#1OCTOBER 2021 wework#2Disclaimer Confidentiality and Disclosures This presentation has been prepared for use by WeWork Inc. ("WeWork" or the "Company") and BowX Acquisition Corp. ("BowX") in connection with their proposed business combination. This presentation is for information purposes only and is being provided to you solely in your capacity as a potential investor in considering an investment in BowX and may not be reproduced or redistributed, in whole or in part, without the prior written consent of WeWork and BowX. Neither WeWork nor BowX makes any representation or warranty as to the accuracy or completeness of the information contained in this presentation. To the fullest extent permitted by law, in no circumstances will WeWork, BowX, or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The information in this presentation and any oral statements made in connection with this presentation is subject to change and is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in BowX and is not intended to form the basis of any investments decision in BowX. This presentation does not constitute either advice or a recommendation regarding any securities. You should consult your own legal, regulatory, tax, business, financial and accounting advisors to the extent you deem necessary, and must make your own decisions and perform your own independent investment and analysis of an investment in BowX and the transactions contemplated in this presentation. No Offer This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed business combination, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdictions. Investment in any securities described herein has not been approved or disapproved by the SEC or any other regulatory authority nor has any authority passed upon or endorsed the merits of the offering or the accuracy or adequacy of the information contained herein. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. Forward-Looking Statements This presentation supersedes and supplements any prior presentation and any oral or written communication with respect to WeWork and its business. Certain statements made in this presentation are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Such "forward-looking statements" with respect to the proposed transaction between WeWork and BowX include statements regarding the benefits of the transaction, the clear path to positive adjusted EBITDA, WeWork's ability to continue self-funding its growth into the future, the amount of cash the transaction will provide WeWork, the anticipated timing of the transaction and the products and markets of WeWork. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate." "estimate," "intend," "strategy," "future." "opportunity," "plan," "pipeline," "may," "should." "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of BowX's securities, (ii) the risk that the transaction may not be completed by BowX's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by BowX, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the shareholders of BowX, the satisfaction of the minimum amount in the trust account following redemptions by BowX's public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the PIPE investment, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on WeWork's business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of WeWork and potential difficulties in WeWork employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against WeWork or against BowX related to the Merger Agreement or the proposed transaction, (x) the ability to maintain the listing of BowX's securities on a national securities exchange, (xi) the price of BowX's securities may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which BowX plans to operate or WeWork operates, variations in operating performance across competitors, changes in laws and regulations affecting BowX's or WeWork's business, WeWork's inability to implement its business plan or meet or exceed its financial projections and changes in the combined capital structure, (xii) changes in general economic conditions, including as a result of the COVID-19 pandemic, and (xiii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the registration statement on Form S-4 discussed above, the proxy statement/prospectus and other documents filed or that may be filed by BowX from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward- looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and WeWork and BowX assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither WeWork nor BowX gives any assurance that either WeWork or BowX, or the combined company, will achieve its expectations. Use of Data This presentation contains information concerning WeWork's solutions and WeWork's industry, including market size and growth rates of the markets in which WeWork participates, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports commissioned by WeWork and its internal sources. This information involves many assumptions and limitations, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. Further, no representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Neither WeWork nor BowX have independently verified this third-party information. Similarly, other third- party survey data and research reports commissioned by WeWork or BowX, while believed by to be reliable, are based on limited sample sizes and have not been independently verified by WeWork or BowX. In addition, projections, assumptions, estimates, goals, targets, plans and trends of the future performance of the industry in which WeWork operates, and its future performance, are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by WeWork and BowX. WeWork and BowX assume no obligation to update the information in this presentation. 1 wework Ⓒ2021 WeWork. Confidential.#3Disclaimer (cont'd) Investors and security holders of BowX and WeWork are urged to read the proxy statement/prospectus and other relevant documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information about the proposed business combination. Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about BowX and WeWork through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by BowX can be obtained free of charge by directing a written request to BowX at Murray Rode ([email protected]) 2400 Sand Hill Rd Suite 200, Menlo Park, CA 94025. Company Projections All projections, estimates, goals, targets, plans, trends or other statements with respect to future results or future events in this presentation are forward-looking statements that are based on WeWork's management estimates and assumptions (including, without limitation regarding average occupancy, estimated expenses, estimated revenues and satisfaction of financing condition), that are inherently subject to significant uncertainties and contingencies, some of which may not materialize or may change, and are subject to risks and uncertainties over which WeWork and BowX have no control or ability to predict. Unanticipated events may occur that could affect the outcome of such projections, estimates, goals, targets, plans, trends and other statements. You must make your own determinations as to the reasonableness of these projections, estimates, goals, targets, plans, trends and other statements and should also note that if one or more estimates change, or one or more assumptions are not met, or one or more unexpected events occur, the performance and results set forth in such projections, estimates, goals, targets, plans, trends and other statements may not be achieved. We can give no assurance as to future operations, performance, results or events. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that WeWork and BowX, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Use of Non-GAAP Financial Metrics This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow (including on a forward-looking basis). These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to net loss or other measures of profitability, liquidity or performance under GAAP. You should be aware that our presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. WeWork believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about WeWork. WeWork's management uses forward-looking non-GAAP measures to evaluate WeWork's projected financials and operating performance. Reconciliations of historical non-GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. India, China, and Israel This presentation includes operating metrics (including number of locations, desks, and memberships) relating to WeWork's investments and operations in China and India, which are not consolidated. Therefore, the results of WeWork's operations in China and India are not reflected in the WeWork financial statements and projections set forth in this presentation on a line-by-line basis, as such operations are not conducted through consolidated subsidiaries or controlling interests of WeWork. In June 2021, we closed a franchise agreement and transferred the building operations and obligations of our Israel locations to the Franchisee. Israel results of operations have been included through May 2021, and excluded from subsequent projections. Unless otherwise explicitly specified in this presentation, India and China and Israel related metrics are excluded from all calculations. Additional Information and Where to Find It This presentation relates to a proposed transaction between BowX and WeWork. This presentation is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of WeWork, the combined company or BowX, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. BowX has filed a registration statement on Form S-4 (Registration No. 333-256133) with the SEC, which includes a document that serves as a prospectus and proxy statement of BowX, referred to as a proxy statement/prospectus. The definitive proxy statement/prospectus was filed with the SEC on September 20, 2021 and was sent to all BowX stockholders as of September 14, 2021 (the record date for voting on the proposed transaction). Before making any voting decision, investors and security holders of BowX are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed with the SEC in connection with the proposed transaction because they contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed with the SEC by BowX through the website maintained by the SEC at www.sec.gov. Participants in Solicitation BowX and its directors and executive officers may be deemed to be participants in the solicitation of proxies from BowX's stockholders in connection with the proposed transaction. A list of the names of the directors and executive officers of BowX and information regarding their interests in the business combination is set forth in BowX's registration statement on Form S-4 (Registration No. 333-256133) filed with the SEC. Additional information regarding the interests of such persons and other persons who may be deemed participants in the solicitation is contained in the registration statement and the proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of WeWork and other companies, which are the property of their respective owners. wework 2 Ⓒ2021 WeWork. Confidential.#4Empowering tomorrow's world at work 3 | wework 2021 WeWork. Confidential.#5CE SUPER Contents 01 WeWork & the Future of Work 02 Financial Overview Governance 03 04 Appendix 4 1 wework Ⓒ2021 WeWork. Confidential.#6Our core values guide everything we do Our Core Values STR. RIGHT DO THE wirk V TO BE GIVE BETTER Her va ENTRE THING work R. TOGE GRATITUDE 1 P BE KIND Do the right thing. Strive to be better, together. Be entrepreneurial. Give gratitude. Be human, be kind. Our Core Constituents 맨 Members Employees Shareholders Landlords Service Providers 5 wework Ⓒ2021 WeWork. Confidential.#7Global footprint WeWork's flexible workspace solution is disrupting the traditional real estate model on a global scale Global 762 LOCATIONS Consolidated 629 LOCATIONS 930k DESKS 764k DESKS 575k TOTAL MEMBERSHIPS 461k TOTAL MEMBERSHIPS USC LatAm Wholly-owned Israel EMEA Consolidated JV India China Pacific Note: As of 9/30/21, Q3'21 statistics are preliminary. Effective upon close of the Latin America joint venture transaction, which occurred in September 2021, LatAm is considered a consolidated JV. LatAm JV includes Mexico, Brazil, Colombia, Argentina, and Chile; Peru and Costa Rica remain wholly-owned. Israel was deconsolidated beginning June 2021. Total memberships includes Physical Memberships and All Access and Virtual Memberships. Japan Unconsolidated Franchises 6 | wework Ⓒ2021 WeWork. Confidential.#8WeWork's network is global and growing As occupancy rebounds, WeWork's global infrastructure of world-class partnerships and service providers will allow it to scale quickly 1. Members Dropbox box v NOVARTIS i slack Google Johmon-Johmion salesforce coinbase citi GEORGETOWN UNIVERSITY As of June 30, 2021 ORGANON 57% of Fortune 100 companies are members(1) Landlord Partners The Blackstone Group bxp Boston Properties vanke TISHMAN SPEYER Brookfield Properties FUNO STARWOOD CAPITAL GROUP Hines Ivanhoé Cambridge Service Providers CBRE CUSHMAN & WAKEFIELD Colliers JLL AVISON YOUNG BLANCA NEWMARK 7 1 wework Ⓒ2021 WeWork. Confidential.#9WeWork management team Marcelo Claure Executive Chairman Samit Chopra President & COO, International Melinda Holland President & COO, Americas Jared DeMatteis Chief Legal Officer Maral Kazanjian Chief People Officer Sandeep Mathrani Chief Executive Officer Ben Dunham Chief Financial Officer Scott Morey President of Technology & Innovation Lauren Fritts Chief Communications Officer Chandler Salisbury VP of Investor Relations & Corporate Development Anthony Yazbeck Global President & Chief Operating Officer Peter Greenspan Global Head of Real Estate Roger Solé Chief Marketing Officer 8 wework Ⓒ2021 WeWork. Confidential.#10Right company, right time WeWork has overhauled its business operations and cost structure, right-sized its real estate portfolio and refined its value proposition 1. 