financial analyst day 2018 the blueprint for the future
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Financial Analyst Day 2018 The Blueprint for the Future of Work August 30, 2018 Intro & Safe Harbor Alice Lopatto, Head of Investor Relations Box Financial Analyst Day 2018 3 Forward-Looking Statements and Non-GAAP Financial Measures

  1. The most comprehensive cloud content management platform OneDrive SharePoint Individual productivity on any device Team and departmental collaboration Desktop access to content Single mobile experience for users for all use cases Unified search for organization-wide content Links, file info, metadata and policies stay with files Integrations with best-of-breed productivity and SaaS Centrally build, track and manage workflows One view of all internally and externally shared content IT ownership of content by default Centralized audit logs and data for 7 years Site-wide validation for GxP, FINRA, FedRAMP, etc. Platform for custom app and integrations development

  2. But we’re just getting started

  3. At BoxWorks, we’re taken this vision even further to go after the $45B+ market for content management and collaboration

  4. DIGITAL SECURITY & DATA DIGITAL BUSINESS PROTECTION WORKPLACE DIGITAL BUSINESS

  5. DIGITAL WORKPLACE Work from any device with first-class user experiences Collaborate securely internally and externally Boost productivity by leveraging best of breed solutions

  6. Box sits at the center of how people work, so we must integrate deeply into all of the apps our customers use

  8. Introducing Box for G Suite, now in Beta Gmail Hangouts Chat Docs, Sheets, Slides

  9. Introducing the all new Activity Stream with Recommended Apps Unified view of app activity Deep links to your content Personalized app recommendations

  10. DIGITAL WORKPLACE New Activity Stream Box for G Suite Box Feed and Recommended Apps (beta) (beta) Coming next year Available now Available now

  11. DIGITAL BUSINESS Automate structured and collaborative work across the extended enterprise Capture insights and intelligence from content Deliver engaging new experiences to customers, suppliers and partners

  12. Transformation requires that we digitize our business processes

  14. We have a huge opportunity to bring automation to the collaborative work customers do everyday on Box

  17. Introducing the new Automations and Tasks in Box

  18. The winners in the digital age will be the companies that extract the most value from their data

  20. Most of our information is unstructured, and the only way to extract the insights we need at scale is using AI/ML

  21. Box Skills enables customers to bring intelligence to content

  22. Skills Kit lets you bring the full power of AI/ML to Box

  23. DIGITAL BUSINESS New Automations Box Skills Kit Custom Trained in Box AI Models Coming next year Coming next year GA this December

  24. SECURITY & DATA PROTECTION

  25. Implementing security and data protection calls for a different approach in the digital age

  28. The only way to solve this at scale is understanding the web of content access activities across devices and apps

  30. Introducing Box Shield Content firewall Smart access Anomaly detection

  31. We’re delivering the most comprehensive platform for enterprises to manage all their content in the cloud

  32. The Cloud Content Management Company

  33. Digital Transformation Brought to Life A discussion with our customers at Ameriprise, SunTrust and Allstate Jeetu Patel, Chief Product Officer

  34. Box Financial Analyst Day 2018 Digital Transformation Brought to Life 53 Scott Wilgenbusch Ken Meyer Mike Antognoli VP, Advisor and Service Technology SVP and CTO Senior Mobile Project Manager Ameriprise SunTrust Allstate

  35. Delivering Cloud Content Management with Solution Selling Stephanie Carullo, Chief Operating Officer, Box

  36. Box Financial Analyst Day 2018 55 Enterprises are embarking on a digital transformation

  37. Box Financial Analyst Day 2018 56 Cloud Content Management is the enterprise solution that helps businesses revolutionize how they work

  38. Box Financial Analyst Day 2018 57 Customers are at the center of our strategy and priorities Deep engagements Best of Breed Market reach partnerships 87K Customers 69% of Fortune 500

  39. Box Financial Analyst Day 2018 58 Profiling a Fortune 100 customer Technology company $5.3M $4.8M $4.8M $3.6M Box ELA Premier Box seats Box seats $2.4M Platform Premier Premier Box seats Governance Platform Platform Premier Box seats $1.3M Platform Premier Box seats Platform $60K $70K Premier Small teams Initial POC FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

  40. Box Financial Analyst Day 2018 59 Box’s evolution to solution selling Four key pillars to reaccelerating growth / ACV / Retention / Reach / Efficiency

  41. Box Financial Analyst Day 2018 60 Box’s evolution to solution selling Four key pillars to reaccelerating growth / ACV / Retention / Reach / Efficiency

