#1Investor Day Presentation NASDAQ: OTEX | TSX: OTEX March 1, 2022 opentext™ Day 20 Investor 2022#2Agenda: 11:00 am to 2:30 pm ET Harry E. Blount, SVP, Investor Relations Mark J. Barrenechea, CEO & CTO Muhi Majzoub, EVP, Chief Product Officer Simon "Ted" Harrison, EVP, Enterprise Sales James McGourlay, EVP, International Sales Presenters Paul Duggan, EVP, Renewals Prentiss Donohue, EVP, SMB/C Sales Doug Parker, EVP, Corporate Development Madhu Ranganathan, EVP, CFO Q&A - Speaker Panel opentext TM BREAK Topic Welcome and Safe Harbor Strategy & Direction Product Strategy Enterprise Growth Strategy International Growth Strategy Renewals Strategy SMB/C Growth Strategy M&A Strategy Financial Overview Q&A OpenText ©2022 All rights reserved 2#3Safe Harbor and IP Statement This presentation contains forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws of the United States and Canada. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. When we use words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "could," "would," "will" and variations of these words or similar expressions, we do so to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements, and are based on our current estimates, beliefs and assumptions, including management's perception of historical trends, current conditions and expected future developments, as well as its expectations, forecasts and projections about the operating environment, economies and markets in which we operate. These forward-looking statements involve known and unknown risks and uncertainties, such as those relating to the duration and severity of the COVID-19 pandemic, including any new strains or resurgences, as well as our ability to develop, protect and maintain our intellectual property and proprietary technology and to operate without infringing on the proprietary rights of others. We rely on a combination of copyright, patent, trademark and trade secret laws, non-disclosure agreements and other contractual provisions to establish and maintain our proprietary rights, which are important to our success. From time to time, we may also enforce our intellectual property rights through litigation in line with our strategic and business objectives. The actual results that we achieve may differ materially from any forward-looking statements, which speak only as of the date made. We undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements. For additional information with respect to risks and other factors which could materially affect our business, financial condition, operating results and prospects, including these forward- looking statements, see our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings we make with the Securities and Exchange Commission and other securities regulators. For these reasons, we caution you not to place undue reliance upon any forward- looking statements. opentext TM OpenText ©2022 All rights reserved 3#4GROW with Open Text Mark J. Barrenechea, Open Text CEO & CTO opentext TM Investor Day 2022#5OpenText in a Snapshot (NASDAQ/TSX:OTEX) Key Stats Leader in Content Management 40 of top 50 Supply Chains Leader in Business Network 75K Enterprise Customers $92B Total Addressable Market (1) 818K SMB Customers Direct 3,000+ field facing professionals opentext™ Total Market Coverage 23,000+ MSPs Distribution SAP Azure Google Cloud aws Digital Open Text Digital Zone K 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). 2. Annual Recurring Revenue is defined as the sum of Cloud services and subscriptions revenue and Customer Support revenue. Total Revenues ~$3.4B Total Rev CAGR % (FY'13-FY'21) 12% Total Revenues (US$M) 148% Financial Highlights As of Q2 FY'22 TTM $1,363 FY'13 $3,386 FY'21 ARR(2) % of Total Revenue 81% ARR CAGR % (FY'13-FY'21) 16% Annual Recurring Revenue (US$M) 227% $839 FY'13 $2,742 FY'21 Cloud Revenue ~$1.4B Cloud Rev CAGR % (FY'13-FY¹21) 29% Cloud Revenue (US$M) 682% $180 FY'13 $1,407 FY'21 OpenText ©2022 All rights reserved 5#6OpenText Advantaged Assets and Capabilities ~15,000 Global Employees(1) opentext™ Named one of Forbes 2022 Canada's Best Employers 1M+ trading partners opentext TM Waterstone CANADA'S MOST ADMIRED CORPORATE CULTURES 2021 23,000 MSP's 1. As of December 31, 2021. EMPLOYERS CANADA'S FOR YOUNG 3 2022 PEOPLE Strategic Partners aws SAP People Ecosystems salesforce ORACLE TATA servicenow Deloitte accenture Platform & Customers Products Speed & Scale ● ● Modern Business Clouds opentext Cloud Business Network opentext Cloud Content opentext Cloud Experience opentext Cloud Security & Protection opentext Cloud Editions TM opentext Cloud Developer Run Anywhere | Off-Cloud | Private-Cloud | Public Cloud | API-Cloud Country scale: Customers in 100+ countries Account scale: 66% Global 10K coverage Speed: New cloud releases every 90 days OpenText ©2022 All rights reserved 6#7Our Strategic Priorities 1 Continue to transition our significant & valuable install-base to the cloud 4 5 Existing Portfolio Customer Success & Ecosystems opentext TM Our Voice Future Cloud Platform 2 Create compelling cloud solutions that drive growth and are simple, frictionless that generate great outcomes New Markets 3 Expand our addressable market and deliver great outcomes Be the navigator for our customers' entire journey in the cloud and nurture a thriving cloud-based ecosystem Drive growth through compelling propositions and ensure every customer and partner understand the value of working with Open Text OpenText ©2022 All rights reserved 7#8Information Management Market Segmentation Medium Business CY'22 Market Size $B CY'22-25 CAGR % Content Services Business Network Digital Experience Security & Protection Total opentext TM Small Business <100 employees 100-499 employees 500-999 employees $4.3B 10% $2.6B 7% $4.5B 7% $8.7B 5% $20.1B 7% $4.1B 11% $4.6B 10% $4.2B 7% $2.7B 11% $15.6B 10% Mid-Market Enterprise $2.6B 11% $2.1B 9% $2.7B 7% $1.4B 11% $8.8B 10% Large Enterprise 1000+ employees 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). $13.0B 11% $12.8B 9% $14.0B 8% $7.8 11% $47.6B 9% TAM(1) $24.0B 11% $22.1B 9% $25.4B 7% $20.6B 9% $92B 9% OpenText Total Revenue Market share gains through Total Growth $1.4B to $3.4B FY'13 to FY'21 12% CAGR OpenText ©2022 All rights reserved 8#9Digital Investment to Grow 17% Through 2024 Digital Transformation Investment in $ Trillion 16.5% 5.4 2022 6.3 opentext 55% of all IT investment SOURCE: IDC FutureScape: Worldwide Digital Transformation 2022 Predictions TM 2024 Driven by 53% of organizations having enterprise-wide digital transformation strategy Digital Transformation Investment Trends Reinforces Open Text's Relevance and Imperatives of Information Management Higher COST/COMPLEXITY TO ADDRESS Lower IDC FutureScape: Worldwide Digital Transformation 2022 Top 10 Digital Resiliency Digital GDP Rules 2022 2023 Double-Digit Investment Growth Digital Dream Teams Physically Architecting Digital Digital Enculturation and Empowerment Digital RCI and Outcomes Automating Enterprises and Ecosystems Decarbonization and Digital 2024 2025 PREDICTION TIMING Leadership for Digital Resiliency 2026 2027 Business transformation is information-led Digital platforms are key enablers for business transformation & resiliency Customer experience is paramount Employee experience is at the core of modern work & Digital Dream Teams Business networks and ecosystems drive resiliency and digital GDP The future of work & growth is inclusive and sustainable OpenText ©2022 All rights reserved 9#10Sustainability is Both an Open Text Core Value and Secular Growth Driver The OpenText Zero Initiatives by 2030 We are committing to zero waste from operations opentext Zero Waste TM Zero Emissions We are committing to a science-based emissions reduction target of 50% and Net- Zero by 2040 Zero Barriers Advancing Equality, Diversity and Inclusion: Majority diverse company, parity in key roles, and 40% female in leadership positions 2030 Sustainability Pledges from the Global 10,000 (G10K) L'ORÉAL PARIS