#1WYBUR 13 A A P EL PUNTIEN JA MOR Q4 and Fiscal Year 2021 Results wework#2Disclaimer Forward-Looking Statements Certain statements made in this presentation may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 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. Although WeWork Inc. ("WeWork") believes the expectations reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, WeWork's ability to refinance, extend, restructure or repay near and intermediate term debt; its indebtedness; its ability to raise capital through equity issuances, asset sales or the incurrence of new debt; retail and credit market conditions; impairments; its liquidity demand; changes in general economic conditions, including as a result of the COVID-19 pandemic; delays in customers and prospective customers returning to the office and taking occupancy as a result of the COVID-19 pandemic and the emergence of variants leading to a parallel delay in receiving the corresponding revenue; and WeWork's inability to implement its business plan or meet or exceed its financial projections. Forward-looking statements speak only as of the date they are made. WeWork discusses these and other risks and uncertainties in its annual and quarterly periodic reports and other documents filed with the U.S. Securities and Exchange Commission. WeWork may update that discussion in its periodic reports or as otherwise required by law, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. 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 1 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 by third parties or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance of WeWork or modeling contained herein is not an indication as to future performance. WeWork has not independently verified any such third-party information. Similarly, other third-party survey data and research reports commissioned by WeWork, while believed by WeWork to be reliable, are based on limited sample sizes and have not been independently verified by WeWork. In addition, projections, assumptions, estimates, goals, targets, plans and trends of the future performance of the industry in which WeWork operates, and WeWork's 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. WeWork assumes no obligation to update the information in this presentation. 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 and Building Margin (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, WeWork closed a franchise agreement and transferred the building operations and obligations of its 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, China and Israel related metrics are excluded from all calculations. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of WeWork and other companies, which are the property of their respective owners. Preliminary Financial Information We report our financial results in accordance with U.S. generally accepted accounting principles. All projected financial information and metrics in this presentation are preliminary. These estimates are not a comprehensive statement of our financial position and results of operations. There is no assurance that we will achieve our forecasted results within the relevant period or otherwise. Actual results for Q4 2021 may differ materially from these estimates as a result of actual year-end results, the completion of normal year-end accounting procedures and adjustments, including the execution of our internal control over financial reporting the completion of the preparation and management's review of our financial statements for the relevant period and the subsequent occurrence or identification of events prior to the filing of our financial results for the relevant period with the Securities and Exchange Commission. wework Ⓒ2022 WeWork.