#1opentext™ Investor Day Presentation NASDAQ: OTEX | TSX: OTEX March 11, 2021#2Safe Harbor Statement This presentation may contain 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 created under the Securities Act of 1933, as amended (the Securities Act), and the Securities Exchange Act of 1934, as amended, the Securities Act (Ontario) and Canadian securities legislation in each of the provinces of 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 expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. These forward-looking statements are based on certain assumptions and involve known and unknown risks as well as uncertainties, which include actual and potential risks and uncertainties relating to the ultimate spread of COVID-19, the severity of the disease and the duration of the COVID-19 pandemic. The actual results that we achieve may differ materially from any forward-looking statements, which reflect management's current expectations and projections about future results only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements. A number of factors may materially affect our business, financial condition, operating results and prospects. For additional information with respect to risks and other factors which could occur, see our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission and other securities regulators. Any one of these factors may cause our actual results to differ materially from recent results or from our anticipated future results. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. opentext™ Open Text Confidential. ©2021 All Rights Reserved. 2#3Mark J. Barrenechea Open Text CEO & CTO opentext™ Open Text Confidential. ©2021 All Rights Reserved. 3#4Today's Speakers and Key Messages Mark Barrenechea CEO & CTO Corporate Growth Strategy opentext™ Muhi Majzoub EVP, Chief Product Officer Product Strategy & Increased R&D Investment Ted Harrison EVP, Enterprise Sales Enterprise Growth, G10k, Partner Expansion James McGourlay EVP, Customer Operations Renewals Growth, Expansion Opportunities Prentiss Donohue EVP, SMB/C Sales SMB Growth, MSP/RM M Expansion Gordon Davies EVP, CLO & Corporate Development M & A Strategy, Corporate Citizenship Madhu Ranganathan EVP, CFO Profitability, Returns, and Operating Excellence Open Text Confidential. ©2021 All Rights Reserved. 4#530 Years of Market Defining Leadership 1994 Web Search Market with Yahoo! 1991 Foundation out of University of Waterloo Our Belief 2013 Release 16 Introduction opentext™ 2017 Documentum 2005 2014 Established Content GXS Enter The Business Services Market Network Market Information and knowledge makes business and people better. To be the leading cloud-based Information Our Aspiration Management company, enabling intelligent, secure and connected business. 2020 Cloud Edition Modern Cloud Platform 2019 Carbonite and SMB/C Our Passion 2024 Aspirations Total Revenue Organic Growth of 2% -4% ARR of 85% 2021 GROW with Open Text The Ultimate Cloud™ Deliver compelling innovations that provide our CUSTOMERS competitive advantage. An inclusive environment where passionate, skilled, and diverse EMPLOYEES thrive. Deliver SHAREHOLDER value through growth, profits and capital efficiency improvements. Open Text Confidential. ©2021 All Rights Reserved. 5#6OpenText Snapshot (NASDAQ/TSX:OTEX) Annual Recurring Revenue (ARR) ($US M) 125% $1,080 FY'14 Americas $1,904m Employees: 6,597 $2,433 opentext™ 1 GLOBAL FOOTPRINT ¹ RECURRING & GROWING BUSINESS FY 20 EMEA $942m Employees: 2,741 APJ $264m Employees: 5,006 Revenue and employee data as of FY20 ARR (as of Q2 FY'21) Cloud Growth² Enterprise Customers 80% 265% 75K 470K SMB Customers 287M End Points 89 out of the Top 100 companies Financial Highlights 2Q FY'21 TTM Cloud Revenue Annual Recurring Revenue Total Revenue Adj. EBITDA 3 Adj. EPS (US$/share)³ Free Cash Flows 3,4 US$M $1,364 $2,675 $3,301 +12% $1,280 $3.25 $1,069 (1) Americas consists of countries in North, Central, and South America. EMEA primarily consists of countries in Europe, The Middle East & Africa. Asia Pacific primarily consists of Japan, Australia, China, Korea, Philippines, Singapore, and New Zealand Y/Y Change +41% (2) From FY'14 to 2Q FY'21 TTM (3) Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) 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 (4) Free Cash Flows = Operating Cash Flows minus Capital Expenditures (or "Additions to property & equipment" in the Statement of Cash Flow) +21% +15% +14% +35% Open Text Confidential. ©2021 All Rights Reserved. 6#7Deeply Talented and Experienced Leadership Team Mark J. Barrenechea CEO and CTO Tenure: 9 years Madhu Ranganathan EVP, CFO Tenure: 3 years Kristina Lengyel EVP, Customer Solutions Tenure: <1 year opentext™ Muhi Majzoub EVP, Chief Product Officer Tenure: 9 years Paul Duggan SVP, Revenue Operations Tenure: 4 years Gordon Davies EVP, CLO & Corporate Development Tenure: 12 years Brian Sweeney SVP, CHRO Tenure: 3 years Ted Harrison EVP, Enterprise Sales Tenure: 21 years Doug Parker SVP, Corporate Development Tenure: 12 years James McGourlay EVP, Customer Operations Tenure: 24 years David Jamieson SVP, CIO Tenure: 7 years Prentiss Donohue EVP, SMB/C Sales Tenure: 5 years Lou Blatt SVP, CMO Tenure: 1 year Open Text Confidential. ©2021 All Rights Reserved. 7#8Highly Skilled Board of Directors Tom Jenkins Open Text Chair Gail Hamilton Arrow Electronics Board Member opentext™ Mark Barrenechea Open Text СЕО & СТО Harmit Singh Levi Strauss CFO Kate Stevenson CIBC Chair Enghouse Systems Chair Robert Hau Steve Sadler Fiserv, Inc. CFO Randy Fowlie Dye & Durham, Sapphire Health Board Member Michael Slaunwhite Halogen Software Former CEO Debbie Weinstein LaBarge Weinstein Law Firm Major-General (Ret.) David Fraser Canadian Forces Foundation, Route 1, Inc. Antoxa Corp, Board Member Diverse Skills Industry Expertise Technology Strategy Operational Excellence Finance Legal Capital Markets Experience & Commitment 10+ years of average tenure 82% independent Open Text Confidential. ©2021 All Rights Reserved. 8#9Our Competitive Advantage opentext™ opentext™ | Cloud opentext™ Our people, leadership and expertise • The largest Information Management cloud company and well positioned to grow and extend our lead Modern cloud company Our proven ability to deliver high-impact innovations that make a difference ● Robust financial performance and profile Marquee customers and partners and predictable recurring revenues Our business model, values and purpose drive stakeholder and shareholder value Open Text Confidential. ©2021 All Rights Reserved. 