#1opentext™ Investor Presentation NASDAQ: OTEX | TSX: OTEX January 30, 2020#2Safe Harbor Statement Certain statements in this presentation, including statements about the focus of Open Text Corporation ("Open Text" or "the Company") in our fiscal year ending June 30, 2020 (Fiscal 2020) on growth, anticipated benefits of our partnerships and next generation product lines, the strength of our operating framework and balance sheet flexibility, continued investments in product innovation, go-to-market and strategic acquisitions, M&A continuing to be our leading growth contributor, our capital allocation strategy, creating value through investments in broader Information Management (IM) capabilities, the Company's presence in the cloud and in growth markets, expected growth in our revenue lines, total growth from acquisitions, innovation and organic initiatives, the focus on recurring revenues, improving operational efficiency, expanding cash flow and strengthening the business, adjusted operating income and cash flow, its financial condition, the adjusted operating margin target range, results of operations and earnings, announced acquisitions, ongoing tax matters, the integration of the acquired businesses, declaration of quarterly dividends, future tax rates, new platform and product offerings, scaling Open Text to new levels in Fiscal 2020 and beyond, and other matters, 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 considered forward-looking statements or information under applicable securities laws. In addition, any information or statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking, and 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, such as certain assumptions about the economy, as well as market, financial and operational assumptions. 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions that may cause the actual results, performance or achievements to differ materially. Such factors include, but are not limited to: (i) the future performance, financial and otherwise, of OpenText; (ii) the ability of OpenText to bring new products and services to market and to increase sales; (iii) the strength of the Company's product development pipeline; (iv) the Company's growth and profitability prospects; (v) the estimated size and growth prospects of the IM market including expected growth in the Artificial Intelligence market; (vi) the Company's competitive position in the IM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company's products and services to be realized by customers; (viii) the demand for the Company's products and services and the extent of deployment of the Company's products and services in the IM marketplace; (ix) downward pressure on our share price and dilutive effect of future sales or issuances of equity securities (including in connection with future acquisitions); (x) the Company's financial condition and capital requirements; and (xi) statements about the impact of product releases. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the potential for the incurrence of or assumption of debt in connection with acquisitions and the impact on the ratings or outlooks of rating agencies on the Company's outstanding debt securities; (iii) the possibility that the Company may be unable to meet its future reporting requirements under the U.S. Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, or applicable Canadian securities regulation; (iv) the risks associated with bringing new products and services to market; (v) failure to comply with privacy laws and regulations that are extensive, open to various interpretations and complex to implement including General Data Protection Regulation (GDPR) and Country by Country Reporting (CBCR); (vi) fluctuations in currency exchange rates; (vii) delays in the purchasing decisions of the Company's customers; (viii) the competition the Company faces in its industry and/or marketplace; (ix) the final determination of litigation, tax audits (including tax examinations in the United States and elsewhere) and other legal proceedings; (x) potential exposure to greater than anticipated tax liabilities or expenses, including with respect to changes in Canadian, U.S. or international tax regimes including tax reform legislation enacted through the Tax Cuts and Jobs Act in the United States; (xi) the possibility of technical, logistical or planning issues in connection with the deployment of the Company's products or services; (xii) the continuous commitment of the Company's customers; and (xiii) demand for the Company's products and services. For additional information with respect to risks and other factors which could occur, see the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission (SEC) and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. opentext™ Open Text Confidential. ©2020 All Rights Reserved. 2#3About Open Text ● ● ● ● #1 in Content Services and Business Networks (1) Carbonite Enhances Business Mix and Predictability Cyber Resilience: a strategic and growing market Predictability: increased cloud subscription business Durable business model 75.6% Annual Recurring Revenue (ARR) (2) Growing Operating Cash Flows Strong Balance Sheet ● ● The Information Management (IM) Leader opentext™ About OpenText Value Creation Play Book Total Growth Strategy + Recurring Revenue Growth + Margin Expansion + Strong Cash Flows + Accretive Acquisitions 1. See slides titled "Open Text: Leader in Content Services" and "Open Text: Leader in Business Networks" in this presentation. 2. Trailing Twelve Months (TTM) as of December 31, 2019 INNOVATION REINVEST FOR GROWTH CAPITAL STRUCTURE & DIVIDENDS Open Text Confidential. ©2020 All Rights Reserved. 3#4OpenText is Transforming the World of Decision Making opentext™ The Information Advantage EIM Enterprise Information Management IM Information Management Open Text Confidential. ©2020 All Rights Reserved. 4#5Leader(1) in Large and Growing IM Market Market Area 5 Key Vectors ECM, Business Collaboration, File Sync and Share, Experience Business Network, Supply Chain, IoT, ODM Security AI/ML/Advanced Technology Vertical Applications opentext™ Customer Value Approach Supporting new ways to work Digital Supply Chains, Application Integration Information Security, Governance, Compliance, Privacy, Endpoints Insight-driven decision making Building next generation content-based applications (Contracts, Cases, Quality, Invoicing, Supply Chain, Legal Tech) 1. See slides titled "Open Text: Leader in Content Services" and "Open Text: Leader in Business Networks" in this presentation. Open Text Key Product Families Content Suite, Documentum, Capture, Exstream, Extended ECM GXS, Liaison, EasyLink, Covisint Carbonite, Webroot, EnCase Magellan Active Applications, Core Applications Open Text Confidential. ©2020 All Rights Reserved. 5#6OpenText: Leader in Content Services #1 in Content Services (Platforms) All content is stored, machine readable, tagged and up-to-date CHALLENGERS Alfresco Laserfiche SER Newgen Objective Everteam NetDocuments DocuWare iManage ● Micro Focus AODocs NICHE PLAYERS opentext™ OpenText IBM LEADERS Box Microsoft Hyland ●M-Files Nuxeo VISIONARIES Gartner Magic Quadrant for Content Services Platforms. Michael Woodbridge, Marko Sillanpaa, Lane Severson. Oct. 30, 2019 IM Intelligent Information Core M-Files Ⓒ Micro Focus Ⓒ Newgen. Software LEADERS Open Text IBM O SER GRMO Information Management • Nuxeo Group Microsoft All the right data, in the right place, always up-to-date, in the same context Hyland Alfresco Software . Box OiManage STRONG PERFORMERS CONTENDERS CHALLENGERS Forrester WaveTM: ECM Content Platforms, Q3 2019, Cheryl McKinnon, July 24, 2019 Open Text Confidential. ©2020 All Rights Reserved. 