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13 Investor Relations Contact Mike Saviage Adobe Public Relations Contact Edie Kissko Adobe FOR IMMEDIATE RELEASE Adobe Reports Record Revenue Q3 FY2015 Results Driven by Record Adobe Marketing Cloud Revenue and Strong Creative Cloud Adoption SAN JOSE, Calif. Sept. 17, 2015 Adobe (Nasdaq:ADBE) today reported financial results for its third quarter fiscal year 2015 ended Aug. 28, Quarterly Financial Highlights Adobe achieved record quarterly revenue of $1.22 billion, representing year-over-year growth of 21 percent. Digital Media Annualized Recurring Revenue ( ARR ) grew to $2.65 billion exiting the quarter, driven by strong sequential growth in Creative ARR of $262 million. Adobe Marketing Cloud achieved record revenue of $368 million, representing year-over-year growth of 27 percent. Diluted earnings per share were $0.34 on a GAAP-basis, and $0.54 on a non-gaap basis. Year-over-year, operating income grew 232 percent and net income grew 290 percent on a GAAP-basis; operating income grew 90 percent and net income grew 96 percent on a non-gaap basis. Cash flow from operations was $360 million, and deferred revenue grew to a record $1.31 billion. The company repurchased approximately 1.6 million shares during the quarter, returning $132 million of cash to stockholders. A reconciliation between GAAP and non-gaap results is provided at the end of this press release and on Adobe s website. Executive Quotes "Our execution and momentum continued in Q3, resulting in record quarterly revenue with outstanding profit and earnings growth," said Shantanu Narayen, Adobe president and chief executive officer. "Content and data are the currency of business today. Adobe's industry-leading Creative Cloud, Adobe Document Cloud and Adobe Marketing Cloud solutions let customers deliver more valuable, personalized experiences that drive greater business impact. Our record Q3 financial results set us up for a strong fiscal 2015, said Mark Garrett, Adobe executive vice president and chief financial officer. Our recurring revenue has reached 73 percent of total revenue, providing a strong foundation for long-term growth. Adobe to Webcast Earnings Conference Call Adobe will webcast its third quarter fiscal year 2015 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: Earnings documents, including Adobe management s prepared conference call remarks with slides, financial targets and an investor datasheet are posted to Adobe s investor relations website in advance of the conference call for reference. A reconciliation between GAAP and non-gaap earnings results and financial targets is also provided on the website.

14 Page 2 of 7 Adobe Reports Record Revenue Forward-Looking Statements Disclosure This press release contains forward-looking statements, including those related to business momentum, product adoption and innovation, recurring revenue and revenue, all of which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to develop, market and distribute products and services that meet customer requirements, introduction of new products and business models by competitors, failure to successfully manage transitions to new business models and markets, fluctuations in subscription renewal rates, risks associated with cyber-attacks and information security, potential interruptions or delays in hosted services provided by us or third parties, uncertainty in economic conditions and the financial markets, and failure to realize the anticipated benefits of past or future acquisitions. For a discussion of these and other risks and uncertainties, please refer to Adobe s Annual Report on Form 10-K for our fiscal year 2014 ended Nov. 28, 2014, and Adobe's Quarterly Reports on Form 10-Q issued in fiscal year The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in Adobe s Quarterly Report on Form 10-Q for our quarter ended Aug. 28, 2015, which Adobe expects to file in Sept Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements. About Adobe Systems Incorporated Adobe is changing the world through digital experiences. For more information, visit ### 2015 Adobe Systems Incorporated. All rights reserved. Adobe, the Adobe logo and Creative Cloud are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. All other trademarks are the property of their respective owners.

15 Page 3 of 7 Adobe Reports Record Revenue Condensed Consolidated Statements of Income (In thousands, except per share data; unaudited) August 28, 2015 Three Months Ended August 29, 2014 August 28, 2015 Nine Months Ended August 29, 2014 Revenue: Subscription... $ 829,065 $ 547,373 $ 2,316,470 $ 1,447,630 Products , , ,650 1,299,852 Services and support , , , ,255 Total revenue... 1,217,768 1,005,409 3,489,107 3,073,737 Cost of revenue: Subscription ,605 86, , ,549 Products... 24,545 23,172 65,715 75,169 Services and support... 62,835 47, , ,419 Total cost of revenue , , , ,137 Gross profit... 1,026, ,685 2,946,151 2,612,600 Operating expenses: Research and development , , , ,666 Sales and marketing , ,475 1,241,770 1,243,446 General and administrative , , , ,798 Restructuring and other charges... (751) 201 1, Amortization of purchased intangibles... 18,246 13,108 50,599 40,012 Total operating expenses , ,509 2,333,490 2,324,420 Operating income ,019 74, , ,180 Non-operating income (expense): Interest and other income (expense), net... 4,433 1,454 11,510 7,162 Interest expense... (16,519) (13,361) (47,669) (47,054) Investment gains (losses), net... (1,314) Total non-operating income (expense), net... (13,400 ) (11,238 ) (35,820 ) (39,079 ) Income before income taxes ,619 62, , ,101 Provision for income taxes... 58,154 18, ,995 68,842 Net income... $ 174,465 $ 44,686 $ 406,846 $ 180,259 Basic net income per share... $ 0.35 $ 0.09 $ 0.82 $ 0.36 Shares used to compute basic net income per share , , , ,782 Diluted net income per share... $ 0.34 $ 0.09 $ 0.80 $ 0.35 Shares used to compute diluted net income per share , , , ,575

