#198 opentext TM Investor Day Presentation NASDAQ: OTEX | TSX: OTEX March 11, 2021#2Safe Harbor Statement This presentation may contain forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and created under the Securities Act of 1933, as amended (the Securities Act), and the Securities Exchange Act of 1934, as amended, the Securities Act (Ontario) and Canadian securities legislation in each of the provinces of Canada. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. When we use words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "could," "would", "will" and variations of these words or similar expressions, we do so to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements, and are based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. These forward-looking statements are based on certain assumptions and involve known and unknown risks as well as uncertainties, which include actual and potential risks and uncertainties relating to the ultimate spread of COVID-19, the severity of the disease and the duration of the COVID-19 pandemic. The actual results that we achieve may differ materially from any forward-looking statements, which reflect management's current expectations and projections about future results only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements. A number of factors may materially affect our business, financial condition, operating results and prospects. For additional information with respect to risks and other factors which could occur, see our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission and other securities regulators. Any one of these factors may cause our actual results to differ materially from recent results or from our anticipated future results. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. opentext™ OpenText Confidential. ©2021 All Rights Reserved. 2#3Mark J. Barrenechea OpenText CEO & CTO opentext™ Open Text Confidential. ©2021 All Rights Reserved. 3#4Today's Speakers and Key Messages Mark Barrenechea Muhi Majzoub Ted Harrison James McGourlay Prentiss Donohue CEO & CTO EVP, Chief Product Officer EVP, Enterprise Sales EVP, Customer Operations EVP, SMB/C Sales Gordon Davies EVP, CLO & Corporate Development Corporate Growth Strategy Product Strategy & Increased R&D Investment Enterprise Growth, G10k, Partner Renewals Growth, Expansion SMB Growth, MSP/RMM Expansion Opportunities Expansion M & A Strategy, Corporate Citizenship opentext™ Madhu Ranganathan EVP, CFO Profitability, Returns, and Operating Excellence OpenText Confidential. ©2021 All Rights Reserved. 4#530 Years of Market Defining Leadership Web Search Market with 1994 Yahoo! 2013 Release 16 Introduction 2017 Documentum 2020 Cloud Edition Modern Cloud Platform 1991 Foundation out of University of Waterloo Our Belief 2005 2014 Established Content GXS Enter The Business Services Market Network Market Information and knowledge makes business and people better. To be the leading cloud-based Information. Our Aspiration Management company, enabling intelligent, secure and connected business. opentext™ 2019 Carbonite and SMB/C Our Passion 2024 Aspirations Total Revenue Organic Growth of 2% -4% ARR of 85% 2021 GROW with OpenText TM The Ultimate Cloud" Deliver compelling innovations that provide our CUSTOMERS competitive advantage. An inclusive environment where passionate, skilled, and diverse EMPLOYEES thrive. Deliver SHAREHOLDER value through growth, profits and capital efficiency improvements. OpenText Confidential. ©2021 All Rights Reserved. 5#6OpenText Snapshot (NASDAQ/TSX:OTEX) GLOBAL FOOTPRINT 1 Financial Highlights 2Q FY'21 TTM Americas $1,904m Employees: 6,597 EMEA $942m Employees: 2,741 APJ Y/Y US$M Change $264m Cloud Revenue $1,364 +41% Employees: 5,006 Revenue and employee data as of FY20 Annual Recurring Revenue $2,675 +21% RECURRING & GROWING BUSINESS Annual Recurring Revenue (ARR) ($US M) Total Revenue $3,301 +12% 80% ARR (as of Q2 FY'21) $2,433 125% 265% Cloud Growth2 75K Adj. EBITDA³ $1,280 +15% Enterprise Customers Adj. EPS (US$/share)³ $3.25 +14% 470K SMB Customers $1,080 287M End Points Free Cash Flows 3,4 $1,069 +35% FY'14 FY'20 89 out of the Top 100 companies opentext™ (1) Americas consists of countries in North, Central, and South America. EMEA primarily consists of countries in Europe, The Middle East & Africa. Asia Pacific primarily consists of Japan, Australia, China, Korea, Philippines, Singapore, and New Zealand (2) From FY 14 to 2Q FY'21 TTM (3) Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K (4) Free Cash Flows = Operating Cash Flows minus Capital Expenditures (or "Additions to property & equipment" in the Statement of Cash Flow) OpenText Confidential. ©2021 All Rights Reserved. 6#7Deeply Talented and Experienced Leadership Team Mark J. Barrenechea CEO and CTO Madhu Ranganathan Muhi Majzoub EVP, CFO EVP, Chief Product Tenure: 9 years Tenure: 3 years Officer Tenure: 9 years Gordon Davies EVP, CLO & Corporate Development Tenure: 12 years Ted Harrison EVP, Enterprise Sales Tenure: 21 years James McGourlay EVP, Customer Operations Tenure: 24 years Prentiss Donohue EVP, SMB/C Sales Tenure: 5 years Kristina Lengyel EVP, Customer Solutions Tenure: <1 year Paul Duggan SVP, Revenue Operations Tenure: 4 years Brian Sweeney SVP, CHRO Tenure: 3 years Doug Parker SVP, Corporate Development Tenure: 12 years David Jamieson SVP, CIO Tenure: 7 years Lou Blatt SVP, CMO Tenure: 1 year opentext™ OpenText Confidential. ©2021 All Rights Reserved. 7#8Highly Skilled Board of Directors Tom Jenkins Mark Kate Barrenechea Stevenson Steve Sadler Randy Fowlie OpenText Chair OpenText CEO & CTO CIBC Chair Enghouse Systems Chair Dye & Durham, Sapphire Health Board Member Gail Hamilton Harmit Singh Robert Hau Michael Slaunwhite Arrow Electronics Levi Strauss Board Member CFO Fiserv, Inc. CFO Halogen Software Former CEO opentext™ Diverse Skills Debbie Weinstein LaBarge Weinstein Law Firm Industry Expertise Technology Strategy Operational Excellence Finance Legal Capital Markets Major-General (Ret.) David Fraser Canadian Forces Foundation, Route1, Inc. Antoxa Corp, Board Member Experience & Commitment 10+ years of average tenure 82% independent OpenText Confidential. ©2021 All Rights Reserved. 8#9Our Competitive Advantage opentext opentext™| Cloud TM Our people, leadership and expertise The largest Information Management cloud company and well positioned to grow and extend our lead Modern cloud company Our proven ability to deliver high-impact innovations that make a difference Robust financial performance and profile Marquee customers and partners and predictable recurring revenues Our business model, values and purpose drive stakeholder and shareholder value opentext™ OpenText Confidential. ©2021 All Rights Reserved. 9#10Information Management: A Modern Strategic Platform and more Financials Human Resources Resource Planning Traditional Process Applications Service & Support Sales Order Management + Supply Chain Content Management and more Capture Security & Data Protection Modern Information Collaboration Applications Superior Results Experience Platform Business Networks Archives / Records Process Advantage Information Advantage opentext™ Intelligent, Secure and Connected Business OpenText Confidential. ©2021 All Rights Reserved. 