Page 1 Bernard C. Bailey President and CEO 07 September 2005.

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Presentation transcript:

Page 1 Bernard C. Bailey President and CEO 07 September 2005

Page 2 Safe Harbor Statement Statements that representatives of Viisage make today that are not historical facts are accurate as of today and may be considered forward-looking statements that involve risks and uncertainties, including reliance on public sector markets, the possibility of customer delays, need for capital and competition. You should refer to our Form 10-Q for the quarter ended April 3, 2005 filed with the Securities and Exchange Commission, under the heading “Certain Factors That May Affect Future Results” and subsequent SEC filings for more information on the risk factors that could cause actual results to differ, perhaps materially, from our statements today. Viisage undertakes no obligation to publicly release any revision to any forward-looking statement made today.

Page 3 VIISAGE - TODAY Secure credential provisioning systems Authentication software and solutions Biometric software and systems Systems design, development, integration and support Core Strengths Who We Are Leadership Leading provider of end-to-end, advanced technology identity solutions Market Capitalization of $211M 2004 Revenues of $67.5M up 81% YTY 2004 EBITDA of $8.5M Beginning year multi-year signed backlog of $131M Strong Balance Sheet - $11M Cash, No Debt Produce more than 30 million secure credentials annually Produce about one in every four of U.S. drivers’ licenses Sole provider of passport production capability Production platform for U.S. DOD Common Access Card Worldwide leader in document authentication and verification Recognized leader in face recognition biometric technology Financial Highlights

Page 4 Where We Have Been Viisage is uniquely positioned as an end-to-end advanced identity solutions provider IPO Focus on next- generation ID credentials Recognized the emergence of face-recognition biometrics ahead of competitors Acquired three small strategic companies Added six states in DL market through competitive wins Re-focused company around identity solutions Executive changes Acquired ZN Vision Technologies to solidify leadership in face recognition capabilities and provide European foothold Acquired Trans Digital Technologies to enhance presence in secure credentials and Federal Gov’t Acquired Imaging Automation, the industry and market leader in automated identity document authentication technologies Significant recent contract wins include: DOS 5 yr Sole Source for US Passports ($65mm, 4Q03) DOD Smart Card program (initial order: $10mm, 1Q04) Key State Drivers’ License contracts – NC, IL, WV Florida document authentication implementation

Page 5 The World Has Changed

Page 6 The Identity Problem PERSON Licenses Passports ID Cards Tokens Smartcards CREDENTIALSPRIVILEGES DrivingFinancial Health Care Border Crossing Use of Resources Are the credentials authentic? What privileges are connected to these credentials? How do we know that this is the person who is uniquely connected to these credentials and privileges? Biometrics allow us to connect individuals to the credentials.

Page 7 The Viisage Solution Identity Solutions Computer Network Security Biometrics Verification Secure Credentials Business Processes External Databases Real-time Identity Database Viisage Scope Proofing Issuance Usage Enrollment Identity Life Cycle The Viisage Identity Life Cycle

Page 8 Our Customers Emerging Markets Casino surveillance Access control Airport security Financial Services Criminal Identification Key federal agencies Multiple State and Local customers Multiple FR Applications Civil Identification Border Management U.S. passport production Worldwide placement for document authentication International passport and visa applications Over 2,000 locations DoD CAC program 30% US DLs Driver’s licensesSocial servicesNational voter IDsOther

Page 9 Case Study: Civil Identification Each night new images are sent to headquarters to be compared against the database of over 16 million images for possible fraud Possible Fraud John DoeJim Smith Each morning State officials review possible matches from the day before and flag possible fraudulent activity Each day over 15,000 new images are captured at 135 drivers license facilities throughout the State STATE OF ILLINOIS

Page 10 Case Study: Border Management Canada Customs and Revenue Agency (CCRA), 1.The more than 200,000 identity documents presented daily, including driver’s licenses, visas, passports and Canadian permanent residency cards, are authentic, therefore entitling the person to cross the border 2.The person trying to cross the border was not on a watch list Problem: CCRA needed to authenticate identity documents to ensure: 1.Scans of over 200,000 driver’s licenses, visas, passports and Canadian permanent residency cards daily for authentication and comparison to watch lists 2.A safer, more secure border 3.A system that ensured safer, but did not slow the border crossing process down Solution: CCRA deployed 400 iA-thenticate units in 40 of the most heavily used points of entry, resulting in:

Page 11 Viisage Solutions for the Law Enforcement Community Viisage offers solutions that… Help protect officers in the field Increase homeland security Are tools for public safety Link law enforcement organizations together Solutions Facial recognition systems for booking processes Mobile (in vehicle) systems for checking identities Investigation tools for facial matching

Page 12 Secure ID Market Opportunity Source: Frost and Sullivan 2003 ($ millions) Biometric RevenuesBiometric Enabled Secure ID Market CAGR 50% Source: International Biometrics Group 2004 ($ millions) CAGR 49% Market drivers: Legislative directives for biometrically enabled passports and visas Legislative initiatives around DL enhancements: REAL ID Presidential directives around federal secure IDs: HSPD-12 Development of industry standards and requirements Enhanced accuracy of biometric technologies Convergence of physical and logical security

Page 13 FINANCIAL OVERVIEW

Page 14 Financial Highlights Long-term contracts with high revenue visibility Backlog of $119 million Strengthened balance sheet with follow-on offering in August 2004 Positive operating cash with $11M on balance sheet, no debt Transitioning financial model to higher margin product portfolio

Page 15 Revenue and Gross Profit Note: $ millions 22% 26% 29%

Page 16 EBITDA and EPS Note: $ millions

Page 17 1Q05 Results Note: $ millions 27.4% 34.4% EBITDA: Up $.5M to $1.6M OPEX: Up $2.6M to $7.2M

Page 18 2Q05 Results Note: $ millions 30.53% 32.8% EBITDA: Down $.3M to $2.8M OPEX: Up $2.1M to $6.8M

Page 19 YTD 2005 Note: $ millions 29.4% 33.2% EBITDA: Up $.2M to $4.4M OPEX: Up $4.7M to $14.0M

Page Full Year Outlook Note: $ millions YTY Revenue Growth of 8% to 19% Gross Profit Improvement to 30%+ Continued EBITDA Improvement REVENUE

Page 21 Investment Highlights Rapidly growing market opportunity Experienced and committed management team Strong technology portfolio and market knowledge Long-term contracts with high revenue and earnings visibility Strong customer base