#1Investor Presentation May 4, 2023 NASDAQ: OTEX | TSX: OTEX#2Safe Harbor and IP Statement This presentation contains forward-looking statements or information (forward-looking statements) within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), Section 27A of the U.S. Securities Act of 1933, as amended, and other applicable securities laws of the United States and Canada, and is subject to the safe harbors created by those provisions. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Certain statements in this presentation, including statements about F'23, F'24, F'26 and other future time frames regarding revenue and organic growth, cloud bookings growth, A-EBITDA, margins, free cash flows, market share gains, growth initiatives, deployment of capital, total addressable market, renewal rates, annual recurring revenue, net leverage ratio and deleveraging program, debt profile, target models, intention to continue dividend program, integration and associated benefits of the Micro Focus acquisition, future tax rates, new platform, product offerings and associated benefits to customers, ESG initiatives, scaling OpenText, and other matters, which may contain words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "could," "would," "might," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. 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 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. Our 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: all statements regarding the expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management, including any anticipated synergy benefits; our ability to integrate successfully Micro Focus' operations and programs, including incurring unanticipated costs, delays or difficulties; to the duration and severity of the COVID-19 pandemic, including any new strains or resurgences; and 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 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. 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 (SEC) and other securities regulators. For these reasons, we caution you not to place undue reliance upon any forward-looking statements. Further, investors should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, investors should monitor such channels in addition to our other forms of communication. opentext™ OpenText ©2023 All rights reserved 2#3Open Text Strategic Overview#4Open Text Snapshot Including Micro Focus (1) Who We Are One of the World's Largest Software and Cloud Companies 98 of Top 100 Companies are Customers 150M End Users Large, Strategic and Growing: $200B+ Information Management Market (2) opentext™ 125k Enterprise Customers 180 Countries ~25k ~40% Employees Employees Dedicated to R&D Digital Transfor- mation Analytics & Al Application Delivery & Quality Business 2030 Open Text Drives Digital Transformations Application Modernization Human Centric Work Business Network opentext Any Data Any Application Any Device Any Latency Any IT Generation Systems Systems New Rules of of Record Engagement New Opportunities System of Insights Content Management Cybersecurity Digital Operations Management Experience Management Targets & Aspirations Updated In Constant F'23 Currency (3) Organic Growth (4) 1% to 2% (%Y/Y) Total Revenue 30% to 32% E Growth (%Y/Y) A-EBITDA 32.5% to 33.5% Margin (5) Free Cash $0.58B to $0.62B Flows (5),(6) 1. Includes Micro Focus financial consolidation as of February 1, 2023. 2. Estimates based on market reports from independent industry analysis firms including Gartner and IDC. 3. 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.. 4. Organic growth is calculated by removing the revenue contribution from newly acquired companies for the first-year post acquisition. 5. 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. 