10#11The Information Management Market is Large and Growing Well Positioned to Extend our Lead Total Addressable Market1 OpenText Total Revenue The largest Information Management company in a large and growing market • A modern cloud company • Marquee install base: • ● • 89 of top 100 companies о ⚫ 75K Enterprise companies • 470K SMB companies Comprehensive GTM Modern, fully scalable, cloud-based architecture CY'21 to CY'24 CAGR Content $24B +11% Business $1.4B to $3.1B $20B +7% Network FY'13 to FY'20 Digital $21B +7% Experience 12.5% CAGR FY'13 to FY'20 Security & $19B +6% Protection Total $84B +8% Total Organic Growth: 2% - 4% By FY 2024 Aspirations Annual Recurring Revenue: 85% opentext™ 1. Source: individual market reports from IDC OpenText Confidential. ©2021 All Rights Reserved. 11#12Well Positioned to Grow - Driven by Market Needs opentext™ Modern Work Modern Experiences Sustainable Supply Chains Security & Data Protection Cloud Migration New cloud work-loads with API services Marquee Install base New Customers & Partners Industry Scale OpenText Confidential. ©2021 All Rights Reserved. 12#13Well Positioned to Grow - Driven by Market Needs opentext™ Modern Work Modern Experiences Digitalization Direct to Consumer Omni-Channel Supply Chains Sustainability Connectivity Security & Data Protection Cyber Threats Shift to Behaviors Marquee Install Base 75K Enterprise Customers 470K SMB Companies Cloud Migration Private Cloud Public Cloud New Partners Cloud Platform Hyper-scalers Industry Eco-systems New Cloud Workloads eSignature Collaboration API Services Industry Scale FinServ, Healthcare, CPG, Retail, GVNT, Auto/Transport, Pharma, ... OpenText Confidential. ©2021 All Rights Reserved. 13#14OpenText is a Modern Cloud Company Simplified Go-to-Market 5 Cloud Editions Rapid innovation cycles (every 90 days) Easier to consume new capabilities OpenText Information Management Platform The Foundation for the Intelligent, Secure and Connected Business Off Cloud, Private Cloud, Public Cloud opentext™| Cloud Content Cloud Editions opentext | Cloud Business Network opentext Cloud Security & Protection TM opentext Cloud Experience opentext | Cloud Developer Redefining customer choice Recurring revenue expansion New routes to market with API services Removing Friction: Scale through Al & Automation opentext™ Automation and Al OT2-Cloud API Services aws ^ Azure Off-Cloud opentext Cloud Google Cloud OpenText Confidential. ©2021 All Rights Reserved. 14#15Accelerating Growth: Scalable, High-Velocity, Low-Friction Business Model Product is built for: • Self-service Upsell • Cross-sell Renew New Customer Engagement Model: Pre-sales • Self-sell - upsell, cross-sell • Post-sales - renewals Digitization and Automation: • Automate renewals • Demand creation automation • Automate DevOps Automate routine R&D Digitization & Automation (DnA 2.0) opentext™ Product Design Digital Zone Removing friction from all company processes OpenText Confidential. ©2021 All Rights Reserved. 15#16GROW with The Ultimate Cloud TM Open Text OpenText Cloud Editions All Points of Departure opentext™ Data Protection Modern Work Business Digital Experience & Security Network J Advanced Technology & Experts Cloud Editions The Intelligent, Secure and Connected Businesses The Information Management Journey OpenText Confidential. ©2021 All Rights Reserved. 16#17GROW with OpenText – The Ultimate Cloud TM One technology platform. Four deployment choices. the deselected airror modifier object fer ob #modifier ob is the active ob "GROW with Open Text is a set of programs that brings together everything you need to transform your business, accelerate your growth, engage your communities and stay ahead of the competition." Off Cloud (Investment Full Value) License or subscription-based All future product updates, knowledge center, and security alerts/updates. Scaling 3 programs in F22 OpenText Optimize, off cloud managed service Dual-usage rights for customers migrating to the Cloud Editions Release 16 Extended Support Program Fees Private Cloud (Process/Information Value) Subscription-based Over 3,000 customers run their business in the OpenText private cloud. High value destination for customers with unique process and information requirements All Cloud Editions supported Bring your own license Run anywhere (OpenText, GCP, AWS, Azure) Public Cloud (Standardization Value) Subscription-based Business Network Cloud, Security & Data Protection Cloud, eSignature, CORE... all Public Cloud, today. Expanding the scope and customer choice With Cloud Editions 21.4, Content Cloud will operate as a public cloud With Cloud Editions 22.2, Experience Cloud will operate as a public cloud ° Cloud API Services (Embedded Value) Subscription-based Deliver key Information Management capabilities as public API Services. New route-to-market for OpenText, and new future revenue streams Enable the next generation of Information Management Applications Cloud Editions leverage the same API services opentext™ OpenText Confidential. ©2021 All Rights Reserved. 17#18Горох Loo dom.do ib 0010 AM" noits go X920-bom sau.boom 92u.bom 107E 1=9a.bom x_sau.bom 1015 HORRIM 9216 Comprehensive Go To Market (do] 93423 16 nort 92.do bom 802.1x9*.yad bet39192")tning 92.do 1011im Complete and Direct G10K coverage by end of C23 Building Eco-Systems (from SAP, Salesforce, Cerner, McKesson, AT&T) Unique and scaled reach with MSP/RMM's 3,000 dedicated customer success professionals beto 1929 of nonnim X ns abbs 2 (10701900.299.vad)X10 X1010m.todo" 906Ld Delivering M" 19 Id bontemaan Jo Soell don 2 to9rdo 9vijos.xm bom.do 19tbomb ПОЯЯ ІМ :(x) 971 = X 92u.bom 10min Ab Information Management 9216 эги 1011in 92 65 920.bomornim HORAIM" == noite tile 924.bom 101 no to businesses of all size and types wherever they are on their journey Mdo Jatos do ba 139192.[masno "b9139 Out X 1992 926914 24 HOTARA Loo +382 "X TOTEM"-Ladel Id "Oom.atdo"smanbi Ed do bat992 art of X abbs aid bortome20 (txado y ab opentext TM Digital Zone for Demand, Sales & Support Al driven automation for renewals and support OpenText Confidential. ©2021 All Rights Reserved. 18#19Strong Track Record of Financial Performance Total Revenue (US$ M) 103% $1,625 $3,301 1 Annual Recurring Revenue (US$ M) Cloud (US$ M) A-EBITDA1 (US$ M) Free Cash Flow1 (US$ M) $2,675 $1,280 $1,069 $1,364 148% 265% 138% 185% $1,080 $538 $375 $373 FY'14 Q2 FY'21 TTM FY'14 Q2 FY'21 TTM FY'14 Q2 FY'21 TTM FY'14 Q2 FY'21 TTM FY'14 Q2 FY'21 TTM opentext™ Upper Quartile A-EBITDA Margin and Free Cash Flow Conversion² 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K 2. FCF Conversion is FCF as a % of Total Revenue for 2Q FY'21 TTM OpenText Confidential. ©2021 All Rights Reserved. 