OneSpan : Investor Presentation - February 22, 2021

Investor Presentation Q4 and FY 2021

February 22, 2022

Forward Looking Statements

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, strategies relating to our business and the future of our business and our expectations regarding our financial performance in the future. Forward-lookingstatements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", "expect", "intend", "continue", "outlook", "confident", "may", "will", "should", "could", or "might", and other similar expressions.These forward-lookingstatements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-lookingstatements. 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; the impact of the COVID-19pandemic and actions taken to contain it; our ability to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio actions; 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; investments in new products or businesses that may not achieve expected returns; disruption in global transportation and supply chains; reliance on third parties for certain products and data center services, impairment of goodwill or amortizable intangible assets causing a significant charge to earnings; actions of activist stockholders; and exposure to increased economic and operational uncertainties from operating a global business,

as well as those factors set forth in our the "Risk Factors" section of our most recently filed Annual Report on Form 10-K. Our filings with the Securities and Exchange

Commission (the "SEC") and other important information can be found in 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, except as required by law.

PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED	2

Q4 2021 and Full Year 2021 Highlights; Full Year 2022 Guidance

FY 2021 Financial Highlights

$125M	20%	>30%
Annual Recurring	ARR Growth	Subscription and
Revenue (ARR)1		Term ARR growth

115%	38%	89%
Dollar-Based Net	Subscription	of Software and Services
Expansion (DBNE)2	revenue growth	revenue is recurring

1,2 See Appendix for definition	4
PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED

ARR Growth

Annual Recurring Revenue

							$125M
				$104M	$38		ARR Category	FY'21 Y/Y Growth
$80M	$38			Total ARR	20%
$39								Subscription	>30%
									and Term ARR
							$87
					$66
$42
FY'19			FY'20	FY'21
				Perpetual maintenance ARR
				Subscription and Term ARR

PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED	5