6. Free Cash Flows on a reported basis. F'24 (Preliminary) 1% to 2% 33% to 35% 36% to 38% $0.8B to $0.9B F'26 (Aspirations) 2% to 4% 2% to 4% 38% to 40% $1.5B+ ‒‒‒‒‒‒‒‒ OpenText ©2023 All rights reserved 4#5Our History of Value Creation Market expansion and value creation Value Creation 1991 Foundation out of University of Waterloo opentext™ 2005 Content Services Market 2014 GXS: Cloud and Business Network 1996 IPO on Nasdaq Carbonite: new SMB/C market 2005 IXOS: top SAP partnership 2021 Zix: a top Microsoft SMB/C 2019 partner 2023 Micro Focus Expands Digital Transformation Capabilities 30 Year History 2020 Cloud Editions: Modern Cloud Platform 2017 Documentum: now #1 in Content Services 2022 Titanium Our Mission: We power and protect information Our Purpose: To elevate every person and every organization to gain the information advantage Our Passion: Deliver compelling innovations that provide our Customers a competitive advantage An inclusive environment where passionate, skilled, and diverse Employees thrive Deliver Shareholder value through growth, profits and capital efficiency improvements OpenText ©2023 All rights reserved 5#6OpenText Business System Our Competitive Advantage: It's Who We Are, and How We Do What We Do Customers talk, we listen Innovation defines our future We are experts The best team wins Performance opentext™ People Trust Delivery Automation Process Planning Growth is inclusive and sustainable We compete for capital Zero-based Budgeting & Economic Value Added, is our way of life Our shared purpose To elevate every person and every organization to gain the information advantage Shareholders ● ● Core Value Drivers ● Customers Employees ● Market leadership Innovation Learning organization Problem solvers Customer success ● ● ● ● ● ● . Total revenue growth A-EBITDA $/FCF Return on Invested Capital (ROIC) Trust L.O.V.E. model (Land. Operate. Value. Expand.) Delivery Exceptional performance Advancement Learning OpenText Fundamentals ● ● Operational excellence Frictionless business Make long-term decisions Owners' mindset Economic value added Open Text ©2023 All rights reserved 6#7How We Create Value: Running the Open Text Playbook Revenue Growth Reinvest for Growth Improve Cost Structure opentext™ Organic Acquisitions R&D + S&M Automation Productivity 1. Declaration of dividend subject to board discretion. Cloud growth Gross Margin R&D S&M G&A A-EBITDA Revenue Growth Margin Expansion + Strong Free Cash Flows Capital Allocation (e.g. Dividends)" Acquisitions Value Creation OpenText ©2023 All rights reserved 7#8Track Record of Total Revenue Growth Expected Rapid Growth and Increased Predictability In $Billions $1.0 $1.2 $1.4 $1.6 F11A F'12A F'13A F'14A opentext™ 11.7% F'11 to F'22 CAGR $1.9 $1.8 $2.3 $2.8 $2.9 $3.1 F'15A F'16A F'17A F¹18A F'19A F'20A Total Revenues and Estimated Growth +33% to 35% Expected growth Updated +30% to 32% Expected growth $3.4 $3.5 82% ARR (1) -$6.2 to $6.4 Targeted revenue F'21A F'22A F'23E (2) F¹24E (2) F'26E(3) Revenue Growth Track record of double-digit revenue growth Market share gains through Open Text-led Digital and Information Transformations Accelerate cloud growth 1. Annual recurring revenue (ARR) as a % of total revenues and is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 2. F'23 and F'24 growth in constant currency, including Micro Focus. 3. F'26 represents OpenText's estimate of Total Revenues in constant currency, including Micro Focus. OpenText ©2023 All rights reserved 8#9Track Record of A-EBITDA Expansion Upper Quartile A-EBITDA Margins In $Billions $0.3 F'11A $0.4 $0.4 $0.5 F'12A F'13A F'14A opentext™ 13.8% F'11 to F'22 CAGR $0.6 $0.7 $0.8 $1.0 $1.1 $1.1 A-EBITDA Dollars and Estimated Margins 38% to 40% Targeted A-EBITDA Margin 32.5% to 33.5% Expected A-EBITDA Margin 36% to 38% Expected A-EBITDA Margin (1) $1.3 $1.3 F'15A F'16A F'17A F¹18A F'19A F'20A F'21A F'22A F'23E F'24E (2) (2) F'26E (2) A-EBITDA Growth Culture of upper-quartile A-EBITDA profitability Leverage Open Text Business System for Value Creation. Investing in Growth and Automation 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. Historical data on a reported basis. 2. F'23, F'24, and F'26 represents OpenText's estimate of A-EBITDA in constant currency, including Micro Focus. Open Text ©2023 All rights reserved 9#10Track Record of Free Cash Flows (FCF) Expansion Expected Acceleration in Free Cash Flows In $Millions $187 $241 F'11A F'12A $295 $375 15.2% F'11 to F'22 CAGR opentext™ $446 $454 F'13A F'14A F'15A F'16A $361 $603 $812 $882 Cloud Acquisition Investment integration $812 Estimated Free Cash Flows Updated $889 $800 to $900 F'17A F'18A F'19A F'20A F'21A F'22A $580 to $620 (2) F'23E F'24E (2) $1.5B+ Target F'26E (2) 20%+ FCF as % of Revenue (1) FCF Growth Track record of upper-quartile FCF Non-linear scale through investment in systems and automation Bring Micro Focus onto OpenText's Operating Model 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. Historical data on a reported basis. 