INVESTOR PRESENTATIONNovember 2019

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This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation are forward-looking statements. In some cases, you can identify

forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other

comparable terminology. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels

of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. Although we believe that the expectations reflected in the forward-looking

statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we are under no duty to update or revise any of the forward-looking

statements, whether as a result of new information, future events or otherwise, after the date of this presentation.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures

of financial performance prepared in accordance with U.S. GAAP.

This presentation contains statistical data that we obtained from industry publications and reports generated by third parties. Although we believe that the publications and reports are reliable, we have not

independently verified this statistical data.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the

Company or this offering.

This document may not be retained, reproduced or distributed, in whole or in part, by any means (including electronic) without the prior written consent of CyberArk Software Ltd.

This document will not be left behind after this presentation, and by accepting this document and attending the presentation, you agree to be bound by the foregoing limitations.

DISCLAIMER

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Innovative

technology that

breaks the

cycle of cyber

attacks

Pioneer and

leader in

privileged

account

security

Loyal blue-chip

global customer

base with large

upsell

opportunity

Strong revenue

growth and track

record of

sustainable

profitability

Differentiated

platform that is

adding a critical

layer of security

CYBERARK AT A GLANCE

$66

$103

$161

$217

$262

$343

$9 $22

$44 $58 $52

$90

2013 2014 2015 2016 2017 2018

Fortune 500

Customers

>50%

>5,000

Partners

Partner Delivery Engineers

>400

~1,000

35%2014 – 2018

Revenue CAGR

26%Operating

Margin

Revenue Operating Income

STRONG BUSINESS MOMENTUM

5

2014 $24M

OPERATING CASH FLOW

$22M

OPERATING INCOME CUSTOMERS

1.8K

REVENUE

$103M

STRONG BUSINESS MOMENTUM

6

2014

2018

$24M

OPERATING CASH FLOW

5.5x

$22M

OPERATING INCOME

4x

CUSTOMERS

1.8K

26%CAGR

REVENUE

$103M

35%CAGR

$130M$90M 4.5K$343M

MARKET LEADERS CHOOSE CYBERARK

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

5,000+ Global Customers

More than 50% of Fortune 500

More than 30% of Global 2000

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PRIVILEGED CREDENTIALS IN THE NEWS

PRIVILEGED ACCOUNTS - “KEYS TO THE IT KINGDOM”

Provides Proactive

Protection and Detection

MALICIOUS INSIDERSEXTERNAL ATTACKERS

PRIVILEGED ACCOUNTS“Keys to the IT Kingdom”

CYBERARK’S MISSION

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PRIVILEGED SECURITYTo protect against advanced cyber threats

Provide a critical layer of

SECULAR TRENDS ARE DRIVING INCREASED NEED FOR SECURITY

ATTACKER INNOVATION

COMPLEXITY OF HYBRID IT

CLOUD MIGRATION

DIGITAL TRANSFORMATION

INDUSTRY TRENDS DRIVE MISSION CRITICAL SECURITY

MANAGING RISK

Direct financial damage

Operational disruption

Reputation

Data breach

Network takeover

Loss of critical information

COMPLIANCE &

AUDIT REQUIREMENTS

PCI

GDPR

Sarbanes Oxley

NERC / CIP

SWIFT

HIPPA

THE ATTACK SURFACE CONTINUES TO GROW

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CONFIDENTIAL INFORMATION

CYBERARK PRIVILEGED ACCESS SECURITY SOLUTION

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Secure AND Enable the Business →

• Start with the HIGH Value Assets – Digital Transformation Assets / Constituencies

• AND focus on the most commonly used Attack Vector– The Privileged Pathway

CISOS WANT ENTERPRISE-WIDE PRIVILEGE SECURITY POLICIES

SaaS IaaSOn-prem infrastructure and apps DevOps Tools

Consistently Enforce Privilege Security Policies Across the Enterprise

PaaS

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INNOVATION IS PART OF OUR DNA

