BlackRidge Technology (BRTI)

June 2019 Investor Presentation

www.blackridge.us

Safe Harbor

THIS DOCUMENT WAS PREPARED BY BLACKRIDGE TECHNOLOGY, AND MAY CONTAINFORWARD-LOOKING STATEMENTS, WHICH INVOLVE KNOWN AND UNKNOWN RISKS,UNCERTAINTIES, AND OTHER FACTORS, WHICH MAY CAUSE BLACKRIDGE’S ACTUALRESULTS, PERFORMANCE, OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROMFUTURE RESULTS EXPRESSED OR IMPLIED BY THE FORWARD LOOKING STATEMENTSCONTAINED HEREIN. SOME OF THE RISKS WHICH MAY CAUSE BLACKRIDGE’SPERFORMANCE TO DIFFER FROM THE FORECASTED RESULTS INCLUDE, BUT ARE NOTLIMITED TO, DELAYS IN TECHNOLOGY DEVELOPMENT, DELAYS OR CANCELLATIONS OFPENDING PURCHASE ORDERS OR OTHER REVENUE, HIGHER THAN EXPECTED COSTS,ACTIONS TAKEN BY CREDITORS OR VENDORS OF THE COMPANY [INCLUDINGLITIGATION] WHICH ARE NOT EXPECTED AND CHANGES IN THE OVERALL MARKET FORCYBERSECURITY SOFTWARE PRODUCTS. THE COMPANY MAY FACE ADDITIONAL RISKSTHAT WE HAVE NOT LISTED. WE UNDERTAKE NO OBLIGATION TO UPDATE ANYFORWARD-LOOKING STATEMENTS AFTER THE DATE OF SUCH STATEMENTS.

2

Investment Overview Agenda

• Company Origin

• Problems and Solutions

• Market Segments

• Key Technology Components

• Products and Configurations

• Business Strategy

• Market Validation

• Business Model

• Opportunity Summary

3

SYMBOL

BRTI

PRICE

$0.20

GROSSMARGINS

~90-92%

MONTHLY CASH BURN

$1.3MM

THE BLACKRIDGE SOLUTION:

Authenticate identity and enforce policy on the first packet, BEFORE a

network session is established.

Zero Trust Model

Overview

44

$93B2018 WORLDWIDE SPENDING

Source: Gartner

TAMCybersecurity Spending

MARKET CAP

$19MM

NETWORK SECURITY’S DESIGN FLAW:

Current security products protect only AFTER network

sessions are established.

Implicit Trust Model

✓ Delivers unparalleled trust in business services

✓ Lowers business risk and strengthens compliance

✓ Reduces security and network management costs

Company Origin

Technology originated from a United States Department of Defense contract to cloak Internet Protocol (IP) connected devices in the Afghanistan war.

The average US soldier carries greater than six vulnerable points of network connectivity.

5

6

The Security Inflection Point

Chief Information Security Officers need more adaptive security capabilities to support business dynamics

1. Growing demand for better identity-based network trust models to support cloudenvironments with software defined perimeters, microsegmentation for boundaries,segregation of IT and OT systems, and end-to-end security policy enforcement

2. Rapid growth in the Internet of Things (IoT) and Industrial IoT connectivity continuesto increase the threat landscape across operational environments.

3. Immediate need for new identity-based security architecture to support changingbusiness needs and increasing cyber threats.

7

Business Use Cases

Cloaking/HidingNetwork Connected Assets

Identity-BasedPolicy, Access &

Compliance

Network SegmentationMicro-segmentation

Threat Visibility& Attribution

Enterprise Networks, Clouds, ICS and IIoT

Addressable Global Business Segments

8

Defense/GovernmentArmy, Marines, Agencies

Civilian Government Health, Energy

HealthcareHospitals, Insurance

Medical Groups

Service ProvidersData Centers, Clouds,

Managed Service Providers

IIoTUtilities, Supervisory Control and

Data Acquisition (SCADA)

