Investor Presentation

January 2019

FORWARD-LOOKING STATEMENTS

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This presentation contains forward-looking statements within the meaning of applicable U.S. Securities laws, including statements regarding the potential

benefits, performance, and functionality of our products and solutions, including future offerings; our expectations, beliefs, plans, operations and

strategies relating to our business and the future of our business; our acquisitions to date and our strategy related to future acquisitions; and our

expectations regarding our financial performance in the future. Forward-looking statements may be identified by words such as "seek", "believe", "plan",

"estimate", "anticipate", expect", "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any

other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize

or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could

materially affect our business and financial results include, but are not limited to: market acceptance of our products and solutions and competitors’

offerings; the potential effects of technological changes; our ability to effectively identify, purchase and integrate acquisitions; the execution of our

transformative strategy on a global scale; the increasing frequency and sophistication of hacking attacks; claims that we have infringed the intellectual

property rights of others; changes in customer requirements; price competitive bidding; changing laws, government regulations or policies; pressures on

price levels; impairment of goodwill or amortizable intangible assets causing a significant charge to earnings; exposure to increased economic and

operational uncertainties from operating a global business as well as those factors set forth in our Form 10K (and other forms) filed with the Securities

and Exchange Commission. Our SEC filings and other important information can be found on the Investor Relations section of our website at

investors.onespan.com. We do not have any intent, and disclaim any obligation, to update the forward-looking information to reflect events that occur,

circumstances that exist, or changes in our expectations after the date of this presentation.

INVESTMENT HIGHLIGHTS

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STRONG AND UNIQUE POSITION IN FINANCIAL SERVICES

SOLID BUSINESS FUNDAMENTALS WITH SUBSTANTIAL RESOURCES

2K+

Substantial software/subscription

growth available in top 100

10K+

Geographic expansion

opportunities

70%

Expect margin accretion

in 2019 forward

$92M

Allocating cash to growth

investment–building on our

successful software investments

Targeted acquisition strategy

Financial institution customers

including more than half

of the top 100 global banks

Customers in more than

100 countries; more than

300 million licenses sold

Gross margin Cash and no long

term debt

Cloud-based Open Architecture OneSpan (NASDAQ: OSPN)

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RECENT BUSINESS HIGHLIGHTS

TRUSTED IDENTITY (TID) PLATFORM LAUNCH

NEW COMPANY NAME & REBRANDING

Strategic Acquisition

ACQUISITION OF DEALFLO

• Reduces transaction-related fraud

and enhances end-user experience

• Enables secure customer onboarding

• Initial Offerings: Intelligent Adaptive

Authentication (IAA), stand-alone

risk analytics and digital account

opening

A single partner helping clients deliver

powerful digital moments when, where

and how their customers want them

• OneSpan TID Platform

• OneSpan Mobile Security Suite

• OneSpan Risk Analytics

• OneSpan Sign

• Adds identity verification capability

• Differentiates OneSpan Sign –

agreement automation expands e-signature

value proposition 3-5x

• Accelerates TID technology development

and roadmap by more than 12 months

• Experienced 40+ person development

team in Montreal

OTP Tokens

Card Readers

Authentication Server

CrontoVisual Authentication

Mobile Security Suite

E-Signatures

Risk Analytics

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BROAD PORTFOLIO – LEADING INNOVATOR

LEGACYHARDWARE PRODUCTS

SOFTWARE SOLUTIONS KEY CURRENT OFFERINGS

Intelligent Adaptive Authentication

Advanced Analytics - AI & ML

Digital Account Opening & Customer Onboarding

Microservices enabled workflows

Trusted Devices – Smart Tokens

SERVICES 2018-2020EMERGING TRUSTED IDENTITY OFFERINGS

Financial Institutions Other Segment Leaders

GLOBAL BLUE CHIP CUSTOMER BASE

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Europe: 18 of top 20; US: 7 of top 10; Canada: 8 of top 10; Japan: 3 of top 5

Government; Enterprise; Insurance; Auto Finance & Personal Loans

U.S. Account Take Over and Application Fraud1 Relevant high-growth markets: 2017-2020 CAGR2

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GROWTH DRIVERS

COMPLEX AND WORSENING THREAT ENVIRONMENT

DEMAND FOR SECURE DIGITIZATION OF BUSINESS PROCESSES

0

500

1,000

1,500

2,000

2,500

3,000

2015 2016 2017 2018 2019 2020

$m

m

Application Fraud

Account Take Over Fraud

2. Sources: Forrester, Company Reports, Gartner, BTIG Industry Report – Cyber Security 2018 and Beyond1. Source: Aite Group