19#20Strategic Capital Allocation and Strong Liquidity Capital deployed on Acquisitions (US$ M) $2,107 Historical Use of Capital Dividends Paid (US$ M) CAPEX (US$ M) $189 $169 $146 $121 $1,384 $99 $1,108 $88 $75 $339 $387 $287 $327 +153% $42 $105 $77 $80 $73 $70 $64 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 $5.8B deployed $1B+ paid in dividends $500M+ CAPEX deployed ● ● • Ability to grow and generate future returns $1.1B Generated FCF over the TTM $2.25B Total Available & Committed Liquidity1 1.6x Net leverage ratio 14% Low Adj Tax Rate Low capital intensity business Resolved long- standing tax matter opentext™ 1. Excludes restricted cash. Includes Cash and the Undrawn Revolver of $750m as of December 31, 2020. OpenText Confidential. ©2021 All Rights Reserved. 20#21How We Create Value Growth Profitability Value opentext™ Growth Profitability Capital Efficiency Capital Efficiency • 12.5% Total Revenue CAGR (FY'13 to FY'20) • Our business is predictable at 80% + ARR F'22 outlook of 1%-2% Total and 3%-4% Cloud organic growth Strong M&A pipeline and new deals additive to our total growth • 2Q FY'21 TTM Adj EBITDA1 margin of 38.8% with long-term aspiration of 38% to 40% • TTM FCF1 of $1.1B, with long-term aspiration of $1.1B to $1.2B • TTM FCF conversion2 of 32% • . • Strategic-oriented acquiror Target -20% TTM FCF for dividends High-teens ROIC 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K 2. FCF conversion is FCF as a % of Total Revenue for 2Q FY'21 TTM OpenText Confidential. ©2021 All Rights Reserved. 21#22Our Financial Outlook' 1 FY'21 Outlook Total Growth Introducing FY'22 Outlook Introducing FY'24 Long Term Aspirations Total Total Cloud Revenue Cloud Revenue Total Revenue Revenue Organic Organic Growth Growth Growth Growth Revenue Organic Growth ARR % of Total Revenue Free Cash A-EBITDA Margin Flows (FCF) Mid Single Digit High Teens 1%-2% 3%-4% 2%-4% 85% 38%-40% $1.1-$1.2B opentext™ M&A will be additive Adj. EBITDA Margin over 40% to be re-invested in Organic Growth 1. Revenue % are year over year comparisons OpenText Confidential. ©2021 All Rights Reserved. 22#23We Strive To Do The Right Thing 2020 Corporate Citizenship Report Our Customers Rapid Radiology and OpenText Accelerate Diagnostic Results to Help Improve Patient Care Jun 25, 2020 AITHORITY AI TECHNOLOGY INSIGHTS Q नैने II opentext™ OpenText Enters Agreement to Serve as the Platform of Choice for EIM for the U.S. NIH Aug 6, 2020 National Institute NIH of Mental Health Improving Accessibility for Individuals with Visual Impairments Nov 18, 2020 Our Beliefs OpenText CEO Issues Call for Corporate Social Responsibility Jul 15, 2019 Southern Alberta Internet Child Exploitation Unit Customer Reference 1000 000 opentext™ Braille Works COMMUNITECH NEWS open opentext COVID-19 SE SUPP ALERT Our Communities OpenText Donates US $1M to Global Food Banks Dec 11, 2020 , OpenText Provides 4 Million Meals for 58 Communities in 21 Countries Worldwide Dec 11, 2020 CBC TORONTO STAR Our Employees Covid-19 Showed My Company a Better Way to Work May 12, 2020 COVID-19 RESPONSE SUPP FAST COMPANY opentext COVID-19 ense Sapp Donation of SGD$20.999 Open Text Confidential. ©2021 All Rights Reserved. 23#24Our Growth Agenda GROW with The Ultimate Cloud T OpenText Open Text Cloud Editions The Intelligent, Secure and Connected Business FY'24 Aspirations All Points of Departure Business Modern Work Network क Digital Experience e Data Protection Cloud Advanced Editions Technology & Experts & Security The Information Management Journey FY'24 Aspirations 2% to 4% Total Revenue Organic Growth 85% ARR Deep expertise and talent New and compelling product cycle with OpenText Cloud Editions Marquee Customers: 75K Enterprise, 470K SMB Expanded investments in Products and Go-To- Market $84B TAM growing at 8% FY'21 Outlook opentext™ OpenText Confidential. ©2021 All Rights Reserved. 24#25Muhi Majzoub OpenText EVP & Chief Product Officer opentext™ Open Text Confidential. ©2021 All Rights Reserved. 25#26Key Messages Unparalleled Information Management (IM) platform built for scale and performance Open Text Cloud platform enabling: • Business Network • Carbonite Faster delivery of SaaS Applications (eSignature) - New path to market – developer cloud Cloud Editions ready for Modern Work Advanced Al algorithms integrated into IM Products built for and at the needs of our marquee customer base opentext™ Recerty Accessed Nooming Orde No Vice A Lone Correct adver2 2235 1735 ? A opentext Content Server Enterprise) Inovare (repre) Pecords Certar Records Perspective Classifications Managed co... Favores Base Classifications Total 51 Jukces ACTN 1404 cts -CER New -CEBNWY. 0000-CER Purchase Orders Q By 4500ES-CER NOW Y PASTOORITA-CER NOWY. Total Count 400-CEA New Y Chege Jobce 0000Y-CES Action Total 28 Disposition.... Hold-Audt.... My Assignme Yod Type Nores POROK 000000 AUD15-FINANCE V No ben to deplay Search CES NY 002)-CEA OpenText Confidential. ©2021 All Rights Reserved. 26#27Acknowledged Leadership Across Information Management Performers Content Services Content Services Leaders LEADERS Business Network Business Network Media Management LeaderS gen Software. OpenText Microsoft Microsoft Hyland OpenText IBM Infor GT Nexus OpenText PS Commerce E2open One Network QUARE Bamboo Rose Vecco TrueCommerce mers E2oper Infor One Network Enterpri: SupplyOn O SER Group Hyland Alfresco Software Forrester Wave TM: Enterprise Content Management - Content Platforms, Q3 2019, 24 July 2019 Alfresco Open Text ( Bax IBM iManage SER Group Gartner Magic Quadrant for Content Services Platforms, Nov 2020 IDC MarketScape: Multi-Enterprise Supply Chain Commerce Networks 2018 Gartner Magic Quadrant for Multi-enterprise Supply Chain Business Networks, May 2020 LENGERS ms eDiscovery Process Automation LEADERS Strong Performers kCura FTI Technology Kroll Ontrack Recommind AccessData Nuix ZyLAB HP Symantec Exterro LexisNexis Guidance Software IBM Document Automation Leaders NGERS Leaders Pegasystems OpenText IBM Appian ISIS Papyrus Syncsort OpenText Bizagi Quadient Smart Document Automation LEADERS GMC Software OpenText Oracle Xerox (XMPie) FIS Isis Papyrus Smart Communications Pitney Bowes Cincom Sitecore Adobe Aprimo OpenText Forrester Wave TM: Digital Asset Management For Customer Experience, Nov, 2019 Agile CMS Challengers Contenders Strong Performers Stronger current offering Optin Contentsta OpenText Site Magnolia Automattic Bloon Crownpeak CoreMedia O O Kentico SDL Gartner Magic Quadrant for eDiscovery Software, May 2015 Forrester Wave TM: Software For Digital Process Automation For Deep Deployments,, June, 2019 IDC MarketScape: Worldwide Customer Communications Management 2020 Vendor Assessment, Mar 2020 Gartner Magic Quadrant for Customer Communications Management Software, Jan 2017 Forrester Wave for Agile CMS, Feb 2021 opentext™ READERS PC CHOICE PCMAG.COM ☑ WEBROOTⓇ an opentext company WATERLOO AREA'S TOP EMPLOYERS 2020 2019 SCawards Winner PC PCMAG.COM EDITORS' CHOICE IT-AWARDS BIG INNOVATION 2019 20 20 International Association of Business Communicators BC Gold Quill Awards 2019 MERIT WINNER Webroot Best Antivirus - 2020 Great PEOPLE'S Place CHOICE SWARDS PC To POMMILION FOR ORITE CUSTOMER SERVICE 2018 WINNER BEST BRANDS Work, FOR 2020 Certifié NOV 2018 NOV 2019 WEBROOT CANADA OpenText Confidential. ©2021 All Rights Reserved. 