#3Our Core Values THE RIGHT Work Values TO BE BETTEP the work ValueE GIVE THI R. TOG ♡ Wowork Values NEURI GRATITUR work Valu BE HUMAN S BE KIND Our mission is to empower tomorrow's world at work Do the right thing. Strive to be better, together. Be entrepreneurial. Give gratitude. Be human, be kind. Our Core Constituents -www 直 Sm -000 Colleagues Members Shareholders Partners Society#4For all the ways you work, we're here. Systemwide 756 912k LOCATIONS DESKS Consolidated 3 624 LOCATIONS 746k DESKS 590k PHYSICAL MEMBERSHIPS 469k PHYSICAL MEMBERSHIPS 46k ALL ACCESS 45k ALL ACCESS USC LatAm Wholly-owned Note: Metrics presented as of December 2021. Consolidated metrics include operations in the United States and Canada, Latin America, Europe, Japan, and Pacific regions. Systemwide metrics include consolidated regions as well as India, China, and Israel, which are not consolidated. Israel EMEA Consolidated JVs India China Pacific Japan Unconsolidated Franchises wework Ⓒ2022 WeWork.#5Flexible 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) 1. 2. 3. 4 1% 2000 4% E-Commerce as % of retail sales in the U.S.(³) 6% 2010 Pre-COVID (Low) 11% Pre-COVID (Mid) 21% 2%(1) 2020 Pre-COVID (High) 33% CBRE "Let's Talk About Flex" (2019). Reflects growth of U.S. Rentable Square Footage from year-end 2019 to 2030E. JLL "The impact of COVID-19 on flexible space" (2020). 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." Post-COVID 30% (2) 22% (1) 13% (1) 7% (1) 2030 $105B revenue opportunity $77B revenue opportunity $45.5B revenue opportunity 2019: $7B revenue opportunity wework Ⓒ2022 WeWork.#6WeWork represents an outsized portion of demand Based on Full-Year 2021 leasing activity Market United States Boston New York Miami San Francisco Europe London Dublin Paris Berlin WeWork Occupancy incl. SNO 63% 63% 65% 85% 69% 75% 70% 85% 72% 82% WeWork Physical Occupancy 63% 60% 64% 91% 68% 69% 63% 84% 66% 73% WeWork as a % of Market Stock (2) ~0.5% ~2% ~1% ~1% ~1% ~0.5% ~1% ~1% ~1% ~0.5% 1. Represents physical occupancy 2. Please refer to "Market Share Methodology and Sources" for additional information on methodology and sources. 2021 Traditional Market Square Feet Leased (3) 157m 4,300k 23,800k 2,900k 9,500k 118m 8,600k 1,600k 14,900k 9,600k 3. WeWork leasing activity based on total new desks sold and renewed in each market multiplied by 60 rentable square feet per desk. 4. WeWork's 2021 equivalent percent of traditional leasing activity divided by estimated percent of office stock. 5 2021 WeWork Square Feet Leased (3) 14m 740k 3,810k 420k 1,240k 9m 3,300k 560k 1,250k 570k Equivalent % of 2021 Traditional Square Feet Leased (2) 9% 17% 16% 14% 13% 8% 39% 34% 8% 6% WeWork 2021 Leasing as a Multiple of Market Stock (4) 21x 9x 14x 19x 12x 20x 27x 30x 13x 23x wework Ⓒ2022 WeWork.#7Our turnkey solution WeWork provides companies of all sizes a comprehensive and flexible solution that saves money by minimizing up front costs and maximizing the value our membership fee. Traditional office lease costs $ Property $ Utilities $ Design & construction $ FF&E $ Enhanced health & safety measures $ Basic Internet $ Cleaning $ Maintenance $ Security $ Pantry provisions 6 All included in WeWork membership fee wework © 2022 WeWork.#8The world's top companies trust WeWork amazon 7 citi DRAFT KINGS BLACKROCK NOVARTIS salesforce Johnson & Johnson GE Spotify Nasdaq PELOTON UnitedHealthcare airbnb Goldman Sachs NETFLIX accenture slack Uber HSBC All figures as of December 31, 2021. Logos used herein are the property of third parties and for informational purposes only and do not imply any endorsement by those companies of WeWork's company or products or vice versa. Google T Mobile ∞ Meta adidas 63% of the Fortune 100 are WeWork members 47% of physical memberships are enterprise 26k SMB member organizations 2.3k Enterprise member organizations wework Ⓒ2022 WeWork.