INVESTOR PRESENTATIONFebruary 2020

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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.

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

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CyberArk At A Glance

Notes:1. Presented on Non-GAAP basis. For a reconciliation to GAAP operating income at end of presentation2. As of Q3 20193. 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, 2018

Maintenance Renewal Rate(3) Channel Partners

>5,300

Customers (2)

Certified C3 Partners

>450 >12028%Operating

Margin

Revenue Operating Income (1)

33%2014 – 2019

Revenue CAGR

Global 2000

>90%

>50%

Fortune 500

>35%

STRONG BUSINESS MOMENTUM

5

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

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

5,300+ Global Customers

More than 50% of Fortune 500

More than 35% 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

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Secular Trends Are Driving Enterprises’ Need For Security

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

• HIPPA

• PCI

• Organized criminal groups were behind 39% of breaches(1)

• 23% of attackers identified as nation-states or state-affiliated(1)

THE ATTACK SURFACE CONTINUES TO GROW

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CONFIDENTIAL INFORMATION

CYBERARK PRIVILEGED ACCESS SECURITY SOLUTION

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DELIVERING THE MOST COMPREHENSIVE 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

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

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

Escalating Cyber ThreatscapeDigital TransformationFavorable Competitive LandscapeIndustry Tailwinds

GrowthVectors

Expand & Cross-Sell with New Products

Land New Customers

Extend CORE PAS Deployment

Enter New Markets

Deliver New Innovation

Increasing Attack Surface

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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

STRONG REVENUE GROWTH

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$132 $148$192

$238

$85

$114

$151

$196

$217

$262

$343

$434

2016 2017 2018 2019

Maint. / PS

License

($mm)

GLOBAL BUSINESS ACROSS DIVERSE INDUSTRIES

Americas

EMEA

APJ

5%

4%9%

Verticals

FY2017

Bookings by VerticalRevenue by Geography

Banking

Government

Manufacturing

Energy

Retail

Insurance

Telecom

IT Services

Transportation & Travel

Health

Pharmaceuticals

Professional Services

Other

5%

4%9%

5%

4%9%

28%

14%

8%7%

7%

6%

6%

5%

5%

4%4%

2%

4%4%

3%3%

61%

30%

9%

Geographies

FY2019

PROFITABLE WHILE INVESTING FOR GROWTH

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$58 $52

$90

$123

2016 2017 2018 2019

Non-GAAP Operating Income1 and Margins

1 See appendix for Non-GAAP reconciliation

($mm)

26%

20%27%

28%

HISTORY OF STRONG CASH FLOW

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$56$81

$130$142

2016 2017 2018 2019

Operating Cash Flow

($mm)

$74

$105

$150

$190

2016 2017 2018 2019

Total Deferred Revenue

($mm)

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NASDAQ: CYBRwww.cyberark.com

GAAP TO NON-GAAP RECONCILIATION

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(in thousands) 2016 2017 2018 2019

GAAP operating income to Non-GAAP operating income:

Operating Income $35,956 $20,326 $47,292 $62,284

Share-based compensation 17,535 25,237 35,964 55,517

Acquisition related costs &

amortization of acquired intangibles4,523 5,945 6,624 5,605

Facility exit costs - 342 580

Non-GAAP operating income $58,014 $51,850 $90,460 $123,406

GAAP net income to Non-GAAP net income:

Net Income $28,124 $16,015 $47,072 $63,064

Share-based compensation 17,535 25,237 35,964 55,517

Acquisition related costs &

amortization of acquired intangibles4,523 5,945 6,624 5,605

Facility exit costs - 342 580

Amortization of debt discount 1,966

Non-GAAP tax adjustments & IP Transfer (4,937) (5,644) (13,717) (18,251)

Non-GAAP net income $45,245 $41,895 $76,523 $107,901