<SEC-DOCUMENT>0001387131-21-007459.txt : 20210719
<SEC-HEADER>0001387131-21-007459.hdr.sgml : 20210719
<ACCEPTANCE-DATETIME>20210719163329
ACCESSION NUMBER:		0001387131-21-007459
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210719
DATE AS OF CHANGE:		20210719

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOX INC
		CENTRAL INDEX KEY:			0001372612
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				202714444
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36805
		FILM NUMBER:		211098273

	BUSINESS ADDRESS:	
		STREET 1:		900 JEFFERSON AVE
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063
		BUSINESS PHONE:		877-729-4269

	MAIL ADDRESS:	
		STREET 1:		900 JEFFERSON AVE
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOX.NET INC
		DATE OF NAME CHANGE:	20060814
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>box-defa14a_070621.htm
<DESCRIPTION>ADDITIONAL DEFINITIVE PROXY SOLICITING MATERIALS
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>SCHEDULE 14A </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Filed by the Registrant <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT>
Filed by a Party other than the Registrant <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>Box, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(4)</P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filing Party:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date Filed:</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On July 19, 2021, Box, Inc. (the &ldquo;Company&rdquo;) distributed
a letter to stockholders in connection with the Company&rsquo;s 2021 annual meeting of stockholders and issued a press release
containing a copy of the letter. A copy of the press release can be found below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Box Files Definitive Proxy Materials and
Mails Letter to Stockholders </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Urges Stockholders to Vote &ldquo;FOR ALL&rdquo;
Three of Box&rsquo;s Highly Qualified Director Nominees<BR>
on the BLUE Proxy Card</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Highlights Significant Changes Implemented
Over the Last Year &ndash; Tremendous Operational Progress, Reacceleration of Growth and Governance Enhancements </I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Underscores Starboard&rsquo;s Short-Term
Focus and Unnecessary Proxy Contest </I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Launches VoteBlueforBox.com, Providing Additional
Information for Stockholders</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>REDWOOD CITY, Calif.</B> &mdash; Box, Inc. (NYSE: BOX) today
announced that it has filed definitive proxy materials with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) in connection
with its upcoming Annual Meeting of Stockholders scheduled to be held on September 9, 2021. Stockholders of record as of July 12,
2021, will be entitled to vote at the meeting.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">In conjunction with the definitive proxy filing, Box is mailing
a letter to the company&rsquo;s stockholders.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Highlights from the letter include:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Box is in the strongest
financial position in its history</B>: Box&rsquo;s recent financial results make it clear that the company&rsquo;s strategy is working.
Box delivered strong revenue growth and profitability in fiscal year 2021, which ended January 31, 2021, and that momentum has continued
year-to-date in Box&rsquo;s fiscal year 2022. Box's revenue growth rate plus free cash flow margin of over 26% exceeded its stated target
of 25%, and nearly doubled the results from fiscal year 2020. Year-to-date in 2021, Box&rsquo;s share price has outperformed its SaaS
Peer Set<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>1</SUP></FONT> by over 36%.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Significant Board and governance changes have been made</B>: As part of the Starboard settlement last year, Box appointed
three new directors &ndash; Bethany Mayer, Jack Lazar and Carl Bass. With these appointments, seven new directors have joined the
Board in the last three years. The Board also formed an Operating Committee, which included two of these new directors, and a Strategy
Committee, which included all three of these directors. Since then, the Board separated the Chair and CEO roles and appointed Starboard&rsquo;s
approved directors to the majority of the leadership positions on the Board, including Board Chair, Compensation Committee Chair
and Audit Committee Chair.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B>Box&rsquo;s director nominees &ndash; Dana Evan, Peter Leav
and Aaron Levie &ndash; are vastly superior to Starboard&rsquo;s candidates and best positioned to advance Box&rsquo;s strategy</B>:
We are confident that the skillsets of the company&rsquo;s nominees outmatch Starboard&rsquo;s slate in every critical area. Combined,
Box&rsquo;s nominees bring nearly seven decades of SaaS and enterprise software experience and have led multiple company sale transactions
totaling tens of billions of dollars<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>2</SUP></FONT>,
maximizing stockholder value. Collectively, the Box Board has significant public company experience serving as directors and C-suite
executives of multi-billion dollar publicly traded SaaS and enterprise software companies.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>1</SUP></FONT>
