AX 2012 R2 Enterprise Portal not working on VM image on VirtualBox

If you have installed the AX 2012 R2 demo on VirtualBox and the Enterprise Portal or Role Center is not working, the fix might be as simple as editing the Hosts file. Here is the issue I received when I clicked Home link on Dynamics AX 2012 rich client.

In order to resolve this issue, I edited the C:\Windows\System32\drivers\etc\Hosts file in a text editor and added the following two lines

127.0.0.1       dynamicsax.contoso.com
127.0.0.1       sharepoint

Here is how it looks like

Couple of users noted that the fix above alone did not make their Enterprise Portal work. On top of the fix above you may need to change the binding in IIS manager.

1- Open IIS manager and navigate to Sites\DynamicsAX.
2- Go to Actions->Bindings.
3- Change the ip address to 127.0.0.1.

This may take a few minutes the first time to start.
Thanks to Alok Joshi for this insight which he quoted it from Arttu Vuorinen.