INVESTOR PRESENTATIONJune 2020

1CONFIDENTIAL INFORMATION

This presentation contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some

cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,”

“expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and

uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements

expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: the

duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response, on global and regional economies and economic

activity, which may have a material impact on the demand for the Company’s solutions and on its expected revenue growth rates and costs; the Company’s

ability to adjust its operations in response to any impacts from the COVID-19 pandemic; difficulties predicting future financial results, including due to impacts

from the COVID-19 pandemic; the drivers of the Company’s growth may change; the Company’s ability to sell into existing and new industry verticals; the

Company’s sales cycles and multiple licensing models may cause results to fluctuate; the Company’s ability to sell into existing customers; potential changes in

the Company’s operating and net profit margins and the Company’s revenue growth rate; the Company’s ability to successfully find, complete, fully integrate and

achieve the expected benefits of future acquisitions, including the Company’s ability to integrate and achieve the expected benefits of Idaptive; real or perceived

shortcomings, defects or vulnerabilities in the Company’s solutions or internal network system; the Company’s ability to hire qualified personnel; the Company’s

ability to expand its channel partnerships across existing and new geographies; the Company’s ability to further diversify its product deployments and licensing

options; and other factors discussed under the heading “Risk Factors” in the Company’s most recent annual report on Form 20-F filed 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. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the

forward-looking statements, whether as a result of new information, future events or otherwise.

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

2

3

Notes:

1. Presented on Non-GAAP basis. For a reconciliation to GAAP operating income at end of presentation

2. As of Q1 2020

3. We measure the perpetual license maintenance renewal rate for our customers over a 12-month period, based on a dollar renewal rate of contracts expiring during that time period. Our perpetual license maintenance renewal rate is measured three months after the 12-month period ends to account for late renewals; Info is

for the year ended December 31, 2019

Maintenance

Renewal Rate (3) Channel Partners

~5,500

Customers (2)

Certified C3 Partners

>450 >14028%Operating

Margin

Revenue Operating Income (1)

33%2014 – 2019

Revenue CAGR

Global 2000

>90%

>50%

Fortune 500

>35%

CYBERARK AT A GLANCE

STRONG BUSINESS MOMENTUM

4

2014

2019

$23M

OPERATING CASH FLOW

6x

$22M

OPERATING INCOME

6x

CUSTOMERS

1.8K

24%CAGR

REVENUE

$103M

33%CAGR

$142M$123M 5.3K$434M

18 OF THE TOP 25

Pharma

21 OF THE TOP 25

Manufacturing

20 OF THE TOP 25

Telecom

21 OF THE TOP 25

Energy

20 OF THE TOP 25

Insurance

23 OF THE TOP 25

Banks

5,500+

Global Customers

More than

50% of Fortune 500

More than

35% of Global

2000

STRONG BUSINESS MOMENTUM

6

PRIVILEGED CREDENTIALS IN THE NEWS

PRIVILEGE IS EVERYWHERE

7

CYBERARK’S MISSION

8

Provide a modern approach

to IDENTITY SECURITY

anchored on privilege to

protect against advanced

cyber threats

Notes:

1. Verizon, 2019 Data Breach Investigations Report

MANAGING RISK

CLOUD MIGRATION

COMPLIANCE

DIGITAL TRANSFORMATION

• Proliferation of IT Assets and

Devices

• Rise of DevOps

• Complex, Hybrid Architecture

• Multiple and Decentralized Data

Sources and Environments

• Data Breach

• Network Takeover

• Loss of Critical Information

• Reputational Damage

HACKER INNOVATION

• GDPR

• Sarbanes Oxley

• HIPAA

• PCI

• Organized criminal groups were

behind 39% of breaches(1)

• 23% of attackers identified as

nation-states or state-affiliated(1)

SECULAR TRENDS ARE DRIVING ENTERPRISES’ NEED FOR SECURITY

THE ATTACK SURFACE CONTINUES TO GROW

10

CONFIDENTIAL INFORMATION

CYBERARK PRIVILEGED ACCESS SECURITY SOLUTION

12

13

DELIVERING THE MOST COMPREHENSIVE PAM SAAS PORTFOLIO

Enforce least

privilege, credential

theft protection and

application control at

scale

Store, rotate and isolate

credentials, monitor

sessions and deliver

risk reduction to the

business

Implement Zero Trust

access, Just-in-Time

provisioning and

biometric

authentication for

remote vendors

ENDPOINT

PRIVILEGE

MANAGER

PRIVILEGE

CLOUD

ALERO

Modern AI-powered

IDaaS Platform

enables adaptive

MFA, SSO for context

aware zero trust

access

IDAPTIVE

CYBERARK + IDAPTIVE: ACQUISITION EXTENDS REACH

14

CyberArk Bottoms-Up Analysis

4th

SaaS offering

accelerates ARR growth

Expands CyberArk

customer base to

~600050+

Engineers with deep

identity security expertise

2000+Application Integrations

+ $25B TAMExpands TAM to sell into

IDaaS MarketFuture of Identity Security

2015: Detect and Prevent

Kerberos Attacks

2011: Secure Cloud and

Virtual Infrastructure

INNOVATION IS PART OF OUR DNA

2003: Vault and Rotate

Privileged Credentials

2007: Protect Privilege in

Applications

2009: Secure and Monitor

Privileged Sessions

2012:

