Adobe Investor Presentation June, 2017

Some of the information discussed in this presentation contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of the risks and uncertainties, you should review Adobe’s SEC filings, including the annual report on Form 10-K for fiscal year 2016 and the quarterly reports on Form 10-Q filed by the company in 2017. In our presentation, we may discuss non- GAAP financial measures. The GAAP financial measures that correspond to such non-GAAP measures, as well as the reconciliation between the two, are available on our website at http://www.adobe.com/ADBE.

Adobe does not undertake an obligation to update forward-looking statements.

CHANGING THE WORLD THROUGH DIGITAL EXPERIENCES

Advancing Driving Digital Powering State of the Art Transformation Experiences with for Content of Industries Intelligence

Massive volume of content and data assets at its core Unified artificial intelligence/machine learning framework Deep domain expertise in creative, documents and marketing

Creative Cloud Document Cloud Experience Cloud

ADOBE.IO

ADOBE SENSEI Artificial Intelligence/Machine Learning Framework and Intelligent Services

CONTENT DATA

Beyond Cloud Intelligence Open Mobility Native Everywhere Ecosystem

Beyond Mobility: Touch is just the beginning

Cloud Native: Content and Data at the core

Intelligence Everywhere: AI powered by Adobe Sensei

Open Ecosystem: From solutions to platform

Adobe Creative Cloud Adobe Document Cloud

Content Business Mobility Explosion Automation

Creative Photo Knowledge CMOs & Students Professionals Enthusiasts Workers CIOs

$4.5B ~$4.0B $4.0B

$3.5B

$3.0B

$2.5B

$2.0B

$1.5B

$1.0B

$0.5B

$- Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16

Creative Cloud Document Cloud

Desktop Mobile

ADOBE SENSEI Cloud Services Assets & Collaboration Community Marketplace

• Desktop apps, mobile apps and cloud-based services

• Subscription service with monthly pricing expands market opportunity

• Lower entry price point

• New customer acquisition

• Combats piracy

• ARPU growth potential through services such as Adobe Stock

• Subscribers get frequent delivery of new features and capabilities

• Creative Cloud Photography • Touch

• Creative Cloud for enterprise • Creative Cloud for teams

• Creative Cloud for individuals • Creative Suite 6

• CreativeSync • Sync & store • Connected desktop & mobile • Desktop subscription • Community • Connected community

2012 2013 2014 2015

Content-Aware Crop Team 3D Content VR Face-Aware Liquify in Photoshop Projects Creation capabilities in Photoshop

Adobe XD Project Nimbus Adobe Spark Project Felix

Character Animator 2016 Adobe Portfolio

Adobe Stock CCE Typekit Lightroom for Adobe Stock One-click workflow Advancements Marketplace Mobile 2.5 Premium Collection

Match Font All Mobile apps AI Capabilities in Search Adobe Stock in Photoshop now on Android and Contributor Workflows Contributor Site

>35% ~46% ~35M New to Y/Y subscription Adobe IDs Creative Cloud* growth outside the created on mobile U.S. devices >8M ~43% Behance Creative Cloud Enterprise members seats licensed in FY16 with services

Source: Adobe, as of Q3 FY16; all Y/Y numbers based on FY16 Q1-Q3 comparison to FY15 * Cumulative new subscriptions, excludes Enterprise and Acrobat Single App subscriptions © 2017 Adobe Systems Incorporated. All Rights Reserved. Creative Business Momentum Revenue and ARR

$4,000

$3,500

$3,000

$2,500

$2,000 Millions $1,500

$1,000

$500

$0 FY2012 FY2013 FY2014 FY2015 FY2016

Revenue ARR

FY2012 FY2016 Perpetual & Services & Subscription Services & OEM Support Support

Perpetual Subscription & OEM

Desktop Mobile

ADOBE SENSEI Cloud Services Assets & Collaboration Partners Services

• Desktop apps, mobile apps and cloud services deliver streamlined workflows and compelling document experiences that accelerate business transformation

