Tenable : Corporate Presentation

CYBER EXPOSURE

MANAGING AND MEASURING CYBER RISK IN THE DIGITAL ERA

October 2020

Forward-Looking Statements

This presentation includesforward-lookingstatements. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, areforward-lookingstatements. The words "anticipate," believe," "continue," "estimate," "expect," "intend," "may," "will" and similar expressions areintended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q filed and other filings that we make from time to time with the SEC, which are available on the SEC's website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-lookingstatements we make.

You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. Neither we, nor any other person, are under any duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to updatesuch data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business.

This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non- recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the GAAP to Non-GAAP Reconciliation section for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

All third-party trademarks, including names, logos and brands, referenced by us in this presentation are property of their respective owners. All references to third-party trademarks are for identification purposes only. Such use should not be construed as an endorsement of our products or services.

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We help organizations

confidently answer the question:

"How secure are we?"

We Have Delivered Since IPO

Market Leader with		Revenue
	($ in millions)	$322.1
30K+	50%+of Fortune 500	$257.5	25%
Growth
Customers	30%+of Global 2000

	#1 VMMarket Share and	94%Recurring
		VRMLeader(1)	Revenue(2)
		84%Q3'20 Non-GAAP	PositiveQ3'20 Non-
		GAAP Operating Income
		Gross Margin(3)
		and Free Cash Flow(3)
					Q3 YTD 2019	Q3 YTD 2020
			% Free Cash	(7%)	8%
			Flow Margin(3)
	1	Vulnerability Risk Management, Source: IDC, "Worldwide Device Vulnerability Management Market Shares 2019: Finding the Transitional Elements Between Device Assessment Scanning and Risk-
	Based Remediation" - May 2020.
4	2	Recurring revenue as a percentage of total revenue as of Q3 2020
	3	Refer to Appendix for the definitions of non-GAAP financial measures and a reconciliation from the GAAP measures to the non-GAAP measures

Investment Highlights

Unique approach to	Best of Breed	One platform unifying data
secular growth	strategy in VM	across network, cloud, OT and
opportunity		DevOps environments

Data science driven	High growth, recurring	Attractive margin profile
analytics - prioritization,	model	with operating leverage
benchmarking

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Digital Transformation Increases Complexity & Risk

Increasing Surface of Attack…

…requires Best of Breed, Risk-Based VM

Growth of	Remote	Proliferation of
Applications	workforce	IoT and OT

PrioritizationScoring

Adoption of	Rise of
Cloud Computing	DevOps

Business Context

Benchmarking

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Enterprises Struggle to Make Sense of Vulnerabilities

Enterprise challenge

Visibility

Live asset discovery and automated

exposure assessment

Prioritization

Remediation actions by order of risk

Business Context

Translate IT/OT VM data into C-Suite

digestible risk assessment

Tenable solution

Network and cloud monitoring of allIT

assets

150 data sources feed the Tenable analytics

engine to prioritize vulnerabilities by

likelihood, severity and difficulty

Data and data science allows for objective

scores, trends and benchmarks

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Best of Breed Strategy in Vulnerability Management

#1 in Device VM Market Share(1)

27.6%Market share in Device VM(1)

#1 In Vulnerability Coverage(2)

>20%More CVEs than competitors(2)

Leader In Zero-day Research(3)

149/104Zero-day vulnerabilities discovered in 2019 / YTD 2020

1Source: IDC, "Worldwide Device Vulnerability Management Market Shares 2019: Finding the Transitional Elements Between Device Assessment Scanning and Risk-Based Remediation" - May 2020.

2Reported in A Principled Technologies report: "Comparing vulnerability and security configuration assessment coverage of leading VM vendors" - September, 2019.

3Refer to https://www.tenable.com/security/researchfor published vulnerabilities and research advisories.

Tenable Named a Leader by Market Analysts

and Recognized by Customers

Tenable is Top Rankedin both strategyand current offeringcategories

	The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, Inc. The Forrester
	Wave™ is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and
	comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave™. Information is based on best available resources.
9	Opinions reflect judgment at the time and are subject to change.

Tenable Named a 2020 Gartner Peer Insights Customers' Choice for Vulnerability Assessment for the second year in a row

"We needed to switch to a new vulnerability management tool when BeyondTrust announced they were getting out of thev-mbusiness, and even they recommend Tenable. I see why - they are the

industry leader and deserve to be. I wish we'd switched a long time ago."

-AnalystNetwork and Infrastructure in the Transportation Industry

https://www.gartner.com/reviews/market/vulnerability-assessment/vendor/tenable/product/tenable-sc/review/view/1315226

Gartner Peer Insights Customers' Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates. The Gartner Peer Insights Customers' Choice badge is a trademark and service mark of Gartner, Inc., and/or its affiliates, and is used herein with permission. All rights reserved. Gartner Peer Insights Customers' Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates.

