2016 GFA SUMMER INTERNSHIP ASSESSMENT DAY Daniel J. Bertelsen MSc. International Business (Finance major) Copenhagen Business School Transaction presentation: Initial Public Offering of Box Inc.

Box.com Cloud Storage: Founded in 2005 US-based company Box caters its cloud-storage services primarily to businesses, as opposed to retail consumers. The business of storing data, such as photos documents, etc., securely in the cloud is becoming increasingly competitive. Rivalry from the likes of Dropbox Inc., which has traditionally been more consumer-oriented and was said to be eyeing an IPO as well. Microsoft, Apple and Google are also in the mix. Box has 32 million registered users, and 99% of that user base is made up of employees of Fortune 500 companies, according to its public documents. Initial Public Offering Reason: Box.com plans on using 50% of the funds from its sale of shares partly to grow its customer base via sales and marketing.

Box.com Cloud Storage: Founded in 2005 US-based company Box caters its cloud-storage services primarily to businesses, as opposed to retail consumers. The business of storing data, such as photos documents, etc., securely in the cloud is becoming increasingly competitive. Rivalry from the likes of Dropbox Inc., which has traditionally been more consumer-oriented and was said to be eyeing an IPO as well. Microsoft, Apple and Google are also in the mix. Box has 32 million registered users, and 99% of that user base is made up of employees of Fortune 500 companies, according to its public documents.

Peer companies/Comparables: Relative Valuation Ranges Negative EBITDA Negative FCF Revenue as optimal choice

Relative Valuation Ranges 11,2 x 64.0x 0.1x15.3x x 69.4x 1.9x23.7x Avg. 20.4x $ thousands Box Inc. IPO prize was $14 EV/Revenue: 6.04 Box EV/Rev = 6.04x

$14 share price $1.67Bn valuation negative earnings Are we approaching a new tech bubble? *EV = Equity + debt - cash

Daniel J. Bertelsen MSc. International Business (Finance major) Copenhagen Business School Thank you