2. Streamlined Operations and Expenses Optimized location operating expenses by $400M on a per square foot basis(1) Cut SG&A expenses by $1.1B on an annualized, run-rate basis(1) Divested all non-core businesses As of Q2 2021 as compared to Q4 2019. As of 9/30/21. Preliminary and subject to change. Optimized Portfolio _ Over 150 full lease exits and 350 lease amendments from the beginning of 2020 through Q2 2021 _Achieved an estimated $400M in annualized rent savings as a result of our portfolio optimization efforts to date _Executed franchise and other management agreements in China, Israel and Latin America where local capital and expertise can strengthen WeWork's international business Strengthened Value Proposition _ Outsized growth vs commercial office market Sequential growth in occupancy and revenue since April 2021 show continued momentum All Access memberships reached 32,000 (2) as Enterprise clients and SMBs alike continue strong adoption _ Launching technology platform for operators and occupiers to manage their space, becoming a true end-to-end solution for modern workplace needs 9 wework Ⓒ2021 WeWork. Confidential.#11Space as a Service: Our diverse range of products covers the full spectrum of flexible office needs ACCESS On Demand Workspace when needed Spaces Pay-as-you-go Workspace by the day or hour Commitment-free All Access One keycard for access to hundreds of spaces globally wework. 584 561 Monthly subscription Global workspaces for a monthly fee Monthly subscription DEDICATED PHYSICAL SPACE Dedicated spaces Offices for teams of all sizes Dedicated desk Personal desk in a shared office Access to shared amenities + Standard office Private, lockable space wework. Bundle WeWork All Access with any dedicated space product, regionally or globally Office suite Full-floor office or bldg Space with private amenities Configurable space on a separate floor or building HHHH Month-to-month or long-term commitment Private + shared amenities 10 | wework Ⓒ2021 WeWork. Confidential.#12Compelling flexibility across space, time, and cost Space Flexibility Time Flexibility Portability 1 Desk 메 1 Hour 1 Contract E Custom office Multiple years One city to another ● ● ● Option to occupy a select number of desks or entire floors Ability to utilize hundreds of spaces globally via All Access Choice of occupying workspace on an on-demand basis, through a monthly subscription, or long-term contract Ability to move part or all existing commitment to a new market, region, or country 11 | wework Ⓒ2021 WeWork. Confidential.#13Flexible space is where Retail was at the turn of the century Like e-Commerce in the early 2000s, flexible space is expected to reach critical mass over the next decade U.S. Flexible Workspace Penetration as % of 3.5B office supply RSF (1)(2) Estimated flex space penetration rates have greatly accelerated due to COVID-19 1% 2000 1. 2. 3. 4% E-Commerce as % of retail sales in the U.S.(3) 6% 2010 Pre-COVID (Low) 11% CBRE "Let's Talk About Flex" (2019). Reflects growth of U.S. Rentable Square Footage from 2019A to 2023E. JLL "The impact of COVID-19 on flexible space" (2020). 21% 2% (1) 2020 Pre-COVID (Mid) — Pre-COVID (High) Digital Commerce 360 and U.S. Commerce Dept. In-store sales factor out the sale of items not normally purchased online, such as fuel, automobiles and sales in bars and restaurants. 2021-2030 projections based FTI Consulting "2021 Online Retail Forecast Report." - 33% 30% (2) 22% (1) 2030 13% (1) 7% (1) Post-COVID 12 | wework Ⓒ2021 WeWork. Confidential.#14WeWork is taking market share Based on Q2'21 leasing activity(3) Market (1) London (Q2) New York (Q2) New York (Q3) Paris (Q2) Boston (Q2) San Francisco (Q2) Chicago (Q2) Los Angeles (Q2) Miami (Q2) WeWork as a % Market Stock(2) ~1% ~1% ~1% (4) ~2% ~2% ~1% ~0.5% ~0.2% ~1% Note: Q3'21 statistics are preliminary. 1. Ranked from highest to lowest in terms of square feet occupied by WeWork as of Q2'21. 2. 3. 4. Market Leasing Activity (sq. ft.)(2) 1,980k 4,400k 7,300k 1,640k 530k 1,400k 960k 3,400k 850k Please refer to "Market Share Methodology and Sources" in the appendix for additional information on methodology and sources. WeWork leasing activity based on total new desks sold and renewed in each market multiplied by 60 rentable square feet per desk. Q2'21 WeWork as a % of Market Stock. WeWork Leasing Activity (sq. ft.)(3) 730k 1,000k 930k 250k 170k 170k 100k 450k 180k % of Market Leasing Activity(3) 37% 23% 13% 15% 32% 12% 11% 13% 21% 13 wework Ⓒ2021 WeWork. Confidential.#15The WeWork sales cycle Our sales cycle has decreased significantly as SMB and Enterprise members demand turn-key solutions on short notice SMB Members Deal Created Negotiations 17 days Deal Won Time to Move In 21 days Enterprise Members Deal Created Negotiations 41 days Deal Won Member Move In Time to Move In 48 days Average Commitment Length 14 months Member Move In Note: Please see Definitions pages in the appendix for further detail. Sales cycles and average commitment length based on Q3'21, which is preliminary. Average Commitment Length 28 months 14 | wework Ⓒ2021 WeWork. Confidential.#16Revenue and desk sales continue to recover Q1 2021 Revenue: $598M Consolidated Revenue ($m) $210 31k 15k Jan-21 $200 40 k 18k Feb-21 YOY New Desk Sales Growth (39%) (37%) Consolidated New Desk Sales (k) 54k $188 27k Mar-21 Q2 2021 Revenue: $593M 52% $187 34k 21k Apr-21 186% $197 48k Consolidated Gross Desk Sales (k) 29k May-21 172% 71k $209 Note: Please see Definitions pages in the appendix for definitions of new desk sales and gross desk sales. Q3'21 revenue and desk sales are preliminary. 48k Jun-21 Est. Q3 2021 Revenue: $658M 169% $215 46k 27k Jul-21 83% $215 45k 27k Aug-21 129% $228 63k 30k Sep-21 10 4% 15 wework Ⓒ2021 WeWork. Confidential.#17Q3 sales performance Consolidated operations 154k gross desk sales(2) 1. 2. 3. 47% enterprise as a % of total memberships (2) Note: Q3'21 statistics are preliminary. 9.2m square feet sold (1) 60% total occupancy(2) Assuming 60 square feet per desk sold. Please see Definitions pages in the appendix for further detail Includes an incremental 31k net memberships that are already contracted to move in or move out, bringing total sold enterprise memberships to date of 492k. 21 mo. average commitment length(2) 64% total occupancy including sold memberships (3) 16 wework Ⓒ2021 WeWork. Confidential.#18Our growth strategy focuses on sourcing new locations profitably Location selection driven by ability to maximize profitability, minimize risk and capital spend Sourcing Strategy *5 Large Unmet Demand Opportunities to expand portfolio in markets we achieved over 80% occupancy Outsized Employment Growth Markets experiencing strong employment and population growth Enterprise Driven Co-sourcing with Enterprise members, leases backed by longer term contracts Lower Risk, Smaller Upside Higher Risk, Larger Upside Execution Strategy Management Deals 10-15% revenue fees and 0% opex, $0 capex commitment Revenue Share 5-10% capex commitment, no minimum rent, 30-50% of upside Traditional Lease 100% net capex commitment (above TA allowance) at below market rent, 100% of upside 17 | wework Ⓒ2021 WeWork. Confidential.