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INVESTORPRESENTATIONCYBER-SECURITYAND GOVERNANCESOLUTIONS FORINFORMATION SYSTEMJUNE 2018ACCESS

TWO EXPERIENCED CO-FOUNDERS AT THE HELMJean-Noël de GalzainAmaury RossetFounder and Chairman of the Management BoardCo-founder and Chief Financial OfficerFounder of Aurora, a services companysold to Business & Decision in 2003Founding Chairman of the HEXATRUST clubVice-Chairman of the Systematic Paris-Regionbusiness clusterFour years with Hachette FilipacchiMedias as financial controller, AsiaPacific project manager (based inHong Kong) and then associatepublisher for the Group’s Hong Kongand Chinese editionsFounder of multimedia communicationsagency XLAB1

WALLIX IN A NUTSHELLCyber securitysoftware developer11.5 83 turnovermemployees570 55clientscountriesSpecialist inPrivileged AccessManagementSupporting Information Systemsecurity governance andprotecting strategic contentand assetsData at Dec. 31, 20172

01PRIVILEGED ACCESS MANAGEMENT:THE LATEST GENERATION OFCYBER SECURITY SOFTWARECYBER-SECURITY AND GOVERNANCE SOLUTIONS FOR INFORMATION SYSTEM ACCESS

CYBER ATTACKS CAN DESTROY A COMPANY: FACT OR FICTION?THE VIRUS IS SPREADINGSeptember 2017Cyber attack triggers a profit warning80%of cyber attacks entervia a privileged account*September 2017August 20172019Game of Thrones season 7, the mainsource of subscriptions, is leaked 2.1trillionEstimatedannual costSource: Juniper researchPersonal data of 143 million Americans isstolenJune 2017A costly cyber attackNovember 201757 million hacked users, a damaged image* Forrester, The Forrester Wave: Privileged Identity Management Q3 20164

CYBER ATTACKS, A GROWING RISKmore equipment to protectmore data to protectIoTDIGITIZATIONTRADITIONALSOLUTIONS ARENO LONGER ENOUGHmore controlsREGULATIONSmore users(internal & external)OUTSOURCING5

A NEW AGE OF CYBER SECURITYTechnology wavesCloud Based Security Services (SaaS mode)(IAM, PAM, encryption, etc.)LeaderAge ofidentityandmobilityPAMPrivileged Access Management3,700 clientsIAMIdentity Access ManagementAge oftheInternetFirewallNetwork ProtectionAge ofthe PCAntivirusEquipment Protection370,000 clientsOwnership rate6

PRIVILEGED ACCESS MANAGEMENT: TARGET MARKET WORTH 2 BILLION IN 2021PAM, a solution for billions2.3AAGR: 27% supporting companies’digital transformation effectively combatingnew forms of cyber attack0.69 guaranteeing compliancewith regulations2015Source: Gartner201620172018201920207

NEW CHALLENGE: PROTECTING CORPORATEIDENTITIES, ACCESS AND DATAAuthorizedinternal and externalusersHacked oleUnauthorized usersCreation of a trustednetwork to ward offinternal and external threatsCorporate data8

022013-2017: EMERGENCE OF A PAMLEADERCYBER-SECURITY AND GOVERNANCE SOLUTIONS FOR INFORMATION SYSTEMS ACCESS

WALLIX BASTION: AN ENHANCED SOFTWARE SUITECOVERING ALL PAM REQUIREMENTSTARGET MARKETPAMon-premiseand/or on-demandIT / OT / IoT /DevOps /CloudPAMon-premiseACCESSMANAGERITKey accountsPASSWORDMANAGERPSM*ITStart-ups &SMEsSESSIONMANAGERIPO*PSM: Privileged Session Management. Sub-segment of PAMTODAYTIME10

WALLIX BASTION: A CLOUD READY SOFTWARE SUITE11

WALLIX BASTION: MAJOR STRENGTHSUNOBTRUSIVE REMOTE DEPLOYMENT (SOFTWARE)ON EQUIPMENT TO BE PROTECTEDSHORTEST PATH TO COMPLIANCECSPN-certifiedby ANSSI*IMPROVED SECURITY OF CRITICAL POINTSIN INFORMATION SYSTEMSEASY ADOPTION, NO IMPACTON TEAM PRODUCTIVITYOPTIMIZED PURCHASE AND LICENSE COSTS* Premium security certification awarded by the French National Cyber Security Agency (ANSSI)12