SaaS Peer Set includes: 8x8, Cornerstone OnDemand, Five9, FireEye, Guidewire, HubSpot, Momentive, New Relic, Nutanix, Qualys, Solar
Winds, Zendesk and Zuora</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>2</SUP></FONT>
Total enterprise value of transactions where Evan and Leav were on boards of directors</P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; color: #201F1E"><B>The KKR-led investment, subsequent
self-tender and authorized share repurchase - which in combination is expected to be non-dilutive to stockholders - followed a
multi-month comprehensive strategic review, and delivered an outcome expressly desired by certain stockholders</B>: The KKR-led
investment and subsequent self-tender provided the ability for stockholders to choose to either sell their stock at a 43% premium
to the closing price on January 15, 2021, the last trading day prior to when the Board began its strategic review, or to continue
as stockholders to participate in the upside potential alongside KKR as a long-term investor. This exit opportunity provided stockholders
with the ability to sell their stock at a materially higher premium than a sale of the company in the low twenties that had been
previously demanded by Starboard. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>The appointment of KKR&rsquo;s John Park to the Board is a significant positive</B>: KKR is one of Box&rsquo;s largest stockholders
and an active global investment firm with a deep understanding about the company&rsquo;s business and strategy. Mr. Park brings
extensive experience investing in technology companies with a focus on the cloud and a strong track record of helping companies
drive disciplined growth and profitability.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Starboard has a short-term focused agenda</B>: Starboard&rsquo;s course of action ignores Box&rsquo;s tremendous progress
and the strong financial performance and governance enhancements Box has already demonstrated. After praising the company&rsquo;s
operating improvements throughout much of 2020, in December, Starboard abruptly reversed course and threatened a proxy contest
if Box didn&rsquo;t either pursue a sale of the company, at a valuation lower than the current stock price, or fire the company&rsquo;s
CEO, which Starboard has consistently repeated over the past several months. The Board is unanimous in its unwillingness to allow
this short-term thinking and pre-judgment into the boardroom.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Box has attempted to settle with Starboard and avoid a proxy contest</B>: Box has held at least 45 calls or meetings with
Starboard over the past two years. In addition to having appointed Starboard-approved directors to the Board in 2020, and meeting
Starboard&rsquo;s demand to conduct a review of strategic options, the Box Board explored whether Starboard would be amenable to
resolving the proxy contest by adding yet another Starboard approved candidate to the Board. Starboard refused this proposal and
insisted that Peter Feld be added to the Board as a non-negotiable part of any settlement.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Box&rsquo;s definitive proxy materials and other materials regarding
the Board of Directors&rsquo; recommendation for the 2021 Annual Meeting can be found at VoteBlueforBox.com.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The full text of the letter being mailed to stockholders follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Preserve the Long-Term Value of Your Investment:</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Vote &ldquo;FOR ALL&rdquo; Three of Box&rsquo;s
Highly Qualified Director Nominees - Dana Evan, Peter Leav and Aaron Levie - On the BLUE Proxy Card Today </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">July 19, 2021</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Dear Fellow Stockholder,</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Your
Board of Directors is singularly focused on enhancing the value of your investment in Box, and we have been unified and unwavering
in our commitment to acting in the best interests of all stockholders.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">At the upcoming Annual Meeting you will have an important choice
to make regarding the future of your investment in Box. There are five important reasons why we believe the choice is clear and
you should vote &ldquo;FOR ALL&rdquo; three of Box&rsquo;s director nominees &ndash; Dana Evan, Peter Leav and Aaron Levie &ndash;
on the <B><U>BLUE</U></B> proxy card: </P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Box has taken proactive actions to deliver long-term value creation, and is delivering strong results. </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>The Box Board is meaningfully refreshed, highly qualified, engaged and diverse. </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Box&rsquo;s director nominees are best positioned to advance Box&rsquo;s strategy and vastly superior to Starboard&rsquo;s
slate. </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>The KKR-led investment demonstrates the Board&rsquo;s commitment to acting in the best interests of all stockholders. </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Box has a long history of constructive engagement with Starboard and has been responsive to Starboard&rsquo;s suggestions.
</B></TD></TR></TABLE>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Over the last year, we have engaged with our stockholders extensively.