#19WeWork has created "bundles" of asset-light, Space as a Service offerings to meet a range of flexible space needs for both landlords and tenants Space type Product iv Flex Space Traditional flex space offering for Enterprise and SMBs with out-of-the-box WeWork branding, technology, design and operations WeWork Flex WeWork-branded ii Partner Flex Co-branded (iii Amenity Space A best-in-class amenity offering with the core elements of flex Partner Amenity Co-branded or client-branded WeWork Workplace Technology A new software product being developed for tenants to improve engagement and utilization across their portfolio CASE STUDY: SaksWorks A Partner Flex solution Deal Summary: e WeWork Services: Community Support HBC needed partner to manage, power, and sell flexible workspace to the public and establish a new brand identity for underutilized retail space HBC responsible for all CapEx, OpEx, and management fee Consumer Tech Operating Tech Building Tech Sales WORKS Team to manage day-to-day ops & hospitality Booking & Access (White-Labeled Tenant Experience) Space Inventory, Account Mgmt, Sales & Marketing Tools Network, A/V, Security, Access Control, etc. WeWork to fill space via enterprise sales channels and dedicated asset sales team 18 wework Ⓒ2021 WeWork. Confidential.#20Membership and workstation assumptions Physical Memberships All Access Memberships Core Leased ARPM Workstations Physical Occupancy $532 525k 525k 20 19A 697k 75% $510 395k 387k 2020A 865k 45% 591k 50 k $479 541k 2021E 730k 74% 772k 67k $514 706k 2022E 823k 86% 90 7k $547 13 1k 776k 2023E 894k 87% Source: Management Projections as filed 8/13/21. Please see Definitions pages in the appendix for further detail. Metrics presented are for Consolidated operations only, excluding China and India throughout all historical and projected periods. Israel is included in 2019 and 2020 metrics, and excluded from 2021 through 2024 projected periods. Core Leased ARPM is defined as Membership and Services (inclusive of late fee) revenue for the period divided by cumulative Physical Memberships. 973k $569 134k 839k 2024E 971k 86% 19 wework Ⓒ2021 WeWork. Confidential.#21All Access All Access offers a proven value proposition that has already seen strong adoption from major Enterprise clients and SMBs alike Proven Demand 32k All Access & Other Virtual Memberships as of September 2021 Note: Q3'21 statistics are preliminary. Compelling Value Proposition AD M S Ultimate Flexibility On Demand (pay-as-you-go) or $299 monthly subscription that provides access to global network of locations Drives Occupancy Allows WeWork to drive occupancy beyond physical capacity levels across portfolio based on utilization projections High Margins Significant incremental margins given subscription-based model on top of traditional leased business Distributors & Affinity Partners AMERICAN EXPRESS Uber Y Combinator Vensure Employer Services American Airlines AAdvantage Brex 20 | wework Ⓒ2021 WeWork. Confidential.#22All Access strategy All Access subscription and pay-as-you-go services are the ideal solution for the rapidly growing hybrid work environment WeWork's two-pronged approach: → Gain enterprise-wide implementation of All Access flex services by leveraging relationships with C-suite decision-makers → Increase awareness of the low barrier to entry pay-as- you-go option through funnel-wide consumer marketing and affiliate partnerships All Access and On Demand use cases: → Shorten commute → Escape work from home → Touch-down point between meetings → Flex office for employees in locations with no corporate office presence → Project and team-based collaboration work → Host external customer / client meetings → Business travel "home base" Customer lifecycle: → Customers move up the value-chain to subscribe to an All Access monthly membership or sign up for a longer term dedicated space lease → Drive compounded, organic growth as our customers have a high propensity to encourage their peers to try WeWork 21 | wework Ⓒ2021 WeWork. Confidential.#23WeWork Workplace SaaS Strategy WeWork is leveraging its current market-leading technology stack to create a Workplace Management SaaS product, "WeWork Workplace" which empowers enterprises to manage their entire real estate portfolio WeWork's Competitive Edge Companies will choose us as their technology partner given WeWork's... Best-in-class product enabling organizations to manage use of all types of real estate, including but not limited to WeWork flex space Position as global flex leader with strong brand equity and track record of operational expertise ● Existing relationships with ~3K global enterprises today Unmatched access to analytical insights for organizations to understand how their employees are interacting with RE Diversify company revenue with limited capex investment IMPACT TO CORE BUSINESS: X Bundling opportunities with core WeWork space-as-a- service and WeWork Workplace tech Create relationship stickiness with global enterprises Enhance position as world's leading flexible space operator and tech provider 22 | wework Ⓒ2021 WeWork. Confidential.#24WeWork Workplace SaaS overview WeWork Workplace is a Workplace Management SaaS technology that helps companies enable flexibility for employees, efficiently analyze and manage their workspaces, and bring their people back to work safely Who uses this solution? ● Global enterprises ● National enterprises Small-to-mid-sized companies Where can it be used? wework and/or space ALeased or Owned Traditional RE I.e., Your non-WeWork space, such as corporate HQ, satellite offices, etc. 23 | wework Ⓒ2021 WeWork. Confidential.#25WeWork Workplace offers a differentiated value prop for tenants through fully integrated Workplace Experience Management SaaS Booking tools for desks & meeting rooms Visitor management and health check features Functionality includes: 6 Access permission management for admins Flexible access to additional WeWork space LORA Data analytics and utilization reporting 8 Location capacity management WeWork's proprietary technology empowers tenants to optimize their employees' utilization of both WeWork flex as well as their own leased or owned space. 24 | wework Ⓒ2021 WeWork. Confidential.#26Cushman & Wakefield transaction CUSHMAN & WAKEFIELD X wework The partnership underscores the confidence from the market in both WeWork's business and brand, while adding incremental value to the WeWork balance sheet and providing a new sales channel to drive additional revenue Note: The material terms of the partnership are non-binding and subject to finalization of definitive documentation. ● ● ● ● Portfolio Management: Will enable WeWork to take and operate incremental space from C&W's corporate clients and landlord partners in attractive markets driving additional revenue Workplace Management: Will enable C&W corporate clients to access WeWork's proprietary workplace management software Facilities Management Services: C&W to become WeWork's facilities management provider in select regions Strategic Investment: In discussions regarding a potential transaction where C&W would provide up to $150M in a backstop equity facility 25 | wework Ⓒ2021 WeWork. Confidential.