Mobile

Security and

Protection

31%

CAGR

Security Threat

Intelligence and

Analytics

30%

CAGR

Identity and

Access

Management

30%

CAGR

E-Signature

Transaction

Volume

20%

CAGR

22%36%

45%

78%64%

55%

2015 2016 2017 2018* 2019*

Non-Hardware Hardware

Expanding world class, differentiated solutions

Mobile security software revenue: >50% growth YTD

OneSpan Sign subscription revenue: >20% growth YTD

Dealflo acquisition contributing as expected

Anticipate continued strong double digit software and services growth

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SOLUTION PORTFOLIO TRANSFORMATION

SOFTWARE & SERVICES GROWTH

PERCENT OF REVENUE: HARDWARE AND NON-HARDWARE

Anticipate modest annual decline in hardware -secular trend

Large hardware opportunities available –upside potential

Installed base ofcustomers drive TID and mobile security opportunities

HARDWARE AUTHENTICATORS:STABILE AND HIGHLY PROFITABLE

*Assumes double digit non-hardware growth with a modest decline in hardware

ONESPAN MOBILE SECURITY SUITEA LIBRARY OF MOBILE APPLICATION PROTECTION

Comprehensive suite of mobile security APIs delivered as an SDK

Quick and easy integration of the newest and most effective security techniques into mobile apps

Banks and others can deliver exceptional user experiences while stopping fraud

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> 50% growth YTD

Top-3 e-Signature solution with industry leading customer satisfaction – Net Promoter Score of 83

Differentiators:

THE CHOICE FOR FINANCIAL SERVICES AND BUSINESSES

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Patented visual audit trailUniform on-premises and cloud experiences1 3

Private label option reduces phishing risks

Optimized for banking and regulated industries2 4

> 20% subscription growth YTD

“Financial services

rank first in

e-signature adoption.”

FORRESTER

“Europe represents a

greenfield opportunity.”

FORRESTER

> $20B Market Opportunity

THIS IS DRIVING NEW REQUIREMENTS

FINANCIAL INSTITUTIONS UNDER PRESSURE

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• Evolving threat environment

• Growth in digital channels

• Increased regulation (PSD2, GDPR)

• Non-traditional competitors - open banking

• Narrow interest rate spreads

Primacy of UX – Frictionless, transparent, compliant - adaptive identity security

Accelerated digitization – Cloud & mobileplatform focus to lower costs; increase agility

Services led business models predominate – Outsourcing of identity security to trusted partners

EMERGING TRENDS DRIVE ONESPAN GROWTH STRATEGY

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3

1

TRUSTED IDENTITY STRATEGY – SECURE DIGITAL CUSTOMER JOURNEYS

TID PLATFORM

• ID document capture & check

• Fraud/AML screening

• E-signing

• Digital ID creation & issuance

• Risk-based adaptive and behavioral authentication

Risk/Fraud Analysis

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Identity Verification

CustomerOnboarding

Authenticate Transactions

Secure Open

Banking

Support*

An open, cloud-based platform that orchestrates services

enabling institutions to manage fraud, comply with regulations,

easily on-board customers, and authenticate transactions –

across channels in a secure and frictionless manner

• Secure API identity management

• *Future capability

•On-line

•Mobile

•On-premises

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TRUSTED IDENTITY SOLUTIONS – HIGH VALUE + DIFFERENTIATED

Initial Services:

• Intelligent Adaptive Authentication

• Risk Analytics

• Digital Account Opening – 2019

INTELLIGENT ADAPTIVE AUTHENTICATION – NEXT GENERATION AUTHENTICATION

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Frictionless!

Very low

Risk

Low

High

Medium

Scan

Broadest range of hardware and mobile form factors and technologies

Frictionless and consistent user experience across channels

Continuous authentication matched to transaction value and risk

Dynamic risk analytics with real-time transaction monitoring

Biometric orchestration – behavioral and contextual awareness

Open architecture integrates third party services

Meets strict regulations including PSD2, GDPR

Risk-Based

Authentication

Orchestrates Authentication, Enhances Customer Experience,

Reduces Risk, Prevents Fraud and Meets Strict Regulations

Historical Immediately Available Total Opportunity

NEW OFFERINGS SIGNIFICANTLY EXPAND TOTAL ADDRESSABLE MARKET

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VASCO Financial Services Hardware

TAM $400M1

ONESPAN Financial Services

TAM $17.5B1

ONESPAN TID Platform

TAM $65B1

1) Source: OneSpan Inc. estimates based on data from various government and other sources such as the US Census Bureau,