Nestlē Bank of America. HONDA Shell "We are empowering our business ecosystem, helping them transition to be more sustainable" "We will halve our greenhouse gas emissions by and reach net zero by 2050" "Dedicating $1 Trillion to aid sustainability and low carbon activities" "100% electrification" "Carbon neutral by 2050" Source: Sustainability Magazine OpenText ©2022 All rights reserved 10#11The OpenText Business System How We Create Value Our Operating Model Best Teams opentext™ Total Innovation Inclusion Total Growth Ecosystem Building Operational Excellence Sustainability Our Shareholder Value Creation Model Operating model profitability Disciplined strategic acquisitions Capital efficiency & returns Cash based returns & ROIC OpenText ©2022 All rights reserved 11#12Our Vision is Clear in Information Management The Digital Zone Single Sign-On Learn, Try, Buy Renewals Provision & Support Resources & Enablement Digital Ecosystem MSP's Trading Partners Connected Subscribers opentext™ Private Cloud Open Text Cloud The Ultimate Cloud ™ TM Cloud Editions Architecture opentext | Cloud Content Content Management Secure Viewing Customer Analytics, Al & Insights opentext | Cloud Experience Process & Collaboration Collaboration & Signature Capture & Archiving Customer Communications Voice & Contact Center opentext | Cloud Developer Capture & Digitize Search & Discover Business Clouds Ecosystem Integrations Industry Solutions Digital Fax Digital Asset Management Store & Manage Digital Business Integration Manage & Secure Identify & Access Management Endpoint Detection & Response (EDR) Developer Cloud Digital Investigations & Forensics opentext | Cloud Business Network Data Management & Security Analyze & Report Supply Chain Optimization Endpoint and Network Security Threat Intelligence Services View & Communicate Industrial IoT Solutions opentext | Cloud Security & Protection Procure-to-Pay Order-to-Cash Data Protection, Backup & Migration Email Encryption Process & Automate Protect & Secure OpenText ©2022 All rights reserved 12#13Our Vision is Clear in Information Management Where We Are Going Next Business Clouds opentext™ | Cloud Content opentext™ Cloud Business Network opentext™ | Cloud Experience opentext™ | Cloud Security & Protection Developer Cloud opentext™ Cloud Developer opentext™ Why Open Text Integrated to your business applications, industry-specific, comprehensive "Connect once, reach anything" Enabling commerce in 48 countries & expanding Unified personalization & media Cohesive set of tools & automation Leading edge & adaptable data protection Built to scale Unique blend of APIs Customer choice on how to buy: volume or value Mid-market with focused GTM New public cloud solutions IBM competitive play New mid-market & multi-tenant composable apps Google partnership Private cloud & unified multi-tenant Microsoft partnership MSP growth & unified offering OEM & embedded IP partners New Prof. Services & sales org composable apps Our Reach and Impact 1,700 Private cloud customers 300 Enterprise SaaS customers 35K+ Customers 1M+ Trading partners $9T+ in Commerce 70% Cloud growth 2x Volume SMS / emails processed 23K MSPs 800K+ SMB supported 285M+ Endpoints secured 25 Public APIs 524 Customers 100% Cloud native OpenText ©2022 All rights reserved 13#14Why Cloud Acceleration Efforts Matter Positions us well in fast growing markets opentext™ Customers achieve faster path to value in their transformations Enables ease of use and increased consumption by customers Comparatively low friction in go-to-market motion Allows for more rapid entry into new markets / segments (e.g., API, SMB) An essential building block to win in the next wave of transformation (e.g., creating data ecosystem in supply chain, digital GDP) OpenText ©2022 All rights reserved 14#15How We Go-to-Market and Our Progress $92B TAM(1) $56B $36B opentext TM Target Organizations Large Enterprise 1000+ employees Mid-Market Enterprise 500-999 employees SMB/C <499 employees 1. Go-to-Market Motions MSPs Open Text Direct Sales amazon Retail Global Accounts Enterprise Accounts Corporate Accounts Strategic Partners Channel Partners G SAP salesforce servicenow RMMs Distributors Source: Estimates based on individual market reports from International Data Corporation (IDC). VARS eCommerce Top Growth Programs & Investments • ● ● ● ● Dedicated, centralized services & renewals • International expansion New markets: API's, MDR as a service Multi-cloud: Microsoft, Google, AWS, Oracle Partners: Large tech ecosystems through GSIs ● ● ● New cloud platform & innovations across 5 clouds Full G10K covered by end of CY'23 Summit program growth: top customers & ecosystems Competitive replacements 2x international sales growth ● New cloud platforms & innovations Expand our 23,000 MSP base ● • The Digital Zone for partner enablement Microsoft go-to-market on end-point OpenText ©2022 All rights reserved 15#16Powerful Renewal Engine Acceleration Into the Cloud Enables an Expansion Focus Centralized, & Highly-Focused Information Management Renewals Organization $2.7B FY'21 Annual Recurring Revenue 425 Renewal Professionals opentext™ 125K Agreements (2) 90%+ FY'21 Customer Support Margins Increase in ARR(1) Over Past 10 Years 318% $657M FY'12 $2.7B FY'21 Independent renewals organization empowered to grow and make the right decisions for customers. Cloud accelerates our opportunity to deliver revenue expansion and continuous update services. Over 30% automated with no human touch and expanding. Machines focus on the renewal. Humans focus on the expansion. Deployed ML/Al technologies into early insights for propensity to renew. Amazingly talented and passionate team, delivering results, and always raising the bar. 1. Annual Recurring Revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue. 2. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. OpenText ©2022 All rights reserved 16#17Deeply Talented and Experienced Leadership Team Mark J. Barrenechea CEO & CTO Menlo Park, CA opentext TM Madhu Ranganathan EVP, CFO Menlo Park, CA Paul Duggan EVP, Renewals Menlo Park, CA Muhi Majzoub EVP, Chief Product Officer Menlo Park, CA Sandy Ono EVP, CMO Menlo Park, CA Ted Harrison EVP, Enterprise Sales Menlo Park, CA Doug Parker EVP, Corporate Development Richmond Hill, ON James McGourlay EVP, International Sales Waterloo, ON Brian Sweeney EVP, CHRO Menlo Park, CA Prentiss Donohue EVP, SMB/C Sales Boulder, CO Renee McKenzie SVP, CIO Waterloo, ON Kristina Lengyel EVP, Customer Solutions Boston, MA Michael Acedo SVP, CLO & Corporate Secretary Richmond Hill, ON OpenText ©2022 All rights reserved 17#18Highly Skilled Board of Directors Tom Jenkins Chair Ann M. Powell Global Bristol Myers Squibb Chief HRO opentext™ Mark J. Barrenechea CEO & CTO Vice Chair Steve Sadler Enghouse Systems Chair Randy Fowlie Sapphire Health Board Member Harmit Singh Levi Strauss CFO Major General David Fraser Canadian Forces Foundation, Route 1, Inc. Antoxa Corp, Board Member Michael Slaunwhite Halogen Software Former CEO Gail Hamilton Arrow Electronics Board Member Kate Stevenson CIBC Chair Robert (Bob) Hau Fiserv, Inc. CFO Debbie Weinstein LaBarge Weinstein Law Firm Diverse Skills Senior Leadership Governance Global Expertise Technology & Innovation M&A / Growth Strategy Talent Financial and Accounting Experience & Commitment 10+ years of average tenure 83% independent OpenText ©2022 All rights reserved 18#19Financially Positioned for Continued M&A Growth Target Capital Allocation Strategy (3) Free Cash Flows(1)(2) (US$M) $445 24% of Revenue FY'15 opentext™ 82% $812 24% of Revenue FY'21 Available for corporate purposes ~ 67% TTM Free Cash Flows Dividends and anti-dilutive share buyback ~ 33% Cash and Committed Liquidity (4) (US$) $2.3B Net Leverage Ratio (5) 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 2. For the year ended June 30, 2021. Includes IRS settlement payment of $299.6M. FCF/Revenue is calculated as FCF expressed as percentage of total revenue. 3. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases or other initiatives. 4. Excludes restricted cash. Includes Cash and the Undrawn Revolver of $750 million as of December 31, 2021. 5. Calculated as of December 31, 2021. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. 2.0x OpenText Ⓒ2022 All rights reserved 19#20Strong Capital Return and Debt Structure Dividends Paid and Shares Repurchased (US$M) Dividends Paid (7-year CAGR): 16%(1) ■Shares Repurchased ■ Dividends $74.7 $17.7 FY'13 FY'14 $87.6 opentext™ FY'15 $65.5 $99.3 $120.6 $145.6 $168.9 FY'16 FY'17 FY'18 FY'19 1. 7-year CAGR from FY'14 to FY'21. 2. 3. 4. $188.7 $119.1 $210.7 FY'20 FY'21 $210.1 FY'22 TTM(2) Approx. $1.5 billion returned to shareholders since FY'13 $228.4 Target Capital Allocation Strategy • 33% TTM FCF via dividends & buyback (3) • 67% TTM FCF available for corporate purposes including M&A Millions USD Our Senior Notes are Fixed Rate and Do Not Vary with Inflation Debt Maturity Profile (4) $933 | $10 $10 $10 $10 CY'21 CY'22 CY'23 CY'24 CY'25 CY'26 CY'27 CY'28 CY'29 CY'30 CY'31 Term Loan B ■Senior Notes $900 $850 $900 $650 Trailing twelve months as of Q2 FY'22. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases and other initiatives. OpenText ©2022 All rights reserved Undrawn Revolving Credit Facility of $750m matures in October 2024. 20#21FY'22 OpenText Total Growth Strategy(¹) FY'21 Actual (¹) $1,407.4 $1,334.1 $2,741.5 $384.7 $259.9 $3,386.1 opentext TM Cloud Customer Support ARR License Professional Services Total Revenues 1. All dollars in USD million. 2. As of February 3, 2022. 3. M&A is additive. FY'22(2,3) 8% - 10% Constant Low mid single-digit Constant Mid single-digit 3% -4% Double-digit cloud revenue and Zix contribution Continued strong renewals 81% of revenue, predictable recurring business Off-cloud demand from large and regulated customers remains steady Growing demand for Strategic IM Advisory Services Continued track record of growth OpenText ©2022 All rights reserved 21#22FY'24 Medium-Term Aspirations Organic Growth(1) ARR % of Total Revenue A-EBITDA(2) (margin) Free Cash Flows(2) (FCF) Capital Allocation (3) M&A opentext™ 2% -4% 85% 38% -40% $1.2B+ 33% of FCF Strategic GROW with OpenText programs Growth in cloud as a percent of total Mid-90s Customer Support renewals and cloud subscriptions Improved margin through growth, scale and automation Targeting upper 20%'s FCF as percent of revenue 33% dividends and anti-dilutive buybacks 67% for M&A and other corporate purposes M&A is additive to our model 1. Revenue % are year-over-year comparisons. 2. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 3. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. OpenText ©2022 All rights reserved 22#23Our Longer-Term Aspirations In Information Management To be the leading cloud-based Information Management company, enabling intelligent, secure and connected businesses for customers of all sizes opentext #1 in Every Cloud TM Longer-Term Aspirations Double the Company Up to 4% Organic Growth Plus M&A $6B+ in Free Cash Flows (1) 1. Represents estimated cumulative FCF. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. OpenText ©2022 All rights reserved 23#24GROW with Open Text Muhi Majzoub, EVP, Chief Product Officer opentext TM Investor Day 2022#25Key Messages We are the clear market leader in Information Management positioned for growth We believe the edge is as important as the cloud Every customer has made a multi- cloud decision opentext™ GROW with opentext™ The Ultimate Cloud™ Accelerating our investment and growth in the cloud Customers are moving from systems of record to systems of information Investing in the future: API & applications for future growth OpenText ©2022 All rights reserved 25#26The Future Cloud Platform for Information Management And Our Strong Track Record of Innovation Red Oxygen (2013) Five new product suites Integration & ease of deployment opentext TM Blue Carbon (2015) One GTM for on- prem & cloud OpenText Business Network & Magellan Cloud Editions (2020) Information Management on the cloud deploy & run anywhere Minority of our investments in cloud technologies The Ultimate Cloud (2022) Designing 4 different ways to consume in the cloud for companies of all sizes (off-cloud, public, private, API) Today Majority of our investments in cloud technologies Future Drivers Open & integrated Information Management Applications Multi-cloud partnerships Cloud + Edge New markets (e.g. API) Future 80%+ of our investments in cloud technologies OpenText ©2022 All rights reserved 26#27Information Management: Investing to Win 4,500+ Developers up 4x over 8 years 90 Days New Releases 1,000+ Patents opentext TM Future: 80%+ of Our Investments Will be in Cloud Technologies R&D% of Total Revenues R&D US$ R&D Investment ($ and in % of Total Revenues)(1)(2) 10.5% $194M FY'15 HH 11.7% $365M FY'20 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non- GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 2. Refers to non-GAAP R&D expense. Refer to note 1 of our Fiscal 2019 10-K for details on the impact of recently adopted accounting standards on prior period results. 12.2% $412M FY'21 12.2% $421M Q2 FY'22 TTM OpenText ©2022 All rights reserved 27#28Open Text Cloud is Leading in the Market opentext Cloud Content Master Modern Work opentext™ Cloud Experience Power Modern Experiences opentext Cloud Developer opentext TM Market Leader Forrester Wave™: Content Platforms, Q2 2021 Market Leader IDC MarketScape: Worldwide Customer Communications Management, 2020 Market Innovator Newgn Sware technologies- GAM inmation Managemers C Goog Marage Documents Sou MF Micros Operfecte Laerche Lan opentext™ | Cloud Business Network Digitize the Supply Chain opentext™ | Cloud Security & Protection Be Cyber Resilient Build the API Economy Information-Led Transformations Market Leader IDC MarketScape: Worldwide Multi-Enterprise Supply Chain Commerce Networks, 2021 Market Leader PC Editors' Choice PCMag: The Best Antivirus Protection for 2022 Ta CYBER SECURITY EXCELLENCE AWARDS WINNER 2021 Centen PC EDITORS CHOICE PCMAG.COM 22 TIME WINNER BUSINESS ON SE Labe AAA JAN-MAR 2021 Perkar ENDPOINT PROTE Customers using APIs Zero to 25 APIs over last two years OpenText ©2022 All rights reserved 28#29Our Vision is Clear in Information Management The Digital Zone Single Sign-On Learn, Try, Buy Renewals Provision & Support Resources & Enablement Digital Ecosystem MSP's Trading Partners Connected Subscribers opentext™ Private Cloud Open Text Cloud The Ultimate Cloud ™ TM Cloud Editions Architecture opentext | Cloud Content Content Management Secure Viewing Customer Analytics, Al & Insights opentext | Cloud Experience Process & Collaboration Collaboration & Signature Capture & Archiving Customer Communications Voice & Contact Center opentext | Cloud Developer Capture & Digitize Search & Discover Business Clouds Ecosystem Integrations Industry Solutions Digital Fax Digital Asset Management Store & Manage Digital Business Integration Manage & Secure Identify & Access Management Endpoint Detection & Response (EDR) Developer Cloud Digital Investigations & Forensics opentext | Cloud Business Network Data Management & Security Analyze & Report Supply Chain Optimization Endpoint and Network Security Threat Intelligence Services View & Communicate Industrial IoT Solutions opentext | Cloud Security & Protection Procure-to-Pay Order-to-Cash Data Protection, Backup & Migration Email Encryption Process & Automate Protect & Secure OpenText ©2022 All rights reserved 29#30Customers Creating Information-Led Transformations opentext™ | Cloud opentext™ | Cloud Content W Becoming a fully digital enterprise in order to deliver the future of electric vehicles opentext™ opentext™ | Cloud Business Network Nestlē Unlocking the power of food to enhance the quality of life with a digitized and connected supply chain opentext™ Cloud Experience Ⓡ PG&E Delivering seamless customer experiences at scale to handle peaks of crisis communications opentext™ Cloud Security & Protection f5 Ⓡ Protecting customers from malicious activities with continuous, scalable URL threat checks opentext™ | Cloud Developer Ontario Facilitating access to social assistance with a fully digital customer experience OpenText ©2022 All rights reserved 30#31Content Management Secure Viewing opentext™ | Cloud Content Capture & Archiving Collaboration & Signature Ecosystem Integrations 12,900+ Customers Industry Solutions 1,700 Private Cloud Deployments opentext >20M End Users TM Master Modern Work Why OpenText: ● ● Robust innovation roadmap with public cloud solutions, geo expansion with hyperscaler support, and US FedRamp Integration with leading applications (e.g., SAP, Salesforce, Microsoft) End-to-end offering from Capture to Case Management to Document Generation and Archiving Industry-specific solutions W TM Growth Mid-market expansion Replace large incumbents Dedicated sales team Current Market Share Landmark Customers ASDA MY New multi-tenant solutions Expanding sales coverage Google, Microsoft SFO Innovation serious fraud office OpenText ©2022 All rights reserved 31#32Digital Business Integration Identify & Access Management opentext™ | Cloud Business Network Data Management & Security Supply Chain Optimization Industrial IoT Solutions Procure-to-Pay Order-to-Cash 35,000+ Customers 1M+ Trading Partners opentext™ 100+ Countries Digitize the Supply Chain Why OpenText: ● Full-suite innovation roadmap ahead with self-service capabilities, ERP adapters, and API integration for 3PLs & eMarketplaces Integration capabilities supporting standard EDI, 20+ protocols, and APIs - "connect once, reach anything" E-Invoicing compliance support covering 48 countries and growing gm DELL Growth IBM competitive play (SPS Commerce) Expanded sales coverage Sustainability initiatives (pledge to progress) BMO Current Market Share Landmark Customers BMO Bank of Montreal B M W New multi-tenant solutions New mid-market offerings Composable apps (DTC, IOT, AI/ML, APIs) Innovation Nestlé OpenText ©2022 All rights reserved 32#33Customer Analytics, Al & Insights Process & Collaboration opentext™ | Cloud Experience Customer Communications Voice & Contact Center Digital Fax Digital Asset Management 15,000+ Customers opentext™ 8B+ Messages Delivered Power Modern Experiences Why OpenText: ● Forward-looking innovation roadmap with predictive segmentation, journey analytics, and content intelligence Unified personalization and media for communications and experiences Cohesive set of tools and automation for optimizing the customer journey Hybrid headless CMS, CCM, and DAM(1) BNY MELLON PERSHING Growth Google partnership Growth in sales coverage Migration with Professional Services 1. Content Management Systems (CMS), Customer Communications Management (CCM), Digital Asset Management (DAM). Current Market Share Landmark Customers MSIG RBC Private cloud offering Unified multi-tenant offering Innovation L'ORÉAL OpenText ©2022 All rights reserved 33#34opentext™ | Cloud Security & Protection Endpoint Detection & Response (EDR) Digital Investigations & Forensics Endpoint and Network Security Threat Intelligence Services Data Protection, Backup & Migration Email Encryption 800,000+ SMB Customers 285M+ End Users Protected opentext™ 45M+ EDR(1) Agents Globally Be Cyber Resilient Why OpenText: ● ● Joint innovation roadmap in delivering Microsoft's new commerce experience, DNS leak prevention, anti- ransomware protection Leading edge protection 23,000 MSPs Adaptable data protection with a wide range of backup solutions Built to scale - handling an average of 40k API calls per second pwc f5 1. Endpoint Detection Response (EDR) agents are software agents that conduct endpoint monitoring. Growth Competitive plays Microsoft partnership Growth in MSPs Current Market Share Landmark Customers ......... CISCO Unified security offering Investment in MDR, NDR, XDR Innovation Akamai OpenText ©2022 All rights reserved 34#35Capture & Digitize Search & Discover opentext™ | Cloud Developer Store & Manage Manage & Secure Analyze & Report View & Communicate Process & Automate Protect & Secure 110 Billion API calls per month 524 Customers 100% Cloud Native 25 APIs Content | Security | Capture | Signature | SMS | Email | Fax | Push | Tokenization | IAM | IoT opentext™ Build the API Economy Why OpenText: ● ● ● ● Targeted innovation roadmap with unique blend of APIs for Information Management - with new ones every quarter Extension of current applications using the same APIs on which they are built Customer choice on how to buy - APIs sold by volume or value 10,000+ developers in community engaging with new tools and experimenting BARCLAYS Growth OEM & embedded IP partners New Professional Services practice New sales organization Current Market Share Landmark Customers SAP R Ontario New relevant APIs Attach to new cloud deals Composable applications M&A Innovation OpenText ©2022 All rights reserved 35#36Our Strategic Priorities are Clear Be #1 in every cloud Leverage partners to support multi-cloud: Google, Microsoft, AWS, SAP, etc. Deliver frictionless customer experiences opentext™ Build the cloud platform of the future: 80%+ of future investments will be in cloud technologies Go faster: developers, features, customers Future technologies (API, loT, Edge, sustainability, and more) OpenText ©2022 All rights reserved 36#37GROW with Open Text Ted Harrison, EVP, Enterprise Sales opentext TM Investor Day 2022#38Key Messages >1,000 enterprise salespeople covering 42 countries Summit program - top OpenText customers and top supply chains Partners are a force multiplier opentext TM GROW with opentext™ The Ultimate Cloud™ Global 10K coverage increased to 66% Selling across enterprise and mid-market Cloud bookings are in high growth OpenText ©2022 All rights reserved 38#39How We Go-to-Market and Our Progress $92B TAM(1) $56B $36B opentext TM Target Organizations Large Enterprise 1000+ employees Mid-Market Enterprise 500-999 employees SMB/C <499 employees 1. Go-to-Market Motions MSPs Open Text Direct Sales amazon Retail Global Accounts Enterprise Accounts Corporate Accounts Strategic Partners Channel Partners G SAP salesforce servicenow RMMs Distributors Source: Estimates based on individual market reports from International Data Corporation (IDC). VARS eCommerce Top Growth Programs & Investments • ● ● ● Dedicated, centralized services & renewals • International expansion New markets: API's, MDR as a service Multi-cloud: Microsoft, Google, AWS, Oracle Partners: Large tech ecosystems through GSIs ● ● Ⓡ New cloud platform & innovations across 5 clouds Full G10K covered by end of CY'23 Summit program growth: top customers & ecosystems Competitive replacements 2x international sales growth ● New cloud platforms & innovations Expand our 23,000 MSP base ● • The Digital Zone for partner enablement Microsoft go-to-market on end-point OpenText ©2022 All rights reserved 39#40New Customers: Broadening our Global 10K Coverage North America 88% opentext TM G10K(1) Coverage Increased to 66% LATAM 30% Europe 75% Emerging Markets 33% 1. G10K coverage represents the 10,000 largest organizations in the world. Japan 34% APAC 54% ● ● Current Coverage Marquee customers with transformative requirements 5,800 covered in FY'21, tracking 6,600 in FY'22 On track to reach full coverage (80%+) by end of CY'23 OpenText ©2022 All rights reserved 40#41The World's Leading Companies Trust Open Text Life Sciences 10 of top 10 As our top customers accelerate to digital, we accelerate with them MERCK opentext TM Financial 8 of top 10 citi Consumer Goods 10 of top 10 L'OREAL: Technology 10 of top 10 Google Manufacturing 10 of top 10 W OpenText Summit Program: Our 100 largest customers Telecom 8 of top 10 AT&T OpenText ©2022 All rights reserved 41#42Summit Program: Connecting to 80%(1) of Gartner's 2021 Top 50 Supply Chains 1. Cisco 2. Colgate Palmolive 3. Johnson & Johnson 4. Schneider Electric 5. Nestlé 6. Intel 7. PepsiCo 8. Walmart 9. L'Oréal 10. Alibaba 11. AbbVie 12. Nike 13. Inditex ✓ 14. Dell Technologies 15. HP Inc. 16. Lenovo 17. Diageo 18. Coca-Cola 19. BAT 20. BMW 21. Pfizer 22. Starbucks 23. General Mills 24. Bristol Myers Squibb ✓ 25.3M opentext TM 26. CVS Health ✓27. GlaxoSmithKline ✓28. Reckitt Benckiser 29. H&M ✓30. Kimberly Clark ✓ 31. Novartis ✓ 32. Amgen ✓33. Lockheed Martin ✓34. HP Enterprise ✓35. Novo Nordisk ✓36. Astra Zeneca ✓37. Philip Morris Int. ✓38. Home Depot 39. Target ✓40. Best Buy ✓41. AB InBev ✓42. Danone 43. Biogen ✓44. Siemens ✓45. Nokia ✓ 46. Bayer ✓ 47. Qualcomm 48. Taiwan Semiconductor ✓49. Estée Lauder ✓50. Kellogg Company 1. Source: Calculation based on data from Gartner Top 25 Supply Chains, 2021. 