WALLIX BASTION: POSITIONING EXCELLENCE RECOGNIZED BYSECTOR TCA TECHNOLOGIESCATECHNOLOGIESLIEBERMAN SOFTWARETHYCOTICLIEBERMAN SOFTWAREWALLIXWALLIXCENTRIFYTHYCOTICCENTRIFYMT4 SOFTWAREMT4 SOFTWAREIBMONE IDENTITYBOMGAREMPOWERIDMANAGEENGINEKuppingerCole Report, June 2017IBMBALABITIBMMANAGEENGINEEMPOWERIDBALABIT13

PRIORITIZING DIGITAL TRANSFORMATION AND REGULATIONSPRIORITY ry4.0FintechInsurtechIoTCloudPGSSI-S / HIPPAHDSNERC CIPSP-800-82ISO 27000PCI-DSSBASEL I, II, IIISarbanes-OxleyAct-SOXSOLVENCY 2LPMHDSHIPAAPCI-DSSISO-27001/27018TIGHTENED EUROPEAN REGULATIONS IN 2018 (NIS & GDPR)14

POSITIVE FEEDBACK FROM KEY ACCOUNTS“Today we are continuing to deploy Bastion, as wehave shown that the solution is reliable, integrationis effective and it meets all our traceability andautomation criteria.”Thierry Hec, PSA Group Security Expert“Thanks to its access control and administrativeoperation traceability features, Bastion has allowedus to considerably strengthen our infrastructure andequipment security.”Stéphane Corblin, Network Architecture andSecurity Manager, SIAAP“Bastion has become the benchmark on the ehealth market. It’s a guarantee of trust thatreassures the client.”Emmanuel Novice,Head of E-health Services, Claranet“It’s a case of fostering awareness among users,administrators and service providers, rather thanthinking in terms of repression. Without trust, youcan’t do business.”Benoit Fuzeau,IT System Security Officer, CASDEN, BanquePopulaire15

PARTNERSHIPS: A POWERFUL SALES DRIVERObjective: create strongsales momentumObjective: offer joint interoperablesolutionsObjective: enhance productvalue-adChallenge: offer partnersgreater sales andtechnical autonomyChallenge: joint deployment of solutionsoffering synergies with BASTIONChallenge: expand BASTION’sfunctional coverage via softwarebuilding blocks or systems160 PARTNERS IN FRANCE AND WORLDWIDE16

SALES PERFORMANCE BOOSTED BY EXTENSION OF THEOFFERINGAVERAGE SPENDING IN 000 (1ST CONTRACT)ACTIVE CLIENTS 17% 150570 120420 80 41%282015300 474020162017CONTRACTS 100,000220 2contracts rce: WALLIX / data at Dec. 31, 201720152016201717

EXPANDED MANAGEMENT TEAM TO STEER LONG-TERMGROWTHDIDIER COHEN2018GREGORY ROUSSEAUDIRECTOR OF OPERATIONS BASTIONXAVIER LEFAUCHEUX2017VICE-PRESIDENT PRODUCTS2016HENRI BINSZTOCK2016INNOVATION DIRECTORMARKETING DIRECTOR EMEASERGE ADDA2015VICE-PRESIDENT SALES EMEAVICE-PRESIDENT CUSTOMER SUCCESSEDWIGE BROSSARD2017DIDIER LESTEVENSTRATEGY DIRECTOR201220142015201634 pers.60 pers.71 pers.Total year-end headcount201783 pers.18

03TURNOVER QUADRUPLEDIN 4 YEARS WITHCAPEX UNDER CONTROLCYBER-SECURITY AND GOVERNANCE SOLUTIONS FOR INFORMATION SYSTEMS ACCESS

