Adobe 2019 Financial Analyst Slides (11/4/2019)

Agenda Vision & Strategy Shantanu Narayen Growth Strategy Gloria Chen Digital Media Opportunity Shantanu Narayen Digital Experience Opportunity Shantanu Narayen Technology Vision Abhay Parasnis Executing On Our Growth Strategy John Murphy Q&A © 2019 Adobe. All Rights Reserved.

Financial Disclaimer 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 2018 and the quarterly reports on Form 10-Q filed by the company in 2019. 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. © 2019 Adobe. All Rights Reserved.

Macro Trends It’s the Golden Age of Design & Creativity Digital Transformation Leads the C-Suite Agenda Paper-to-Digital Automation Content Fuels the Digital Economy Digital Engagement Across Every Touch Point AI & Machine Learning Redefining Software Mobile & Cloud Drive Modern Productivity Privacy & Security a Mandate to Earn Trust © 2019 Adobe. All Rights Reserved.

Creative Cloud: Unleashing Creativity Creating & leading categories with multi-surface systems Expanding universe of users Innovative services fueling new market opportunities Data-driven customer insights driving ARR growth © 2019 Adobe. All Rights Reserved.

Document Cloud: Accelerating Document Productivity PDF is the de-facto electronic document format Reader ubiquity on desktop, mobile & web Acrobat on all surfaces to deliver "document verb" capabilities Embedding PDF across cloud & apps through document services New customer acquisition, web & mobile offerings & migration to subscription driving unit & ARR growth © 2019 Adobe. All Rights Reserved.

Experience Cloud: Powering Digital Businesses Decade of leadership in Digital Marketing category Integrated suite designed to manage digital customer journeys across B2C, B2B, enterprise & midmarket Introduced generational innovation through new product & Experience Platform delivery in 2019 Content, data & Sensei services unique differentiators Positioned to lead in explosive CXM category & drive subscription revenue growth © 2019 Adobe. All Rights Reserved.

Adobe’s Growth Advantage 2022 Total Addressable Market Category Creation Loyal & Growing Innovative Globally Unique & Expansion Customer Universe Technology Platforms Admired Brand Financial Profile Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Strategic Growth Vectors Growing Customer Universe Driving engagement from consumers to the world’s largest companies Core Assets Customers Technology Category Creation Brand Apps + Services & Expansion + Platforms Innovating in creativity, documents Expanding offerings & customer experience management & monetization opportunities © 2019 Adobe. All Rights Reserved.

Creative Cloud Strategy Empower Push Category & Accelerate Individual Put Adobe Magic Inspire All Voices Technology Boundaries & Team Productivity to Work the Community © 2019 Adobe. All Rights Reserved.

Sizing the Creative Cloud Addressable Market 2021 TAM 2022 TAM Methodology focused on the Methodology aligned to the migration from Creative Suite expanding universe of users to Creative Cloud we target Core Creative Pros Market Expansion Communicators Value Expansion Consumers © 2019 Adobe. All Rights Reserved.

Creative Professional Market Opportunity Total Potential Users in 2022 • Exploding job market for ~10M Creatives Students in Creative Majors • Multi-surface systems • Emerging categories including ~35M screen design, 3D & AR Creative Pros • Growing portfolio of services Freelance, Agencies, SMB, Enterprise • Remaining migration & non- genuine conversion • Global market expansion Source: Adobe, International Labor Organization; U.S Bureau of Labor Statistics; Business Software Alliance © 2019 Adobe. All Rights Reserved.

Expanding Customer Universe Total Potential Users in 2022 ~4B Communicators Consumers • Creative beyond productivity apps Hobbyists, Enthusiasts,K-12, Social Media Users • Template-driven design • Collaboration & content workflow ~700M Consumers Communicators • Apps for photo & video Students, Marketers, Knowledge Workers, Businesses • Mobile-only offerings Building on >200M Adobe IDs ~45M created to date to access CC mobile Creative Pros apps Source: Adobe, International Labor Organization; U.S Bureau of Labor Statistics; Business Software Alliance © 2019 Adobe. All Rights Reserved.

2022 Creative Cloud Total Addressable Market 2022 Creative Cloud TAM ~$31B ~$15B ~$12B ~$4B 2021 Creative Cloud TAM Creative Professionals Communicators Consumers • Creative job growth • Creative content beyond • Apps for photo & video • Multi-surface systems productivity apps • Mobile only offerings • New media categories • Template-driven design ~$29B • Services • Collaboration & content workflow Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Adobe Document Cloud Strategy Deliver Best PDF Expand Make PDF Unlock Value Unleash PDF Viewing Experience Document Frictionless for of PDF Ecosystem with Everywhere Verbs in Acrobat Mobile & Web via Sensei Document Services © 2019 Adobe. All Rights Reserved.

Sizing the Document Cloud Addressable Market 2021 TAM 2022 TAM Methodology Methodology aligned to consistent with expanding Acrobat users Creative Cloud and new categories of services Core Acrobat Applications Market Expansion Document Services Platform Value Expansion © 2019 Adobe. All Rights Reserved.

Acrobat: Activating PDF Verbs Across a Broader Universe of Users ~2B Acrobat Reader & Acrobat Users • Document verbs beyond viewing • Enterprise & global market expansion • Migration to subscription ~700M PDF Mobile & Web Communicators • Cloud & mobile productivity ~75M • Frictionless PDF services on Advanced Users Adobe.com Source: Adobe, International Labor Organization; U.S Bureau of Labor Statistics; Business Software Alliance © 2019 Adobe. All Rights Reserved.

