#1Investor Presentation NASDAQ: OTEX | TSX: OTEX May 4, 2022 opentext™#2Safe 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," "might," "will" and variations of these words or similar expressions, we do so to identify forward-looking statements or information under applicable securities laws. In addition, any statements or information 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. Management's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. 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™ OpenText ©2022 All rights reserved 2#3Q3 Fiscal 2022 Financial Results opentext™ OpenText ©2022 All rights reserved 3#4Q3 Fiscal 2022 Financial Highlights with Y/Y comparisons Reflects continued investments in talent, innovation and go-to-market to drive organic growth Trailing Twelve Months (TTM) Ending Q3 FY'22 Total Revenues ARR (2) Cloud Revenues A-EBITDA (3) Non-GAAP Earnings Per Share (³) Free Cash Flows (³) (Prior year includes IRS settlement payment of $290.0 million) Q3 FY'22 opentext™ $882.3M $734.5M 83% of total revenues $401.9M $284.5M 32.2% (margin) $0.70 $306.0M ▲ 5.9% ▲8.0% in CC (1) ▲ 6.2% ▲ 8.1% in CC ▲ 13.0% ▲ 14.3% in CC ▼ (4.3)% ▼ (1.5)% in CC ▼ (6.7)% ▼ (2.7)% in CC ▲ 508.8% Total Revenues ARR (2) Cloud Revenues A-EBITDA (3) Non-GAAP Earnings Per Share (³) Free Cash Flows (³) $3.48B $2.82B 81% of total revenues $1.48B $1.27B 36.3% (margin) $3.22 $943.7M 1. CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. 2. Annual recurring revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 3. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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. ▲ 5.0% 4.2% in CC ▲ 4.3% 3.6% in CC ▲ 7.5% ▲ 7.1% in CC ▼ (3.9)% ▼ (3.8)% in CC (5.0)% ▼ (4.4)% in CC ▲ 17.1% OpenText ©2022 All rights reserved 4#5Q3 FY'22 Customer Wins Business Network Booz Allen Hamilton is an American management and information technology consulting firm Products: Open Text PLM Managed Services Business Purpose: To provide client information across more domains and departments Cyber Resilience Booz | Allen | Hamilton WW NBI Philippine National Service of Investigation is a government agency under the Department of Justice. opentext™ Products: Open Text™ EnCase™ Forensic and Open Text Tableau Business Purpose: Digital forensic tools that can be used as evidence in courts. Content Services ecoPETROL Ecopetrol is the leading petroleum company in Colombia and a Fortune Global 500 company Products: Open Text Extended ECM Business Purpose: The company decided to migrate all their content from IBM P8 to OpenText, making OpenText their corporate Content Management provider Digital Experience elephant INSURANCE Elephant Insurance is a US auto insurance carrier and a subsidiary of UK leading insurer, Admiral Group Products: Open Text Exstream Business Purpose: To generate, personalize and deliver omnichannel communications for their claims, policy and billing Lids SINGAPORE CUSTOMS // SCALE COMPUTING EneDis L'ELECTRICITE EN RESEAU BANQUE DE FRANCE EUROSYSTÈME FIFGROUP member of ASTRA CareWell Health SOCIETE GENERALE White Vision OpenText ©2022 All rights reserved 5#6Q4 FY'22 Quarterly Factors ● Geopolitical (Russia) Continued pandemic effects (China) • Inflation, supply chain and labor shortages ● Interest rate hikes ● ● 1. All comments include FX impact. Externalities opentext™ ● ● Expect Q4 Y/Y: • FX revenue headwind of $25M to $30M • Total revenue constant to slightly up ● ARR up low mid single-digit ● Company Specific (¹) Expect A-EBITDA margin % for Q4 down ~100 bps Y/Y: • Continued integration of Zix acquisition Higher investments in talent for continued support of our growth ambitions ● Our business is annual, and quarters will vary OpenText ©2022 All rights reserved 6#7FY'22 OpenText Total Growth Strategy(¹) FY'21 Actual (1) $1,407.4 Cloud $1,334.1 $2,741.5 ARR $384.7 $259.9 $3,386.1 opentext Customer Support TM License Professional Services Total Revenues New M&A 1. All dollars in USD million. 2. Projected as of February 3, 2022. 3. Projected as of May 4, 2022. FY'22 Prior (²) 8% - 10% Constant Low mid single-digit Constant Mid single-digit 3% -4% Additive FY'22 New 8% - 10% (3) Constant Low mid single-digit Down low mid single-digit Mid single-digit 3% -4% (closer to 3%) Additive OpenText ©2022 All rights reserved 7#8FY'22 Target Model opentext™ 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) 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 Model (3,4) 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" at the end of this presentation 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. Bricata acquisition impact is immaterial and not included. 8#9FY'24 Medium-Term Aspirations (1) Organic Growth (²) ARR % of Total Revenue A-EBITDA (3) (margin) Free Cash Flows (³) (FCF) Capital Allocation (4) M&A opentext™ 2% -4% 85% 38% - 40% $1.2B+ 33% of FCF Strategic GROW with Open Text 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. Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. 3. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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. 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 9#10Our 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 $6B+ in Free Cash Flows (1) 1. Represents estimated cumulative FCF. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K OpenText ©2022 All rights reserved 10#11Strong Cash Flows and Balance Sheet Current Liquidity (US$) Total Cash & Committed Liquidity (1) TTM Q3 FY'22 (US$M) Operating Cash Flows Less: CapEx Free Cash Flows (³) Less: Principal(4) Less: Dividends Less: Share Buyback Cash Generated for Corporate Purposes (5) opentext™ $2.38 B $1,026 $82 $944 $10 $233 $255 $446 Millions USD 2.3x 2.0x 11 Q3 FY'20 1000 800 600 400 200 0 Trended Consolidated Net Leverage Ratio (2) Zix Acquisition Closing 5. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. 6. Undrawn Revolving Credit Facility of $750m matures in October 2024 Q4 FY'20 1.8x Q1 FY¹21 10 10 10 CY'21 CY¹22 CY'23 1.6x Q2 FY¹21 933 1.6x Q3 FY'21 10 CY'24 CY'25 Term Loan B 1.5x Debt Maturity Profile (6) Q4 FY'21 CY'26 CY'27 Senior Notes 1.4x Q1 FY'22 900 850 1. Excludes restricted cash. Includes Cash and the Undrawn Revolver of $750m as of March 31, 2022. 2. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. 3. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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. Excludes redemption of $850m Snr. Notes 2026 in Q2F22. As of March 31, 2022, we had no outstanding balance under the Revolver. 2.0x Q2 FY'22 900 1.9x Q3 FY'22 650 CY'28 CY'29 CY'30 CY'31 OpenText ©2022 All rights reserved 11#12Strategy opentext™ OpenText ©2022 All rights reserved 12#13Open Text in a Snapshot (NASDAQ/TSX:OTEX) opentext™ Leader in Content Management Leader in Business Network $92B Total Addressable Market(1) Direct Key Stats 3,000+ field facing professionals Total Market Coverage Distribution 23,000+ MSPs 40 of top 50 Supply Chains 75K Enterprise Customers. 818K SMB Customers SAP 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). Azure Google Cloud aws Digital Open Text Digital Zone Open Text ©2022 All rights reserved 13#14Information Management Market Segmentation Medium Business CY'22 Market Size $B CY'22-25 CAGR % Content Services Business Network Digital Experience Security & Protection Total opentext™ 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% Mid-Market Enterprise $15.6B 10% $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% $22.1 B 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 14#15The Open Text Cloud Public cloud 11 million subscribers opentext™ opentext™ | Cloud Business Network opentext™ | Cloud Content opentext | Cloud opentext™ | Cloud Experience opentext Cloud Editions opentext™ | Cloud Developer Run Anywhere | Off-Cloud | Private-Cloud | Public Cloud | API-Cloud aws Private-cloud opentext™ | Cloud Security & Protection 3,000+ customers. TN Azure Google Cloud Off-cloud 75,000+ customers API-cloud 1 Trillion calls/year Open Text ©2022 All rights reserved 15#16Open Text Cloud is Leading the Market opentext™ Cloud Content Master Modern Work opentext™ | Cloud Experience Power Modern Experiences opentext | Cloud Developer opentext™ Market Leader Forrester Wave™: Content Platforms, Q2 2021 Market Leader IDC MarketScape: Worldwide Customer Communications Management, 2020 Market Innovator Newgen Sure Technologies- GAM normation Management C Goog BMC Uneal O Laserliche MFM Marage 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 CYBER SECURITY EXCELLENCE AWARDS Trap Bantoo Res WINNER 2021 Els PC EDITORS CHOICE PCMAG.COM 22 TIME WINNER BUSINESS Open TiLink One Network SE Labs AAA JAN-MAR2021 Curanda SENDPOINT PROTE Customers using APIs Zero to 25 APIs over last two years OpenText ©2022 All rights reserved 16#17The 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™ Financial 8 of top 10 citi Consumer Goods Technology 10 of top 10 L'ORÉAL Google 10 of top 10 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 17#18How We Create Value Profitability opentext TM Total Revenue Growth Value Capital Efficiency Total Revenue Growth Profitability Capital Efficiency ● ● ● ● ● ● Model Organic growth Acquired growth High recurring revenues Upper quartile A-EBITDA margin Growing free cash flows Free cash flows return greater than cost of capital 33% of TTM FCF towards dividends and anti-dilutive share buyback 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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/Average Invested Capital is calculated as FCF expressed as percent of average invested capital for the two most recent comparative fiscal year ends. Invested Capital is defined by and sourced by Bloomberg. Please refer to Bloomberg definition code RX215. Value Creation 12% Total Revenue CAGR (FY'13 to FY'21) 39% A-EBITDA margin (FY'21)(1) 10.8% FCF/Avg Invested Capital (1).(2) Open Text ©2022 All rights reserved 18#19Total Growth Strategy Growing sales breadth and depth • Product innovation. ● ● ● ● Drives organic growth Gain market share High free cash flow returns 1. ARR as a percentage of Total Revenues for the quarter ended March 31, 2022. 2. For the quarter ended March 31, 2022. Excludes Carbonite and Zix. opentext™ Acquire Grow Information Management Retain .83% ARR(1) • 94% Customer support renewals (2) ● ● 93% Cloud renewals (2) Open Text ©2022 All rights reserved 19#20Our Strategic Priorities are Clear GROW top customers and top supply chain accounts. Technology investments (internal) & automation Strong capital deployment strategy - M&A, dividends & buyback opentext™ Full Global 10K coverage by end of CY'23 Ultimate Cloud: 4 ways to consume cloud by companies of all sizes World-class integration of acquisitions - growth synergies, ROIC, FCF returns Cross-sell / upsell across product portfolios Best-in-class operational support to accelerate organic growth Optimal debt structure OpenText ©2022 All rights reserved 20#21Investing For Organic Growth $ in millions $250 E $200 $150 $100 $50 $- A $450 $400 $350 $300 $ in millions 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 FY¹17 FY'18 Future - 80%+ of our investments will be in cloud technologies Non-GAAP Sales & Marketing (1,2)- Investing in Sales Coverage FY'22 Model: 18% - 20% FY'19 17.8% $510 11.7% FY'19 $365 FY'20 18.5% $576 12.2% FY'20 $412 FY¹21 17.8% $604 12.2% FY'21 $426 TTM Q3 FY'22 18.8% $654 FY'22 Model: 12% -14% TTM Q3 FY'22 Research & Development ($ and in % of Total Revenues)(1).