16 Page 4 of 7 Adobe Reports Record Revenue Condensed Consolidated Balance Sheets (In thousands, except par value; unaudited) ASSETS August 28, 2015 November 28, 2014 Current assets: Cash and cash equivalents... $ 829,292 $ 1,117,400 Short-term investments... 2,839,441 2,622,091 Trade receivables, net of allowances for doubtful accounts of $7,255 and $7,867, respectively , ,800 Deferred income taxes... 82,438 95,279 Prepaid expenses and other current assets , ,758 Total current assets... 4,525,888 4,602,328 Property and equipment, net , ,123 Goodwill... 5,402,159 4,721,962 Purchased and other intangibles, net , ,662 Investment in lease receivable... 80,439 80,439 Other assets , ,315 Total assets... $ 11,508,395 $ 10,785,829 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables... $ 69,823 $ 68,377 Accrued expenses , ,866 Debt and capital lease obligations ,229 Accrued restructuring... 1,450 17,120 Income taxes payable... 71,487 23,920 Deferred revenue... 1,259,712 1,097,923 Total current liabilities... 2,060,814 2,494,435 Long-term liabilities: Debt... 1,906, ,086 Deferred revenue... 46,317 57,401 Accrued restructuring... 3,142 5,194 Income taxes payable , ,746 Deferred income taxes , ,315 Other liabilities... 83,985 73,747 Total liabilities... 4,667,063 4,009,924 Stockholders' equity: Preferred stock, $ par value; 2,000 shares authorized... Common stock, $ par value Additional paid-in-capital... 4,094,133 3,778,495 Retained earnings... 7,049,629 6,924,294 Accumulated other comprehensive income (loss)... (140,831) (8,094) Treasury stock, at cost (102,129 and 103,350 shares, respectively), net of reissuances... (4,161,660) (3,918,851) Total stockholders' equity... 6,841,332 6,775,905 Total liabilities and stockholders' equity... $ 11,508,395 $ 10,785,829

17 Page 5 of 7 Adobe Reports Record Revenue Condensed Consolidated Statements of Cash Flows (In thousands; unaudited) August 28, 2015 Three Months Ended August 29, 2014 Cash flows from operating activities: Net income... $ 174,465 $ 44,686 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion... 87,550 80,154 Stock-based compensation expense... 85,975 82,986 Unrealized investment losses (gains), net... 1,415 (576) Changes in deferred revenue... 77,720 67,934 Changes in other operating assets and liabilities... (66,637) (6,664) Net cash provided by operating activities , ,520 Cash flows from investing activities: Purchases, sales and maturities of short-term investments, net... (394,944) (110,346) Purchases of property and equipment... (48,984) (54,966) Purchases and sales of long-term investments, intangibles and other assets, net (1,138) (5,082) Acquisitions, net of cash... (20,025) Net cash used for investing activities... (465,091) (170,394) Cash flows from financing activities: Purchases of treasury stock... (100,000) (125,000) Proceeds from reissuance of treasury stock, net... 68,641 91,500 Repayment of debt and capital lease obligations... (3,372) Debt issuance costs... (957) Excess tax benefits from stock-based compensation... 13,606 27,078 Net cash used for financing activities... (18,710) (9,794) Effect of exchange rate changes on cash and cash equivalents... (3,542) (2,027) Net (decrease) increase in cash and cash equivalents... (126,855) 86,305 Cash and cash equivalents at beginning of period , ,020 Cash and cash equivalents at end of period... $ 829,292 $ 903,325

18 Page 6 of 7 Adobe Reports Record Revenue Non-GAAP Results (In thousands, except per share data) The following tables show Adobe's GAAP results reconciled to non-gaap results included in this release. Operating income: August 28, 2015 Three Months Ended August 29, 2014 May 29, 2015 GAAP operating income... $ 246,019 $ 74,176 $ 193,617 Stock-based and deferred compensation expense... 84,371 83,682 85,374 Restructuring and other charges... (751) Amortization of purchased intangibles... 41,041 31,780 40,080 Loss contingency reversal... (10,000) Non-GAAP operating income... $ 360,680 $ 189,839 $ 319,105 Net income: GAAP net income... $ 174,465 $ 44,686 $ 147,493 Stock-based and deferred compensation expense... 84,371 83,682 85,374 Restructuring and other charges... (751) Amortization of purchased intangibles... 41,041 31,780 40,080 Loss contingency reversal... (10,000) Investment (gains) losses... 1,314 (669) (223) Income tax adjustments... (15,051) (19,114) (30,829) Non-GAAP net income... $ 275,389 $ 140,566 $ 241,929 Diluted net income per share: GAAP diluted net income per share... $ 0.34 $ 0.09 $ 0.29 Stock-based and deferred compensation expense Amortization of purchased intangibles Loss contingency reversal... (0.02) Income tax adjustments... (0.03) (0.03) (0.06) Non-GAAP diluted net income per share... $ 0.54 $ 0.28 $ 0.48 Shares used in computing diluted net income per share , , ,582