#9Our space as a service solutions 8 Dedicated desk Enjoy your own desk in a shared, private office with access to professional amenities and meeting rooms. Ideal size: 1-5 people Term: Monthly or Annually Standard office Have a private office space with access to meeting rooms and professional amenities. Ideal size: 1-20 people Term: Monthly or Annually Office suite Utilize office space designed for larger teams with available private amenities via add-ons. Ideal size: 20-100+ people Term: Monthly or Annually Full-floor office / building - www. 1 Secure a fully dedicated workspace with private amenities and add your personal branding. Ideal size: 100+ people Term: Monthly or Annually Collaboration Hub Collaboration Hubs are centered around "active" and "focus" areas to maximize efficiency while delivering productive workspaces for your teams. Ideal size: 20-100+ people Term: Monthly or Annually#10FY 2021 market overview 3. Systemwide gross desk sales (SF sold)(¹) 9 Consolidated gross desk sales (SF sold)(¹) Consolidated new desk sales (SF sold)(¹) Physical occupancy including SNO (2) Enterprise as % of physical memberships Average commitment length All Access memberships (³) Q1 2021 163k (9.8m SF) 120k (7.2m SF) 60k (3.6m SF) 47% 52% 21 mo. 15k Q2 2021 202k (12.1m SF) 156k (9.4m SF) 97k (5.8m SF) 53% 52% 22 mo. 20k Q3 2021 197k (11.8m SF) 153k (9.3 SF) 84k (5.0m SF) 60% 49% 21 mo. 32k Q4 2021 217k (13.0m SF) 164k (9.9m SF) 87k (5.2m SF) 66% 47% 20 mo. 45k FY2021 778k (46.7m SF) 593k (35.6m SF) 329k (19.7m SF) 66% 47% 20 mo. Note: See "Terms and Definitions" pages for definitions of gross desk sales, enterprise as % of physical memberships, physical occupancy including sold memberships, and All Access memberships. 1. Assuming 60 square feet per desk sold. 2. Includes an incremental 8k in Q1 2021, 21k in Q2 2021, 30k in Q3 2021 and 21k in Q4 2021 net memberships that have been sold and are under contract to move-in in a future period, or move out within the next two months. Q1 and Q2 occupancy represents physical only. All Access memberships includes 4k other legacy memberships. 45k wework Ⓒ2022 WeWork.#11WeWork is a separate channel of distribution Physical Occupancy 45% ☐☐☐ International Consolidated US 606@O- 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 63% Physical Membership Monthly ARPM Q4'19 ARPM: $542 $500 Q1'21 Note: See "Terms and Definitions" pages for definitions of Physical Occupancy, Physical Occupancy including SNO and Physical Membership Monthly ARPM $482 Q2'21 $485 Q3'21 $484 Q4'21#12WeWork Access 11 Products WeWork On Demand Bookable workspaces around the world by the hour Pay-as-you-go Choose from over 320+ locations in 70+ major cities through the WeWork app. Global locations: 70+ cities Term: Hourly or daily WeWork All Access Monthly membership unlocks 500+ locations worldwide wework. Monthly membership Book workspace through the WeWork app, and unlock access to over 500+ WeWork locations around the world. Global locations: 500+ Term: Monthly All Access Memberships Revenue ARPM 15k Q1'21 $9m $204 20k Q2'21 $13m $235 32k Q3'21 $20m $239 45k Q4'21 $29m $232#13Total Revenue US$ millions 12 $686 Q1'19 $756 Q2'19 Space-as-a-Service $869 Q3'19 WeWork Access $919 Q4'19 $988 Q1'20 $814 Q2'20 $741 Q3'20 $666 Q4'20 $598 $9 $589 Q1'21 $593 $13 $580 Q2'21 Note: Space-as-a-Service revenue calculated as total revenue less revenue attributable to All Access & On Demand memberships. Includes unconsolidated location management fee revenue and revenue attributable to our legacy venture businesses $661 $20 $641 Q3'21 $718 $29 $689 Q4'21 wework Ⓒ2022 WeWork.#142020 and 2021: Optimized cost structure and core business 13 1. 2. 3. ~$1.5B SG&A Expense Savings (¹) $500M+ Savings from 210+ Lease Exits (3) and 420+ Amendments ~$600M OpEx Savings (2) ●●● conductor //FLATIRON SCHOOL Q team Meetup SPACIOUS waltz Exited Non-Core Businesses As of Q4 2021 as compared to Q4 2019. Expenses reflect adjusted SG&A expense, excludes stock based compensation. As of Q4 2021 as compared to Q4 2019 on a per square foot basis. Excludes stock based compensation, indirect location operating expenses and venture expenses. Lease restructurings and renegotiations as of Q4 2021. Savings include rent and tenancy expenses. wework Ⓒ2022 WeWork.