(2) R&D% of Total Revenues R&D US$ 10.5% $194 M FY'15 12.2% $426 M TTM Q3 FY'22 12-14% 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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 Revenues. FY'22 Anticipated $2.2B+ investment in R&D over the next 5 years OpenText ©2022 All rights reserved 21#22How 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 • ● • Competitive replacements ● 2x international sales growth 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 ● • 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 22#23Partners: A Force Multiplier opentext™ SAP Top cloud & off-cloud partner Highest growth cloud aws OpenText's largest cloud platform Google Public cloud partnership Joint GTM with Workspace salesforce Deepen relationship with joint GTM planning Microsoft Leading partnership with SMB/C New Partnerships ServiceNow Infor AT&T Cerner OpenText ©2022 All rights reserved 23#24SMB At Scale: Positioned for Faster Growth Major Partnerships Major Product Releases M&A opentext™ 2019 Scaled SMB Presence in 2 Years Microsoft Enhanced End-point protection efficacy Scale and Growth CARBONITE WEBROOTⓇ OpenText is a Top 5 CSP in North America Stronger anti- ransomware protection Engagement & Conversion 88,000 M365 Contracts Enhanced consumer experience- common console BrightCloud® zix Cross-sell/ Upsell Secure Email Cloud Backup Endpoint Backup Secure File Share SAT DNS 1. Source: Estimates based on individual market reports from International Data Corporation (IDC). New Commerce Experience (NCE) 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 24#25Foundation for Growth - SMB Powerhouse Carbonite (including Webroot & Brightcloud), (including Webroot & Brightcloud), Zix (including AppRiver) 23,000 MSPs +26% this FY ● Products & Solutions Cyber Resilience Backup Security Awareness Training. Threat Protection Email Security Threat Intelligence Recovery ● ● 1,881 opentext™ VARS +38% this FY ● ● ● ● ● 818K Businesses Supported +12% this FY Ecosystem 23,000 MSPs 13 RMMs 1,881 VARs 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 25#26Powerful Renewal Engine Acceleration Into the Cloud Enables an Expansion Focus Centralized & Highly-Focused Information Mgmt. Renewals Organization $2.7B 125K FY'21 Annual Recurring Revenue (1) Agreements (2) 425 90% + Renewal Professionals opentext™ 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" at the end of this presentation 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. $2.7B FY'21 OpenText ©2022 All rights reserved 26#27Sustainable Growth Through Retention and Upgrades Annual Recurring Revenue (ARR) (US$M) 105% opentext™ $1,337 FY'15 1. For the quarter ended March 31, 2022. Excludes Carbonite and Zix. $2,742 FY'21 Renewal Rate (1) Cloud 93% Customer satisfaction is a foundation for growth 0000 0000 Customer Support 94% OpenText ©2022 All rights reserved 27#28Growth Through M&A M&A Strategy High adjacency within Information Management Expands market presence, customer base, technology position Contributes to organic growt On operating model in 12 months Free Cash Flows, returns-based, 5-7 year payback opentext™ Key Drivers ✓ ✓ ✓ ✓ ✓ OpenText ©2022 All rights reserved 28#29M&A Aligned with TAM Segmentation TAM (1) CY'22 Market Size ($B) CY'22-'25 CAGR % 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™ Content Services Business Network Digital Experience Security & Protection Total $24B 11% $22B 9% $25B 7% $21B 9% $92B 9% 1. 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 >$20B of M&A Opportunity Open Text ©2022 All rights reserved 29#30Scalable, High-Velocity, Frictionless Business Model Digitization and Automation: • Automate DevOps Automate routine R&D Cloud Products Built For: • Self-service • Upsell • Cross-sell ● • Renew Cloud Product Design opentext™ New Customer Engagement Model: • Pre-sales demand creation automation Self-sell-upsell, cross-sell ● - ● • Post-sales renewal automation Digital Zone Digitization & Automation Removing friction from all company processes OpenText ©2022 All rights reserved 30#31Strong Track Record of Financial Performance Annual Recurring Revenue (US$M) Total Revenues (US$M) 83% $1,852 FY'15 $3,386 opentext™ FY¹21 105% $1,337 FY'15 $2,742 FY¹21 Cloud Revenue (US$M) 133% $605 FY¹15 $1,407 FY¹21 A-EBITDA (1) (US$M) 111% $624 FY'15 Upper Quartile A-EBITDA Margin $1,315 FY'21 Free Cash Flows (1) (US$M) 82% $445 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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'15 $812 FY¹21 OpenText ©2022 All rights reserved 31#32Proven Track Record of Growth $1,936 19.2% FY'15 $1,904 opentext™ 2.8% FY'16 Total Revenue Growth in CC (US$M)(¹) $2,318 27.0% FY '17 7 $2,743 19.7% FY'18 $2,922 3.8% FY'19 Consecutive Years of Y/Y Growth in CC (1) 1. CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. $3.147 9.7% FY'20 $3,305 6.3% FY'21 Open Text ©2022 All rights reserved 32#33Proven Durable Business Model ARR % of Total Revenues A-EBITDA Margin License % of Total Revenues (1) 54.4% 29.1% 24.3% HHHH FY'14 FY'12 