27#28Leadership in Information Management opentext™ | Cloud Content opentext™| Cloud Business Network opentext™| Cloud Experience Growth Driver Modern Work Global Sustainable & Ethical Supply Chains Personalized Omni Channel Experiences Submarket Leadership1 • Document, Records & Archive Management Capture ⚫ Business Network Connectivity • Global Invoicing Compliance • Omni Channel Communications • Digital Fax opentext™| Cloud $ Cyber Resilience • Backup & Recovery Security & Protection Anti virus protection opentext™| Cloud Developer • Intelligent Capture API Services ⚫ BrightCloud Threat Intelligence Selected Growth Opportunities • eSignature • Collaboration • Integration & data management • SaaS workloads • Data and user experience integration • Digital Investigations and Forensics • End point backup Media management Magellan text mining Dev studio low code opentext™ 1. Based on OpenText internal research. OpenText Confidential. ©2021 All Rights Reserved. 28#29OpenText Cloud Editions: The Ultimate Cloud' OpenText Information Management Platform The Foundation for the Intelligent, Secure and Connected Business Off Cloud, Private Cloud, Public Cloud opentext Cloud Content Cloud Editions opentext | Cloud Business Network opentext™| Cloud Security & Protection Automation and Al TM opentext Cloud Experience opentext Cloud Developer IM OT2 - Cloud API Services TM TM The Ultimate Cloud ™ is: Global • Secure Always on (99.99% Availability) Compliant (GDPR, Data Zones ...) • Modern - API services • Run Anywhere: off-cloud, private cloud, public cloud aws ▲ Azure Off-Cloud opentext™| Cloud Google Cloud opentext™ OpenText Confidential. ©2021 All Rights Reserved. 29#30TM OpenText Cloud Editions: The Ultimate Cloud" opentext™| Cloud Content opentext™| Cloud Business Network TM opentext Cloud Experience opentext™| Cloud Security & Protection opentext™| Cloud Developer Collaboration for Modern Work Digital Signature* • Core Supplier Xchange * • . Regulatory Compliance for Pharma* Intelligent Viewing Intelligent Folder – * Classification of Content Core Capture & Intelligent Filing * Content Sharing for remote workers * • Modeling of Building Information * • • • • • Country expansion for supply chain More connectors to our A2A library IoT Solution Accelerators EDI for SMB Solution * Visibility tracking for transaction * Mapping Tools * Programmable Grid * Integration to Content Cloud* Al Image analysis in Media Management Analytics for Twilio and Ring Central Cloud Fax Integration with Cerner EMR * Marketing Hub in other applications with embeddable DAM UX • Customer communication new design studio Template rationalization and migration for Exstream ● EnCase in Azure and AWS Marketplace • Developer Portal * OCR for Forensic Investigations Automated evidence processing CSB HyperV backup features & Reduce RPO to 1 hour * DNS Support for Dynamic IP * Improve efficacy with USB block, foreign code shield and enhanced threat reporting * • Administration Center and Sandbox test environments * • Core Signature Service loT Mobile Device provisioning * • Advanced Workflow Service * Document Generation Service * SMS Notification REST API * Records Management Service * * opentext™ * = SaaS multi-tenant apps OpenText Confidential. ©2021 All Rights Reserved. 30#31opentext Developer opentext™ | Cloud Developer https://developer.opentext.com/ Learn APIs Resources Community Developer Experience Unleash the power and creativity of your Developer teams through the use of our API's, tools and services. Expand market awareness of our existing Developer business to spur new partnerships Unique services for the next generation of SaaS products Search Capture & Digitize Multi-channel capture and advanced recognition capabilities Learn more Sign up Sign in Store & Manage Analyze & Report Secure and flexible content services capabilities Prescriptive and predictive analytics and reporting capabilities Learn more Learn more How We Grow Create new opportunities outside our existing customer base Expand our partnerships to create revenue multipliers Simplify our customer's route to secure cloud information management Process & Automate Low-code / no-code process and dynamic case management capabilities Learn more Search & Discover Enterprise federated search and electronic discovery capabilities Integrate & Access Remote desktop and virtual desktop infrastructure capabilities Learn more View & Communicate Content customization/personalization and output management capabilities Learn more Protect & Secure Information and end-point security and management capabilities opentext™ Learn more Learn more OpenText Confidential. ©2021 All Rights Reserved. 31#32Customer Example - Benefits of Cloud Case study: ● Chevron | Oil & Gas Results: • CE Upgrade in 3-4 weeks compared to 1-2 years Upgrade cost savings now spent on innovation and value adds "Typical upgrades are 2 years long, and painful, and going into production in less than a month after Open Text releases is a dream come true.” " Sent: Tuesday November 3, 2020 2:07 PM Muli Majube Subject: RE: Thank you Great to hear from y Buring 20 er Open and withou grade in our DEV and TEST events and things are looking great opentext™ p and the team that supports us below. They are great and SININE Open Text Confidential. ©2021 All Rights Reserved. 32 Chevron#33Information Management: Investing to Win 4,500+ Developers up 4x over 8 years R&D% of Total Revenues 1,000+ Patents R&D US$ R&D Investment ($ and in % of Total Revenue) 1,2 10.5% ㅏ 194 M FY'15 11.7% 11.0% 12-14% 317 M 365 M FY'19 FY'20 FY'21 $2.2B+ investment in R&D over the next 5 years 1. opentext™ Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K 2. Refer to note 1 of our Fiscal 2019 10-K for details on the impact of recently adopted accounting standards on prior period results. OpenText Confidential. ©2021 All Rights Reserved. 33#34R&D Key Investments opentext™| Cloud Content Content Services Public Cloud 21.4 . SaaS Public Cloud Content • Expanded integrations with: opentext™| Cloud Business Network A Revolution in Business-to-Business Connection Immediate Partner . Management Integrations with: • SAP S/4HANA Essential • SAP SuccessFactors . Salesforce • Microsoft 365 and • Others XECM for Documentum for Salesforce Ethical supply chain risk and reputation visibility · • Any-to-Any Connectivity ● Discovery Ethical sourcing Surveying ● Connectivity opentext™| Cloud Experience Digital Experience Public Cloud 22.2 Unifying Customer Data Platform (CDP) Design and authoring • API services Expanded omni-channel capabilities in: email • notifications fax and more opentext™| Cloud Security & Protection Digital Investigations & Forensics Leadership Unification of Carbonite products in a single console Security Products ready for enterprise Advanced consumer mobile features Expanded forensic platform capabilities including: • Cloud/off cloud deployment • OCR Social media artifacts Cloud artifacts Automated workflows opentext™ OpenText Confidential. ©2021 All Rights Reserved. 