19 Page 7 of 7 Adobe Reports Record Revenue Non-GAAP Results (continued) Effective income tax rate: Three Months Ended August 28, 2015 GAAP effective income tax rate % Stock-based and deferred compensation expense... (1.7) Amortization of purchased intangibles... (0.8) Income tax adjustments... (1.5) Non-GAAP effective income tax rate % Use of Non-GAAP Financial Information Adobe continues to provide all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Adobe uses non-gaap financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. Adobe's management does not itself, nor does it suggest that investors should, consider such non-gaap financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adobe presents such non-gaap financial measures in reporting its financial results to provide investors with an additional tool to evaluate Adobe's operating results. Adobe believes these non-gaap financial measures are useful because they allow for greater transparency with respect to key metrics used by management in its financial and operational decisionmaking. This allows institutional investors, the analyst community and others to better understand and evaluate our operating results and future prospects in the same manner as management. Adobe's management believes it is useful for itself and investors to review, as applicable, both GAAP information that may include items such as stock-based and deferred compensation expenses, restructuring and other charges, amortization of purchased intangibles and certain activity in connection with technology license arrangements, investment gains and losses, loss contingencies and the related tax impact of all of these items, income tax adjustments, the income tax effect of the non-gaap pre-tax adjustments from the provision for income taxes, and the non-gaap measures that exclude such information in order to assess the performance of Adobe's business and for planning and forecasting in subsequent periods. Whenever Adobe uses such a non-gaap financial measure, it provides a reconciliation of the non-gaap financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-gaap financial measures to their most directly comparable GAAP financial measure as detailed above.

20 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM MIKE SAVIAGE Good afternoon and thank you for joining us today. Joining me on the call are Adobe s President and CEO, Shantanu Narayen; and Mark Garrett, Executive Vice President and CFO. In the call today, we will discuss Adobe s third quarter fiscal year 2015 financial results. By now, you should have a copy of our earnings press release which crossed the wire approximately one hour ago. We ve also posted PDFs of our earnings call prepared remarks and slides, financial targets and an updated investor datasheet on Adobe.com. If you would like a copy of these documents, you can go to the Investor Relations page and find them listed under Quick Links. Page 1 of 14

21 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets, and our forward-looking product plans, is based on information as of today, September 17 th, 2015, and 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 these risks and uncertainties, you should review the Forward-Looking Statements Disclosure in the earnings press release we issued today, as well as Adobe s SEC filings. During this call, we will discuss GAAP and non-gaap financial measures. A reconciliation between the two is available in our earnings release and in our updated investor datasheet on Adobe s Investor Relations website. Call participants are advised that the audio of this conference call is being webcast live in Adobe Connect, and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe s Investor Relations website for approximately 45 days, and is the property of Adobe. The call audio and the webcast archive may not be re-recorded, or otherwise reproduced or distributed without prior written permission from Adobe. I will now turn the call over to Shantanu. Page 2 of 14

22 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM SHANTANU NARAYEN Adobe delivered strong results in Q3, with revenue of 1 billion 218 million dollars and non-gaap earnings per share of 54 cents. Strong Creative Cloud adoption and record Adobe Marketing Cloud Revenue drove these results. In Digital Media, Creative Cloud has become the de facto platform for all creatives, providing the tools and services to fulfill every creative need. We are migrating customers from our Creative Suite installed base as well as attracting new users with strong adoption across our Individual, Team and Enterprise offerings. Net new Creative Cloud subscriptions grew by 684 thousand during Q3 and we exited the quarter with over 5.3 million subscriptions. Combining this adoption with the annual value of enterprise agreements and success with Adobe Stock, Creative Annualized Recurring Revenue, or ARR, achieved sequential growth of $262 million. We exited the quarter with approximately $2.3 billion of Creative ARR. Page 3 of 14

23 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM Continuous innovation is the hallmark of Creative Cloud and the catalyst for our retention and growth. In the video space, Adobe continues to trail blaze. Last week at IBC 2015, Europe s largest professional broadcast conference, we announced the next wave of Creative Cloud innovation coming soon to Adobe Premiere Pro. Featuring groundbreaking support for UltraHD, brilliant color technology improvements, and new touch workflows, Premiere Pro is the leader in professional video. We see a large growth opportunity in enabling film and broadcast customers to transition to an entirely Adobe-based workflow. Marquis customers continue to make the switch to Premiere Pro. 20th Century Fox is using Adobe s video solution for its upcoming movie Deadpool, which opens in February. Creative Cloud innovation is forging ahead in the mobile space, where our mission is to help creatives bridge their desktop and mobile design processes into a seamless creative workflow. One of our most anticipated mobile apps, Photoshop Fix, debuted last week on stage at Apple s launch event. Photoshop Fix will deliver incredible retouching capabilities to a mainstream, mobile-first audience while providing pros with a handy tool for quick edits. Our plan to deliver new value through services such as Adobe Stock to augment our desktop and mobile applications is off to a strong start. Customers appreciate the deep integration of Adobe Stock in our Creative applications, and are adopting Creative Cloud subscription offerings that include Adobe Stock. We will continue to deliver new services, and partner with the broader ecosystem to make Creative Cloud the one-stop shop for creative inspiration. In July, we announced our next generation Digital Publishing Solution. Already the leader in the publishing segment, our new DPS offering will enable brands to easily repurpose their existing marketing content into immersive mobile apps without writing code. Next month, we will hold our MAX Creativity Conference in Los Angeles. MAX has become the annual meeting place for the creative community and we expect this to be our biggest event ever. We are excited to showcase how customers are changing the world with their creativity, and we will unveil our newest Creative Cloud technology. Page 4 of 14