#15Building Margin US$ millions % Building Margin 81% 14 $124 Q1'19 21% 83% $138 80% $147 73% $161 Q2'19 Q3'19 Q4'19 21% 20% 19% 67% $113 Q1'20 13% 58% ($2) Q2'20 (0%) 50% ($144) 45% ($183) 47% 50% ($192) Building Margin(¹) Physical Occupancy 56% Building Margin positive in December ¹21 ($103) 63% (2) ($209) Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 (22%) (30%) (36%) (34%) (16%) ($9) Q4'21 (1%) Note: See "Terms and Definitions" pages for definition of Building Margin, which is a Non-GAAP measure. See "GAAP to Non-GAAP reconciliations" page for reconciliation to GAAP metrics. Excludes ChinaCo from all historical periods. 1. Building Margin is a non-GAAP measure we define as membership and services revenue, excluding management fees earned at our Unconsolidated Locations, less location operating expenses, before depreciation and amortization, stock-based compensation and certain indirect location operating overhead. Please refer to the appendix for a reconciliation to the closest GAAP metric. 2. Consolidated physical occupancy was 63% as of December 2021. Consolidated physical occupancy including signed but not occupied memberships was 66%. 3. WeWork was Building Margin positive on a consolidated basis for the first time since pre-pandemic, in Q1 2020 Building Margin Definition Membership and services revenue Monthly fees and incremental services revenue ● • Excludes revenues associated with franchise agreements Adj. location operating expenses: Lease cost • Direct other location expenses ● . Key Drivers Moving Forward: Continued increase in Physical Occupancy Continued growth in All Access • ARPM growth . Additional services revenue Operating cost discipline as occupancy continues to improve#16Building Margin by market Distribution of Markets by Physical Occupancy (n=94) Physical Desks % of Capacity % of Membership & Services Revenue Building Margin % >10% 1k n/m 0% n/m 15 O >20% 7 >30% 15k 2% 1% (64%) 14 >40% 117k 16% 12% (30%) 23 >50% 164k 22% 13% (37%) 16 >60% 250k 33% 41% (7%) The 33 markets with >70% occupancy have an average occupancy of 82% and average Building Margin of 28% 17 >70% 114k 15% 14% 20% 6 >80% 65k 9% 13% 33% 7 90% 22k 3% 4% 41% Note: Building Margin is a non-GAAP measure we define as membership and services revenue, excluding management fees earned at our Unconsolidated Locations, less location operating expenses, before depreciation and amortization, stock-based compensation and certain indirect location operating overhead. Please refer to the appendix for a reconciliation to the closest GAAP metric. wework Ⓒ2022 WeWork.#17Adj. EBITDA US$ millions Q1'19 16 ($362) Q2'19 ($465) Q3'19 ($577) Q4'19 ($538) Q1'20 ($393) Q2'20 ($397) Q3'20 ($492) Q4'20 ($472) Q1'21 ($446) Note: See "Terms and Definitions" pages for definition of Adj. EBITDA, which is a Non-GAAP measure. See "GAAP to Non-GAAP reconciliations" page for reconciliation to GAAP metrics Q2'21 ($449) Q3'21 ($356) Q4'21 ($283) wework Ⓒ2022 WeWork.#18Summary of key metrics For the fourth quarter ended December 31, 2021 17 66% occupancy including sold not occupied memberships $484 average revenue per member (ARPM) 746k desk capacity 45k All Access memberships ($9m) Building Margin ($283m) Adjusted EBITDA ($467m) Free Cash Flow#19Q4 2021 liquidity US$ millions 18 $924M Cash as of 12/31/21 $550M $550M Sr. Secured Notes Facility $1,474M Cash and Commitments $500M Unused LC Capacity $1,974M Cash and Commitments Incl. Unused LC Capacity wework Ⓒ2022 WeWork.