectives for future operations, are forward-looking statements
      (within the meaning of the Private Securities Litigation Reform Act of
      1995, Section&#160;27A of the Securities Act of 1933, as amended, and
      Section&#160;21E of the Securities Exchange Act of 1934, as amended). These
      statements are only predictions and reflect our current beliefs and
      expectations with respect to future events and are based on assumptions
      and subject to risk and uncertainties and subject to change at any time.
      We operate in a very competitive and rapidly changing environment. New
      risks emerge from time to time. Given these risks and uncertainties, you
      should not place undue reliance on these forward-looking statements.
      Actual events or results may differ materially from those contained in
      the projections or forward-looking statements. Some of the factors that
      could cause actual results to differ materially from the forward-looking
      statements contained herein include, without limitation: (i) the
      contraction or lack of growth of markets in which we compete and in
      which our products are sold, including WiMAX and LTE markets, (ii)
      unexpected increases in our expenses, including manufacturing expenses,
      (iii) our inability to adjust spending quickly enough to offset any
      unexpected revenue shortfall, (iv) delays or cancellations in spending
      by our customers, (v) unexpected average selling price reductions, (vi)
      the significant fluctuation to which our quarterly revenue and operating
      results are subject due to cyclicality in the wireless communications
      industry and transitions to new process technologies, (vii) our
      inability to anticipate the future market demands and future needs of
      our customers, (viii) our inability to achieve new design wins or for
      design wins to result in shipments of our products at levels and in the
      timeframes we currently expect, and (ix) other factors detailed in
      documents we file from time to time with the Securities and Exchange
      Commission. Forward-looking statements in this release are made pursuant
      to the safe harbor provisions contained in the Private Securities
      Litigation Reform Act of 1995.
    </p>
    <p>
      <b>Use of Non-IFRS/non-GAAP Financial Measures</b>
    </p>
    <p>
      To supplement our unaudited consolidated financial statements prepared
      in accordance with IFRS, we disclose certain non-IFRS, or non-GAAP,
      financial measures. These measures exclude non-cash charges relating to
      stock-based compensation. We believe that these measures can be useful
      to facilitate comparisons among different companies. These non-GAAP
      measures have limitations in that the non-GAAP measures we use may not
      be directly comparable to those reported by other companies. We seek to
      compensate for this limitation by providing a reconciliation of the
      non-GAAP financial measures to the most directly comparable IFRS
      measures in the table attached to this press release.
    </p>
    <p>
      <b>About Sequans Communications</b>
    </p>
    <p>
      Sequans Communications S.A. (NYSE: SQNS) is a 4G chipmaker and leading
      provider of single-mode LTE chipset solutions to wireless device
      manufacturers worldwide. Founded in 2003, Sequans has developed and
      delivered six generations of 4G technology and its chips are certified
      and shipping in 4G networks, both LTE and WiMAX, around the world.