24 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM In our documents business, reception to our new Adobe Document Cloud and Acrobat DC has been positive. Success with the new launch helped to drive Document Cloud revenue of $194 million in Q3. We grew Document Cloud ARR to $357 million exiting the quarter. Document Cloud ARR is increasing based on enterprise adoption, as well as the growth of individual subscriptions with new users. We continue to expand our offering in e-signatures through integrations with a vibrant and growing enterprise partner ecosystem, including Ariba, Salesforce and Workday. Across our Creative Cloud and Document Cloud businesses, total Digital Media ARR grew to $2.65 billion as of the end of Q3. Adobe Marketing Cloud continues to be the leader in the exploding digital marketing category, offering the most complete set of solutions and a robust partner network. We had strong bookings in Q3, and record Marketing Cloud revenue of $368 million representing 27 percent year-over-year growth. In July we held sold-out Digital Marketing events in Sydney and Singapore, where we hosted thousands of marketers for a day of inspiration, education and networking. Customers onstage included Starwood Hotels and Resorts, Unilever, Nestle, Rakuten and Tourism Australia. Next week, we will host nearly 2,000 customers at our Symposia in Tokyo and San Francisco. Page 5 of 14

25 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM Partners continue to be a critical part of our digital marketing strategy. Last week, we announced the WPP-Adobe Alliance, an expanded partnership with WPP, one of the world s largest agency networks. WPP agencies will become certified Adobe Marketing Cloud experts, with the skills required to design, develop, sell, deploy and operate our solutions throughout their network. Adobe announced a major advancement in our programmatic ad platform for advertisers and media publishers, leveraging fully integrated solutions in Adobe Marketing Cloud. Powered by Adobe Media Optimizer, the new self-service technology allows advertisers to take direct control of automated ad buying for search, display and social media across ad exchanges and media networks like Google, Facebook and Yahoo. Tight integration with Adobe Analytics and Adobe Audience Manager ensures that advertisers can tap into data to refine and target granular audience segments. Dynamic creative capabilities enable advertisers to use images, video and other assets from Creative Cloud to deliver the right content to the right user at the right time. In addition to making its programmatic platform available to advertisers, Adobe also announced its programmatic offering for media publishers. Adobe Primetime, Adobe s TV platform now supports over-the-top and direct-to-consumer offerings with audience acquisition, engagement, monetization and measurement capabilities. Recently launched services benefitting from Adobe Primetime include HBO Now, Showtime, MLB and Sony Pictures Entertainment. Industry analysts continue to recognize our solutions as market-leading in their categories. Last month, Gartner named Adobe as a Leader in two magic quadrant reports: web content management where we were ranked highest in completeness of vision and mobile application development. Page 6 of 14

26 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM Earlier today we announced some changes to our executive team. David Wadhwani has decided to leave Adobe to pursue a CEO opportunity, and we have named Bryan Lamkin to head up the combined Digital Media business. Bryan, who currently leads the Document Cloud business, is no stranger to the Creative business having been one of the architects of both Photoshop and Creative Suite. Under Bryan s leadership, we have the opportunity to further align Creative Cloud and Document Cloud product development and go-to-market efforts. I want to thank David for his numerous contributions and wish him well. In July we announced Abhay Parasnis as our new CTO. Abhay has 20 years of experience in the enterprise software industry, and his charter is to drive Adobe s overall technology strategy, architecture and innovation roadmap for Cloud services. Human resources are our capital at Adobe. In Q3 we announced a new employee leave policy. Progressive benefits such as this help us be recognized as one of the best places to work, and enable us to attract and retain incredible talent including a record number of new college hires. Great software comes from great people. I look forward to seeing many of you at our Financial Analyst Meeting at MAX in October. Mark. Page 7 of 14

27 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM MARK GARRETT In the third quarter of FY15, Adobe achieved record revenue of 1 billion 218 million dollars. GAAP diluted earnings per share were 34 cents and non-gaap diluted earnings per share were 54 cents. Highlights in our third quarter include: Accelerating adoption of Creative Cloud, which helped to grow Creative ARR to almost $2.3 billion exiting Q3; Building total Digital Media ARR to $2.65 billion, which is the sum of Creative ARR plus another strong quarter of Document Cloud ARR growth; Achieving record Adobe Marketing Cloud revenue of $368 million, which represents 27% year-overyear growth; Delivering strong year-over-year growth in operating and net income; Growing deferred revenue to a record $1.3 billion; Achieving strong cash flow from operations of $360 million; And exiting Q3 with a record 73% recurring revenue. Page 8 of 14

28 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM In Digital Media we achieved revenue of $770 million. This segment has two major components of revenue: Creative Cloud, and Document Cloud. As we ve said, the best overall measure of the health of our Creative business is Creative ARR, and in Q3 growth of Creative ARR was strong. We added $262 million of Creative ARR during the quarter, driven by strong net new Creative Cloud subscription adds of 684 thousand. We exited the quarter with 5 million 334 thousand Creative Cloud subscriptions. Our investor data sheet on Adobe.com reflects a favorable adjustment of Creative Cloud subscriptions. We slightly underreported Creative Cloud subscriptions due to how retail Point of Sale, or POSA, units were reported. The adjustment added approximately 40 thousand net new subscriptions over the prior three quarters. Across all routes to market, we continue to see strong demand for Creative Cloud. We are migrating existing customers to Creative Cloud, and are attracting large numbers of first-time customers. In addition, we are now migrating significant numbers of hobbyist customers who previously used Photoshop Elements and Lightroom on a perpetual basis to the Creative Cloud Photography subscription offering. Adobe Stock is contributing to both ARR and ARPU. Creative Cloud ARPU was consistent with Q2, and Creative Cloud retention remains strong. Page 9 of 14

