Business Momentum Capital Structure Strong liquidity position Conservative leverage approach Excess cash returned to • $3.7B of cash and short- • $1.9B of public debt outstanding stockholders through term investments • $2.3B of bank term loans outstanding stock repurchase • $1.0B unutilized credit • Rated A by S&P facility, remains available • Rated A3 by Moody's until 2023 Source: Adobe, as of Q3FY19 © 2019 Adobe. All Rights Reserved.