• Leverages ubiquitous PDF format and ~1 billion Adobe Reader installed base on desktops and mobile devices

• Using Creative Cloud playbook and cloud strategy to reinvigorate growth

• Lower entry price point with subscriptions

• New customer acquisition

• Combats piracy

• GTM synergies

• Gradual transition to more recurring revenue

• Mobile e-signature Salesforce integration

• Acrobat XI with Cloud Services

• Free e-signatures in Adobe Reader desktop & mobile

• Workflow designer & advanced workflows • Digital signatures • Adobe Sign Across Workday Business Platform • Signature capture & sync

2012 2013 2014 2015

Advanced Modernized Adobe Sign On-The-Fly Enhanced Workflows Commenting Mobile Dashboard Document Correction Scan to PDF

4 Global Data Centers New “Compare Files” Recipient Groups Workflow Designer

Adobe Sign Open Digital Customized Enterprise Deployment in Japan Signatures 2016 Signatures with Creative Cloud New Adobe Sign Integration with Accessibility Modernized for iOS/Android Marketing Cloud Enhancements Annotation

Microsoft & Box Adobe Sign for Adobe Sign on Integrations Workday Recruiting Salesforce Lightning

$900

$800

$700

$600

$500

Millions $400

$300

$200

$100

$0 FY2012 FY2013 FY2014 FY2015 FY2016

Revenue ARR

FY2012 FY2016 Services & Subscription Perpetual & Services & Support OEM Support

Perpetual & Subscription OEM

~13% >90% ~90B Y/Y Acrobat unit Acrobat units licensed PDFs opened per growth* as subscriptions on year in Acrobat & Adobe.com Adobe Reader >6x ~31% Y/Y growth of Adobe Y/Y Document Cloud Sign agreements created enterprise ARR growth on mobile devices

Source: Adobe, as of Q3 FY16 Note: All Y/Y numbers based on FY16 Q1-Q3 comparisons to FY15 * Acrobat perpetual and subscription units licensed as Single App © 2017 Adobe Systems Incorporated. All Rights Reserved. Digital Media Opportunity

MARKET VALUE CORE EXPANSION EXPANSION

NEW INCREMENTAL • New creative jobs OPPORTUNITY • New student and teacher penetration • SMB and enterprise • Conversion from piracy base • Knowledge worker expansion

MIGRATION OPPORTUNITY • CS3-CS6 customer installed base • Enterprise across commercial and education • Includes Acrobat perpetual installed base CORE

EXISTING INSTALLED BASE • Subscriptions: CCI, CCP, CCT, STE • Subscriptions: Acrobat units licensed through Creative Cloud • Enterprise seat capacity: CC across Commercial and Education • Current Adobe Stock and Typekit ARR • Current Acrobat subscriptions, ETLAs and Adobe Sign ARR © 2017 Adobe Systems Incorporated. All Rights Reserved. Digital Media Total Addressable Market

PHOTOGRAPHERS

• Photo hobbyists expansion • Photoshop Lightroom and Photoshop Elements customer base conversion

MARKET CONSUMERS EXPANSION • New mobile and web-based solutions targeting broad consumer base

STOCK

• Includes images, video, editorial, and premium content

CREATIVE SERVICES • Marketplace for project-based work and talent • Training content and more VALUE EXPANSION SIGN • Electronic and digital signature services • Integration with enterprise systems and workflows

CREATIVE CLOUD TAM $19.5B

$10.0B $2.9B $6.6B

CORE MARKET VALUE EXPANSION EXPANSION

DOCUMENT CLOUD TAM $4.5B $1.3B $3.2B

CORE VALUE EXPANSION

• Industry tailwinds with content explosion, mobility and business automation

• Significant growth opportunity • Creative Suite and Acrobat installed base migration • New user growth through market expansion TOTAL DIGITAL MEDIA TAM • Value expansion via services • Adobe Sensei, a framework and set of intelligent ~$24B services, dramatically improves the design and delivery of digital experiences