  42. Box Financial Analyst Day 2018 61 $100K+ deals have grown 29% in FY19 +29% 85 66 H1'18 H1'19

  43. Box Financial Analyst Day 2018 62 FY19 focus areas driving ACV growth / Incentives and goals / Pipeline development Changed commission plans to accelerate Executed new pipeline model focused on new product sales. Added deal thresholds deepening customer engagements and to drive $100K, $500K and $1M deals generating new logos / Sales specialist overlays / Executive programs Added product specialists to drive Expanded executive briefings, strategy deeper use-cases and product add-ons sessions, and partnership discussions

  44. Box Financial Analyst Day 2018 63 Product add-ons are a key driver for ACV Product Add-on Deal Attach Rate 80% 73% 71% 70% 68% 70% 62% 58% 60% Deal Attach Rate 50% 49% 40% 42% 40% 30% 29% 28% 27% 20% 10% 0% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Product Add-On Attach Rate on Deals $100K+ Product Add-On Attach Rate on Deals $10K - $100K

  45. Box Financial Analyst Day 2018 64 Product add-on bookings grew 60% in H1 FY19 +60% H1'18 H1'19

  46. Box Financial Analyst Day 2018 65 Box’s evolution to solution selling Four key pillars to reaccelerating growth / ACV / Retention / Reach / Efficiency

  47. Box Financial Analyst Day 2018 66 Driving deep partnerships with customers key to retention Box Consulting engagements increasing $100K+ Box Consulting Deals 5,000+ total completed engagements 700+ engagements in H1 FY19 driving implementation, change management, and digital transformation 21 +110% New offerings in market 10 Box Transform and Box Shuttle offerings designed to aid customers on their digital transformation journey Structural changes to increase attach rates H1'18 H1'19 Built Box Consulting into FY19 comp plans, and added sales specialists

  48. Box Financial Analyst Day 2018 67 Box’s evolution to solution selling Four key pillars to reaccelerating growth / ACV / Retention / Reach / Efficiency

  49. Box Financial Analyst Day 2018 68 International markets are key growth drivers for Box Non-US markets now represent 24% of total revenue 21% 24% Q2FY18 Q2FY19

  50. Box Financial Analyst Day 2018 69 Poised to drive even more growth internationally New leadership, global product offerings, and strong compliance story lay solid foundation - Strong performance in 1HFY19 - Strengthened strategic partners EMEA - GDPR readiness - Multi-zones Japan - Multi-zones - BWT London - New EMEA leader Japan New Australia leader ANZ

  51. Box Financial Analyst Day 2018 70 Extending reach and differentiation with the partner ecosystem High GoogleCloud iWork Slack Differentiation CGI Flatirons SIs Tech Salesforce.com Deloitte Digital ServiceNow Symantec okta DocuSign High Reach

  52. Box Financial Analyst Day 2018 71 Extending reach and differentiation with the partner ecosystem High GoogleCloud iWork Slack Differentiation CGI Flatirons SIs Tech Salesforce.com Fujitsu Deloitte Digital ServiceNow Service AT&T Deutsche Symantec Providers Telekom okta DocuSign Resellers CDW High Reach

  53. Box Financial Analyst Day 2018 72 Extending reach and differentiation with the partner ecosystem High Microsoft IBM GoogleCloud iWork Strategic Alliances Slack Differentiation CGI Flatirons SIs Tech Salesforce.com Fujitsu Deloitte Digital ServiceNow Service AT&T Deutsche Symantec Providers Telekom okta DocuSign Resellers CDW High Reach

  54. Box Financial Analyst Day 2018 73 Distribution and technology partners are a key growth driver Extending Box’s reach with partners: Extending Box’s differentiation with partners: 40% of bookings influenced by partners 1400+ integrations • • 32% YoY growth in H1 Native integration with key productivity suites: • • O365, G Suite, iWork and Quip SI and ISV drive success with Line of • Business and Industry Solution plays Box Skills framework is designed to work • with IBM, Microsoft, and Google

  56. Box Financial Analyst Day 2018 75 Box’s evolution to solution selling Four key pillars to reaccelerating growth / ACV / Retention / Reach / Efficiency

  57. Box Financial Analyst Day 2018 76 GTM execution continues to drive better S&M efficiency Sales and Marketing as a % of Revenue Key productivity drivers: 80% • Pipeline coverage and conversion 70% • Big deal thresholds 60% • Product add-on attach rates 50% • Box Consulting attach rates 40% 30% • Partner influenced deals 20% 10% 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY16 FY16 FY16 FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY18 FY19 FY19 Note: Sales and marketing expenses by type as a percentage of revenue are presented on a non-GAAP basis and exclude stock-based compensation.