#27TE Contents 01 WeWork & the Future of Work Financial Overview Governance 02 03 04 Appendix 26 | wework Ⓒ2021 WeWork. Confidential.#28Transaction overview Proposed transaction terms $1,283m total gross cash proceeds (3) $800m PIPE raised at $10.00 per share 100% primary use of proceeds ● ● Pro forma ownership(2) 1. 2. 3. 4. Existing WeWork Rollover Equity, 80.8% BowX Public Shares, 6.7% BowX Sponsor Shares, 1.3% PIPE Shares, 11.2% Pro forma valuation ($ in millions; except per share price) Illustrative WeWork Share Price Pro Forma Shares Outstanding Pro Forma Equity Value (+) Pro Forma Debt(¹) (-) Pro Forma Cash (¹) WeWork Enterprise Value Sources & Uses ($ in millions) Sources Existing BowX Cash in Trust (3) Expected PIPE Proceeds WeWork Rollover Equity Existing WeWork Cash (4) Total Sources Uses Cash to Pro Forma 6/30/2021 Balance Sheet Equity Co deration to WeWork Shareholders Repayment of $350m Secured CP Facility Transaction Fees & Related Employee Payments Total Uses Reflects WeWork Total Funded Debt and Cash as of 06/30/21. Refer to the debt structure overview in the appendix for pro-forma debt and cash calculations Ownership excludes the impact of outstanding stock options, restricted stock units and common stock warrants. Assumes no public stockholders of BowX exercise redemption rights. Assumes no redemptions by BowX existing public shareholders. Reflects WeWork wholly-owned ParentCo Cash and JapanCo Cash as of 6/30/2021. Inclusive of $102.6m of VIE cash. Excludes JapanCo restricted cash of $10m and $2m of wholly owned-restricted cash. $10.00 792.7 $7,927 2,907 (1,679) $9,155 $483 800 6,553 844 $8,680 $1,679 6,553 350 98 $8,680 27 | wework Ⓒ2021 WeWork. Confidential.#29Pro forma liquidity ($ in millions) Cash a $844 Cash as of 6/30/21 zailable? Sr Secur $750 Available on $1.1B Sr. Secured Notes Facility (1) 6 $1,594 Cash & Unfunded Cash Commitments as of 6/30/21 SPAC (assi Ter $483 SPAC Trust Proceeds (assuming no redemptions) in excess of Cushman & Wakefield $150M backstop $800 PIPE Proceeds: nd re ($98) Transaction Fees and Related Employee Payments uction Secur P ($750) Reduction of $1.1B Sr. Secured Notes Facility New $55 or Secure Far $550 New $550m Sr. Secured Notes Facility Note: Estimated based on the completion of the de-SPAC transaction. Reflects $750m currently available under the $1.1bn in SoftBank Senior Secured Notes. In the event that the Company elects to repay the $350m currently outstanding under its LC Debt Facility, $1.1bn would be available under the SoftBank Senior Secured Notes. 1. ($350) Repayment of $350m Secured CP Facility $2,229 Pro Forma Cash and Commitments 28 | wework Ⓒ2021 WeWork. Confidential.#30Revenue and Adj. EBITDA projections ($ in billions) Total Revenue $3,230 $3,210 11 $1,191 $1,464 Source: Management Projections as filed 8/13/21. $4,348 2019A 2020A 1H 2021A 2H 2021E 2022E $5,650 $6,785 2023E 2024E Adj. EBITDA ($1,754) ($895) ($568) $243 ($1,943) 2019A 2020A 1H 2021A 2H 2021E 2022E $1,256 2023E $1,996 2024E 29 | wework Ⓒ2021 WeWork. Confidential.#31Contents 01 WeWork & the Future of Work 02 Financial Overview 03 Governance 04 Appendix 30 | wework Ⓒ2021 WeWork. Confidential.#32Pro forma board composition To strengthen the Company's corporate governance framework, the post-transaction nine-member board, which will be majority independent, includes representation from both new and existing investors and continued leadership from our Chairman and CEO Board Representation Executive Chairman CEO of the Company BowX SoftBank Group(1) SoftBank Vision Fund Benchmark Capital Insight Partners The Raine Group PIPE Anchor Investor & Board Observer 1. Marcelo Claure also serves as a SoftBank Group appointee. Marcelo Claure(1) Sandeep Mathrani Vivek Ranadivé Michel Combes, Véronique Laury Kirthiga Reddy Bruce Dunlevie Deven Parekh Jeff Sine Barry Sternlicht 31 | wework Ⓒ2021 WeWork. Confidential.#33Our global commitments RENEWABLE ENERGY 100% renewable electricity by 2025 and offset our Scope 1 emissions to achieve carbon neutrality SUSTAINABLE, EFFICIENT OPERATIONS Reduce energy and water use by 20% by 2025 (from a 2019 baseline) and reduce waste to 10kg per member per year ZERO PLASTICS Eliminate single-use disposable plastics* globally through our Zero Plastics Plan launched in 2018 SUSTAINABLE FINISHES Employ sustainability and health standards for finishes, including VOC content and emissions limits, eliminating high-risk toxic ingredients for textiles and cushions, and FSC certified wood where possible ETHICAL SUPPLY CHAINS Ensure ethics, safety, and labor and human rights in working environments across our supply chain as established in our Vendor Code of Conduct published in 2020 UNDERSERVED COMMUNITIES Support underserved communities with economic opportunities and by contributing access to our spaces EMPLOYEE WELLBEING Improve the physical, financial, and psychological wellbeing of our employees by providing tools, training, resources, and targeted initiatives INCLUSION & DIVERSITY Promote inclusivity through mandatory education, and by embedding our Employee Community Groups into core business activities (such as the recruiting of diverse candidates), together to increase the breadth of representation of our global workforce across many measures of diversity *Post COVID-19 we will temporarily be introducing some single-use condiments, cups and cutlery to our pantries to further mitigate the spread of the virus. We will use environmentally friendly options where possible. 32 | wework Ⓒ2021 WeWork. Confidential.#34Leader in sustainability ● ● ● ● Core Focus Areas and Priorities Energy & Water Reduce our reliance on limited resources and our carbon footprint Data visibility Energy optimization Renewable electricity Social Impact Deliver positive impact to communities, members, and employees Space share Employment charities Social enterprises Sustainability & Wellbeing Managing our resource use and delivering measurably healthier spaces ● ● ● Waste reduction and recycling Indoor air quality Greener cleaning Data & Reporting Improve data visibility across sustainability pillars to provide meaningful reporting Data and analytics platforms Sustainability league table Supplier assessments 2025 Targets 20% reduction in energy and water consumption from 2019 baseline 5% of unused space donated to organizations supporting underserved communities 100% of buildings provide recycling to members and waste diverted from landfill 100% visibility into our energy, water, and waste consumption at every building in the portfolio 33 | wework Ⓒ2021 WeWork. Confidential.#35Contents 01 WeWork & the Future of Work 02 Financial Overview 03 Governance 04 Appendix 34 | wework Ⓒ2021 WeWork. Confidential.