January 2016 VASCO Investor Presention

1. January, 2016
Investor Presentation

2. 1
This presentation contains forward-looking statements (including forward-looking statements relating to VASCO’s acquisition of
Silanis Technology) within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act
of 1933. These forward-looking statements (1) are identified by use of terms and phrases such as "expect", "believe", "will",
"anticipate", "emerging", "intend", "plan", "could", "may", "estimate", "should", "objective", "goal", "possible", "potential",
"project" and similar words and expressions, but such words and phrases are not the exclusive means of identifying them, and (2)
are subject to risks and uncertainties and represent our present expectations or beliefs concerning future events. VASCO cautions
that the forward-looking statements are qualified by important factors that could cause actual results to differ materially from
those in the forward-looking statements. These risks, uncertainties and other factors include the risk related to VASCO’s ability to
integrate Silanis into the business of VASCO successfully and the amount of time and expense spent and incurred in connection
with the integration; the risk that the revenue synergies, cost savings and other economic benefits that VASCO anticipates as a
result of the acquisition are not fully realized or take longer to realize than expected; and the risks, uncertainties and other factors
that have been described in our Annual Report on Form 10-K for the year ended December 31, 2014, which include, but are not
limited to, (a) risks of general market conditions, including currency fluctuations and the uncertainties resulting from turmoil in
world economic and financial markets, (b) risks inherent to the computer and network security industry, including rapidly changing
technology, evolving industry standards, increasingly sophisticated hacking attempts, increasing numbers of patent infringement
claims, changes in customer requirements, price competitive bidding, and changing government regulations, and (c) risks specific
to VASCO, including, demand for our products and services, competition from more established firms and others, pressures on
price levels and our historical dependence on relatively few products, certain suppliers and certain key customers. Thus, the results
that we actually achieve may differ materially from any anticipated results included in, or implied by these statements. Except for
our ongoing obligations to disclose material information as required by the U.S. federal securities laws, we do not undertake any
obligations or have any intention to release publicly any revisions or updates to any forward-looking statements to reflect events
or circumstances in the future or to reflect the occurrence of unanticipated events or for any other reason.
Forward Looking Statements

3. 2
Listed on NASDAQ in 1997
Company Highlights
21% Compound Annual
Growth Rate in Revenue
from 2004-2014
51 Consecutive Quarters
of Profitability

4. 3
Company Highlights
More than half
of the top
100Global Banks
Financial Institutions
rely on VASCO
1.7K+
More than
200MAuthenticators sold
10K+Customers in more
than 100 countries

5. Global Company
383 VASCO & ~140 eSignLive employees
Local people/markets
Local expertise and support
VASCO HQ
VASCO Offices
VASCO Sales
4
eSignLive HQ
eSignLive Sales

6. 5
The Critical Role of Authentication
(1) The Breach Level Index, released February, 2015.
Authentication is the first line of defense
Data breaches are up 49%(1)
Authentication protects against the newest attacks
Authentication is easy to implement and use
Two out of three attacks focus on [login] credentials at some point in the attack.
Verizon Data Breach Investigations Report

7. 1. The frequency and sophistication
of hacking attacks continues to increase.
2. High-profile breaches have brought security
to the C-Level and Board of Directors.
3. Regulations to protect consumer
transactions and personal privacy.
4. Mobile phones have become the device
of choice for consumer banking.
5. Increasing demand for frictionless,
transparent security.
6. Emerging need to sign, send, and manage
documents electronically.
Key Growth Drivers
6

8. Application Security:
Stand-alone application
SDK for app integration
Market Segments
7
Banking Security:
Retail Accounts
Commercial Accounts
Employee Access
Enterprise Security:
Remote access
Employee network access
eSignatures for
Digitized Business
Transactions:
For every size business in
every vertical market

9. A world leader in two-factor authentication
and transaction signing for financial institutions
More than half of the top 100 global banks rely
on VASCO solutions to prevent fraud
More than 1,700 banking customers
Financial Institution Customers
8