  58. Box Financial Analyst Day 2018 77 Customers are at the center of our strategy and priorities Deep engagements Best of Breed Market reach partnerships

  59. Driving Growth and Leverage in the Enterprise Dylan Smith, Chief Financial Officer

  60. Box Financial Analyst Day 2018 79 First Half Fiscal Year 2019 Financial Highlights 1HFY’19 under 1HFY’18 under Y/Y Growth (ASC Y/Y Growth (ASC ASC 606* ASC 605 606 to ASC 605) 605 to ASC 605)* Revenue $289M $240M 20% 22% Billings $280M $239M 17% 17% Deferred Revenue $302M $241M 25% 27% GAAP EPS** (54¢) (60¢) 7¢ 3¢ Non-GAAP EPS (12¢) (24¢) 12¢ 9¢ Cash Flow from Operations*** $17M ($1M) $18M $18M Free Cash Flow*** ($3M) ($11M) $8M $8M * Box adopted the new revenue recognition standard ASC 606 beginning with its fiscal year 2019 using the modified retrospectivetransition method. This presentation includes additional information of financial results for the six months ended July 31, 2018 under ASC 605 for comparison to the prior year. ** Due to rounding, numbers presented may not add up precisely to totals provided. *** Adjusted to reflect the application of ASU 2016-18 Note: Non-GAAP EPS and Free Cash Flow shown on a non-GAAP basis (reconciliations to the GAAP basis can be found in the Appendix of this presentation).

  61. Box Financial Analyst Day 2018 80 Driving Growth • Cloud Content Management traction and Leverage in • Strong customer economics the Enterprise • Driving leverage • Path to $1 billion

  62. Box Financial Analyst Day 2018 81 Driving Growth • Cloud Content Management traction and Leverage in • Strong customer economics the Enterprise • Driving leverage • Path to $1 billion

  63. Box Financial Analyst Day 2018 82 30-40% Uplift Per Product CY 2005—2014 CY 2015 CY 2016 CY 2017 CY 2018 Enterprise File Sync and Share Cloud Content Management 2018 GA

  64. Box Financial Analyst Day 2018 83 CCM Solution Sales Command Higher Pricing 30% growth in price per seat in 1H vs 2 years ago $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 Q1FY'16 Q2FY'16 Q3FY'16 Q4FY'16 Q1FY'17 Q2FY'17 Q3FY'17 Q4FY'17 Q1FY'18 Q2FY'18 Q3FY'18 Q4FY'18 Q1FY'19 Q2FY'19 Note: Revenue Breakdown as of Q2FY19. Excludes ELAs and Education

  65. Box Financial Analyst Day 2018 84 Higher New Product Attach Rates Driving Higher ACVs Add-on product attach rates for deals in a quarter 80% 73% 71% 70% 68% 70% 62% 58% 60% Opp Attach Rate 50% 49% 40% 42% 40% 30% 29% 28% 27% 20% 10% 0% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Product Add-On Attach Rate for $10K - $100K deals Product Add-On Attach Rate for $100K+ deals Note: Revenue Breakdown as of Q2FY19

  66. Box Financial Analyst Day 2018 85 Higher New Product Attach Rates Driving Higher ACVs Cumulative add-on product attach rates 50% % of customers with at least 1 add-on product 45% 44% 40% 40% 38% 35% 33% 30% 30% 28% 25% 20% 20% 18% 16% 15% 14% 12% 10% 11% 5% 0% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 $10K+ Customers $100K+ Customers

  67. Box Financial Analyst Day 2018 86 Driving Growth • Cloud Content Management traction and Leverage in • Strong customer economics the Enterprise • Driving leverage • Path to $1 billion

  68. Box Financial Analyst Day 2018 87 Best-In-Class Net Retention Rate Higher expansion and lower churn for customers with add-on products 12% 4.5% 108% Net expansion 1 Churn 2 Net Retention 3 Continued growth within Product stickiness Best-in-class existing customers Net expansion defined as the net increase in Total Account Value (“TAV”) from our existing customers, who had $5K+ in TAV 12 months ago. 1. Churn is rounded to the nearest half percentage point. 2. Net Retention rate defined as the net % of Total Account Value (“TAV”) retained from existing customers, including expansion. This metric is calculated by dividing current TAV of 3. customers who 12 months ago had $5K+ in TAV by their TAV 12 months ago.