EnterpriseBanking, Finance

IoT/ManufacturingPharma

Automotive

Key Technology Components

9

First Packet Authentication™• Stops network attacks at the

earliest possible time• Connect and protect anything,

anywhere, in any network

Identity-Based Trust Model• User or device identity used to enforce

access policy, end-to-end• Provides granular network visibility and

access control based on identity

Visibility and Management• Out of box integration with many

third party tools• Identity for compliance audit trail

Adaptive Trust and Policy• Topology independent policy

enforcement• Extends zero trust model to an

adaptive trust model

10

Products and ConfigurationsSoftware-Based Components

Software delivered on network gateways

Virtual and cloud gateways

Software delivered on IoT & desktop gateways

Enterprise ManagementSystems and SCADA/IoT

z/VM Software and IoT endpoints

11

Business StrategyVertical segment adoption and solutions

Market Approach

1. Early direct targeted customer sales • Validate solution and used case• Move from direct to partner model:

Channel and OEM license and sales

2. Focus on markets and partners that are seeking customer-driven solutions

3. Long term, limited direct sales only to strategic accounts

OEM / Partner/ Channels

1. Products augment and support existing solutions

2. Unique, protected Intellectual Property supports OEMs’ and Partners’ product portfolio

3. Easy to embed or use API integration

4. Licensing and royalty deals

5. Sales advisory role with partners on delivery

12

Near Term Sales Focus

Channel Partners, System Integrators, Government Accounts Set Stage for Scale

• Focused on several accounts with specific business problems

• Software Defined Networks

• Network / Micro-Segmentation

• Cloaking / Hiding of Network Assets

• Managed Services, Cloud Services

• IIoT and Industrial Controls

• Channel Model

• 6+ Cisco resellers signed to date

• Designed to facilitate partner adoption

• Major OEMs, Service Providers, and Integrators

• Targeted accounts to facilitate the process

• Defense Information Systems Agency (DISA)

• National Geospatial-Intelligence Agency (NGA)

• I-NET and NTT (Japan)

• Army Cyber Operations

• Partners and first customers

• Ciena, Cisco - DISA

• Amazon Web Services - NGA

• PTC and Network Instruments – Manufacturers

• Resellers – Tabaco Tech, Ranger Global

• International - Global System Integrators in India and

Japan

13

First Adoption: Government Leveraging to CommercialEarly Adopter and Thought Leaders Provide Validation and Pedigree

Army: Cloaking Battlefield Assets DISA: Network Segmentation

DoD Special Project: Critical InfrastructureNGA: Classified Imagery Cloud Storage

BlackRidge integrates with Cisco DNA to extend Cisco security

controls to additional and new environments including multi-

cloud, SD-WAN, and IoT.

14

BlackRidge Partnership with CiscoEnterprise Plus Security for Cisco Environments

Intent-based network infrastructure

Cisco DNA Center™

AnalyticsPolicy Automation

Switching Routers Wireless Security

Market Expansion Opportunity

GOVERNMENT COMMERCIAL

PARTNERSIIoT and ICS

15

Industrial IoT - Explosive Growth and Alignment

16

Focusing on specific verticals within theIndustrial IoT Market will ensure higherprofitability, longer product and revenue lifecycle and significant amounts of AuthenticatedIdentity volumes due to the number ofcurrently installed endpoints coupled with theadditional growth of new endpoints growingat 22-32% CAGR.

BlackRidge solves the most critical IIoT problem … “How to secure the legacy capital equipment we have, while enablingnew technologies in the future” … Mr. James McCarthy, Director, National Cybersecurity Center of Excellence (NCCoE) at theNational Institute of Standards and Technology (NIST).

BlackRidge TAC products enables micro-segmentation, segregation and the enforcement of policy and rules to establish,enable and improve agility in trust pedigree for legacy and new systems.

Announced Strategic Partnership with PTC for IoT

BlackRidge has signed an agreement withPTC, the leader in IoT software platforms toprovide Authenticated Identity to theircustomer base and internally to PTCKepWare architectures.