29 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM With our Document Cloud products, we achieved Q3 revenue of $194 million. Adoption of our new Document Cloud offering that shipped during Q2 has been solid, helping to grow Document Cloud ARR to $357 million exiting Q3. Document Cloud reported revenue remains relatively flat as we continue to drive towards our goal of more Acrobat subscriptions which is reflected in the Document Cloud ARR growth. In our Digital Marketing segment, there are two components. The first is revenue from our Adobe Marketing Cloud offering, and we achieved record Adobe Marketing Cloud revenue of $368 million, up 27% year-over-year. Despite currency impact, based on our strong Q3 bookings we remain on track to achieve 30% or greater Marketing Cloud bookings growth for the year. The second component of our Digital Marketing segment is revenue from the LiveCycle and Connect businesses, which contributed $34 million in Q3 revenue. Print and Publishing segment revenue was $46 million in Q3. Page 10 of 14

30 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM Geographically, we experienced stable demand across our major geographies. From a quarter-over-quarter currency perspective, FX decreased revenue by $6 million. We had $9 million in hedge gains in Q3 FY15, versus $22 million in hedge gains in Q2 FY15; thus the net sequential currency decrease to revenue considering hedging gains was $19 million. From a year-over-year currency perspective, FX decreased revenue by $58 million. Considering the $9 million in hedge gains in Q3 FY15, versus $1 million in hedge gains in Q3 FY14, the net year-over-year currency decrease to revenue considering hedging gains was $50 million. In Q3, Adobe s effective tax rate was 25% on a GAAP-basis and 21% on a non-gaap basis, consistent with our targets for the quarter. Employees at the end of Q3 totaled 13,665 versus 13,266 at the end of last quarter. Our trade DSO was 44 days, which compares to 48 days in the year-ago quarter, and 39 days last quarter. Cash flow from operations was $360 million in the quarter. Deferred revenue grew to $1.31 billion, up 31% year-over-year. Our ending cash and short-term investment position was $3.67 billion, compared to $3.41 billion at the end of Q2. In Q3, we repurchased approximately 1.6 million shares at a cost of $132 million. Page 11 of 14

31 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM Now, I would like to provide our financial outlook. Our overall business remains strong across our key product segments and geographies. We continue to drive large portions of our legacy perpetual businesses to a recurring model, and this shift has improved the overall, long-term health of our business. ARR, deferred revenue and unbilled backlog have all grown faster than expected with some short-term impact to revenue. In Digital Media, we have discussed how the transition to subscriptions is happening faster in Creative. We are now seeing a similar trend with Acrobat, Lightroom and Photoshop Elements. As a result, we have consistently raised our Digital Media ARR targets and we are doing so again for Q4 FY15. Our new Digital Media ARR target exiting this year is $2.95 billion, with slightly lower revenue in Q4 than previously expected. In Digital Marketing, we are driving larger, multi-year and multi-solution customer contracts. As a result of larger engagements and longer implementation cycles, we are seeing strong growth in deferred revenue and unbilled backlog. We are targeting a Q4 revenue range for Adobe Marketing Cloud of $365 million to $400 million, based on the potential variability of contracts that close as perpetual versus ratable licensing. We are therefore targeting an overall Adobe Q4 revenue range of $1 billion 275 million to $1 billion 325 million dollars. We expect our Q4 share count to be between 506 million to 508 million shares. We are targeting net non-operating expense to be between $14 million and $16 million on both a GAAP and non-gaap basis. We are targeting a Q4 tax rate of approximately 25% on a GAAP basis and 21% on a non-gaap basis. Page 12 of 14

32 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM These targets yield a Q4 GAAP earnings per share range of 32 cents to 38 cents per share, and a Q4 non- GAAP earnings per share range of 56 cents to 62 cents. In summary, we delivered record results once again and are focused on a strong finish in Q4. We remain excited about our long-term growth prospects and look forward to sharing a financial road map with you at MAX in a few weeks. Mike. Page 13 of 14

33 Adobe Confidential Q3 FY2015 Earnings Call Script FINAL Draft 9/17/ :23 PM MIKE SAVIAGE Thanks Mark. As we ve discussed, Adobe MAX is coming up next month in Los Angeles, with the main keynote presentation on Monday October 5 th. We will host a financial analyst meeting on the afternoon of day 2 at MAX, which is Tuesday October 6 th. Registration information for MAX and the analyst meeting was sent out during the summer, and more information about our user conference is available at max.adobe.com. If you haven t already signed up and need registration information, send an to ir@adobe.com. If you are unable to attend in person, we will provide a live video webcast of the meeting along with an archive. For those who wish to listen to a playback of today s conference call, a web-based archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling ; use conference ID # Again, the number is with ID # International callers should dial The phone playback service will be available beginning at 5pm Pacific Time today, and ending at 5pm Pacific Time on Friday October 2nd. We would now be happy to take your questions, and we ask that you limit your questions to one per person. Operator. Page 14 of 14