  69. Box Financial Analyst Day 2018 88 Land and Expand is Working CAGR Since Compounding growth across all customer cohorts First Sale N/A 24% 20% 17% 11% 2 13% 1 23% 33% 30% 1) FY 2013’s lower CAGR due to $3M initial deal with Schneider, Box’s largest deal at the time, causing future upsells to be smaller percentage-wise. 2) FY 2014’s lower CAGR due to 3 customers with initial deals > $1M, causing future upsells to be smaller percentage-wise. Note: Excludes FY12 since it only consisted of Jan 2012 as Box transitioned its fiscal calendar

  70. Box Financial Analyst Day 2018 89 Seat Expansion Driving $1M Sales Industry FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Industry FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Retail & Consumer Goods Retail & Consumer Goods 4 02 5 4 0 1 2 6 0 8 4 6 8 1 4 2 6 2 6 5 9 1 8 2 3 4 6 8 7 5 2 1 6 2 0 5 1 1 2 6 0 4 6 9 003 . 7 6 1 1 06 4 2 7 1 8 9 9 7 8 9 8 3 5 Technology Media & Entertainment 1 4 4 000 1 4 4 00 2 3 04 00 4 06 08 2 1 9 2 6 00 6 4 8 01 7 5 0000 3 06 6 4 0 1 6 2 000 2 2 3 02 0 2 8 4 5 2 0 3 008 4 . 3 7 9 00 9 02 5 2 . 8 6 Technology Retail & Consumer Goods 7 2 4 5 0 3 8 07 00 1 04 5 3 00 5 4 3 9 5 0 1 2 1 07 3 7 . 5 2 4 000 3 9 6 0 9 3 2 4 00 7 4 5 2 3 . 7 3 8 3 5 1 02 . 4 7 2 1 06 3 1 . 1 5 Healthcare & Life Sciences Professional Services 7 7 4 0 3 4 9 4 4 0 5 2 4 1 6 0 2 4 1 9 2 1 2 03 1 9 9 . 9 9 2 5 0000 7 0000 1 3 2 5 4 0 9 6 000 1 02 8 4 1 . 9 2 1 4 1 07 9 6 6 4 5 3 . 7 8 4 6 3 6 4 5 . 8 8 1 7 8 3 9 4 . 1 1 Professional Services Technology 5 4 0 1 3 8 3 1 . 2 2 2 1 1 3 9 0. 1 9 1 06 2 9 4 8 9 4 05 4 0 3 5 2 000 2 2 4 9 00 2 9 9 1 7 . 5 9 2 6 9 8 8 . 3 5 8 2 3 2 6 8 . 4 4 2 1 7 1 1 Industrial Goods & Automotive Education 5 4 0 4 003 5 4 3 4 2 0002 1 2 6 6 009 0 6 0 1 6 4 3 0 3 6 0 Financial Services Healthcare & Life Sciences 5 4 0 1 08 0 5 2 2 5 4 0 1 05 3 1 8 1 1 9 9 9 6 8 5 . 4 9 1 1 5 5 00 5 2 09 5 1 . 5 6 01 9 9 3 . 9 6 4 02 06 2 . 4 3 2 7 4 6 9 3 . 1 1 Financial Services Professional Services 1 6 9 7 2 8 0 9 9 8 4 0 3 4 5 6 00 5 8 5 001 1 01 1 7 . 7 1 6 2 0 4 8 4 02 0 6 1 5 3 6 8 . 4 3 7 1 7 7 4 5 7 09 7 6 2 3 7 8 01 . 9 2 4 7 5 8 9 . 5 8 Healthcare & Life Sciences Financial Services 7 2 6 3 5 7 . 1 7 8 5 3 6 6 5 . 4 3 1 3 2 2 06 . 8 7 7 9 6 4 6 3 . 6 9 1 2 3 3 6 0 1 3 6 6 6 4 2 1 02 2 4 5 1 . 3 4 Industrial Goods & Automotive Technology 3 9 6 4 8 0 8 4 8 4 00 7 5 5 1 2 0 1 1 6 4 0 7 5 9 9 0 6 1 1 6 5 0 8 8 2 6 3 7 2 6 4 8 09 . 8 Healthcare & Life Sciences Retail & Consumer Goods 8 4 00 1 9 3 2 6 0 3 06 0 5 4 0 4 4 4 4 8 0 3 7 4 1 7 7 . 2 7 3 4 5 9 0 6 6 8 4 0 1 4 4 6 1 . 2 3 2 7 09 . 6 1 5 9 9 9 8 . 04 9 9 3 2 7 6 . 4 9 6 1 1 2 9 6 . 