      Today, Sequans offers two LTE product lines: StreamrichLTE&#8482;, optimized
      for feature-rich mobile computing and home/portable router devices, and
      StreamliteLTE&#8482;, optimized for M2M devices and other connected devices
      for the Internet of Things. Sequans is based in Paris, France with
      additional offices in the United States, United Kingdom, Israel, Hong
      Kong, Singapore, Taiwan, South Korea, and China. Visit Sequans online at&#160;<u>www.sequans.com</u>;&#160;<u>www.facebook.com/sequans</u>;&#160;<u>www.twitter.com/sequans</u>
    </p>
    <p style="text-align: center">
      Condensed financial tables follow
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>SEQUANS COMMUNICATIONS S.A.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Three months ended</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>(in thousands of US$, except share and per share amounts)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Revenue :</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Product revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,404
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,100
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,799
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Other revenue
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          664
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          404
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          548
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total revenue</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>5,068</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,504</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,347</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Cost of revenue</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Cost of product revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,932
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,643
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,332
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Cost of other revenue
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          44
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          82
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          51
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total cost of revenue</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,976</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,725</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1,383</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,092</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1,779</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>964</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Operating expenses :</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Research and development
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,518
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,918
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,248
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Sales and marketing
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,454
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,179
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,135
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          General and administrative
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,796
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,953
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,798
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total operating expenses</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10,768</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10,050</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10,181</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Operating loss</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(8,676)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(8,271)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,217)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Financial income (expense):</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Interest income (expense), net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Foreign exchange gain
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          30
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          44
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          167
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Loss before income taxes</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(8,647)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(8,216)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,040)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Income tax expense</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          41
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          42
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          51
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Loss</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(8,688)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(8,258)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(9,091)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Attributable to :</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Shareholders of the parent
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8,688)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8,258)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (9,091)
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Minority interests
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Basic loss per share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.15)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.14)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.20)
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Diluted loss per share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.15)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.14)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.20)
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted average number of shares used for computing:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          &#8212; Basic
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          59,144,398
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          59,136,031
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          44,683,839
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#8212; Diluted
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          59,144,398
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          59,136,031
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          44,683,839
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>SEQUANS COMMUNICATIONS S.A.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Six months ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <b>(in thousands of US$, except share and per share amounts)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Revenue :</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Product revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,504
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,895
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Other revenue
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,068
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,754
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total revenue</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>9,572</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,649</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Cost of revenue</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Cost of product revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,575
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,594
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Cost of other revenue
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          126
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          371
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total cost of revenue</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>5,701</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,965</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>3,871</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1,684</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Operating expenses :</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Research and development
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,436
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13,762
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Sales and marketing
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,633
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,274
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          General and administrative
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,749
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,119
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total operating expenses</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>20,818</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>20,155</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Operating loss</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(16,947)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(18,471)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Financial income (expense):</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Interest income, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          29
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Foreign exchange gain
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          74
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          35
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Loss before income taxes</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(16,863)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(18,407)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Income tax expense (benefit)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          83
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          88
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Loss</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(16,946)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(18,495)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Attributable to :</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Shareholders of the parent
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (16,946)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (18,495)
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Minority interests
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Basic loss per share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.29)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.44)
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Diluted loss per share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.29)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($0.44)
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Weighted average number of shares used for computing:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          &#8212; Basic
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          59,138,642
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          41,810,911
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#8212; Diluted
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          59,138,642
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          41,810,911
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="6" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>SEQUANS COMMUNICATIONS S.A.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="6" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>At June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>At December 31,</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>(in thousands of US$)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Non-current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,734
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,622
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,859
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,679
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deposits and other receivables
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          349
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          471
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Available for sale assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          269
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,098
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 25.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          13,211
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          12,870
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,947
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,582
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Trade receivables
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,425
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,486
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Prepaid expenses and other receivables
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,655
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,832
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Recoverable value added tax
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          734
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          508
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Research tax credit receivable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,618
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,006
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Cash and cash equivalents
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          22,114
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          37,244
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 25.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          43,493
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          60,658
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>56,704</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>73,528</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>EQUITY AND LIABILITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Issued capital, euro 0.02 nominal value, 59,144,741 shares
          authorized, issued and outstanding at June 30, 2014 ( 59,129,639 at
          December 31, 2013)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,568
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,567
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Share premium
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          165,510
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          165,785
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other capital reserves
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          15,447
