January, 2016

Investor Presentation

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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

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Listed on NASDAQ in 1997Company Highlights

21% Compound Annual Growth Rate

in Revenue from 2004-2014

51 Consecutive Quarters

of Profitability

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Company Highlights

More than half of the top

100Global Banks

Financial Institutions

rely on VASCO

1.7K+

More than

200M

Authenticators sold

10K+

Customers in more than 100 countries

Global Company

383 VASCO & ~140 eSignLive employeesLocal people/markets Local expertise and support

VASCO HQ

VASCO Offices

VASCO Sales

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eSignLive HQeSignLive Sales

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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

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

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Application Security: Stand-alone applicationSDK for app integration

Market Segments

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Banking Security: Retail Accounts

Commercial Accounts

Employee Access

Enterprise Security: Remote access

Employee network access

eSignatures forDigitized Business

Transactions: For every size business

in every vertical market

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

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Authentication and fraud prevention for multi-channel applicationsProduct Strategy

Multi-Factor Authentication

Mobile Application

SecurityRisk

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.

ElectronicSignature

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The First 20 Years:VASCO Innovation Timeline

19891st DIGIPASSwith Keypad

19881st DIGIPASS“Access Key”

1991DIGIPASS 550

with e-Signature

2002VACMAN

Controller

2004DIGIPASS GO 3

1st 1-button token

2005IDENTIKEY

SERVER

2005DIGIPASS 810

EMV card reader

2007DIGIPASS 2701st thin form

Token w/keypad

2008DP for Mobile

Soft tokenfor phones

2006DIGIPASS 9051st connectedCard reader

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The Last 3 Years:VASCO Innovation Timeline

2013DIGIPASS for AppsSDK for integration

into applications

2013DIGIPASS 760

1st token with Cronto technology

2014Rabo Scanner

1st Card reader withCronto technology

2014DIGIPASS for Apps

1st with Cronto technology

2014DIGIPASS Bluetooth1st Smart-enabled

Authenticators

2015IDENTIKEY

Risk ManagerAnti-fraud solution

2015DIGIPASS for Apps

with RASPApplication Protection

2011DIGIPASS 920

1st Connected readerfor e-Government

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Developer ToolsDIGIPASS for Apps:

Software development kit (SDK) for native

integration of application security

VASCO Anti-Fraud Product Offerings

Host SystemVACMAN 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

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Key Product Initiatives for 2015 & 2016

IDENTIKEY Risk Manger -

Intelligent Fraud Prevention

DIGIPASS for Apps

Cronto Technology

eSignLive e-Signature and

Digital Transaction

Management

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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

Cronto Visual Authentication

April 2015

The most advanced protection against the most sophisticated attacks

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How It WorksCronto Visual Authentication

CLICKBank generates the Cronto visual cryptogram and the Customer takes a photo of the computer screen using the CrontoSign client.

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How It WorksCronto Visual Authentication

CHECKCustomer checks payment details on the phone comparing to the web page and enters the authorization code if details are correct.2

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By 2017, more than a quarter-trillion mobile apps will be downloaded each year

DIGIPASS for Apps - Mobile Application Protection

Source: Gartner

DIGIPASS for Apps/Mobile

Mobile Application Protection – Beyond Authentication

19Current 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

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Geolocation

Device IDJailBreak &

Root detectionMalwareblocking

PIN ActivatedBehavior Analysis

Biometric

Clie

nt S

core

Pol

icy

Scor

e Ca

lcula

tion

OTP

Inje

ctio

n

Clie

nt S

ide

Decis

ion

Polic

y 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

…

Serv

er S

core

Pol

icy

OTP

Extra

ctio

nOT

P Va

lidat

ion

5 6

Con

text

Pla

tform

Use

r

DIGIPASS for Apps – Authentication with Risk Scoring

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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 PreventionIDENTIKEY Risk Manager

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How IDENTIKEY Risk Manager Works

Information

Contextual

Decision Policy

User request

s an action

IntelligentRisk Decisio

n

Allow

Deny

Require more info

JailBreak & Root

Detection

• Step-up authentication

• Transaction verification

Allowwith fine-

grain audit

Biometrics

PIN Activate

d

OS Version

Geolocation

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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.

Silanis Acquisition Benefits

Mobile transactions will push e-signature authentication to the device, with Europe leading the way in innovation. – Craig Le Clair, Principal AnalystForrester Research, October, 2015

(1) Forrester Research, 2015

Financial Services

Government

Insurance

Other Customers

eSignLive Customers

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Exportable Evidence

Static Audit TrailWhat you sign (the document)

-Content-Date & time stamp-Signature(s)

Active Audit TrailHow you sign it (the process)

UniquePatented

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.

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."

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FINANCIAL INFORMATIONHistorical Overview

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Revenue and Operating Income

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q3 YTD 2014

Q3 YTD 2015

29.9

54.6

76.1

120.0133.0

101.7108.0

168.1154.0 155.0

201.5

139.1

190.6

5.6 11.018.9

30.1 28.112.6 12.4

24.8 21.013.7

38.125.4

45.3

Revenue Operating Income(in millions USD)

CAGR(revenue)

2004-2014

21%

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Cash Balance and Net Working Capital

2006 2007 2008 2009 2010 2011 2012 2013 2014 Q3 2015

12.6

38.8

57.767.6

85.5 84.5

106.598.6

137.4

184.0

22.1

52.4

75.987.6

96.9108.6

129.5124.5

161.0

204.8

Net Cash Balance Net Working Capital(in millions USD)

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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