CYBER-SECURITY

AND GOVERNANCE

SOLUTIONS FOR

INFORMATION SYSTEMS

ACCESS

INVESTOR PRESENTATION

May 2017

2

KEY SPEAKERS

Founder of Aurora, a services company

sold in 2003 to Business & DecisionFour years with Hachette Filipacchi Mediasas Management Controller, Asia-Pacific Project Manager (based in Hong Kong) and then Associate Publisher for the Group's Hong Kong and Chinese editions

Founder of multimedia communications agency, XLAB

Amaury RossetCo-Founder and Chief Administrative and Financial Officer

Jean-Noël de Galzain Co-Founder and Chairman of the Management Board

Données de l’entreprise

3

WALLIX, THE SPECIALIST IN PRIVILEGED ACCOUNT GOVERNANCE

Internal and

external users

Unauthorized users

Protecting against data leaks

Software solution

IDENTIFYTRACE MONITOR RECORD AUDITCENTRALIZE

Pirate users

Building a network of

trust

ALERT

4

SOLID FOUNDATIONS FOR LASTING GROWTH

420+active clients

71employees

140+resellers &

integrators in 25

countries

€7.4min turnover in

2016

INNOVATION

EVANGELISM

EXPANSION

Launch of WAB Suite, enrichment of the

offer and global deployment

First sales in

France and Benelux

Self-funded development of the

first software offering WAB

2003 - 2009

2009 - 2014

IPO

01A COMPLEX MARKET

ENVIRONMENT

SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AU SYSTÈME D’INFORMATION

6

WALLIX, THE FRENCH EXPERTS IN CYBER-SECURITY

February 2017

“Banks from 40 countries hit by stealth malware attacks”

BFM Business 20/02/2017

Bourse et la vie TV 05/02/2017

Informatique News27/02/2017

September 2016

“In late August, Dropbox admitted hackers had stolen the

email addresses and passwords of 68 million users”

January 2017

“More than half of French companies have had to deal with a

cyber security incident within the last 12 months”

March 2017

“Insurance companies on constant alert amid explosion of

cyber attacks”

In 2019, the impact of cyber-attacks around the

world is estimated1 to reach:

$2.1 trillion

1 Source: Juniper research – May 2015

7

A TARGET MARKET WITH AN ANNUAL GROWTH RATE OF 20%

OUTSOURCING

DIGITALIZATION

REGULATION

82% of French companies use external providers,

with major groups (90%) slightly ahead of SMEs (77%)*

47% of companies use a Cloud** software suite

Vitally Important Operators (VIO) must comply with

the implementing decree of March 2015***

$ million

$-

$200

$400

$600

$800

$1 000

$1 200

2015 2016 2017 2018 2019 2020

Large entreprises Government sector SMEs

Global market for Privileged Access Management****

* Source: Xerfi-Precepta “BPO in France”, 2015

** Source: Netmediaeurope “Cloud Computing impact in organisations”, 2015

*** Sectors of activity: Health, Water, Food, Energy, Transport

**** Source: TECHNAVIO.COM “Global PAM Market”, 2016/2020

8

A CONDUCIVE REGULATORY FRAMEWORK

Obligation to install IT intrusion detection software

1st IMPLEMENTING

DECREE

12 “Vitally Important” sectors of activity

Application

No later than

May 2018

2014 2015 2016 2017 2018

FAILURE TO COMPLY: Fine of €150,000 for the head of the company + prison sentence

Entry into force

in H2 2016

Health*Water*Food*

Energy*Transport*

250 Operators of Vital Importance to protect in France

Entry into force

in H1 2017

FinanceIndustry

Audiovisual and informationElectronic communications

Nuclear

Next step:

Govt. civil services

Govt. military services

Judicial services

Space and Research

NIS DIRECTIVE(Network &

Information Security)Energy

TransportHealth

Financial services

GRDP(General Regulation on

Data Protection)Unified legal framework in

the European Union (promulgated in April 2016)