Your Board listened to stockholder feedback and took a series of proactive actions, including making significant changes to the
composition of the Board and its leadership positions. Your Board is effectively overseeing substantial improvement in growth and
margin profitability and the successful execution of Box&rsquo;s strategy to accelerate profitable growth and enhance the value
of your shares. Our strategy is working, and Box is in the strongest financial position in its history.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Our March 2020 agreement with Starboard Value resulted in the appointment
of three new directors to the Board, and the Box Board and management team have continued extensive good faith engagement with
Starboard since that time. Nonetheless, Starboard is now attempting to elect its own slate of nominees in place of Box&rsquo;s
three vastly superior director candidates &ndash; <B>Dana Evan</B>, former Chief Financial Officer of VeriSign and 2019 &lsquo;Director
of the Year&rsquo; of the National Association of Corporate Directors (NACD), <B>Peter Leav</B>, CEO of McAfee and former CEO of
BMC and Polycom, and <B>Aaron Levie</B>, Box&rsquo;s Co-Founder and CEO. Notably, the experience of Box&rsquo;s nominees includes
an impressive track record of multi-billion-dollar value creation at SaaS-based companies, both as operators and as board members.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">In stark contrast, Starboard&rsquo;s nominees do not possess the
industry, public company or operational experience necessary to serve as effectively on the Box Board. By seeking to unseat three
members of the Board, including Box&rsquo;s CEO, <B>Starboard is attempting to implement change that we believe is not only unnecessary,
but also destructive to stockholder value.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>The answer is clear &ndash; a vote for Box&rsquo;s director
nominees is in the best interest of all stockholders: </B>Is Box better off continuing its current positive momentum with a re-election
of its three highly qualified directors &ndash; including its CEO &ndash; all of whom have impressive track records at SaaS-based
companies? Or, despite the strong top- and bottom-line financial progress and the level of Board responsiveness since last year&rsquo;s
settlement, is replacing Box&rsquo;s three highly qualified directors with three Starboard directors and changing course really
in the best interests of all Box stockholders? We believe the answer is clear: re-electing Box&rsquo;s nominees and having a Board
focus on short- and long-term value will best position the company to successfully deliver Box&rsquo;s vision. The addition of
directors representing Starboard&rsquo;s short-term, pre-set agenda would jeopardize the momentum underway and put future stockholder
value at risk.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Box Has Taken Proactive Actions to Deliver
Long-Term Value Creation, and Is Delivering Strong Results</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Today, Box is in the strongest financial position in its history,
while continuing to push the envelope and pioneer the content management industry as it serves more than 100,000 customers around
the world.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Our strategy is working, and your Board and management team are
best positioned to build on the company&rsquo;s momentum and continue to create value for all stockholders. In fact, since <FONT STYLE="color: #201F1E">January
15, 2021, the last trading day prior to when the Board began its strategic review</FONT>, Box&rsquo;s share price has increased
over 30%, outperforming Box&rsquo;s SaaS Peer Set<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>3</SUP></FONT>
by over 36%.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Box is executing a clearly defined plan to accelerate revenue growth
while driving further margin improvement. With a more efficient and productive go-to-market strategy, a differentiated product
portfolio and strong customer momentum, Box is on track to deliver the vision of the Content Cloud and primed to capture one of
the largest markets in software &ndash; content management, collaboration, storage and data security, which represents a total
addressable market of over $55 billion annually. We are:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expanding in key international markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Enhancing sales productivity across geographies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Building market-leading products and capabilities in line with our Content Cloud strategy; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Enabling customers to power the full lifecycle of content management in the cloud.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Furthermore, as companies accelerate their move to the cloud, implement
hybrid work strategies and seek to securely enable digital transformation, Box is extremely well positioned at the center of these
megatrends. We are delivering the broadest and most innovative cloud content management platform on the market, strengthening our
partner ecosystem and enhancing integrations with Google Workspace, Microsoft Teams, Okta, Salesforce, Slack, and Zoom, among others,
and expanding our product portfolio through:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Box Sign</B> - the company&rsquo;s first native e-signature product offering, which enhances our e-signature capabilities
and represents a new multi-billion market opportunity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Box Shield</B> - the company&rsquo;s breakthrough content security solution, including automatic data classification and
malware detection, to enable enterprises to protect their most valuable data in Box;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Box Shuttle</B> - one of the fastest and most cost-efficient large-scale content migration systems to help enterprises dramatically
accelerate their transition to the cloud;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Box Relay </B>- allowing our end users to easily build, manage and track their own workflows;&nbsp;and</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>3
</SUP></FONT>SaaS Peer Set includes: 8x8, Cornerstone OnDemand, Five9, FireEye, Guidewire, HubSpot, Momentive, New Relic, Nutanix, Qualys,