Market Leadership Significant Explosive Market & Most Complete Momentum Opportunity Cloud Offering

A complete set of integrated, cloud-based solutions that enable marketers to gain deep customer insight, build personalized campaigns, and manage/deliver their content

• Data-driven marketing– organize and analyze large amounts of data to gain actionable marketing insight

• Mobile marketing – effectively make, manage, measure and monetize mobile apps

• Customer experiences – deliver personalized and relevant digital experiences across screens and devices

• Cross-channel marketing – deliver and measure campaigns that are consistent across all marketing channels

• Programmatic advertising – automate ad buying based on data

ADOBE MARKETING CLOUD

ADOBE ANALYTICS CLOUD

ADOBE ADVERTISING CLOUD

Adobe Sensei

Provides an integrated set of industry-leading solutions to help marketers differentiate Adobe Marketing Cloud their brands and engage their customers, helping brands manage, personalize, optimize and orchestrate campaigns and customer journeys

Enables marketers to create, manage, and optimize customized online customer EXPERIENCE MANAGER experiences to build brand, drive demand and extend reach in the digital world

Provides marketers the ability to plan, automate, orchestrate and measure personalized CAMPAIGN marketing communications across channels

Helps organizations dynamically test and present highly customized experiences to a TARGET digital property in order to drive higher conversion rates

Enables organizations to measure and manage marketing activities across owned, SOCIAL earned and paid media—ensuring the impact of social is properly attributed

Multiscreen TV platform that helps broadcasters, cable networks and service providers PRIMETIME create and monetize engaging and personalized TV and film experiences

Enables businesses to move from insights to action in real time by uniquely integrating audiences as the core system of intelligence for the enterprise; makes data available Adobe Analytics Cloud across all Adobe clouds through the capture, aggregation, rationalization and understanding of vast amounts of disparate data and then translating that data into singular customer profiles

Combines the power of actionable analytics and audience segmentation with value ANALYTICS reporting and analysis, and connects it for data driven marketing

Data management platform that helps marketers build unique audience profiles to AUDIENCE MANAGER identify the most valuable segments and use them across any digital channel

Delivers the industry’s first end-to-end platform for managing advertising across traditional Adobe Advertising Cloud TV and digital formats, and simplifies the delivery of video, display and search advertising across channels and screens; combines capabilities from Adobe Media Optimizer and Adobe’s acquisition of TubeMogul

Enables marketers to simulate and quickly act on the best and most profitable options MEDIA OPTIMIZER SEARCH in their search marketing strategy

Provides advertisers a unified, cross-channel Demand-Side Platform to plan, execute, MEDIA OPTIMIZER DSP optimize, and measure ad campaigns from TV and mobile to display and social

Dynamic Creative Optimization lets advertisers reach specific audiences with flexible ad MEDIA OPTIMIZER DCO creative that’s personalized in real time to drive user engagement, conversions, and integrated experiences

Adobe Marketing Cloud Adobe Analytics Cloud Adobe Advertising Cloud

Experience Campaign Target Primetime Social Analytics Audience Media Optimizer Media Optimizer Media Optimizer Manager Manager Search DSP DCO SOLUTIONS

People Places Assets Mobile Activation CORE SERVICES ADOBE SENSEI CONTENT DATA PLATFORM

$1,700

$1,500

$1,300

$1,100 Millions

$900

$700

$500 FY2012 FY2013 FY2014 FY2015 FY2016

LARGE DEAL MOMENTUM DATA PLATFORM

57% 71 Trillion 52% Y/Y increase in Annual Annual of Analytics Subscription Value (“ASV”) customer data transactions contracts >$500K1 transactions2 from mobile devices3

SOLUTION ADOPTION 85% 44% 3.1 Y/Y growth in of >$500K ASV Average solutions multi-solution ASV contracts involve per customer with contracts >$500K4 multiple solutions5 6 ARR >$500K6