PTC Delivering On Its IoT Promises:Partnerships with Microsoft, Rockwell and Ansyshave commenced. The first two couldsignificantly accelerate the adoption and grow ofPTC's ThingWorx IIoT platform.

PTC beats GE, ABB and Siemens for Top Spot inABI Research’s Smart Manufacturing PlatformCompetitive Assessment.

https://www.ptc.com/en/resources/iot/report/

17

18

Global Reach with Early BlackRidge EngagementsConsider U.S. Cyber Security as Gold Standard

France

North America

India

Japan

• BlackRidge TAC-ID named as “One of the Top 10 Standouts at the 2019 Consumer Electronics Show (CES)

• Device Functionality

• Inserts identity to allow a downstream BlackRidge gateway to authenticate connections from the device

• Plugs in-line in front of an IoT / OT device

• Adds identity and security to existing environments without IoT / OT device integration required

• Managed by the BlackRidge Enterprise Manager

• Roadmap for more secure and hardened versions

• Device Specifications

• Runs embedded BlackRidge TAC software

• 2 - 1GbE ports, 1 USB 2.0, 1 micro USB (power)

• 90 Mbps transmission rate

• Power consumption <1.5W

• Commercial or industrial temperature (-40°C to 85°C) versions

BlackRidge TAC Identity Device (TAC-ID) Released to Market – Lowest Cost Identity Solution!

19

Recurring Revenue Business Model

20

Enterprise Gateway

1. Capex Model• Priced per gateway • Scales based on network

speed and on number of identities

• Annual support at 18/22%

2. Subscription Model• Annual license fees

including support

Cloud and Virtual Gateway Identities and Endpoints

1. Capex Model• Priced per gateway • Scales based on number

of identities• Annual support at 18/22%

2. Subscription Model• Annual license fees

including support

1. Capex (Government)• Identities capacity packs

that scale with implementation

• Endpoints are included (to encourage proliferation)

• Annual support at 18/22%

2. Subscription (Commercial)• Annual license fees including

support

Opportunity Summary

21

• Experienced Management Team

• Patented technology, new product strategy and strong roadmap• End-to-end software solution, network (topology) independent• Enables use of core technology across all market segments / verticals• Enables integration by OEMs and Service Providers

• Early adoption by the United States Government, Department of Defense and partnerships with Cisco and PTC provide market validation and pedigree

• BlackRidge’s products are uniquely positioned to address emerging demands• Addresses the enterprise (IT) and operational technology (OT) infrastructures• Demand will grow between 24-40% CAGR over the next 5 years

• Investment partner needed to support transition and growth strategy• Eliminate current operational constraints and build-out• Expand engineering team and support functions to accelerate revenue and scale

BALANCE SHEET: March 31, 2019

C&CE $673,880

PREPAID EXPENSES $154,038

INTANGIBLE $9,422,070

TOTAL ASSETS $10,688,776

AP $2,183903

ACCRUED INTEREST $1,128,077

LONG-TERM DEBT $55,137

SHORT-TERM DEBT $5,654,053

TOTAL LIABILITIES $11,668,758

CAPITALIZATION TABLE:

COMMON SHARE EQUIVALENTS:

COMMON STOCK 96,872,725

SERIES A DILUTIVE 3,577,370

OUTSTANDING WARRANTS AND

OPTIONS 130,323,593

TOTAL 230,773,688

2222

Balance Sheet & Capitalization Table

• Blackridge plans to apply to uplist to NASDAQ in 2019

BlackRidge’s adaptive cyber defense solutions are designed to stop determined, sophisticated attackers.