Solar Winds, Zendesk and Zuora</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Box Platform </B>- further enabling customers and partners to build enterprise apps using our open APIs and developer tool.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Box delivered strong revenue growth and profitability in fiscal
year 2021 and that momentum has not only continued but accelerated into the first quarter of fiscal 2022, the results of which
we reported on May 27, 2021<SUP>4</SUP>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For Fiscal 2021, we achieved:</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Revenue growth rate plus free cash flow margin of over 26%, exceeding stated target of 25%, and nearly double the results
        from fiscal 2020;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Revenue of $771 million, an 11% increase year-over-year;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>RPO of $897 million, up 17% year-over-year;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Non-GAAP operating margin of over 15%, a 1,400 basis point margin increase over the prior year; and</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>A $127 million increase in free cash flow in fiscal 2021.</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For First Quarter Fiscal 2022, we achieved:</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Revenue of $202 million, a 10% increase year-over-year, and higher than the 8% growth delivered in the previous quarter;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>RPO of $865 million, up 20% year-over-year;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Non-GAAP operating margin of 17%, a 760 basis point margin increase over the first quarter last year; and</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Record free cash flow of $76 million, a year-over-year improvement of 91%.</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">In addition, with our first quarter fiscal 2022 earnings report,
we also raised revenue and operating margin guidance for the full year fiscal 2022 to the following<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>4</SUP></FONT>:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Revenue in the range of $845 million to $853 million, raised by $5 million, representing 11% year-over-year growth at the high
end; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Non-GAAP operating margin in the range of 18% to 18.5%, up 3.1 percentage points year-over-year at the high end of this range.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The Board and management team are also confident in our ability
to achieve our fiscal 2024 financial targets of 12% to 16% revenue growth and operating margins between 23% to 27%.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Your Board is Highly Qualified, Engaged
and Diverse: Seven New Independent Directors Added Since 2018, Including Three Appointed in Starboard Settlement </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The Box Board is meaningfully refreshed, resulting in a dynamic
boardroom with new and varied perspectives. Your Board consists of ten directors &ndash; seven of whom joined since 2018 as independent
directors. In addition, John Park, Head of Americas Technology Private Equity at KKR, was appointed in conjunction with the KKR-led
investment in May.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Collectively, your directors have significant public company experience
that is highly relevant to overseeing the execution of Box&rsquo;s strategy, serving as directors and C-suite executives of multi-billion
dollar publicly traded SaaS and enterprise software companies. We have also made substantial corporate governance enhancements,
including separating the Chair and CEO roles by naming Bethany Mayer as the independent Chair of the Board and Chair of the Compensation
Committee. Jack Lazar was also appointed as Chair of the Audit Committee.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>4</SUP></FONT>
A reconciliation of non-GAAP financial measures to their nearest GAAP financial measures can be found at
VoteBlueforBox.com/Reconciliation</P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Box Board of Directors Skills &amp; Experience</B></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Number of Box Directors</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">SaaS and Enterprise Software, as Executive or Director </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/10 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Public Multi-Billion Dollar Company C-Suite Executive </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">9/10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Public Multi-Billion Dollar Technology Company Director </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/10 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Leading Value-Maximizing Company Sale Transactions </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">8/10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Finance and Investment (at Technology or Financial Services Companies)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">4/10 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Global Go-to-Market Strategy and Business Operations</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10/10</TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Furthermore, members of the Board have demonstrated a clear willingness
to pursue a sale of a company when it generates the greatest value for stockholders. In fact, Box Board members have been directors
or executives at no fewer than 30 companies that have been sold, including 14 public companies. And this does not even include
the track record of John Park as Head of Americas Technology Private Equity at KKR.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Box&rsquo;s Nominees Are Best Positioned
to Advance Box&rsquo;s Strategy and Vastly Superior to Starboard&rsquo;s Slate</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The company&rsquo;s directors up for re-election at the Annual Meeting
&ndash; <B>Dana Evan, Peter Leav, and Aaron Levie </B>&ndash; have played essential roles in designing and overseeing the execution of
Box&rsquo;s strategy, and have the expertise needed to continue to drive the company forward. We are confident that their skillsets are