6#7OpenText: Leader in Business Networks Suppliers #1 in Business Networks Platform for Global Commerce and Business to Business Integration opentext™ Customers IM Intelligent Information Core Devices Trading Partners Purchase orders, invoices, shipment receipt & notifications, local taxes, tariffs, data privacy, ethical supply chains, loT Devices & Identity. SPS Commerce Bamboo Rose Vecco OpenText LEADERS Infor GT Nexus E2open TrueCommerce One Network MAJOR PLAYERS CONTENDERS PARTICIPANTS IDC MarketScape: Worldwide Multi-Enterprise Supply Chain Commerce Network 2018 Vendor Assessment, Simon Ellis, December 2018 Open Text Confidential. ©2020 All Rights Reserved. 7#8OpenText + Carbonite: Leader in Cyber Resiliency WEBROOT opentext™ | EnCase" CARBONITE Endpoint Protection (EPP) Endpoint Detection and Response (EDR) Stronger and smarter than traditional antivirus PC PCMAG.COM EDITORS' CHOICE UK MANAGED SERVICES awards 2018 FINALIST ffitas ERTIFIED opentext™ 1 2018 finalist ESG CHANNEL ACCELERATION AWARD 2018 Ⓡ Continuous monitoring and response to advanced threats Awards and Recognition computer forensic hardware of the year 4:cast awards PRIX EPIC AWARDS 2019 SCawards Winner TM Data Protection Automated, granular back-up and recovery Great Place | Το Work. Certifié NOV 2018-NOV 2019 CANADA BOSTON BUSINESS JOURNAL TOP WORK The Salt Lake Tribune PLACES www.SLTRIB.COM 2018 PEOPLE'S CHOICE STEVIE AWARDS FOR FAVORITE CUSTOMER SERVICE 2018 WINNER BPtW 2018 BEST PLACES TO WORK 2018 STEVIE GOLD WINNER FOR SALES & CUSTOMER SERVICE Open Text Confidential. ©2020 All Rights Reserved. 8#9Carbonite: Acquisition Closed on December 24, 2019 On December 24, 2019, OpenText completed the acquisition of Carbonite Inc, for $23.00 per share in cash opentext™ CARBONITE opentext™ Announcement About Carbonite Transaction and Purchase Price Projected Financial Impact ● ● ● ● ● ● ● ● Carbonite, a leading provider of cloud-based subscription backup, disaster recovery and endpoint security to small and medium-sized businesses, consumers, and a wide variety of partners. Carbonite has over 300,000 SMB customers, 16,000 MSPs, 7 million consumers and 1,500+ employees Purchase price of approx. $1.4 billion, inclusive of Carbonite's cash and debt Total purchase price is approximately 2.8x TTM (Trailing Twelve Months) Carbonite GAAP revenues (as of September 30, 2019), inclusive of annualized full year reported Webroot GAAP revenues, a significant acquisition which closed in March 2019 Funded with Open Text's existing cash on hand and revolver Carbonite Annual Recurring Revenues (ARR) of 90% Expect significant expansion of cloud revenues and cloud margins Accretive, and targeting to be on the Open Text operating model by end of Fiscal 2021 Open Text net leverage ratio at closing of approximately 2.3x, with a target to return to less than 2.0x net leverage during the 4-5 quarters post close of transaction For 2H of FY'20, we expect Carbonite revenue to be $195m to $200m, due to PPA and disruption of up to 10% for typical integration activities (1) 1. See slide titled "Carbonite Update and Revenue Impact" in this presentation. Open Text Confidential. ©2020 All Rights Reserved. 9#10Carbonite Enhances Business Mix and Predictability License & Professional Services Cloud Enhances Revenue Predictability ARR (Cloud & Customer Support) opentext 1. FY20 percentages based on midpoint of FY20E target model FY'14A (% of Total Revenues) 33.5% 23.0% 66.5% FY'20E(1) (% of Total Revenues) 24.0% 36.0% 76.0% Open Text Confidential. ©2020 All Rights Reserved. 