25 Gartner Supply Chain Top 25 We are building large industry ecosystems in our network for CPG, Retail, FS and others Open Text is the only cloud company which can do this globally, at this scale Open Text thrives in answering very complex global requirements: global invoicing, track and trace, regulated industries In addition to Gartner's Supply Chain Top 25, Open Text also serves four of five Gartner 'Supply Chain Masters': Apple, Unilever, P&G, and Amazon. OpenText ©2022 All rights reserved 42#43GROW OpenText Opportunities Competitive Takeouts 33% Install-Base Using Cloud Editions 37% Cloud Wins are New Customers opentext TM IBM Sterling Commerce IBM FileNet SPS Commerce Expanding Partnerships Hyperscalers SAP Salesforce.com Global System Integrators Migrate Install-Base R16 to Cloud Editions Strong momentum in cloud bookings New Markets Mid-market International expansion New Customers and Workloads Majority of new customers are on cloud New Cloud Solutions Innovating with new customer value every 90 days Building a new API business OpenText ©2022 All rights reserved 43#44Partners: A Force Multiplier opentext™ SAP Top cloud & off-cloud partner Highest growth cloud aws Open Text's largest cloud platform Google Public cloud partnership Joint GTM with Workspace salesforce Deepen relationship with joint GTM planning Microsoft Supporting customers who have chosen Microsoft Leading partnership with SMB/C New Partnerships ServiceNow Infor AT&T Cerner OpenText ©2022 All rights reserved 44#45GROW with OpenText - Recent Wins Close Brothers New Customer Beat IBM Content Cloud with Salesforce.com integration and Xstream to drive customer experience opentext™ SAP Cloud Partner Open Text's XECM integrated with Qualtrics and SuccessFactors to enable employees to upload vaccination details And for Starbucks to store/ manage these credentials Exelon. R16 → Cloud Editions One of the largest nuclear operators in the world, entrust highly secure information to the Open Text cloud and upgrade to 21.2 Kimberly-Clark New Customer Beat IBM Open Text to manage Supply Chain and decommission a long-standing relationship with IBM for their EDI solutions. Kimberly-Clark increases our top 50 supply chain footprint Alcoa Core Content A departmental use case to manage ~100K documents Migrate to Core Content f5 API Win Increased commitment to BrightCloud as their Threat Management solution OpenText ©2022 All rights reserved 45#46Our Strategic Priorities Are Clear Summit programs: grow top customers and supply chain accounts Full Global 10K coverage by end of CY'23 opentext Migrate install-base R16 →→ Cloud Editions TM GROW partners: our force multiplier Competitive takeouts Winning new customers and new markets OpenText ©2022 All rights reserved 46#47GROW with Open Text James McGourlay, EVP, International Sales opentext TM Investor Day 2022#48Key Messages Summit programs: GROW top customers and top supply chain accounts Business Network expansion Continue to invest in proven successful countries opentext TM GROW with opentext The Ultimate Cloud™ Migrate install-base R16→Cloud Editions Deepen and expand partnerships Double sales coverage OpenText ©2022 All rights reserved 48 TM#49Foundation for Growth International Sales Region ~10% of Open Text revenue opentext TM $18.6B +10% TAM(1) 5 of top 10 GDPs Market growth 35% Coverage of the 3,845 international sales region G10K accounts 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). +15% Cloud growth 450 Sales professionals Long-Term Aspiration Double our International Sales Region Revenue OpenText ©2022 All rights reserved 49#50International Sales Region Coverage Global 10K Accounts G10K Coverage Sub- region APAC Japan Greater China LATAM Africa & Middle East Central & Eastern Europe opentext TM Countries Australia, New Zealand, India, Korea, Singapore, Indonesia, Philippines, Vietnam Japan China, Hong Kong, Taiwan & Macao Brazil, Mexico, Argentina, Chile, Colombia, Peru South Africa, Saudi Arabia, UAE, Qatar Poland, Czech Republic 875 1,170 758 384 306 352 54% $5.7B 34% 24% 30% 33% 18% TAM(1) Total 3,845 35% $4.5B $2.5B $2.4B $1.7B $1.8B $18.6B 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). OpenText ©2022 All rights reserved 50#51GROW With OpenText Opportunities 35% Coverage of G10K accounts in international sales region Full coverage by end of CY'23 21% Of 13,500 international sales region OT customers are on Cloud Editions opentext™ Summit Programs 3,845 of G10K accounts Deepen and Expand Partnerships SAP Global System Integrators Google Migrate Install-Base R16-Cloud Editions 21% of international accounts on Cloud Editions Grow Key Regions Japan APAC Middle East Business Network Expansion Deepen penetration into existing supply chain ecosystems Expand opportunity with mid- market solution Double Sales Coverage Current coverage 35% of international sales region G10K accounts OpenText ©2022 All rights reserved 51#52Customer Success Stories R16-Cloud Editions Expanding Partners as a Force Multiplier Competitive Takeout opentext TM TIM Optimize Customer Invoicing Digitally interact with 18M customers Elevating customer experience & satisfaction Reduces operational costs Agility Streamline Shipping Enhanced customer satisfaction with secure immediate self-service Accelerated shipment processing & payments Improved sustainability process JCB Accelerates Business Partner Onboarding B2B Managed Service streamlines onboarding process Improves business partner satisfaction Accelerates introduction of services internationally Cloud based integration reduces IT burden NZTRANSPORT AGENCY WAKA KOTAHI Content Management Serving citizens more efficiently with Enterprise Content Management in the cloud Increased staff productivity and engagement Improved service with the same overhead ● MSIG Omnichannel Experience Seamless digital experience drives customer satisfaction Adaptability platform to meet changing needs Lowered expenses and operational efficiency OpenText ©2022 All rights reserved 52#53Continued Growth in Key Regions opentext™ Middle East and Africa $1.7B TAM 33% G10K Coverage Japan $4.5B TAM 34% G10K Coverage APAC $5.7B TAM 54% G10K Coverage Expand and deepen customer coverage Drive information-led transformations Leverage and expand partner relationships SMB/C rapid growth OpenText ©2022 All rights reserved 53#54Our Strategic Priorities are Clear Deepen footprint to accelerate growth in international markets Utilize OpenText global strength to enable growth Partners as a force multiplier opentext TM Migrate install-base R16→Cloud Editions Full Global 10K coverage by end of CY'23 Long-term aspiration: double international sales region revenues OpenText ©2022 All rights reserved 54#55GROW with Open Text Paul Duggan, EVP, Renewals opentext TM Investor Day 2022#56Key Messages opentext TM One team Proven value Scaling with AI/ML GROW with opentext™ The Ultimate Cloud™ Growth by transformative engagement Growth by retention and expansion Growth by update, security and other services OpenText ©2022 All rights reserved 56#57Renewals at OpenText Centralized & Highly-Focused Information Mgmt. Renewals Organization $2.7B 125K FY'21 Annual Recurring Revenue (1) Agreements 425 90%+ Renewal Professionals opentext TM FY'21 Customer Support Margins Increase in ARR(1) Over Past 10 years 318% $657M FY'12 1. Annual Recurring Revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue. 2. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP- based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. $2.7B FY'21 OpenText ©2022 All rights reserved 57#58Be Deserving of Trust renew verb re-new | \ ri-'nü Renewing is a decision, not a transaction Trust takes years to build, and seconds to break Drivers: consumption, relationship, value Our approach: customer management vs. contract management, interlocked engagement with sales and support, first-responders and trusted partner citibank to make like new : restore to freshness, to begin again. revive: restore, bring back. regenerate: restored to a better, higher, state opentext™ 1. As of Q2 FY'22. United Healthcare Government of Canada Support CSAT Scores FY'15 to Present 87% FY'15 96% FY'22(1) 16 Top 100 customers YEARS avg tenure with Open Text 46 5-year ARR expansion for these customers PERCENT OpenText ©2022 All rights reserved 58#59Delivering Proven & Sustained Value Renewal Resilience & Operational Excellence Continuous updates & innovation Robust systems & cadence Disciplined pricing practices Flexible support programs Policy, controls, & procedures Tenured world-class leadership Segmentation Role specialization opentext™ Open Text Renewal Rates (¹) Are Stable and Unwavering Despite an Unpredictable World Brexit Referendum 91% Renewal Rates 5 year trending, Combined Rate for Off Cloud + Cloud Mexico earthquakes CA Wildfires N. Korea Nuclear Tests Khashoggi assassination Dengue fever epidemic Armenian revolution 1. Average renewal rates for off-cloud and cloud (Q3 FY'17 to Q2 FY'22), with inclusion of cloud renewal rate starting Q2 FY'20. HK Protests COVID 19 2020 Market Crash Floyd / BLM US impeachment Taliban & Afghanistan Omicron I 1 Inflation US Election 94% Delta variant OpenText ©2022 All rights reserved 59#60Our Next Altitude in the Cloud ● ● ● Planning Imperatives Complete the transition from renewals to customer management via automation • Dedicated organization to lead cross functional interlock and execution ● New retention, expansion, and cross-selling programs to unlock growth World class onboarding and enablement Step function to 2-4% organic growth opentext TM Transformative Engagement Cross-Sell & Upsell Retention & Expansion Business Practices, Insights, and Al Onboarding & Enablement OpenText ©2022 All rights reserved 60#61Growth by Transformative Engagement Renewals Representatives From: Transactional Renewal To: Consumption & Expansion opentext™ Customer Manager Launch self service portal Centralize process in Digital Renewal Center Deploy Customer Managers across enterprise 2x Customer Manager Capacity Phase 1: FY'22 Phase 2: FY'23+ 80% contracts automated Key Accts Customer Manager High Touch Top spend and/or strategic Relationship Driven Regional Segmentation Self Service Auto Renew STRATEGIC ENTERPRISE Customer Manager Focused Touch Profile-based approach Al-guided/driven DIGITAL Renewal Rep No-Low Touch Monitoring exceptions Adoption of self-service Automation No Touch OpenText ©2022 All rights reserved 61#62Growth by Retention and Expansion Long-Range Risk Management and Programs Early identification of the risk in our contract base as well as potential cancellation drivers, and long-term remediation plans opentext™ Off-Cloud Support Programs and Pricing Annual Price Adjustment and Extended Support programs for customer flexibility, deploying to cloud renewals in FY'22 Upper Quadrant Performance Cloud Expansion at Renewal Proactive monitoring and outreach on usage to customers, recontract at higher commit and longer-term 93% Q2 FY'22 95% Future OpenText ©2022 All rights reserved 62#63Growth by Cross-Sell & Upsell Successful Lead Pass Program Generated incremental cloud bookings in the first half of FY'22 via lead pass from Customer Managers Top 200 programs, interlocked with sales Renewal expansion, additional capacity, community outreach NORDSTROM opentext TM ● ● ● Creating New Paths to Growth Managed Services & OnDemand Messaging into B2B Cloud IAM/IoT to Business Networks SMB and Zix opportunities Professional Services (PS) packages/assessments Cloud Editions (CE) upgrade Customer since 2000 Started as VAN and catalogue customer Today includes Managed Services, Compliance Link, Active Intelligence, and BizLink Replicating this motion across our retailers OpenText ©2022 All rights reserved 63#64Business Practices: The Inches Are All Around Us ● 2 Annual Price Adjustment Contracting opentext™ Quality of Sale Systems Onboarding & Enablement $ Integrated Dashboards Growth is Granular Collectively these areas can bring an additional 100-200 bps of renewal rate improvement Drives how and where we spend time - reallocation of time to customer relationships SP Business Insights + Al OpenText ©2022 All rights reserved 64#65Our Strategic Priorities are Clear One team, deserving of trust, proven value Upper quartile performance for a renewal/expansion organization Deploy more AI/ML & continuous improvement of business practices opentext™ Automate the process, so humans can add more value Create an expansion business in cloud renewals Invest in the install-base, cross-sell, and migrate them to the cloud OpenText ©2022 All rights reserved 65#66GROW with Open Text Prentiss Donohue, EVP, SMB/C Sales opentext TM Investor Day 2022#67Key Messages Established SMB Powerhouse Security remains high priority for SMBs opentext™ GROW with opentext™ The Ultimate Cloud™ 23,000 MSPs One of the largest SMB channels Strategic relationship with Microsoft OpenText ©2022 All rights reserved 67#68How We Go-to-Market and Our Progress $92B TAM(1) $56B $36B opentext™ Target Organizations Large Enterprise 1000+ employees Mid-Market Enterprise 500-999 employees SMB/C <499 employees Go-to-Market Motions MSPs Open Text Direct Sales amazon Retail Global Accounts Enterprise Accounts Corporate Accounts Strategic Partners Channel Partners G SAP salesforce servicenow RMMs Distributors 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). VARS eCommerce Top Growth Programs & Investments • ● ● ● ● Dedicated, centralized services & renewals • International expansion New markets: API's, MDR as a service Multi-cloud: Microsoft, Google, AWS, Oracle Partners: Large tech ecosystems through GSIs ● ● ● New cloud platform & innovations across 5 clouds Full G10K covered by end of CY'23 Summit program growth: top customers & ecosystems Competitive replacements 2x international sales growth ● New cloud platforms & innovations Expand our 23,000 MSP base ● • The Digital Zone for partner enablement Microsoft go-to-market on end-point OpenText ©2022 All rights reserved 68#69Powerful Industry Trends SMBs represent a huge growth opportunity for OpenText 44% of US GDP(1) opentext™ 66% of new US jobs(1) SMBs are vulnerable to cyber attacks due to lack of IT skills (1) Source: US Small Business Administration. (2) Source: Zix Investor Presentation, August 20, 2021 and Zix Financial filings. (3) Source: Verizon 2021 Data Breach Investigations Report. 