#1wework Investor Presentation October 11, 2019#2Disclaimer The information contained in this presentation is solely for the purpose of familiarizing potential investors with The We Company ("The We Company" or the "Company"), and is subject to completion and amendment and is not investment advice. Concurrently with being provided this presentation, you are being given access to a data room maintained by the Company for more complete information about the Company and the offering. It is strongly recommended that you review, and you will be deemed to have reviewed, all of documents and other information in the data room before making an investment decision. This presentation is being provided solely for your confidential use with the express understanding that you will not release any portion of this document, discuss the information contained herein, or make reproductions of or use this presentation for any other purpose without the prior express written permission of the Company. This presentation is being provided to you on the condition that you are agreeing to hold it in strict confidence and in accordance with the confidentiality agreement entered into with the Company, as well as that you are agreeing to abide by the terms of this legend. This presentation contains "forward-looking statements". These statements are often, but not always, made through the use of words or phrases such as "may", "should", "could", "predict", "potential", "believe", "will likely result", "expect", "continue", "will", "anticipate", "seek", "estimate", "intend", "plan", "projection", "would" and "outlook", or the negative version of those words or phrases or other comparable words or phrases of a future or forward- looking nature. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding financial performance, including but not limited to revenue, expenses, potential profitability, backlog, run-rate revenue, non-GAAP measures and other results of operations; our expectations regarding future operating performance, including but not limited to our expectations regarding future locations, scale, desk capacity, memberships and enterprise membership percentage and retention rate; and statements regarding financing arrangements, including outstanding funding commitments and the timing and terms on which such commitments may be funded. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation, and our future levels of activity and performance, may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. This presentation also contains certain estimates of financial results and metrics as of and for the three months and nine months ended September 30, 2019. No representation can be or is being made with respect to those estimates, and you should not rely on such estimates. Neither the Company's independent auditors nor any other third party has examined, reviewed or compiled these results or metrics nor expresses an opinion or other form of assurance with respect thereto. The estimates as of and for the three months and nine months ended September 30, 2019 are preliminary, based on management's current expectations, but are subject to change, including between now and at such time as final results are released. You must make your own determinations as to the reasonableness of these estimates and should also note that if one or more assumptions are not met, these estimates may not be achieved. In addition, to the extent this presentation contains any projections, estimates or statements with respect to the Company's future results or future events, such information is based on current management estimates and assumptions, some of which may not materialize or may change, and is subject to risks and uncertainties over which the Company has no control or ability to predict. Unanticipated events may occur that could affect the outcome of such projections, estimates and statements. You must make your own determinations as to the reasonableness of these projections, estimates and 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 and statements may not be achieved. The Company can give no assurance as to its future operations, performance, results or events. This presentation contains information concerning our solutions and our industry, including market size and growth rates of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports commissioned by us and our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to this information. We have not independently verified this third-party information. Similarly, other third-party survey data and research reports commissioned by us, while believed by us to be reliable, are based on limited sample sizes and have not been independently verified by us. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our 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 us. This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including Location Contribution Margin, Adjusted EBITDA and Other Adjusted Location Operating Expenses. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's 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 the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-GAAP measures to the most directly comparable GAAP measure. The brands and logos included herein are the property of third-party owners and are used for informational purposes only. Such use should not be considered an endorsement of the third-party owner or its services and should not be considered endorsement of the products or services of the Company by the third-party owner. 2#3This is our company ● ● ● ● ● ● ● We have 600 locations, 676K desks, in 122 cities in 32 different countries Flexible workspace is a market-validated real estate solution that has been around for decades Conventional wisdom is that flexible workspace will have a small, but growing place in the global real estate market due to its evidenced sustained tenant demand We think we do it better than anyone because of our member experience and scale - and we have the market share and occupancy to prove it We've invested $6B(1) to create our current franchise over the past 5 years What that means: We run or have pipeline visibility on 969K desks, excluding our international JVs 182K mature desks 337K non-mature desks 451K desks in development Our business is 43% Enterprise / 57% small & mid-sized businesses ("SMB") Enterprise is a more intuitive business, but our SMB business continues to be very strong because small businesses are the most poorly served businesses by the traditional lease-based real estate market - Our members like us because they get space from us at a ~66% (2) discount to their alternatives, and their employees prefer the environment to traditional offices Note: All metrics reflect Whole excluding India, unless otherwise noted; Q3'19E financials and metrics are preliminary and subject to change. See "Disclaimer" for additional information. Components may not add due to rounding. (1) Represents gross capital expenditures from FY 2014 through Q2 '19 (2) Building Owners and Managers Association (BOMA); CoStar Office Market Statistics; International Facility Management Association (IFMA); CBRE Office Occupancy Costs and Cushman Global Occupancy Report 2017. Represents cost savings relative to standard-lease and custom buildout. Comparison data represents annualized costs based on an average of ten select city centers in the United States, Europe, South America and Asia. "Standard lease" includes the costs associated with food and beverage, events, utilities, insurance, property taxes, facilities management and base rent. "Build-out" includes the costs associated with construction, procurement and design services offset by a tenant improvement allowance and amortized over the illustrative five year lease. 3#4This is our company (cont'd) We can offer space more affordably while charging ~2-2.5x our lease cost because we: Buy in bulk Have a scaled construction platform with standardized build-out procedures Receive subsidies from landlords Utilize square footage more efficiently than any lessor we know of, while curating the space to optimize member experience We average ~4% gross churn, but have a net member retention rate of 121% driven by existing member firms who want more space Landlords like us because we aggregate demand, can close quickly, and improve the perception of their building Keep topics of focus: Our vision for the business Our unit economics Our cost structure Our new location occupancy and sales cadence Our strategy for managing a recession We want you to feel the confidence we do about how we intend to fill our pipeline of buildings in a profitable manner ● ● ● - - 4#5Key principles 1 2 3 4 LO 5 We remain committed to our members, our employees, our landlord partners and our investors Our unparalleled expansion, global brand, best-in-class product, and unique value proposition have enabled us to secure a first-mover advantage in a growing category, while our business structure is designed and expected to provide resiliency across business cycles We will focus on the core WeWork desk business, prioritize disciplined growth with profitability, and right-size our operations to account for this long-term strategy Our business model has strong underlying economics - our locations generate recurring revenues and consistent cash flows, which we expect will only improve as our portfolio matures and our enterprise offering grows