10#11Most Trusted Companies Trust Open Text B M W e-Invoicing Communications & Compliance opentext™ Nestle® Government of citi Canada Digital Supply Chain Digital Citizen € Content & Collaboration SFO serious fraud office Analytics / ML (K) KNORR BREMSE Predictive Maintenance GM Connected Cars Open Text Confidential. ©2020 All Rights Reserved. 11#12Total Growth Strategy Retain opentext™ Information Management Acquire Grow Retain Grow Acquire ● ● ● ● High Annual Recurring Revenues (ARR), 75.6% (TTM) of total revenues(1) 90%+ renewal rates(2) Complete Go-To-Market coverage Enterprise & Government O O O SMB & Consumer - New! Accelerated Innovation O Double G10K coverage in 3 years(3) (direct and partners) $2B in R&D (next 5 years) (3) - Cloud Edition release Strategic Acquiror Leverage the Open Text Business System for strategic M&A value creation 1. Renewal rate does not include Carbonite 2. Customer Support renewal rate is typically in the low 90's and Cloud services and subscriptions renewal rate is typically in the mid-90's (does not include Carbonite) Open Text Confidential. ©2020 All Rights Reserved. 12 3. Target as of Investor Day, September 6, 2019#13Retain: Our World Class Customer Base Annual Recurring Revenue (ARR) (US$ M) $2,220 106% $1,080 FY'14 Q2 FY'20 TTM Renewal Rates(1): Cloud: mid 90%'s Off Cloud CS: low 90%'s opentext™ 1. Does not include Carbonite Key Metrics (1) 90% Margin for Customer Support 95% Customer Satisfaction +10 NPS* in last year * Net Promoter Score • The Value Advantage: ● Benefits & Opportunity Steady consumable stream from our install base O Retain O Information Management O Acquire • 24 x 7, global support O Product and service updates New versions Security updates Price increases expected to have a positive effect in FY'21 • Artificial Intelligence & ● Grow Machine Learning to continue enhancing the business Open Text Confidential. ©2020 All Rights Reserved. 13#14Grow: Through Market Leadership Content Management ● ● ● ● Content Suite Documentum Exstream Extended ECM opentext™ Three Pillars of Growth Business Network ● ● ● ● GXS Liaison EasyLink Covisint ● ● Cyber Resilience ● Retain Carbonite Webroot EnCase Information Management Acquire Grow Open Text Confidential. ©2020 All Rights Reserved. 14#15Grow: Through Cloud Migration opentext™ 99.99% Availability Hybrid & Integrated Managed Services Any 2 Any Integration Trust SaaS IM Offerings Compliant & based on Standards Security Agility Lower TCO Private and Public Cloud Options Retain Information Management Acquire Grow Open Text Confidential. ©2020 All Rights Reserved. 15#16Grow: Through Managed Services (1) in the Cloud ZOLL |СІВС iTAC SOFTWARE PBS SNCF 2015 RBC HYUNDAI M&S EST. 1884 opentext MOBIS Heathrow Alberta Making every journey better Sprint ODHFL Black Sea Trade & Development Bank 2016 PACIFIC LIFE Los Angeles County DEPARTMENT OF Human Resources LIFE INSURANCE Pramerica 2017 BMO 1. Data excludes Carbonite 2. TCO - Total Cost of Ownership GTAA M KNORR-BREMSE Harris Bank Westpac 2018 telenor 3,000+ 2019 ● ● ● ● ● ● Retain Information Management Acquire Grow 3,000+ Cloud customers over 5 years Faster than internal IT 30% lower TCO(²) 99.99% - best in class uptime Highly secure Never upgrade again Open Text Confidential. ©2020 All Rights Reserved. 16#17Grow: Through Innovation - Cloud Edition (CE) Significant Business Model Benefits Past Many Point Products opentext™ Recent Product Families Content Management Release 16 → CE OT2 Cloud Platform Encase Magellan Core Apps Business Network Cloud April 2020 Cloud Platform Open Text CE 20.2 Cloud First ● ● ● Future Standardized services platform Simplified sales and customer engagement Improved speed of customer deployment and upgrade Retain Information Management Acquire Grow Open Text Confidential. ©2020 All Rights Reserved. 