#36Historical quarterly financial detail ($ in millions) Total Revenue % MoM Growth Less: Ventures Revenue Total Revenue Excl. Ventures % MoM Growth Location Operating Expenses Pre-Opening Expenses SG&A Total Adj. EBITDA Excl. Ventures % Margin (Excl. Ventures) Add: Ventures Adj. EBITDA Total Adj. EBITDA % MoM Growth % Margin Q1'19 A $686 10 2 $584 (490) (101) (329) ($336) (58%) (26) ($362) (53%) Q2'19 A $756 10% 88 $668 14% (569) (125) (374) ($401) (60%) (64) ($465) (28%) (62%) Q3'19 A $869 15% 132 $737 10% (630) (142) (456) ($491) (67%) (86) ($577) (24%) (66%) Q4'19 A $919 6% 90 $829 13% (712) (131) (473) ($486) (59%) (52) ($538) 7% (59%) Q1'20 A $988 7% 10 0 $888 (818) (79) (359) ($368) (41%) (25) ($393) 27% Q2'20 A $814 (18%) 54 $759 (15%) (788) (74) (279) ($381) (50%) (16) ($397) (1%) (49%) Q3'20 A $741 (9%) 76 $665 (12%) (830) (60) (266) ($491) (74%) (2) ($492) (24%) (66%) Q4'20 A $666 (10%) 52 $615 (8%) (809) (46) (235) ($476) (77%) 4 ($472) 4% (71%) Q1'21A $598 (10%) 19 $579 (6%) (805) (33) (187) ($446) (77%) (40%) Note: Financials metrics are excluding ChinaCo and including Israel in all time periods. Revenue and Adj. EBITDA attributable to Israel was $36M and ($50M) in 2019, $45M and ($28M) in 2020, and $28M and ($1M) in 1H'21. As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. Please see Definitions pages in the appendix for further detail. 0 ($446) 6% (75%) Q2'21A $593 (1%) 25 $568 (2%) (777) (43) (196) ($448) (79%) (1) ($449) (1%) (76%) 35 | wework Ⓒ2021 WeWork. Confidential.#37GAAP to Non-GAAP Adjusted EBITDA reconciliation ($ in millions) Net loss Income tax (benefit) provision Interest and other (income) expenses, net Depreciation and amortization. Restructuring and other related costs Impairment (gain on sale) of goodwill, intangibles and other assets Stock-based compensation expense Stock-based payments for services rendered by consultants Change in fair value of contingent consideration liabilities Legal, tax and regulatory reserves and settlements Legal costs related to regulatory investigations and litigations Expense related to mergers, acquisitions, divestitures and capital raising activities Adj. EBITDA Less: ChinaCo Adjusted EBITDA Adj. EBITDA Excluding China Co Q1'19 A ($267) 5 (378) 125 145 5 (52) 6 ($411) (48) ($362) Q2'19 A ($638) 0 (92) 131 43 5 9 2 15 ($524) (59) ($465) Q3'19 A ($1,252) 4 136 157 15 199 31 5 (12) 2 66 ($651) (73) ($577) Q4'19 A ($ 1,618) 36 144 177 315 136 127 5 (5) 0 68 ($615) (77) Q 1'20 A ($556) 9 (465) 194 56 275 23 5 (0) 0 9 1 ($449) Q2'20 A ($ 1,110) 7 76 196 81 280 12 5 (0) 1 12 6 ($436) (56) ($538) ($393) ($397) (39) Q3'20 A ($999) co 6 (38) 198 19 254 9 5 0 0 20 (0) ($527) Q4'20 A ($ 1,168) (2) (105) 191 52 546 7 (7) 0 12 2 ($472) (35) ($492) ($472) Q1'21A ($2,062) 3 553 184 494 299 54 (2) 7 23 1 ($446) Q2'21A ($923) 4 68 180 (28) 242 4 0 (1) 3 ($449) ($446) ($449) Note: All columns exclude amounts that eliminate in consolidation. As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. Please see Definitions pages in the appendix for further detail. 36 | wework Ⓒ2021 WeWork. Confidential.#38Historical reporting region classifications Pro forma based on Q3'21 reporting classification Q1'19 Q2'19 Q3'19 USC EMEA Pacific LATAM Japan China India Israel As Reported classification in prior periods Q1'19 Q2'19 USC EMEA Pacific LATAM Japan China India Israel Note: Within LatAm operations, Peru and Costa Rica remain wholly-owned. The rest of LatAm operations are not wholly-owned but are consolidated. Q3'19 Q4'19 Q4'19 Q1 20 Q1'20 Wholly-Owned Q2'20 Q2'20 Q3'20 Q3 20 Consolidated Q4 20 Q4'20 Q1'21 Q1'21 Unconsolidated Q2¹21 Q2¹21 37 | wework Ⓒ2021 WeWork. Confidential.#39Pro forma historical KPIs based on Q3 '21 reporting classification As of Q3'21, Wholly-Owned includes the United States & Canada, EMEA (Excluding Israel), Pacific, Costa Rica and Peru Consolidated includes Wholly-Owned, Latin America and Japan Unconsolidated includes China, India and Israel Global includes all Consolidated and Unconsolidated locations Physical Desks Wholly Owned Consolidated Unconsolidated Global Total Memberships Wholly Owned Consolidated Unconsolidated Global Total Consolidated Memberships Physical Memberships All Access Other Virtual Memberships Total Virtual Memberships Consolidated Total. Occupancy Rate Wholly Owned Consolidated Unconsolidated Global Total Q1'19 366k 439k 109k 548k 342k 400k 66k 466k 371k 29k 29k 400k 85% 60% 80% Q2'19 404k 488k 116k 604k 380 k 448k 79k 527k 417k 31k 31k 448k 86% 85% 68% 82% Q3'19 482k 579k 14 1k 719k 441k 517k 93k 609k 475k 42k 42k 517k 83% 82% 66% 79% Q4'19 566k 687k 168k 855k 474k 560k 10 2k 662k 517k 43k 43k 560 k 76% 75% 61% 72% Q1'20 643k 788k 185k 973k 492k 583k 110 k 693k 541k 42k 42k 583k 0% 69% 59% 67% Q2'20 655k 809k 185k 994k 429k 505k 10 7k 612k 470k 35k 35k 505k 60% 58% 58% 58% Q3'20 674k 834k 186k 1,020 k 379k 446k 96k 542k 412k 27k 7k 34k 446k 53% 51% 52% Q4'20 686k 852k 178k 1,0 30 k 328k 393k 97k 490k 380k 7k 6k 13k 393k 47% 45% 54% 47% Q1'21 632k 792k 171k 963k 309k 380 k 110 k 490 k 365k 10 k 5k 15k 380 k 48% 47% 61% 50% Note: As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. Occupancy Rate includes All Access Memberships from Q3'20. Q2'21 611k 770 k 167k 937k 331k 406k 111k 517k 386k 16k 4k 20k 406k 3% 52% 66% 55% Q3'21 607k 764k 166k 930k 379k 461k 114k 575k 429k 28k 4k 32k 461k 62% 60% 69% 61% 38 | wework Ⓒ2021 WeWork. Confidential.#40Historical KPIs based on as reported classification in prior periods As of Q3'21, Consolidated includes all regions with WeWork locations outside of China, India and Israel China was included in Consolidated KPIs until Q3'20 Israel was included in Consolidated KPIs until Q1'21 Physical Desks Consolidated Unconsolidated Global Total Memberships Consolidated Unconsolidated Global Total Consolidated Memberships Physical Memberships All Access Other Virtual Memberships Total Virtual Memberships Consolidated Total Occupancy Rate Consolidated Unconsolidated Global Total Q1'19 514k 34k 548k 446k 20k 466k 416k 29k 29k 446k 81% 59% 80% Q2'19 569k 36k 604k 503k 25k 527k 472K 31k 31k 503k 83% 69% 82% Q3'19 676k 43k 719k 580k 29k 609k 539k 42k 42k 580k 80% 67% 79% Q4'19 802k 53k 855k 628k 34k 662k 584k 43k 43k 628k 73% 65% 72% Q1'20 916k 57k 973k 653k 40 k 693k 611k 42k 42k 653k 67% 70% 67% Q2'20 936k 58k 994k 578k 34k 612k 543k 35k 35k 578k 58% 59% 58% China included in Consolidated through Q3'20 Q3'20 962k 57k 1.0 20 k 514k 27k 542k 480k 27k 7k 34k 514k 53% 47% 52% Q4'20 865k 166k 1,030 k 401k 89k 490 k 387k 7k 6k 13k 401k 46% 54% 47% Israel included in Consolidated trough Q1'21 Q1'21 804k 160 k 963k 393k 97k 490k 378k 10 k 5k 15k 393k 48% 61% 50% Note: China was reclassified from Consolidated to Unconsolidated as of Q4'20. Israel was reclassified from Wholly-Owned to Unconsolidated as of Q2'21. As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. Occupancy Rate includes All Access Memberships from Q3'20. Q2'21 770k 168k 937k 406k 111k 517k 386k 16 k 4k 20k 406k 52% 66% 55% Q3'21 764k 166k 930k 461k 114k 575k 429k 28k 4k 32k 461k 60% 69% 61% 39 | wework Ⓒ2021 WeWork. Confidential.