Our management team has a proven track record of leading membership-based businesses, has worked closely together over the past few years, and is excited to execute on our new strategy LO 5#6Our evolution Focus Product Member experience Strategy Leadership Business model Pre-2017 Focus on core wework Small & mid-sized businesses Partially focused Disciplined focus on profitable market share expansion Founder-led Centralized 2017-Q3'19 Non-core, early-stage ventures (we Small & mid-sized businesses and Enterprise Distracted Grow business commitments prior to funding commitments Founder-led Decentralized Going Forward Focus on core wework Enterprise Focused Disciplined focus on profitable market share expansion Proven executives in membership- focused, subscription-based businesses Centralized 6#790-day game plan Focus on core business Focus on core WeWork desk business in select target markets Divest non-core businesses(1): conductor Meetup tesm W THE WING Q MANAGED BY Q Space IQ WAVE GARDEN Right-size operations Reduction in headcount across Ventures, G&A and growth-related functions Community teams will not be impacted Note: All metrics reflect Whole Co excluding India, unless otherwise noted (1) In October 2019 we communicated to investors that we were closing RISE. We are now reevaluating our decision. (2) Enterprise list as of September 30, 2019. Execute Desk openings Reenergize will reach record high in Q4 employees Expand relationships with ~3,350 Key stakeholders existing WeWork enterprises (2) Realign performance incentives Partner with landlords, enterprises, and cities 7#8Despite the noise, we have continued to perform Metrics represent Whole Co as of Q3'19, excluding India, unless otherwise noted Locations & Desks (1) (2) Occupancy & Memberships Revenue & Backlog ● ● ● ● ● ● ● ● 600 locations across 122 cities, 32 countries, and six continents as of Q3'19 Added record 108k desks in Q3'19, a +119% YoY increase 676k total desks as of September '19 Reached 580K memberships (539K WeWork memberships + 42K On-demand memberships) 43% of total memberships were enterprise, a +3 point increase QoQ Occupancy declined to 80% in Q3'19 (vs. 83% in Q2 '19), driven by record increase in desk adds Mature location occupancy dipped to 87% in Q3'19 (vs. 89% in Q2 '19) driven by China (Naked Hub) + Pacific locations Excluding China, mature location occupancy was 88% Run-rate revenue(¹) increased by +106% YoY to $4.1B, WeWork run-rate revenue of $3.3B, up 77% YoY Revenue backlog increases due to growth in enterprise, record Q3'19 TCV sales and desk sales, and longer signed commitments (2) ● Q3'19E revenue backlog(¹) estimated to have increased by +$300M QoQ to $4.3B - an 8x increase since Q4 '17 Desk sales of 167K in Q3'19, up 37% YoY and compared to 152K in Q2 '19(1)(2) Total contract value sold in Q3'19 of $1.5B, up 69% YoY and compared to $1.4B in Q2 '19(1)(2) Commitment lengths increased to 23 months for enterprise members (compared to 20 months in 2018) and 14 months for non-enterprise members (compared to 9 months in 2018) ● ● ● Note: Q3'19E financials and metrics are preliminary and subject to change. See "Disclaimer" for additional information. Components may not add due to rounding. See definitions in the back. Includes India Figures have been revised downward since providing this information to investors on October 10, 2019. Desk and total contract value sales are subject to change after quarter close due to changes in membership agreements and cancellations that had not yet been reflected. 8#9Where we are Metrics represent Q3'19 WholeCo, excluding India, unless otherwise indicated Global network & brand 600 Locations 122 Cities 6 32 Countries Continents Scale 676K Desks $4.2B Run-rate revenue (1) $4.3B Revenue backlog(1) Note: Metrics represent Whole Co, excluding India, as of Q3'19E financials. Q3'19E financials and metrics are preliminary and subject to change. See "Disclaimer" for additional information. (1) Including India (2) Represents September 1, 2018 to September 1, 2019 Member-centric 580K Total Memberships 43% Enterprise Membership Percentage 121% Net retention rate (2) +++ a#10Solutions for companies of all sizes Small business (1-19 employees) Medium business (20-499 employees) ■ Limited credit No design / build capabilities I Note: Metrics represent Whole Co, excluding India, as of Q3'19 ■ No head of real estate Limited visibility ■ 57% of total memberships + Enterprise (500+ employees) Fixed cost and term ■ Enhanced culture ▪ Global, scalable solution 43% of total memberships 1300E 10#11Better day at work for less (1) Better place to work 80% of members report increased productivity since joining WeWork 78% of enterprise members say we have helped them attract and retain talent Enhanced flexibility for specific real estate needs 15 years Illustrative Enterprise Lease Term (2) FIXED Shorter lease term Complete flexibility wework VARIABLE New lease accounting standards may further incentivize CFOs to sign flexible / short-term commitments WeWork vs standard lease cost per employee 10 representative city centers in the United States, Europe, South America and Asia Buildout: Construction Procurement Operations: Base rent Maintenance Cleaning Printing Utilities Insurance Property tax F&B Events Design $21,594 $4,436 $17,158 Standard lease + Buildout + Operations (3) 66% savings $7,304 wework (4) (1) Source: Global Impact Report commissioned by us and produced in partnership with HR&A Advisors, Inc. ("Global Impact Report") and WeWork member census. (2) Represents average term of our leases with third party landlords. (3) Sources: Building Owners and Managers Association (BOMA); CoStar Office Market Statistics; International Facility Management Association (IFMA); CBRE Office Occupancy Costs; Cushman Global Occupancy Report 2017; and third-party research. Comparison data represents annualized costs based on an average of ten select city centers in the United States, Europe, South America and Asia that are representative of our key markets. "Standard lease" includes the costs associated with food and beverage, events, utilities, insurance, property taxes, facilities management and base rent. "Build-out" includes the costs associated with construction, procurement and design services offset by a tenant improvement allowance amortized over an illustrative five-year lease. (4) Represents average revenue per WeWork membership for the six months ended June 30, 2019 across the same ten select city centers as above. 11#12Our members grow with us Memberships 121% Net membership Retention Rate (1) Memberships attributable to memberships that joined in: Sept. 2018 Pre-2016 2016 2017 2018 2019 Sept. 2019 Note: Q3'19E financials and metrics are preliminary and subject to change. See "Disclaimer" for additional information. (1) Our net retention rate of 121% for the period from September 1, 2018 to September 1, 2019 illustrates our ability to increase the penetration of our existing member organizations over the last year. It measures the net impact of member organizations who joined from January 1, 2016 to September 1, 2018 who increased, reduced or cancelled WeWork memberships throughout the period from September 1, 2018 to September 1, 2019, but excludes WeWork memberships from our IndiaCo locations. 12#13Putting it all together: executing our global playbook We build for less Net capex per desk added (1) $7.3K 2014 $5.3K 2015-2016 -50% decrease $4.2K 2017-2018 $3.7k 1H'19 We fill faster Occupancy by year of location opening(2) YTD 2019 52% 51% 2018 49% 2017 2016 44% At Opening 75% 72% 69% 64% +3 months 84% 80% 80% 75% +6 months Note: Q3'19E financials and metrics are preliminary and subject to change. See "Disclaimer" for additional information. (1) Net capex per desk added for the periods presented represents gross capital expenditures (excluding capitalized costs unrelated to sellable desk capital projects) for projects completed in the years presented, regardless of when the costs were incurred, less the total tenant improvement allowance provided per the terms of the leases associated with the completed projects, regardless of when the cash collection for such tenant improvement allowance occurred, divided by the total number of desks delivered in connection with the respective completed projects. (2) Reflects WeWork memberships as a percentage of desks 13#14As our locations mature, occupancy improvements drive location contribution margin expansion 80% Total Consolidated Occupancy 69% 84% 90% 89% 0-6 7-12 13-24 24+ months months months months Non-cash GAAP straight-line lease cost as a % of membership and service revenue Benefit of non-cash amortization of lease incentives as a % of membership and service revenue Location contribution margin(1) 10% Total Consolidated 15% (5%) 0-6 months 5% 17% 7-12 13-24 24+ months months months (24%) 12% 44% 21% (8%) (4%) (5%) 21% Note: Charts represent 1H'19 figures (1) Defined as membership and service revenue less location operating expenses excluding stock-based compensation; please reference non-GAAP reconciliations in Appendix 4% (5%) Location contribution margin per desk(1) $253 Total Consolidated 0-6 months ($402) $121 $447 7-12 13-24 months months $707 24+ months 14#15Our Business Model#16Our core business model generates strong unit economics Levers to improve location contribution margin 1 If we rent a location for $45 / USF 2 + 3 If we monetize the location at ~2-2.5x our lease costs, or $100 / USF(1) 4 If we run this location with $25 / USF in operating expenses (2) Then the location will generate $30/ USF in annual location contribution margin ■ ■ ■ Grow enterprise mix Layer value-added services to the platform Increase in on-demand memberships Reduced operating costs through efficiency and automation Illustrative. (1) This ratio should stay constant over time as we have price escalations in our membership agreements. (2) Represents location operating expenses less lease and tenancy costs, adjusted to exclude adjustments for stock-based compensation. Includes cost to run the locations, cost for people, and regionalized overhead & centralized G&A dedicated to buildings. 