44% AVERAGE ANNUAL GROWTH IN 2013-2017COUPLED WITH STRONG EARNINGS GROWTHFrench GAAP 000OPERATING PROFIT/LOSSTURNOVER11,545AAGR 2013-2017: 44%20137,364201420152016S1 2017S2 2017 474 74-1,319-1,76520

BREAKDOWN OF 2017 TURNOVERFrench GAAP 000BY REGIONBY esSECTORFrance26%InternationalRECURRING BUSINESS47%Regulated ther sectorsSensitive sectorsAdministration and publicservicesDefenseEnergy58%Licensesfor installed base Maintenance42%Licensesfor new clients21

PROFIT & LOSS STATEMENTConsolidated data, 000French GAAP2016H1 2017H2 20172017YOYchangeTurnover7,3644,3807,16511,545 57%Other operatingincome(capitalizedproduction, subsidies,etc.)2,8781,6331,9163,549 23%Total ,939) 33%o/w Other operatingexpenses(3,810)(2,047)(2,078)(4,125) 8%o/w Payroll(6,515)(4,154)(4,933)(9,087) 39%o/w Depreciation,amortizationand provisions(1,365)(899)(1,182)(2,081) )(5)-(1,683)(1,335)285(1,050)-38%Operating profit/(loss)Non-recurring incomeand expensesTaxNet profit/(loss)Reinforcement of team tosupport Group growth in linewith roadmap22

CASH FLOW STATEMENTConsolidated data, 000French GAAPPositive flows2,411Negativeflows(2,855)857970Ch. inWC5,938(474)Repay. ofborrowingsAnalysis134CAPEXGross cashflow6,980AKNewborrowingsTechnological investment tomaintain the Group’s competitiveedgeNew bank line of credit to increasefinancial flexibilityNew financing 991Free cashflow 52Strong cash position at December31, 2017Net changein cash 1,043Cash atDec. 31,2016Cash atDec. 31,201723

BALANCE SHEETConsolidated data, 000French GAAPDec. 31,2016Dec. 31,20175,6106,9254,6195,80512,15915,135o/w Trade receivables4,6996,377o/w Cash and cash equivalents5,9386,981Total assets17,76922,060Dec. 31,2016Dec. o/w Prepayments*4,6607,628Total equity & liabilities17,76922,060ASSETSNon-current assetso/w Intangible assetsCurrent assetsEQUITY & LIABILITIESShareholders’ equityProvisionsLoans and borrowingsTrade payablesOther payables and accrualsAnalysisNet cash: 5,031,000(up 665,000 vs Dec. 31, 2016)Prepayments on income: 5,645,000(up 85% vs Dec. 12, 2016 indicatinga strong acceleration in business)SubsequentBalance sheet before capitalincrease of May 2018 ( 36.8million)* Prepayments on income, CIR research tax credit and subsidies. Prepayments on income correspond to the share of turnover invoiced andrecognized for the financial year but for which the supply or service will occur after the financial year.24

04WALLIX AND THE STOCK MARKETCYBER-SECURITY AND GOVERNANCE SOLUTIONS FOR INFORMATION SYSTEMS ACCESS25

WALLIX SHARE STOCK MARKET PERFORMANCE 202% since IPO 40 35600 000 30 25400 000 20 15200 000 10 501/10/2015 01/10/201601/10/2017Number of sharesDAILY TRADING VOLUMES 20KClose 174K 301KData at May 30, 201820162017201826

SHAREHOLDER FACTSHEETMarket dataBreakdown of capitalat May 30, 2018ISIN code: FR0010131409Ticker: ALLIXFOUNDERS15.5%EMPLOYEES &TREASURY %Number of shares: 5,578,042Market capitalization: 145 millionTracking analysts: Midcap Partners &ODDO BHFINNOVATIVECOMPANYNext publicationH1 2018 turnoverShare price: 22.20(Open - May 30, 2018)July 26, 201827

052018-2021: AIMING FOR EUROPEANLEADERSHIPCYBER-SECURITY AND GOVERNANCE SOLUTIONS FOR INFORMATION SYSTEMS ACCESS28

MARKET POSITIONING ALREADY STRONG WITH POWERFULOPPORTUNITIESStrengthRecognized technology leader position inPrivileged Access ManagementOpportunityNew protection requirements related to digitaltransformation and a tightened regulatory frameworkWeaknessMarket deployment still limited outside France &MEAThreatCompetitive intensification of "Native Cloud”startups29