8 Marketing & Advertising Healthcare & Life Sciences 6 00 1 1 06 . 6 3 1 1 4 5 8 1 0 1 1 9 5 000 9 2 8 9 . 2 1 9 8 7 2 1 1 2 3 9 9 3 7 5 2 9 2 02 1 05 8 4 3 Healthcare & Life Sciences Technology 1 2 001 8 0 1 9 5 0001 1 08 0 8 4 0 7 7 3 3 8 0 1 2 6 1 5 09 5 3 3 . 9 3 1 8 9 8 9 3 . 7 7 Healthcare & Life Sciences Healthcare & Life Sciences 1 2 001 2 0 2 1 5 4 7 4 . 3 8 2 4 4 9 04 2 1 1 9 5 . 7 3 Financial Services Technology 7 3 1 4 01 5 8 5 1 2 2 1 8 3 6 . 4 1 008 1 1 2 4 7 6 7 2 1 1 2 02 3 1 1 1 5 9 9 8 1 1 2 00000 8 1 1 2 2 5 00001 Financial Services Financial Services 3 4 2 000 1 1 3 3 2 5 1 1 7 08 2 9 0 6 2 4 . 2 7 2 0 1 5 9 6 2 7 8 2 6 004 08 7 2 1 Public Sector Healthcare & Life Sciences 5 4 0 4 07 2 2 . 1 5 2 1 02 1 00 3 1 3 02 4 00 2 8 6 2 7 2 4 9 2 2 2 8 4 2 3 2 7 0 6 02 5 8 0 7 5 9 09 1 . 2 1 8 0 Industrial Goods & Automotive Financial Services 4 5 0 5 3 9 4 1 9 008 0 9 3 8 3 5 9 . 3 2 3 2 8 8 3 6 3 7 9 3 . 4 2 3 00 1 8 2 8 5 0 2 8 9 8 00 4 3 4 7 00 5 7 9 6 00 Industrial Goods & Automotive Healthcare & Life Sciences 1 2 00000 9 6 7 3 2 1 1 2 7 7 6 8 0 2 5 5 000 1 8 0 1 2 6 9 4 5 3 4 8 8 9 9 . 7 9 Financial Services Healthcare & Life Sciences 6 4 3 5 . 8 7 6 4 5 . 8 7 2 8 5 6 5 6 . 1 9 1 1 07 000 5 04 000 6 6 7 7 9 0 3 1 5 4 5 5 1 1 5 6 1 6 3 9 . 6 1 Financial Services Industrial Goods & Automotive 2 1 09 6 01 1 1 05 4 8 0 2 9 4 5 4 0 2 8 8 000 4 1 2 8 00 4 4 1 6 01 1 5 5 2 00 Media & Entertainment Professional Services 1 5 5 0002 1 2 2 6 8 0 8 7 4 1 03 1 6 1 09 3 7 2 1 6 1 7 5 1 8 0. 5 6 Technology Healthcare & Life Sciences 8 7 9 6 6 1 . 5 8 1 1 7 4 7 6 0. 9 6 1 2 001 7 6 3 8 01 5 7 4 2 01 6 4 1 5 2 2 9 2 4 4 09 6 4 9 7 02 2 Industrial Goods & Automotive Technology 5 4 0 3 9 4 009 9 . 7 8 1 3 1 7 . 8 7 7 2 0000 6 3 0000 8 3 3 000 Public Sector Technology 5 6 6 1 0 2 2 5 1 7 0 3 3 5 8 5 7 5 1 Industrial Goods & Automotive Financial Services 2 2 2 000 3 1 5 000 3 6 5 4 9 1 1 8 1 2 000 1 7 3 8 1 5 . 9 3 1 8 2 2 6 2 7 8 5 5 . 9 7 1 Financial Services Technology 2 5 2 0 1 8 6 2 7 4 5 4 9 5 6 0 2 1 07 6 6 5 2 3 4 2 . 08 1 04 9 04 1 2 1 1 2 5 3 8 . 4 5 Professional Services Industrial Goods & Automotive 5 4 0 1 3 2 0 5 8 2 4 08 0 4 3 1 3 06 3 . 9 2 1 9 8 08 7 9 . 3 8 1 1 4 9 7 7 7 . 2 8 1 5 6 4 1 9 2 . 6 Energy Retail & Consumer Goods 3 3 5 05 4 0 4 8 5 000 3 2 5 001 4 1 7 1 2 0 1 1 4 9 9 6 00 2 Healthcare & Life Sciences Financial Services 1 1 00000 1 2 3 5 2 5 0 3 04 7 5 1 1 0002 1 2 0001 1 5 8 7 08 . 6 5 1 5 05 9 1 9 . 6 Note: Excludes FY12 since it only consisted of Jan 2012 as Box transitioned its fiscal calendar Years with purchase Year the customer exceeded $1M of total contract value