34 Adobe Systems Investor Relations Data Sheet Last Updated: September 17, 2015 Description Q1`13 Q2`13 Q3`13 Q4`13 FY2013 Q1`14 Q2`14 Q3`14 Q4`14 FY2014 Q1`15 Q2`15 Q3`15 FY2015 YTD Revenue Total Revenue 1, , , , , , , , , , , , ,489.2 ($Millions) Revenue by Segment ($Millions) Digital Media , , ,220.0 Digital Marketing , , ,126.2 Print & Publishing Revenue by Segment (as % of total revenue) Digital Media 68% 66% 64% 61% 65% 64% 65% 62% 61% 63% 63% 64% 63% 64% Digital Marketing 27% 28% 31% 35% 30% 31% 31% 33% 35% 33% 32% 32% 33% 32% Print & Publishing 5% 6% 5% 4% 5% 5% 4% 5% 4% 4% 5% 4% 4% 4% Supplementary Business Unit Data Digital Media Creative Cloud Subscriptions 1 (Thousands) ,037 1,439-1,844 2,308 2,810 3,458-3,990 4,650 5,334 - Creative ARR 2,3 ($Millions) ,195 1,404 1, Creative ARR 2,3,4 ($Millions) - Updated for Current Currency Rates ,612-1,795 2,027 2,289 - Document Cloud Revenue ($Millions) Document Cloud ARR 5 ($Millions) Document Cloud ARR 4,5 ($Millions) - Updated for Current Currency Rates Total Digital Media ARR 3 (Creative ARR + Document Cloud ARR; $Millions) ,151 1,378 1,621 1, Total Digital Media ARR 3,4 ($Millions) - Updated for Current Currency Rates ,877-2,092 2,356 2,646-1 In Q3 FY15, Creative Cloud Subscriptions were restated for Q4 FY14, Q1 FY15 and Q2 FY15; the adjustment added approximately 40 thousand net new Creative Cloud Subscriptions during that time 2 Creative Annualized Recurring Revenue ("ARR") = [(# of Creative Cloud Subscriptions) x (Average Revenue Per Subscription Per Month) x 12] + [Annual Creative ETLA Contract Value] + [Digital Publishing Suite ("DPS") ARR] 3 In Q3 FY15, Creative ARR and Digital Media ARR were restated for Q4 FY14, Q1 FY15 and Q2 FY15; the adjustment was based on the addition of approximately 40 thousand net new Creative Cloud Subscriptions during that time 4 ARR is forecasted annually at December currency rates, and currency rates are held constant through that fiscal year for measurement purposes; end-of-year actual ARR balances are revalued at new December rates for the next fiscal year 5 Document Cloud Annualized Recurring Revenue ("ARR") = Annual Value of Document Cloud Services + Annual Acrobat ETLA Contract Value Digital Marketing Adobe Marketing Cloud Revenue ($Millions) , , ,006.5 LiveCycle and Web Conferencing Revenue ($Millions) Revenue by Geography ($Millions) Americas , , ,011.9 EMEA , , Asia Revenue by Geography (as % of total revenue) Americas 50% 52% 54% 55% 53% 54% 54% 58% 57% 56% 58% 58% 57% 58% EMEA 30% 26% 26% 29% 28% 30% 28% 27% 29% 28% 28% 28% 29% 28% Asia 20% 22% 20% 16% 19% 16% 18% 15% 14% 16% 14% 14% 14% 14% Supplementary Cost of Revenue Data ($Millions) Digital Media Digital Marketing Print & Publishing Total Stock-Based and Deferred Compensation Expenses ($Millions) Direct Costs Research & Development Sales & Marketing General & Administrative Total Other Data Worldwide Employees 11,196 11,413 12,035 11,847-11,802 12,026 12,368 12,499-12,698 13,266 13,665 - Days Sales Outstanding - Trade Receivables Diluted Shares Outstanding Adobe provides this information as of the modification date above and makes no commitment to update the information subsequently. For a full explanation of this data, you are encouraged to review Adobe's Form 10-K and 10-Q SEC filings.