34#35Our Growth Agenda . . Cloud consumption R&D key investments Creating new routes to market opentext™ OpenText Confidential. ©2021 All Rights Reserved. 35#36Simon "Ted" Harrison OpenText EVP, Enterprise Sales opentext™ Open Text Confidential. ©2021 All Rights Reserved. 36#37Key Messages Market Leadership in Information Management Organic growth driven by direct sales and strong partner ecosystem Growth is built into our go-to-market ● Increasing G10K coverage • New cloud customers ● ● Cloud upsell and cross-sell Migration to Cloud Editions. Leverage strategic partnerships opentext™ OpenText Confidential. ©2021 All Rights Reserved. 37#38The World's Leading Companies Trust Open Text 89 out of top 100 largest companies in the world1 Life Sciences Financial Consumer Goods Technology Manufacturing Telecom 10 of top 10 8 of top 10 10 of top 10 10 of top 10 10 of top 10 8 of top 10 Syngene citi L'OREAL Google B opentext™ Great foundation for future growth 1. The top 100 is based on the Forbes Global 2000 listing (2019) M W ● vodafone OpenText Confidential. ©2021 All Rights Reserved. 38#39opentext™| Cloud Content $24B TAM1 Market growth rate1: +11% OpenText is a market leader1 >10,000 enterprise customers Growing cloud adoption How We Grow Enabling Modern Work Platform consolidation Integration with SAP Salesforce and Microsoft Public sector share gains Accelerating cloud opportunities opentext™ 1. Based on IDC and OpenText internal research. Totalcare opentext Corte Server Managed object O Security Clearance Level Diorb.com Disposition actions pending 27 Actor 539 ' A B 2 3 M 4 T 5 Q W E R T Y C 9 H A S D F G H J K X C V B N M My borrowed ph Q My Que BOKS 14 My Assignments 927 ABB Google NIH National Institutes of Health Office of Management SNCF RÉSEAU Open Text Confidential. ©2021 All Rights Reserved. 39#40opentext" | Cloud Business Network $20B TAM1 Market growth rate1: +7% OpenText is market leader1 Fully cloud 21 of 25 largest supply chains run OpenText 2 million trading partners on our platform How We Grow Supply chain disruption and optimization International e-invoicing New Trading Grid SaaS applications B M W gm citiⓇ Nestle L'ORÉAL® opentext™ 1. Based on IDC and OpenText internal research. OpenText Confidential. ©2021 All Rights Reserved. 40#41Supply Chain Leaders Agree OpenText Business Network Serves 21 of Gartner's 'Supply Chain Top 25' for 20201 ✓ 1. Cisco 2. Colgate Palmolive 3. Johnson & Johnson 4. Schneider Electric 5. Nestlé 6. PepsiCo 7. Alibaba ✓ 8. Intel 9. Inditex 10. L'Oréal 11. Walmart 12. HP Inc. 13. Coca-Cola 14. Diageo ✓ 15. Lenovo ✓ 16. Nike ✓ 17. Abbvie ✓ 18. BMW ✓ 19. Starbucks 20. H&M ✓ 21. British American Tobacco ✓ 22. 3M ✓ 23. Reckitt Benckiser ✓ 24. Biogen 25. Kimberly Clark 25 Gartner Supply Chain Top 25 Rankings based on Peer opinion Gartner opinion Return on Assets Inventory turnover Revenue growth In addition to Gartner's Top 25 Supply Chains, OpenText also serves four of five Gartner 'Supply Chain Masters': Apple, Unilever, P&G and Amazon opentext™ 1. "Gartner Supply Chain Top 25 Results for 2020", Mike Griswold, June 26, 2020 OpenText Confidential. ©2021 All Rights Reserved. 41#42opentext™| Cloud Experience $21B TAM1 Market growth rate¹: +7% Leadership in omni-channel communications1 Growing cloud adoption Web Content Management Digital Asset Management Customer Experience Management platform How We Grow • Integrated DXP platform offering Remote customer engagement model High-availability cloud services Google partnership opentext™ 1. Based on IDC and OpenText internal research. Allstate. 60 QUOTE NOW Get your lowest car and home Get a Quick Quote Today insurance rate in under 5 minutes! It's easy and convenient. COVID. Find an Agency 186-ALLSTATE Get a Quote Clas Allstate. You're in good hands. BARCLAYS Nestle DAIMLER Daimler Financial Services Open Text Confidential. ©2021 All Rights Reserved. 42#43Complete Go-To-Market Coverage Engage, service and support customers when, how and where they want Enterprise Solutions Direct 2,000+ Field Facing Professionals opentext™ ☐ ☐ ☐ ☐ ☐ ☐ Strategic Partners ☐ ☐ SAP @ (R) Google Cloud Microsoft aws Web Digital Zone OpenText Confidential. ©2021 All Rights Reserved. 43#44The OpenText Go-to-Market Model High touch model to increase our share of Global 10,000 (G10K) largest accounts spend Enterprise Account Executives Global Account Managers Inside Sales Representatives opentext™ | Global Accounts Enterprise Accounts Corporate Accounts Partner Account Managers 2,000+ Field-Facing Sales Professionals I Solution Consultants I I Value Engineers Account Development Representatives Business Development Managers OpenText Confidential. ©2021 All Rights Reserved. 44#45The OpenText Digital Zone: Reducing Friction in Customer Engagement Personalized Assets and Webinars Self Service Try Before Digital Events Account Based Demos You Buy Platform Marketing March 2020: all meetings became remote; all events became virtual OpenText's response: the Digital Zone; an online location for interaction, and knowledge center for customers in early discovery Today: remote face-to-face sales meetings are at an all-time high, customer attendance to virtual events is 300% higher than in-person opentext™ OpenText Confidential. ©2021 All Rights Reserved. 45#46New Customers: Broadening our G10K Coverage Current Coverage North America (76%) opentext™ Latin America (36%) Europe (66%) Emerging Markets (26%) APAC (39%) Japan (39%) Marquee customers with transformative requirements Covering 58% of the G10K, increase of 18 percentage points since 2019 4,500 covered in FY20, tracking 5,800 in FY21 On track to reach full coverage by end of CY23 OpenText Confidential. ©2021 All Rights Reserved. 46#47Key Growth Opportunities Cloud New Customers Plan to achieve 100% coverage of G10K Competitive displacement programs OT 'Sales University' for rapid on-boarding Cloud Expansion All G10K customers have high-touch Enterprise AE's Adoption and consumption is driven by new use-cases Customers' digitization journey drives continually increasing consumption Cloud Cross-Sell Complementary products arranged by BU Cross-selling incented throughout company Packaged solutions cross product families Cloud Migration • The opportunity for R16 customers to take advantage of Cloud Editions Opportunity to consume both private and public cloud ● A multi-year opportunity • We also continue to invest in our off-cloud opentext™ OpenText Partnerships Hyperscalers, Global System Integrators, OEM, VAR, Distribution, Technology Partners, Developers OpenText Confidential. ©2021 All Rights Reserved. 