Embedded Document Services: Expanding PDF Beyond Acrobat Trillions of PDFs created every year • eSignatures & workflows • Embedded PDF-as-a-Service • Document intelligence ~2B Reader & Acrobat Users Source: Adobe, International Labor Organization; U.S Bureau of Labor Statistics; Business Software Alliance © 2019 Adobe. All Rights Reserved.

2022 Document Cloud Total Addressable Market 2022 Document Cloud TAM ~$13B ~$7B ~$6B Acrobat Applications Document Services Platform 2021 Document Cloud TAM • PDF category growth • eSignatures • Expansion of Acrobat verbs • Embedded PDF-as-a-Service • Migration of perpetual users • Document intelligence ~$7.5B to subscriptions services • New mobile products Source: Adobe, November 2019 • Frictionless web experiences © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud Strategy Build on Affinity Extend CXM Expand to CIO with Scale in Evangelize DDOM with CMO to Drive From Adobe Experience Mid-Market as a Transformation CXM Across C-Suite B2C to B2E Platform Segment Playbook © 2019 Adobe. All Rights Reserved.

Sizing the Experience Cloud Addressable Market Enterprise Software Categories Represented in TAM Data & Insights Content & Customer Journey Commerce Advertising Personalization Management • Customer & business • Content & asset • Multi-channel campaign • eCommerce & • Demand-side platform intelligence management management merchandising • Search engine • Web & marketing • Digital forms & data • Lead management • Order management marketing analytics capture • Email marketing • Product information • Dynamic creative • Data management • Personalization & • Account-based management management platform testing marketing • Customer data platform • Multi-screen TV • Data lakes platform • Identity resolution • Data connectors © 2019 Adobe. All Rights Reserved.

2022 Experience Cloud Total Addressable Market 2022 Experience Cloud TAM ~$84B 2021 Experience Cloud TAM ~$23B ~$28B ~$13B ~$10B ~$10B Data & Content & Customer Journey Commerce Advertising ~$71B Insights Personalization Management Source: IDC and Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Digital Media Innovation Engine 2019 Scan Magic Clean 2018 Photoshop on iPad Photoshop Camera 2017 Adobe Premiere Rush Fresco on iPad & Surface Adobe XD with Voice triggers Co-editing in XD Adobe XD Adobe XD integration with Ae and Ai CC Desktop app 2016 Lightroom CC Adobe Live on Behance Acrobat Web Essential Graphics Panel in Ae Motion Graphic Templates Adobe Sensei New Search for Stock in Photoshop Adobe Stock Premium Content Design Systems Creative Cloud Libraries Video Collaboration Illustrator with new Properties Panel Collaboration Adobe Stock Mixamo Photoshop Content Aware Fill reimagined PDF Services Online Adobe Portfolio Photoshop Express Adobe Dimension Substance Character Animator Adobe Spark Adobe Fonts Aero CC Learn Adobe Scan Lightroom Search InDesign Asset Link © 2019 Adobe. All Rights Reserved.

Digital Media Business Momentum Digital Media Annualized Recurring Revenue (ARR) $10B ~$8.3B $8B $6B $4B $2B $0B Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19E Creative Cloud ARR Document Cloud ARR Source: Adobe, Q4FY19E includes targeted net new ARR © 2019 Adobe. All Rights Reserved.

Creative Cloud Business Momentum >50% >90% >15% Cumulative new subscribers Enterprise seats Y/Y seat growth to Creative Cloud franchise with services in Enterprise >40% ~18M >200M Y/Y revenue growth Behance Mobile IDs for Adobe Stock members created ~100% >5M >23M Y/Y growth in Adobe XD Students with mobile units downloads Adobe Spark Source: Adobe, as of Q3 FY2019 © 2019 Adobe. All Rights Reserved.

Creative Cloud Strategy Empower Push Category & Accelerate Individual Put Adobe Magic Inspire All Voices Technology & Team Productivity to Work the Community Boundaries © 2019 Adobe. All Rights Reserved.

Creative Cloud Product Strategy Drive Extend Accelerate Expand to Embrace Customer Category Individual & Team Communicators New Media Engagement Leadership Productivity & Consumers Types © 2019 Adobe. All Rights Reserved.

Accelerating Creative Cloud Innovation Photoshop on iPad · Photoshop Camera · Adobe Spark · Adobe XD co-editing · Alexa “Adobe Inspiration Engine” Photoshop Express · Fresco Live Brushes · 17k Adobe Fonts · Dimension Match Image · CC Desktop & Web Fresco on Windows · Lightroom integrated community · Aero for Augmented Reality · CC Libraries in 3rd Parties Dimension Multiple Lighting · Premiere Pro Auto Reframe · After Effects Content Aware Fill · Lightroom Texture Controls Substance Product Line · First Mile in Apps · Photoshop Object Selection · Stock: 130 million assets & 750k premium images Illustrator on iPad · Live Streaming in Fresco · CC Libraries at scale · Premiere Rush on Android © 2019 Adobe. All Rights Reserved.

Category Leadership Creative Imaging Video Graphic Design, Web UX Immersive & Photography & Illustration Photoshop Photoshop on iPad Premiere Pro Photoshop Photoshop Illustrator XD Aero Photoshop Photoshop Premiere Rush After Effects InDesign Spark Photoshop Dimension Express Camera Lightroom Lightroom Character Animate Fresco Bridge Illustrator Substance Mobile Animator Audition Illustrator Dreamweaver Acrobat After Effects © 2019 Adobe. All Rights Reserved.

Creative Cloud SERVICES APPS PLATFORM CONTENT COMMUNITY CREATIVE IMAGING VIDEO GRAPHIC DESIGN, WEB UX IMMERSIVE Adobe Sensei Fonts Behance & PHOTOGRAPHY & ILLUSTRATION Creative Intelligence Stock Adobe Live Portfolio Training Adobe Creative Platform (Cloud Docs, APIs, Extensibility) TEAMS Co-Edit Collaboration CC Libraries Design Systems © 2019 Adobe. All Rights Reserved.

