0

Investor Presentation

November 2017

1

Disclaimer

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.

2

43%5 Year CAGR

$36$47

$66

$103

$161

$217

$7 $8 $9

$22

$44

$58

2011 2012 2013 2014 2015 2016

Proven Record of Growth & Profitability

Revenue

Non-GAAP Operating

Income1

1See appendix for Non-GAAP reconciliation

3,400+ global customers

More than 50% of Fortune 100

More than 25% of Global 2000

3

4

Privileged Accounts - “Keys to the IT Kingdom”

CyberArk Provides Proactive Protection and Detection

External

Attackers

Malicious

Insiders

5

CyberArk’s Mission

Provide a critical layer of security to protect the

heart of the enterprise from advanced cyber threats

6

The Attack Surface Continues to Grow

INDUSTRIAL

CONTROLSCLOUD

DEVOPS ENDPOINTS

INTERNET

OF THINGS

ON-

PREMISE

DATA

CENTER

7

CyberArk Breaks the Attack Chain

8

Comprehensive Controls on Privileged Activity

Protect privileged

passwords and SSH

keys

Lock Down

Credentials

Prevent malware

attacks and control

privileged access

Isolate & Control

Sessions

Implement continuous

monitoring across all

privileged accounts

Continuously

Monitor

Enterprise Password VaultSSH Key Manager

Application Identity Manager / Conjur

Privileged Session ManagerOn-Demand Privileges UnixEndpoint Privilege Manager

Privileged Threat Analytics

9

CyberArk’s Privileged Account Security Solution

10

Privilege Account Security Across the Stack

Network

Data

End-point

Applications

Network

Security

Data

Security

End Point

Security

Application

Security

Privileged

Account Security

11

Solving The Privileged Account Security Problem

▪ Control & Accountability for

Privileged Users

▪ Monitor & Record Privileged

Activity

▪ Compliance Reporting

▪ Remote User Access Control

Audit & Compliance

▪ Advanced, External Threats

▪ Insider Threats

▪ Securing Application Credentials

▪ Securing Shared Admin AccountsThreats

12

Multiple Drivers for Long-Term Growth

Increase

Sales Reach

Accelerate

Land & Expand

Expand Into

New Markets

Continue Product Innovation

13

Trusted by Customers Worldwide

3,400+ Global Customers

More than 50% of Fortune 100

More than 25% of Global 2000

14

C³ Alliance

3,400+ PRIVILEGED ACCOUNT

SECURITY CUSTOMERS

WORLDWIDE

CHANNEL PARTNERS &

SYSTEMS INTEGRATORS

VALIDATED

SOLUTIONS

> 200 +60 CERTIFIED PARTNER

INTEGRATIONS

+98JOINT

SOLUTIONS

15

IDC Names CyberArk the PAM Market Leader

“CyberArk is the PAM

pure-play “big gorilla”

with the most revenue

and largest customer base.”

SOURCE: "IDC MarketScape: Worldwide Privileged Access Management

2014 Vendor Assessment”, by Pete Lindstrom , December 2014, IDC

Document #253303

16Company Confidential

Financial Overview

17

$61

$100

$132

$91 $99

$42

$61

$85

$62

$82

$103

$161

$217

$152

$181

2014 2015 2016 9M 2016 9M 2017

Track Record of Strong Growth

Maint. / PS

License

56%GROWTH

($mm)19%GROWTH

56%GROWTH

35%

18

Global Business Across Diverse Industries

Americas

EMEA

APJ

62%

32%

6%

Geographies

FY2016

31%

9%

9%8%

8%

6%

6%

5%

5%

4%9%

Verticals

FY2016

Banking

Telecom

Government

Health and Pharma

Manufacturing

Insurance

Energy

Retail

IT Services

Professional Services

Other

Bookings by VerticalRevenue by Geography

19

Land and Expand Model Builds Predictability

NEW

Customers

EXISTING

Customers

Customer cohorts by

bookings1:

1 Includes both license and maintenance & professional services

20

$22

$44

$58

$39$32

2014 2015 2016 9M 2016 9M 2017

Non-GAAP Operating Income1 and Margins

Profitable While Investing for Growth

1 See appendix for Non-GAAP reconciliation

($mm)

21%

25%

18%

27%

27%

21

History of Strong Cash Flow

$23

$59 $56

$36$45

2014 2015 2016 9M2016

9M2017

Operating Cash Flow and Margins

23%

($mm)

$32

$54

$74$67

$86

2014 2015 2016 Sept 30'16

Sept 30'17

Total Deferred Revenue

($mm)

24%

37%

28%GROWTH

69%GROWTH

25%

26%

35%GROWTH

22Company Confidential

NASDAQ: CYBR

www.cyberark.com

23

GAAP to Non-GAAP Reconciliation

(in thousands) 2014 2015 2016 9M 2016 9M 2017

GAAP operating income to Non-GAAP operating income:

Operating Income $20,454 $33,222 $35,956 $22,747 $8,691

Public offering related expenses - 1,568 - - -

Share-based compensation 1,573 7,049 17,535 12,443 18,643

Acquisition related costs &

amortization of acquired intangibles- 1,802 4,523 3,402 4,500

Facility exit costs - - - - 342

Non-GAAP operating income $22,027 $43,641 $58,014 $38,592 $32,176

GAAP net income to Non-GAAP net income:

Net Income $9,954 $25,794 $28,124 $17,885 $12,463

Public offering related expenses - 1,568 - - -

Share-based compensation 1,573 7,049 17,535 12,443 18,643

Acquisition related costs &

amortization of acquired intangibles- 1,802 4,523 3,402 4,500

Facility exit costs - - - - 342

Warrant adjustment 4,309 - - - -

Taxes on Non-GAAP adjustments - (951) (4,937) (3,155) (9,046)

Non-GAAP net income $15,836 $35,262 $45,245 $30,575 $26,902