Growing ARR and Upper Quartile Margin(¹), (2) FY'13 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 81.0% 38.8% 11.4% FY'21 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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. opentext™ FY'22 Model: 81%83% FY'22 Model: 35.5% 36.5% - FY'22 Model: 9% -11% OpenText ©2022 All rights reserved 33#34Proven Track Record of Value Creation FCF/Revenue (2) We run a disciplined Free Cash Flows (1) return business. FY'19 FY'20 FY'21 28.3% 28.4% FCF/Avg Total Assets (³) FCF/Avg Invested Capital (4) WACC (5) We measure our Free Cash Flows returns annually 10.4% 14.8% 6.5% 9.7% 24.0% 6.0% 8.2% 13.2% 10.8% 7.4% USD in millions $1,350 $1,250 $1,150 $1,050 $950 $850 $750 $650 $550 $450 $350 FY'17 A-EBITDA and FCF Trends (1) FY'18 A-EBITDA FY'19 FCF FY'20 FY'21 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation 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/Revenue is calculated as FCF expressed as percentage of total revenue. 3. FCF/Average Total Assets is calculated as FCF expressed as percent of average assets for the two most recent comparative fiscal year ends. 4. FCF/Average Invested Capital is calculated as FCF expressed as percent of average invested capital for the two most recent comparative fiscal year ends. Invested Capital is defined by and sourced by Bloomberg. Please refer to Bloomberg definition code RX215. 5. Weighted Average Cost of Capital (WACC) is defined by and sourced from Bloomberg. Please refer to Bloomberg definition code VM011. opentext™ FY'21 FCF includes -$299.6M IRS settlement OpenText ©2022 All rights reserved 34#35Strong Track Record of Shareholder Returns Dividends Paid and Shares Repurchased (US$M) Shares Repurchased ■Dividends $17.7 FY'13 $74.7 FY'14 Dividends Paid (7-year CAGR (2)): 16% opentext™ $87.6 FY'15 $65.5 $99.3 FY'16 $120.6 FY'17 $145.6 FY'18 $168.9 FY'19 $188.7 FY'20 $119.1 $210.7 FY'21 Approx. $1.3 billion returned to shareholders since FY'13 1. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. 2. 7-year CAGR from FY'14 to FY'21. Target Capital Allocation Strategy (¹) Dividends and anti-dilutive share buyback Available for corporate purposes ~ 67% TTM Free Cash Flows ~ 33% OpenText ©2022 All rights reserved 35#36Sustainability is an Open Text Core Value The OpenText Zero Initiatives by 2030 We are committing to zero waste from operations Zero Waste opentext™ Zero Emissions Zero Barriers We are committing to a science-based emissions reduction target of 50% and Net- Zero by 2040 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 36#37Corporate Citizenship Reflects our Culture Progress We've Made: Adopted GRI sustainability reporting standards ● • New ED&I department, mandate and initiatives • Enhanced Human Rights Statement Expanded Supplier Code of Conduct ● Where We're Going: Continue to implement reporting best practices • Invest in initiatives to increase disclosures • Establish additional goals and targets. ● opentext™ 1. As of June 30, 2021. 2nd Corporate Citizenship Report published Corporate Citizenship Report FY21 opentext™ Open Text Global Gender Profile (1) Women make up: 29% 25% 33% of Open Text's global workforce of Open Text's management roles of Open Text's board members Waterstone CANADA'S MOST ADMIRED CORPORATE CULTURES 2021 EMPLOYERS FOR YOUNG CANADA'S 2022 PEOPLE W WATERLOO AREA'S TOP EMPLOYERS 2022 THE CAREER DIRECTORY 2022 CANADA'S BEST EMPLOYERS FOR RECENT GRADUATES Canada's Most Admired Corporate Cultures Canada's Top Employers for Young People Waterloo Area's Top Employers Canada's Best Employers for Recent Graduates OpenText ©2022 All rights reserved 37#38We Strive To Do The Right Thing opentext™ opere COMID-19 GOVID Corporate Citizenship Report FY21 1036 opentext opentext™ ANS opentext dan Per opentext OVID ort Our Customers Rapid Radiology and OpenText Accelerate Diagnostic Results to Help Improve Patient Care Jun 25, 2020 OpenText Enters Agreement to Serve as the Platform of Choice for EIM for the U.S. NIH Aug 6, 2020 Improving Accessibility for Individuals with Visual Impairments Nov 18, 2020 0000 ÖÖÖÖ 0000 Braille Works Our Beliefs OpenText CEO Issues Call for Corporate Social Responsibility Jul 15, 2019 AITHORITY AL TECHNOLOGY INSIGHTS COMMUNITECH NEWS INIH National Institute of Mental Health Southern Alberta Internet Child Exploitation Unit Customer Reference ALERT Our Communities OpenText Donates US $1M to Global Food Banks Dec 11, 2020 4CBC OpenText Provides 4 Million Meals for 58 Communities in 21 Countries Worldwide Dec 11, 2020 TORONTO STAR Our Employees Open Text rolls out Covid-19 vaccination drive for 3,000 employees and their dependents in India June 19, 2021 ET HRWorld OpenText ©2022 All rights reserved 38#39Open Text Products Enhance Global Sustainability opentext™ | Cloud Business Network opentext™ | Cloud Experience Paperless Workflows Ethical Supply Chain Data Privacy and Protection opentext™ Digitizes 26 billion. transactions per year opentext™ | Cloud Content opentext | Trading Grid™ Paper reduction saves 5.1 million trees m opentext™ | Cloud Security & Protection Paper reduction saves GHG emissions of 725,000 tonnes of CO₂e OpenText ©2022 All rights reserved 39#40Deeply Talented and Experienced Leadership Team Mark J. Barrenechea СЕО & СТО Menlo Park, CA opentext™ 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 40#41opentext™ Thank you twitter.com/opentext in linkedin.com/company/opentext opentext.com#42Appendix opentext™ OpenText ©2022 All rights reserved 42#43Appendix A