16#17Revenue building blocks How We Work desks generate revenue Based on September 2019 676K desks * 80% Total Occupancy 539K WeWork Memberships $514 ARPM (1) * 12 WeWork Run-rate Revenue(2) WeWork run-rate revenue (2) $0.7B $0.8B $1.0B $1.1B $1.4B $1.6B r 1 74% YoY WeWork I Growth L $1.9B 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 $2.2B $2.7B $3.0B 4Q18 1Q19 2Q19 Ventures 0.0B 0.0B 0.1B 0.0B 0.1B 0.2B 0.1B 0.2B 0.3B 0.4B Note: Figures as of September 2019; total desks and physical memberships exclude India; financial figures represent WholeCo (including JVs). Q3'19E financials and metrics are preliminary and subject to change. See "Disclaimer" for additional information. (1) Implied average membership and services revenue per physical membership. Includes IndiaCo. (2) Run-rate revenue represents monthly membership and services revenue multiplied by 12 (E.g. September 2019 run-rate revenue represents September 2019 revenue multiplied by 12). Includes India. $3.4B 3Q19 E 0.8B Total 0.7B 0.8B 1.1B 1.1B 1.5B 1.8B 2.0B 2.4B 3.0B 3.3B 4.2B 17#18How we define location contribution margin (1) (2) 1H 2019 (in millions) $1,349 Membership & service revenue % membership & service revenue: ($707) Cash lease costs (1) 2x Rev. / Rent Multiplier (52%) Excludes benefit of Tl amortization of $69mm ($371) Other adjusted location operating expenses (2) (28%) ($198) Impact of non- cash straight-line lease cost adjustment (15%) $69 Benefit of non-cash amortization of lease incentives (3) 5% $142 Location contribution margin 10% Membership and service revenue Monthly fees we collect from members + Incremental services revenue (IT, printing, etc.) + Building costs Cash lease costs represent cash rent and tenancy costs we pay landlords Other adj. location opex(2) • Costs for people that run the buildings (e.g., Community Team) • Costs to operate the buildings (e.g., utilities, consumables, cleaning, member tech, repair and maintenance expenses) Regionalized overhead & centralized G&A dedicated to buildings (e.g., billing, collections, payables, purchasing) Non-cash expenses, including the impact of straight- line lease cost and benefit of lease incentive amortization Excludes corporate G&A, growth and new market development, corporate sales & marketing and pre- opening costs Note: Represents WholeCo as of six months ended June 30, 2019 Lease cost excluding adjustments for the impact of straight-lining of lease cost relating to lease holidays and lease escalation. Tenancy costs include real estate and related taxes and common area maintenance charges ("CAM") relating to our leased locations used for member community operations. Other adjusted location expenses represents location operating expenses less cash lease and tenancy costs, adjusted to exclude adjustments for impact of straight-lining of lease and stock-based compensation. (3) Benefit of non-cash amortization of lease incentives represents cash received for TI allowances and broker commissions 18#19Optimizing the Fleet#20(1) (2) Drivers of location contribution margin Location maturity (1) (3) (4) Location contribution margin as a % of membership and service revenue 10% Total Consolidated 15% (5%) Non-cash GAAP straight-line lease cost as a % of membership and service revenue Benefit of non-cash lease incentives as a % of membership and service revenue 32% of locations have been open for >24 months 0-6 months (24%) 44% (8%) 5% 7-12 months 21% (4%) 17% 13-24 months 12% (5%) 21% 24+ months 4% (5%) Market maturity(2)(3) 43% of locations in Top 7 markets 14% Mature locations outside Top 7 markets 3% (5%) 24% Mature locations in Top 7 markets 4% (5%) Enterprise membership (3) (4) 25% of locations have >50% enterprise members 32% 19% Mature locations w/ >50% SMB members 4% (5%) Mature locations w/ >50% enterprise members 1% Note: Charts represent 1H '19 location contribution margin Based on number of months a location has been open as of June 1, 2019. Includes our seven largest markets by memberships as of June 1, 2017, which represents 29 cities with open locations as of June 1, 2019, including Boston, Los Angeles, Santa Monica, Pasadena, Irvine, Manhattan Beach, Long Beach, Burbank, West Hollywood, Costa Mesa, Culver City, El Segundo, Playa Vista, London, New York, Astoria, Brooklyn, Long Island City, San Francisco, Oakland, Mountain View, San Mateo, Mill Valley, Berkeley, Emeryville, Chicago, Washington, D.C., McLean and College Park. Excludes our corporate headquarters in New York, San Francisco and London, as well as two WeLive locations. Mature locations defined as locations that have been open for greater than 24 months. Enterprises defined as members with 500+ employees (5%) 20#21I (1) Growing base of strong, recurring cash flows as locations mature % of total locations Avg. occupancy Location contribution margin % Location contribution margin / desk (annualized) Impact of non-cash straight-line lease cost % Benefit of non-cash amortization of lease incentiv % 144 FY '17 73% 75% 4% $200 24% 7% Non- Mature Locations 288 FY '18 70% 82% 7% $352 22% 5% Represents locations that have been open for greater than 24 months. Excludes India and WeLive locations 346 1H '19 68% 78% 5% $222 21% 5% 53 FY '17 27% 88% Mature Locations (1) 79% of mature locations (89% of mature desks excluding JV's) generated positive location contribution margin 20% $1,275 4% 4% 122 FY '18 30% 90% 22% $1,434 3% 5% I 161 1H '19 32% 88% 21% $1,413 4% 5% 21#22Consistent execution location occupancy As of September 2019 Occupancy Memberships Avg. Memberships per Building n = 423 locations 22 11 19 120 Non- Mature Locations 17 2.6k 2.9k 7.9k 11.1k 260 416 20 653 <20% 20% - 30% - 40% - 50% - 60% - 70% - 80% - 80% 90% 30% 40% 50% 60% 70% - 14.8k 739 30 51 68 133 52 90%-100% 100% 23.1k 39.9k 65.8k 152.1k 41.8k 771 782 968 1,143 804 n = 177 locations 1 0.0k ΝΑ 27 1 ΝΑ 0.1k Mature Locations (1) 103 1 <20% 20% - 30% - 40% - 50% - 60% - 70% - 80% - 90% - 100% 30% 40% 50% 60% 70% 80% 90% 100% 0.2k 3 182 10 1.6k 7.8k 525 780 25 Note: Represents Whole Co excl. India Q3 2019 figures. Q3'19 figures and metrics are preliminary and subject to change. See "Disclaimer" slide. Numbers on x-axis are inclusive of lower end of range and exclusive of higher end of range (e.g. 40,50) (1) Represents locations that have been open for greater than 24 months or greater. Excludes India and WeLive locations 58 72 6 18.7k 57.2k 86.0k 6.1k 746 987 1,194 1,008 22#23Consistent execution - non-mature location occupancy As of September 2019 Occupancy (%) Occupancy (%) Locations open ≤ 3 months Median 58% Average = 59% n = 119 locations 21 < 20% = < 20% 9 20% - 30% 30% 40% 12 2 20% 30% Locations open 7-12 months Median = 89% Average = 82% n = 130 locations 3 10 30% 40% 40% - 50% LO 5 9 40% - 50% 50% - 60% 50% 60% 9 60% - 70% 13 60% 70% - 70% - 80% 13 70% 80% 80% 90% 90% 100% 18 19 80% - 90% 49 90%- 100% 21 100% 15 100% Locations open 4-6 months Median = 86% Average = 78% n = 44 locations 1 < 20% 20% - 30% Median = 91% Average = 85% n = 130 locations < 20% 4 20%- 30% 30% - 40% 2 30% - 40% 40% - 50% Locations open 13-24 months 40% 50% 1 50% - 60% 5 50% 60% 3 60% - 70% 5 60% 70% 12 7 7 nh 70% - 80% 14 70% - 80% 80% 90% 30 ان 80% 90% 90% - 100% Note: Represents Whole Co excl. India Q3 2019 figures. Note: Q3'19 financials are preliminary and subject to change. See "Disclaimer" for additional information. Numbers on x-axis are inclusive of lower end of range and exclusive of higher end of range (e.g. 40,50) 65 90%- 100% 7 100% 11 100% 23#24Enterprise continues to drive significant revenue backlog Committed Revenue Backlog(2) Enterprise Memberships (¹) Total Enterprise Memberships -% of Total Memberships 25% 39K (in months) 28% 1 51K 28% 2016 62K 30% 81K 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 Average New Commitment Length 10 7 34% ∞ 109K 38% 154K 20 14 9 41% 2018 191K 40% 214K 1Q '19 2Q '19 -Total 23 17 14 43% 264K 3Q '19 $0.1B Q3 '19 E $0.5B 9x increase J $2.6B 2017 Non-Enterprise Enterprise Note: KPIs displayed as first day of last month in a given period. Q3'19E financials and metrics are preliminary and subject to change. See "Disclaimer" for additional rma (1) Enterprise Memberships are defined as organizations who have +500 full time employees globally. Enterprise membership percentage represents total enterprise memberships divided by total memberships. Committed revenue backlog for a particular calendar quarter represents total contractual value, inclusive of discounts, of new reservations for desks entered into during that quarter that members will occupy in future months as well as remaining contractual value on prior commitments. For month-to-month commitments, the relevant commitment period used for