94% of malware sent via email, common method of attack(2) ~53% of SMBs take weeks, months or years to discover they have been compromised (3) Microsoft Partnership 96% of companies who have a backup and recovery plan, survive ransomware (2) 61% of CIOs expect to increase cyber security spending (5) (4) Source: Gartner Report: "Google Workspace Continues to Slowly Take Market Share From Microsoft Office and Office 365" by Craig Roth, July 27, 2021. (5) Source: Gartner CIO Agenda 2021, survey of 1,877 CIO Execs, https://www.information-age.com/gartner-cio-agenda-2021-spending-cyber-security-most-projected-123492611/. ~90% Productivity Suites (4) OpenText ©2022 All rights reserved 69#70Welcome Zix! Founded / HQ / Headcount Solution Offerings Target Markets and Footprint opentext Snapshot TM 1988 / Dallas TX / 525 50% of business is from re-selling M365 solutions (one of 9 recognized CSPs) No industry concentration - 20% healthcare, 17% financial services, 3% gov't ~90% North America (most US), 10% EMEA Customers 5,600 active MSPs 100k+ customers, mostly SMBs 101% net dollar retention Solution / Platform Overview Email Security & Data Protection and Microsoft go-to partner for SMBs (via AppRiver Acquisition, 2019) Business Applications M box n Email Threat Protection Zix Secure Cloud Email Continuity Email Encryption Cloud Back Up Security Security Insights Resilience Microsoft at the Core Compliance Cyber Intelligence Phenomenal Care DLP Secure File Share Extensible APIs Communication Appl Unified Archiving in f Tii SMS dl. OpenText ©2022 All rights reserved 70#71Foundation for Growth - SMB Powerhouse Carbonite (including Webroot & Brightcloud), Zix (including AppRiver) 818K Businesses Supported +12% this FY 23,000 MSPs +26% this FY Products & Solutions Cyber Resilience Backup Security Awareness Training Threat Protection Email Security Threat Intelligence Recovery ● opentext 1,881 VARS +38% this FY TM ● ● • 13 RMMs • 1,881 VARS ● ● Ecosystem ● 23,000 MSPs Microsoft Partners Distributors Retail ● ● 147 OEMs 17 New last FY +14% Talent 17 Countries with our security experts 2,000+ Focused on SMB ● 500+ Product and engineering experts OpenText ©2022 All rights reserved 71#72SMB At Scale: Positioned for Faster Growth Major Partnerships Major Product Releases M&A opentext™ Enhanced End-point protection efficacy 2019 Scaled SMB Presence in 2 Years Microsoft Stronger anti- ransomware protection CARBONITE WEBROOTⓇ Enhanced consumer experience- common console BrightCloudⓇ zix New Commerce Experience (NCE) 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). CLOUDALLY appriver. Enhanced Security Platform For MSPs $36B TAM(1) ~8% CAGR 23,000 MSPs 2022 More Products, Partners and Acquisitions Future OpenText ©2022 All rights reserved 72#73The Threat Intelligence Foundation BrightCloud Continuously and automatically analyzes and interprets threat data using advanced machine learning and artificial intelligence opentext Ⓡ TM 43B+ 999M+ 37M+ 285M+ File Behavior Records 37B+ IP Addresses (IPv4 and IPv6) 4.38B+ URLS Domains Active Mobile Apps Real World-Sensors Emails blocked and quarantined (Zix) 6.5B+ Source: https://www.webroot.com/us/en/lp/2022-threat-report-executive-summary 2021 Webroot BrightCloud" Repórt CARBONITE + WEBROOT Baca Protect & Peter 2022 Report Coming Soon! OpenText ©2022 All rights reserved 73#74Microsoft is a Strategic Partner to OpenText Microsoft Cloud Solution Provider Scale and Growth OpenText is a Top 5 CSP in North America opentext TM Engagement & Conversion 88,000 M365 Contracts Cross-sell/ Upsell Secure Email Cloud Backup Endpoint Backup Secure File Share SAT DNS OpenText ©2022 All rights reserved 74#75Our Strategic Priorities are Clear #1 SMB security provider opentext TM New MSP partners Accelerate Microsoft into MSPs, with our IP M&A Digital Zone for partners OpenText ©2022 All rights reserved 75#76GROW with Open Text Doug Parker, EVP, Corporate Development opentext TM Investor Day 2022#77Key Messages M&A is a core function at Open Text: we own and invest in our own M&A team and capabilities Future M&A aligned with TAM segmentation, focused on growth assets, accelerating cloud growth and delivering superior capital returns opentext™ GROW with opentext The Ultimate Cloud™ M&A is strategic to Open Text and helped establish our leadership in Information Management We have the financial strength and flexibility to deploy capital at scale for long-term value creation OpenText ©2022 All rights reserved 77 TM#78Foundation for Growth Shaping the company through strategic M&A aligning to key markets and adjacencies Content Services Business Network Digital Experience Security & Protection opentext documentum TM GXS™ Content Management to Information Management IXOS Catalyst covisint V VIGNETTE HIGHTAIL ACTUATE The BIRT Company" LIAISO NⓇ CARBONITEO zix StreamServe N stein Evolution from off-cloud to cloud ANX BRICATA. Hummingbird XMedius artesia GUIDANCE (G) SOFTWARE METASTORM Global 360 services Selected HP assets Market expansion from enterprise to SMB OpenText ©2022 All rights reserved 78#79M&A Aligned with TAM Segmentation Large fragmented markets with no scarcity of assets Leading with market segmentation Cash and committed liquidity of $2.3B with significant cash flow aspirations opentext TM 1. Content Services Business Network Digital Experience Security & Protection Total TAM(1) CY'22 Market Size ($B) CY'22-'25 CAGR % $24B 11% $22B 9% $25B 7% $21B 9% $92B 9% Source: Estimates based on individual market reports from International Data Corporation (IDC). Potential M&A Targets >200 >400 >200 >200 >1,200 companies Acquirable Revenue >$5B >$3B >$5B >$5B >$20B >$20B of M&A Opportunity OpenText ©2022 All rights reserved 79#80Our Approach and Principles Source opentext 25 Highly Experienced and Dedicated Professionals Aligning to faster-growing and larger markets TM Engage Diligence Aligning to accelerating our cloud strategy Acquire Integrate Proven world-class integration to drive sustainable growth synergies and operational excellence OpenText ©2022 All rights reserved 80#81Carbonite Acquisition Case Study Acquired Strategic Rationale Revenue Synergies Expense Synergies opentext TM Carbonite Case Study ● ● ● ● ● ● 12/24/19 for 2.8x TTM revenue(1) Critical mass in Security & Protection Scaled SMB channel Strong growth prospects Cross-sell opportunities Increased corporate ARR Increased cloud margins On target model in <12 months Improved cash conversion cycle ✓ Executing Our Playbook Less than 3x revenue ✓ Accelerated cloud revenue ✓ ✓ Acquiring new SMB platform ✓ Attractive growing TAM Strong FCF profile Integration complete 1. Total purchase price is approximately 2.8x TTM (Trailing Twelve Months) Carbonite GAAP revenues (as of September 30, 2019), inclusive of annualized full year reported Webroot GAAP revenues, a significant acquisition which closed in March 2019. OpenText ©2022 All rights reserved 81#82Zix Acquisition Case Study Acquired Strategic Rationale Revenue Synergies Expense Synergies ● opentext™ ● ● ● ● ● ● Zix Case Study 12/23/21 for 3.6x TTM revenue(1) SMB platform expansion MSP go-to-market alignment Complementary product portfolio Cyber resiliency cross-sell opportunities Customer entry point via Microsoft resell Increased corporate ARR Increased cloud margins On target model in <12-18 months Broadened organic & inorganic growth platform Executing Our Playbook Less than 4x revenue ✓Scaling new SMB platform ✓ Accelerated cloud revenue ✓ Attractive growing TAM ✓ Sustainable organic growth ✓ Strengthening partnerships 1. Total purchase price of approximately $896.0 million, inclusive of Zix's cash and debt, approximately 3.6x TTM (Trailing Twelve Months) Zix reported revenues (as of September 30, 2021). OpenText ©2022 All rights reserved 82#83Our Strategic Priorities are Clear Continue to build relationships and stay close to our 1,200 potential targets Invest in and develop our internal core capabilities opentext TM Core enabler to double the company We prioritize ARR OpenText ©2022 All rights reserved 83#84opentext GROW with Open Text Madhu Ranganathan, EVP and Chief Financial Officer TM Investor Day 2022#85Key Messages Growth opportunities are significant. SMB/C at scale offers great adjacency to enterprise Cloud infrastructure is a top priority to drive 80%+ of future investments towards cloud-based technologies GROW with opentext™ The Ultimate Cloud™ We will invest in organizational and operational infrastructures, well oiled to drive growth Technology investments with CIO office takes center stage Building a strong model of non-linear headcount growth, automation and increased productivity Unlocking value via multiple expansion & investor growth from Value to Value + GARP Outlook for performance and value creation remains strong: Annual Recurring Revenue (ARR) expansion will continue to drive predictability Discrete opportunities for Adjusted EBITDA margin (1) expansion & Free Cash