#41Financial projection assumptions Workstations, Memberships, and ARPM ($ in millions; workstations and memberships in thousands) Core Leased (1) Core Leased Ending Workstations Core Leased Ending Physical Memberships Core Leased Physical Occupancy % Core Leased Revenue Core Leased ARPM All Access All Access Ending Memberships (2) Total Occupancy Including All Access Memberships All Access Revenue ($mm) All Access ARPM Marketplace (3) Marketplace Revenue Platform (incl. IndiaCo & ChinaCo) Plaform Management Fee Paid to WeWork by Partner Ventures Ventures Revenue Total 2020A 865 387 45% $2,886 $510 7 46% $37 $5 $282 2021E $3,210 (1%) 730 541 74% $2,443 $479 50 81% $72 $228 $42 $9 $89 2022E $2,655 (17%) 823 706 86% $3,968 $514 67 94% $171 $243 $113 $50 $47 $4,348 64% 2023E 894 776 87% $4,906 $547 131 10 1% $345 $295 $228 $150 $22 $5,650 30% 2024E 971 839 86% $5,520 $569 134 100% $481 $306 Total Revenue % Yo Y Growth Source: Management Projections as filed 8/13/21. As presented in this Supplemental information, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. Workstation and membership numbers may not tie to the summarized numbers in the Management Presentation due to rounding. 1. ChinaCo is excluded from Core Leased revenue (ChinaCo was consolidated until October 2nd, 2020). Israel is included in 2020 revenue and KPIs. 2. Does not include 6k Other Virtual Memberships included in Total Memberships. 3. FY20 Marketplace Revenue is inclusive of technology services that were previously recorded in Core Leasing. $313 $450 $22 $6,785 20% 40 | wework Ⓒ2021 WeWork. Confidential.#42Debt structure overview ($ in millions as of 6/30/2021A) Cash and Cash Equivalents¹ $1.75bn LC Balance (Wholly Owned) (²) (3) $350m Funded LC Debt Facility' $1.1bn Senior Secured SoftBank Notes (4) $550 m Senior Secured SoftBank Notes JapanCo LC Balance JapanCo Debt Total Secured Debt (5) Senior Notes $2.2bn SoftBank Senior Unsecured Notes Total Debt Total Funded Debt (6) Total Net Funded Debt Memo: Total Available Global Cash Undrawn Secured Financing Commitments(7) Undrawn Unsecured Financing Commitments 1234 Coupon 5. 6. 567 5.600% 12.500% 7.500% 0.200% Total Undrawn Financing Commitments + Global Cash (7) Unused LC Capacity Total Undrawn Financing Commitments + Global Cash + LC Capacity 2.500% 3.000% 7.875% 5.000% Maturity 2/10/2023 2/ 12/ 2023 N/A Various 5/1/2025 7/10/2025 As of 6/30/21 $844 $1,665 350 N/A 8 38 $1,711 669 2,200 $4,580 $3,257 $2,413 $844 $750 $1,594 $85 $1,679 Pro Forma Financing Adj. $835 ($350) (350) ($350) ($350) ($350) ($ 1,185) $835 ($200) $635 $350 $985 6/30/21 + Pro Forma Financing Adj. $1,679 $1,315 N/A 8 38 $1,361 669 2,200 $4,230 $2,907 $1,228 1. Cash and Cash Equivalents inclusive of $102.6m of VIE cash. Excludes JapanCo restricted cash of $10m and $2m of wholly-owned restricted cash.. 2. SoftBank has agreed to extend its guarantee of the LC facility to 2024 at WeWork's option on terms consistent with the existing LC agreement, including the issuance of warrants. 3. Reflects Commercial Paper facility. In May 2021, the Company entered into a loan agreement to raise $350m of cash in exchange for letters of credit issued from the 2020 LC Facility. The Company executed an amendment to enter into the A&R Senior Secured Note Purchase Agreement on the earlier of the Closing of the SPAC or 10/31/21 (instead of 09/30/21). $1.1bn facility to be replaced with $550m new Softbank Senior Secured Facility at a 7.5% interest rate provided at SPAC signing, available at the earlier of closing of SPAC or 10/31/21 and available for draw no later than Feb 12, 2023 (or if earlier, 18 months from date of closing of SPAC). Total Secured Debt excludes $350m Funded LC Debt Facility (Commercial Paper). 4. Total Funded Debt includes $669m of Senior Notes, $2,200m SoftBank Senior Unsecured Notes, and $38m Subsidiary Debt. Total Net Funded Debt based on $1,679m of Cash and Cash Equivalents. 7. Reflects $750m of capacity on the $1.1bn Softbank Senior Secured Notes and subsequent $550m of capacity on the $550m Senior Secured Softbank Notes. $1,679 $550 $2,229 $435 $2,664 41 | wework Ⓒ2021 WeWork. Confidential.#43Market share methodology and sources Market London (Q2) New York (Q2) New York (Q3) Paris (Q2) Boston (Q2) San Francisco (Q2) Chicago (Q2) Los Angeles (Q2) Miami (Q2) % Market Stock Source as of Q2 2021 Total London commercial office square footage of 276m per Cushman & Wakefield estimate Total Manhattan CBD commercial office square footage of 460m per Jones Lang LaSalle, published July 2021 Total Manhattan CBD commercial office square footage of 460m per Jones Lang LaSalle, published July 2021 Total Paris CBD commercial office square footage of 80m per Cushman estimate Total Boston commercial office square footage of 72m per Lincoln Property Company, published July 2021 Total San Francisco commercial office square footage of 80m per Jones Lang LaSalle estimate Total Chicago CBD commercial office inventory of 140m square feet per Cushman & Wakefield Marketbeat Insights, published July 2021 Total Los Angeles commercial office square footage of 190m per Jones Lang LaSalle estimate Total Miami area commercial office inventory of 38.6m square feet per Blanca Commercial Real Estate estimate Market Leasing Activity in Q2 2021 Source London leasing activity of 1.98m square feet per DeVono Cresa Estimate Manhattan leasing activity of 4.4m square feet in Q2 2021 per CoStar Manhattan leasing activity of 7.3m square feet in Q3 2021 per Colliers Paris CBD estimated take-up of 1,640k square feet per Cushman & Wakefield Estimate Boston CBD leasing activity of 528k square feet per Jones Lang LaSalle estimate San Francisco estimated leasing activity of 1.4m square feet per Jones Lang LaSalle estimate and WeWork leasing activity square footage based on an estimate of 65sq.ft/desk Chicago CBD leasing activity of 961k square feet per Cushman & Wakefield Marketbeat Insights, published July 2021 Los Angeles estimated leasing activity of 3.4m square feet per Jones Lang LaSalle estimate and WeWork leasing activity square footage based on an estimate of 65sq.ft/desk Miami leasing activity of 852k square feet per Blanca Commercial Real Estate estimate 42 | wework Ⓒ2021 WeWork. Confidential.#44Public peer operational benchmarking 2020A 2023E Revenue CAGR 20.7% wework 22.2% 9.4% 2023E EBITDA Margin wework CBRE 18.3% IMG International Workplace Group Median: 8.1% 9.2% CUSHMAN & WAKEFIELD 10.7% 7.1% Median: 10.1% FirstService Crear, Leonel FirstService Catal 9.4% CBRE 4.0% ING International. Workplace 8.7% CUSHMAN & WAKEFIELD Source: Company filings, Wall Street Research, Capital IQ. Market data as of 10/1/2021. Median: 41.2% 42.2% Real Estate Services & Hilton Marriott IHG RESORTS 64.5% 41.2% A Marriott Median: 58.8% 5.7% 58.8% Hilton 49.1% HOTELS & THG RESORTS Lodging Operators 13 1.7% 23.9% 89.0% airbnb Sonder Opendoor Porch Group 14.1% Median: 58.0% SOHO HOUSE Real Estate Technology 69.1% 2.7% INSPIRATO 47.0% SOHO HOUSE Median: 2.2% 1.7% Sonder 45.4% 37.4% INSPIRATO airbnb 1.7% 1.2% Porch Opendoor Group 43 | wework Ⓒ2021 WeWork. Confidential.