  71. Box Financial Analyst Day 2018 90 New Products Accelerating Initial Deal Sizes Industry FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Industry FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Retail & Consumer Goods Retail & Consumer Goods 4 02 5 4 0 1 2 6 0 8 4 6 8 1 4 2 6 2 6 5 9 1 8 2 3 4 6 8 7 5 2 1 6 2 0 5 1 1 2 6 0 4 6 9 003 . 7 6 1 1 06 4 2 7 1 8 9 9 7 8 9 8 3 5 Technology Media & Entertainment 1 4 4 000 1 4 4 00 2 3 04 00 4 06 08 2 1 9 2 6 00 6 4 8 01 7 5 0000 3 06 6 4 0 1 6 2 000 2 2 3 02 0 2 8 4 5 2 0 3 008 4 . 3 7 9 00 9 02 5 2 . 8 6 Technology Retail & Consumer Goods 7 2 4 5 0 3 8 07 00 1 04 5 3 00 5 4 3 9 5 0 1 2 1 07 3 7 . 5 2 4 000 3 9 6 0 9 3 2 4 00 7 4 5 2 3 . 7 3 8 3 5 1 02 . 4 7 2 1 06 3 1 . 1 5 Healthcare & Life Sciences Professional Services 7 7 4 0 3 4 9 4 4 0 5 2 4 1 6 0 2 4 1 9 2 1 2 03 1 9 9 . 9 9 2 5 0000 7 0000 1 3 2 5 4 0 9 6 000 1 02 8 4 1 . 9 2 1 4 1 07 9 6 6 4 5 3 . 7 8 4 6 3 6 4 5 . 8 8 1 7 8 3 9 4 . 1 1 Professional Services Technology 5 4 0 1 3 8 3 1 . 2 2 2 1 1 3 9 0. 1 9 1 06 2 9 4 8 9 4 05 4 0 3 5 2 000 2 2 4 9 00 2 9 9 1 7 . 5 9 2 6 9 8 8 . 3 5 8 2 3 2 6 8 . 4 4 2 1 7 1 1 Industrial Goods & Automotive Education 5 4 0 4 003 5 4 3 4 2 0002 1 2 6 6 009 0 6 0 1 6 4 3 0 3 6 0 Financial Services Healthcare & Life Sciences 5 4 0 1 08 0 5 2 2 5 4 0 1 05 3 1 8 1 1 9 9 9 6 8 5 . 4 9 1 1 5 5 00 5 2 09 5 1 . 5 6 01 9 9 3 . 9 6 4 02 06 2 . 4 3 2 7 4 6 9 3 . 1 1 Financial Services Professional Services 1 6 9 7 2 8 0 9 9 8 4 0 3 4 5 6 00 5 8 5 001 1 01 1 7 . 7 1 6 2 0 4 8 4 02 0 6 1 5 3 6 8 . 4 3 7 1 7 7 4 5 7 09 7 6 2 3 7 8 01 . 9 2 4 7 5 8 9 . 5 8 Healthcare & Life Sciences Financial Services 7 2 6 3 5 7 . 1 7 8 5 3 6 6 5 . 4 3 1 3 2 2 06 . 8 7 7 9 6 4 6 3 . 6 9 1 2 3 3 6 0 1 3 6 6 6 4 2 1 02 2 4 5 1 . 3 4 Industrial Goods & Automotive Technology 3 9 6 4 8 0 8 4 8 4 00 7 5 5 1 2 0 1 1 6 4 0 7 5 9 9 0 6 1 1 6 5 0 8 8 2 6 3 7 2 6 4 8 09 . 8 Healthcare & Life Sciences Retail & Consumer Goods 8 4 00 1 9 3 2 6 0 3 06 0 5 4 0 4 4 4 4 8 0 3 7 4 1 7 7 . 2 7 3 4 5 9 0 6 6 8 4 0 1 4 4 6 1 . 2 3 2 7 09 . 6 1 5 9 9 9 8 . 04 9 9 3 2 7 6 . 4 9 6 1 1 2 9 6 . 8 Marketing & Advertising Healthcare & Life Sciences 6 00 1 1 06 . 6 3 1 1 4 5 8 1 0 1 1 9 5 000 9 2 8 9 . 2 1 9 8 7 2 1 1 2 3 9 9 3 7 5 2 9 2 02 1 05 8 4 3 Healthcare & Life Sciences Technology 1 2 001 8 0 1 9 5 0001 1 08 0 8 4 0 7 7 3 3 8 0 1 2 6 1 5 09 5 3 3 . 