1. T.Kendall Hunt Founder, Chairman and CEO VASCO, the Full-Option, All-Terrain Authentication Company November 2009

3. Corporate Information

6. Full Option: Products Authentication appliances Combines Identikey with a wide variety of Internet communication solutions Digipass A suite of over 50 multi-application client e-signature software products Digipass Plus: Authentication Services Combines all VASCO products and solutions in an outsourced service offering. VASCO also offers related services under the DigipassPlus label, such as Fraud Detection and Analysis and the brand new VASCO Video Training. Authentication server Combines the VACMAN core authentication platform with full server functionalities Core authentication platform Combines all authentication technologies on one unique platform

8. VASCO’s Success Story: Full Years 2003 – 2008

9. 2003-2008: Revenue from Banking and Enterprise & Application Security Markets CAGR: 44% CAGR: 36% CAGR VASCO 2003 -2008: 42%

10. Net Cash and Working Capital

13. Sustainable, Repeatable Revenue Model Typical Bank Customer Purchase Timeline In a Stable Environment  E.g. bank has 100 K electronic banking customers at start (year 1) Roll-out for 100,000 units: Pilot 3-4 Months Year 1 Year 2 Year 3 Year 4 Year 5 40K 55K 60K 20K 15K Year 6 65K Initial Roll-Out Organic Growth of Application Second Roll-Out NOTE: Individual roll-outs might differ materially from this example

14. VASCO’s Strategies

17. Authentication Market in Users Source: VASCO Million Users One user can access multiple applications CAGR Software Authentication Market: 18% CAGR Hardware Authentication Market: 48%

19. Authentication End-to-End

20. VASCO Application Security Customers

22. Redefining Our Approach Moving forward When we move to Authentication Services , VASCO’s technologies (engineering) will be threefold:

23. VASCO’s Outlook for the Future