9#10Information Management: A Modern Strategic Platform and more Resource Planning Financials Service & Support Traditional Process Applications Human Resources Sales opentext™ Order Management Supply Chain Process Advantage + and more Security & Data Protection Content Management Experience Platform Modern Information Collaboration Applications Capture Business Networks Archives / Records Information Advantage Superior Results Intelligent, Secure and Connected Business Open Text Confidential. ©2021 All Rights Reserved. 10#11The Information Management Market is Large and Growing Open Text Total Revenue Well Positioned to Extend our Lead • The largest Information Management company in a large and growing market A modern cloud company Marquee install base: • 89 of top 100 companies O ● • 75K Enterprise companies O 470K SMB companies 0 • Comprehensive GTM Modern, fully scalable, cloud-based architecture opentext™ Total Addressable Market¹ Content 1. Source: individual market reports from IDC Business Network Digital Experience Security & Protection Total $24B $20B $21B $19B $84B CY'21 to CY'24 CAGR +11% +7% +7% +6% +8% Total Organic Growth: 2% -4% By FY 2024 Aspirations Annual Recurring Revenue: 85% $1.4B to $3.1 B FY'13 to FY'20 12.5% CAGR FY'13 to FY'20 Open Text Confidential. ©2021 All Rights Reserved. 11#12Well Positioned to Grow - Driven by Market Needs opentext™ Modern Work Security & Data Protection Marquee Install base Modern Experiences Cloud Migration New Customers & Partners Sustainable Supply Chains New cloud work-loads with API services Industry Scale Open Text Confidential. ©2021 All Rights Reserved. 12#13Well Positioned to Grow - Driven by Market Needs opentext™ Modern Work Digitalization Security & Data Protection Cyber Threats Shift to Behaviors Marquee Install Base 75K Enterprise Customers 470K SMB Companies Modern Experiences Direct to Consumer Omni-Channel Cloud Migration Private Cloud Public Cloud New Partners Cloud Platform Hyper-scalers Industry Eco-systems Supply Chains Sustainability Connectivity New Cloud Workloads eSignature Collaboration API Services Industry Scale Fin Serv, Healthcare, CPG, Retail, GVNT, Auto/Transport, Pharma, ... Open Text Confidential. ©2021 All Rights Reserved. 13#14Open Text is a Modern Cloud Company ● ● ● Simplified Go-to-Market 5 Cloud Editions Rapid innovation cycles (every 90 days) Easier to consume new capabilities Redefining customer choice Recurring revenue expansion New routes to market with API services Removing Friction: Scale. through Al & Automation opentext™ Open Text Information Management Platform The Foundation for the Intelligent, Secure and Connected Business Off Cloud, Private Cloud, Public Cloud opentext Cloud Content opentext™ | Cloud Cloud Editions aws opentext Cloud Business Network opentext Cloud Security & Protection Automation and Al OT2 - Cloud API Services Azure opentext Cloud Experience opentext Cloud Developer Google Cloud Off-Cloud Open Text Confidential. ©2021 All Rights Reserved. 14#15Accelerating Growth: Scalable, High-Velocity, Low-Friction Business Model Product is built for: Self-service Upsell Cross-sell Renew opentext™ Product Design New Customer Engagement Model: Pre-sales • Self-sell - upsell, cross-sell • Post-sales - renewals Digital Zone Digitization and Automation: • Automate renewals • Demand creation automation Automate DevOps Automate routine R&D ● Digitization & Automation (DnA 2.0) Removing friction from all company processes Open Text Confidential. ©2021 All Rights Reserved. 15#16GROW with The Ultimate Cloud ™M OpenText Open Text Cloud Editions All Points of Departure Modern Work opentext™ ¶ Business Network um W Digital Experience Po Data Protection & Security Advanced Technology & Experts Cloud Editions The Intelligent, Secure and Connected Businesses The Information Management Journey Open Text Confidential. ©2021 All Rights Reserved. 16#17GROW with Open Text - The Ultimate Cloud T One technology platform. Four deployment choices. Off Cloud (Investment Full Value) License or subscription-based All future product updates, knowledge center, and security alerts/updates. "GROW with Open Text is a set of programs that brings together everything you need to transform your business, accelerate your growth, engage your communities and stay ahead of the competition." Scaling 3 programs in F22 Open Text Optimize, off cloud managed service Dual-usage rights for customers migrating to the Cloud Editions Release 16 Extended Support Program Fees opentext™ Private Cloud (Process/Information Value) Subscription-based Over 3,000 customers run their business in the Open Text private cloud. High value destination for customers with unique process and information requirements All Cloud Editions supported Bring your own license Run anywhere (Open Text, GCP, AWS, Azure) TM ir ob Public Cloud (Standardization Value) Subscription-based Business Network Cloud, Security & Data Protection Cloud, eSignature, CORE... all Public Cloud, today. Expanding the scope and customer choice the deselected airror modifier object With Cloud Editions 21.4, Content Cloud will operate as a public cloud With Cloud Editions 22.2, Experience Cloud will operate as a public cloud is the active Cloud API Services (Embedded Value) Subscription-based Deliver key Information Management capabilities as public API Services. New route-to-market for Open Text, and new future revenue streams Enable the next generation of Information Management Applications Cloud Editions leverage the same API services Open Text Confidential. ©2021 All Rights Reserved. 17#18Comprehensive Go To Market Delivering Information Management to businesses of all size and types wherever they are on their journey IN cat opentext Complete and Direct G10K coverage by end of C23 Unique and scaled reach with MSP/RMM's Digital Zone for Demand, Sales & Support Building Eco-Systems (from SAP, Salesforce, Cerner, McKesson, AT&T) 3,000 dedicated customer success professionals Al driven automation for renewals and support Open Text Confidential. ©2021 All Rights Reserved. 18#19Strong Track Record of Financial Performance Total Revenue (US$ M) 103% $1,625 FY'14 $3,301 Q2 FY'21 TTM opentext™ Annual Recurring Revenue (US$ M) 148% $1,080 FY'14 $2,675 Q2 FY'21 TTM 265% $373 Cloud (US$ M) FY'14 $1,364 Q2 FY'21 TTM A-EBITDA¹ (US$ M) 138% $538 FY'14 $1,280 Q2 FY'21 TTM Upper Quartile A-EBITDA Margin and Free Cash Flow Conversion² 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K 2. FCF Conversion is FCF as a % of Total Revenue for 2Q FY'21 TTM Free Cash Flow ¹ (US$ M) 185% $375 FY'14 $1,069 Q2 FY'21 TTM Open Text Confidential. ©2021 All Rights Reserved. 