2. F'23, F'24, and F'26 represents OpenText's estimate of Free Cash Flows in reported currency, including Micro Focus. OpenText ©2023 All rights reserved 10#11Q3 Fiscal 2023 Highlights#12Q3 Fiscal 2023 Financial Highlights (with Y/Y comparisons) Total Revenues ARR (3) 81% of Total Revenues. Cloud Revenues A-EBITDA (4) 29.3% (margin) Non-GAAP Earnings Per Share (4) Free Cash Flows (4) opentext TM Q3 Enterprise Cloud Bookings" of $108M; Q3 TTM of $511M Q3 F'23 $1.24B $1.28B in CC $1.01B $1.04B in CC $435M $444M in CC $365M $367M in CC $0.73 $0.73 in CC $306M 24.5% of total revenues 41.1% 44.9% in CC (2) 37.7% 41.1% in CC 8.3% 10.4% in CC 28.3% 29.1% in CC 4.3% 4.3% in CC Constant (5) Trailing Twelve Months (TTM) Ending Q3 F'23 11.8% 16.2% in CC Total Revenues ARR (3) 82% of Total Revenues Cloud Revenues A-EBITDA (4) 34.0% (margin) Non-GAAP Earnings Per Share (4) Free Cash Flows (4) $3.90B $4.05B in CC $3.20B $3.31B in CC $1.66B $1.70B in CC $1.32B $1.37 in CC $3.18 $3.38 in CC $778M 20.0% of total revenues X 13.4% 17.5% in CC Q3 Enterprise Renewal Rates: 95% Cloud; 95% Customer Support 1. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered in the period that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 2. 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. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 4. 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. Renewal rate excludes Carbonite, Zix and Micro Focus. 11.9% 14.8% in CC 4.5% 8.2% in CC (1.5)% 4.6% in CC ▼ (17.6)% OpenText ©2023 All rights reserved 12#13Q3 F'23 Customer Wins Wins wienerberger Content Management The Wienerberger Group is a leading provider of smart solutions for the entire building envelope and innovative infrastructure solutions. Open Text Core Archive for SAP Solutions As a happy, long-term customer, Wienerberger migrated from on-premise to Open Text Cloud to manage data securely and cost-effectively. DWP Digital ASCENSUS. opentext™ citi CONDUENT Experience Conduent, provides mission-critical services and business process outsourcing solutions, capturing and indexing 3.6 billion documents annually. OpenText XM Fax Increased faxing volumes and data management services required a large platform expansion on a scalable multi- tenant platform. hydro Air Liquide one FISKARS GROUP P Micro Focus product win 6 Cybersecurity Carrefour is a French group and a leading global retailer, operating a chain of hypermarkets, grocery stores, and convenience stores in over 30 countries. Products: Australia Post OpenText Voltage Secure Data Solution: Protect sensitive structured data to support their cloud-first approach. MTN SPatelco CREDIT UNION Ministry of the Interior and Kingdom Relations Micro Focus product win Employment EDD Development Department State of California Application Deliver & Quality California Employment Development Department administers employment service programs including Unemployment Insurance and Disability Insurance. SaaS 3-year deal ALM, UFT, LoadRunner Enterprise and Migration services To support their cloud-first initiative and improve customer service, they sought to move their OpenText tools into a private cloud or OpenText SaaS solution. PACIFIC LIFE MAN Energy Solutions (MAN An Roinn Caiteachais Phoiblí Sheachadadh PFN agus Athchóirithe Department of Public Expenditure NDP Delivery and Reform OpenText ©2023 All rights reserved 13#14Strong Cash Flows and Balance Sheet Cash (USD$B) (as of 03/31/23) $1.4B Total Cash TTM Q3 F'23 (USD$M) Operating Cash Flows Less: CapEx Free Cash Flows (²) Less: Principal Less: Dividends Less: Share Buyback Cash Generated for Corporate Purposes (³) opentext™ $916 $138 $778 $19 $254 $41 $464 2.0x Q2 F¹22 I Term Loan B Acquisition Term Loan B 0 Undrawn Revolver Drawn Revolver Senior Secured Notes Senior Notes C'22 C'23 Net Leverage Ratio (¹) 1.9x Q3 F'22 Reduced by $175M subsequent to 3/31/2023 450 300 C'24 2.0x Q4 F¹22 933 C'25 2.1x Debt Maturity Profile (USD$M)(4) (as of 3/31/23) C'26 Q1 F¹23 1,000 C'27 2.0x 1. Consolidated Net Leverage Ratio (proforma) is calculated using bank covenant methodology. 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. 3. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. 