Discover Unprotected

Privileged Accounts

2013: Detect and Prevent

Privileged Threats

2015: Privileged Attacks

Research

2016: Secure Endpoint

Credentials

2017: Secure DevOps

Secrets

2017: Automate on-boarding

of credentials with AWS

2018: Admins and Privileged

Business Users

2019: Zero Trust Remote

Vendor Access SaaS Offering

2020: IDaaS platform for

adaptive SSO and MFA

Analytics ICSAuthentic

ation

Identity &

Access

Manage

ment

DetectionITSM DevOps

Orchestra

tion &

Respons

e

Discovery

Robotic

Process

Automati

on

Governan

ceSIEM HSM

Vulnerabi

lity

Manage

ment

200+ CERTIFIED JOINT SOLUTIONS

CPM Plug-ins PSM Plug-ins

200+ PLUG-INS

C3 ALLIANCE

140+ CERTIFIED PARTNERS

Escalating Cyber

Threatscape

Digital TransformationFavorable Competitive

Landscape

Industry

Tailwinds

Growth

Vectors

Expand & Cross-Sell

with New Products

Land New

Customers

Extend CORE

PAS Deployment

Deliver New

Innovation

Increasing Attack Surface

MULTIPLE DRIVERS FOR LONG-TERM GROWTH

18

40%of the companies involved in the largest

recent breaches turned to CyberArk

Source: IDG’s “Biggest breaches of the 21st Century”

19

CyberArk positioned highest for ability to execute and furthest for completeness of vision

CYBERARK NAMED A LEADER IN GARTNER 2018 MAGIC QUADRANT FOR PRIVILEGED ACCESS MANAGEMENT

Gartner, Magic Quadrant for Privileged Access Management, Felix Gaehtgens, Dale Gardner, Justin Taylor, Abhyuday Data, Michael Kelley, 3 December 2018

This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from https://lp.cyberark.com/gartner-mq-pam-leader

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

20

FINANCIAL OVERVIEW

COVID-19 RELATED LICENSE REVENUE IMPACT IN Q1 2020

TRACK RECORD OF STRONG GROWTH

21

$148$192

$238

$51 $52

$114

$151

$196

$45 $55

$262

$343

$96 $107

2017 2018 2019 3 Months 2019 3 Months 2020

26%GROWTH

Maint. / PS

License

($mm)

$43431%

GROWTH

GLOBAL BUSINESS ACROSS DIVERSE INDUSTRIES

Americas

EMEA

APJ

5%

4%9%

Verticals

FY2017

Bookings by VerticalRevenue by Geography

Banking

Government

Manufacturing

Healthcare

Energy

IT Services & Software

Insurance

Telecom

Retail

Professional Services

Pharmaceuticals

Transportation & Travel

Other

5%

4%9%

5%

4%9%

28%

14%

8%7%

7%

6%

6%

5%

5%

4%4%

3%3%

61%

30%

9%

Geographies

FY2019

Verticals

FY2019

PROFITABLE WHILE INVESTING FOR GROWTH

23

$52

$90

$123

$25 $22

2017 2018 2019 3 Months 2019 3 Months 2020

Non-GAAP Operating Income1 and Margins

1 See appendix for Non-GAAP reconciliation

($mm)

20%

27%

26%

28%

20%

HISTORY OF STRONG CASH FLOW

24

$81

$130$142

$46$34

2017 2018 2019 3M 2019 3M 2020

Operating Cash Flow

($mm)

$105

$150

$190$171

$211

2017 2018 2019 Mar-19 Mar-20

Total Deferred Revenue

($mm)

25

NASDAQ: CYBRwww.cyberark.com

GAAP TO NON-GAAP RECONCILIATION

26

(in thousands) 2017 2018 2019 Q1 2019 Q1 2020

GAAP operating income to Non-GAAP operating income:

Operating Income $20,326 $47,292 $62,284 $13,627 $2,571

Share-based compensation 25,237 35,964 55,517 10,252 16,308

Acquisition related costs &

amortization of acquired intangibles5,945 6,624 5,605 1,588 2,659

Facility exit costs 342 580 -- -- --

Non-GAAP operating income $51,850 $90,460 $123,406 $25,467 $21,538

GAAP net income to Non-GAAP net income:

Net Income $16,015 $47,072 $63,064 $13,677 $2,386

Share-based compensation 25,237 35,964 55,517 10,252 16,308

Acquisition related costs &

amortization of acquired intangibles5,945 6,624 5,605 1,588 2,659

Facility exit costs 342 580 -- -- --

Amortization of debt discount and issuance costs -- -- 1,966 -- 4,240

Non-GAAP tax adjustments (5,644) (13,717) (18,251) (4,046) (6,012)

Non-GAAP net income $41,895 $76,523 $107,901 $21,471 $19,581