10. 9
Authentication and fraud prevention for multi-channel applications
Product Strategy
Multi-Factor
Authentication
Mobile Application
Security
Risk
Management
VASCO Strategy: Leverage new technology to deliver higher levels of security
and fraud prevention that are frictionless and transparent to the end user,
and that enable new capabilities and efficiencies.
Electronic
Signature

11. 10
The First 20 Years:
VASCO Innovation Timeline
1989
1st DIGIPASS
with Keypad
1988
1st DIGIPASS
“Access Key”
1991
DIGIPASS 550
with e-Signature
2002
VACMAN
Controller
2004
DIGIPASS GO 3
1st 1-button token
2005
IDENTIKEY
SERVER
2005
DIGIPASS 810
EMV card reader
2007
DIGIPASS 270
1st thin form
Token w/keypad
2008
DP for Mobile
Soft token
for phones
2006
DIGIPASS 905
1st connected
Card reader

12. 11
The Last 3 Years:
VASCO Innovation Timeline
2013
DIGIPASS for Apps
SDK for integration
into applications
2013
DIGIPASS 760
1st token with
Cronto technology
2014
Rabo Scanner
1st Card reader with
Cronto technology
2014
DIGIPASS for Apps
1st with Cronto
technology
2014
DIGIPASS Bluetooth
1st Smart-enabled
Authenticators
2015
IDENTIKEY
Risk Manager
Anti-fraud solution
2015
DIGIPASS for Apps
with RASP
Application Protection
2011
DIGIPASS 920
1st Connected reader
for e-Government

13. 12
Developer Tools
DIGIPASS for Apps: Software
development kit (SDK) for
native integration of
application security
VASCO Anti-Fraud Product Offerings
Host System
VACMAN Controller: All VASCO
authentication technologies in a
unified backend platform
IDENTIKEY Authentication
Server: Centralized server with
complete functionality
Cloud Services: Authentication
services hosted by VASCO
Client Authenticators
DIGIPASS: Industry-leading
hardware and software
authenticators

14. 13
Key Product Initiatives for 2015 & 2016
IDENTIKEY Risk
Manger - Intelligent
Fraud Prevention
DIGIPASS
for Apps
Cronto
Technology
eSignLive
e-Signature and
Digital Transaction
Management

15. DIGIPASS 760 / 780 / 880
Next generation HD Color QR Code
Authentication and signature capabilities with a high
level of user convenience
Defeats Man-in-the-Middle attacks
Fully supported by VACMAN and IDENTIKEY
Integrated into DIGIPASS for Apps/Mobile or
available as a hardware device
14
Cronto Visual Authentication
April 2015
The most advanced protection against the most sophisticated attacks

16. 15
How It Works
Cronto Visual Authentication
CLICK
Bank generates the Cronto visual cryptogram and the Customer takes a photo of the computer screen
using the CrontoSign client.1

17. 16
How It Works
Cronto Visual Authentication
CHECK
Customer checks payment details on the phone comparing to the web page and enters the
authorization code if details are correct.2

18. 17
By 2017, more than a quarter-trillion mobile apps will be downloaded each year
DIGIPASS for Apps - Mobile Application Protection
Source: Gartner

19. DIGIPASS for Apps/Mobile
Mobile Application Protection – Beyond Authentication
18
Current and future features
Allows any developer to integrate
security features into their application
Developers focus on their application
and outsource the security to VASCO
Comprehensive and growing library of
essential security functions
18

20. Geolocation
Device ID
JailBreak &
Root detection
Malware
blocking
PIN Activated
Behavior
Analysis
Biometric
ClientScorePolicy
ScoreCalculation
OTPInjection
ClientSideDecisionPolicy
Action 1
Action 2
Action 3
Action 4
Action 5
Action 6
…
Defined by the customer when
customizing the application, delivered
within the App or with an external XML
Define by customer when customizing
the application, delivered within the
App or with an external XML
1 2
3 4
Action 1
Action 2
Action 3
Action 4
Action 5
Action 6
…
ServerScorePolicy
OTPExtraction
OTPValidation
5 6
ContextPlatformUser
DIGIPASS for Apps – Authentication with Risk Scoring
19

