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Strong 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

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