Boxed SPAC Presentation Deck

Prolific Margin Expansion Opportunities with Scale Retail Gross Margin % +9 pts 5% 2018A +10 pts 14% 2020A > 24% 2026F Estimated Increase +2-4 pts +1.5-2.5 pts 2-4 pts 1+ pts 1+ pts 2 3 4 5 1 Vendor Negotiations and Trade Funding ● ● 2 Ad Tech Monetization LEVERS TO DRIVE MARGIN EXPANSION ● Improved pricing and increased vendor promotional funding as the business scales ~5x over next 5 years 3 Broaden Product Assortment ● Opportunity to monetize an additional 2.5+ pts with release of new offerings and increased vendor adoption ● 4 Customer Retention Optimize product mix, including private label Leverage high margin marketplace offering for category expansion Improved retention delivers higher margin customer (high AOVS) Increased loyalty program & subscription revenue 5 Supply Chain Optimization Fulfillment center buildout reduces time in transit & lowers shipping costs 34

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