Creative Cloud Growth Drivers ~$31B 2022 Creative Cloud TAM Growth in new creative jobs · K12 & higher ed student adoption · New media types 3D & AR SMB & enterprise seat expansion · Stock content · Global expansion · Collaboration Social media marketers · Photography & imaging enthusiasts · YouTubers & video enthusiasts Anti-piracy · Free-to-paid · Mobile offerings · Partnerships · Learn & training CS migration to subscriptions · Elements migration to subscriptions · Lightroom migration to subscriptions Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Adobe Document Cloud Business Momentum ~2B >100M ~130% Mobile + Desktop devices with Mobile IDs created Y/Y growth in scans Reader or Acrobat installed in past 2 years uploaded to Document Cloud >20% >40% >60% Acrobat Y/Y unit growth for Of subscribers are new to Channel units are 1 Acrobat franchise subscriptions2 3consecutive years >70% >400% Enterprise book of Y/Y growth of Adobe Sign business that has transactions in Acrobat Source: Adobe, as of Q3FY19 purchased services 1 Across Creative Cloud and Adobe Document Cloud, Q2FY17 through Q3FY19 2 Subscription units as a percentage of total units licensed through reseller channel including perpetually licensed units © 2019 Adobe. All Rights Reserved.

Adobe Document Cloud Strategy Deliver Best PDF Viewing Expand Document Make PDF Frictionless Unlock Value of Unleash PDF Ecosystem Experience Everywhere Verbs in Acrobat for Mobile & Web PDF with Sensei with Document Services © 2019 Adobe. All Rights Reserved.

Deliver PDF Services for Mobile & Web • Launched Create, Compress & Convert as services on Adobe.com • Enabled PDF editing in Acrobat mobile • Extended Scan leadership with Adobe Sensei • Introduced paid funnel for Acrobat mobile © 2019 Adobe. All Rights Reserved.

Unlock Value of PDF with Sensei • Started global rollout of responsive mobile PDF viewing with Liquid Mode • Introduced full text search for files stored in Document Cloud • Extended Adobe Scan leadership with boundary detection, auto-clean & shadow removal • Improved user experience for form-filling in Acrobat & Sign by automatically recognizing form fields © 2019 Adobe. All Rights Reserved.

DAdoocumbe Denotcu Clmouden:t CPlloatufodr Om fFfeorr inDgisgital Documents SERVICES APPS EMBEDDED PDF AS-A-SERVICE View ISVs, SIs, Enterprise & Developers Create/Combine/Compress API Access to Share & Review Embeddable Acrobat Acrobat DC Acrobat Reader Adobe Sign Viewer Sign API Access to PDF Scan Services & Adobe Sign Edit/Organize Acrobat Mobile Adobe Scan Protect Redact © 2019 Adobe. All Rights Reserved.

Adobe Document Cloud Growth Drivers ~$13B 2022 Document Cloud TAM Verbs: Create, Sign, Edit, Share, Compress · Reader upsell to Acrobat · Acrobat migration to subscriptions Acrobat mobile & Scan users · PDF category growth & transformation · SMB & enterprise seat expansion International growth · Anti-piracy · Acrobat web offerings · Partnerships API access to embedded PDF services: Create, Sign, Edit, Share, Compress · Product line optimization Free to paid conversion · Document intelligence · Growth in knowledge worker jobs Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Scaling Our Digital Media Franchise DDOM Goes Mainstream DISCOVER TRY BUY USE RENEW • Frictionless journeys • Cross-device experience • Mobile & web offerings • Creative Cloud • Upsell/cross-sell • SEO • Trial with payment • Multi-year offerings Desktop • Seat expansion • Engagement marketing • Channel auto-renewal • Customer success & training © 2019 Adobe. All Rights Reserved.

Digital Media Summary ~$44B TAM across Creative Cloud and Document Cloud Category leadership extending into adjacent market opportunities and new media types Expanding customer universe with multi-surface creative apps Explosive opportunity with Acrobat verbs, Reader ubiquity, and PDF services Unprecedented product innovation and Adobe Sensei magic Data-driven insights across large, established GTM powering ARR growth Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud Momentum Highlights Annual Revenue 2014 2019 $3.5B $3.0B ~66% ~90% $2.5B of top 100 of top 100 $2.0B customers have customers have $1.5B 3+ products 3+ products $1.0B ~$3M ~$6M $0.5B $0.0B Average ARR Average ARR of top 100 customers of top 100 customers Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY19 financial targets © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud Momentum Product Ecosystem Business Value ~15B ~67K ~25% Web pages served Solution Increase in web per day ~3.3B partners ~1.6K & mobile conversions ~40% Offers delivered ISV partners Reduction in contact ~14T per day ~350K ~242% center volume Segment activations Magento ROI per day ~3.5M developers ~6.2K ~7 Ad opportunities Marketplace apps Month payback ~1T per second ~550K and listings ~14% period Marketo B2B marketing Visitors to Experience Improvement activities per year League Community in NPS Source: Adobe, November 2019, Forrester, December 2018 © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud: Mission Critical Across Industries Retail Travel & Hospitality Media & Entertainment Financial Services High Tech Manufacturing Telecom Education Healthcare/Life Science Public Sector © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud: A Decade of Leadership Addressing the Broader Customer Experience Management Opportunity Building the Comprehensive B2E | Enterprise + Mid-Market | Platform + AI Digital Marketing Suite From Content Creation Advertising | Marketing | Analytics to Content Lifecycle Applications Make | Manage | Measure | Monetize Sensei Adobe Experience Platform © 2019 Adobe. All Rights Reserved.