Network Topology Independent, Identity-Based Zero Trust Security Model

Summary

23

Chris Tyson – MZ Group North America

chris.tyson@mzgroup.us

949-491-8235

Please contact us with any questions or for more information

CONTACT

DISRUPTIVE, PATENT PROTECTED TECHNOLOGY

John Bluher

jbluher@blackridge.us

310-560-4484

Corporate Contact Investor Relations Contact

Experienced Management Team

CEO ISC8, COO QualMetrix; Exec at Akamai, Nortel, On2

Co-Founder Alteon; TAC Inventor, 8 patents

John Hayes

Public Company experience, Lehman brothers. SEC

John Bluher

Bill Joll

CTO/Founder CFO

Head World Wide Sales

CEO or Senior Executive at DEC, Adaptec, Sun

Bob Graham

CEO/Founder

Operations Exec with PLOS, XSIGO and Oblix

Bruce Fingles

SVP Operations

CMO SevOne, VP CorpDev VERITAS; R&D HP, Bell Labs

Mike Miracle

SVP Marketing & Strategy

GM Analog Devices, TDK Industrial Motion, Araflex

Michael Murray

SVP & GM Cyber Physical

VP ADI Security Group; Presidentat 2 Public Cos; 14 patents,

John Walsh

Chief Strategy & Tech Officer

BlackRidge Technology Confidential 25

APPENDIX

26

COMPARISON OF NETWORK SECURITY CAPABILITIES

Featureor Capability

Transport AccessControl

Segmentation Firewalls

Next Generation Firewalls

NAC / 802.1x

VPNs

First Packet Authentication(pre-connection setup)

Yes No No No No

End-to-End Identity and Attribution Yes No No Same LAN segment only

No

Identity-based Policy Yes No Limited Yes Yes

Multiple Enforcement Points Yes Yes Yes No No

Requires Hardware Acceleration No No Yes No Yes

Source NAT Tolerant Yes Yes Yes N/A Limited

DoS Attack Protection Yes No Limited No No

Supports In System Middle Boxes Yes Yes Yes No No

Encrypted Data Payload Tolerant Yes Yes Limited N/A N/A

Resource Application Identity Yes No No No No

Trusted Resource Host Yes No Limited Limited No

Topology Learning Yes No No No No

End-to-End Trust Yes No No Limited No

27

Network Security Comps

COMPARISON OF PUBLICLY TRADED COMPARABLE COMPANIES1,2

TICKER: ENTERPRISE: 52WK RETURN: MARKET CAP: EV: SALES Y/Y: GROSS MARGIN:EBITDA

MARGIN:SALES: EBITDA:

PANWPalo Alto Networks

Inc (5.0%) 11,955 11,102 23.0% 76.0% 23.1% 1,891 438

NTCTNetscout Systems

Inc 13.5% 2,928 2,818 0.6% 73.8% 25.3% 1,136 287

FEYE Fireeye, Inc. (5.9%) 2,547 2,436 3.9% 68.7% 10.0% 742 74

CYBRCyberark Software

Ltd. (26.4%) 1,400 1,117 17.6% 84.8% 21.5% 255 55

KTOS

Kratos Defense & Security Solutions,

Inc. 83.9% 1,069 1,392 10.2% 26.5% 7.0% 737 52

SCWX Secureworks Corp (26.5%) 840 748 9.9% 54.0% (5.2%) 463 (24)

RPD Rapid7, Inc. (3.6%) 719 635 25.0% 73.2% (10.5%) 197 (21)

KEYW Keyw Holding Corp (25.7%) 379 633 60.2% 29.2% 10.2% 462 47

GUIDGuidance Software,

Inc. 19.0% 236 223 (1.4%) 72.8% 11.5% 109 13

AVERAGE:2.6% 2,453 2,345 16.5% 62.1% 10.3% 666 102

28

1 Data are as of 8/22/20172 All data are analyst estimates via I/B/E/S or standardized data. Standardized data are via I/B/E/S, Fundamentals, as well as publicresearch reports. Standardized data has relatively fewer adjustments than GAAP/IFRS. Standardized data generally has adjustmentsfor extraordinary and unusual expenses. Normalizing for such one-off events makes the data more comparable when comparing onecompany to another. Whenever reported numbers are restated, the restated numbers will be shown.