#20Capitalization table As of December 31, 2021 $US millions Pro forma cash $1.75B / $1.25B Senior Secured LC Facility (¹) (2) $550/500M Senior Secured Notes (3) JapanCo Debt Pro forma total secured debt Senior Unsecured Notes Senior Unsecured Notes (Series II) Senior Unsecured Notes (Series 1) Pro forma total funded debt Pro forma net funded debt Coupon 19 5.600% 7.500% 2.500% - 3.000% 7.875% 5.000% 5.000% Maturity 2/10/2024 2/12/2024 Various 5/1/2025 7/10/2025 7/10/2025 Amount $924 $35 $35 $669 $550 $1,650 $2,904 $1,980 1. On December 6, 2021, the Company executed the Third Amendment to the Credit Agreement. As amended, the 2020 LC Facility terminates on February 10, 2024 and reduces to $1.25 billion beginning on February 10, 2023. 2. As of December 31, 2021, $1.25B of standby letters of credit were outstanding under the 2020 LC Facility. The Company has also entered into various other letter of credit arrangements, the purpose of which is to guarantee payment under certain leases entered into by JapanCo and PacificCo, totaling $8.1 million outstanding. 3. On December 16, 2021, the Company, WW Co-Obligor Inc. and the Note Purchaser entered into an amendment to the A&R NPA pursuant to which the Note Purchaser agreed to extend its commitment to purchase up to an aggregate principal amount of $500.0 million of the Amended Senior Secured Notes that may be issued by the Company from February 12, 2023 to February 12, 2024. The Amended Senior Secured Notes will mature on February 12, 2024. The Company has the ability to draw until February 12, 2024. wework Ⓒ2022 WeWork.#21Current lease security As of December 31, 2021 20 -$19 billion Present value of total fixed leases ~$6 billion Current lease security ~$3 billion Projected lease security in 5 years Out of the $19 billion in present value of WeWork's total lease obligations, the Company only provides direct credit support for ~$6 billion in the form of corporate guarantees, letters of credit, and surety bonds Though heavily dependent on the nuances of individual leases, this direct credit support represents approximately 2-3 years of ~15 year building leases#22FY 2022 outlook Consolidated unless otherwise specified Desk Capacity Physical Memberships Physical Occupancy % Systemwide Revenue Consolidated Revenue Adj. EBITDA 2021A 21 746k 469k 63% $2.9bn $2.6bn ($1.5bn) 2022E 760 - 780k 580-620k 75% - 80% $3.8 - 4.0bn $3.35 3.50bn ($0.4 $0.5bn) Note: See "Terms and Definitions" pages for definition of Adj. EBITDA, which is a Non-GAAP measure. See "GAAP to Non-GAAP reconciliations" page for reconciliation to GAAP metrics. Systemwide Location membership and service revenues represents the results of all locations regardless of ownership, including Consolidated and Unconsolidated Locations. WeWork expects consolidated revenue of $740 - 760 million in Q1 2022 and $775 - 825 million in Q2 2022#2322 Appendix AN Fose ES TO L DS 31 wework 2022 WeWork.#24Key performance indicators As of Q4'21, Consolidated includes all regions with WeWork locations outside of China, India and Israel China was included in Consolidated KPIs through Q3'20 Israel was included in Consolidated KPIs through Q1'21 . Physical Desks Consolidated Unconsolidated Global Total Physical Memberships Consolidated Unconsolidated Global Total Physical Occupancy Rate Consolidated Unconsolidated Global Total Consolidated All Access Memberships All Access Memberships Other Legacy Memberships All Access & Other Legacy Memberships 23 Q1'19 514k 34k 548k 416k 20k 437k 81% 59% 80% 29k 29k Q2'19 569k 36k 604k 472k 25k 496k 83% 69% 82% 31k 31k Q3'19 676k 43k 719k 539k 29k 568k 80% 67% 79% 42k 42k Q4'19 802k 53k 855k 584k 34k 619k 73% 65% 72% 43k 43k Q1'20 916k 57k 973k 611k 40k 650k 67% 70% 67% 42k 42k Q2'20 936k 58k 994k 543k 34k 577k 58% 59% 58% 35k 35k China included in Consolidated through Q3'20 Q3'20 962k 57k 1,020k 480k 27k 507k 50% 47% 50% 34k 34k Q4'20 865k 166k 1,030k 387k 89k 476k 45% 54% 46% 7k 6k 13k Israel included in Consolidated through Q1'21 Q1'21 804k 160k 963k 378k 97k 475k 47% 61% 49% 10k 5k 15k Q2'21 770k 168k 937k 386k 110k 496k 50% 66% 53% 16k 4k 20k Q3'21 766k 165k 932k 432k 114k 546k 56% 69% 59% 28k 4k 32k Q4'21 746k 166k 912k 469k 121k 590k 63% 73% 65% 42k 4k 45k wework Ⓒ2022 WeWork.