9

A UNIQUE POSITION ON THE MARKET

Traceability

Password management

Only fully CSPN-ANSSI

certified solution

022016 REVIEW

SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AU SYSTÈME D’INFORMATION

11

AN EXHAUSTIVE & MATURE SOFTWARE SUITE

Medium-sized

companies and

local authorities

Cloud operators

Major corporates

and administrationsPASSWORD

MANAGEMENT

+

+

H1

20

16

H2

20

15

TRACEABILITY

AUDIT - RISK COMPLIANCE

PRIVILEGED USER

EXTERNAL SERVICE

12

REINFORCEMENT OF OUR CLOUD EXPERTISE

Launch of Cloud Bastion

& 1st Cloud revenues expected as of 2017

INTEGRATION IN THE GLOBAL

ECOSYSTEM

Agile and available

immediately

Optimizing scalability

Centralized deployment

Option to use hybrid cloud

environments

BENEFIT

ENVIRONMENTS

13

…CERTIFIED AND RECOMPENSED WITH PRESTIGIOUS LABELS

PRODUCT OF THE YEAR IN 2016

IDENTITY & ACCESS MANAGEMENT category

No. 1 solution in Europefor privileged account management

Rated “BEST BUY” by SC Magazine

WAB Suite

CSPN certification from the ANSSI

Best solution in 2016

IDENTITY & ACCESS MANAGEMENT category

14

REINFORCEMENT OF TOP/MIDDLE MANAGEMENT AND TEAMS

VP SALES FOR CENTRAL AND EASTERN

EUROPE

Appointed in March 2016

CHANNEL MANAGER FOR WESTERN AND

SOUTHERN EUROPE

Appointed in July 2016

PHILIPPE GUERBER

MARKUS WESTPHAL

VP PRODUCT MARKETING

Appointed in April 2016

EDWIGE BROSSARD

60 staff

31/12/2015

71 staff

31/12/2016

Strengthen visibility and

market positions in Europe

15

MARKETING: NEW BUSINESS VERTICALS TO STRENGTHEN OUR

POSITION AS EXPERTS

PRIORITY SECTORS

Finance / InsuranceIndustryHealth

CONDUCIVE

REGULATORY

FRAMEWORK

NIS / OVI

GRDP

PCI-DSS

BASEL I, II, III

Sarbanes-Oxley

Act-SOX

SOLVENCY 2

ISO-27001/17799

NERC CIP

SP-800-82

ISO 27000

NIS / OVI

GRDP

NIS / OVI

PGSSI-S / HIPPA

HDS

Potential market in France: over €50m

SOLID REFERENCES 70+ clients40+ clients50+ clients

Source : WALLIX

16

A GLOBAL REACH: THE BASES FOR LASTING DEPLOYMENT…

Opening of an

office in Munich

Negotiation of a

first partnership

Partnerships

signed

5076

149

2014 2015 2016

New organization

and UK

partnerships

North America

Central EuropeNorthern Europe

Partnerships

signed

MEA

17

…TO BOOST OUR BUSINESS MODEL BY

FOCUSING ON INDIRECT SALES

WAB Partner Program

Leverage sales whilst minimizing direct costs

CHALLENGE

RESOURCESSegmentation of market and

distribution via a network of partners

Elite System

Integrators Program

Clients

Premier System

Integrators Program

Managed Services

Providers Program

Sales &

Marketing

27 peopleSmall companies and Internet of Things

(via Cloud operators and IT services companies)

Medium-sized companies and

local authorities

Major corporates and

administrations

Tra

inin

g

18

CHANNEL: DEPLOYMENT OF A NEW PROGRAMME OF

STRATEGIC PARTNERSHIPS…

Objective: Create a strong

sales dynamic

Challenge:

Greater sales and technical

autonomy for Channel

partners

Objective: Bring added

value to products

Challenge:

Complete functional

coverage of WAB Suite with

software building blocks or

systems

Objective: Offer joint

interoperable solutions

Challenge:

Joint deployment of

complementary solutions for

WAB Suite

WAP-APP WAP-TECH WAP-CHANNEL

140+ PARTNERS IN FRANCE AND AROUND THE WORLD

19

WAB SUITE, A POWERFUL COMMERCIAL DRIVER

TO ACCELERATE OUR DEVELOPMENT

EXTENSION OF THE OFFER From traceability to PAM

GROWTH OF TARGET MARKET

Expansion from SMEs, to major corporate clients

UPGRADING OF PROJECTS Single site system,to global deployment

4

13

2015 2016

FIRST VISIBLE SUCCESS STORIES OF OUR STRATEGY

20

28 406 €

39 983 €

2015 2016

+41%

+325%

Dec.

2014

Dec.

2015

220 ACTIVECLIENTS

300 ACTIVECLIENTS

Dec.