vastly superior to those of Starboard&rsquo;s nominees for the Box Board. Combined they bring nearly seven decades of SaaS and enterprise
software experience, either as operators or board members, and have led multiple company sale transactions totaling tens of billions
of dollars<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><B><SUP>5</SUP></B></FONT>,
maximizing stockholder value. More specifically:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Dana Evan</B>, former
Chief Financial Officer of VeriSign and 2019 &lsquo;Director of the Year&rsquo; of the NACD, has a powerful track record of maximizing
stockholder value in her director roles, including, among others, in her role as Lead Independent Director of Proofpoint, which recently
announced an agreement to be acquired for $12.3 billion<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>6</SUP></FONT>,
and as a director at Omniture which was acquired by Adobe. Ms. Evan has significant experience investing in and serving on Boards of
SaaS-based technology and internet companies, including Domo, Farfetch, and Momentive (formerly Survey Monkey).</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Peter Leav</B>, CEO of McAfee, brings more than two decades of executive leadership expertise, including as the former CEO
of BMC, which was acquired by KKR, and Polycom, acquired for $2.0 billion in cash. Mr. Leav has valuable experience in global go-to-market
strategy and operations, having successfully scaled and led multiple multi-billion dollar SaaS and enterprise software businesses,
and a strong track record of translating innovation to profitable growth. Mr. Leav brings considerable public company board experience
across varied industries, including at BMC, HD Supply, McAfee, Proofpoint and Polycom.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>5</SUP></FONT>
Total enterprise value of transactions where Evan and Leav were on boards of directors</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>6</SUP></FONT>
Transaction announced on April 26, 2021 and expected to close in third quarter 2021</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Aaron Levie</B>, Box&rsquo;s Co-Founder and CEO, a pioneer of the content management industry for the cloud era, continues
to execute a clear vision for Box&rsquo;s strategy, product, and purpose. Mr. Levie is the driving force behind essential customer
and partner relationships across the Fortune 500 and is the direct sponsor of key partners including Microsoft, Google, IBM, Salesforce,
Adobe, Zoom and Slack, among many others. Under his leadership, Box has reached over 100,000 customers globally, developed a disruptive
and highly differentiated product, built a robust partnership ecosystem, and is successfully executing a clearly defined strategy
to drive profitable growth.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Your Board Is Operating with the Best Interests
of All Stockholders in Mind, and the KKR-Led Investment Demonstrates that Commitment </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E">The Strategy Committee
of our Board &ndash; which included all three directors appointed to the Board pursuant to the March 2020 settlement agreement
with Starboard &ndash; led a multi-month comprehensive review of strategic options to drive stockholder value, which included evaluating
a potential sale of the entire company as well as not entering into any transaction.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E">After the conclusion of
the strategic review, the Strategy Committee unanimously recommended, and the full Board unanimously agreed, to approve the KKR-led
investment and subsequent &ldquo;Dutch auction&rdquo; self-tender. We believe that this decision, coupled with continuing to execute
the company&rsquo;s strategic plan, is the path that maximizes value for all stockholders. Specifically:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">The self-tender allowed stockholders to either sell
their stock at $25.75 per share, a <B>43% premium</B> to the closing price on January 15, 2021, the last trading day prior to when
the Board began its strategic review, or to participate in any additional upside potential alongside KKR as a long-term investor.
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; background-color: white; color: #201F1E">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #201F1E"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">The investment led by KKR, one of the world&rsquo;s
leading technology investors, is a validation of Box&rsquo;s strategy and the potential to create future value for all stockholders
as we build upon the progress made over the past year. <B>KKR would not have made a significant investment in the company if it
didn&rsquo;t believe the stock price could appreciate well beyond the conversion price of $27 per share</B> &ndash; an important
endorsement for the sell-side and all of our investors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The appointment of KKR&rsquo;s John Park to the Board is a significant positive for the company. KKR is one of Box&rsquo;s
largest stockholders and an active global investment firm with a deep understanding about the company&rsquo;s business and strategy.
In addition, Mr. Park brings extensive experience investing in technology companies with a focus on the cloud and a strong track
record of helping companies drive disciplined growth and profitability.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>It is important to note that the KKR-led
investment and subsequent self-tender provided stockholders with the ability to sell their stock at a materially higher premium
than a sale of the company that had been demanded by Starboard when the stock was trading at $17 to $18 per share. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E"><B></B></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #201F1E"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #201F1E">Furthermore,</FONT> the Board has
previously stated it <FONT STYLE="color: #201F1E">anticipates deploying the unused portion of the $500 million intended for the
tender offer to repurchase shares</FONT>. <FONT STYLE="color: #201F1E">As a consequence, the KKR-led investment, and subsequent
self-tender transaction, with the Board&rsquo;s authorization to repurchase shares is expected to be non-dilutive to stockholders.