19#20Strategic Capital Allocation and Strong Liquidity Historical Use of Capital Capital deployed on Acquisitions (US$ M) $1,108 $339 $2,107 $287 $327 $5.8B deployed opentext™ $1,384 $387 $75 Dividends Paid (US$ M) $88 $99 $121 $146 $169 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 $189 $1B+ paid in dividends +153% $42 $77 CAPEX (US$ M) $70 $80 $105 $64 1. Excludes restricted cash. Includes Cash and the Undrawn Revolver of $750m as of December 31, 2020. $73 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 $500M+ CAPEX deployed Ability to grow and generate future returns ● ● • $2.25B Total Available & Committed Liquidity¹ ● ● ● $1.1B Generated FCF over the TTM ● 1.6x Net leverage ratio 14% Low Adj Tax Rate Low capital intensity business Resolved long- standing tax matter Open Text Confidential. ©2021 All Rights Reserved. 20#21How We Create Value Profitability opentext Growth Value Capital Efficiency Growth Profitability Capital Efficiency 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) 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. FCF conversion is FCF as a % of Total Revenue for 2Q FY'21 TTM ● ● ● ● ● 12.5% Total Revenue CAGR (FY'13 to FY'20) Our business is predictable at 80% + ARR F'22 outlook of 1%-2% Total and 3% -4% Cloud organic growth Strong M&A pipeline and new deals additive to our total growth 2Q FY'21 TTM Adj EBITDA¹1 margin of 38.8% with long-term aspiration of 38% to 40% TTM FCF¹ of $1.1B, with long-term aspiration of $1.1B to $1.2B TTM FCF conversion² of 32% Strategic-oriented acquiror Target -20% TTM FCF for dividends High-teens ROIC Open Text Confidential. ©2021 All Rights Reserved. 21#22Our Financial Outlook¹ FY'21 Outlook Total Growth Total Revenue Growth Mid Single Digit opentext™ Cloud Revenue Growth High Teens Introducing FY'22 Outlook Total Revenue Organic Growth 1% -2% Cloud Revenue Organic Growth 3% -4% Total Revenue Organic Growth 2% -4% Introducing FY'24 Long Term Aspirations M&A will be additive ARR % of Total Revenue 85% A-EBITDA Margin 38% -40% Adj. EBITDA Margin over 40% to be re-invested in Organic Growth Free Cash Flows (FCF) $1.1-$1.2B 1. Revenue % are year over year comparisons Open Text Confidential. ©2021 All Rights Reserved. 22#23We Strive To Do The Right Thing 2020 Corporate Citizenship Report K opentext™ ..... opentext™ Rapid Radiology and Open Text Accelerate Diagnostic Results to Help Improve Patient Care Jun 25, 2020 Our Customers Improving Accessibility for Individuals with Visual Impairments Nov 18, 2020 Open Text Enters Agreement to Serve as the Platform of Choice for EIM for the U.S. NIH Aug 6, 2020 Braille Works Our Beliefs GEOL Open Text CEO Issues Call for Corporate Social Responsibility Jul 15, 2019 COMMUNITECH NEWS AITHORITY AL TECHNOLOGY INSIGHTS opentext NIH National Institute of Mental Health Southern Alberta Internet Child Exploitation Unit Customer Reference ALERT Our Communities Open Text Donates US $1M to Global Food Banks Dec 11, 2020 CBC COVID-19 OpenText Provides 4 Million Meals for 58 Communities in 21 Countries Worldwide Dec 11, 2020 Our Employees Covid-19 Showed My Company a Better Way to Work May 12, 2020 RESPONSE SUPE TORONTO STAR FAST COMPANY COVID-19 se Supp Donation of 160538.999 to Theod Open Text Confidential. ©2021 All Rights Reserved. 23#24Our Growth Agenda GROW with The Ultimate Cloud ™ OpenText Open Text Cloud Editions All Points of Departure Modern Work Business Network Digital Experience opentext™ PO. Data Protection & Security ✓ The Intelligent, Secure and Connected Business Cloud Advanced Editions Technology & Experts The Information Management Journey FY'24 Aspirations 2% to 4% Total Revenue Organic Growth 85% ARR FY'24 Aspirations Deep expertise and talent. New and compelling product cycle with Open Text Cloud Editions Marquee Customers: 75K Enterprise, 470K SMB Expanded investments in Products and Go-To- Market $84B TAM growing at 8% FY'21 Outlook Open Text Confidential. ©2021 All Rights Reserved. 24#25Muhi Majzoub Open Text EVP & Chief Product Officer opentext™ Open Text Confidential. ©2021 All Rights Reserved. 25#26Key Messages Unparalleled Information Management (IM) platform built for scale and performance Open Text Cloud platform enabling: • Business Network • Carbonite • Faster delivery of SaaS Applications (eSignature) New path to market developer cloud Cloud Editions ready for Modern Work Advanced Al algorithms integrated into IM Products built for and at the needs of our marquee customer base opentext™ 31. Reed QPurchase Odes Q -CES Sk Cate com-CERN CEN CER CEN n Classifications Base Classifications Disposition 100 29 opentext Content Server O Action C Managed oo Hold-Aut ADTS-INAVE 0 ATV V Search y Acogne No tento doplay Open Text Confidential. ©2021 All Rights Reserved. 26#27Acknowledged Leadership Across Information Management Performers Content Services gen Software. LENGERS Kroll Ontrack AccessData O SER Group Alfresco Software Forrester Wave TM: Enterprise Content Management - Content Platforms, Q3 2019, 24 July 2019 Symantec Hyland Microsoft eDiscovery Nuix Exterro OpenText LEADERS kCura FTI Technology Leaders opentext™ ZyLAB HP Guidance Software IBM LexisNexis Gartner Magic Quadrant for eDiscovery Software, May 2015 Content Services Open Text DERS Strong Performers Microsoft Hyland. Alfresco SER Group iManage Gartner Magic Quadrant for Content Services Platforms, Nov 2020 CHOIC WEBROOT an opentext company LEADERS Bax Process Automation Pegasystems Appian WATERLOO AREA'S TOP EMPLOYERS 2020 Leaders Forrester Wave TM: Software For Digital Process Automation For Deep Deployments,, June, 2019 IBM OpenText O Bizagi Winner PS Commerce Business Network Bamboo Rose Vecco 1 PC PCMAG.COM CHOICE OpenText IDC MarketScape: Multi-Enterprise Supply Chain Commerce Networks 2018 ISIS Papyrus Quadient Infor GT Nexus E2open One Network TrueCommerce Document Automation IT-AWARDS 2019 Leaders OpenText Syncsort IDC MarketScape: Worldwide Customer Communications Management 2020 Vendor Assessment, Mar 2020 Smart BIG INNOVATION QUARE NGERS OpenTex Business Network IBM 2019 MERIT WINNER Oracle International Association of Business Communicators Gold Quill Awards Gartner Magic Quadrant for Multi-enterprise Supply Chain Business Networks, May 2020 SupplyOn Document Automation Xerox (XMPie) Infor One Network Enterpri: PEOPLE'S CHOICE STEVIE AWARDS FOR FA ORITE CUSTOMER SERVICE 2018 WINNER LEADERS FIS Isis Papyrus Cincom Gartner Magic Quadrant for Customer Communications Management Software, Jan 2017 ●Pitney Bowes E2oper Smart Communications GMC Software OpenText BEST BRANDS WEBROOT Great Place To Work. Certifié V петъ Sitecore n Media Management Adobe Stronger current offering ▲ Challengers Aprimo Forrester WaveTM: Digital Asset Management For Customer Experience, Nov, 2019 Agile CMS Contenders Leaders OpenText CoreMedia O Magnolia. Open Text Strong Performers Kantico Contentstar Automattic Crownpeak O Optin O Site O Bloor ⒸSDL Forrester Wave for Agile CMS, Feb 2021 Open Text Confidential. ©2021 All Rights Reserved. 