INVESTOR PRESENTATIONAugust 2019

1

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

2

3

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

4

#1 Leader in Privileged

Access Security

Securing Privilege at more

than 50% of the Fortune 500

More than 4,800

customer globally

STRONG BUSINESS MOMENTUM

5

$23M

CASH FLOW

$22M

OPERATING INCOMEREVENUECUSTOMERS

1.8K $103M2014

STRONG BUSINESS MOMENTUM

6

$23M

CASH FLOW

$22M

OPERATING INCOMEREVENUECUSTOMERS

1.8K $103M2014

2018

$130M$90M

$343M

4.5K

PROVEN RECORD OF GROWTH & PROFITABILITY

7

39%5 Year CAGR

• 4,800+ global customers

• More than 50% of Fortune 500

• More than 30% of Global 2000

$66$103

$161

$217

$262

$343

$9$22

$44$58 $52

$90

2013 2014 2015 2016 2017 2018

Revenue

1See appendix for Non-GAAP reconciliation

Non-GAAP Operating Income1

MARKET LEADERS CHOOSE CYBERARK

22 OF THE TOP 25

IT Services

20 OF THE TOP 25

Manufacturing

18 OF THE TOP 25

Telecom

17 OF THE TOP 25

Energy

20 OF THE TOP 25

Insurance

24 OF THE TOP 25

Banks

Sourced: CyberArk analysis based on the following industry rankings found in the links above

Rankings

Rankings

Rankings

Rankings

Rankings

Rankings

9

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

11

PRIVILEGED SECURITYTo protect against advanced cyber threats

Provide a critical layer of

THE ATTACK SURFACE CONTINUES TO GROW

12

CYBERARK BREAKS THE ATTACK CHAIN

13

Existing Access

External Compromise

On-Premises

Hybrid

Cloud

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

14

CYBERARK PRIVILEGED ACCESS SECURITY SOLUTION

15

INNOVATION IS PART OF OUR DNA

16

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 XaaSAdmins 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 Priv ileged

Business UsersSaaS Of f ering

2019

Zero Trust Remote Vendor

Access SaaS Offering

2019

TRUSTED BY CUSTOMERS WORLDWIDE

17

4,800+ Global Customers

More than 50% of Fortune 500

More than 30% of Global 2000

18

MULTIPLE DRIVERS FOR LONG-TERM GROWTH

19

20

• 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.

21

FINANCIAL OVERVIEW

TRACK RECORD OF STRONG GROWTH

22

$132 $148$192

$79$103

$85

$114

$151

$70

$93

$217

$262

$149

$196

2016 2017 2018 6 Months 2018 6 Months 2019

31%GROWTH

21%GROWTH

Maint. / PS

License

($mm)

35%GROWTH

31%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

24

$58 $52

$90

$30

$52

2016 2017 2018 6 Months 2018 6 Months 2019

Non-GAAP Operating Income1 and Margins

1 See appendix for Non-GAAP reconciliation

($mm)

20%27%

27%

20%

26%

HISTORY OF STRONG CASH FLOW

25

$56

$81

$130

$56$67

2016 2017 6M 2018 6M 2019

Operating Cash Flow and Margins

38%

($mm)

$74

$105

$150$130

$174

2016 2017 2018 Jun-18 Jun-19

Total Deferred Revenue

($mm)

26%

42%GROWTH

38%

31%

43%GROWTH

34%

34%GROWTH

26

NASDAQ: CYBRwww.cyberark.com

GAAP TO NON-GAAP RECONCILIATION

27

(in thousands) 2016 2017 2018 1H 2018 1H 2019

GAAP operating income to Non-GAAP operating income:

Operating Income $35,956 $20,326 $47,292 $10,992 $26,603

Share-based compensation 17,535 25,237 35,964 15,336 22,148

Acquisition related costs &

amortization of acquired intangibles4,523 5,945 6,624 3,339 3,176

Facility exit costs - 342 580 -- --

Non-GAAP operating income $58,014 $51,850 $90,460 $29,667 $51,927

GAAP net income to Non-GAAP net income:

Net Income $28,124 $16,015 $47,072 $14,798 $27,080

-

Share-based compensation 17,535 25,237 35,964 15,336 22,148

Acquisition related costs &

amortization of acquired intangibles4,523 5,945 6,624 3,339 3,176

Facility exit costs - 342 580 -- --

Non-GAAP tax adjustments (4,937) (5,644) (13,717) (8,193) (7,892)

Non-GAAP net income $45,245 $41,895 $76,523 $25,280 $44,512