calculating backlog is one month. Although backlog reflects reservations that are considered to be firm, cancellations, deferrals or scope adjustments may occur and may not be reflected until later periods (2) $3.5B $4.0B +$4.3B 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19E 24#25Appendix#26KPI definitions Term Key performance indicators Locations Desks Memberships Occupancy Enterprise membership percentage Net retention rate Run-rate revenue Committed revenue backlog Location contribution margin Definition The number of unique open WeWork buildings (or groups of buildings to the extent they are marketed as a single branded place) where there are desks available for access by members. Mature locations have been open for more than 24 months. ● The number of WeWork memberships and on-demand memberships. WeWork memberships are memberships that provide access to a desk and represent the number of memberships from our standard solutions and configured solutions. On-demand memberships provide access to our on-demand solutions: shared desks or shared private spaces as needed, by the minute, hour or day. Each WeWork membership and on-demand membership is considered to be one membership. ● Estimated number of available desks at open WeWork locations, is not meant to represent the actual count of desks at our locations Desks are a key indicator of our scale and our capacity to sell memberships across our global platform ● WeWork memberships divided by the estimated number of desks available at open WeWork locations. Enterprise memberships represent memberships attributable to enterprise members, which are organizations with 500 or more full-time employees. Enterprise membership percentage represents our memberships attributable to these organizations divided by total memberships. There is no minimum number of desks that an organization needs to reserve in order to be considered an enterprise member. We calculate our net membership retention rate for a given period by dividing (1) the total number of WeWork memberships as of the last day in the period from all members that had at least one WeWork membership as of the first day of the period by (2) the total number of WeWork memberships from those same members as of the first day of the period. This member- based net retention rate reflects any expansion in WeWork memberships and is net of contraction or attrition over the period, but excludes WeWork memberships from new distinct members added during the period. Our net membership retention rate also excludes WeWork memberships attributable to IndiaCo locations. Revenue recognized in accordance with GAAP for the last month of a given period multiplied by 12. Total non-cancelable contractual commitments, net of discounts, remaining under agreements entered into as of a given date and which we expect will be recognized as revenue subsequent to such date. For membership agreements with month-to-month commitments commencing in a future month, the contractual commitment recorded within committed revenue backlog is one month of revenue. Existing month-to-month membership agreements are not included in the calculation of committed revenue backlog. "Location contribution margin including non-cash GAAP straight-line rent expense" represents membership and service revenue less location operating expenses, net of stock-based compensation expense. "Location contribution margin excluding non-cash GAAP straight-line rent expense" represents "Location contribution margin including non-cash GAAP straight-line rent expense" further adjusted to exclude the non-cash GAAP straight-line rent expense. For the purposes of this presentation, "Location contribution margin" or "WeWork Location contribution margin" refers to Location contribution margin excluding non-cash GAAP straight-line rent expense. Note: Location contribution margin percentage represents Location contribution margin as a percentage of membership and service revenue. 26#27Glossary of terms Term Select P&L items Membership and service revenue Other revenue ARPM Lease and tenancy expenses Other location expenses Sales and marketing expenses Growth and new market development ("G&NMD") expenses General and administrative expenses Adjusted EBITDA Definition Membership revenue represents membership fees, net of discounts, from sales of WeWork memberships and on-demand memberships and revenue associated with The We Company Offerings. We derive a significant majority of our revenue from recurring membership fees. The price of each membership varies based on the type of workplace, geography, and any monthly allowances for business services. Membership revenue is recognized monthly, on a ratable basis, over the life of the agreement, as access to the WeWork community is provided. Service revenue primarily includes billings to members for ancillary business services in excess of the monthly allowances mentioned above. Services offered to members include access to conference rooms, printing, phone and IT services, parking, etc. Service revenue also includes commissions we earn from third-party service providers. Service revenue is recognized on a monthly basis as the services are provided and does not include any revenue recognized by The We Company Offerings. Includes all other revenue recognized by The We Company Offerings. Annualized average membership and service revenue per WeWork membership ("ARPM"), represents our membership and service revenue (other than membership and service revenue from our WeLive offering and related services, and other than management fee income from IndiaCo) divided by the average of the number of WeWork memberships associated with consolidated locations as of the first day of each month in the period. All ARPM amounts are presented on an annualized basis. Rent expense is recognized on a straight-line basis over the life of the lease term in accordance with GAAP based on the following three key components: Rent contractually paid or payable represents cash payments for base and contingent rent payable under our lease agreements, recorded on an accrual basis of accounting, regardless of the timing of when such amounts were actually paid; adjustments for impact of straight-lining of rent represents the non-cash adjustment to record free rent periods and rent escalation clauses on a straight-line basis over the term of the lease; and amortization of lease incentives represents the amortization of cash received for tenant improvement allowances and broker commissions. Tenancy expenses refer to, collectively, our share of real estate and related taxes and common area maintenance charges ("CAM") relating to open locations. Consist primarily of utilities, ongoing repairs and maintenance, cleaning expenses, office expenses, security expenses, credit card processing fees and food and beverage costs. Location expenses also include personnel and related costs for the teams managing our community operations as well as costs for corporate functions that directly support the operations of our communities. Consist primarily of expenses related to our general sales and marketing efforts and other costs associated with strategic marketing events. Our sales and marketing efforts are primarily focused on pre-opening locations and non- mature locations. To capitalize on our significant market opportunity, we have dedicated teams that are responsible for finding and building out new locations and researching, exploring and initiating new markets and new solutions and services. Consist primarily of non-capitalized design, development, warehousing, logistics, market sourcing and real estate costs, personnel and other expenses related to our growth and global expansion. Growth and new market development expenses also include cost of goods sold in connection with our Powered by We solutions and costs of providing services by The We Company Offerings that are not yet mature and are not included in other operating expenses. Consist primarily of personnel and related expenses and stock-based compensation expense related to corporate employees, technology, consulting, legal and other professional services expenses, costs for our corporate offices and various other costs we incur to manage and support our business. "Adjusted EBITDA including non-cash GAAP straight-line rent expense" is defined as net loss before income tax (benefit) provision, interest and other (income) expense, depreciation and amortization expense, stock-based compensation expense related to employees and consultants, income or expense relating to the changes in fair value of assets and liabilities, expense related to costs associated with mergers, acquisitions and divestitures, 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. We define "adjusted EBITDA excluding non-cash GAAP straight-line rent expense" as adjusted EBITDA including non-cash GAAP straight-line rent expense, further adjusted to exclude the non-cash GAAP straight-line rent adjustment. For the purposes of this presentation, "Adjusted EBITDA" refers to adjusted EBITDA including non-cash GAAP straight-line rent expense. 