Analysts

Firm	Analyst	E-mail
Avondale Partners, LLC	Mr Sean Jackson CFA	sjackson@avondalepartnersllc.com
Brean Murray Carret & Co.	Mr Andrey Glukhov	glukhova@bmur.com
Dougherty & Company	Mr Joe Maxa	jmaxa@doughertymarkets.com
Friedman Billings Ramsey	Mr Daniel Ives	dives@fbr.comm
Jefferies and Company, Inc.	Ms Katherine Egbert	kegbert@Jefferies.com
Lazard Capital Markets	Mr Joel Fishbein	joel.fishbein@lazardcap.com
Needham & Co., LLC	Mr Scott Zeller	szeller@needhamco.com
Pacific Crest	Mr Rob Owens	ROBOWENS@pacific-crest.com
Rodman & Renshaw	Mr Amit Dayal	adayal@rodmanandrenshaw.com
Soleil Securities	Mr Fred Ziegel	fdziegel@mackinacreaearch.com
ThinkEquity Partners	Jonathan Ruykhaver	jrukyhaver@thinkequity.com
Thomas Weisel International	Pralay Das	pdas@tweisel.com

VASCO Data Security International is followed by the analyst(s) listed above. Please note that any opinions, estimates or forecasts regarding VASCO Data Security International's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of VASCO Data Security International or its management. VASCO Data Security International does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

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