27#28Leadership in Information Management opentext™ | Cloud Content opentext™ | Cloud Business Network opentext™ | Cloud Experience opentext™ | Cloud Security & Protection opentext™ | Cloud Developer opentext™ S 1. Based on Open Text internal research. Growth Driver Modern Work Global Sustainable & Ethical Supply Chains Personalized Omni Channel Experiences Cyber Resilience API Services Submarket Leadership¹ ● Document, Records & Archive Management • Capture • Business Network Connectivity • Global Invoicing Compliance • Omni Channel Communications • Digital Fax • Backup & Recovery • Anti virus protection • Intelligent Capture • BrightCloud Threat Intelligence Selected Growth Opportunities • eSignature • Collaboration • Integration & data management • SaaS workloads Data and user experience integration ● • Digital Investigations and Forensics • End point backup • Media management • Magellan text mining • Dev studio low code Open Text Confidential. ©2021 All Rights Reserved. 28#29TM Open Text Cloud Editions: The Ultimate Cloud T OpenText Information Management Platform The Foundation for the Intelligent, Secure and Connected Business opentext Cloud Content opentext™ | Cloud Off Cloud, Private Cloud, Public Cloud opentext™ Cloud Editions aws opentext Cloud Business Network opentext Cloud Security & Protection Automation and Al OT2 - Cloud API Services Azure opentext | Cloud Experience opentext Cloud Developer Google Cloud Off-Cloud The Ultimate Cloud™ is: Global • Secure ● Always on (99.99% Availability) • Compliant (GDPR, Data Zones ...) • Modern - API services ● ● Run Anywhere: off-cloud, private cloud, public cloud Open Text Confidential. ©2021 All Rights Reserved. 29#30● ● ● ● ● Open Text Cloud Cloud Editions: The Ultimate Cloud opentext™ | Cloud Content Collaboration for Modern Work Digital Signature* Core Supplier Xchange * Regulatory Compliance for Pharma* Intelligent Viewing * Intelligent Folder - Classification of Content Core Capture & Intelligent Filing * Content Sharing for remote workers * Modeling of Building Information * opentext™ ● ● More connectors to our A2A library * • loT Solution Accelerators EDI for SMB Solution Visibility tracking for transaction * Mapping Tools * Programmable Grid * Integration to Content Cloud* ● ● opentext | Cloud Business Network ● Country expansion for supply chain * * = SaaS multi-tenant apps * opentext | Cloud Experience • Al Image analysis in Media Management ● Analytics for Twilio and Ring Central • Cloud Fax Integration with Cerner EMR * Marketing Hub in other applications with embeddable DAM UX Customer communication new design studio Template rationalization and migration for Exstream opentext | Cloud Security & Protection • EnCase in Azure and AWS Marketplace OCR for Forensic Investigations • Automated evidence. processing • CSB HyperV backup features & Reduce RPO to 1 hour * • DNS Support for Dynamic IP * Improve efficacy with USB block, foreign code shield and enhanced threat reporting TM ● ● ● ● ● ● ● opentext™ | Cloud Developer Developer Portal * Administration Center and Sandbox test environments Core Signature Service loT Mobile Device provisioning Advanced Workflow Service * Document Generation Service SMS Notification REST API * Records Management Service * Open Text Confidential. ©2021 All Rights Reserved. 30#31● Expand market awareness of our existing Developer business to spur new partnerships opentext™ | Cloud Developer https://developer.opentext.com/ Unique services for the next generation of SaaS products How We Grow Create new opportunities outside our existing customer base ● ● Expand our partnerships to create revenue multipliers Simplify our customer's route to secure cloud information management opentext™ opentext | Developer Learn APIS Resources Community Developer Experience Unleash the power and creativity of your Developer teams through the use of our API's, tools and services. Search Capture & Digitize Multi-channel capture and advanced recognition capabilities Learn more Q Process & Automate Low-code/no-code process and dynamic case management capabilities Learn more View & Communicate Content customization / personalization and output management capabilities Learn more Store & Manage Secure and flexible content services capabilities Learn more Search & Discover Enterprise federated search and electronic discovery capabilities Learn more Protect & Secure Information and end-point security and management capabilities Learn more Q Sign up Analyze & Report Prescriptive and predictive analytics and reporting capabilities Learn more Sign in Integrate & Access Remote desktop and virtual desktop infrastructure capabilities Learn more Open Text Confidential. ©2021 All Rights Reserved. 31#32Customer Example - Benefits of Cloud Case study: • Chevron | Oil & Gas Results: CE Upgrade in 3-4 weeks compared to 1-2 years Upgrade cost savings now spent on innovation and value adds ● "Typical upgrades are 2 years long, and painful, and going into production in less than a month after Open Text releases is a dream come true." opentext™ KKKKKKK www (¯¯¯¯¯¯X) ZZZZZZZZ Chevron Open Text Confidential. ©2021 All Rights Reserved. 32#33Information Management: Investing to Win 4,500+ Developers up 4x over 8 years. 1,000+ Patents opentext R&D% of Total Revenues R&D US$ R&D Investment ($ and in % of Total Revenue) ¹,² 10.5% 194 M FY'15 11.0% 317 M 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) 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. 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'19 11.7% 365 M FY'20 12-14% FY'21 $2.2B+ investment in R&D over the next 5 years Open Text Confidential. ©2021 All Rights Reserved. 33#34R&D Key Investments Content Services Public Cloud 21.4 • SaaS Public Cloud Content Management Integrations with: ● opentext | Cloud Content ● SAP S/4HANA Essential SAP SuccessFactors opentext Cloud Experience opentext™ ● ● Expanded integrations with: ● Salesforce • Microsoft 365 and Others xECM for Documentum for Salesforce Digital Experience Public Cloud 22.2 Unifying Customer Data Platform (CDP) Design and authoring • API services ● Expanded omni-channel capabilities in: • email • notifications fax and more opentext | Cloud Business Network A Revolution in Business-to-Business Connection • Ethical supply chain risk and reputation visibility • Any-to-Any Connectivity . opentext Cloud Security & Protection ● Immediate Partner • Discovery Digital Investigations & Forensics Leadership Unification of Carbonite products in a single console • Security Products ready for enterprise • Advanced consumer mobile features Ethical sourcing Surveying ● • Connectivity ● Expanded forensic platform capabilities including: Cloud/off cloud deployment • OCR Social media artifacts • Cloud artifacts • Automated workflows Open Text Confidential. ©2021 All Rights Reserved. 