Box Investor Presentation — May 2020

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First Fiscal Quarter FY21

May 27, 20202 First fiscal quarter FY21 financial results

This presentation contains forward -looking statements that involve risks and uncertainties, including statements regarding Box’s expectations regarding

the size of its market opportunity, expectations regarding its leadership position in the cloud content management market, th e demand for its products,

expectations regarding the impact of the COVID -19 pandemic on its business, its ability to grow and scale its business and drive operating efficiencies, its

ability to achieve its revenue targets, expectations regarding its ability to achieve profitability on a quarterly, annual or ongoing basis, its expectations

regarding free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, the tim ingof recent and planned

product introductions, enhancements and integrations, the short -and long -term success, market adoption and retention, capabilit ies, and benefits of such

product introductions and enhancements, and the success of strategic partnerships, as well as expectations regarding the amou nt and timing of its

revenue, gross margin, GAAP and non -GAAP net income (loss) per share, non -GAAP operating margins for future periods, the related components of

GAAP and non -GAAP net income (loss) per share, and weighted -average outstanding share count expectations for Box’s fiscal second quarter and fiscal

There are a significant number of factors that could cause actual results to differ materially from statements made in this p ress release, including: (1)

adverse changes in general economic or market conditions, including those caused by the COVID -19 pandemic; (2) delays or reducti ons in information

technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of