Use of Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP). These Non-GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar Non-GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of these Non-GAAP financial measures both in its reconciliation to the U.S. GAAP financial measures and its consolidated financial statements, all of which should be considered when evaluating the Company's results. Reconciliations of Non-GAAP financial measures for future periods are not provided as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations. The Company uses these Non-GAAP financial measures to supplement the information provided in its consolidated financial statements, which are presented in accordance with U.S. GAAP. The presentation of Non-GAAP financial measures is not meant to be a substitute for financial measures presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with and as a supplement to such U.S. GAAP measures. Open Text strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the U.S. GAAP measures with certain Non- GAAP measures defined below. Non-GAAP-based net income and Non-GAAP-based EPS, attributable to Open Text, are consistently calculated as GAAP-based net income or earnings per share, attributable to Open Text, on a diluted basis, excluding the effects of the amortization of acquired intangible assets, other income (expense), share-based compensation, and special charges (recoveries), all net of tax and any tax benefits/expense items unrelated to current period income, as further described in the tables below. Non-GAAP-based gross profit is the arithmetical sum of GAAP-based gross profit and the amortization of acquired technology-based intangible assets and share-based compensation within cost of sales. Non-GAAP-based gross margin is calculated as Non-GAAP-based gross profit expressed as a percentage of total revenue. Non-GAAP-based income from operations is calculated as GAAP-based income from operations, excluding the amortization of acquired intangible assets, special charges (recoveries), and share-based compensation expense. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is consistently calculated as GAAP-based net income, attributable to Open Text, excluding interest income (expense), provision for income taxes, depreciation and amortization of acquired intangible assets, other income (expense), share-based compensation and special charges (recoveries). Adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue. The Company's management believes that the presentation of the above defined Non-GAAP financial measures provides useful information to investors because they portray the financial results of the Company before the impact of certain non- operational charges. The use of the term "non-operational charge" is defined for this purpose as an expense that does not impact the ongoing operating decisions taken by the Company's management. These items are excluded based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports and are not excluded in the sense that they may be used under U.S. GAAP. The Company does not acquire businesses on a predictable cycle, and therefore believes that the presentation of Non-GAAP measures, which in certain cases adjust for the impact of amortization of intangible assets and the related tax effects that are primarily related to acquisitions, will provide readers of financial statements with a more consistent basis for comparison across accounting periods and be more useful in helping readers understand the Company's operating results and underlying operational trends. Additionally, the Company has engaged in various restructuring activities over the past several years, primarily due to acquisitions and most recently in response to our return to office planning, that have resulted in costs associated with reductions in headcount, consolidation of leased facilities and related costs, all which are recorded under the Company's "Special charges (recoveries)" caption on the Consolidated Statements of Income. Each restructuring activity is a discrete event based on a unique set of business objectives or circumstances, and each differs in terms of its operational implementation, business impact and scope, and the size of each restructuring plan can vary significantly from period to period. Therefore, the Company believes that the exclusion of these special charges (recoveries) will also better aid readers of financial statements in the understanding and comparability of the Company's operating results and underlying operational trends. In summary, the Company believes the provision of supplemental Non-GAAP measures allow investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of Open Text's performance or expected performance of future operations and facilitates period-to-period comparison of operating performance (although prior performance is not necessarily indicative of future performance). As a result, the Company considers it appropriate and reasonable to provide, in addition to U.S. GAAP measures, supplementary Non-GAAP financial measures that exclude certain items from the presentation of its financial results. See historical filings, including the Company's Annual Reports on Form 10-K, for reconciliations of certain Non-GAAP measures to GAAP measures. The following charts provide unaudited reconciliations of U.S. GAAP-based financial measures to Non-GAAP-based financial measures for the following periods presented. opentext™ Open Text ©2022 All rights