35 Adobe Systems Investor Relations Data Sheet Income Statement - Reconciliation of Non-GAAP to GAAP Last Updated: September 17, 2015 GAAP ($Millions, except EPS) Adjustments to Reconcile to Non-GAAP ($Millions) Non-GAAP ($Millions, except EPS) Description Q1`13 Q2`13 Q3`13 Q4`13 FY2013 Q1`14 Q2`14 Q3`14 Q4`14 FY2014 Q1`15 Q2`15 Q3`15 FY2015 YTD Revenue 1, , , , , , , , , , , , ,489.2 Cost of revenue Gross profit , , , ,946.2 Operating expenses , , ,333.6 Operating income Non-operating income (expense) (14.7) (20.2) (17.1) (14.6) (66.6) (13.9) (14.0) (11.2) (12.2) (51.3) (9.8) (12.6) (13.4) (35.8) Income before income taxes Provision for income taxes Net income Diluted earnings per share $ 0.13 $ 0.15 $ 0.16 $ 0.13 $ 0.56 $ 0.09 $ 0.17 $ 0.09 $ 0.17 $ 0.53 $ 0.17 $ 0.29 $ 0.34 $ 0.80 Cost of revenue Stock-based and deferred compensation (5.0) (4.8) (5.1) (2.6) (17.5) (4.1) (4.6) (4.6) (5.0) (18.3) (5.0) (5.0) (4.6) (14.6) Amortization of purchased intangibles and technology license arrangements (44.9) (18.6) (19.3) (18.8) (101.6) (18.5) (18.5) (18.7) (18.9) (74.6) (19.5) (22.0) (22.8) (64.3) Total adjustments to cost of revenue (49.9) (23.4) (24.4) (21.4) (119.1) (22.6) (23.1) (23.3) (23.9) (92.9) (24.5) (27.0) (27.4) (78.9) Operating expenses Stock-based and deferred compensation (80.1) (74.8) (76.0) (83.9) (314.8) (79.5) (79.0) (79.0) (80.0) (317.5) (81.6) (80.4) (79.8) (241.8) Restructuring and other related charges - (25.0) 0.8 (2.3) (26.5) (0.7) 0.4 (0.2) (19.4) (19.9) (1.8) (1.0) Amortization of purchased intangibles and technology license arrangements (12.5) (12.8) (13.1) (14.0) (52.4) (13.6) (13.4) (13.1) (12.4) (52.5) (14.3) (18.1) (18.2) (50.6) Loss contingency (reversal) (10.0) (10.0) Total adjustments to operating expenses (92.6) (112.6) (88.3) (100.2) (393.7) (103.8) (92.0) (92.3) (111.8) (399.9) (97.7) (98.5) (87.3) (283.5) Non-operating income (expense) (0.8) (1.5) (0.6) (0.7) (0.3) (1.2) (1.4) (0.2) 1.3 (0.3) Taxes (18.7) Revenue 1, , , , , , , , , , , , ,489.2 Cost of revenue Gross profit , , , , ,025.2 Operating expenses , , ,050.2 Operating income Non-operating income (expense) (15.6) (15.9) (15.0) (16.0) (62.5) (13.4) (14.5) (11.9) (12.6) (52.4) (11.2) (12.9) (12.1) (36.2) Income before income taxes Provision for income taxes Net income Diluted earnings per share $ 0.35 $ 0.36 $ 0.32 $ 0.32 $ 1.34 $ 0.30 $ 0.37 $ 0.28 $ 0.39 $ 1.33 $ 0.44 $ 0.48 $ 0.54 $ 1.46 Shares Diluted shares outstanding GAAP diluted earnings per share Stock-based and deferred compensation Restructuring and other charges Reconciliation of Diluted Earnings Per Amortization of purchased intangibles and technology license arrangements Share ($) Non-operating income (expense) Loss contingency (reversal) (0.02) (0.02) Income tax adjustments (0.06) (0.07) (0.06) (0.04) (0.23) (0.03) (0.02) (0.03) (0.05) (0.15) 0.03 (0.06) (0.03) (0.06) Non-GAAP diluted earnings per share $ 0.35 $ 0.36 $ 0.32 $ 0.32 $ 1.34 $ 0.30 $ 0.37 $ 0.28 $ 0.39 $ 1.33 $ 0.44 $ 0.48 $ 0.54 $ 1.46 GAAP operating margin 9.7% 11.0% 11.1% 9.9% 10.4% 7.9% 12.7% 7.4% 11.6% 10.0% 15.6% 16.7% 20.2% 17.6% Stock-based and deferred compensation 8.4% 7.9% 8.2% 8.3% 8.2% 8.4% 7.8% 8.3% 7.9% 8.1% 7.8% 7.3% 6.9% 7.3% Reconciliation of Restructuring and other charges - 2.5% -0.1% 0.2% 0.7% 0.1% % 0.5% 0.2% % - GAAP to Non-GAAP Amortization of purchased intangibles and Operating Margin technology license arrangements 5.8% 3.1% 3.2% 3.1% 3.8% 3.1% 2.9% 3.2% 2.9% 3.0% 3.0% 3.5% 3.4% 3.3% Loss contingency (reversal) % % % -0.3% Non-GAAP operating margin 23.9% 24.5% 22.4% 21.5% 23.1% 20.5% 23.4% 18.9% 24.2% 21.8% 26.6% 27.5% 29.6% 27.9% The above results are supplied to provide meaningful supplemental information regarding Adobe s core operating results because such information excludes amounts that are not necessarily related to its core operating results. Adobe uses this non-gaap financial information in assessing the performance of the Company s ongoing operations, and for planning and forecasting in future periods. This non-gaap information should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