2016

420+ACTIVECLIENTS

TURNOVER

POTENTIAL

AVERAGE SPENDING

CONTRACTS ABOVE €100,000

21

FINANCIAL INFORMATION

SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AUX SYSTÈMES D’INFORMATION

03

22

French accounting standards

LICENSESMAINTENANCEMANAGED

SERVICES

Software sales: +53%

o/w Licenses: +61%

o/w Maintenance: +37%

Managed services: -49%

Sales France: +72%

Sales International: +28%

Change: 2016 vs 2015

In € thousand

STRONG INCREASE IN TURNOVER IN 2016: UP 39%

1 086

1 698

2 428

3 036

4 879

435

593

1 078

1 547

2 118

520

371

467

716

367

2012 2013 2014 2015 2016

2 041

2 662

3 972

5 295

7 364

+39%

Dec. 31, 2015 Dec. 31, 2016

Turnover 5,295 7,364

Other operating income

(capitalized production, subsidies, etc.)2,356 2,878

Total operating costs (8,725) - (12,007)

o/w other operating costs (2,418) (3,810)

o/w payroll (4,790) (6,515)

o/w depreciation, amortization and provisions

(1,143) (1,365)

Operating profit/(loss) (1,074) (1,765)

Extraordinary income and expenses 102 - (53)

Current income before tax (1,114) (1,683)

Net profit/(loss) (1,113) (1,683)

23

SIMPLIFIED INCOME STATEMENT

French accounting standardsConsolidated data (in € thousand)

Opening up of new markets:Continuation of sales and marketing efforts

Strengthening of teams to support the Group’s growth

Orders invoiced (deferred revenue): €3 million

Analysis

24

CASH FLOW STATEMENT

Consolidated data (in € thousand)

Dec. 31, 2015 Dec. 31, 2016

Gross cash flow 14 - 331

Change in working capital requirement 762 - 523

CASH FLOW LINKED TO OPERATIONS 775 - 854

Acquisitions of fixed assets (1,931) (2,630)

Disposals of fixed assets 8 392

CASH FLOW LINKED TO INVESTMENTS (1,924) (2,238)

Capital increase 8,905 30

New borrowings 479

Repayment of loans - 143 - 247

CASH FLOW LINKED TO FINANCING 8,762 262

CHANGE IN CASH FLOW 7,613 (2,830)

CASH AT YEAR END 8,767 5,938

Technological investments(including the acquisition of MLState) in order to maintain the Group’s competitive edge

New bank credit line to enhance financial flexibility

Strong cash position at end-December 2016

Analysis

French accounting standards

25

BALANCE SHEET

ASSETS Dec. 31, 2015 Dec. 31, 2016

Non-current assets 4,348 5,610

o/w intangible fixed assets 3,667 4,619

Current assets 12,674 12,159

o/w client and other receivables 2,093 4,699

o/w cash and cash equivalents 8,769 5,938

Total assets 17,022 17,769

LIABILITIES Dec. 31, 2015 Dec. 31, 2016

Equity 10,575 8,927

Provisions 161 237

Borrowings and financial debt 937 1,572

Trade and other payables 478 523

Other debt and accruals 4,871 6,620

Total liabilities 17,022 17,769

Equity stood at €8,927,000

Cash net of financial debt totaled€4,366,000

Analysis

Consolidated data (in € thousand)French accounting standards

26

04OUTLOOK

SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AU SYSTÈME D’INFORMATION

27

ACCELERATION IN GROWTH CONFIRMED

Complete, certified and

all-in-one platform

Reinforced team

Strategic distribution

partnerships in the US and UK

A conducive regulatory

framework

Finance / InsuranceIndustry

Health

Objective: sustained organic growth in 2017

* Orders invoiced but not yet recognized in turnover at 12/31/2016 versus 12/31/2015.

Strengthening of commercial roadmap resulting in the

creation of priority business verticals and international

opportunities

forecast as from H2 2017

for new market segments

available to support business growth

in line with the development strategy

28

experiencing rapid growth

STRUCTURED ORGANIZATION

TARGET MARKET

CLOUD BASTION

GROWTH DRIVERS

RETURN TO EQUILIBRIUM

1

2

4

3

5

POSITIVE OUTLOOK

29

SHAREHOLDERS AND MARKET DATA

Market data

INNOVATIVECOMPANY

ISIN code: FR0010131409

Ticker: ALLIX

Share price: €14.00 (Open - 15/05/2017)

Market capitalization: €56,20 million

(at 15/05/2017)

Tracking analyst: Midcap Partners

Next publication

Breakdown of capitalAt 31 March 2017

FOUNDERS

EMPLOYEE

S &

TREASURY

SHARES

DIRECTORS

FLOAT

26,9%

21,9%

50,2%1%

2017 half-yearly turnover 27 July 2017