Micro Focus Fixed Income Presentation Deck

Credit Highlights 1 Well positioned in both mature and growth sectors of the software market • Leader in managing mature infrastructure software assets • Significant presence in growth segments 2 Diversity by product, customer base and geography Micro Focus customer base >20K and HPE Software >50K and including virtually all Fortune 500 companies and representing all major industries • Balanced geographic split across North America and the rest of the world 3 Predictable performance from portfolio effects and sticky customer base Breadth of portfolio helps to mitigate fluctuations in performance at product level, providing highly predictable overall results . Significant recurring revenues for Micro Focus and HPE Software 4 Highly cash generative with the potential for further operational efficiencies Strong track record for cash generation Target EBITDA margin differential provides ample opportunity (Micro Focus c.44% ¹ vs HPE Software c.21%), e.g. Attachmate • 80% of HPE Software products are mature and there remains opportunity to increase margin to Micro Focus portfolio margins by the third full year following completion of the merger 5 Management team with a strong M&A track record Track record of acquiring businesses and improving margins Track record of deleveraging e.g. de-levered 0.7x (post Serena transaction) since TAG merger completion in November 2014 Voluntary prepayment by Micro Focus of $150m of Term Loan B 25 Source: Micro Focus 2016A preliminary results presentation ¹ Pro Forma for impact of Serena acquisition MICRO FOCUS

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