27#28Record desk adds drove dip in occupancy in Q3'19 Building Occupancy(1) Total Memberships Desks Added A 89% 89% 73% 69% I I 1Q '17 22K 78% 75% 2017 Avg. Occ: 78% -Mature (2) 25K 88% 81% 78% 2Q '17 3Q '17 22K 89% 82% 80% 4Q '17 32K 91% 83% 80% 1Q '18 34K -Non-Mature 91% 85% 85% 83% 82% 90% 2018 Avg. Occ: 84% 48K Note: Figures exclude IndiaCo locations. Components may not add due to rounding. (1) Occupancy reflects total physical memberships divided by total desks. (2) Represents occupancy at locations that have been open for greater than 24 months 2Q '18 3Q '18 4Q '18 49K 88% 88% 80% 78% -Total 105K 81% 78% 1Q '19 70K 89% 83% 80% 87% 80% 55K 76% YTD 2019 Avg. Occ: 81% 2Q '19 3Q '19 108K Occupancy(1) Mature Location Occupancy(2) 310K 22K 287K 3Q '18 85% 90% WeWork Memberships 387K 30K 357K 4Q '18 80% 88% +88% YoY 446K 29K 416K 1Q '19 81% 88% On Demand 503K 31K 472K 2Q '19 83% 89% 580K 42K 539K 3Q '19 80% 87% 28#29China and Pacific occupancy cause Q3'19 mature occupancy to dip 178bps Mature Building Occupancy(¹) Key Mature Occupancy Drivers 93% EMEA 91% USCI LatAm Pacific China 1Q '18 94% 91% 87% 89% 2Q '18 US, Canada & Israel India 94% 89% 87% 83% 77% 3Q '18 92% 91% 88% 77% 81% 92% 89% 89% 75% 4Q '18 1Q '19 Europe, Middle East & Africa Latin America 95% 90% 81% 79% 77% 2Q '19 -China Pacific 89% 89% 88% 76% 69% 3Q '19 Europe, Middle East & Africa (14% of mature desks) US, Canada & Israel (65% of mature desks) Latin America (7% of mature desks) Pacific (4% of mature desks) China (8% of mature desks) Note: Figures exclude IndiaCo locations. Components may not add due to rounding. Occupancy reflects total physical memberships divided by total desks. Open desks defined as desks open within the first seven days of the last month of the period. (1) Mature building occupancy at locations that have been open for greater than 24 months ■ ■ ■ ■ Key Drivers 4 buildings in London saw occupancy dip below 80% Increased proportion of mature Tier 2 cities (e.g. Atlanta, Charlotte, and Dallas) Increase driven by higher occupancy locations in Sao Paulo Occupancy dips below 70% in 4 of 8 mature locations - Australia (2), Seoul (2) In 2019, 55% of Naked Hub locations are mature driving down mature occupancy 29#30Non-GAAP reconciliation: H1 '19 location gross profit (loss) from membership and service revenue and Location contribution margin for buildings at various maturity cohorts ($ in millions) Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: Membership and service revenue Cost of membership and service revenue: Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization - relating to location operating expenses Total cost of membership and service revenue Location gross profit (loss) from membership and service revenue Location gross profit (loss) margin percentage Reconciliation of GAAP location gross profit (loss) from membership and service revenue to non-GAAP location contribution margin: Location gross profit (loss) from membership and service revenue Add: Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) (1) Location contribution margin Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) on location contribution margin Location contribution margin percentage Non-cash GAAP straight-line lease cost as a % of membership and service revenue Benefit of non-cash amortization of lease incentives as a % of membership and service revenue 0-6 Months $163 (201) (38) (239) ($76) (47%) ($76) 38 ($38) 71 (24%) 44% (8%) 7-12 Months $272 (258) (47) (305) ($33) (12%) ($33) 47 I $14 57 5% 21% (4%) 13 - 24 Months $345 (288) (52) (340) $5 1% $5 52 $57 43 17% 12% (5%) +25 Months $547 (435) (85) (520) $28 5% $28 85 $102 17 21% 4% (1) Represents the non-cash expense of our equity compensation arrangements for employees whose payroll is included in location operating expense. Stock-based compensation expense is not allocated at the location level. (2) The "Other" cohort relates to membership and service revenue related to management fees earned for providing services to unconsolidated locations in India and revenue, location operating expenses, and depreciation relating to locations that also serve as headquarters locations that are not included in the Company's cohort analysis, as performance of these locations is not representative of our open locations (5%) Other (2) $22 (51) (9) (60) ($38) ($38) 9 26 (4) 5 Total Consolidated All locations $1,349 (1,233) (230) (1,463) ($114) (8%) ($114) 230 26 142 198 10% 15% (5%) 30#31Non-GAAP reconciliation: H1 '19 location gross profit (loss) from membership and service revenue and Location contribution margin for markets at maturity ($ in millions) Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: Membership and service revenue Cost of membership and service revenue: Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization - relating to location operating expenses Total cost of membership and service revenue Location gross profit (loss) from membership and service revenue Location gross profit (loss) margin percentage Reconciliation of GAAP location gross profit (loss) from membership and service revenue to non- GAAP location contribution margin: Location gross profit (loss) from membership and service revenue Add: Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) (1) Location contribution margin Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) on location contribution margin Location contribution margin percentage Mature locations outside of Mature locations in top 7 the top 7 markets markets $126 (108) (19) ($127) ($1) (1%) ($1) 19 $18 4 14% $350 3% (266) (52) ($318) $32 9% $32 52 $84 13 24% 4% Non-Mature & Other(2) $874 (859) (159) ($1,018) ($145) Non-cash GAAP straight-line lease cost as a % of membership and service revenue (5%) (5%) Benefit of non-cash amortization of lease incentives as a % of membership and service revenue (1) Represents the non-cash expense of our equity compensation arrangements for employees whose payroll is included in location operating expense. Stock-based compensation expense is not allocated at the location level. (2) The "Other" cohort relates to membership and service revenue related to management fees earned for providing services to unconsolidated locations in India and revenue, location operating expenses, and depreciation relating to locations that also serve as headquarters locations that are not included in the Company's cohort analysis, as performance of these locations is not representative of our open locations (17%) ($145) 159 $14 181 Total Consolidated - All locations $1,349 (1,233) (230) ($1,463) ($114) (8%) ($114) 230 26 $142 198 10% 15% (5%) 31#32Non-GAAP reconciliation: H1 '19 location gross profit (loss) from membership and service revenue and Location contribution margin for buildings at various enterprise membership percentages ($ in millions) Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: Membership and service revenue Cost of membership and service revenue: Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization - relating to location operating expenses Total cost of membership and service revenue Location gross profit (loss) from membership and service revenue Location gross profit (loss) margin percentage Reconciliation of GAAP location gross profit (loss) from membership and service revenue to non-GAAP location contribution margin: Location gross profit (loss) from membership and service revenue Add: (1) (2) Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) (1) ≥50% Enterprise mature locations $47 (32) (5) ($37) $9 20% $9 5 I 35 (0) $15 32% ≥50% SMB mature locations Non-Mature & Other(2) 1% $438 (355) (69) ($424) $14 3% $14 69 I $83 (18) 19% $864 Location contribution margin Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) on location contribution margin Location contribution margin percentage Non-cash GAAP straight-line lease cost as a % of membership and service revenue Benefit of non-cash amortization of lease incentives as a % of membership and service revenue (5%) (5%) Represents the non-cash expense of our equity compensation arrangements for employees whose payroll is included in location operating expense. Stock-based compensation expense is not allocated at the location level. The "Other" cohort relates to membership and service revenue related to management fees earned for providing services to unconsolidated locations in India and revenue, location operating expenses, and depreciation relating to locations that also serve as headquarters locations that are not included in the Company's cohort analysis, as performance of these locations is not representative of our open locations 4% ($846) (156) ($1,002) ($138) (16%) ($138) 156 26 $18 216 Total Consolidated - All locations $1,349 (1,233) (230) ($1,463) ($114) (8%) ($114) 230 26 $142 198 10% 15% (5%) 32#33wework Diligence Supplement October 18, 2019#34Disclaimer The information contained in this presentation is solely for the purpose of familiarizing potential investors with The We Company ("The We Company" or the "Company"), and is subject to completion and amendment and is not investment advice. Concurrently with being provided this presentation, you are being given access to a data room maintained by the Company for more complete information about the Company and the offering. It is strongly recommended that you review, and you will be deemed to have reviewed, all of documents and other information in the data room before making an investment decision. This presentation is being provided solely for your confidential use with the express understanding that you will not release any portion of this document, discuss the information contained herein, or make reproductions of or use this presentation for any other purpose without the prior express written permission of the Company. This presentation is being provided to you on the condition that you are agreeing to hold it in strict confidence and in accordance with the confidentiality agreement entered into with the Company, as well as that you are agreeing to abide by the terms of this legend. This presentation contains "forward-looking statements". These statements are often, but not always, made through the use of words or phrases such as "may", "should", "could", "predict", "potential", "believe", "will likely result", "expect", "continue", "will", "anticipate", "seek", "estimate", "intend", "plan", "projection", "would" and "outlook", or the negative version of those words or phrases or other comparable words or phrases of a future or forward- looking nature. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding financial performance, including but not limited to revenue, expenses, potential profitability, backlog, run-rate revenue, non-GAAP measures and other results of operations; our expectations regarding future operating performance, including but not limited to our expectations regarding future locations, scale, desk capacity, memberships and enterprise membership percentage and retention rate; and statements regarding financing arrangements, including outstanding funding commitments and the timing and terms on which such commitments may be funded. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation, and our future levels of activity and performance, may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. This presentation also contains certain estimates of financial results and metrics as of and for the three months and nine months ended September 30, 2019. No representation can be or is being made with respect to those estimates, and you should not rely on such estimates. Neither the Company's independent auditors nor any other third party has examined, reviewed or compiled these results or metrics nor expresses an opinion or other form of assurance with respect thereto. The estimates as of and for the three months and nine months ended September 30, 2019 are preliminary, based on management's current expectations, but are subject to change, including between now and at such time as final results are released. You must make your own determinations as to the reasonableness of these estimates and should also note that if one or more assumptions are not met, these estimates may not be achieved. In addition, to the extent this presentation contains any projections, estimates or statements with respect to the Company's future results or future events, such information is based on current management estimates and assumptions, some of which may not materialize or may change, and is subject to risks and uncertainties over which the Company has no control or ability to predict. Unanticipated events may occur that could affect the outcome of such projections, estimates and statements. You must make your own determinations as to the reasonableness of these projections, estimates and 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 and statements may not be achieved. The Company can give no assurance as to its future operations, performance, results or events. This presentation contains information concerning our solutions and our industry, including market size and growth rates of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports commissioned by us and our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to this information. We have not independently verified this third-party information. Similarly, other third-party survey data and research reports commissioned by us, while believed by us to be reliable, are based on limited sample sizes and have not been independently verified by us. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our 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 us. This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including Location Contribution Margin. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's 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 the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-GAAP measures to the most directly comparable GAAP measure. The brands and logos included herein are the property of third-party owners and are used for informational purposes only. Such use should not be considered an endorsement of the third-party owner or its services and should not be considered endorsement of the products or services of the Company by the third-party owner. 34#35Top 7 Market Cohort Analysis- all locations January 2019 location cohort; Membership and Service revenue and Location Contribution Margin are for 1H 2019 ($mm) 1H 2019 New York London San Francisco Los Angeles Boston Chicago Washington DC Top 7 markets As of June 1, 2019 New York London San Francisco Los Angeles 1H'19 Average 1H'19 Average total Desks memberships Boston Chicago Washington DC Top 7 markets 62.0K 42.2K 21.7K 21.2K 11.7K 10.8K 11.2K 181K Top seven market KPIs as of June 1, 2019 (for reference only) 57.4K 39.1K 19.6K 17.4K 10.9K 8.7K 9.8K 163K 184K Implied Implied Enterprise occupancy membership % 93% 93% 90% 82% 93% 81% 87% Desks Total memberships Occupancy 63.2K 42.7K 21.7K 21.1K 12.8K 10.7K 11.3K 58.6K 40.3K 20.4K 18.3K 11.9K 9.4K 10.1K 90% 169K 93% 94% 94% 87% 93% 88% 89% 92% 23% 26% 57% 22% 51% 35% 20% 30% % Enterprise memberships 23% 26% 57% 22% 51% 35% 20% 30% Membership & service Revenue $235 $172 $87 $59 $36 $26 $32 $646 Location Contribution Margin $36 $28 $27 $11 $9 $9 $3 $122 Location Contribution Margin (%) 15% 16% 31% 18% 25% 34% 9% 19% I Non-cash GAAP straight-line lease cost as a % of membership and service revenue 13% 12% 10% 20% 24% 11% 18% 14% Benefit of non-cash amortization of lease incentives as a % of membership and service revenue Total locations in top seven markets: 156¹ 106 mature (68%) 50 non-mature (32%) (5%) (4%) (4%) (8%) (7%) (8%) (7%) (5%) *Location Contribution Margin includes impact of non-cash straight-line lease cost and benefit of non-cash amortization of lease incentives Note: Enterprises defined as members with 500+ employees; Mature locations defined as locations that have been open for more than 24 months; New York market includes Astoria, Brooklyn, Long Island City; San Francisco includes Berkeley, Emeryville, Mill Valley, Mountain View, Oakland, and San Mateo; Boston includes Cambridge; Los Angeles includes Burbank, Costa Mesa, Culver City, El Segundo, Irvine, Long Beach, Manhattan Beach, Pasadena, Playa Vista, Santa Monica, and West Hollywood; Washington DC includes College Park and McLean. ¹ Total locations in top seven markets as of January 2019; excludes JVs, India, two WeLive locations, and corporate headquarters 35#36Top 7 Market Cohort Analysis- mature locations January 2019 location cohort; Membership and Service revenue and Location Contribution Margin are for 1H 2019 ($mm) 1H 2019 New York London San Francisco Los Angeles Boston Chicago Washington DC Top 7 markets As of June 1, 2019 New York London San Francisco Los Angeles 1H'19 Average 1H'19 Average total Desks memberships Boston Chicago Washington DC Top 7 markets 35.1K 14.2K 6.5K 10.9K 2.7K 7.0K 8.1K 85K Top seven market KPIs as of June 1, 2019 (for reference only) 32.4K 13.2K 5.8K 9.3K 2.4K 6.1K 7.2K 35.1K 14.4K 6.5K 10.9K 2.7K 7.0K 8.2K 76K 85K Desks Total memberships Occupancy Implied Implied Enterprise occupancy membership % 92% 93% 90% 86% 88% 87% 89% 32.5K 13.5K 5.9K 9.6K 2.3K 6.2K 7.4K 90% 77K 93% 94% 91% 88% 87% 89% 89% 91% 13% 21% 30% 21% 28% 37% 23% 20% % Enterprise memberships 13% 20% 29% 21% 30% 37% 24% 20% Membership & service Revenue $135 $67 $27 $32 $9 $19 $25 $312 *Represents January 2019 cohort of locations vs. April 2019 cohort of locations included in Top 7 Market analysis in Investor Presentation **Location Contribution Margin includes impact of non-cash straight-line lease cost and benefit of non-cash amortization of lease incentives Location Contribution Margin $29 $16 $9 $8 $2 $7 $2 $73 Location Contribution Margin (%) 21% 24% 34% 26% 27% 38% 7% 23% I Non-cash GAAP straight-line lease cost as a % of membership and service revenue 4% 0% 3% 3% (1%) 1% 17% 4% Benefit of non-cash amortization of lease incentives as a % of membership and service revenue (5%) (4%) (4%) (8%) (6%) (7%) (6%) (5%) Note: Enterprises defined as members with 500+ employees; Mature locations defined as locations that have been open for more than 24 months; Locations are considered mature as of the beginning of the period, January 2019. New York market includes Astoria, Brooklyn, Long Island City; San Francisco includes Berkeley, Emeryville, Mill Valley, Mountain View, Oakland, and San Mateo; Boston includes Cambridge; Los Angeles includes Burbank, Costa Mesa, Culver City, El Segundo, Irvine, Long Beach, Manhattan Beach, Pasadena, Playa Vista, Santa Monica, and West Hollywood; Washington DC includes College Park and McLean. Locations exclude JVs, India, two WeLive locations, and corporate headquarters 36#37Mature location contribution margin distribution for 1H'19 As of January 2019 (excl. JV's and India) % of desks Location contribution margin # of desks % with management agreements 11% <=0% 13K 34% 29% >0% to 20% 34K 14% 51% >20% - 40% 59K 1% Note: Reflects January 2019 location cohort; includes WholeCo locations excluding JVs, India, and 2 WeLive locations for 1H 19; locations are considered mature as of the beginning of the period, January 2019. 