Experience Business Imperatives Know Who I Am Stitching Trillions of Data Points Bridging SaaS Make Technology & On-Premise Islands Transparent Customer Domain Privacy & Security Specialized AI Models Consistent Experience From Batch Transactions Across Surfaces to Real-Time Activation © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud Evolution: Applications + Services + Platform Applications • Best of breed applications • Integrated through Platform + Services Services • Acceleration of functionality delivered through services • Experience intelligence services Platform • Adobe Experience Platform • Adobe Sensei framework & tools Multi-Cloud Infrastructure • Architected to run on heterogeneous environments © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud Evolution: Applications + Services + Platform Analytics Marketing Commerce Advertising Cloud Cloud Cloud Cloud Applications Adobe Audience Experience Adobe Adobe Marketo Magento Advertising Analytics Manager Manager Target Campaign Engage Commerce Services Analysis Workspace Real-Time CDP Triggered Journeys Offer Management Attribution.ai Customer.ai Journey.ai Leads.ai Adobe Sensei Platform Adobe Experience Platform © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud Evolution: Applications + Services + Platform REAL-TIME CUSTOMER CONTENT CUSTOMER JOURNEY PROFILE & INSIGHTS & COMMERCE MANAGEMENT Analytics Marketing Commerce Advertising Applications Cloud Cloud Cloud Cloud Adobe Audience Experience Adobe Adobe Marketo Magento Advertising Analytics Manager Manager Target Campaign Engage Commerce Services Analysis Workspace Real-Time CDP Triggered Journeys Offer Management Attribution.ai Customer.ai Journey.ai Leads.ai Adobe Sensei Platform Adobe Experience Platform © 2019 Adobe. All Rights Reserved.

REAL-TIME CUSTOMER PROFILE & INSIGHTS Adobe Experience Cloud: Real-Time Customer Profile & Insights Adobe Experience Platform Unified Experiences Architected for CXM Video/TV Desktop Mobile Social Web Email Kiosk IoT Adobe Experience Platform REAL-TIME CUSTOMER PROFILE Customer Support CRM Inventory Mgmt. POS Store Operations ERP Custom Apps Front Office | Back Office © 2019 Adobe. All Rights Reserved.

REAL-TIME CUSTOMER PROFILE & INSIGHTS Adobe Experience Cloud: Real-Time Customer Profile & Insights Adobe Analytics HIGHLIGHTS INNOVATION ROADMAP Experience System of Intelligence for • Broad coverage of B2C omni-channel • Customer journey analytics Cross-Channel Data, Insights & analytics • Query & analysis workspace Activation • Internet scale behavioral dataset: ~13T data transactions per year • Sensei-powered services • Enables real-time personalization via integration with Target, Audience Manager & Adobe Experience Platform Adobe Audience Manager + HIGHLIGHTS INNOVATION ROADMAP Real-Time Customer Data • Scale asset for audience creation & • Internet scale services to drive real- Platform (CDP) delivery: time personalization Insights & Activation for ~14T segment activations per day • Unified real-time edge across Adobe Known & Unknown Audiences • Workflow integrated with Analytics, Experience Cloud Target, Campaign, Advertising Cloud • Audience Manager & Real-Time CDP integration Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

CONTENT & COMMERCE Adobe Experience Cloud: Content & Commerce Adobe Experience Manager HIGHLIGHTS INNOVATION ROADMAP (AEM) + Target • Mission-critical category leader with AEM • Content as a SaaS service Single Source of Truth to Deliver Sites; content velocity driving AEM Assets • Headless content management Multi-channel Personalization at Scale • ~15B web pages served per day; ~3.3B offers delivered per day • Content velocity & intelligence • Together with Analytics, provides a digital foundation for every business Magento Commerce HIGHLIGHTS INNOVATION ROADMAP Making Every Experience Shoppable • Scalable from mid-market to Enterprise • Deep integration with AEM for B2C & B2B, Physical & Digital Goods across B2C & B2B • Extending reach through partnerships • Open & vibrant ecosystem of ~350K with Amazon & Google developers; ~5.4K apps • Mobile commerce with Progressive Web Apps Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

CUSTOMER JOURNEY MANAGEMENT Adobe Experience Cloud: Customer Journey Management Adobe Campaign HIGHLIGHTS INNOVATION ROADMAP Multi-Channel Campaign Orchestration • Deep affinity with B2C content & audience • Triggered Journeys to deliver & Automation for B2C Journeys management & personalization personalized interactions across • Largest customers scaling to 10-20B emails customer journeys annually to a profile base of 25-100M • Intelligent Sensei services: Journey.ai, Attribution.ai Marketo Engage HIGHLIGHTS INNOVATION ROADMAP Omni-Channel Marketing Automation • Mission critical tool for B2B marketers • Align B2B & B2C journey management & Account-Based Marketing for • ~1T marketing activities/year • Account-based experience (ABX) B2B Journeys • >550 ecosystem partners • Extend individual and account targeting with Linkedin Integration Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud: Advertising Unified Advertising Platform HIGHLIGHTS INNOVATION ROADMAP Brands & Agencies • Unify media silos for advertising across • Video ad planning, delivery & Search, Display, Video & TV measurement for TV Everywhere st across digital, OTT & linear • 1 -party data activation from Analytics & Audience Manager • Unique inventory access with st 1 -party data match © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud: Experience Intelligence Attribution.ai Customer.ai Journey.ai Leads.ai BUDGET AUDIENCE CONTRIBUTION ALLOCATION TAGGING ANALYSIS SENTIMENT AUTOMATED ANOMALY ATTRIBUTION ANALYSIS INSIGHTS DETECTION INTELLIGENT SUBJECT LINE VIDEO NEW LOOKALIKE INTELLIGENT ALERTS OPTIMIZATION RECOMMENDATIONS MODELING AUDIENCE SEGMENTATION LANDING PROBABILISTIC EMAIL FREQUENCY PAGE DEVICE CONTROL PREDICTING OPTIMIZATION STITCHING CLICKS ONE-CLICK PERSONALIZATION AUTO-TAGGING PERSONALIZATION © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud: Open Platform & Ecosystem Experience Cloud DEVELOPER SERVICES Adobe I/O INTELLIGENT SERVICES Adobe I/O Adobe Exchange Open Data Initiative Adobe Sensei PLATFORM Adobe Experience Platform INFRASTRUCTURE SERVICES Multi-Cloud Foundation © 2019 Adobe. All Rights Reserved.