reserved 43#44Summary of Quarterly Results with Constant Currency (In millions U.S. dollars, except per share data) Revenues: Cloud services and subscriptions Customer support Total annual recurri revenues** License Professional service and other Total revenues GAAP-based operating income Non-GAAP-based operating income (¹) GAAP-based net income, attributable to OpenText GAAP-based EPS, diluted Non-GAAP-based EPS, diluted (1)(2) Adjusted EBITDA (1) Operating cash flows Free cash flows (1) Q3 FY'22 $401.9 332.5 $734.5 80.6 67.2 $882.3 $131.6 $262.2 $74.7 $0.28 $0.70 $284.5 $323.6 $306.0 Q3 FY'21 $355.8 335.9 $691.8 76.3 64.9 $832.9 $152.4 $275.2 $91.5 $0.33 $0.75 $297.1 $63.6 $50.3 $ Change $46.1 (3.4) $42.7 4.3 2.3 $49.4 ($20.8) ($13.0) ($16.8) ($0.05) ($0.05) ($12.6) $260.0 $255.7 % Change 13.0 % (1.0) % 6.2 % 5.7 % 3.6 % 5.9 % (13.6) % (4.7) % (18.4) % (15.2) % (6.7) % (4.3) % 409.0 % 508.8 % Q3 FY'22 in CC* $406.6 341.1 $747.7 82.7 69.0 $899.4 N/A $270.1 N/A N/A $0.73 $292.5 N/A N/A % Change in CC* Note: Individual line items in table may be adjusted by non-material amounts to enable totals to align to published financial statements. *CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue. ** opentext™ 14.3 % 1.5% 8.1 % 8.4 % 6.4 % 8.0 % N/A (1.9) % N/A N/A (2.7) % (1.5) % N/A N/A (1) See reconciliation of GAAP-based measures to Non-GAAP-based measures at the end of this presentation. (2) Please also see note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. OpenText ©2022 All rights reserved 44#45Summary of Year to Date Results with Constant Currency FY'22 YTD in CC* (In millions U.S. dollars, except per share data) Revenues: Cloud services and subscriptions Customer support Total annual recurrir revenues** License Professional service and other Total revenues GAAP-based operating income Non-GAAP-based operating income (¹) GAAP-based net income, attributable to Open Text GAAP-based EPS, diluted Non-GAAP-based EPS, diluted (1)(2) Adjusted EBITDA (1) Operating cash flows Free cash flows (1) FY'22 YTD $1,123.4 1,002.6 $2,126.0 263.7 201.7 $2,591.4 $507.2 $886.0 $294.9 $1.08 $2.43 $951.4 $729.9 $674.9 FY'21 YTD $1,047.3 999.8 $2,047.1 252.2 193.3 $2,492.6 $569.2 $936.1 $129.4 $0.47 $2.59 $1,000.2 $579.9 $543.7 $ Change $76.1 2.8 $79.0 11.5 $8.4 $98.8 ($62.0) ($50.1) $165.5 $0.61 ($0.16) ($48.9) $149.9 $131.3 % Change 7.3 % 0.3% 3.9 % 4.6 % 4.3 % 4.0 % (10.9) % (5.4) % 127.9 % 129.8% (6.2) % (4.9) % 25.9 % 24.1 % $1,124.8 1,005.0 $2,129.8 265.8 202.5 $2,598.0 N/A $896.0 N/A N/A $2.46 $961.4 N/A N/A Note: Individual line items in table may be adjusted by non-material amounts to enable totals to align to published financial statements. *CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. ** Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue. opentext™ % Change in CC* 7.4 % 0.5% 4.0 % 5.4 % 4.7 % 4.2 % N/A (4.3) % N/A N/A (5.0) % (3.9) % N/A N/A (1) See reconciliation of GAAP-based measures to Non-GAAP-based measures at the end of this presentation. (2) Please also see note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. OpenText ©2022 All rights reserved 45#46Reconciliation of Selected Non-GAAP Measures | Q3 FY'22 Three Months Ended March 31, 2022 (In '000's U.S. dollars, except per share data) COST OF REVENUES Cloud services and subscriptions Customer support Professional service and other Amortization of acquired technology-based intangible assets GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) Operating expenses Research and development Sales and marketing General and administrative Amortization of acquired customer-based intangible assets Special charges (recoveries) GAAP-based income from operations / Non-GAAP-based income from operations Other income (expense), net Provision for income taxes GAAP-based net income / Non-GAAP-based net income, attributable to Open Text GAAP-based earnings per share / Non-GAAP-based earnings per share- diluted, attributable to OpenText opentext™ GA GAAP 136,020 31,763 56,693 46,564 608,047 117,730 180,955 88,137 56,215 11,031 131,609 24,392 41,041 74,681 0.28 GAAP % of Total Revenue 68.9% Adjustments FN EA (1,268) (1) $ (501) (1) (1) (907) (46,564) (2) 49,240 (3) (4,350) (1) (5,761) (1) (3,961) (1) (56,215) (2) (11,031) (4) 130,558 (5) (6) (7) (8) (24,392) (9,971) 116,137 Non-GAAP 0.42 (8) $ 134,752 31,262 55,786 657,287 113,380 175,194 84,176 262,167 31,070 190,818 0.70 Non-GAAP % of Total Revenue 74.5% OpenText ©2022 All rights reserved 46#47Reconciliation of Selected Non-GAAP Measures | Q3 FY'22 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. 3 GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results. 5 GAAP-based and Non-GAAP-based income from operations stated in dollars. 