</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Box Has a Long History of Constructive Engagement
with Starboard and Has Been Responsive to Starboard&rsquo;s Suggestions</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Over the past two years, the Board has consistently engaged in
good faith with Starboard (including at least 45 calls or meetings with Starboard during this time period), has been responsive
to Starboard&rsquo;s suggestions and demands, and has itself taken proactive actions to enhance the company&rsquo;s governance
and oversee improved operating performance. As part of the March 2020 settlement with Starboard, we replaced three long-standing
directors with three new directors &ndash; Ms. Mayer, Mr. Lazar and Mr. Bass. Pursuant to the settlement, we also formed an Operating
Committee, which included two of these new directors and which has overseen an increased focus on growth and operating margin improvement.
The Board later formed a Strategy Committee to complete a comprehensive review of strategic options, which Starboard had also demanded.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The Board has taken action to enhance the company&rsquo;s corporate
governance, including separating the Chair and CEO roles with Mr. Levie stepping down as Chair, naming Ms. Mayer as Chair of the
Board and Chair of the Compensation Committee, and naming Mr. Lazar as Chair of the Audit Committee. As a result, the directors
appointed pursuant to the Starboard settlement hold a majority of the leadership positions on the Board and have extensive representation
on its committees, including:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Chair of the Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Chair of two of the three standing committees &ndash; Compensation Committee and Audit Committee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Two of the four seats on the Operating Committee, which was charged with working with management to identify and recommend
opportunities for growth and margin enhancement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Three of the four seats on the Strategy Committee, which was charged with overseeing the strategic review.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Importantly, the work of the Operating Committee and management,
and these governance enhancements more generally, led to substantial progress across all facets of the business &ndash; strategic,
operational and financial. These efforts were reflected in Box&rsquo;s first and second fiscal quarter results announced in May
2020 and August 2020, respectively. In emails in the wake of these results, Starboard stated to the company that <B>Box was &ldquo;on
a good path&rdquo;</B> and that Starboard was <B>&ldquo;thrilled to see the company breaking out.&rdquo;</B> Starboard further
noted, <B>&ldquo;appreciate you guys working with us and accepting the counsel. Not everyone behaves that way and it is greatly
appreciated.&rdquo; </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">However, just three months later following two quarters of Starboard
praising Box&rsquo;s improved financial performance, on December 1, 2020 when Box announced revenue guidance slightly below expectations,
<B>Starboard reversed course and stated that the Box Board should either explore a sale of the company, or fire the company&rsquo;s
CEO &ndash; otherwise Starboard would launch a proxy contest</B>. While guiding higher on profitability, the company noted that
it expected revenue to be in the range of $196 million to $197 million, 1% below analysts&rsquo; consensus estimates, as we were
being &ldquo;prudent in our growth expectations given the macroeconomic challenges that our customers are facing.&rdquo; While
the company&rsquo;s stock price initially declined on December 2, 2020 to a closing price of $16.91 from a closing price of $18.54
the day prior, the stock price quickly returned to levels in line with prices from prior to the earnings report, closing at $18.85
on December 16, 2020.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Since December, Starboard has taken the position that Box sell
itself or fire the company&rsquo;s CEO. <B>When the stock was trading at $17 to $18 per share, Starboard indicated that sale in
the low twenties per share would be acceptable to Starboard. </B>Subsequently, in mid-March when the stock was trading in the $21
to $22 per share range, Starboard indicated that a low-premium deal would be acceptable and should be pursued. Indeed, in late
March and early April 2021, Starboard sold hundreds of thousands of shares at prices ranging from $21.85 to $24.63. Since the time
Starboard told the company to explore a sale in early December, Box&rsquo;s stock has appreciated in value by 35%.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notwithstanding the short-term focus reflected by Starboard&rsquo;s
abrupt about-face, the Board and company did not dismiss Starboard&rsquo;s demands. Led by the Strategy Committee, whose members
include Mr. Bass, Ms. Evan, Ms. Mayer and Mr. Lazar, Box spent the next several months conducting a comprehensive review of strategic
options, including on a sale of the Company, to determine the best path for stockholder value creation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">More recently, the Board has had multiple conversations with Starboard
in a continuing effort to find a mutually agreeable path forward:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>After the announcement of the KKR-led investment, Starboard expressed its strong displeasure with the results of the strategic
review. In response to Starboard&rsquo;s concerns about the Board&rsquo;s process, the company immediately offered Starboard the