Adobe Experience Cloud Growth Strategy Build on Affinity Extend CXM Expand to CIO with Scale in Evangelize DDOM with CMO to Drive From Adobe Experience Mid-Market as a Transformation CXM Across C-Suite B2C to B2E Platform Segment Playbook Verticals | Geographies | Partners © 2019 Adobe. All Rights Reserved.

Expand to CIO with Adobe Experience Platform • Comprehensive, differentiated offering across entire C-Suite • Opens new line items in CIO budget • Accelerates CMO adoption of Adobe technology with support from CIOs and ecosystem partners • Enables enterprise-wide integration for all Adobe Experience Cloud applications • Delivers strong value proposition for developers and data scientists © 2019 Adobe. All Rights Reserved.

Extend Customer Experience Management to B2E • B2B companies must deliver B2C experiences • Creates new demand for entire Adobe Experience Cloud offering • Standardization across single platform unlocks power of Business to Everyone (B2E) B2B UNLOCKING THE POWER OF B2E END-TO-END LEAD TO REVENUE B2C © 2019 Adobe. All Rights Reserved.

Scale in Mid-Market Segment • Expanded market opportunity for Adobe Experience Cloud • Anchored by momentum across Marketo & Magento • Drives focus on self-serve & time-to-value • High-velocity Adobe.com & inside sales motion • Broad developer, partner & reseller ecosystem © 2019 Adobe. All Rights Reserved.

Experience Cloud: Powering Digital Businesses ~$84B Digital Experience TAM Decade of leadership in Digital Marketing category Integrated suite designed to deliver entire customer journey across B2C, B2B, enterprise & mid-market Introduced generational innovation in new products and platforms in 2019 Content, data & Sensei services are unique differentiators in the industry Robust ecosystem enables accelerated adoption and seamless integration of Adobe’s platform Positioned to lead in explosive CXM category Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Unleashing Accelerating Powering Adobe Creative Cloud Adobe Document Cloud Adobe Experience Cloud Applications Adobe Stock Create/Combine/Compress Attribution.ai Behance, Adobe Live Edit/Organize Customer.ai Services Design Systems, CC Libraries Share & Review Leads.ai Fonts, Training, Portfolio View Triggered Journeys Co-Edit Collaboration Adobe Scan & Sign Analysis Workspace … … … Adobe Sensei Platform Content + Data © 2019 Adobe. All Rights Reserved.

Unleashing Accelerating Powering Multi-Cloud Experiences Sensei Intelligent Security & Operational Platform Across Surfaces Services Compliance Excellence ~29B ~310M ~250B ~15B ~340M Content Mobile apps PDFs opened Web pages Yearly active platform assets downloaded last year served per day Adobe IDs ~6000 ~1600 ~2B ~35M ~14T ~13B Cloud releases Multi-Cloud Mobile + Desktop devices Adobe Scan Segment activations Cloud API calls per month services w/ Reader or Acrobat downloads per day per day Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Adobe Experience Platform Unified Experiences Video/TV Desktop Mobile Social Web Email Kiosk IoT Customer Support CRM Inventory Mgmt. POS Store Operations ERP Custom Apps Data Ingestion/Multi-Modal Data Front Office | Back Office © 2019 Adobe. All Rights Reserved.

Adobe Experience Platform Unified Experiences Video/TV Desktop Mobile Social Web Email Kiosk IoT DESKTOP ADOBE PRODUCTS Desktop Open Creative Cloud Premiere Rush CC Mobile Desktop App iOS Login with Adobe ID Premiere Rush CC DEVICES Single App Plan Install Premiere Rush Creative Cloud IDENTITIES Desktop Premiere Rush CC CUSTOMER PROFILE EXPERIENCE EVENTS ECI UUID CRM EMAIL NAME: Sarah Rose Semantic Model D ID EMAIL: [email protected] MOBILE CROSS-CHANNEL CUSTOMER 4647729… 46378701… YAuPQ1K… srose@ GENDER: Female CUSTOMER outlook.com Sarah Rose Visit Adobe.com of Customer Profile AGE: 33 PROFILE “Upgrade Premiere COUNTRY: United States Scrolling on Instagram Rush” MORE… Opened, Clicked Install Premiere Rush CC “Thank You for Renewing” Followed Create Adobe ID Opened, Clicked Guide SEGMENTATION App Guided Tour Name Your Project Add Media Web Edit Sequence Creator Social In-app Offer Paid User Download Completed Purchase Customer Support CRM Inventory Mgmt. POS Store Operations ERP Custom Apps Front Office | Back Office © 2019 Adobe. All Rights Reserved.