Public Company Comps

28

29

TICKER: ENTERPRISE: MARKET CAP: EV: P/EPS: 2018 P/EPS: EV/EBITDA:2018

EV/EBITDA:EV/SALES: 2018 EV/SALES:

PANWPalo Alto Networks

Inc 11,955 11,102 119.02x 35.91x 25.56x 19.60x 5.91x 4.83x

NTCTNetscout Systems

Inc 2,928 2,818 33.74x 13.89x 10.26x 8.13x 2.59x 2.28x

FEYE Fireeye, Inc. 2,547 2,436 (14.56x) (499.29x) 32.74x 31.87x 3.29x 3.04x

CYBRCyberark Software

Ltd. 1,400 1,117 46.81x 30.76x 20.39x 15.89x 4.39x 3.68x

KTOS

Kratos Defense & Security Solutions,

Inc. 1,069 1,392 (164.38x) 37.23x 26.95x 19.38x 1.89x 1.78x

SCWX Secureworks Corp 840 748 (24.73x) (62.66x) (31.26x) (511.98x) 1.61x 1.47x

RPD Rapid7, Inc. 719 635 (19.05x) (34.76x) (30.69x) (41.00x) 3.23x 2.67x

KEYW Keyw Holding Corp 379 633 (28.55x) 24.66x 13.43x 10.29x 1.37x 1.16x

GUIDGuidance Software,

Inc. 236 223 84.81x 18.36x 17.76x 13.80x 2.04x 1.86x

AVERAGE:2,453 2,345 3.68x (48.43x) 9.46x (48.22x) 2.92x 2.53x

29

COMPARISON OF PUBLICLY TRADED COMPARABLE COMPANIES1,2

Public Company Comps

1 Data are as of 8/22/20172 All data are analyst estimates via I/B/E/S or standardized data. Standardized data are via I/B/E/S, Fundamentals, as well as publicresearch reports. Standardized data has relatively fewer adjustments than GAAP/IFRS. Standardized data generally has adjustmentsfor extraordinary and unusual expenses. Normalizing for such one-off events makes the data more comparable when comparing onecompany to another. Whenever reported numbers are restated, the restated numbers will be shown.

BUYING ENTERPRISE: TICKER: SELLING ENTERPRISE: TICKER: EXCHANGE: CONSIDERATION: PREMIUM TO MARKET CAP: P/S:

SYMANTEC SYMCBLUE COAT

[BAIN CAPITAL] N/A N/A $4.7B N/A 7.9X

SYMANTEC SYMC LIFELOCK, INC. LOCK NYSE $2.4B 33% 3.6X

CISCO CSCO APPDYNAMICS [APPD]1 N/A $3.7B N/A 18.9X

INTEL INTC MOBILEYE MBLY NYSE $15.3B 40% 41.9X

AVAST SOFTWARE [AVST]1 AVG TECHNOLOGIES AVG NYSE $1.4B 25% 3.4X

FIREEYE FEYE ISIGHT PARTNERS N/A N/A $275M N/A 6.9X

30

1 Not yet public2 Data as of 8/22/20173 All data are analyst estimates via I/B/E/S or standardized data. Standardized data are via I/B/E/S, Fundamentals, as well as public research reports. Standardized data has relatively fewer adjustments than GAAP/IFRS. Standardized data generally has adjustments for extraordinary and unusual expenses. Normalizing for such one-off events makes the data more comparable when comparing one company to another. Whenever reported numbers are restated, the restated numbers will be shown.

COMPARISON OF PUBLIC M&A TRANSACTIONS2,3

30

M&A Comps

CONCEALING A NETWORK CONNECTED DEVICE US Patent number 6,973,496, Patent Application U.S. Ser. No. 10/094,425. Filed 5 March 2002, Granted 6 December 2005, 1 Claim

METHOD FOR DIGITAL IDENTITY AUTHENTICATION US Patent number 8,281,127, PatentApplication U.S. Ser. No. 12/658,113. Filed 1 February 2010, Granted 2 October 2012, 20 Claims

METHOD FOR FIRST PACKET AUTHENTICATION US Patent number 8,346,951, Patent Application U.S. Ser. No. 11/242,637. Filed 30 Sept 2005, Granted 1 January 2013, 25 Claims