34#35Our Growth Agenda • Cloud consumption ● • R&D key investments ● • Creating new routes to market ● opentext™ Open Text Confidential. ©2021 All Rights Reserved. 35#36Simon "Ted" Harrison Open Text EVP, Enterprise Sales opentext™ Open Text Confidential. ©2021 All Rights Reserved. 36#37Key Messages Market Leadership in Information Management Organic growth driven by direct sales and strong partner ecosystem Growth is built into our go-to-market Increasing G10K coverage New cloud customers ● • Cloud upsell and cross-sell Migration to Cloud Editions Leverage strategic partnerships ● ● ● opentext™ Open Text Confidential. ©2021 All Rights Reserved. 37#38The World's Leading Companies Trust OpenText Life Sciences 10 of top 10 Syngene opentext™ 89 out of top 100 largest companies in the world¹ Financial 8 of top 10 cíti Consumer Goods 10 of top 10 Technology 10 of top 10 L'ORÉAL Google 1. The top 100 is based on the Forbes Global 2000 listing (2019) Great foundation for future growth Manufacturing 10 of top 10 B M W Telecom 8 of top 10 Ovodafone Open Text Confidential. ©2021 All Rights Reserved. 38#39● ● $24B TAM¹ Market growth rate¹ +11% Open Text is a market leader¹ >10,000 enterprise customers Growing cloud adoption opentext™ | Cloud Content How We Grow ● ● ● Enabling Modern Work Platform consolidation Integration with SAP Salesforce and Microsoft Public sector share gains ● • Accelerating cloud opportunities opentext™ 1. Based on IDC and Open Text internal research. 539 opentexte 041 ABB Google NIH National Institutes of Health Office of Management SNCF RÉSEAU Open Text Confidential. ©2021 All Rights Reserved. 39#40● • $20B TAM1 ● ● ● opentext™ | Cloud Business Network Market growth rate¹: +7% Open Text is market leader¹ Fully cloud 21 of 25 largest supply chains run Open Text 2 million trading partners on our platform How We Grow ● • Supply chain disruption and optimization International e-invoicing ● ● New Trading Grid SaaS applications opentext™ 1. Based on IDC and Open Text internal research. M W gm citi Nestle Ⓡ L'ORÉAL Open Text Confidential. ©2021 All Rights Reserved. 40#41Supply Chain Leaders Agree Open Text Business Network Serves 21 of Gartner's 'Supply Chain Top 25' for 2020¹ 25 1. Cisco 2. Colgate Palmolive 3. Johnson & Johnson 4. Schneider Electric 5. Nestlé 6. PepsiCo 7. Alibaba 8. Intel 9. Inditex 10. L'Oréal 11. Walmart 12. HP Inc. 13. Coca-Cola opentext™ 14. Diageo ✓ 15. Lenovo ✓ 16. Nike 17. Abbvie ✓ 18. BMW 19. Starbucks 20. H&M 21. British American Tobacco ✓ 22.3M 23. Reckitt Benckiser ✓ 24. Biogen 25. Kimberly Clark 1. "Gartner Supply Chain Top 25 Results for 2020", Mike Griswold, June 26, 2020 Gartner. Supply Chain Top 25 Rankings based on ● ● ● Peer opinion Gartner opinion Return on Assets Inventory turnover Revenue growth In addition to Gartner's Top 25 Supply Chains, Open Text also serves four of five Gartner 'Supply Chain Masters': Apple, Unilever, P&G and Amazon Open Text Confidential. ©2021 All Rights Reserved. 41#42● ● ● ● ● ● ● $21B TAM1 Market growth rate¹ : +7% Leadership in omni-channel communications ¹ Growing cloud adoption Web Content Management Digital Asset Management Customer Experience Management platform opentext™ | Cloud Experience How We Grow Integrated DXP platform offering Remote customer engagement model High-availability cloud services Google partnership ● ● ● opentext™ 1. Based on IDC and Open Text internal research. CHIT Allstate QUOTE NOW ( -- Get a Quick Quote Today der 5 minutes in under Gece rate in und Allstate. You're in good hands. BARCLAYS Nestlé DAIMLER Daimler Financial Services Open Text Confidential. ©2021 All Rights Reserved. 42#43Complete Go-To-Market Coverage Engage, service and support customers when, how and where they want Enterprise Solutions Strategic Partners Direct 2,000+ Field Facing Professionals opentext™ SAP Google Cloud Microsoft aws Web Digital Zone Open Text Confidential. ©2021 All Rights Reserved. 43#44The Open Text Go-to-Market Model High touch model to increase our share of Global 10,000 (G10K) largest accounts spend Enterprise Account Executives Inside Sales Representatives opentext™ Global Account Managers Partner Account Managers O O Global Accounts Enterprise Accounts Corporate Accounts 2,000+ Field-Facing Sales Professionals Solution Consultants Value Engineers Account Development Representatives Business Development Managers Open Text Confidential. ©2021 All Rights Reserved. 44#45The Open Text Digital Zone: Reducing Friction in Customer Engagement ● ● ● Personalized Assets and Webinars Self Service Demos Try Before You Buy opentext™ Digital Events Platform Account Based Marketing March 2020: all meetings became remote; all events became virtual OpenText's response: the Digital Zone; an online location for interaction, and knowledge center for customers in early discovery Today: remote face-to-face sales meetings are at an all-time high, customer attendance to virtual events is 300% higher than in-person Open Text Confidential. ©2021 All Rights Reserved. 45#46New Customers: Broadening our G10K Coverage Current Coverage North America (76%) opentext™ Latin America (36%) Europe (66%) Emerging Markets (26%) APAC (39%) Japan (39%) ● ● ● ● Marquee customers with transformative requirements Covering 58% of the G10K, increase of 18 percentage points since 2019 4,500 covered in FY20, tracking 5,800 in FY21 On track to reach full coverage by end of CY23 Open Text Confidential. ©2021 All Rights Reserved. 46#47Key Growth Opportunities. Cloud New Customers Plan to achieve 100% coverage of G 10K Competitive displacement programs OT 'Sales University' for rapid on-boarding opentext™ ● Cloud Expansion All G10K customers have high-touch Enterprise AE's Adoption and consumption is driven by new use-cases Customers' digitization journey drives continually increasing consumption ● Cloud Cross-Sell Complementary products arranged by BU Cross-selling incented throughout company Packaged solutions cross product families Open Text Partnerships Cloud Migration The opportunity for R16 customers to take advantage of Cloud Editions Opportunity to consume both private and public cloud A multi-year opportunity . We also continue to invest in our off-cloud Hyperscalers, Global System Integrators, OEM, VAR, Distribution, Technology Partners, Developers Open Text Confidential. ©2021 All Rights Reserved. 