17#18Grow: Through Complete Go-To-Market Small and Medium Businesses (SMB) ● ● Enterprise (G10K) Target Market: Global 10K 40% covered today (through our direct organization) 3-year plan to double our ● O Government coverage(1) (direct and through partners) 2,000 Field Facing Professionals Global Accounts Open Text Solutions O Enterprise Accounts Corporate Accounts opentext™ 1. Target made on Investor Day 2019, Sept. 6, 2019 O 16,000 Partners Online Retail MSPs VARS RMMs OEMs ● ● ● ● ● Carbonite Solutions Consumer ● Retain ● Information Management 7M Consumers Online Retail Acquire Grow Open Text Confidential. ©2020 All Rights Reserved. 18#19Grow: Recent Partnership Announcements SAP Ⓡ "New OpenText Content Management Services to be delivered through SAP® Cloud Platform." May 8, 2019 opentext™ Google Cloud "Google Cloud has selected Open Text as its preferred partner for Enterprise Information Management Services." July 9, 2019 mastercard. "Open Text and Mastercard Partner to Transform Financial Processes Across Global Supply Chains." July 11, 2019 Retain BEST BUY Information Management Acquire Grow "Gained a strong channel partner through the acquisition of Carbonite" Plus: Strategic Partners, Global System Integrators and 1000s of MSPs, OEMS, VARS, RMMs, and Retail Dec. 24, 2019 Open Text Confidential. ©2020 All Rights Reserved. 19#20Grow: Carbonite SMB Partnerships CITRIX® f5 Akamai A10 aruba a Hewlett Packard Enterprise company A AEROHIVE. Alcatel-Lucent NETWORKS Enterprise AIRLOCK SECURE ACCESS HUB AWAKE ANOMALI Cyberint. Protection Beyond the Perimeter C COLORTOKENS CORONET opentext™ HITACHI Inspire the Next Hitachi Solutions Asian Link Array Attivo NETWORKS NETWORKS BANDURA circle WITH DISNEY e empow You have it in you. CUJOAI Menlo Security NETOGRAPHY dojo by BullGuard .|..|.. CISCO Centripetal blancco Cyberinc :::LogRhythm™ PFU The Security Intelligence Company a Fujitsu company MCS Clavister. GFIⓇ MCセキュリティ CloudPost DuoCircle Fluency LogicHub MB₁S¹D. nyansa Security GreatHorn →INSTART Browsing the web has never been safer SAFERNET Creating A Safer Internet. CYBERSPONSE digital shadows_ ibuss ADAPTIVE SECURITY PACKETVIPER VARONIS ZYXEL ManageEngine NETMOTION® SECURONIX Security Analytics. Delivered. WEBSCALE ROHDE & SCHWARZ Cybersecurity FUJITSU 富士通ビー・エス・シー NETACEA 6033 SHIELDX lastline Zingbox RUCKUS SS8 an ARRIS company telenor solarwinds Clearedin msp VERSA NETWORKS Zerum™ IT Engineering Simplified untangle Thunder DNS QOS Technol family zone Retain Information Management Acquire Grow Open Text Confidential. ©2020 All Rights Reserved. 20#21Acquire: Our Criteria 2 Leadership Position In Key Market Segments EST Financially Compelling High Teens ROIC opentext™ 0 Value for Open Text's Customers Larger Customer Base Mission Critical Retain Solid Track Record of High-Teens ROIC and Operating Cash Flows Information Management Acquire Long Operating History & IP Grow Open Text Confidential. ©2020 All Rights Reserved. 21#22Acquire: Open Text Business System Creates Strategic Value Return on Invested Capital (ROIC) Dividend, Capital Investment, Talent Investment opentext™ Integration Strategic Acquisitions Diligence پہرا Total Growth Retain Disciplined Capital Allocation Acquire Grow Open Text The Information Company Value Orientation Key Metrics Customer-Driven Innovation Operational Excellence Systems, Tools, Methods Best Teams Win Annual Recurring Revenue, A-EBITDA $, OCF Open Text Confidential. ©2020 All Rights Reserved. 