4 6 Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 35% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. Reconciliation of GAAP-based net income to Non-GAAP-based net income: 8 GAAP-based net income, attributable to OpenText Add: Amortization Share-based compensation Special charges (recoveries) Other (income) expense, net GAAP-based provision for income taxes Non-GAAP-based provision for income taxes Non-GAAP-based net income, attributable to Open Text opentext™ GA Three Months Ended March 31, 2022 Per share diluted 0.28 74,681 102,779 16,748 11,031 (24,392) 41,041 (31,070) 190,818 $ 0.38 0.06 0.04 (0.09) 0.15 (0.12) 0.70 Open Text ©2022 All rights reserved 47#48Reconciliation of Selected Non-GAAP Measures | FY'22 YTD Nine months ended March 31, 2022 (In '000's U.S. dollars, except per share data) COST OF REVENUES Cloud services and subscriptions Customer support Professional service and other Amortization of acquired technology-based intangible assets GAAP-based gross profit and gross margin (%)/ Non-GAAP-based gross profit and gross margin (%) Operating expenses Research and development Sales and marketing General and administrative Amortization of acquired customer-based intangible assets Special charges (recoveries) GAAP-based income from operations / Non-GAAP-based income from operations Other income (expense), net Provision for income taxes GAAP-based net income / Non-GAAP-based net income, attributable to Open Text GAAP-based earnings per share / Non-GAAP-based earnings per share- diluted, attributable to OpenText opentext™ $ GAAP 377,928 90,914 161,459 152,333 1,797,850 321,517 491,133 231,127 160,764 20,592 507,182 29,137 123,757 294,894 1.08 GAAP % of Total Revenue 69.4% Adjustments FN Non-GAAP (3,072) (1) $ (1,631) (1) (2,275) (1) (152,333) (2) 159,311 (3) (9,936) (1) (15,377) (1) (12,800) (1) (160,764) (2) (20,592) (4) 378,780 (5) (29,137) (6) (16,178) (7) 365,821 (8) (8) 1.35 374,856 89,283 159,184 1,957,161 311,581 475,756 218,327 885,962 - 107,579 660,715 2.43 Non-GAAP % of Total Revenue 75.5% Open Text ©2022 All rights reserved 48#49Reconciliation of Selected Non-GAAP Measures | FY'22 YTD FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. 3 GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results. 5 GAAP-based and Non-GAAP-based income from operations stated in dollars. 4 6 Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 30% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. Reconciliation of GAAP-based net income to Non-GAAP-based net income: 8 GAAP-based net income, attributable to OpenText Add: Amortization Share-based compensation Special charges (recoveries) Other (income) expense, net GAAP-based provision for income taxes Non-GAAP-based provision for income taxes Non-GAAP-based net income, attributable to OpenText opentext™ $ $ Nine months ended March 31, 2022 Per share diluted 1.08 $ 294,894 313,097 45,091 20,592 (29,137) 123,757 (107,579) 660,715 $ 1.15 0.17 0.08 (0.11) 0.45 (0.39) 2.43 Open Text ©2022 All rights reserved 49#50Reconciliation of Selected Non-GAAP Measures | Q3 FY'21 Three Months Ended March 31, 2021 Adjustments FN (In '000's U.S. dollars, except per share data) COST OF REVENUES Cloud services and subscriptions Customer support Professional service and other Amortization of acquired technology-based intangible assets GAAP-based gross profit and gross margin (%)/ Non-GAAP-based gross profit and gross margin (%) Operating expenses Research and development Sales and marketing General and administrative Amortization of acquired customer-based intangible assets Special charges (recoveries) GAAP-based income from operations / Non-GAAP-based income from operations Other income (expense), net Provision for income taxes GAAP-based net income / Non-GAAP-based net income, attributable to OpenText GAAP-based earnings per share / Non-GAAP-based earnings per share- diluted, attributable to OpenText opentext™ $ $ GAAP 123,729 30,953 50,321 53,453 571,665 110,071 158,687 71,548 54,156 2,846 152,396 8,283 31,818 91,490 0.33 GAAP % of Total Revenue 68.6% (505) (1) (464) (1) (684) (1) (53,453) (2) 55,106 (3) (2,146) (1) (4,580) (1) (3,978) (1) (54,156) (2) (2,846) (4) 122,812 (5) (8,283) (6) 1,485 (7) 113,044 (8) (8) 0.42 Non-GAAP 123,224 30,489 49,637 626,771 107,925 154,107 67,570 275,208 33,303 204,534 0.75 Non-GAAP % of Total Revenue 75.2% Open Text ©2022 All rights reserved 50#51Reconciliation of Selected Non-GAAP Measures | Q3 FY'21 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. 3 GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results. 5 GAAP-based and Non-GAAP-based income from operations stated in dollars. 2 4 Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is 6 generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 26% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. Reconciliation of GAAP-based net income to Non-GAAP-based net income: 8 GAAP-based net income, attributable to OpenText Add: Amortization Share-based compensation Special charges (recoveries) Other (income) expense, net GAAP-based provision for income taxes Non-GAAP-based provision for income taxes Non-GAAP-based net income, attributable to Open Text opentext™ SA SA Three Months Ended March 31, 2021 Per share diluted 0.33 91,490 107,609 12,357 2,846 (8,283) 31,818 (33,303) 204,534 $ $ 0.39 0.05 0.01 (0.03) 0.12 (0.12) 0.75 Open Text ©2022 All rights reserved 51#52Reconciliation of Selected Non-GAAP Measures | FY'21 YTD Nine Months Ended March 31, 2021 (In '000's U.S. dollars, except per share data) COST OF REVENUES Cloud services and subscriptions Customer support Professional service and other Amortization of acquired technology-based intangible assets GAAP-based gross profit and gross margin (%)/ Non-GAAP-based gross profit and gross margin (%) Operating expenses Research and development Sales and marketing General and administrative Amortization of acquired customer-based intangible assets Special charges (recoveries) GAAP-based income from operations / Non-GAAP-based income from operations Other income (expense), net Provision for income taxes GAAP-based net income / Non-GAAP-based net income, attributable to Open Text GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to Open Text opentext™ GAAP 354,235 89,815 143,521 165,581 1,729,835 304,212 438,984 190,502 164,075 (1,404) 569,222 16,417 342,121 129,389 0.47 GAAP % of Total Revenue 69.4% Adjustments FN $ (2,484) (1) (1,405) (1) (1,867) (1) (165,581) (2) 171,337 (3) (7,195) (1) (13,594) (1) (12,074) (1) (164,075) (2) 1,404 (4) 366,871 (5) (16,417) (6) (227,030) (7) 577,484 (8) (8) 2.12 Non-GAAP 351,751 88,410 141,654 1,901,172 297,017 425,390 178,428 936,093 115,091 706,873 2.59 Non-GAAP % of Total Revenue 76.3% Open Text ©2022 All rights reserved 52#53Reconciliation of Selected Non-GAAP Measures | FY'21 YTD FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. 