47#48Key Growth Opportunities Cloud New Customers McCain opentext™ Cloud Expansion Government aws Gouvernement du Canada Canada Cloud Cross-Sell salesforce Allstate. Open Text Partnerships Cloud Migration SNCF SAP accenture Deloitte. TATA Open Text Confidential. ©2021 All Rights Reserved. 48#49OpenText Strategic Partnerships - Examples. opentext™ Platform Partners SAP salesforce Google Cloud aws Microsoft Market Partners DELL AT&T Cerner Open Text Confidential. ©2021 All Rights Reserved. 49#50Our Growth Agenda • Go-to-market expansion • Full G10K coverage • Grow with Open Text program ● • Cloud Edition consumption ● opentext™ Open Text Confidential. ©2021 All Rights Reserved. 50#51James McGourlay Open Text EVP, Customer Operations opentext™ Open Text Confidential. ©2021 All Rights Reserved. 51#52Key Messages Consistent growth and profitability driven by: ● • Satisfied customers Proven renewals process ● Pricing/packaging/contracting • Global team of customer operations professionals ● Clear path to growth through: • Proven value of our product and security updates Expansion at time of renewal Annual price uplifts ● ● opentext™ Open Text Confidential. ©2021 All Rights Reserved. 52#53Customers' Satisfaction Drives Growth and Profitability 96% Highest Quality opentext™ Customer Satisfaction (CSAT) High Availability Complete Voice of Customer 000 11 Net Promoter Score (NPS) Expansion Opportunities Rapid Deployment Open Text Confidential. ©2021 All Rights Reserved. 53#54The Digital Zone: Improving the Customer Experience C ● Reimagining Customer Support Starting with the customer experience Customer self-service ● • Data-driven response automation ● Data and insight to speed feedback on product usage and opportunity opentext™ ● Automated renewals Customer outreach Predictive analytics Risk identification • Expansion opportunities ● ● Digitizing Renewals ● Harnessing Al • Renewal risk scoring Identifying expansion opportunity ● • Virtual assistant Open Text Confidential. ©2021 All Rights Reserved. 54#55Open Text Renewals Systems & Reporting opentext™ Policy, Controls & Procedures Customer Feedback Data Expansion Sentiment Analysis Upgrade & Migrate Customer Satisfaction Data Partners Community Model Trouble Ticket Information Magellan Advanced Analytics Business Intelligence Renewal Behavior Open Text Confidential. ©2021 All Rights Reserved. 55#56Sustainable Growth Annual Recurring Revenue (ARR) ($US M) 125% $1,080 FY'14 opentext™ $2,433 FY'20 1. For the quarter ended December 31, 2020. Excludes Carbonite Off-Cloud 94% Renewal Rate ¹ Cloud 96% Renewal Rate ¹ > Targeting Upper Quartile Renewal Rates Compelling product and security updates • Proven highly effective model of Land, Adopt, Expand, Renew (LAER) Provide best in class expertise both in systems and people Open Text Confidential. ©2021 All Rights Reserved. 56#57Net Uplifts and Expansions Net Uplifts Off-Cloud Renewals 94% Renewal Rate¹ Cross-sell/upsell at renewal • Expand product offerings at renewal • Annual uplift Renewal teams to sell more product opentext™ 1. For the quarter ended December 31, 2020. Excludes Carbonite Net Uplifts ● Higher volume and workloads • Expansion at the time of renewal, particularly BN • Early renewals at higher tier and extended life Additional applications • Managed Service upsell of revenues • Service programs Cloud Renewals 96% Renewal Rate¹ ● Open Text Confidential. ©2021 All Rights Reserved. 57#58Customer Success Story Case study: Documentum customer since 2001 . Over 20 business applications now leveraging Content Server Business Network client since 2009 • Utilizes the entire portfolio of Open Text's ● Business Network products and services . 70% of all Nestle's EDI traffic is conducted on the Open Text platform opentext™ Nestlē Open Text Confidential. ©2021 All Rights Reserved. 58#59Our Growth Agenda • Compelling product and security updates ● • Systematic value capture through pricing and packages • Expansion at time of renewal ● • Sustained high renewal rates ● opentext™ Open Text Confidential. ©2021 All Rights Reserved. 59#60Prentiss Donohue Open Text EVP, SMB/C Sales opentext™ Open Text Confidential. ©2021 All Rights Reserved. 60#61O Key Messages Security & Data Protection Cloud-platform approach Partner model built for scale SMB product direct to buyer Grow Via: RMM/MSP expansion Reseller development Expanding BrightCloud Threat Intelligence OEM • Unified Endpoint Platform ● ● ● opentext™ ausoooo8.00 www Open Text Confidential. ©2021 All Rights Reserved. 61#62Growing Cyber Threats ● ● ● ● ● ● Everything and everyone connected (Modern Work) Vanishing network and security perimeter SMBs under increasingly sophisticated attacks Data migration to the cloud Talent shortage Data privacy and related protection requirements opentext™ WURD Open Text Confidential. ©2021 All Rights Reserved. 62 LA E#63SMB Go-To-Market: Expansion Opportunity Engage, service and support customers when, how and where they want Channels RMM & MSPs 16,000+ opentext™ Resellers 1,200+ OEM BrightCloud Threat Intelligence an opentext company 130+ Comprehensive route to market Direct to Buyer CARBONITEⓇ an opentext company WEBROOT an opentext company Open Text Confidential. ©2021 All Rights Reserved. 63#64• $19B TAM ¹ ● opentext™ | Cloud Security & Protection ● Market growth rate¹ : +6% • Leadership in Data Backup and Recovery¹ Fully cloud ● Partner Expansion² • RMMS ● • MSPs ● VARS opentext ● • Alliance • OEMs ● • VSBS ● User CH John Doe A Caps Lock John Doe s Patty Doe Ed Doe Daryl Doe 19 Q Stephanie Doe A f S 7 C Operating system Windows 10 S Windows 8.1 Windows 10 E X Windows Server Windows 8 D 5 AR D R " 5 C. T 2 6 V G Status OK ✓ Unconfigured OK x V OK Warning Unconfigured 30 H H U. N 1. Based on IDC and Open Text internal research. 2. RMM: Remote Monitoring and Management, MSP: Managed Service Provider, VAR: Value Added Resellers, OEM: Original Equipment Manufacturer, VSB: Very Small Businesses Availability Online Online Online Offline (8/4/2017) Online O L < MC fiserv. ninja Kaseya DATANATIONAL Insight pax8 ConnectWise IRON MOUNTAINⓇ Open Text Confidential. ©2021 All Rights Reserved. 64#65Information Management and Cyber Resilience Journey opentext™ Aspirational Growth via Open Text Products: Collaboration | eSignature | On-Demand Messaging www Open Text Confidential. ©2021 All Rights Reserved. 65#66SMB Customer and Cloud Scale 130+ Threat Intelligence Partners opentext™ 470K Protected Businesses 287M+ Endpoints 500B Data Objects Analyzed Daily 7M+ Direct to Buyer Open Text Confidential. ©2021 All Rights Reserved. 