9% >40% 10K 37#38Overall churn has declined over time driven by greater focus on member experience and shift to Enterprise Churn by Enterprise vs. Non-Enterprise I I Enterprise Non- Enterprise Overall Enterprise Non- Enterprise Overall Average Monthly Gross Churn (1) 2017 3.9% 5.6% 5.2% Average Monthly Net Churn (1) 2017 (5.0%) 1.8% 0.4% 2018 2.9% 5.1% 4.3% 2018 (5.3%) 1.6% (0.4%) YTD 2019 2.7% 4.3% 3.6% YTD 2019 (5.3%) 1.5% (1.0%) Note: Figures are as of September 1, 2019 and exclude Hot Desks and IndiaCo. Gross churn represents the total number desks moving out and downgrading at the organization level, excluding Hot Desks, divided by the beginning of period desks. Net churn represents gross churn less upgrades from existing member organizations, excluding Hot Desks. Upgrades represent the total number of desks existing member organizations add in a given period divided by the beginning of period desks. (1) Average represents monthly average over the last twelve months for 2017 and 2018, respectively, and last 9 months for YTD 2019. 38#39Desk pipeline breakout - ParentCo vs. JVs Desks ParentCo % of total JVs % of total Total WeWork Desks % of total Open non- Pre-open(¹) mature(2) 450K 46% 130K 45% As of 3Q'19 Open mature(³) Total 580K 46% 338K 35% 135K 47% 473K 38% Note: Figures may not reconcile across documents as timing of desk deliveries have been restated to correct an immaterial difference 1. Pre-open includes locations that have a signed lease but are not yet open 2. Locations that have been open for 24 months or less 3. Locations that have been open for greater than 24 months 182K 19% 23K 8% 204K 16% 969K 288K 1,257K 39#40Appendix#41Non-GAAP reconciliation: 1H '19 location gross profit (loss) from membership and service revenue and Location contribution margin for certain markets ($ in millions) Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: Membership and service revenue Cost of membership and service revenue: Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization - relating to location operating expenses Total cost of membership and service revenue Location gross profit (loss) from membership and service revenue Location gross profit (loss) margin percentage Reconciliation of GAAP location gross profit (loss) from membership and service revenue to non-GAAP location contribution margin: Location gross profit (loss) from membership and service revenue Add: Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) (1) Location contribution margin Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) on location contribution margin Location contribution margin percentage Non-cash GAAP straight-line lease cost as a % of membership and service revenue New York $ 235 ($199) (35) ($234) $1 0% $1 35 I $36 32 15% 13% London $ 172 ($143) (17) ($160) $11 7% $11 17 I $28 21 16% 12% San Francisco Los Angeles $ 87 ($61) (13) ($74) $14 16% $14 13 I $27 9 31% 10% $ 59 ($48) (10) ($58) $0 1% $0 10 $11 11 18% 20% Boston $36 ($27) (7) ($34) $2 5% $2 $9 9 25% 24% Chicago $ 26 ($17) (6) ($23) $3 11% $3 6 $9 3 34% 11% Washington D.C. $ 32 ($29) (5) ($33) ($2) (5%) ($2) 5 $3 6 9% 18% Other (2) $703 ($709) (137) ($846) ($143) ($143) 137 $26 $20 108 Total - Consolidated - All locations $1,349 (1,233) (230) (1,463) ($114) (8%) ($114) 230 26 142 198 10% 15% (1) Represents the non-cash expense of our equity compensation arrangements for employees whose payroll is included in location operating expense. Stock-based compensation expense is not allocated at the location level. (2) The "Other" cohort relates to revenue, location operating expenses, and depreciation relating to locations outside of these select markets, membership and service revenue related to management fees earned for providing services to unconsolidated locations in India and revenue, location operating expenses, and depreciation relating to locations that also serve as headquarters locations that are not included in the Company's cohort analysis, as performance of these locations is not representative of our open locations 41#42Non-GAAP reconciliation: 1H '19 location gross profit (loss) from membership and service revenue and Location contribution margin for markets at maturity ($ in millions) Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: Membership and service revenue Cost of membership and service revenue: Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization - relating to location operating expenses Total cost of membership and service revenue Location gross profit (loss) from membership and service revenue Location gross profit (loss) margin percentage Reconciliation of GAAP location gross profit (loss) from membership and service revenue to non-GAAP location contribution margin: Location gross profit (loss) from membership and service revenue Add: Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) (1) Location contribution margin Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) on location contribution margin Location contribution margin percentage Non-cash GAAP straight-line lease cost as a % of membership and service revenue New York $ 135 ($106) (21) ($127) $7 5% $7 21 $29 01 5 21% London 4% $ 67 ($51) (6) ($57) $10 15% $10 6 $16 0 24% San Francisco Los Angeles 0% $27 ($18) (5) ($23) $4 15% $4 5 I $9 1 34% $32 3% ($23) (5) ($29) $3 9% $3 LO I $8 1 26% Boston 3% $9 ($6) (2) ($8) $1 8% $1 N I $2 (0) 27% Chicago $19 ($12) (4) ($16) $3 16% $3 4 $7 0 38% Washington D.C. 1% $25 ($23) (3) ($26) ($2) (7%) ($2) 3 $2 4 7% Other (2) 17% $1,037 ($995) (183) ($1,177) ($140) ($140) 183 $26 $69 186 Total Consolidated - All locations $1,349 (1,233) (230) (1,463) ($114) (8%) ($114) (1%) (1) Represents the non-cash expense of our equity compensation arrangements for employees whose payroll is included in location operating expense. Stock-based compensation expense is not allocated at the location level. (2) The "Other" cohort relates to revenue, location operating expenses, and depreciation relating to non-mature locations within these select markets, revenue, location operating expenses, and depreciation relating to locations outside of these select markets, membership and service revenue related to management fees earned for providing services to unconsolidated locations in India and revenue, location operating expenses, and depreciation relating to locations that also serve as headquarters locations that are not included in the Company's cohort analysis, as performance of these locations is not representative of our open locations 230 26 142 198 10% 15% 42#43Non-GAAP reconciliation: 1H '19 location gross profit (loss) from membership and service revenue and Location contribution margin for mature buildings at various contribution margin cohorts ($ in millions; excluding JV's and India) Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: Membership and service revenue Cost of membership and service revenue: Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization - relating to location operating expenses Total cost of membership and service revenue Location gross profit (loss) from membership and service revenue Location gross profit (loss) margin percentage Reconciliation of GAAP location gross profit (loss) from membership and service revenue to non-GAAP location contribution margin: Location gross profit (loss) from membership and service revenue Add: Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) (¹) Location contribution margin Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) on location contribution margin Location contribution margin percentage <= 0% $ 35 (41) (5) ($46) ($10) (29%) ($10) ($5) $5 (15%) >0 - 20% $99 (87) (15) ($102) ($3) (3%) ($3) 15 $12 $ 5 12% >20 - 40% $215 (153) (30) ($184) $31 15% $31 30 I $62 $ 4 29% >40% $40 (21) (7) ($28) $12 30% $12 7 $19 ($0) 48% (1%) Non-Mature, JV's Total Consolidated & Other (2) All locations $959 (931) (172) ($1,103) ($144) ($144) 172 26 $54 $184 $1,349 (1,233) (230) (1,463) ($114) (8%) ($114) 230 26 142 198 10% Non-cash GAAP straight-line lease cost as a % of membership and service revenue 15% 5% 2% (1) Represents the non-cash expense of our equity compensation arrangements for employees whose payroll is included in location operating expense. Stock-based compensation expense is not allocated at the location level. (2) The "Other" cohort relates to revenue, location operating expenses, and depreciation relating to non-mature locations, revenue, location operating expenses, and depreciation relating to locations in China Co, JapanCo, and Pacific Co, membership and service revenue related to management fees earned for providing services to unconsolidated locations in India and revenue, location operating expenses, and depreciation relating to locations that also serve as headquarters locations that are not included in the Company's cohort analysis, as performance of these locations is not representative of our open locations 15% 43#44wework KPIs October 12, 2019#45Total Memberships Bridge 320K 22K 287K 3Q '18 Note: Components may not add due to rounding. 