47#48Key Growth Opportunities Cloud New Customers Cloud Expansion McCain Government of Canada Gouvernement du Canada Canada opentext™ Cloud Cross-Sell Cloud Migration Allstate. SNCF OpenText Partnerships aws salesforce SAP accenture Deloitte. ΤΑΤΑ OpenText Confidential. ©2021 All Rights Reserved. 48#49OpenText Strategic Partnerships - Examples opentext™ Platform Partners SAP Google Cloud salesforce aws Microsoft Market Partners DELL AT&T Cerner OpenText Confidential. ©2021 All Rights Reserved. 49#50Our Growth Agenda ● ● . Go-to-market expansion Full G10K coverage Grow with OpenText program Cloud Edition consumption opentext™ OpenText Confidential. ©2021 All Rights Reserved. 50#51James McGourlay OpenText EVP, Customer Operations opentext™ Open Text Confidential. ©2021 All Rights Reserved. 51#52Key Messages Consistent growth and profitability driven by: Satisfied customers Proven renewals process Pricing/packaging/contracting Global team of customer operations professionals Clear path to growth through: ● ● Proven value of our product and security updates Expansion at time of renewal Annual price uplifts opentext™ LI OpenText Confidential. ©2021 All Rights Reserved. 52#53Customers' Satisfaction Drives Growth and Profitability 96% Customer Satisfaction (CSAT) 11 Net Promoter Score (NPS) Highest Quality High Complete Voice Availability of Customer Expansion Opportunities Rapid Deployment 유 opentext™ OpenText Confidential. ©2021 All Rights Reserved. 53#54The Digital Zone: Improving the Customer Experience Reimagining Customer Support Starting with the customer experience Customer self-service • Data-driven response automation Data and insight to speed feedback on product usage and opportunity Digitizing Renewals • Automated renewals • Customer outreach Predictive analytics Risk identification Expansion opportunities Harnessing AI Renewal risk scoring Identifying expansion opportunity Virtual assistant opentext™ OpenText Confidential. ©2021 All Rights Reserved. 54#55Open Text Renewals Systems & Reporting Expansion Partners Business Intelligence opentext™ Policy, Controls & Procedures Customer Feedback Sentiment Analysis Data Upgrade & Migrate Customer Satisfaction Data Community Model Trouble Ticket Information Renewal Behavior Magellan Advanced Analytics OpenText Confidential. ©2021 All Rights Reserved. 55#56Sustainable Growth Annual Recurring Revenue (ARR) ($US M) Off-Cloud 125% $1,080 $2,433 FY'14 FY'20 opentext™ 1. For the quarter ended December 31, 2020. Excludes Carbonite 94% Renewal Rate¹ Cloud 96% Renewal Rate¹ Targeting Upper Quartile Renewal Rates Compelling product and security updates • Proven highly effective. model of Land, Adopt, Expand, Renew (LAER) • Provide best in class expertise both in systems and people OpenText Confidential. ©2021 All Rights Reserved. 56#57Net Uplifts Net Uplifts and Expansions Off-Cloud Renewals 94% Renewal Rate¹ ● ● Cross-sell/upsell at renewal Expand product offerings at renewal Annual uplift Renewal teams to sell more product opentext™ 1. For the quarter ended December 31, 2020. Excludes Carbonite Net Uplifts Cloud Renewals 96% Renewal Rate¹ Higher volume and workloads Expansion at the time of renewal, particularly BN Early renewals at higher tier and extended life • Additional applications • • Managed Service upsell of revenues Service programs OpenText Confidential. ©2021 All Rights Reserved. 57#58Customer Success Story Case study: Documentum customer since 2001 Over 20 business applications now leveraging Content Server Business Network client since 2009 Utilizes the entire portfolio of OpenText's Business Network products and services 70% of all Nestle's EDI traffic is conducted on the OpenText platform opentext™ Nestle 9.49 OpenText Confidential. ©2021 All Rights Reserved. 58#59Our Growth Agenda • Compelling product and security updates • Systematic value capture through pricing and packages • Expansion at time of renewal • Sustained high renewal rates opentext™ OpenText Confidential. ©2021 All Rights Reserved. 59#60Prentiss Donohue Open Text EVP, SMB/C Sales opentext™ Open Text Confidential. ©2021 All Rights Reserved. 60#61Key Messages OE O Security & Data Protection Cloud-platform approach Partner model built for scale SMB product direct to buyer Grow Via: RMM/MSP expansion Reseller development DES Expanding BrightCloud Threat Intelligence OEM D Unified Endpoint Platform opentext™ OpenText Confidential. ©2021 All Rights Reserved. 61#62Growing Cyber Threats Everything and everyone connected (Modern Work) Vanishing network and security perimeter SMBs under increasingly sophisticated attacks Data migration to the cloud. Talent shortage Data privacy and related protection requirements opentext™ KOSTANOWIL D 4-0000 10101010100001010101011101 10101010010101010101010100001010101011101010101010101010 01010101001a1a1a101010101000010101010111010101010101010110110 protototoalalalala10101010000101010101110101010101010101010 p10101010010101010101010100001010101011101010101010101011011 Motorolaatatatatatatatat1010111010101010101010TION prototoptatatatatatatatatatoriialalalalalalala110 p10101001010101010101010datatorialalalalalalalatO 01010101010000101010torialala 01010100001010101011 010000101010 A OpenText Confidential. ©2021 All Rights Reserved. 62#63SMB Go-To-Market: Expansion Opportunity Engage, service and support customers when, how and where they want RMM & MSPS Resellers Channels OEM 16,000+ 1,200+ L L L BrightCloud Threat Intelligence an opentext company 130+ Direct to Buyer CARBONITE® an opentext™" company WEBROOT® an opentext company opentext™ Comprehensive route to market OpenText Confidential. ©2021 All Rights Reserved. 63#64opentext™ | Cloud Security & Protection User John Doe Operating system Status Windows 10 John Doe Linux 2.6.3 OK Availability Online Unconfigured Online $19B TAM1 • Market growth rate¹: +6% ● Leadership in Data Backup and Recovery1 ● Fully cloud Partner Expansion2 ● RMMs • MSPs • VARS • Alliance ● OEMs VSBs Patty Doe Windows 8.1 OK Online Ed Doe Windows 10 OK Online Daryl Doe Stephanie Doe Windows 8 Windows Server Warning Offline (8/4/2017) Unconfigured Online Esc 1 12 2 14 16 17 CUB 28 " F10 F11 P12 +3 14 $ 9 1 2 Tab Q W E Caps Lock A S D F G H J 1 % 5€ 96 49 & 7 B * 7 00 8 19 9 10 1 R T Y U 4 06 S I K 2 Z Shift X C. V B N Mo Ctri Fa Alt P Ctrl fiserv. ninja Kaseya RMM DATANATIONAL Insight pax8 ConnectWise Li IRON MOUNTAINⓇ opentext™ 1. Based on IDC and OpenText internal research. 2. RMM: Remote Monitoring and Management, MSP: Managed Service Provider, VAR: Value Added Resellers, OEM: Original Equipment Manufacturer, VSB: Very Small Businesses OpenText Confidential. ©2021 All Rights Reserved. 64#658857 98.72 90.94 Information Management and Cyber Resilience Journey 15.00 91 64 75/36 88:38 opentext™ Aspirational Growth via OpenText Products: Collaboration | eSignature | On-Demand Messaging OpenText Confidential. ©2021 All Rights Reserved. 65#66SMB Customer and Cloud Scale 130+ 470K 287M + 500B 7M+ Threat Intelligence Partners Protected Businesses Data Objects Endpoints Direct to Buyer Analyzed Daily opentext™ OpenText Confidential. ©2021 All Rights Reserved. 