22#23Acquire: Track Record of Success Content Management Business Networks and Other 1991 Founded out of University of Waterloo 1996 Open Text IPO on NASDAQ easylink opentext services 2012 GXS™ RECOMMİND hp Note: Timeline based on calendar year, including select transactions. ACTUATE The BIRT Company DELLEMC Enterprise Content Division HP CEM & CCM Software(1) 2014 GUIDANCE G 2015 LIAISONⓇ Catalyst 1. CEM - Customer Experience and Content Management. CCM - Customer Communications Management. 2. Inclusive of the total consideration for the Carbonite acquisition. 3. Exclusive of Carbonite. See page 20 on Open Text's Investor Presentation dated August 1, 2019. 2016 Joined TSX60 2017 CARBONITEO Approx. $1.4B purchase price Retain Information Management 2018 Acquire $6.2bn capital deployed since FY'14(2) Grow 18.7% ROIC in FY '19(3) 2019 Open Text Confidential. ©2020 All Rights Reserved. 23#24Proven Durable Business Model Annual Recurring Revenue (ARR) (US$ M) 106% $1,080 FY'14 $2,220 opentext Q2 FY'20 TTM Renewal Rates(³): Cloud: mid 90%'s Off Cloud CS: low 90%'s A-EBITDA & Margin(1), (2) (US$ M) 108% $538 33.1% FY'14 $1,117 38.1% Q2 FY'20 TTM A-EBITDA Margin(1) +500 bps since FY'14 1. Please see reconciliation of GAAP to Non-GAAP measures in our historical filings. 2. Refer to note 1 of our Fiscal 2019 10-K for details on the impact of recently adopted accounting standards on prior period results. 3. Does not include Carbonite Operating Cash Flows (²) (US$ M) 106% $417 FY'14 $860 Q2 FY'20 TTM Strong Annual Operating Cash Flows Open Text Confidential. ©2020 All Rights Reserved. 24#25Total Growth Strategy: FY'20 Total Revenue Growth (US$ M) 11% CAGR $1,625 FY'14 opentext™ $2,935 Q2 FY'20 TTM FY'20 Business Profile (including Carbonite) OpenText Investor Day September 6, 2019 Constant $year-over-year License Cloud Customer Support Professional Services M&A Total Growth High-single digit growth Constant to low-single digit growth Constant $year-over-year Optimized for margins Additive M&A revenues Low-single digit organic growth + additive M&A revenues Post Carbonite Acquisition January 30, 2020 Low to mid single digit growth Low to mid 20% growth Constant to low-single digit growth Constant $ year-over-year Optimized for margins Additive M&A revenues Low-single digit organic growth + additive M&A revenues Open Text Confidential. ©2020 All Rights Reserved. 25#26FY'20 Target Model Revenue Type: Annual Recurring Revenue (ARR) License Cloud Services and Subscriptions Customer Support Professional Services and Other Non-GAAP Gross Margin License Cloud Services and Subscriptions Customer Support Professional Services and Other Non-GAAP Gross Margin Non-GAAP Operating Expenses: Research & Development Sales & Marketing General & Admin Depreciation A-EBITDA Margin(1) Interest and Other Related Expense USD million Adjusted Tax Rate(2) Capital Expenditures opentext™ Fiscal 2019 Results 75.1% 14.9% 31.6% 43.5% 9.9% 96.6% 57.8% 90.1% 21.8% 74.1% 11.0% 17.8% 6.9% 3.4% 38.4% $136.6 14% $64 1. Please see reconciliation of GAAP to Non-GAAP measures in our historical filings on Form 10K. 2. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. 3. This model is not guidance. Revised to reflect the acquisition of Carbonite. Previous FY'20 Model 74% - 76% 13% -17% 31% -35% 40% -44% 8% -12% 96% - 98% 57% -59% 89% - 91% 18% - 20% 73% -75% 11% - 13% 17% -19% 6% - 8% 2% -4% 38% - 39% $140 - $145 14% $88 - $98 Revised FY'20 Model (³) 75% - 77% 13% -17% 34% - 38% 38% -42% 7% -11% 96% - 98% 58% - 60% 89% - 91% 18% - 20% 73% -75% 11% - 13% 18% - 20% 6% -8% 2% -4% 36% -37% $147 - $152 14% $88 - $98 Open Text Confidential. ©2020 All Rights Reserved. 