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2018200920082004 2005 2006 2007 2010 2011 2012 2013 2014 2015 2016 20172003

2009Secure and Monitor

Privileged Sessions

2003Vault and Rotate

Privileged

Credentials

Secure DevOps

Secrets

2017

Automate on-boarding

of credentials with

AWS

2016Secure Endpoint

Credentials

2018Secure XaaS

Admins and

Privileged

Business Users

Detect and Prevent

Kerberos Attacks

2015

Privileged

Attacks

Research

Detect and Prevent

Privileged Threats

2013

Discover

Unprotected

Privileged

Accounts

2012

Secure Cloud

and Virtual

Infrastructure

2011

Protect Privilege

in Applications

2007

2018Admins and Privileged

Business Users

SaaS Offering

2019

Zero Trust

Remote Vendor

Access SaaS

Offering

2019

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

120+ CERTIFIED PARTNERS

MULTIPLE DRIVERS FOR LONG-TERM GROWTH

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44%of the companies involved in the largest

recent breaches turned to CyberArk

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

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• 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.

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FINANCIAL OVERVIEW

TRACK RECORD OF STRONG GROWTH

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$132 $148$192

$126$161

$85

$114

$151

$108

$143$217

$262

$234

$304

2016 2017 2018 9 Months 2018 9 Months 2019

31%GROWTH

21%GROWTH

Maint. / PS

License

($mm)35%GROWTH

30%GROWTH

$343

GLOBAL BUSINESS ACROSS DIVERSE INDUSTRIES

Bookings by VerticalRevenue by Geography

30%

11%

10%8%

6%

6%

6%

5%

5%

3%5%

3%3% Banking

Government

Manufacturing

Energy

Retail

Insurance

Telecom

IT Services

Transportation & Travel

Health

Pharmaceuticals

Professional Services

Other

60%

33%

7%

Geographies

FY2018

Verticals

FY2018

Americas

EMEA

APJ

PROFITABLE WHILE INVESTING FOR GROWTH

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$58 $52

$90

$51

$81

2016 2017 2018 9 Months 2018 9 Months 2019

Non-GAAP Operating Income1 and Margins

1 See appendix for Non-GAAP reconciliation

($mm)

20%27%

27%

22%

26%

HISTORY OF STRONG CASH FLOW

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$56

$81

$130

$89 $89

2016 2017 2018 9M 2018 9M 2019

Operating Cash Flow

($mm)

$74

$105

$150$136

$177

2016 2017 2018 Sep-18 Sep-19

Total Deferred Revenue

($mm)

42%GROWTH

43%GROWTH

30%GROWTH

LAND AND EXPAND

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EXISTING

Customers

NEW

Customers

Customer Cohorts by Bookings (1)

Notes:1. Includes both license and maintenance & professional services

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NASDAQ: CYBRwww.cyberark.com

GAAP TO NON-GAAP RECONCILIATION

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(in thousands) 2016 2017 2018 9M 2018 9M 2019

GAAP operating income to Non-GAAP operating income:

Operating Income $35,956 $20,326 $47,292 $ 19,771 $ 39,343

Share-based compensation 17,535 25,237 35,964 25,671 37,486

Acquisition related costs &

amortization of acquired intangibles4,523 5,945 6,624 4,981 4,493

Facility exit costs - 342 580 253 --

Non-GAAP operating income $58,014 $51,850 $90,460 $ 50,676 $ 81,322

GAAP net income to Non-GAAP net income:

Net Income $28,124 $16,015 $47,072 $ 22,892 $ 42,328

-

Share-based compensation 17,535 25,237 35,964 25,671 37,486

Acquisition related costs &

amortization of acquired intangibles4,523 5,945 6,624 4,981 4,493

Facility exit costs - 342 580 253 --

Non-GAAP tax adjustments (4,937) (5,644) (13,717) (10,714) (14,237)

Non-GAAP net income $45,245 $41,895 $76,523 $ 43,083 $ 70,070