3 GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results. 5 GAAP-based and Non-GAAP-based income from operations stated in dollars. 4 6 Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 73% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. The GAAP-based tax provision rate for the nine months ended March 31, 2021 includes an income tax provision charge from IRS settlements partially offset by a tax benefit from the release of unrecognized tax benefits due to the conclusion of relevant tax audits that was recognized during the three months ended December 31, 2020. 8 Reconciliation of GAAP-based net income to Non-GAAP-based net income: GAAP-based net income, attributable to OpenText Add: Amortization Share-based compensation Special charges (recoveries) Other (income) expense, net GAAP-based provision for income taxes Non-GAAP-based provision for income taxes Non-GAAP-based net income, attributable to OpenText opentext™ CA Nine Months Ended March 31, 2021 Per share diluted 0.47 129,389 329,656 38,619 (1,404) (16,417) 342,121 (115,091) 706,873 $ 1.21 0.14 (0.01) (0.06) 1.26 (0.42) 2.59 Open Text ©2022 All rights reserved 53#54Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) Q3 FY'22 Q3 FY'21 FY'22 YTD GAAP-based net income, attributable to Open Text $ $ $ 294,894 Add: Provision for income taxes Interest and other related expense, net Amortization of acquired technology-based intangible assets Amortization of acquired customer-based intangible assets Depreciation Share-based compensation Special charges (recoveries) Other (income) expense, net Adjusted EBITDA Total revenue GAAP-based net income margin Adjusted EBITDA margin (% of total revenue) (In '000's U.S. dollars) GAAP-based cash flows provided by operating activities Add: Capital expenditures (¹) Free cash flows $ $ 74,681 41,041 40,238 46,564 56,215 22,370 16,748 11,031 (24,392) 284,496 882,283 8.5% 32.2% Q3 FY'22 323,557 (17,590) 305,967 (1) Defined as "Additions of property and equipment" in the Condensed Consolidated Statements of Cash Flows. opentext™ $ 91,490 $ 31,818 37,333 53,453 54,156 21,961 12,357 2,846 (8,283) 297,131 832,931 11.0% 35.7% Q3 FY'21 63,572 $ 123,757 117,538 152,333 160,764 65,535 45,091 20,592 (29,137) 951,367 $ 2,591,390 11.4% 36.7% (13,311) 50,261 $ FY'22 YTD $ 729,870 (54,937) 674,933 FY'21 YTD $ 129,389 342,121 114,017 165,581 164,075 64,244 38,619 (1,404) (16,417) $ 1,000,225 $ 2,492,588 5.2% 40.1% FY'21 YTD $ $ 579,931 (36,267) 543,664 OpenText ©2022 All rights reserved 54#55Reconciliation of Adjusted EBITDA and Free Cash Flows FY'12 FY'13 FY'15 FY'16 FY'17 FY'18 (In '000's U.S. dollars) Adjusted EBITDA GAAP-based net income, attributable to Open Text Add: Provision for (recovery of) income taxes Interest and other related expense, net Amortization of acquired technology-based intangible assets Amortization of acquired customer-based intangible assets Depreciation Share-based compensation Special charges (recoveries) Other (income) expense, net Adjusted EBITDA Total revenue GAAP-based net income margin Adjusted EBITDA margin (% of total revenue) Free Cash Flows GAAP-based cash flows provided by operating activities (1) Add: Capital expenditures (2) Free cash flows $ 125,174 12,171 15,564 84,572 53,326 21,587 18,097 24,523 (3,549) $ 351,465 $ 1,207,473 10.4% 29.1% $ 266,490 (25,828) $ 240,662 148,520 29,690 16,982 93,610 68,745 24,496 15,575 24,034 2,473 $ 424,125 $ 1,363,336 10.9% 31.1% $ 318,502 (23,107) $ 295,395 FY'14 $ 218,125 58,461 27,934 69,917 81,023 35,237 19,906 31,314 (3,941) $ 537,976 $1,624,699 13.4% 33.1% $ 417,096 (42,268) $ 374,828 $ 234,327 31,638 54,620 81,002 108,239 50,906 22,047 12,823 28,047 $ 623,649 $ 1,851,917 12.7% 33.7% 522,055 (77,046) $ 445,009 $ 284,477 6,282 76,363 74,238 113,201 54,929 25,978 34,846 1,423 $ 671,737 $ 1,824,228 15.6% 36.8% $ 523,663 (70,009) $ 453,654 $ 1,025,659 (776,364) 120,892 130,556 150,842 64,318 30,507 63,618 (15,743) $ 794,285 $ 2,291,057 44.8% 34.7% $ 440,353 (79,592) $360,761 $ 242,224 143,826 138,540 185,868 184,118 86,943 27,594 29,211 (17,973) $1,020,351 $ 2,815,241 8.6% 36.2% $ 708,081 (105,318) $ 602,763 FY'19 $ 285,501 154,937 136,592 183,385 189,827 97,716 26,770 35,719 (10,156) $ 1,100,291 $2,868,755 10.0% 38.4% $ 876,278 (63,837) $ 812,441 FY'20 $ 234,225 110,837 146,378 205,717 219,559 89,458 29,532 100,428 11,946 $ 1,148,080 $ 3,109,736 7.5% 36.9% $ 954,536 (72,709) $ 881,827 FY'21 $ 310,672 339,906 151,567 218,796 216,544 85,265 51,969 1,748 (61,434) $1,315,033 $ 3,386,115 9.2% 38.8% $ 876,120 (63,675) $ 812,445 (1) Effective July 1, 2018, we adopted ASU No. 2016-18 using the retrospective method. Fiscal years 2014-2020 have been adjusted retrospectively to conform to current period presentation while fiscal years 2012-2013 are presented prior to adoption of ASU 2016-18. (2) Defined as "Additions of property & equipment" in the Consolidated Statements of Cash Flows opentext™ OpenText ©2022 All rights reserved 55