SALESFORCE INITIAL COVERAGE PRESENTATION

This report was published for educational purposes only. Master of Finance candidates at Hult International Business School – San Francisco Campus, wrote the content of this report as a requirement to complete the program. This report may not be reproduced in any form without prior written consent. All rights reserved.

San Francisco, August 10, 2015

Buy Recommendation

Target Price Upside Consensus$100 42% $80-95

GrowthScalability Expansion

“We strongly believe scalability will act as a key growth driver as more customers become multi-cloud”

75% Revenues

25% Clients

Multi-Cloud Scalability

“SaaS will be present in every business and Salesforce is leading the industry revolution”

Source: Forrester Inc.

SaaS Market 2017

$105.5 BCRM Market

2017 $36.5 B

Market Growing at Fast Rate

20082009

20102011

20122013

20142015

20162017

20182019

20200

25

50

75

100

125

150

175

BPaaS ($) SaaS ($) PaaS ($) IaaS ($)

US$

Bill

ion

SaaS

“International expansion is paying off, with 33% growing rates in the European market”

72%18%

10%

33%

33%

21%

Revenues [% of total]

Revenues growth

Aggressive International Expansion

“Future company performance will continue to elevate the price of the shares.”

Investment Recommendation

$10042%

Credentials

Esteban Angeletti: Financial and accounting sector professional with more than 6 years of experience in internal and external audit, strategic planning and business development. Coordinated the efforts of a USD 1.24B expansion plan of a multinational company and raised more than USD 620M in order to finance the plan. Performed the valuation of a USD 195M acquisition.

Taivan Enkhtaivan: Finance professional with 3 years of experience in asset and investment management in the finance and insurance industries. Worked as an insurance underwriter and research/investment analyst. Global experience in Central Asia and the United States..

Erkan Yaray: Internal consultant with work experience in cash and foreign exchange management in a globally leading automotive company. Work experience includes participation in major projects. CFA Level 1.

Daniel Gomez: Management consultant with work experience in several start-ups. Administrative experience includes sales operations, price and cost structures analysis, personnel training and business-to-business negotiations. Experience in project management and implementation of quality management programs.

Tiancheng Tian: Auditor at Grant Thornton for Chinese IPO Candidates. CFA Level III Candidate. Master of Finance at HULT International Business School.

Sean Wells: Senior Undergraduate Business student with a concentration in Finance and Accounting. 1 year experience within the SaaS industry specializing in multi-cloud CRM solutions for customers in Europe and South America.