66#67Competitive Advantage: Single End-to-End Platform opentext™ Cloud Security & Protection opentext™ Modern Work Block Protect Backup Recover Investigate Webroot DNS Protection Webroot Business Endpoint Protection Carbonite® Endpoint Backup for Microsoft 365 Server Backup Carbonite®Ⓡ Recover Availability EnCase products ......... CISCO. SOPHOS datto VEEAM Open Text Confidential. ©2021 All Rights Reserved. 67#68Expanding Our Threat Intelligence Business Networking Providers T||||||| CISCO 130 f5 Akamai aruba citrix. Enterprise company opentext™ Targeting 1,000+ Technology Providers ● ● Payment providers Insurance Hyperscalers General B2B Systems vendors Open Text Confidential. ©2021 All Rights Reserved. 68#69Broad Recognition from Customers and Partners Product Channel SMALL SE AAA OCT-DEC 2020 BUSINESS EN abs EDGE COMPUTING 100 2020 opentext™ OINT PROTECTION PC PCMAG.COM EDITORS' CHOICE THECHANNELCO. THECHANNELCO. CRN CRN 22 TIME WINNER TECH INNOVATORS 2020 READERS THECHANNELCO. CRN SECURITY 100 2021 CHOICA PC PCMAG.COM RESELLER CHOICE AWARDS eCN eCN 2020 Expert Insights Best-Of Security Awareness Training 2021 Other GOLD 2021 STEVIE WINNER FOR SALES & CUSTOMER SERVICE Expert Insights Best-Of Office 365 Backup & Recovery 2021 BRONZE 2021 STEVIE WINNER FOR SALES & CUSTOMER SERVICE Expert Insights Best-Of Endpoint Security 2021 WEBROOT an opentext company MOST ENGAGED ADVOCATE COMMUNITY Open Text Confidential. ©2021 All Rights Reserved. 69#70Our Growth Agenda ● ● ● RMM/MSP expansion Reseller development Expanding BrightCloud Threat Intelligence OEM Unified Endpoint Platform opentext™ Open Text Confidential. ©2021 All Rights Reserved. 70#71Gordon A. Davies Open Text EVP, Chief Legal Officer & Corporate Development opentext™ Open Text Confidential. ©2021 All Rights Reserved. 71#72Key Messages • Solid history of strategic, disciplined, value- ● based acquisitions ● • Strategic M&A has provided the foundation for our Information Management business • In-house, full suite, end-to-end acquisition and integration framework Market opportunities across all core markets ● opentext™ Open Text Confidential. ©2021 All Rights Reserved. 72#73Strategic M&A: Foundation for Our Business GXS 2014 opentext™ | Cloud Business Network opentext™ Various HP Assets 2016 opentext™ | Cloud Experience documentum CARBONITEO 2017 opentext™ | Cloud Content 2019 opentext™ | Cloud Security & Protection Open Text Confidential. ©2021 All Rights Reserved. 73#74Total Growth Acquisition Philosophy We are: Patient and disciplined Value-based • Returns driven Target characteristics: ● • IM market leadership Significant ARR ● ● ● • Cross-sell/upsell opportunities Bring assets into Organic Growth: In-house expertise in diligence and close workings with the business • Provides an excellent framework to bring all assets to organic growth opentext™ Carbonite Case Study Acquired Strategic Rationale Revenue Synergies ● . ● 12/24/19 for 2.8x 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 Expense Synergies Improved cash conversion cycle 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 ●●00 P 00 Open Text Confidential. ©2021 All Rights Reserved. 74#75Proven Successful M&A Process x Source Pipeline Generation and Deal Execution 5 GTM deal teams aligned to our businesses Generate and own M&A target pipeline Negotiate and close transactions opentext™ Engage Sales and Product Analysis • Support product, engineering and GTM M&A due diligence and integration activities Diligence Market Segmentation Acquire Financial Analysis and Strategy 25 dedicated professionals • Provide market segmentation analysis to support target identification, M&A market dynamics, and M&A due diligence analysis • Provide support in all financial elements of target identification, acquisition business models, and integration KPI tracking Integrate Pre-Integration and Integration • Provide support for all aspects of pre-integration and integration planning • Project management Continuous performance tracking post-acquisition Open Text Confidential. ©2021 All Rights Reserved. 75#76Corporate Citizenship Reflects our Culture O Corporate Citizenship Report Progress We've Made: First Corporate Citizenship Report published ● • Identified ESG reporting gaps and increased disclosure ESG ratings improvement Disclosure gap analysis Open Text Acts of Kindness • Voyager Fund ● ● Where We're Going: Implementing reporting best practices • Industry reporting framework adoption Invest in initiatives to increase disclosures Continue improving ESG ratings ● ● opentext™ ΚΑΙ ISS ESG Bloomberg N ESG Ratings Improvement ecovadis ... SAM Now a Part of S&P Global opentext™ SUSTAINALYTICS a Morningstar company CDP MSCI ANAN Open Text Confidential. ©2021 All Rights Reserved. 76#77Our Growth Agenda • Focus on value-based, returns driven ● opportunities • We expect to deploy capital in CY'21 • Lead by example in Corporate ● Citizenship opentext™ Open Text Confidential. ©2021 All Rights Reserved. 77#78Madhu Ranganathan Open Text EVP, Chief Financial Officer opentext™ 59 Open Text Confidential. ©2021 All Rights Reserved. 78#79Key Messages ● ● How we create value Strategic and continuous investments to drive organic growth • A profitable and predictable business. ● • Financial strength for returns-driven capital allocation ● • Operating and DnA 2.0 (Digital and Automation) initiatives • FY'21 outlook and long-term growth aspirations ● Our growth agenda ● opentext™ Open Text Confidential. ©2021 All Rights Reserved. 79#80How We Create Value Profitability opentext Growth Value Capital Efficiency Growth Profitability Capital Efficiency 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) 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. FCF conversion is FCF as a % of Total Revenue for 2Q FY'21 TTM ● ● ● ● ● 12.5% Total Revenue CAGR (FY'13 to FY'20) Our business is predictable at 80% + ARR F'22 outlook of 1%-2% Total and 3% -4% Cloud organic growth Strong M&A pipeline and new deals additive to our total growth 2Q FY'21 TTM Adj EBITDA¹1 margin of 38.8% with long-term aspiration of 38% to 40% TTM FCF¹ of $1.1B, with long-term aspiration of $1.1B to $1.2B TTM FCF conversion² of 32% Strategic-oriented acquiror Target -20% TTM FCF for dividends High-teens ROIC Open Text Confidential. ©2021 All Rights Reserved. 