#25Quarterly financial results US$ millions Adj. EBITDA Membership & Services Revenue Other Revenue Total Revenue Location Operating Expenses Pre-Opening Expenses SG&A Adj. EBITDA Building Margin & Physical Membership ARPM Membership & Services Revenue Less: Unconsolidated Management Fee Revenue Adj. Membership & Services Revenue (A) Less: All Access & On Demand Revenue Physical Membership Revenue (B) Location Operating Expenses Less: Indirect Location Operating Expenses Adj. Location Operating Expenses (C) Building Margin (A - C) % Building Margin Average Physical Memberships (D) Physical Membership Monthly ARPM (B/ D) Q1'19 587 99 $686 (492) (101) (455) ($362) Q1'19 587 1 $585 $585 (492) (31) ($461) $124 21% 357k $547 Q2'19 670 86 $756 (572) (125) (523) ($465) Q2'19 670 2 $668 $668 (572) (42) ($530) $138 21% 409k $545 Q3'19 743 126 $869 (638) (143) (665) ($577) Q3'19 743 2 $741 $741 (638) (44) ($594) $147 20% 462k $534 Q4'19 834 86 $919 (721) (131) (606) ($538) Q4'19 834 (0) $834 $834 (721) (48) ($673) $161 19% 513k $542 Q1'20 892 96 $988 (825) (79) (476) ($393) Q1'20 892 $892 - $892 (825) (45) ($780) $113 13% 542k $549 Q2'20 759 55 $814 (794) (74) (343) ($397) Q2'20 759 1 $758 $758 (794) (34) ($760) ($2) (0%) 507k $499 Q3'20 665 76 $741 (836) (60) (338) ($492) Q3'20 665 1 $665 $665 (836) (28) ($808) ($144) (22%) 439k $505 Q4'20 612 54 $666 (813) (46) (279) ($472) Q4'20 612 3 $609 - $609 (813) (21) ($792) ($183) (30%) 397k $512 Q1'21 579 19 $598 (809) (33) (201) ($446) Q1'21 579 4 $575 9 $567 (809) (25) ($784) ($209) (36%) 378k $500 Q2'21 565 28 $593 (780) (43) (219) ($449) Q2'21 565 1 $564 13 $551 (780) (24) ($756) ($192) (34%) 381k $482 Q3'21 627 34 $661 (752) (40) (225) ($356) Q3'21 627 2 $625 20 $605 (752) (24) ($728) ($103) (16%) 416k $485 Note: Financial information and metrics are excluding ChinaCo in all time periods. See "Terms and Definitions" pages for definition of Building Margin and "GAAP to Non-GAAP reconciliations" page for reconciliation of Adj. EBITDA and Building Margin to the closest GAAP metrics 24 Q4'21 696 21 $718 (729) (42) (230) ($283) Q4'21 696 2 $694 29 $665 (729) (26) ($703) ($9) (1%) 458k $484 FY'19 2,833 397 $3,230 (2,423) (500) (2,250) ($1,943) FY'19 2,833 5 $2,828 $2,828 (2,423) (165) ($2,258) $570 20% 435k $542 FY' 20 2,929 281 $3,210 (3,268) (260) (1,436) ($1,754) FY' 20 2,929 5 $2,924 $2,924 (3,268) (128) ($3,140) ($215) (7%) 471k $517 FY'21 2,468 102 $2,570 (3,070) (159) (875) ($1,533) FY¹21 2,468 9 $2,458 71 $2,388 (3,070) (99) ($2,970) ($512) (21%) 408k $487 wework Ⓒ2022 WeWork.#26GAAP to non-GAAP reconciliation US$ millions Adj. EBITDA 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 M&A, divestitures and capital raising activities Adj. EBITDA Less: China Co Adj. EBITDA Adj. EBITDA Excluding ChinaCo Building Margin Location Gross Profit/ (Loss) Including Depreciation & Amortization Depreciation and amortization Location Gross Profit/ (Loss) Exclusive of Depreciation & Amortization Unconsolidated management fee revenue Stock-based compensation expense Indirect location operating expenses Building Margin 25 Q1'19 ($267) 5 (378) 125 145 5 (52) 6 ($411) (48) ($362) Q1'19 ($26) 103 $77 (1) 18 31 $124 Q2'19 ($638) 0 (92) 131 43 5 9 2 15 ($524) (59) ($465) Q2'19 ($12) 108 $96 (2) 2 42 $138 Q3'19 ($1,252) 4 136 157 15 199 31 5 (12) 2 66 ($651) (73) ($577) Q3'19 ($27) 121 $94 (2) 11 44 $147 Q4'19 ($1,618) 36 144 177 315 136 127 5 (5) 0 68 ($615) (77) ($538) Q4'19 ($45) 147 $102 0 11 $161 Q1'20 ($556) 9 (465) 194 56 275 23 5 (0) 0 9 1 ($449) (56) ($393) Q1'20 ($99) 164 $65 - 3 $113 Q2'20 ($1,110) 7 76 196 81 280 12 5 (0) 1 12 6 ($436) (39) ($397) Qz'20 ($204) 166 ($38) (1) 3 34 ($2) Q3'20 ($999) 