Business Momentum Adobe Document Cloud ARR & Revenue $1.4 • Acceleration in growth driven $1.2 by new customer acquisition and stacking effect of $1.0 subscriptions s $0.8 n • Incremental performance o lli i B$0.6 driven by new growth drivers $ $0.4 • PDF services $0.2 • Reader & mobile upsell $0.0 • Migration of perpetual FY2016 FY2017 FY2018 FY2019E licenses to subscriptions ARR Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY19 financial targets; FY2019 ARR is based on November 2018 FX rates held constant through the year; FY2016-FY2018 ARR amounts are based on revalued FX rates exiting each fiscal year © 2019 Adobe. All Rights Reserved.

Adobe 2019 Financial Analyst Slides (11/4/2019) - Page 122 Adobe 2019 Financial Analyst Slides (11/4/2019) Page 121 Page 123