36 FY2015 Business Segment Classifications Last Updated: June 16, 2015 Products Creative Creative Cloud Creative Products Creative Services Creative Cloud for individuals After Effects Behance Creative Cloud for students and teachers Audition Behance ProSite Creative Cloud for teams Bridge Creative Talent Search Creative Cloud for enterprises Dreamweaver Digital Publishing Suite Creative Cloud for education Edge Stock (formerly Fotolia) Creative Cloud Photography plan Edge (Animate, Code, Inspect, Reflow) Typekit Fireworks Developer Tools and Services Flash Professional Mobile Apps AIR Illustrator Behance Aviary InCopy Brush Creative SDK InDesign Color Flash Player Ink & Slide Creative Portfolio Digital Media Flex Muse Illustrator Draw FlashBuilder Photoshop Illustrator Line Gaming SDK Photoshop Lightroom Lightroom Mobile PhoneGap Prelude Photoshop Express PhoneGap Build Premiere Pro Photoshop Mix Soundbooth Speedgrade Photoshop Touch Photoshop Sketch Creative Suites Story Prelude Live Logger Creative Suite Design Standard Premiere Clip Creative Suite Design and Web Premium Consumer Products Revel Creative Suite Production Premium Photoshop Elements Shape Creative Suite Master Collection Premiere Elements Voice Document Cloud Acrobat DC Pro Document Cloud esign (formerly EchoSign) PDF Pack Acrobat DC Standard Adobe DC Reader Document Cloud ExportPDF Document Cloud Send Adobe Marketing Cloud Adobe Analytics Adobe Experience Manager Adobe Primetime Standard Sites PayTV Pass Premium Assets TV SDKs (Player, DRM, Packaging) Video Communities Ad Insertion, Ad Decisioning Mobile Apps Forms Digital Marketing Adobe Target Apps Adobe Campaign Campaign Targeting & Personalization Adobe Media Optimizer Search & Merchandising AudienceManager Adobe Social Mobile App Targeting & Optimization Media Optimizer Social LiveCycle Web Conferencing Adobe provides this information as of the modification date above and ma LiveCycle Connect Authorware elearning Suite PostScript Print & Publishing Captivate Font Folio Robohelp ColdFusion FrameMaker Shockwave Player Contribute JRun Technical Communication Suite Director PageMaker Type Adobe provides this information as of the modification date above and makes no commitment to update the information subsequently. For a full explanation of this data, you are encouraged to review Adobe's Form 10-K and 10-Q SEC filings.

37 Adobe Financial Targets September 17, 2015 This document provides financial targets and commentary by Adobe, and reconciles GAAP to non-gaap targets. Q4 FY2015 Targets Revenue Non-operating Other Expense $1.275 billion to $1.325 billion $14 million to $16 million Tax Rate GAAP: 25% Non-GAAP: 21% Earnings Per Share GAAP: $0.32 to $0.38 Non-GAAP: $0.56 to $0.62 Share Count 506 million to 508 million shares In Digital Media, Adobe has discussed how the transition to subscriptions is happening faster in its Creative business. Adobe is now seeing a similar trend with Acrobat, Lightroom and Photoshop Elements. Adobe has increased its Digital Media ARR target exiting FY2015 to $2.95 billion, with slightly lower revenue in Q4 than previously expected. In Digital Marketing, Adobe is driving larger, multi-year and multi-solution customer contracts. As a result of larger engagements and longer implementation cycles, Adobe is achieving strong growth in deferred revenue and unbilled backlog. As such, Adobe is targeting a Q4 FY2015 revenue range for Adobe Marketing Cloud of $365 million to $400 million, based on the potential variability of contracts that close as perpetual versus ratable licensing. Adobe continues to expect Adobe Marketing Cloud annual bookings growth of 30% or greater. Adobe expects LiveCycle and Connect revenue to be slightly lower on a sequential basis. Adobe expects Print and Publishing segment revenue to be relatively flat on a sequential basis. Reconciliation of GAAP to Non-GAAP Financial Targets (In millions, except per share data) The following tables show Adobe's GAAP financial targets reconciled to non-gaap financial targets included in this document. Fourth Quarter Fiscal 2015 Diluted net income per share: Low High GAAP diluted net income per share... $ 0.32 $ 0.38 Stock-based and deferred compensation expense Amortization of purchased intangibles Income tax adjustments... (0.04) (0.04) Non-GAAP diluted net income per share... $ 0.56 $ 0.62 Shares used to compute diluted net income per share Page 1 of 3

38 Adobe Financial Targets September 17, 2015 Three Months Ended Effective income tax rate: November 27, 2015 GAAP effective income tax rate % Stock-based and deferred compensation expense... (3.4) Amortization of purchased intangibles... (1.6) Income tax adjustments Non-GAAP effective income tax rate % Use of Non-GAAP Financial Information Adobe continues to provide all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Adobe uses non-gaap financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. Adobe's management does not itself, nor does it suggest that investors should, consider such non-gaap financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adobe presents such non-gaap financial measures in reporting its financial results to provide investors with an additional tool to evaluate Adobe's operating results. Adobe believes these non-gaap financial measures are useful because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. This allows institutional investors, the analyst community and others to better understand and evaluate our operating results and future prospects in the same manner as management. Adobe's management believes it is useful for itself and investors to review, as applicable, both GAAP information that may include items such as stock-based and deferred compensation expenses, restructuring and other charges, amortization of purchased intangibles and certain activity in connection with technology license arrangements, investment gains and losses and the related tax impact of all of these items, income tax adjustments, the income tax effect of the non-gaap pre-tax adjustments from the provision for income taxes, and the non-gaap measures that exclude such information in order to assess the performance of Adobe's business and for planning and forecasting in subsequent periods. Whenever Adobe uses such a non-gaap financial measure, it provides a reconciliation of the non-gaap financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-gaap financial measures to their most directly comparable GAAP financial measure as detailed above. Calculating Annualized Recurring Revenue ( ARR ) Creative ARR Document Cloud ARR Digital Media ARR (# of Creative Cloud Subscriptions) x (Average Revenue Per Subscription Per Month) x 12 + Annual Digital Publishing Suite Contract Value + Annual Creative ETLA Contract Value Annual Value of Acrobat Subscriptions and Document Cloud Services + Annual Acrobat ETLA Contract Value Creative ARR + Document Cloud ARR Note: ARR targets and results are adjusted for constant currency based on exchange rates in December each year. Page 2 of 3