2/24/2018 S-1 Table of Contents INDUSTRY AND MARKET DATA This prospectus contains estimates and information concerning our industry, including market size of the markets in which we participate, that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. The markets in which we operate are subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Risk Factors.” These and other factors could cause results to differ materially from those expressed in these publications and reports. The source of certain statistical data, estimates and forecasts contained in this prospectus are the following independent industry publications or reports: * • Gartner, Inc., Magic Quadrant for Content Collaboration Platforms, July 2017. • International Data Corporation, Inc., Market Forecast: Worldwide Collaborative Applications Forecast, 2017­2021: Creating Productivity Growth with Customer Experience, July 2017. • International Data Corporation, Inc., Market Forecast: Worldwide Project and Portfolio Management Forecast, 2017­2021: Agile Governance in the Cloud Drives Market, June 2017. • International Data Corporation, Inc., Market Forecast: Worldwide Enterprise Content Management Software Forecast, 2017­2021, May 2017. • International Data Corporation, Inc., IDC’s Forecast Scenario Assumptions for the ICT Markets and Historical Market Values and Exchange Rates, Version 1, March 2017. • International Data Corporation, Inc., Market Forecast: Worldwide Storage for Public and Private Cloud Forecast 2016­2020, December 2016. • International Data Corporation, Inc., EFSS Evaluation Guide: Dropbox Sync Performance, July 2016. • International Data Corporation, Inc., Knowledge Worker Outlook on Content Managed Systems, June 2016. • McKinsey Global Institute, The Social Economy: Unlocking Value and Productivity Through Social Technologies, July 2012. • Deloitte Consulting LLP, Transitioning to the Future of Work and the Workplace: Embracing Digital Culture, Tools and Approaches, A White Paper on the Future of Work Research Study, 2016. * The Gartner Report described herein, or the Gartner Report, represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc., or Gartner, and are not representations of fact. The Gartner Report speaks as of its original publication date (and not as of the date of this prospectus), and the opinions expressed in the Gartner Report are subject to change without notice. Gartner has advised us that it does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner has advised us that it disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 45 https://www.sec.gov/Archives/edgar/data/1467623/000119312518055809/d451946ds1.htm 52/235

Dropbox S-1 | Interactive Prospectus - Page 52 Dropbox S-1 | Interactive Prospectus Page 51 Page 53