Eurostat, Bacs, FLA, and internal company data; Gartner

*Account opening and onboarding excludes e-signature related TAM

Account

Opening &

Onboarding*

E-Signatures

Security /

Anti-Fraud

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PREPARING TO SCALE

Experienced

technology

leadership

team in place

New functional

capabilities, business

processes, IT systems

New forward

looking Trusted

Identity Strategy

Returned

to growth

Reallocated R&D

to growth areas;

exited non-strategic

product lines

2018 – Transformation Accelerates

2017 – Foundation for Growth

Renamed

Company

to OneSpan

Strengthened

technology

capabilities

Introduce

additional TID

offerings and

continue to

pursue M&A

Launched

Trusted Identity

Platform & IAA

Acquired

Dealflo

Target

double-digit

growth

STRATEGY + PEOPLE + EXECUTION

2019 – Revenue

Growth Accelerates

REVENUE AND ADJUSTED EBITDA

192 193

201-211

Target double

digit growth

26 2315-19

MarginExpansion

2016 2017 2018* 2019*

In m

illio

ns

USD

Revenue Adjusted EBITDA

*2018 based on midpoint of FY18 guidance; 2019 assumes double digit revenue growth 17

Strong

opportunity

pipeline

Investing for

continued

growth

Returned to

growth in

H2 2017

INVESTMENT SUMMARY

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Global Leader in Consumer Banking

Security; Top-3 e-Signature Company

Differentiated Strategy - Extend

Leadership Position; $17.5B TAM

Growing Customer Base; Significant

Growth Potential with Existing Customers

Increasing Revenue Growth & Profitability;

Strong Balance Sheet

World-Class Talent; Experienced

Management Team

E-SIGNATUREhttps://www.esignlive.com/blog

SECURITY / ANTI-FRAUDhttps://blog.vasco.com

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• Biometric Authentication: Get a Head Start on Your Vendor Evaluation with Javelin’s Scorecard

• Strong Customer Authentication: Why Consider Adaptive Methods and Tools

• How Raiffeisen Italy Achieved PSD2 Compliance with Mobile Authentication & Mobile App Shielding

• Open Banking is Coming to the U.S., But How Secure Will it Be?

• Digital Customer Onboarding and Account Opening a Top 2019 Priority

• Blockchain in the Mortgage Industry: Hype or Promise?

• OneSpan Sign Developer: Session, Authentication Token, and Signing Url – Part2

• Financial Services in the eIDAS Era

APPENDIX – ONESPAN THOUGHT & TECHNOLOGY LEADERSHIP

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APPENDIX – TID STRATEGY ALIGNED WITH GLOBAL REGULATIONS

U.S. Economic Growth, Regulatory Relief, & Consumer Protection Act (a.k.a. Dodd-Frank Repeal)

• Permits the scan of a driver’s license or personal identification card to open an account with a financial institution

• Enables secure digital onboarding of new account holders

PSD2 – Strong Customer Authentication required for account access & payments; effective Sept. 14, 2019

• Cronto patented technology meets PSD2’s dynamic linking requirement

• Application Shielding protects mobile banking apps from malware

• Risk Analytics Engine analyzes and scores user, device and transaction data in real-time – determines precise

authentication requirements for each financial transaction

Open Banking – Enables third party developers to build applications and services through secure open APIs

• Government-regulated: Australia, Bahrain, Hong Kong, New Zealand, United Kingdom

• Government-endorsed: Singapore; Government evaluation: Canada, USA

• Industry-led: Japan, Brazil, Mexico

GDPR – EU data protection law effective May 25, 2018

• Catalyst for similar regulations – California Consumer Privacy Act, Brazil Data Privacy Law, Chile Data Protection

Act, Argentina Resolution 47/2018

• Large fines and/or imprisonment coupled with large scale breaches are driving organizations to migrate from static

passwords to user-friendly, multi-factor authentication solutions

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COPYRIGHT AND TRADEMARKS

Copyright© 2018 OneSpan North America Inc., all rights reserved. OneSpan™, the

“O” logo, “BE BOLD. BE SECURE.”™, DEALFLO™, V-HUB™, DIGIPASS® and

CRONTO® are registered or unregistered trademarks of OneSpan North America

Inc. or its affiliates in the U.S. and other countries. Any other trademarks cited herein

are the property of their respective owners. OneSpan reserves the right to make

changes to specifications at any time and without notice. The information furnished by

OneSpan in this document is believed to be accurate and reliable. However, OneSpan

may not be held liable for its use, nor for infringement of patents or other rights of

third parties resulting from its use.