10K 401K 30K 357K 4Q '18 14K ■WeWork Memberships 466K 29K 416K 20K 527K 25K 31K 472K 1Q '19 2Q '19 On Demand ■ India Memberships 609K 29K 42K 539K 3Q '19 580k Total Memberships (ex. India) 45#46wework LCs and Parent Guarantees October 20, 2019#47Disclaimer The information contained in this presentation is solely for the purpose of familiarizing potential investors with The We Company ("The We Company" or the "Company"), and is subject to completion and amendment and is not investment advice. Concurrently with being provided this presentation, you are being given access to a data room maintained by the Company for more complete information about the Company and the offering. It is strongly recommended that you review, and you will be deemed to have reviewed, all of documents and other information in the data room before making an investment decision. This presentation is being provided solely for your confidential use with the express understanding that you will not release any portion of this document, discuss the information contained herein, or make reproductions of or use this presentation for any other purpose without the prior express written permission of the Company. This presentation is being provided to you on the condition that you are agreeing to hold it in strict confidence and in accordance with the confidentiality agreement entered into with the Company, as well as that you are agreeing to abide by the terms of this legend. This presentation contains "forward-looking statements". These statements are often, but not always, made through the use of words or phrases such as "may", "should", "could", "predict", "potential", "believe", "will likely result", "expect", "continue", "will", "anticipate", "seek", "estimate", "intend", "plan", "projection", "would" and "outlook", or the negative version of those words or phrases or other comparable words or phrases of a future or forward- looking nature. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding financial performance, including but not limited to revenue, expenses, potential profitability, backlog, run-rate revenue, non-GAAP measures and other results of operations; our expectations regarding future operating performance, including but not limited to our expectations regarding future locations, scale, desk capacity, memberships and enterprise membership percentage and retention rate; and statements regarding financing arrangements, including outstanding funding commitments and the timing and terms on which such commitments may be funded. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation, and our future levels of activity and performance, may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. This presentation also contains certain estimates of financial results and metrics as of and for the three months and nine months ended September 30, 2019. No representation can be or is being made with respect to those estimates, and you should not rely on such estimates. Neither the Company's independent auditors nor any other third party has examined, reviewed or compiled these results or metrics nor expresses an opinion or other form of assurance with respect thereto. The estimates as of and for the three months and nine months ended September 30, 2019 are preliminary, based on management's current expectations, but are subject to change, including between now and at such time as final results are released. You must make your own determinations as to the reasonableness of these estimates and should also note that if one or more assumptions are not met, these estimates may not be achieved. In addition, to the extent this presentation contains any projections, estimates or statements with respect to the Company's future results or future events, such information is based on current management estimates and assumptions, some of which may not materialize or may change, and is subject to risks and uncertainties over which the Company has no control or ability to predict. Unanticipated events may occur that could affect the outcome of such projections, estimates and statements. You must make your own determinations as to the reasonableness of these projections, estimates and 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 and statements may not be achieved. The Company can give no assurance as to its future operations, performance, results or events. This presentation contains information concerning our solutions and our industry, including market size and growth rates of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports commissioned by us and our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to this information. We have not independently verified this third-party information. Similarly, other third-party survey data and research reports commissioned by us, while believed by us to be reliable, are based on limited sample sizes and have not been independently verified by us. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our 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 us. This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including Location Contribution Margin. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's 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 the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-GAAP measures to the most directly comparable GAAP measure. The brands and logos included herein are the property of third-party owners and are used for informational purposes only. Such use should not be considered an endorsement of the third-party owner or its services and should not be considered endorsement of the products or services of the Company by the third-party owner. 47#48Corporate Structure Represents Restricted Group (excl. Foreign JV's) Lease Obligations ● $41.8b Total Rent Commitment Breakdown of Parent Lease Obligations: $145mm Surety Bonds $60.7mm Cash Security $932mm Letters of Credit $1.2b L&T Guaranty(2) $4.2b Parent Guaranty (WeWork Companies LLC guaranteed $4.1b) $6.5b Total Parent Lease Obligations Most of our locations are leased by a 100%-owned SPE that acts as the lessee and operator of that location. The landlord typically requires some credit support of the SPE in the form of a WeWork parent guaranty and either (1) letters of credit, (2) surety bonds, or (3) cash security based on deal- and jurisdiction-specific factors and generally tapers down as the property matures. Note: All numbers are as of June 30, 2019, per the Company's Lease Security Report. Parent guaranties and Letters of Credit that are associated with leases that commence in 2020 and beyond have been grouped within the 2019 vintage for illustrative purposes as we are aware of the additional obligations with each property and the majority of which are associated with existing properties where we plan to take on an additional floor and will realize a subsequent increase in parent lease obligations in the coming years. Since providing this information on October 20, 2019, the Company has revised these figures. (1) Total Rent Commitment represents the future undiscounted fixed minimum least cost payments under operating and finance leases signed as of June 30, 2019. (2) Guaranty for L&T is for the life of the lease for all contractual lease payments. (3) Based on all leases commenced as of June 30, 2019 and excludes the L&T Guaranty. Parent Lease Obligations Reduce Over Time(3) $932mm Letters of Credit $4.2bn Parent Guaranty 6,000 ($mm) 5,000 4,000 3,000 2,000 1,000 6/30/2019 2019 2020 2021 2022 2023 2024 2025 -52% decrease 2026 2027 2028 2029 2030 $520mm Letters of Credit $1.9bn Parent Guaranty 2031 For a majority of Parent Guaranties, the guaranteed amount burns off over time (though usually not to zero). 2032 The increase in Parent Guaranties in the second half of 2019 and 2020 compared to 6/30/2019 is driven by signing additional Gate A deals. Typically, a Parent Guaranty is required on day 1 of a lease. Landlords typically require 12-18 months of rent in the form of Letters of Credits at lease commencement. Over time, Letters of Credits gradually burn off to 6-12 months of rent. The increase in Letters of Credit in the second half of 2019 and 2020 compared to 6/30/2019 is driven by leases that we signed in 2019 but have not yet taken possession of the property or represents the additional floors that we have signed in our existing locations, but have not yet taken possession. In this scenario, we often push not to deliver Letters of Credit at first, but the amount steps up over time as we take possession of the building or additional floors. 48#49Parent Guaranties and Letters of Credit Burn Down Over Time The below represents cohort data based on the year leases were commenced Parent Guaranties (1) 6,000 ($mm) 5,000 4,000 3,000 2,000 1,000 $4.2B 6/30/2019 YE 2019 2010 YE 2020 2011 ■2012 ■2013 YE 2021 YE 2022 YE 2023 2014 2015 -53% decrease YE 2024 YE 2025 2016 YE 2026 2017 YE 2027 YE 2028 2018 YE 2029 2019 YE 2030 YE 2031 $1.9B YE 2032 Letters of Credit(1) $932 6/30/2019 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 ~44% decrease YE 2025 YE 2026 YE 2027 YE 2028 YE 2029 YE 2030 YE 2031 Confidential $520 YE 2032 The above represents both Parent Guaranties and Letters of Credit broken out by vintage related to when the lease associated with each form of credit support commenced. Note: Since providing this information on October 20, 2019, the Company has revised these figures. (1) Parent guaranties and Letters of Credit that are associated with leases that commence in 2020 and beyond have been grouped within the 2019 vintage for illustrative purposes as we are aware of the additional obligations with each property and the majority of which are associated with existing properties where we plan to take on an additional floor and will realize a subsequent increase in parent lease obligations in the coming years. 49