One Platform Unifying Data Across Modern Attack Surface

Risk-based analytics, prioritization, benchmarking

ACTIVE SCANNING	Unified Data Platform

✓

✓

✓

✓

✓

PC/Laptop	Data Center/	Cloud	OT/IoT	DevOps &
and Remote	Servers	Web App

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Frictionless Assessment Of Cloud Assets

PURPOSE BUILT FOR VM IN THE CLOUD

Deploy at the speed of Cloud.	Cloud Native.	Continuous Visibility.
Setup in seconds and receive	Leverage cloud native	Continuously assess the cloud
actionable results in minutes - no	management tools for frictionless	as new assets are discovered or
scanner installs or agents required	collection of state information	vulnerabilities disclosed

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Tenable's Cyber Exposure Platform

Real Time

Vulnerability

Data

Cyber Exposure

Data Lake

Multiple Third

Party Data

Sources

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Vulnerability

Priority Asset

Criticality

Threat	Business	Business
Sources	Purpose	Context
Threat	Device
Intensity	Type

Cyber Exposure Score

Peer Benchmarking

Trending Over Time

Remediation Guidance

Large and Underpenetrated TAM

Traditional vulnerability			Bottoms-up analysis
management market(1)		TAM	$16Bn
$ in billions				Risk-Based Analytics
12%	$6.1
CAGR
$3.9				Modern IT Assets
	Expand

Traditional Vulnerability Management Market

2018	2022
Existing
Land
		customers

	1Traditional Vulnerability Management Market includes the Policy and Compliance and Device and Application Vulnerability Assessment segments as reported by IDC in their Worldwide Cybersecurity
13	Analytics, Intelligence, Response, and Orchestration Forecast, 2019-2023: Finding and Mitigating the Adversary .

Large and Diverse Customer Base

30,000+	>30%	>50%
Customers	of Global 2000	of Fortune 500

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Best of Breed Strategy Strengthens Technology Ecosystem

112Integrations	74Technology Partners

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Growth Strategy

Acquire new	Expand asset	Invest in	Explore
enterprise platform	coverage	technology and	acquisition
customers		expand use cases	opportunities

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Experienced Management Team

Amit Yoran	Steve Vintz	Mark Thurmond	Renaud Deraison	Bridgett Paradise	Steve Riddick
CEO & Chairman	CFO	COO	Co-Founder & CTO	Chief People Officer	General Counsel

Terry Dolce	Dave Feringa	Ofer Ben-David	Matt Olton
SVP, Global Operations	SVP, Worldwide Sales	Chief Product Officer	SVP, Corp. Development

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Financial Overview

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Financial Highlights

Rapid revenue	Land-and-expand	Balanced and	Profitable, Capital
growth via	model	diversified model	efficient business
attractive,
recurring model

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Rapid Growth at Scale

Annual Revenue	Quarterly revenue
$ in millions	$ in millions
$355	22%	$112
growth
	$92
$267

$188

2017

2018

2019

Q3 2019

Q3 2020

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Attractive Composition of Revenue/Balanced Model

Revenue by offering

% recurring

92%94%

Q3 2019

Q3 2020

Revenue by geography

Americas	Europe,
Middle East
67%	& Africa
	23%

Asia Pacific 10%

Q3 2020

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Landing Higher Value Customers

New logo enterpriseplatform customers(1)

LTM $100K+ ACV accounts(2)

1,511

1,178

1,017

641

589

538

494

453

387

340

307

771

715

665

2017

2018

2019

Q1'18

Q2'18

Q3'18

Q4'18

Q1'19

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Q3'20

1Chart represents new enterprise platform customer acquisitions excluding upsells. Enterprise platform customer defined as a customer that has licensed Tenable.io or Tenable.sc for an annual amount of

22$5,000 or greater.

2Chart represents the number of customers with $100K and greater of annual contract value (ACV) for the last 12 months.

Multiple Ways to Land and Expand

Annual Contract Value*

• Nessus acost-effectiveon-ramp to larger enterprise platform
• Nessus Professional upgrades to either T.SC (on prem) or T.IO (cloud) or both (hybrid) can access additional features:
• • Centralized data & reporting
  • Access to more sensors (Agents, Passive, WebApp, OT, etc)
  • Predictive Prioritization
  • APIs

✔New logos

On-ramp:	Enterprise	✔Nessus upsells
Nessus	Platform	✔	More assets and

applications

* Exemplary only; actual comparison of contract value varies by customer. This is not intended as an average or median representation.