26#27Carbonite Update and Revenue Impact ● • Expect revenue for the 2H of FY'20 to be $195m to $200m, after purchase price accounting (PPA) and disruption of up to 10% for typical integration activities ● Open Text will recognize $171.5M of deferred revenue over the life of the contracts after PPA adjustments totaling $74.9M(1) • For FY'20, expect Carbonite to be slightly accretive to A-EBITDA dollars and A-EPS ● Q2 $3.1 opentext™ FY'20 Q3 $22.7 Q4 $16.7 Estimated PPA Amortization (Millions) Q1 $11.5 1. Unaudited and subject to measurement period adjustments. Q2 $6.4 FY'21 Q3 $3.5 Q4 $2.7 FY'22+ $8.3 Total $74.9 Open Text Confidential. ©2020 All Rights Reserved. 27#28FY'22 Long-Term Aspirations opentext™ A-EBITDA Margin(¹)(2) 38%-40% +500 bps 33.1% FY'14 38.1% Q2 FY'20 TTM Operating Cash Flows (²) 1. Please see reconciliation of GAAP to Non-GAAP measures in our historical filings. 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. $1.0B-$1.1B 106% $417M FY'14 $860M Q2 FY'20 TTM Open Text Confidential. ©2020 All Rights Reserved. 28#29FY'22 Long-Term Aspirations & Roadmap 38% to 40% Adj. EBITDA We will remain disciplined, while we invest $538 FY'14 A-EBITDA Margin (%) & (US$ M) 34.7% (ECD²) 33.1% 33.7% $624 FY'15 opentext 36.8% $672 FY'16 $794 FY'17 36.2% $1020 FY'18 38.4% $1100 FY'19 A-EBITDA Margin Aspiration Target of 38% to 40% FY'20 40.0% FY'21 FY'22 A-EBITDA margin aspiration of 38% to 40% is an ideal zone for Open Text We are ranked in the upper quartile performance among peers(1) Above 40% A-EBITDA, we plan to reinvest for future growth: ● Innovation, products, engineering capacity Sales capacity & coverage, investment in partners, and marketing 1 Source: Bloomberg. Based on Bloomberg's calculation of EBITDA Margin (January 14, 2020). Peer group consists of selected universe of 160 peer companies 2. OTEX integrated the acquisition of Dell-EMC Enterprise Content Division (ECD) at low-teens EBITDA in FY'17 Open Text Confidential. ©2020 All Rights Reserved. 29#30FY'22 Long-Term Aspirations & Roadmap OCF Target of $1B to $1.1B in FY'22 Driven by higher profitability, productivity enhancements Use of Al in collections, higher leverage in procurement and vendor management Operating Cash Flows (US$ M) $417 FY'14 opentext™ $522 FY'15 ● ● FY'16 $440 FY'17 $708 FY'18 $876 FY'19 OCF target of $1B to $1.1B FY'20 FY'21 $1,100 FY'22 Aspiration Open Text Confidential. ©2020 All Rights Reserved. 30#31Strong Liquidity & Balance Sheet Cash Generated for M&A TTM Q2 FY'20 (US$ M) OCF Less: Principal Less: CapEx Less: Dividends TTM Cash Generated for M&A opentext™ $860 $10 $69 $182 $599 Documentum Acquisition Closing 2.5x Trended Net Leverage 2.3x leverage post $1.4B acquisition of Carbonite Consolidated Net Leverage Ratio (¹) 2.4x Q3 FY'17 Q4 FY'17 1. Consolidated Net Leverage Ratio is calculated using bank covenant methodology. 2.6x Q1 FY'18 2.3x 2.0x 1.9x 1.7x Q2 FY'18 Q3 FY'18 Q4 FY'18 Q1 FY'19 1.9x Q2 FY'19 1.7x 1.5x 1.5x Carbonite Acquisition Closing 2.3x Q3 FY'19 Q4 FY'19 Q1 FY'20 Q2 FY'20 Open Text Confidential. ©2020 All Rights Reserved. 31#32Experienced Executive Leadership Team (ELT) Mark J. Barrenechea CEO and CTO Patty Nagle SVP, CMO opentext™ Madhu Ranganathan EVP, CFO Prentiss Donohue SVP, Portfolio Group Muhi Majzoub EVP, Chief Product Officer Paul Duggan SVP, Revenue Operations Gordon Davies EVP, CLO & Corporate Development Brian Sweeney SVP, CHRO Ted Harrison EVP, Sales Doug Parker SVP, Corporate Development James McGourlay EVP, Customer Operations David Jamieson SVP, CIO Craig Stilwell EVP, SMB & Consumer Sales Savinay Berry SVP, Cloud Service Delivery Open Text Confidential. ©2020 All Rights Reserved. 32#33opentext™ opentext™ The Information Company™ Open Text Confidential. ©2020 All Rights Reserved. 33#34opentext™ Thank you www.opentext.com opentext™ Open Text Confidential. ©2020 All Rights Reserved. 31