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,721
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (140,185)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (123,239)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Other components of equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          114
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          95
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 25.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total equity</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          42,454
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          58,929
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Non-current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Government grant advances and interest-free loans
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          478
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          604
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Finance lease obligations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          104
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          240
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Provisions
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          608
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          460
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Deferred tax liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          38
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          37
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 25.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total non-current liabilities</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,228
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,341
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Trade payables
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,774
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,252
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Government grant advances and interest-free loans
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          372
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          435
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Finance lease obligations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          264
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          261
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other current liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,178
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,384
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          388
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          343
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Provisions
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          46
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          583
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 25.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          13,022
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          13,258
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Total equity and liabilities</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>56,704</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>73,528</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="8" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>SEQUANS COMMUNICATIONS S.A.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="8" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Six months ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>(in thousands of US$)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Loss before income taxes
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(16,863)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(18,407)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Non-cash adjustment to reconcile income before tax to net cash from
          (used in) operating activities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Amortization and impairment of property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,742
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,055
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Amortization and impairment of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          916
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          954
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Share-based payment expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          726
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,050
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Increase (decrease) in provisions
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (389)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (71)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Financial income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (10)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (29)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Foreign exchange loss (gain)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (20)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          60
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Loss (Gain) on disposal of property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          27
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Working capital adjustments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Decrease (Increase) in trade receivables and other receivables
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,312)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,059
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Decrease (Increase) in inventories
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          635
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (455)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Decrease (Increase) in research tax credit receivable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,388
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,577)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Increase (Decrease) in trade payables and other liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          418
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          900
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Increase (Decrease) in deferred revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          45
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          281
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Increase (Decrease) in government grant advances
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          135
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (180)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Income tax paid
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (165)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (210)
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net cash flow used in operating activities</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(11,727)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(14,570)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Purchase of intangible assets and property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,962)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,623)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Sale (purchase) of financial assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          951
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (103)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Interest received
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          79
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          82
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net cash flow used in investments activities</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(2,932)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(2,644)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Initial Public Offer, net of costs
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (298)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13,548
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Proceeds from issue of warrants and exercise of stock
          options/warrants
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          22
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Repayment of borrowings and finance lease liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (128)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (122)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Interest paid
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (69)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (54)
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net cash flows from (used in) financing activities</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(473)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>13,372</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Net increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (15,132)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,842)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Net foreign exchange difference
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Cash and cash equivalent at January 1
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          37,244
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          28,751
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Cash and cash equivalents at end of the period</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>22,114</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>24,906</b>
        </td>
      </tr>
      <tr>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>SEQUANS COMMUNICATIONS S.A.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Three months ended</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>(in thousands of US$, except share and per share amounts)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net IFRS loss as reported</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(8,688)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(8,258)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(9,091)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Add back</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Stock-based compensation expense according to IFRS 2
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          331
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          395
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          488
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Non-IFRS loss adjusted</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(8,357)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(7,863)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(8,603)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>IFRS basic loss per share as reported</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.15)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.14)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.20)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>Add back</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Stock-based compensation expense according to IFRS 2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.01</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.01</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.01</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <i>Non-IFRS basic loss per share</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.14)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.13)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.19)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>IFRS diluted loss per share</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.15)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.14)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.20)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>Add back</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Stock-based compensation expense according to IFRS 2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.01</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.01</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.01</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <i>Non-IFRS diluted loss per share</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.14)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.13)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.19)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>SEQUANS COMMUNICATIONS S.A.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Six months ended</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>(in thousands of US$, except share and per share amounts)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net IFRS loss as reported</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(16,946)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(18,495)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Add back</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Stock-based compensation expense according to IFRS 2
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          727
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,050
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Non-IFRS loss adjusted</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(16,219)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(17,445)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>IFRS basic loss per share as reported</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.29)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.44)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>Add back</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Stock-based compensation expense according to IFRS 2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.02</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.02</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <i>Non-IFRS basic loss per share</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.27)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.42)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>IFRS diluted loss per share</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.29)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <i>($0.44)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <i>Add back</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Stock-based compensation expense according to IFRS 2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.02</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>$0.02</i>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <i>Non-IFRS diluted loss per share</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.27)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <i>($0.42)</i>
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Sequans Communications S.A.<br>Media Relations: Kimberly
      Tassin, +1.425.736.0569, <u>Kimberly@sequans.com</u><br>Investor
      Relations: Claudia Gatlin, +1 212.830.9080, <u>Claudia@sequans.com</u>
    </p>
    <p style="white-space: nowrap">

    </p>
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