9 3 1 8 9 8 9 3 . 7 7 Healthcare & Life Sciences Healthcare & Life Sciences 1 2 001 2 0 2 1 5 4 7 4 . 3 8 2 4 4 9 04 2 1 1 9 5 . 7 3 Financial Services Technology 7 3 1 4 01 5 8 5 1 2 2 1 8 3 6 . 4 1 008 1 1 2 4 7 6 7 2 1 1 2 02 3 1 1 1 5 9 9 8 1 1 2 00000 8 1 1 2 2 5 00001 Financial Services Financial Services 3 4 2 000 1 1 3 3 2 5 1 1 7 08 2 9 0 6 2 4 . 2 7 2 0 1 5 9 6 2 7 8 2 6 004 08 7 2 1 Public Sector Healthcare & Life Sciences 5 4 0 4 07 2 2 . 1 5 2 1 02 1 00 3 1 3 02 4 00 2 8 6 2 7 2 4 9 2 2 2 8 4 2 3 2 7 0 6 02 5 8 0 7 5 9 09 1 . 2 1 8 0 Industrial Goods & Automotive Financial Services 1 8 2 8 5 0 2 8 9 8 00 4 3 4 7 00 5 7 9 6 00 4 5 0 5 3 9 4 1 9 008 0 9 3 8 3 5 9 . 3 2 3 2 8 8 3 6 3 7 9 3 . 4 2 3 00 Industrial Goods & Automotive Healthcare & Life Sciences 1 8 0 1 2 6 9 4 5 3 4 8 8 9 9 . 7 9 1 2 00000 9 6 7 3 2 1 1 2 7 7 6 8 0 2 5 5 000 Financial Services Healthcare & Life Sciences 3 1 5 4 5 5 1 1 5 6 1 6 3 9 . 6 1 6 4 3 5 . 8 7 6 4 5 . 8 7 2 8 5 6 5 6 . 1 9 1 1 07 000 5 04 000 6 6 7 7 9 0 Industrial Goods & Automotive Financial Services 2 1 09 6 01 1 1 05 4 8 0 2 9 4 5 4 0 2 8 8 000 4 1 2 8 00 4 4 1 6 01 1 5 5 2 00 Professional Services Media & Entertainment 1 5 5 0002 1 2 2 6 8 0 8 7 4 1 03 1 6 1 09 3 7 2 1 6 1 7 5 1 8 0. 5 6 Healthcare & Life Sciences Technology 8 7 9 6 6 1 . 5 8 1 1 7 4 7 6 0. 9 6 1 2 001 7 6 3 8 01 5 7 4 2 01 6 4 1 5 2 2 9 2 4 4 09 6 4 9 7 02 2 Technology Industrial Goods & Automotive 5 4 0 3 9 4 009 9 . 7 8 1 3 1 7 . 8 7 7 2 0000 6 3 0000 8 3 3 000 Public Sector Technology 3 3 5 8 5 7 5 1 5 6 6 1 0 2 2 5 1 7 0 Industrial Goods & Automotive Financial Services 2 6 2 7 8 5 5 . 9 7 1 2 2 2 000 3 1 5 000 3 6 5 4 9 1 1 8 1 2 000 1 7 3 8 1 5 . 9 3 1 8 2 Financial Services Technology 2 1 1 2 5 3 8 . 4 5 2 5 2 0 1 8 6 2 7 4 5 4 9 5 6 0 2 1 07 6 6 5 2 3 4 2 . 08 1 04 9 04 1 Industrial Goods & Automotive Professional Services 1 5 6 4 1 9 2 . 6 5 4 0 1 3 2 0 5 8 2 4 08 0 4 3 1 3 06 3 . 9 2 1 9 8 08 7 9 . 3 8 1 1 4 9 7 7 7 . 2 8 Retail & Consumer Goods Energy 1 4 9 9 6 00 2 3 3 5 05 4 0 4 8 5 000 3 2 5 001 4 1 7 1 2 0 1 Financial Services Healthcare & Life Sciences 1 5 05 9 1 9 . 6 1 1 00000 1 2 3 5 2 5 0 3 04 7 5 1 1 0002 1 2 0001 1 5 8 7 08 . 6 5 Note: Excludes FY12 since it only consisted of Jan 2012 as Box transitioned its fiscal calendar Years with purchase Year the customer exceeded $1M of total contract value Sale included new products