METHOD FOR STATISTICAL OBJECT IDENTIFICATION US Patent number 8,572,697, Patent Application U.S. Ser. No. 13/373,586. Filed 18 November 2011, Granted 29 October 2013, 43 Claims

METHOD FOR DIGITAL IDENTITY AUTHENTICATION US Patent number 8,635,445, PatentApplication U.S. Ser. No. 13/573,077. Filed 16 August 2012, Granted 21 January 2014, 23 Claims

METHOD FOR DIRECTING REQUESTS TO TRUSTED RESOURCES US Patent number 9,118,644, PatentApplication U.S. Ser. No. 13/573,238. Filed 30 August 2012, Granted 25 August 2015, 27 Claims

METHOD FOR STATISTICAL OBJECT IDENTIFICATION US Patent number 9,973,499, PatentApplication U.S. Ser. No. 14/998,645, filed 16 January 2016, continuation-in-part of Patent 8,572,697, Granted 15 May 2018, 14 Claims

METHOD FOR USING AUTHENTICATD REQUESTS TO SELECT NETWORK ROUTES US Patent number 10,187,299, Patent Application U.S. Ser. No. 14/999,317, Filed 22 April 2016, Granted 22 January 2019, 6 Claims

40 31

Eight Granted PatentsDisruptive, Patent Protected Technology

32

$93B2018 WORLDWIDE SPENDING

The latest forecast from Gartner, Inc. predicts

worldwide information security spending will

grow ~7% to reach $86B in 2017 and will climb to

$93B in 20181

$1T5Y CUME SPENDING 2017-2021

Global cybersecurity spending is predicted to

exceed $1T cumulatively over the next five

years, from 2017 to 20212

$6TANNUAL CYBER CRIME LOSS

The world will suffer $6T in annual cyber crime

damages by 2021; up from $3T in 20152

QUARTERLY FINANCING TRENDS

100+ On a quarterly basis, deals to cybersecurity startups nearly tied the record

last quarter, with 145 disclosed equity funding rounds in Q2’17. Deals have

exceeded 100+ each quarter since Q4’15 3,4

TAMCybersecurity Spending

3

3

IN MILLIONS

32

1 Gartner, Inc.2 Cybersecurity Ventures3 EX. Q4/20164 CB Insights5 Through 6/30/2017; NOT annualized

Dollars invested in these companies in Q2’17 were the highest of any quarter

over the time period tracked. Clocking in at $1.6B, Q2’17 is the fifth quarter

in which funding to private cybersecurity companies crossed the $1B mark. 4

33

1389M 2018 M&A TRANSACTIONS4

Cybersecurity deals hit an all-time quarterly

high of 146 deals in Q1’17, up 26% from the

previous quarterly high. The trend held through

Q2’17, which saw just one fewer deal [145 total]

compared to Q1’17.1

$1.5BQ2/2017 EQUITY FUNDING

The amount of disclosed equity funding to

cybersecurity companies has also recently

broken records, reaching an all-time quarterly

high of $1.6B in Q2’17. 1

6+$100MM FUNDING ROUNDS

Six companies obtained funding rounds of $100M+

in Q2’17. No other quarter on record has seen over

four mega-rounds in cybersecurity. 1

Note that the current and projected funding totals for 2017 include only non-exited

companies and therefore exclude deals such as the recent $2.29B Private Equity round

raised by McAfee from the firm Thoma Bravo in April. 1 2

ANNUAL FINANCING TRENDS

428 Deal activity has increased steadily since 2012, with 2016 seeing a high of 428 deals, despite

a small 6% drop in funding [down from a record $3.8B in 2015]. At the current run rate, both

deals and dollars for 2017 are on track to rise to an all-time high. 1

MARKET INVESTMENT

1 CB Insights2 McAfee was acquired by Intel in 2010 and Intel retains 49% ownership of the company3 Through 6/30/2017; NOT annualized4 New Century Capital Partners Research 2018

3

3

IN MILLIONS

33