Adobe Experience Platform Unified Experiences Video/TV Desktop Mobile Social Web Email Kiosk IoT Experience Intelligence Customer.ai Journey.ai Attribution.ai Leads.ai Content.ai DESKTOP ADOBE PRODUCTS Desktop Open Creative Cloud Premiere Rush CC Mobile Desktop App iOS Login with Adobe ID Premiere Rush CC DEVICES Single App Plan Install Premiere Rush Creative Cloud IDENTITIES Desktop Premiere Rush CC CUSTOMER PROFILE EXPERIENCE EVENTS ECI UUID CRM EMAIL NNAAMME: SE: Saarraahh R Roossee D ID EMEMAAIILL: : ss..gg..rrososee@@ououttllookook..ccomom MOBILE CROSS-CHANNEL 4647729… 46378701… YAuPQ1K… srose@ GGENENDDERER: F: Feemmaallee CUSTOMER outlook.com AAGGE: 3E: 333 Sarah Rose Visit Adobe.com “Upgrade Premiere CCOOUUNTNTRRYY:: U Unniitetedd S Statatetess Scrolling on Instagram Rush” MMOROREE…… Opened, Clicked Install Premiere Rush CC “Thank You for Renewing” Followed Create Adobe ID Opened, Clicked Guide SEGMENTATION App Guided Tour Name Your Project Add Media Web Edit Sequence Creator Social In-app Offer Paid User Download Completed Purchase Customer Support CRM Inventory Mgmt. POS Store Operations ERP Custom Apps Front Office | Back Office © 2019 Adobe. All Rights Reserved.

Adobe Experience Platform Unified Experiences Real-Time Edge Delivery Video/TV Desktop Mobile Social Web Email Kiosk IoT Customer.ai Journey.ai Attribution.ai Leads.ai Content.ai DESKTOP ADOBE PRODUCTS Desktop Open Creative Cloud Premiere Rush CC Mobile Desktop App iOS Login with Adobe ID Premiere Rush CC DEVICES Single App Plan Install Premiere Rush Creative Cloud IDENTITIES Desktop Premiere Rush CC CUSTOMER PROFILE EXPERIENCE EVENTS ECI UUID CRM EMAIL NNAAMME: SE: Saarraahh R Roossee D ID EMEMAAIILL: : ss..gg..rrososee@@ououttllookook..ccomom MOBILE CROSS-CHANNEL 4647729… 46378701… YAuPQ1K… srose@ GGENENDDERER: F: Feemmaallee CUSTOMER outlook.com AAGGE: 3E: 333 Sarah Rose Visit Adobe.com “Upgrade Premiere CCOOUUNTNTRRYY:: U Unniitetedd S Statatetess Scrolling on Instagram Rush” MMOROREE…… Opened, Clicked Install Premiere Rush CC “Thank You for Renewing” Followed Create Adobe ID Opened, Clicked Guide SEGMENTATION App Guided Tour Name Your Project Add Media Web Edit Sequence Creator Social In-app Offer Paid User Download Completed Purchase Customer Support CRM Inventory Mgmt. POS Store Operations ERP Custom Apps Front Office | Back Office © 2019 Adobe. All Rights Reserved.

Adobe Experience Platform Unified Experiences Real-Time Edge Delivery Video/TV Desktop Mobile Social Web Email Kiosk IoT Experience Intelligence Customer.ai Journey.ai Attribution.ai Leads.ai Content.ai DESKTOP ADOBE PRODUCTS Desktop Open Creative Cloud Premiere Rush CC Mobile Desktop App iOS Login with Adobe ID Premiere Rush CC DEVICES Single App Plan Install Premiere Rush Creative Cloud IDENTITIES Desktop Premiere Rush CC CUSTOMER PROFILE EXPERIENCE EVENTS ECI UUID CRM EMAIL NNAAMME: SE: Saarraahh R Roossee Semantic Model D ID EMEMAAIILL: : ss..gg..rrososee@@ououttllookook..ccomom MOBILE CROSS-CHANNEL 4647729… 46378701… YAuPQ1K… srose@ GGENENDDERER: F: Feemmaallee CUSTOMER of Customer Profile outlook.com AAGGE: 3E: 333 Sarah Rose Visit Adobe.com “Upgrade Premiere CCOOUUNTNTRRYY:: U Unniitetedd S Statatetess Scrolling on Instagram Rush” MMOROREE…… Opened, Clicked Install Premiere Rush CC “Thank You for Renewing” Followed Create Adobe ID Opened, Clicked Guide SEGMENTATION App Guided Tour Name Your Project Add Media Web Edit Sequence Creator Social In-app Offer Paid User Download Completed Purchase Customer Support CRM Inventory Mgmt. POS Store Operations ERP Custom Apps Data Ingestion/Multi-Modal Data Front Office | Back Office © 2019 Adobe. All Rights Reserved.

Updated Q4FY2019 Financial Targets November 4, 2019 Revenue ~$2.97 billion Digital Media segment revenue ~20% year-over-year growth Digital Experience segment revenue ~23% year-over-year growth Net new Digital Media ARR ~$475 million Non-operating expense ~$20 million Tax rate GAAP: ~11% Non-GAAP: ~11% Earnings per share GAAP: ~$1.68 Non-GAAP: ~$2.25 Share count ~490 million shares The information discussed on this slide contains forward looking statements that involve risk and uncertainty. Actual results may differ materially. For a discussion of these risks and uncertainties, you should review Adobe’s SEC filings. Please see our investor relations website for a discussion of these targets and a detailed reconciliation between GAAP and non-GAAP targets. © 2019 Adobe. All Rights Reserved.