Source: Adobe, as of Q3 FY16 1 Based on YTD thru Q3 FY FY16 ASV bookings 4 Based on YTD thru Q3 FY16 ASV bookings – growth in number of ASV deals >$500K with more than one solution 2 5 © 2017 Adobe Systems Incorporated. All Rights Reserved. Transactions based on trailing 4 quarters as of Q3 FY16 Based on YTD thru Q3 FY16 ASV bookings – % of deals >$500K with more than one solution 3 % of Analytics server calls from mobile devices as of Q3 FY16 6 Average number of solutions licensed by a customer with ARR >$500K Adobe Experience Cloud Business Momentum Key Metrics

TOP 100 ACCOUNTS 66% $2.75M 2014 Of customers have Average ARR of 3+ solution products1 top customers1 90% $4.4M 2016 Of customers have Average ARR of 3+ solution products2 top customers2

Source: Adobe, as of Q3 FY16 1 Based on FY14 top 100 ARR customers 2 Based on Q3 FY16 top 100 ARR customers © 2017 Adobe Systems Incorporated. All Rights Reserved. Adobe Experience Cloud Business Momentum Adobe Experience Cloud Trended Revenue Mix

FY2012 Revenue Mix FY2016 Revenue Mix Services & Services & Support Support

Perpetual & OEM Subscription Perpetual & OEM Subscription

DIGITAL MARKETING TAM $40B $9.9B $11.7B $11.1B $7.3B Personalization Content Data & Analytics Advertising Campaign, Primetime, Sites, Assets, Mobile, Analytics, Audience Media Optimizer, Target Forms, Communities Manager, Social TubeMogul

• Industry tailwinds with content explosion, mobility and business automation

>83% $5,500 74% 80% 66% $5,000 60% $4,500 44% Revenue (Millions) 40% $4,000

27% Revenue of% Recurring

20% $3,500

$3,000 0% FY2012 FY2013 FY2014 FY2015 FY2016

Revenue % of Recurring Revenue

$6,000

$5,000

$4,000

$3,000 Millions

$2,000

$1,000

$0 FY2012 FY2013 FY2014 FY2015 FY2016

Deferred Revenue Unbilled Backlog

$2,400

$2,200

$2,000

$1,800

$1,600 Millions $1,400

$1,200

$1,000

$800 FY2012 FY2013 FY2014 FY2015 FY2016

• Strong liquidity position

• $4.8B of cash and short-term investments

• $1.0B unutilized credit facility, remains available until 2020

• Conservative leverage approach

• $1.9B of public debt outstanding

• Rated A- by S&P

• Rated Baa1 by Moody's

• Excess domestic cash returned to stockholders through stock repurchase

• Continued momentum with strong ARR and revenue growth 2019 MARKET OPPORTUNITY • Expanding TAM driven by market trends and cloud strategy Core Opportunity $11.3B Market Expansion $2.9B • Three pillars of growth Value Expansion $9.8B • Migration of installed base (~7M remaining Creative Suite base) • New customer expansion • New services driving higher ARPU ~$24B Addressable Market • Strong innovation roadmap

• P&L leverage evident in financial results and targets

2019 MARKET OPPORTUNITY • Explosive “Experience Business” enterprise growth category Personalization $9.9B • Market leader with most integrated offering for customers Content $11.7B Data & Analytics $11.1B • Driving multi-solution engagements Advertising $7.3B • Platform provides differentiation and competitive advantage

• Continuing to invest for long-term growth ~$40B Addressable Market

• Digital transformation represents large, expanding market opportunity

• ~$64B TAM in 2019

• Adobe is a market leader and uniquely positioned

• Adobe Cloud Platform is the platform for digital experiences

• Strong execution against a compelling strategy

• Significant top-line and bottom-line growth with strong cash flow

Creating & Global Customer Significant & Delivering Digital & Partner Growing TAM Experiences Momentum of $64 Billion