#45Public peer valuation benchmarking TEV / 2022E Revenue 2.1x wework 7.3x 2.5x TEV / 2023E EBITDA wework FirstService Create slapatate 23.8x Median: 1.3x 1.5x ING International Workplace 11.4 x 1.1x Median: 9.4x FirstService CBRE Creatm CBRE 7.4x 0.7x CUSHMAN & WAKEFIELD 7.4x CUSHMAN & IMG WAKEFIELD International. Workplace Group Source: Company filings, Wall Street Research, Capital IQ. Market data as of 10/1/2021. Note: "NM" reflects multiples above 100x. Median: 11.3x 11.7x 11.3x & Hilton Marriott IHG RESORTS Real Estate Services Median: 15.5x 17.3x 15.8x 8.1x 14.5x Hilton Marriott IHG HOTELS & RESORTS Lodging Operators 15.9x airbnb A 90.9x 5.9x Real Estate Technology Median: 3.6x 3.6x 3.6x Porch Sonder Group SOHO HOUSE Median: 74.2x 79.7x 68.7x lii Sonder INSPIRATO Opendoor airbnb 54.6x 3.0 x INSPIRATO Opendoor 19.7x 1.2x SOHO HOUSE NM Porch Group 44 | wework Ⓒ2021 WeWork. Confidential.#46Terms & Definitions Overall Business Definitions: Core Leased: WeWork's existing flexible workspace business, including incremental growth for WeWork's flexible workspace business. Included in Membership and Services revenue in our consolidated financial statements. ● Platform: represents WeWork buildings whereby the Company enters into asset-light management or franchise agreements with landlords and operates the space in exchange for a fee. Included in Membership and Services revenue in our consolidated financial statements. Ventures: includes WeWork Capital Advisors and other legacy ventures businesses such as WeLive and Powered By We. Included in Other Revenue in our consolidated financial statements. SMB: organizations with less than 500 FTES ● Enterprise: organizations with greater than 500 FTES Other Virtual Memberships: Defined as We Memberships, which is a legacy product that was a virtual membership providing user login access to the WeWork member network online or through the mobile application as well as access to service offerings and the right to reserve space on an à la carte basis, among other benefits. Each WeMembership is considered to be one Membership. Other Virtual Memberships are not included in WeWork's calculation of occupancy due differences in pricing structure and product use case. Operating KPIs: Total Workstations: represents the estimated number of workstations available at open locations (may also be referred to as 'Desks' or 'Physical Workstations'). Total Memberships: are the number of WeWork physical and All Access memberships. Physical Occupancy: is the number of physical memberships divided by total workstations. Total Occupancy: is the number of physical memberships plus All Access memberships divided by total workstations. Excludes Other Virtual Memberships from the numerator. Total Enterprise Membership: represents Physical Memberships, All Access memberships, and Other Virtual Memberships attributable to enterprise members, which are organizations with greater than 500 FTES. Enterprise membership percentage represents the percentage of our memberships attributable to these organizations. Total Occupancy Including Sold Memberships: total memberships and net memberships that are already contracted to move in or move out divided by total workstations. ● ● ● ● All Access: monthly membership providing an individual with access to over 700 WeWork locations. Included in Membership and Services revenue in our consolidated financial statements. Marketplace: provides a holistic marketplace ecosystem in which members can access value-added services and flexible real estate products. Enables members to create a custom workplace experience that meets their business needs. Many of these digitized space and service offerings are offered as a workplace solution via the WeWork Member app. Included in Membership and Services revenue in our consolidated financial statements. Other Business Metrics: ● Locations: represents the estimated number of open locations Core Leased ARPM: net core leased membership and services revenue divided by core leased physical memberships. All Access ARPM: All Access revenue over the period divided by All Access memberships. ● ● 45 | wework Ⓒ2021 WeWork. Confidential.#47Terms & Definitions (Cont'd) Other Business Metrics (Cont'd): New Desk Sales: new members that have signed a contract for now or at a future move-in date and existing members who have signed a contract resulting in additional desk sales now or at a future date. ● ● ● Financial Metrics: Adj. EBITDA: is a non-GAAP measure that we define as net loss before income tax (benefit) provision, interest and other (income)expense, depreciation and amortization expense, stock- based compensation expense, expense related to stock-based payments for services rendered by consultants, income or expense relating to the changes in fair value of assets and liabilities remeasured to fair value on a recurring basis, expense related to costs associated with mergers, acquisitions, divestitures and capital raising activities, legal, tax and regulatory reserves or settlements, significant non-ordinary course asset impairment charges and, to the extent applicable, any impact of discontinued operations, restructuring charges, and other gains and losses on operating assets. Adj. EBITDA Margin: Adj. EBITDA divided by Total Revenue. Location Operating Expenses: include the day-to-day costs of operating an open location and exclude pre-opening costs, depreciation and amortization and general sales and marketing, which are separately recorded. Our most significant location operating expense is lease cost. Lease cost is recognized on a straight-line basis over the life of the lease term in accordance with GAAP. Other location operating expenses typically include utilities, ongoing repairs and maintenance, cleaning expenses, office expenses, security expenses, credit card processing fees and food and beverage costs. Location operating expenses also include personnel and related costs for the teams managing our community operations including member relations, new member sales and member retention and facilities management. ● Gross Desk Sales: include new desk sales and renewals. Renewals include all members previously on commitment who continue their membership on a commitment. Renewals do not include month-to-month members. ● Average Commitment Length: represents base contract terms, excluding the impact of any extension and / or termination options. The commitment lengths disclosed may include periods for which members have an option to terminate their commitments with a less than 10% penalty. Pre-Opening Expense: consist of expenses (including all lease costs, which also include non-cash GAAP straight-line lease cost) incurred before a location opens for member operations. Excludes depreciation and amortization expense and stock-based compensation expense. SG&A: consist sales and marketing, general and ad istrative and sourcing, development and her expenses, and certain community support expenses that are necessary to operate our buildings but not directly tied to an individual building. Excludes depreciation and amortization expense, stock-based compensation expense, expense related to stock-based payments for services rendered by consultants, expense related to costs associated with mergers, acquisitions divestitures, and capital raising activities, legal, tax, and regulatory reserves or settlements, and legal expenses related to regulatory investigations and litigations arising from the 2019 cancelled IPO. 46 | wework Ⓒ2021 WeWork. Confidential.