Business Momentum Adobe Revenue & Margin Adobe Revenue & GAAP Operating Margin $12 50% $11 $10 40% % ) 31.5% in • Strong revenue growth with s g n $9 29.7% r io a l 30% M operating margin expansion il 25.5% $B$8 g in ( t e a u $7 ~$11.15B r • FY2019 GAAP operating n e e 20% p v margin impacted by e $6 $9.03B P O R A $7.30B A acquisitions in FY2018 $5 10% G $4 $5.85B $3 0% FY2016 FY2017 FY2018 FY2019E Revenue GAAP Operating Margin Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY19 financial targets © 2019 Adobe. All Rights Reserved.

Business Momentum Adobe Revenue & Margin Adobe Revenue & Non-GAAP Operating Margin $12 50% $11 40.1% • Strong revenue growth with $10 38.0% 40% % operating margin expansion in 33.8% g ) r s$9 a n M io • FY2019 operating margin l 30% g il in $8 t $B a impacted in 1HFY19 due to ( r e e u$7 ~$11.15B p acquisition accounting n 20% e P O v A e$6 $9.03B A R G • Margin expansion returning in $7.30B - $5 10% n 2HFY19 as expected $5.85B No $4 $3 0% FY2016 FY2017 FY2018 FY2019E Revenue Non-GAAP Operating Margin Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY19 financial targets; reconciliation between GAAP and non-GAAP operating margins can be found on our Investor Relations website © 2019 Adobe. All Rights Reserved.

Business Momentum Digital Media ARR & Revenue $10 • Momentum continues with expected record net new $8 ARR in FY2019 • Multiple drivers contributing s $6 to accelerated ARR n o lli i performance B $ $4 • Creative Cloud growth $2 continues • Adobe Document Cloud $0 revenue growth FY2016 FY2017 FY2018 FY2019E accelerates after move to ARR subscriptions 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.

Business Momentum Digital Media ARR & Revenue $10 • Momentum continues with expected record net new $8 ARR in FY2019 • Multiple drivers contributing s $6 to accelerated ARR n o lli i performance B $ $4 • Creative Cloud growth $2 continues • Adobe Document Cloud $0 revenue growth FY2016 FY2017 FY2018 FY2019E accelerates after move to ARR Revenue subscriptions 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.

Business Momentum Creative Cloud ARR & Revenue $8 • Multiple growth drivers fueling ARR & revenue $6 • New user acquisition s n o$4 • Single App upsell to lli i B $ All Apps $2 • Adoption of services • Global expansion $0 • Engagement & retention FY2016 FY2017 FY2018 FY2019E 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.

Business Momentum Creative Cloud ARR & Revenue $8 • Multiple growth drivers fueling ARR & revenue $6 • New user acquisition s n o$4 • Single App upsell to lli i B $ All Apps $2 • Adoption of services • Global expansion $0 • Engagement & retention FY2016 FY2017 FY2018 FY2019E ARR Revenue 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.

Business Momentum Creative Cloud Revenue Mix FY2016 Revenue Mix FY2019E Revenue Mix Perpetual & OEM • Creative Cloud business has Perpetual & OEM $0.2B doubled in three years $0.2B • ~97% of revenue is subscription-based $3.2B ~$6.5B • Continued innovation and tiered service offerings $2.9B acquiring more users and Subscription $6.3B enabling ARR growth Subscription Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY19 financial targets © 2019 Adobe. All Rights Reserved.

Business Momentum Creative Cloud ARR:Single App vs. All Apps FY2016 FY2019E • Good mix of new and Single App existing customers for Single Single App App and All Apps • New customer acquisition ramped up by Single App adoption • Two-thirds of Creative ARR is All Apps based on All Apps All Apps subscribers Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY19 financial targets; excludes ARR associated with enterprise site licensing © 2019 Adobe. All Rights Reserved.

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.

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 Revenue 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.

Business Momentum Adobe Document Cloud Revenue Mix FY2016 Revenue Mix FY2019E Revenue Mix Perpetual & OEM • Subscription and ETLA Perpetual & $0.2B adoption fueling growth of OEM $0.3B Service & subscription revenue Support $0.8B ~$1.2B • Perpetual installed base represents migration opportunity $0.4B $1.0B Subscription Service & Subscription Support Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY2019 financial targets © 2019 Adobe. All Rights Reserved.

Business Momentum Adobe Experience Cloud Revenue Mix FY2016 Revenue Mix FY2019E Revenue Mix Perpetual & OEM • Adobe Experience Cloud Service & revenue has doubled in Perpetual & OEM Support three years ~$0.5B • Focus has been on growing Service & $0.4B subscription revenue Support $1.6B ~$3.2B • Strategically reduced Service $1.1B & Support as a percentage Subscription* ~$2.7B of total revenue Subscription* Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY2019 financial targets * Includes revenue from SaaS, managed service and term offerings for Adobe Analytics Cloud, Adobe Marketing Cloud, and Adobe Experience Platform; all revenue for Adobe Advertising Cloud; and all technology revenue for Adobe Commerce Cloud © 2019 Adobe. All Rights Reserved.

Business Momentum Adobe Experience Cloud Revenue by Revenue Type FY2019E Other* Professional ~$0.2B • Focus has been on growing Services ASV book of business and ~$0.4B ~$2.3B Subscription related subscription revenue Advertising Annualized Subscription Value (ASV) Usage-based ~$0.4B Pricing Models: • FY2019E subscription ~$3.2B • Number of data transactions • Gross Merchandise Value (GMV) tiers revenue includes ~$400M • Number of profiles of usage-based revenue Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY2019 financial targets * Other includes perpetual, video, OEM and support revenue © 2019 Adobe. All Rights Reserved.

Business Momentum Adobe Experience Cloud Subscription Revenue by Customer Solutions FY2016 FY2019E Advertising Customer Advertising Content & • GTM strategy aligned with Journey Content & Commerce customer solution categories Management Commerce and industry use cases $1.1B ~$2.7B • Comprehensive set of Customer solutions poised to capture Journey increasing share of large Management TAM Real-Time Customer Profile & Insights Real-Time Customer Profile & Insights Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY2019 financial targets © 2019 Adobe. All Rights Reserved.