6 (38) 198 19 254 9 5 0 0 20 (0) ($527) (35) ($492) Q3'20 ($346) 174 ($172) (1) 1 28 ($144) Q4'20 ($1,168) (2) (105) 191 52 546 7 (7) 0 12 2 ($472) ($472) Q4'20 ($382) 181 ($201) (3) 1 ($183) Q1'21 ($2,062) 3 553 184 494 299 54 (2) 7 23 1 ($446) ($446) Q1'21 ($414) 175 ($239) (4) 9 ($209) Q2'21 ($923) 4 68 180 (28) 242 4 0 0 (1) 3 ($449) ($449) Q2'21 ($386) 170 ($215) (1) 1 ($192) Q3'21 ($844) (2) 206 171 16 88 4 0 0 3 3 ($356) ($356) Q3'21 ($288) 162 ($125) (2) 1 24 ($103) Q4'21 ($803) (2) 103 174 (48) 241 48 0 1 2 2 ($283) ($283) Q4'21 ($201) 164 ($37) (2) 5 26 ($9) T FY¹19 ($3,775) 46 (190) 590 329 335 347 20 (61) 4 - 155 ($2,201) (258) ($1,943) FY'19 ($110) 479 $369 (5) 42 165 $570 FY'20 ($3,834) 20 (532) 779 207 1,356 51 8 (0) 2 53 8 ($1,883) (130) ($1,754) FY'20 ($1,032) 685 ($347) (5) 8 128 ($215) FY¹21 ($4,632) 3 931 709 434 870 110 (2) 9 27 8 ($1,533) ($1,533) FY'21 ($1,289) 672 ($617) (9) 15 ($512) wework Ⓒ2022 WeWork.#27Terms and definitions Overall Business Definitions: Space-as-a-Service: WeWork's existing flexible workspace business, including incremental growth for WeWork's flexible workspace business. Includes revenues associated with asset-light management or franchise agreements with landlords where WeWork operates the space in exchange for a fee. Included in Membership and Services revenue in our consolidated financial statements. - WeWork Access: On Demand pay-as-you-go or 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 26 WeWork Workplace: turnkey third-party flexible workspace management solution leveraging WeWork's property and technology platform. - SMB: organizations with less than 500 full-time equivalent employees Enterprise: organizations with greater than 500 full-time equivalent employees Operating KPIs: - Locations: represents the estimated number of open locations. A location is considered open when it begins to generate revenue. - Total Workstations: represents the estimated number of workstations available at open locations (may also be referred to as 'Desks' or 'Physical Workstations'). Physical Memberships: are the number of WeWork physical memberships. - - Physical Occupancy: is the number of physical memberships divided by total workstations. - Physical Occupancy Including Sold Not Occupied ("SNO") Memberships: physical memberships in addition to net memberships that have been sold and are contracted to move-in in a future period or move out within the next two months, divided by total workstations. Physical Enterprise Membership: represents physical memberships attributable to enterprise members. Enterprise membership percentage represents the percentage of our memberships attributable to these organizations. Physical Membership Average Revenue per Membership ("ARPM"): membership and services revenue less revenue attributable to All Access and OnDemand memberships and unconsolidated management fee revenue, divided by average cumulative physical memberships in the period. Includes Core Leased and Marketplace revenues. - All Access & Other Legacy Memberships: includes All Access monthly subscription memberships and Other Legacy Memberships. Other Legacy Memberships provide user login access to the WeWork member network online or via the mobile app as well as access to service offerings, among other benefits. - 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. - 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. wework Ⓒ2022 WeWork.#28Terms and definitions (cont'd) Financial Metrics: Systemwide Revenue: systemwide Location membership and service revenues represents the results of all locations regardless of ownership, including Consolidated and Unconsolidated Locations. 