Micro Focus Fixed Income Presentation Deck

HPE Software - Business Overview Business Overview • Hewlett Packard Enterprise's Software Business Segment Global footprint spanning the Americas, Asia Pacific & Japan and Europe, Middle East & Africa ("EMEA") regions Product and service offerings . • Provides enterprise software solutions for IT operations management, Applications delivery management, Enterprise security products, Information management & governance and Big data analytics Products offered via: • Term and perpetual licenses (followed by maintenance . payments) • SaaS model . . • Professional services Scale and profitability Engaging with c. 5,000 partners and over 50,000 customers across the world • The company currently works with 94 of the Fortune 100 companies • LTM Q2 16 Revenue $3,172m, Acquired EBITDA¹ $738m . Financial Overview Revenue by type (%) SaaS 9% $3,188 59% recurring revenue² Revenue and EBITDA ($m) Revenue³ Prof Services 13% $3,172 LTM Q2 Apr-2016 License 28% UAEBITDA4 margin (%) 21% Maintenance 50% FY2015A 21% LTM Q2 16 FY2015A LTM Q2 16 Source: RNS merger announcement ¹ Acquired EBITDA is UAEBITDA adjusted for overhead costs of c.$80m that will not transfer to Micro Focus as part of this transaction for the twelve months to 30 April 2016 2 Recurring HPE revenue comprises both subscriptions and maintenance 3 HPE Software historical financials have been adjusted for a number of divestments at various points during the last two fiscal years and the transfer of the Marketing Optimisation Business Unit ("MOBU") in the fourth quarter of FYE 2015 4 Underlying Adjusted EBITDA removes the impact of net capitalisation/amortisation of development costs and foreign currency gains and losses from Adjusted EBITDA 27 MICRO FOCUS

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