Business Momentum Deferred Revenue and Unbilled Backlog / RPO $10 $8 • Remaining Performance Obligation (RPO) replaces s $6 n $5.05 deferred revenue and io l il B unbilled backlog metric $ $3.94 $4 $3.42 • RPO provides visibility into $2 contractually committed $2.50 $3.05 future revenue $2.02 $0 FY2016 FY2017 FY2018 FY2019E RPO Deferred Revenue Unbilled Backlog Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY2019 financial targets © 2019 Adobe. All Rights Reserved.

Business Momentum Operating Cash Flow $5 • Sustained growth in $4 Operating Cash Flow (OCF) s n • OCF growth drives capital io l il $3 B management strategy, $ $4.03 investment in existing $2 $2.91 business, evaluation of $2.20 inorganic opportunities and return of capital to $1 shareholders FY2016 FY2017 FY2018 FY2019E Source: Adobe; FY2019E reflects FY2019 YTD results and Q4FY2019 financial targets © 2019 Adobe. All Rights Reserved.

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.

Business Momentum Share Repurchase $3 505 ) s n ) io l ns il 500 o B i l l ($ i e M s ( a$2 495 g ch n ur andi ep t s t e R 490 u r $2.75B O a s h e S ar r$1 $2.05B h o 485 S F e ed g s ra U $1.08B $1.10B e h 480 v s A a C $0 475 FY2016 FY2017 FY2018 FY2019E Cash Used for Share Repurchase Average Shares Outstanding Source: Adobe; FY2019E reflects FY2019 YTD results and committed stock repurchase funding as noted in our Form 10-Q for Q3FY2019 filed in September 2019 © 2019 Adobe. All Rights Reserved.

Adobe Financial Strategy Top Line Growth Operational Discipline Balance Sheet Strength Capital Management • Creative Cloud fueled by • Disciplined spend management • Exceptional cash flow • Investment in existing numerous growth drivers • Margin expansion performance business • Adobe Document Cloud • Earnings growth • Conservative use of debt • Evaluation of inorganic growth inflection financing opportunities • Adobe Experience Cloud is • Dynamic planning capabilities • Strong & growing RPO • Return of capital to the most comprehensive • Focused integration motion balances shareholders CXM offering • Investment in "Apps + • Changing tax environment Services + Platforms" and Sensei creates market differentiation © 2019 Adobe. All Rights Reserved.

Growth Opportunity Digital Media Summary • Category leadership & new category creation 2022 MARKET OPPORTUNITY • Expanding customer universe with multi-surface apps Creative Cloud ~$31B • Expecting strong Creative Cloud growth • Reaching broader customer segments Creative Professionals ~$15B • Pushing category & technology boundaries Communicators ~$12B • Expecting strong Adobe Document Cloud growth Consumers ~$4B • Using subscription model to drive new customer acquisition Adobe Document Cloud ~$13B & migrate large perpetual installed base • Monetizing document “verbs” & delivering frictionless PDF by Acrobat Applications ~$7B embedding in third-party apps & providing document services • Leveraging & investing in world-class DDOM capabilities Document Platform Services ~$6B • Extensive list of growth drivers fueling net new ARR ~$44B Total Addressable Market Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Growth Opportunity Digital Experience Summary • Category leadership & new category creation 2022 MARKET OPPORTUNITY • Massive opportunity driven by digital transformation imperative Adobe Experience Cloud ~$84B • Differentiated & most complete Customer Experience Management offering Data & Insights ~$23B • Introduced generational innovation in new products Content & Personalization ~$28B & platforms in 2019 Commerce ~$10B • Robust partner ecosystem increases opportunities • Expecting bookings growth to fuel strong subscription Customer Journey Management ~$13B revenue growth Advertising ~$10B ~$84B Total Addressable Market Source: IDC and Adobe, November 2019 © 2019 Adobe. All Rights Reserved.

Preliminary FY2020 Targets November 4, 2019 Total Adobe revenue1 ~$13.15 billion Digital Media segment revenue ~19% year-over-year growth Digital Media ARR ~$1.55B of net new ARR Digital Experience segment revenue ~16% year-over-year growth Digital Experience subscription revenue2 ~18% year-over-year growth 3 Digital Experience subscription bookings >20% year-over-year growth Earnings per share GAAP: ~$7.40 Non-GAAP: ~$9.75 1 Revenue targets were set based on Oct. 2019 foreign exchange (“FX”) rates, which for current planning purposes are assumed to be constant during fiscal year 2020 2 Includes revenue from SaaS, managed service and term offerings for Adobe Analytics Cloud, Adobe Marketing Cloud, and Adobe Experience Platform; all revenue for Adobe Advertising Cloud; and all technology revenue for Adobe Commerce Cloud 3 Includes annualized subscription value of SaaS, managed service and term offerings under contract for Adobe Experience Cloud and excludes Adobe Advertising Cloud The information discussed on this slide contains forward looking statements that involve risk and uncertainty. Actual results may differ materially. For a discussion of these risks and uncertainties, you should review Adobe’s SEC filings. Please see our investor relations website for a discussion of these targets and a detailed reconciliation between GAAP and non-GAAP targets. © 2019 Adobe. All Rights Reserved.

Growth and Margin at Scale 2022 Total Addressable Market Category Creation Loyal & Growing Innovative Globally Unique & Expansion Customer Universe Technology Platforms Admired Brand Financial Profile Source: Adobe, November 2019 © 2019 Adobe. All Rights Reserved.