Flows(1) (FCF) as of % of Total Revenues to meet long term aspirations opentext™ 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP- based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. OpenText ©2022 All rights reserved 85#86The OpenText Business System How we create value Our Operating Model Best Teams opentext™ Total Innovation Inclusion Total Growth Ecosystem Building Operational Excellence Sustainability Our Shareholder Value Creation Model Operating model profitability Disciplined strategic acquisitions Capital efficiency & returns Cash based returns & ROIC OpenText ©2022 All rights reserved 86#87GROW with OpenText - as you heard today Our Top Growth Opportunities Ultimate Cloud: 4 ways to consume cloud by companies of all sizes Migrate install-base R16 →→ Cloud Editions Full Global 10K coverage by end of CY'23 opentext™ Summit programs: GROW top customers and top supply chain accounts Cross-sell / upsell across product portfolios and geographies Long-term aspiration Double international region revenue Deepen and expand partnerships - hyperscalers, system integrators, SMB channel at scale Microsoft relationship Growth by retention and expansion OpenText ©2022 All rights reserved 87#88Investing For Growth $ in millions $ in millions $450 $400 $350 $300 $250 $200 $150 $100 $50 $- Non-GAAP R&D(1,2)- Investing in Innovation $700 $600 $500 $400 $300 $200 $100 $- 12.0% $274 19.0% $435 FY'17 11.3% opentext™ $317 18.5% $520 11.0% FY'18 $317 FY'17 FY'18 FY'21 Future - 80%+ of our investments will be in cloud technologies Non-GAAP Sales & Marketing (1,2)- Investing in Sales Coverage FY'19 17.8% $510 11.7% FY'19 $365 FY'20 18.5% $576 12.2% FY'20 $412 17.8% $604 12.2% FY'21 $421 TTM Q2 FY'22 18.4% $633 FY'22 Model: 12%-14% TTM Q2 FY'22 FY'22 Model: 18% - 20% Investing for Scale Contracts Management & Renewals Automation, Global Technical Support Automation, Re-imagined www.opentext.com, Learning Management Transformation and many more ● Catalysts for organic growth • Efficiencies in renewals, billings & collections • Increased self-service, driving customer satisfaction Consistent Upper Quartile A-EBITDA Margins (1) Technology Automation and Higher Productivity Total Revenue Growth A- EBITDA 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 2. Represents % of Total Revenue. Non-Linear Headcount Growth OpenText ©2022 All rights reserved 88#89Proven Durable Business Model ARR % of Total Revenues (2) A-EBITDA Margin opentext™ Growing ARR(1) and Upper Quartile Margin(2), (3) 54.4% 29.1% FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 80.9% 37.2% TTM Q2 FY'22 1. Annual recurring revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 2. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 3. Refer to note 1 of our Fiscal 2019 10-K for details on the impact of recently adopted accounting standards on prior period results. FY'22 Model: 81% - 83% FY'22 Model: 35.5% - 36.5% OpenText ©2022 All rights reserved 89#90FY'22 Target Model (3) Revenue Type: Cloud Services and Subscriptions Customer Support Annual Recurring Revenue (ARR) License Professional Services and Other Non-GAAP Gross Margin: Cloud Services and Subscriptions Customer Support License Professional Services and Other Non-GAAP Gross Margin(¹) Non-GAAP Operating Expenses: Research & Development Sales & Marketing General & Admin Depreciation Total Operating Expenses A-EBITDA Margin(¹) Interest and Other Related Expense (USD millions) Adjusted Tax Rate(2) Capital Expenditures (USD millions) opentext™ Fiscal 2021 Actuals 41.6% 39.4% 81.0% 11.4% 7.7% 66.0% 90.9% 96.4% 25.1% 76.1% 12.2% 17.8% 7.3% 2.5% 38.8% $151.6 14% $63.7 Fiscal 2022(3,4) as of Feb 03 42% -44% 37% -39% 81% - 83% 9% -11% 7% -9% 65% - 67% 91% -92% 96% - 98% 23% -24% 75% -77% 12% - 14% 18% - 20% 7% -9% 2% -4% 42% -44% 35.5% - 36.5% $156 - $161 14% $80 - $90 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 2. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. OpenText ©2022 All rights reserved 3. This model is not guidance. 4. Reflects the acquisition of Zix Corporation and Bricata during Q2 Fiscal 2022. 90#91From Present to FY'24 Aspirations FY'22 Target Model Non-GAAP Gross Margins (1) 75% - 77% A-EBITDA Margin(¹) 35.5% - 36.5% TTM Q2'F22 FCF(1) $688.0M (includes IRS settlement payment of $299.6M) opentext™ ● ● ● ● ● FY'23 Key Operational Drivers ARR expansion A-EBITDA margin(1) opportunities: 200 to 400 bps FCF (1) as a % of Total Revenues in high 20s ARR From renewals to expansion Higher automation in contract renewals Annual price adjustments Higher automation in global technical support for increased customer engagement A-EBITDA Margin(1) Non-linear headcount growth, optimized productivity • Digital and automation initiatives in Cost of Sales, R&D, S&M and G&A ● ● FCF(1) as a % of Total Revenues Improved A-EBITDA margins Working capital efficiency 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. FY'24 Aspirations A-EBITDA Margin(1) 38% - 40% FCF(1) $1.2B+ OpenText ©2022 All rights reserved 91#92Sustainable and Profitable Cloud Growth opentext™ ● FY'24 Aspirations Strong enterprise cloud bookings in FY'21 and first six months of FY'22, across many products and geographies with upward trend in large deals Cloud revenue will lead Total Growth Cloud growth and scale will drive higher Non-GAAP gross margin(1) Specific opportunities for margin improvements in enterprise cloud Cloud Revenue (US$M) $1,437 130%+ $605 FY'15 TTM Q2 FY'22 Our Growth Strategy: FY'22 8% - 10% Non-GAAP Cloud Gross Margin(¹) FY'15 60.9% FY'22 Target Model 65% - 67% 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures included within our current and historical filings on Forms 10-Q, 10-K and 8-K. OpenText ©2022 All rights reserved 92#93Path to 85% ARR in FY'24 FY'22 Target Model Cloud Revenues 42% -44% Customer Support Revenues 37% -39% ARR 81% - 83% opentext™ ● Cloud Growth From renewal to expansion Higher automation in contract renewals Annual price adjustments Accelerate deployments on public cloud FY'23 Operational Drivers Customer Support From renewal to expansion Upsell & cross-sell Higher automation in contract renewals Annual price adjustments Higher automation in global technical support for increased customer engagement ● M&A Acquisitions will be ARR focused Target ROIC and FCF returns objectives Proven success acquiring cloud companies E.g., Carbonite & Zix our 9th and 10th cloud acquisitions saw deployment of $2B+ over the last 2 years FY'24 Aspirations ARR 85% OpenText ©2022 All rights reserved 93#94FY'24 Medium-Term Aspirations Organic Growth(1) ARR % of Total Revenue A-EBITDA (2) (margin) Free Cash Flows(²) (FCF) Capital Allocation (3) M&A opentext™ 2% -4% 85% 38% - 40% $1.2B+ 33% of FCF Strategic GROW with OpenText programs Growth in cloud as a percent of total revenues Mid-90s customer support renewals and cloud subscriptions Improved margin through growth, scale and automation Targeting upper 20%'s FCF as percent of revenue 33% dividends and anti-dilutive buybacks 67% for M&A and other corporate purposes M&A is additive to our model 1. Revenue % are year-over-year comparisons. 2. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'22 investor presentation (Feb 3, 2022) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 3. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. OpenText ©2022 All rights reserved 94#95Our Strategic Priorities are Clear Best-in-class operational support to accelerate organic growth Modern work: optimal workplace footprint Optimal debt structure opentext TM Technology investments (internal) & automation World-class integration of acquisitions - growth synergies, ROIC, FCF returns Strong capital deployment strategy - M&A, dividends & buyback Expansion of financial envelope towards innovation Non-linear growth of headcount, increased productivity Expand Canada, US and global investor footprints OpenText ©2022 All rights reserved 95#96opentext™ Thank you twitter.com/opentext in linkedin.com/company/opentext opentext.com