80#81Strategic & Continuous Investments to Drive Organic Growth Fiscal 2019 Fiscal 2020 Fiscal 2021 Results Investing in Growth Results Model(2) TTM R&D = $400M & +$2.2 B investment over the next 5 years 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 EBITDA Margin(1) Free Cash Flow Conversion (1) Capital Expenditures (USD M) opentext™ 31.6% 43.5% 75.1% 14.9% 9.9% 57.8% 90.1% 96.6% 21.8% 74.1% 11.0% 17.8% 6.9% 3.4% 38.4% 28.3% $64 37.2% 41.0% 78.2% 13.0% 8.8% 61.3% 90.4% 97.2% 22.7% 74.5% 11.7% 18.5% 7.3% 2.9% 36.9% 28.4% $73 41% -43% 38% -42% 81% - 83% 9% -12% 6% -9% 63% - 65% 89% - 91% 96% - 98% 20% -22% 74% -76% 12% -14% 18% - 20% 6% -8% 2% -4% 37% -38% 32.4% (1) $85 - $95 ● Direct sales model, strategic partnerships, channel-first SMB 2,000 field-facing direct sales professionals, high- touch model for Global 10K Acquisitions to operating model - GXS, ECD, Carbonite all integrated in 12 months or less Key driver for innovation and organic growth Upper Quartile position for A-EBITDA Margin and FCF Conversion % (FCF/Total Revenue) 1 Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 Investor presentation (February 4th, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 2. This model is not guidance. Open Text Confidential. ©2021 All Rights Reserved. 81#82A Profitable and Predictable Business Model Growing ARR, Expanding Margin and Free Cash Flows ¹,2 ARR % of Total Revenues A-EBITDA¹ % Margin FCF¹ % of Total Revenues opentext 54.2% FY'11 29.7% 18.1% FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 Investor presentation (February 4th, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 2. Refer to note 1 of our Fiscal 2019 10-K for details on the impact of recently adopted accounting standards on prior period results. FY'19 78.2% 36.9% 28.4% FY'20 FY'21 Model: 81% -83% FY'21 Model: 37% -38% TTM Q2 FY'21 32% Open Text Confidential. ©2021 All Rights Reserved. 82#83Financial Strength for Returns Driven Capital Allocation Consolidated Net Leverage Ratio ¹ Highlights TTM Q2 FY'21 (US$ M) Solid De-leverage Operating Cash Flows Less: CapEx Free Cash Flows Less: Principal² Less: Dividends Cash Generated for Corporate Purposes ³ FCF conversion % (FCF / Total Revenue)4 A-EBITDA4 to OCF conversion% opentext™ $1,126 $57 $1,069 $10 $196 $863 32% 88% ECD 2.50x Q3 FY'17 Carbonite 2.28x Q2 FY'20 Guidance + Covisant 2.61x Q1 FY'18 1.60x Q2 FY'21 1.72x Q1 FY'19 From ECD ($1.6B), Guidance & Covisint ($306 M), reduced leverage from 2.50x to 1.72x in < 2years From Carbonite ($1.4B) acquisition, reduced leverage from 2.28x to 1.60x in less than 12 months 1. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. 2. Excludes $600 million repayment, from cash on hand, of funds previously drawn on the Revolver during the three-month period ended December 31, 2020. As of December 31, 2020, we had no outstanding balance under the Revolver. 3. Corporate purposes may include Total Growth Strategy, debt repayment, share repurchases, or other initiatives. Open Text Confidential. ©2021 All Rights Reserved. 4. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 Investor presentation (February 4th, 2021) 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. 83#84Operating Framework to Drive Growth Renewals and Support Radical automation - ● ● ● Cloud/Off-Cloud Sell more product and value Highest return on invested $ opentext™ Research and Development Returns based R&D ● ● Higher automation across R&D Self-service and low touch products Gross Margin • Cloud - low/mid 60s in 12 months: frictionless cloud process • DevOps automation • Software COGS = 100 - 200 bps ● General and Administrative Non-linear resource growth vs. linear revenue growth Automation - beyond ERP ● ● Sales and Marketing Higher ROI on selling efforts through Digital Zone • Scale channel first SMB model Automate demand creation: faster GTM and higher ROI Carry forward Covid-driven value gains to Modern Work Open Text Confidential. ©2021 All Rights Reserved. 84#85DnA 2.0 - Digital and Automation Initiatives. • Digitization to support long terms aspirations for growth, margin and free cash flows • Drive non-linear growth of resources for linear growth in revenues Leadership at all levels will become Digital Sponsors & Program Managers, leveraging Open Text solutions Automation from transaction levels to Value and Innovation Centralized Procurement and Supplier org will enable higher efficiencies and online transaction processing opentext™ Modern Work: Covid driven productivity drivers to continue and deliver higher ROI Examples: Pre-sales, Professional Services Quote, Billing and Collections increased Al and ML capabilities Higher leverage of core internal systems - SAP, Salesforce, Microsoft Reimagining Customer Experience through investments in Digital Zone Open Text Confidential. ©2021 All Rights Reserved. 85#86GROW with The Ultimate Cloud ™M OpenText Open Text Cloud Editions All Points of Departure Modern Work opentext™ ¶ Business Network um W Digital Experience Po Data Protection & Security Advanced Technology & Experts Cloud Editions The Intelligent, Secure and Connected Businesses The Information Management Journey Open Text Confidential. ©2021 All Rights Reserved. 86#87FY'21 OpenText Total Growth Strategy Confirming FY'21 Outlook opentext FY'20 Actual² TM $1,157.7 $1,275.6 $2,433.3 $402.9 $273.6 $3,109.7 1. As of February 4, 2021. 2. All dollars in USD millions. Cloud Customer Support ARR License Professional Service Total Revenues New M&A Y/Y Expected % Growth ¹ High teens Low single-digit High single to low-double digit Decline Decline Mid single-digit Additive Open Text Confidential. ©2021 All Rights Reserved. 87#88Our Financial Outlook¹ FY'21 Outlook Total Growth Total Revenue Growth Mid Single Digit opentext™ Cloud Revenue Growth High Teens Introducing FY'22 Outlook Total Revenue Organic Growth 1% -2% 1. Revenue % are year over year comparisons Cloud Revenue Organic Growth 3% -4% Total Revenue Organic Growth 2% -4% Introducing FY'24 Long Term Aspirations M&A will be additive ARR % of Total Revenue 85% A-EBITDA Margin 38% -40% Adj. EBITDA Margin over 40% to be re-invested in Organic Growth Free Cash Flows (FCF) $1.1-$1.2B Open Text Confidential. ©2021 All Rights Reserved. 88#89Our Growth Agenda Creating Value Through Growth, Profitability and Capital Efficiency Operating Excellence, in all its elements, will drive Growth, opentext™ Higher Annual Recurring Revenue (ARR) will drive predictability in Growth Increased investment in products and GTM (direct and channel at scale) will drive Growth and market share gains Cloud revenues driven by The Ultimate Cloud™ will lead Growth Adj EBITDA Margin dollars > 38% -40% will fuel long-term Growth aspirations through re- investment Net uplifts & expansion will drive Growth in our marquee customers Balance Sheet strength and flexibility for Growth and additive M&A Open Text Confidential. ©2021 All Rights Reserved. 89#90opentext Thank you TM twitter.com/opentext in linkedin.com/company/opentext opentext.com