HIGHLY PROPITIOUS EUROPEAN REGULATORY FRAMEWORKFROM 2018, WITH FRANCE AT THE FOREFRONTRGS decreeNIS DIRECTIVE(General SecurityGuidelines)Network & InformationSecurityMay 09, 2018March 25, 20182015 - 2018249operators of vitalimportance(OIV)requiring protectionGDPRGeneral Data ProtectionRegulationMay 25, 20182018 - 2021Severalthousandoperators ofessentialservices (OES)Allbusiness andorganizationsrequire protectionrequiring protectionFINES OF UP TO 4% OF GLOBAL TURNOVER30

EXTENSION OF OFFERING AND PARTNERSHIPS TO DRIVEDEPLOYMENT IN CLOUD BASED SECURITY SERVICESGeographicalexpansion2Cloud BasedSecurity ServicesPAM, IAM,encryption, etc.1 5bn*PAMNewsolutions*2bn*3Strategicpartnerships* Market value in 202131

1DataPeps: NO. 1 CLOUD BASED SECURITY SERVICES SOLUTIONGDPR ready Compliance with the GDPR Protects data even in the event of cyber attack –data is unusableEnd-to-End Encryption / E2EE solution ensuringprotection of data in all applicationsSoftware as a Service Technology acquired through purchase of MLState assets Easy deployment (SDKs, Outlook plugin) Two collaborative platforms:FENTECTRACEABILITYANBLICENCRYPTION MARKETESTIMATED AT 2 BILLION** Source: Roland Berger32

2INTERNATIONAL EXPANSION OF SALES NETWORKMain channels ofgrowth:Regions:German-speaking countries(DACH) and key US segmentsDrivers:Extend current partnerships andstrengthen direct presence byopening new officesExisting officesPlanned new officesTARGETMARKETHuman resources:Expansion of sales force inGermany and the USAMainexisting marketsNew priority markets 50%EMEA2017 100%EMEA 50%USA202133

3STRATEGIC PARTNERSHIPS TO PLACE WALLIX AT THEFOREFRONT OF DIGITAL TRANSFORMATIONInterconnectSession Managerwith our IAM andPassword VaultofferingsIntegrateWALLIX solutionsinto our identitymanagement offering,mainly in CloudAssociateWALLIX solutions withcomplementary offeringsto target new markets(IoT, Big Data, AI, etc.)34

WALLIX TARGET FOR 2021: EUROPEAN LEADERSHIPIN CYBER SECURITY1in the strategic segment ofPrivileged Access Management (PAM)TECHNOLOGY LEADERA positioning of excellence in2CLOUD -Based Security ServicesLeading cyber security provider inSignificant expansion inA5PIVOTAL43EUROPENORTH AMERICAin target segmentsrole in creating a European cyber defense offering35

WALLIX TARGET FOR 2021: BUILD A FRENCH MID-TIER COMPANYTO ASSUME EUROPEAN LEADERSHIP IN CYBER SECURITYTurnover 50m 2.7m2013 11.5m2021e2017DEVELOPMENT PRIMARILY THROUGH ORGANIC GROWTH36

RESOUNDING SUCCESS OF SHARE CAPITAL INCREASE 36.8 million after full exercise of the extension clauseOperation Share issue without PSRs subject to shareholder priority period Global demand more than 1.8 times over-subscribed ( 58.9 million)ReinforceSales & MarketingteamsObjectives1/3 fororganicgrowth2021201783 pers.250 pers.Continuedinvestment inProducts2/3 foracquisitionsAcquire new technological building blocks and/orstep up international deploymentTO DRIVE THE NEW CYCLE OF PROFITABLE GROWTH37

AND NOW

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centrify lieberman software beyondtrust thycotic cyberark wallix. 14 prioritizing digital transformation and regulations priority sectors healthcare industry finance digital transformation pci-dss basel i, ii, iii sarbanes-oxley act-sox solvency 2 nerc cip sp-800-82 iso 27