21. Contextual analysis to apply the appropriate level of security
Real-time analysis and intelligent decision engine focusing on:
• Web and mobile application login
• Financial transactions via online and mobile channels
• Monitoring non-monetary events such as change of address
• Identification of accounts that demonstrate abnormal
characteristics for the prevention of money laundering
Risk-Based Authentication and Fraud Prevention
IDENTIKEY Risk Manager
21

22. How IDENTIKEY Risk Manager Works
Information
Contextual
Decision Policy
User
requests
an action
Intelligent
Risk
Decision
Allow
Deny
Require
more info
JailBreak &
Root Detection
• Step-up authentication
• Transaction verification
Allow
with fine-
grain audit
Biometrics
PIN
Activated
OS Version
Geolocation
21

23. eSignLive is one of the leading e-signature solutions.
Leverages VASCO’s established worldwide presence, large
global banks, and strong customer relationships.
Demand for e-signatures is growing at around 50%.(1)
Extension of VASCO’s commitment to protect and facilitate
online and mobile transactions.
Accelerates transition to a recurring revenue model.
Provides VASCO additional resources in North America.
22
Silanis Acquisition Benefits
Mobile transactions will push e-signature authentication to the device,
with Europe leading the way in innovation. – Craig Le Clair, Principal Analyst
Forrester Research, October, 2015
(1) Forrester Research, 2015

24. Financial Services
Government
Insurance
Other Customers
eSignLive Customers
11

25. 24
Exportable Evidence
Static Audit Trail
What you sign (the document)
-Content
-Date & time stamp
-Signature(s)
Active Audit Trail
How you sign it (the process)
Unique
Patented
Easier to demonstrate compliance & pass audits
Static Audit Trail vs. Active Audit Trail
1. The only solution with an active audit trail.
2. Fully customizable for white label and customer branding.
3. Single SaaS Platform for Public Cloud, Private Cloud, and On-Premises.

26. Highly-rated by analysts:
“The Forrester Wave™:
E-Signatures, Q2 2013”
- "The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester
Wave™ are trademarks of Forrester Research, Inc. The Forrester Wave™ is a graphical
representation of Forrester's call on a market and is plotted using a detailed spreadsheet with
exposed scores, weightings, and comments. Forrester does not endorse any vendor, product,
or service depicted in the Forrester Wave. Information is based on best available resources.
Opinions reflect judgment at the time and are subject to change."
12

27. FINANCIAL INFORMATION
Historical Overview
26

28. Revenue and Operating Income
27
29.9
54.6
76.1
120.0
133.0
101.7
108.0
168.1
154.0 155.0
201.5
139.1
190.6
5.6
11.0
18.9
30.1 28.1
12.6 12.4
24.8 21.0
13.7
38.1
25.4
45.3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q3 YTD 2014 Q3 YTD 2015
Revenue Operating Income
(in millions USD)
CAGR
(revenue)
2004-2014
21%

29. Cash Balance and Net Working Capital
28
12.6
38.8
57.7
67.6
85.5 84.5
106.5
98.6
137.4
184.0
22.1
52.4
75.9
87.6
96.9
108.6
129.5 124.5
161.0
204.8
2006 2007 2008 2009 2010 2011 2012 2013 2014 Q3 2015
Net Cash Balance Net Working Capital
(in millions USD)

30. 29
Copyright
2015 VASCO Data Security. All rights reserved.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission
of VASCO Data Security.
Trademarks
VASCO®, VACMAN®, IDENTIKEY®, aXsGUARD®, DIGIPASS®, Cronto®, DIGIPASS for Apps®, DIGIPASS
for Mobile®, MYDIGIPASS® MYDIGIPASS.COM® and the ® logo are registered or unregistered trademarks
of VASCO Data Security, Inc. and/or VASCO Data Security International GmbH in the U.S. and other countries.
Copyright & Trademarks