opportunity to execute a non-disclosure agreement so that it could be provided with more information about the strategic review
process, including its breadth and focus, and how the Board arrived at its determination that the KKR-led investment was in the
best interests of all stockholders. Starboard summarily rejected the opportunity to learn the facts about the Board&rsquo;s strategic
review process.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Starboard subsequently made an unsolicited private request to participate in the KKR-led investment and that Peter Feld be
appointed to the Board. After reviewing Starboard&rsquo;s offer, the Board unanimously determined that it was amenable to Starboard
receiving preferred stock on the same terms as KKR but that adding a Starboard representative to the Board would not be in the
best interests of all stockholders. The Board believes it is clear from multiple prior conversations that Starboard would come
into the boardroom with the same demands on which it has been unwavering over the past eight months &ndash; sell the company or
fire CEO Aaron Levie &ndash; and it is doubtful that a Starboard principal would be willing to have a truly open mind as to the
path forward for the company. <B>The Board is unanimous in its unwillingness to allow this short-term thinking and pre-judgment
of what is in the best interests of all stockholders into the boardroom.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Our Board later attempted to explore whether Starboard would be amenable to resolving the proxy contest by adding one of the
independent candidates nominated by Starboard; however, Starboard declined and insisted that Mr. Feld&rsquo;s addition to the Board
was a non-negotiable part of any settlement.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Your Board has been open-minded and responsive to stockholder input,
including that of Starboard. Do not be misled by Starboard&rsquo;s recasting of its interactions with the company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">With visionary leadership, a substantially refreshed Board, and
financial results that validate our strategic direction, Box is firing on all cylinders. The current Box Board &ndash; including
Dana Evan, Peter Leav and Aaron Levie, the three directors up for re-election this year &ndash; is uniquely equipped to guide the
company&rsquo;s strategy, with the expertise necessary to successfully deliver Box&rsquo;s vision and drive enhanced stockholder
value. <B>We urge you to use the enclosed BLUE proxy card to vote today &ldquo;FOR ALL&rdquo; three of Box&rsquo;s director nominees:
Dana Evan, Peter Leav and Aaron Levie. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Starboard&rsquo;s proposed changes to the Board would risk this
significant progress and jeopardize the long-term potential of your investment. <B>Please do not vote using any White proxy card
you may receive from Starboard&mdash;even as a &ldquo;protest vote.&rdquo; Any vote on the White proxy card will revoke your prior
vote on a BLUE proxy card, and only your latest-dated proxy counts. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The Box Board has been unified and unwavering in its commitment
to act in the best interests of all stockholders. We look forward to continuing our engagement with you as we work to deliver enhanced
stockholder value in the years ahead.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Thank you for your support,</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Box Board of Directors</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="padding: 6pt; text-align: center"><B>YOUR VOTE IS IMPORTANT!</B>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="text-align: left; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Simply follow the easy instructions on the enclosed <B>BLUE</B>
proxy card to vote by telephone, by internet or by signing, dating and returning the <B>BLUE</B> proxy card in the postage-paid
envelope provided. If you received this letter by email, you may also vote by pressing the <B>BLUE</B> &ldquo;VOTE NOW&rdquo; button
in the accompanying email. Please simply disregard any White proxy card you may receive from Starboard.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>It you have questions about how to
vote your shares, please call the firm assisting us with the solicitation of proxies, Innisfree M&amp;A Incorporated, at:</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>1 (877) 750-8233 (toll-free from the
U.S. and Canada)</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>or</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>+1 (412) 232-3651 (from other locations)</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Advisors</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Morgan Stanley &amp; Co. LLC is serving as financial advisor to
Box. Wilson Sonsini Goodrich &amp; Rosati, P.C. and Sidley Austin LLP are serving as legal advisors to Box.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>About Box, Inc.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Box (NYSE:BOX) is the leading Content Cloud that enables organizations
to accelerate business processes, power workplace collaboration, and protect their most valuable information, all while working
with a best-of-breed enterprise IT stack. Founded in 2005, Box simplifies work for leading organizations globally, including AstraZeneca,
JLL, and Morgan Stanley. Box is headquartered in Redwood City, CA, with offices in the United States, Europe, and Asia. To learn
more about Box, visit <FONT STYLE="color: Blue"><U>http://www.box.com</U></FONT>. To learn more about how Box powers nonprofits
to fulfill their missions, visit <FONT STYLE="color: Blue"><U>Box.org</U></FONT>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Certain statements contained herein contain forward-looking statements