66#67Competitive Advantage: Single End-to-End Platform Modern Work 11|1,1|1, Block Webroot DNS Protection CISCO TM Protect Webroot Business Endpoint Protection SOPHOS Carbonite® • Backup Endpoint Backup for Microsoft 365 Server Backup datto VeeAM opentext™ | Cloud Security & Protection Recover Carbonite® Recover Availability opentext™ Investigate EnCase products OpenText Confidential. ©2021 All Rights Reserved. 67#68Expanding Our Threat Intelligence Business Targeting 1,000+ Technology Providers 130 Networking Providers . 1|1,1|1. CISCO f5 Akamai aruba citrix a Hewlett Packard Enterprise company Payment providers Insurance Hyperscalers General B2B Systems vendors opentext™ OpenText Confidential. ©2021 All Rights Reserved. 68#69Channel Broad Recognition from Customers and Partners Product SMALL SE Labs AAA OCT-DEC 2020 BUSINESS ENDPOINT PROTECTION PC PCMAG.COM EDITORS' CHOICE 22 TIME WINNER READERS CHOICA PC PCMAG.COM Expert Insights Best-Of Security Awareness Training Expert Insights Best-Of Office 365 Backup & Recovery 2021 Expert Insights Best-Of Endpoint Security 貝 2021 2021 THECHANNELCO. CRN EDGE COMPUTING 100 THECHANNELCO. CRN THECHANNELCO. CRN SECURITY 100 TECH INNOVATORS 2020 2020 2021 RESELLER CHOICE AWARDS eCNMeCN 2020 opentext™ Other GOLD 2021 STEVIE WINNER FOR SALES & CUSTOMER SERVICE BRONZE 2021 STEVIE WINNER FOR SALES & CUSTOMER SERVICE WEBROOT an opentext company MOST ENGAGED ADVOCATE COMMUNITY ADVOCATE KETING OpenText Confidential. ©2021 All Rights Reserved. 69#70Our Growth Agenda ● RMM/MSP expansion . Reseller development . . Expanding BrightCloud Threat Intelligence OEM Unified Endpoint Platform opentext™ OpenText Confidential. ©2021 All Rights Reserved. 70#71Gordon A. Davies OpenText EVP, Chief Legal Officer & Corporate Development opentext™ Open Text Confidential. ©2021 All Rights Reserved. 71#72Key Messages • Solid history of strategic, disciplined, value- based acquisitions • Strategic M&A has provided the foundation for our Information Management business • In-house, full suite, end-to-end acquisition and integration framework • Market opportunities across all core markets opentext™ OpenText Confidential. ©2021 All Rights Reserved. 72 121#73Strategic M&A: Foundation for Our Business GXS Various HP Assets ●° documentum TM CARBONITEO 2014 opentext™ | Cloud Business Network opentext™ 2016 2017 2019 opentext™ | Cloud Experience opentext™ | Cloud Content opentext™ Cloud Security & Protection OpenText Confidential. ©2021 All Rights Reserved. 73#74Total Growth Acquisition Philosophy We are: Carbonite Case Study • Patient and disciplined Acquired • 12/24/19 for 2.8x revenue¹ • Value-based • Returns driven Target characteristics: • IM market leadership Significant ARR • Cross-sell/upsell opportunities Strategic Rationale • Critical mass in Security & Protection • Scaled SMB channel Revenue Synergies • Strong growth prospects Cross-sell opportunities • Increased corporate ARR Bring assets into Organic Growth: In-house expertise in diligence and Expense Synergies • Increased cloud margins ⚫ On target model in <12 months ● close workings with the business Provides an excellent framework to bring all assets to organic growth Improved cash conversion cycle opentext™ 1. Total purchase price is approximately 2.8x TTM (Trailing Twelve Months) Carbonite GAAP revenues (as of September 30, 2019), inclusive of annualized full year reported Webroot GAAP revenues, a significant acquisition which closed in March 2019 OpenText Confidential. ©2021 All Rights Reserved. >>>>> 74 >>>>>#75Proven Successful M&A Process Source Engage Diligence Pipeline Generation and Deal Execution Sales and Product Analysis ● • 5 GTM deal teams aligned to our businesses • Generate and own M&A target pipeline Negotiate and close transactions Support product, engineering and GTM M&A due diligence and integration activities Acquire Integrate သာ Market Segmentation 25 dedicated professionals • Provide market segmentation analysis to support target identification, M&A market dynamics, and M&A due diligence analysis Financial Analysis and Strategy Provide support in all financial elements of target identification, acquisition business models, and integration KPI tracking Pre-Integration and Integration • Provide support for all aspects of pre-integration and integration planning • Project management • Continuous performance tracking post-acquisition opentext™ OpenText Confidential. ©2021 All Rights Reserved. 75#76Corporate Citizenship Reflects our Culture • σ Progress We've Made: First Corporate Citizenship Report published Identified ESG reporting gaps and increased disclosure ESG ratings improvement • Disclosure gap analysis • OpenText Acts of Kindness Voyager Fund Where We're Going: • Implementing reporting best practices Industry reporting framework adoption Invest in initiatives to increase disclosures Continue improving ESG ratings opentext™ Corporate Citizenship Report K MII ESG Ratings Improvement ecovadis SAM Bloomberg ISS ESG CDP Now a Part of S&P Global opentext TM SUSTAINALYTICS a Morningstar company MSCI OpenText Confidential. ©2021 All Rights Reserved. 76#77Our Growth Agenda Focus on value-based, returns driven opportunities We expect to deploy capital in CY'21 Lead by example in Corporate Citizenship opentext™ OpenText Confidential. ©2021 All Rights Reserved. 77#78Madhu Ranganathan OpenText EVP, Chief Financial Officer opentext™ Open Text Confidential. ©2021 All Rights Reserved. 78#79Key Messages • How we create value Strategic and continuous investments to drive organic growth A profitable and predictable business Financial strength for returns-driven capital allocation • Operating and DnA 2.0 (Digital and Automation) initiatives • FY'21 outlook and long-term growth aspirations • Our growth agenda opentext™ OpenText Confidential. ©2021 All Rights Reserved. 79#80How We Create Value Growth Profitability Value opentext™ Growth Profitability Capital Efficiency Capital Efficiency • 12.5% Total Revenue CAGR (FY'13 to FY'20) • Our business is predictable at 80% + ARR F'22 outlook of 1%-2% Total and 3%-4% Cloud organic growth Strong M&A pipeline and new deals additive to our total growth • 2Q FY'21 TTM Adj EBITDA1 margin of 38.8% with long-term aspiration of 38% to 40% • TTM FCF1 of $1.1B, with long-term aspiration of $1.1B to $1.2B • TTM FCF conversion2 of 32% • . • Strategic-oriented acquiror Target -20% TTM FCF for dividends High-teens ROIC 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 investor presentation (Feb 4, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K 2. FCF conversion is FCF as a % of Total Revenue for 2Q FY'21 TTM OpenText Confidential. ©2021 All Rights Reserved. 