27 - Location Operating Expenses: include the day-to-day costs of operating an open location and exclude pre-opening costs, depreciation and amortization and sales and marketing, which are separately recorded. O Lease Cost: is recognized on a straight-line basis over the life of the lease term in accordance with GAAP and is the most significant component of location operating expenses Direct Other Location Expenses: include utilities, ongoing repairs and maintenance, cleaning expenses, office expenses, security expenses, credit card processing fees and food and beverage costs. Direct location operating expenses also include personnel and related costs for the teams managing our buildings. Indirect Other Location Expenses: include certain expenses that are necessary to operate our buildings but not directly tied to an individual building. Examples of these expenses include certain regional management and teams managing member relations, new member sales and facilities management. O - 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 of sales and marketing, general and administrative and sourcing, development and other 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 withdrawn IPO. Building Margin: is a non-GAAP measure we define as membership and services revenue, excluding management fees earned at our Unconsolidated Locations, less location operating expenses, before depreciation and amortization, stock-based compensation and certain indirect location operating overhead expenses. Adj. EBITDA: is a non-GAAP measure we define as net loss before income tax (benefit) provision, interest and other (income) expenses, net, depreciation and amortization expense, restructuring and other related cost, 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 incurred by the Company in connection with regulatory investigations and litigation, and expenses related to costs associated with mergers, acquisitions, divestitures and capital raising activities. wework Ⓒ2022 WeWork.#29Market share methodology and sources Market United States Boston New York Miami San Francisco Europe London Dublin Paris Berlin 28 % Market Stock Source as of Q4 2021 Total United States commercial office square footage of 4,333m per Jones Lang LaSalle Total Boston commercial office square footage of 67m per Jones Lang LaSalle Total Manhattan commercial office square footage of 408m per Cushman & Wakefield estimate Total Miami area commercial office inventory of 41m square feet per Jones Lang LaSalle estimate Total San Francisco, Silicon Valley, and Oakland commercial office square footage of 200m per Jones Lang LaSalle estimate Total Europe Market stock based on the sum of 22 markets where WeWork operates, using Cushman and Wakefield, JLL, and Immostat research totaling 2,560m square feet Total Central London commercial office square footage of 283m per Cushman and Wakefield Total Dublin commercial office square footage of 46m per Jones Lang LaSalle Total Paris CBD and La Defense commercial office square footage of 226m estimate Total Berlin commercial office square footage of 227m per Jones Lang LaSalle Market Square Feet Leased in FY 2021 Source United States leasing activity of 157m square feet per Jones Lang LaSalle estimate Boston leasing activity of 4.3m square feet per Jones Lang LaSalle estimate Manhattan leasing activity of 23.8m square feet per Cushman & Wakefield estimate Miami leasing activity of 2.9m square feet per Jones Lang LaSalle estimate San Francisco, Silicon Valley, and Oakland estimated leasing activity of 9.5m square feet per Jones Lang LaSalle estimate Total Europe leasing activity based on the sum of 22 markets where WeWork operates, using Cushman and Wakefield, JLL, and Immostat Research totaling 118m square feet leased Central London leasing activity of 8.6m square feet per Cushman and Wakefield Estimate Dublin leasing activity of 1.60m square feet per Jones Lang LaSalle estimate Paris CBD and La Defense estimated leasing activity of 14.9m square feet per Immostat Berlin leasing activity of 9.6m square feet per Jones Lang LaSalle estimate wework Ⓒ2022 WeWork.