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Improving Operating Leverage

Improving non-GAAP operating margins(1)

11%

5%

(8%)(8%)

(11%)

(13%)

(16%)

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Improving free cash flow margin profile(1)

8%

(7%)

Q3 YTD 2019

Q3 YTD 2020

1Figures presented here are Non-GAAP financial measures. Refer to Appendix for the definitions of non-GAAP financial measures and reconciliation of GAAP to Non-GAAP financial measures.

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Appendix

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Strong Growth in Calculated Current Billings

Annual CCB(1)	Quarterly CCB
$ in millions	$ in millions

$415

21%

$134

growth

$326

$111

$236

2017

2018

2019

Q3 2019

Q3 2020

1Calculated current billings (CCB) figures presented here are Non-GAAP financial measures. Refer to Appendix for the definitions of non-GAAP financial measures and reconciliation of GAAP to Non-GAAP financial measures.

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Non-GAAP Reconciliations

Calculated Current Billings:We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer's contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.

The following table presents a reconciliation of revenue, the most directly comparable GAAP measure, to calculated current billings for each of the periods presented. All dollars are in thousands.

Calculated Current Billings:	2017	2018	2019	Q3 2019	Q3 2020
Revenue	$187,727	$267,360	$354,586	$91,852	$112,282
Add: Deferred revenue (current), end of period	154,898	213,644	274,348	245,985	296,360
Less: Deferred revenue (current), beginning of period(1)(2)	(107,006)	(154,898)	(214,069)	(227,227)	(274,953)
Calculated current billings	$235,619	$326,106	$414,865	$110,610	$133,689

1. In connection with adopting ASC 606, we recorded $19.0 million of current deferred revenue on January 1, 2017 related to perpetual license revenue recognized in prior periods.
2. Deferred revenue (current), beginning of period for the year ended December 31, 2019 includes $0.4 million related to Indegy's deferred revenue at the acquisition date.

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Non-GAAP Reconciliations (continued)

Non-GAAPIncome (Loss) from Operations andNon-GAAPOperating Margin:We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses and amortization of acquired intangible assets. Acquisition-related expenses include transaction expenses and costs related to the transfer of acquired intellectual property.

Non-GAAPGross Profit andNon-GAAPGross Margin:We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue.

Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define thesenon-GAAP

measures as their respective GAAP measures, excluding stock-based compensation and acquisition-related expenses.

Free Cash Flow:We define free cash flow, a non-GAAP financial measure, as net cash (used in) provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash (if any) that is available, after purchases of property and equipment, for investment in our business and to make acquisitions. We believe that free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash.

The following tables reconcile the most directly comparable GAAP measures to our non-GAAP measures for each of the periods presented. All dollars are in thousands.

Non-GAAP Income (Loss) from	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020
Operations
Loss from operations	($22,685)	($22,234)	($18,327)	($27,553)	($21,672)	($10,565)	($3,465)
Stock-based compensation	9,319	11,373	10,499	12,252	13,035	15,666	15,300
Acquisition-related expenses	-	-	-	3,970	339	-	-
Amortization of acquired intangible	151	151	125	193	579	578	579
assets
Non-GAAP income (loss) from	($13,215)	($10,710)	($7,703)	($11,138)	($7,719)	$5,679	$12,414
operations
Non-GAAP operating margin	(16%)	(13%)	(8%)	(11%)	(8%)	5%	11%

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Non-GAAP Reconciliations (continued)

Non-GAAP Gross Profit	2019	Q3 2019	Q3 2020
Gross Profit	$293,768	$76,607	$92,888
Stock-based compensation (1)	2,817	694	826
Amortization of acquired intangible assets	620	125	579
Non-GAAP gross profit	$297,205	$77,426	$94,293
Non-GAAP gross margin	84%	84%	84%

Free Cash Flow	Q3 YTD 2019	Q3 YTD 2020	Q2 2019	Q3 2020
Net cash (used in) provided by operating activities	($7,672)	$46,298	($4,675)	$24,807
Purchases of property and equipment	(10,262)	(19,073)	(4,927)	(8,069)
Free cash flow(2)	($17,934)	$27,225	($9,602)	$16,738
Free cash flow margin	(7%)	8%	(10%)	15%

1. Cost of revenue portion of totalStock-based compensation
2. Free cash flow included reductions related to employee stock purchase plan activity of $2.3 million and $3.7 million in the three months ended September 30, 2020 and 2019, respectively, and $2.7 million, and $4.7 million in the nine months ended September 30, 2020 and 2019, respectively. The three and nine months ended September 30, 2020 included $5.6 million and $14.2 million, respectively, in proceeds from lease incentives as well as $6.8 million and $16.6 million, respectively, in capital expenditures for our new headquarters. The three and nine months ended September 30, 2019 included $2.4 million in capital expenditures for our new headquarters. The nine months ended September 30, 2020 also included $0.7 million ofacquisition-related payments for Indegy.

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