  72. Box Financial Analyst Day 2018 91 Driving Growth • Cloud Content Management traction and Leverage in • Strong customer economics the Enterprise • Driving leverage • Path to $1 billion

  73. Box Financial Analyst Day 2018 92 Inherent Business Model Leverage Improved cost efficiency for landing customers, recoup costs within 20 months ARR Contribution Margin: ARR - S&M - COGS ~$1.65 CAC for $1 ARR Sales and Marketing Expenses Negative Contribution Margin $1 ARR Note: This slide is for illustrative purposes only and is not intended to represent Box's expectations regarding future ARR growth.

  74. Box Financial Analyst Day 2018 93 Inherent Business Model Leverage Customer expansion drives more efficient growth ARR Contribution Margin: ARR - S&M - COGS ~$1.65 CAC $0.90 Upsell Cost for $1 ARR for $1 ARR Upsell Sales and Marketing Expenses Negative Contribution Slightly Positive Margin Contribution Margin $1 ARR $1 ARR Note: This slide is for illustrative purposes only and is not intended to represent Box's expectations regarding future ARR growth.

  75. Box Financial Analyst Day 2018 94 Inherent Business Model Leverage Growing renewal base is highly profitable ARR Contribution Margin: ARR - S&M - COGS ~$1.65 CAC $0.90 Upsell Cost $0.05 Renewal for $1 ARR for $1 ARR Cost Upsell Sales and Marketing Expenses Negative Highly positive Contribution Slightly Positive contribution Margin Contribution margin Margin $1 ARR $1 ARR $1 ARR Note: This slide is for illustrative purposes only and is not intended to represent Box's expectations regarding future ARR growth.

  76. Box Financial Analyst Day 2018 95 Inherent Business Model Leverage Compounding effect drives >$9 CLTV over 10 years >$9 Total Contribution Margin Over 10-Year Period ARR Contribution Margin: ARR - S&M - COGS ~$1.65CAC $0.90 Upsell Cost $0.05 Renewal Sales and Marketing for $1 ARR for $1 ARR Cost Expenses Upsell Negative Highly positive Contribution Slightly Positive contribution Margin Contribution margin Margin $1 ARR $1 ARR $1 ARR Land Expand Renew Note: This slide is for illustrative purposes only and is not intended to represent Box's expectations regarding future ARR growth.

  77. Box Financial Analyst Day 2018 96 Driving Significant S&M Operating Leverage 1H’19 S&M as a % of revenue improved 6 points YoY to 47% 7% S&M spend as % revenue 6% Inherent Business Model Leverage 6% 9% • Lower cost of customer expansion and renewals 4% • Average AE tenure increases as they ramp 6% 6% 3% • Scale drives free user marketing leverage 14% 43% 14% Focus Areas 36% • Improving AE productivity through CCM solution selling 30% 26% • Driving lead-to-close efficiencies • Leveraging partners to enhance sales efficiency 1H'18* 1H'19* Demand Generation (including FUM) Overhead & Others (e.g. IT, Facilities, Travel etc) Headcount Note: Salesand marketing expensesby type asa percentage of revenue are presented on a non-GAAP basis , which exclude stock-based compensation and intangible assets amortization.

  78. Box Financial Analyst Day 2018 97 Steadily Progressing Toward Profitability Converging on positive operating margin; significant improvement on free cash flow margin Non-GAAP Operating Expense (% of Non-GAAP Operating Margin Free Cash Flow Margin** (% of Revenue) Revenue) (% of Revenue) 2% 0% 100% 1% -2% 90% 0% -4% 80% -1% -6% 70% -2% -8% 60% -3% -10% 50% -4% -12% 40% -5% -14% 30% -6% -16% 20% -7% -18% 10% -20% -8% 0% FY'17 FY'18 1H'19* FY'17 FY'18 1H'18 1H'19* FY'17 FY'18 1H'19* G&A R&D S&M * Box adopted the new revenue recognition standard ASC 606 beginning with its fiscal year 2019 using the modified retrospectivetransition method. The reported results for fiscal year 2019 reflect the application of ASC 606 while the reported results for fiscal years 2017 and 2018 are not adjusted and continue to be reported under the prior revenue recognition standard ASC 605. ** Box adopted ASU 2016-18, Restricted Cash, beginning with its fiscal year 2019. The reported results for all periods presented reflect the application of ASU 2016-18. Note: Non-GAAP Operating Expense, Non-GAAP Operating Margin and Free Cash Flow Margin are non-GAAP financial measures. A reconciliation to the nearest GAAP measures can be found in the Appendix to this presentation.

  79. Box Financial Analyst Day 2018 98 Driving Growth • Cloud Content Management traction and Leverage in • Strong customer economics the Enterprise • Driving leverage • Path to $1 billion

  80. Box Financial Analyst Day 2018 99 Key Growth Drivers Evolution to solution selling Add-on Deeper customer Strategic International products engagements partnerships expansion

  81. Box Financial Analyst Day 2018 100 Addressing $45B+ CCM Market $45+ billion by 2019 Power next-gen content-driven Platform ($5B) apps Govern, secure, ECM & Collaboration audit, enable ($16B) workflows File Sync/Share Apps ($2B) Store, share, access Infra Retire legacy storage, shift to Network storage cloud ($23B) Source: IDC Worldwide Forecasts for File Sync & Share, Storage for Public & Private Cloud, Content Management Software, Content Collaboration Software, Team Collaboration Applications, BPM Software, Gartner Public Cloud Services Worldwide 2013-2019 and management estimates for platform.

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