4. Term Loan B and Acquisition Term Loan B are net of mandatory debt repayments only. Q2 F¹23 900 C'28 850 Pro forma Net Leverage Ratio (¹) Expected quarterly debt reduction of $175M+ 3.3x Micro Focus Transaction Close C'29 Q3 F¹23 900 3,334 C'30 < 3.0x Within 8 Full Quarters of Close 650 C'31 OpenText ©2023 All rights reserved 14#15Outlook#16Financial Targets and Aspirations Continued investment in growth initiatives (in constant currency) Inclusive of Micro Focus Organic Growth (% Y/Y) (²) Total Revenue Growth (%Y/Y) A-EBITDA Margin (3) Driven by 15%+ Enterprise Cloud Bookings (1) Growth (Y/Y) FCF (3,4) (USD$B) ● opentext™ Updated Financial Target F'23 1% to 2% 30% to 32% -$4.54B to $4.61B 32.5% to 33.5% $580M to $620M Preliminary Financial Target F'24* 1% to 2% 33% to 35% -$5.9B to $6.0B 36% to 38% $800M to $900M 3 Year Aspirations 1. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered in the period that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 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. Free Cash Flows on a reported basis. F'26* 2% to 4% 2% to 4% -$6.2B to $6.4B *Assumes: F'24 OpenText (excluding Micro Focus) organic growth in constant currency of 1.5% to 2.5% and Micro Focus (excluding Open Text) organic growth constant F'26 OpenText (excluding Micro Focus) organic growth in constant currency of 3% to 5% and Micro Focus (excluding OpenText) organic growth in constant currency of 1% to 3% 38% to 40% $1.5B+ OpenText ©2023 All rights reserved 16#17Q4 F'23 Quarterly Factors Recession risk • Inflation ● Strength of US dollar Geopolitical opentext TM Externalities 1. 2. 3. Company Specific Expect Q4 Y/Y Revenue in constant currency: • Total revenues of $1.46B to $1.51B Open Text constant or better(1) ● • ARR (2)(3) of $1.12B to $1.16B ● Open Text constant or better(1) FX revenue headwind of $10M to $20M Y/Y Expect Q4 Y/Y A-EBITDA (3) in constant currency: Margin % down 350 to 450 bps FX A-EBITDA headwind of less than $10M Y/Y Our business is annual, and quarters will vary "OpenText constant or better" excludes contribution from Micro Focus Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 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 ©2023 All rights reserved 17#18F'23 Total Revenue Growth & Bookings Strategy F'22 Actual(1) $482 Enterprise Cloud Bookings (2) $1,535 $1,331 Customer Support Revenue $2,866 ARR (4) $358 $270 $3,494 opentext™ Cloud Revenue License Revenue Professional Services Revenue Total Revenue Estimated FX F'23 Revenue Headwind Y/Y Expected Growth in Constant Currency (³) F'23 Updated (Including Micro Focus) 15% + 12% to 14% 46% to 48% 27% to 29% 53% to 55% 27% to 29% 30% to 32% Y/Y Expected FX Impact $130M to $140M 1. All dollars in USD$M. Revenues may not add up exactly to Total Revenue due to rounding. 2. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered into in the fiscal year that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 3. Projected as of May 4, 2023; projection is not guidance. 4. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. OpenText ©2023 All rights reserved 18#19F'23 Target Model Ranges F'22 Actuals 43.9% 38.1% 82.0% 10.3% 7.7% 75.6% 12.1% 18.7% 8.5% 2.5% 41.9% 36.2% $157.9 14.0% $93.1 opentext™ Revenue Type (% of Total Revenue): Cloud Services and Subscriptions Customer Support Annual Recurring Revenue (ARR)(1) License Professional Services and Other Non-GAAP Gross Margin (2) Non-GAAP Operating Expenses (% of Total Revenue): Research & Development Sales & Marketing General & Admin Depreciation Total Operating Expenses A-EBITDA Margin (2) Interest and Other Related Expense (USD$M) Adjusted Tax Rate (³) Capital Expenditures (USD$M) A $20M reduction from prior target range Constant Currency F'23 Updated 1. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 2. Please refer to "Use of Non-GAAP Financial Measures" 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. 3. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. 4. This model is not guidance. 37% -39% 41% - 43% 79% -81% 11% -13% 7% -9% 75% - 77% 14% -16% 19% -21% 8% - 10% 2% -4% 46% -48% 32.5% - 33.5% $330 - $350 14% $145 - $155 Open Text ©2023 All rights reserved 19#20F'26 Medium-Term Aspirations() (in constant currency) Enterprise Cloud Bookings Growth (2) Organic Revenue Growth (3) Cloud Organic Revenue Growth (3) ARR (% of Total Revenue) (4) A-EBITDA Margin (5) (%) Free Cash Flows(6) (FCF) Capital Allocation to Dividend Program (7) Non-GAAP Effective Tax Rate (8) opentext™ 15% + 2% to 4% 7% to 9% 77% to 79% 38% to 40% $1.5B+ 20% of TTM FCF Mid 20% s Cloud Editions (CE), private cloud expertise, APIs, Titanium X 7. Declaration of dividend subject to board discretion. 8. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. Micro Focus returns to organic growth in F'25 and beyond Continued cloud momentum Cloud expansion and improve Micro Focus renewals to Open Text standards Upper quartile profitability while investing in cloud, security and edge Continued high conversion from A-EBITDA and working capital efficiency Prioritizing < 3x net leverage and continuation of dividend program Utilization of tax attributes while enhancing current structure 1. Revenue and Enterprise Cloud Bookings % are year-over-year comparisons. 2 Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered in the period that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 3. Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. 4 Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 5 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.. 6 FCF is on a reported basis. OpenText ©2023 All rights reserved ...... 20#21Open Text-Micro Focus Financial Integration Framework FCF A-EBITDA Cost Savings $400M Amounts represent annualized savings Integration Expense $80M opentext™ Special Charges $380M to $420M Targets and Aspirations Adj. EBITDA (2) Margin 1. 2. 3. FCF (3) 2H F'23 Workforce reductions (-$240M) Facilities consolidation (~$23M) F'23 1H F'24 Vendor consolidation, strategic procurement, (~$140M) System alignment and integration expense (~$80M) Severance, restructuring costs, advisory support and others (~$200M) 32.5% to 33.5% $0.58% to $0.62B 2H F'24 F'24 Global entities simplification, tax structure initiatives, technology footprint optimization (~$200M) 36% to 38% 1H F'25 $0.8B to $0.9B 2H F'25 Bars represent when actions will be substantially recognized on Open Text financial statements As of May 4, 2023. Subject to change. 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. FCF is on a reported basis. • F'26 Adj. EBITDA FCF F'26 (1) (2) (3) 38% to 40% $1.5B+ Open Text ©2023 All rights reserved 21#22Rapid Eight Full Quarter Deleveraging Program Total Debt (as of 3/31/23) $9.3B Total Debt opentext™ 6.3% Weighted Avg. Interest Rate opentext 5.9 yrs Weighted Avg. Maturity TM 46% Total Debt Fixed Planned Debt Reduction of $175M Per Quarter (¹) Consolidated Net Leverage Ratio (²) 3.3x As of Mar. 31, 2023 <3.0x 1. 2. 3. 4. Declaration of dividend subject to board discretion. Excluding mandatory debt repayments. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. Cumulative Dividends Paid from F'13 to Q3 F'23. Within 8 Full Quarters Continuation of Dividend Program $18 F'13 (4) 10 consecutive years of increased dividends paid (³) $1.5B returned to Shareholders from F'13 to F'23 YTD $75 F'14 $88 $99 $121 $146 $169 $189 $211 $238 F'15 F'16 F'17 F'18 F'19 F'20 F'21 F'22 Dividends Paid (USD$M) OpenText ©2023 All rights reserved 22#23Integration Execution Framework Revenue & Growth Profitability & Cash Flows Renewals Products Sales Capital Allocation Leverage & other opentext TM Open Text Continues Strong Execution 1st 6 months Pre-Acquisition (As of Dec. 31, 2022) Total growth Accelerating cloud growth 80% + ARR Upper quartile A-EBITDA Strong FCF generation 95% off-cloud 94% cloud Titanium innovation roadmap Tracking to full G10K coverage by end of C'23 Engage customers on vision and benefits Maintain upper quartile A- EBITDA for both companies Eliminate duplicative costs Continue Micro Focus savings Apply Open Text renewal best practices Analyze and refine converged Titanium X roadmap Analyze and refine converged GTM roadmap Deleveraging and continuation of Dividend Program 2nd 6 months Post-Acquisition Begin uplift Micro Focus installed base to cloud Improve A-EBITDA to FCF conversion at Micro Focus Deliver improvements in Micro Focus renewals Begin alignment of Micro Focus products with Titanium X Begin GTM alignment Deleveraging and continuation of Dividend Program 3rd 6 months Execution Evolution Continue Micro Focus uplift to cloud Micro Focus on OpenText A-EBITDA model Continue improvement in Micro Focus renewals Continue integrating Micro Focus with Titanium X Continue GTM alignment Deleveraging and continuation of Dividend Program 1. Please refer to "Reconciliation of selected GAAP-based measures to non-GAAP-based measures" included within our current and historical filings on forms 100, 10K and 8-K. F'25+ Micro Focus generates organic growth Cloud returns as largest revenue stream Maintain F'25 A-EBITDA aspirations of 37% -39% (1) Micro Focus renewals at Open Text standards Complete integration of Micro Focus with Titanium X Complete GTM alignment < 3x Leverage Net Debt to A-EBITDA (1) within 8 full quarters OpenText ©2023 All rights reserved 23#24Our Business#25Businesses Are Facing Urgent Need to Transform Current Business Platforms Every company we work with is facing an increasingly complex and hybrid environment... Today Data Centers On-Prem Software Transactional Processes Slow Monolithic opentext Protect TM P === 2 BUSINESS AND PROCESS COMPLEXITY 18W FO Future Multi-Cloud and Edge SaaS Applications Algorithmic Processes Agile Microservices Cybersecurity Total Enterprise Reinvention . ● ● Business 2030 driving an urgent need to Digitally Transform their business Businesses become digital ecosystems All industries transformed Every company is an information company opentext INFORMATION CORE New Rules Sustainability, climate innovation, the Green Ledger Social justice, Truth and reconciliation Data trust and compliance 1. https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/cloud-migration-opportunity-business-value-grows-but-missteps-abound. Human-centric Work & Workplaces Generation Y/Z to dominate the workforce New Expectations ● New Requirements Extended Reality Voice/facial interfaces ● Instant experiences Want control of their time, space, careers ● The Verse Al to drive new growth (1) $1T+ in business value expected to be unlocked through cloud adoption" OpenText ©2023 All rights reserved 25#26$200B+ Information Management Market CY'22 Worldwide Information Management Market" Analytics & Al Application Automation (Delivery & Modernization) Business Network Content & Experience Cybersecurity Market Digital Operations Management opentext™ Size ($ in billions) $4B $25B $24B $51B $68B CAGR% 2022-26 Positive 10% 10% 11% 12% $36B $208B 11% 9% 1. Estimates based on market reports from independent industry analysis firms including Gartner and IDC. ● ● • Broadens and deepens digital transformation touchpoints with customers including many of the G10K (Global 10,000) Expands strategic presence in key Information Management. markets ● Strategic Importance of Micro Focus Enhances capabilities in: ● Adds capabilities in: Application Delivery Application Modernization Analytics & Al Digital Operations Management Strengthens industry expertise • Scales partner ecosystem and our strategic importance ■ ■ Cybersecurity and Content OpenText ©2023 All rights reserved 26#27Leadership In Information Management¹ Updated Content Laserfiche ( IBM - Newgen M-Files O Nutanix ( -Open Text Hyland Microsoft Forrester Wave ™M: Content Platforms, Mar. 2023 Digital Operations Mgmt VMware Morpheus Data ● Micro Focus opentext™ Forrester Wave TM: Hybrid Cloud Management, Nov. 2022 OpenText Microsoft Content Box Google 1 IDC MarketScape: Worldwide Cloud Content Services, Dec. 2022 Hyland Application Automation Micro Focus HCL IBM Leaders Parasoft Tricentis SmartBear Perforce UiPath 1. Source: various Forrester, IDC, and Gartner reports. Leade IDC MarketScape: Worldwide Cloud Testing, Mar. 2022 Business Network IBM Infor E2open OpenText TraceLink TrueCommerce One Network IDC MarketScape: Multi-Enterprise Supply Chain Commerce Networks September 2021 Copado. Application Automation ACCELO. Perforce Software O Keysight Technologies Parasoft O • Applitools UiPath O SmartBear Software Lea Micro Focus Tricentis IBM Leapwork Forrester Continuous Automation Testing Platforms, Dec. 2022 Experience Precisely ΟΙ Quadient Messagepoint OpenText Veracode Smart Communications IDC MarketScape: Worldwide Customer Communications Management 2022 • Micro Focus Leaders Cybersecurity HCL Software Synopsys Checkmarx Gartner MQ for Application Security Testing, April 2022 Analytics and Al Micro Focus IBM Amazon Web Services science- Forrester WaveTM: Document-Orientated Text Analytics Platforms, June 2022 Google Google Cybersecurity Forcepoint O Microsoft IBM O Imperva Micro Focus • Microsoft Varonis Updated Forrester Wave: Data Security Platforms, Mar. 2023 OpenText ©2023 All rights reserved 27