80#81Strategic & Continuous Investments to Drive Organic Growth Revenue Type: Fiscal 2019 Fiscal 2020 Fiscal 2021 Results Results Model (2) Cloud Services and Subscriptions 31.6% 37.2% Customer Support 43.5% 41.0% 41% -43% 38% -42% Annual Recurring Revenue (ARR) 75.1% 78.2% 81% - 83% License 14.9% 13.0% 9% -12% Professional Services and Other 9.9% 8.8% 6% -9% Non-GAAP Gross Margin Cloud Services and Subscriptions 57.8% 61.3% 63% - 65% Customer Support 90.1% 90.4% 89% - 91% License 96.6% 97.2% 96%-98% Professional Services and Other 21.8% 22.7% 20% -22% Non-GAAP Gross Margin (1) 74.1% 74.5% 74% - 76% Non-GAAP Operating Expenses: Research & Development 11.0% 11.7% 12% - 14% Sales & Marketing 17.8% 18.5% 18% - 20% General & Admin 6.9% 7.3% 6% - 8% Depreciation 3.4% 2.9% A-EBITDA Margin (1) 38.4% Free Cash Flow Conversion(1) Capital Expenditures (USD M 28.3% $64 36.9% 28.4% $73 2% - 4% 37% -38% 32.4% (1) $85 - $95 Investing in Growth TTM R&D = ~$400M & +$2.2 B investment over the next 5 years Direct sales model, strategic partnerships, channel-first SMB 2,000 field-facing direct sales professionals, high- touch model for Global 10K Acquisitions to operating model - GXS, ECD, Carbonite - all integrated in 12 months or less Key driver for innovation and organic growth Upper Quartile position for A-EBITDA Margin and FCF Conversion % (FCF/Total Revenue) 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 Investor presentation (February 4th, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. opentext™ 2. This model is not guidance. OpenText Confidential. ©2021 All Rights Reserved. 81#82A Profitable and Predictable Business Model Growing ARR, Expanding Margin and Free Cash Flows 1,2 ARR % of Total Revenues A-EBITDA¹ % Margin FCF 1 % of Total Revenues 54.2% 29.7% 18.1% 78.2% FY'21 Model: 81%-83% 36.9% FY'21 Model: 37%-38% 28.4% FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 opentext™ 1. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 Investor presentation (February 4th, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 2. Refer to note 1 of our Fiscal 2019 10-K for details on the impact of recently adopted accounting standards on prior period results. TTM Q2 FY'21 32% OpenText Confidential. ©2021 All Rights Reserved. 82#83Financial Strength for Returns Driven Capital Allocation TTM Q2 FY'21 (US$ M) Operating Cash Flows Consolidated Net Leverage Ratio¹ Highlights Solid De-leverage Guidance + Covisant $1,126 ECD 2.61x 2.50x Less: CapEx $57 1.72x Free Cash Flows $1,069 Less: Principal² $10 Q3 FY'17 Q1 FY'18 Q1 FY'19 Less: Dividends $196 Cash Generated $863 Carbonite 2.28x for Corporate Purposes ³ 3 FCF conversion % 1.60x 32% (FCF / Total Revenue) 4 A-EBITDA4 to OCF conversion % 88% Q2 FY'20 Q2 FY'21 From ECD ($1.6B), Guidance & Covisint ($306M), reduced leverage from 2.50x to 1.72x in < 2 years From Carbonite ($1.4B) acquisition, reduced leverage from 2.28x to 1.60x in less than 12 months opentext™ 3. 4. 1. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. 2. Excludes $600 million repayment, from cash on hand, of funds previously drawn on the Revolver during the three-month period ended December 31, 2020. As of December 31, 2020, we had no outstanding balance under the Revolver. Corporate purposes may include Total Growth Strategy, debt repayment, share repurchases, or other initiatives. Open Text Confidential. ©2021 All Rights Reserved. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 Investor presentation (February 4th, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 83#84Operating Framework to Drive Growth Renewals and Support • Radical automation - Cloud/Off-Cloud • Sell more product and value ● Highest return on invested $ Research and Development • Returns based R&D Higher automation across R&D Self-service and low touch products General and Administrative Non-linear resource growth vs. linear revenue growth Automation beyond ERP - Carry forward Covid-driven value gains to Modern Work opentext™ Gross Margin Cloud - low/mid 60s in 12 months: frictionless cloud process DevOps automation Software COGS = 100 - 200 bps Sales and Marketing Higher ROI on selling efforts through Digital Zone • Scale channel first SMB model • Automate demand creation: faster GTM and higher ROI OpenText Confidential. ©2021 All Rights Reserved. 84#85DnA 2.0 — Digital and Automation Initiatives Digitization to support long terms aspirations for growth, margin and free cash flows • Drive non-linear growth of resources for linear growth in revenues • Leadership at all levels will become Digital Sponsors & Program Managers, leveraging OpenText solutions Automation from transaction levels to Value and Innovation Modern Work: Covid driven productivity drivers to continue and deliver higher ROI Examples: Pre-sales, Professional Services Higher leverage of core internal systems - SAP, Salesforce, Microsoft Centralized Procurement and Supplier org will enable higher efficiencies and online transaction processing Quote, Billing and Collections - increased Al and ML capabilities Reimagining Customer Experience through investments in Digital Zone opentext™ OpenText Confidential. ©2021 All Rights Reserved. 85#86GROW with The Ultimate Cloud TM Open Text OpenText Cloud Editions All Points of Departure opentext™ Data Protection Modern Work Business Digital Experience & Security Network J Advanced Technology & Experts Cloud Editions The Intelligent, Secure and Connected Businesses The Information Management Journey OpenText Confidential. ©2021 All Rights Reserved. 86#87FY'21 OpenText Total Growth Strategy FY'20 Actual² $1,157.7 Cloud $1,275.6 Confirming FY'21 Outlook Y/Y Expected % Growth1 High teens Low single-digit Customer Support High single to low-double digit $2,433.3 ARR $402.9 License $273.6 Professional Service $3,109.7 Total Revenues opentext™ 1. As of February 4, 2021. 2. All dollars in USD millions. New M&A Decline Decline Mid single-digit Additive OpenText Confidential. ©2021 All Rights Reserved. 87#88Our Financial Outlook' 1 FY'21 Outlook Total Growth Introducing FY'22 Outlook Introducing FY'24 Long Term Aspirations Total Total Cloud Revenue Cloud Revenue Total Revenue Revenue Organic Organic Growth Growth Growth Growth Revenue Organic Growth ARR % of Total Revenue Free Cash A-EBITDA Margin Flows (FCF) Mid Single Digit High Teens 1%-2% 3%-4% 2%-4% 85% 38%-40% $1.1-$1.2B M&A will be additive Adj. EBITDA Margin over 40% to be re-invested in Organic Growth opentext™ 1. Revenue % are year over year comparisons OpenText Confidential. ©2021 All Rights Reserved. 88#89Our Growth Agenda Creating Value Through Growth, Profitability and Capital Efficiency Operating Excellence, in all its elements, will drive Growth, Higher Annual Recurring Revenue (ARR) will drive predictability in Growth Cloud revenues driven by The Ultimate Cloud™ will lead Growth Net uplifts & expansion will drive Growth in our marquee customers opentext™ Increased investment in products and GTM (direct and channel at scale) will drive Growth and market share gains Adj EBITDA Margin dollars > 38%-40% will fuel long-term Growth aspirations through re- investment Balance Sheet strength and flexibility for Growth and additive M&A OpenText Confidential. ©2021 All Rights Reserved. 89#90opentext Thank you TM twitter.com/opentext in linkedin.com/company/opentext opentext.com