that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect,
our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than
statements of historical fact could be deemed forward-looking, including, but not limited to, statements about the KKR-led investment
and achievement of its potential benefits; any potential repurchase of shares of Box common stock, whether, when, in what amount
and by what method any such repurchase would be consummated, and the per share price of any such repurchase; our future financial
and operating results, including expectations regarding revenues, deferred revenue, billings, remaining performance obligations,
gross margins and operating income; our market opportunity, business plan and ability to effectively manage our growth; our ability
to maintain an adequate rate of revenue and billings growth and our expectations regarding such growth; our ability to achieve
profitability and expand or maintain positive cash flow; our ability to achieve our long-term margin objectives; our ability to
grow our unrecognized revenue and remaining performance obligations; our expectations regarding our revenue mix; costs associated
with defending intellectual property infringement and other claims and the frequency of such claims; our ability to attract and
retain end-customers; our ability to further penetrate our existing customer base; our expectations regarding our retention rate;
our ability to displace existing products in established markets; our ability to expand our leadership position as a cloud content
management platform; our ability to timely and effectively scale and adapt our existing technology; our investment strategy, including
our plans to further invest in our business, including investment in research and development, sales and marketing, our data center
infrastructure and our professional services organization, and our ability to effectively manage such investments; our ability
to expand internationally; expectations about competition and its effect in our market and our ability to compete; the effects
of seasonal trends on our operating results; use of non-GAAP financial measures; our belief regarding the sufficiency of our cash,
cash equivalents and our credit facilities to meet our working capital and capital expenditure needs for at least the next 12 months;
our expectations concerning relationships with third parties; our ability to attract and retain qualified employees and key personnel;
our ability to realize the anticipated benefits of our partnerships with third parties; the effects of new laws, policies, taxes
and regulations on our business; management&rsquo;s plans, beliefs and objectives, including the importance of our brand and culture
on our business; our ability to maintain, protect and enhance our brand and intellectual property; and future acquisitions of or
investments in complementary companies, products, services or technologies and our ability to successfully integrate such companies
or assets. These statements are based on estimates and information available to us at the time of this presentation and are no
guarantees of future performance. We assume no obligation and do not intend to update these forward-looking statements or to conform
these statements to actual results or to changes in our expectations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Box has filed a definitive proxy statement on Schedule 14A (the
&ldquo;Proxy Statement&rdquo;), an accompanying BLUE proxy card and other relevant documents with the SEC in connection with such
solicitation of proxies from Box stockholders for Box&rsquo;s 2021 annual meeting of stockholders. BOX STOCKHOLDERS ARE STRONGLY
ENCOURAGED TO READ BOX&rsquo;S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING BLUE PROXY CARD AND ALL OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors and stockholders may obtain a copy of the Proxy Statement, an accompanying BLUE proxy card, any amendments or supplements
to the Proxy Statement and other documents that Box files with the SEC at no charge at the SEC&rsquo;s website at www.sec.gov.
Copies will also be available at no charge in the &ldquo;SEC Filings&rdquo; subsection of the &ldquo;Financial Information&rdquo;
section of Box&rsquo;s Investor Relations website at <FONT STYLE="color: Blue"><U>www.boxinvestorrelations.com</U></FONT> or by
contacting Box&rsquo;s Investor Relations department at <FONT STYLE="color: Blue"><U>ir@box.com</U></FONT>, as soon as reasonably
practicable after such materials are electronically filed with, or furnished to, the SEC.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Investors:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Cynthia Hiponia / Elaine Gaudioso</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">+1 650-209-3463</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: Blue"><U>ir@box.com</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">or</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Innisfree M&amp;A Incorporated</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Larry Miller / Jennifer Shotwell</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">212-750-5833</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Media:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Denis Roy / Rachel Levine</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">+1 650-543-6926</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: Blue"><U>press@box.com</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">or</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Leigh Parrish / Dan Moore</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">+1 212-355-4449</P>




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