#1MARCH 2021 wework#2Disclaimer Confidentiality and Disclosures This presentation has been prepared for use by WeWork Inc. ("WeWork" or the "Company") and BowX Acquisition Corp. ("BowX") in connection with their proposed business combination. This presentation is for information purposes only and is being provided to you solely in your capacity as a potential investor in considering an investment in BowX and may not be reproduced or redistributed, in whole or in part, without the prior written consent of WeWork and BowX. Neither WeWork nor BowX makes any representation or warranty as to the accuracy or completeness of the information contained in this presentation. The information in this presentation and any oral statements made in connection with this presentation is subject to change and is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in BowX and is not intended to form the basis of any investments decision in BowX. This presentation does not constitute either advice or a recommendation regarding any securities. You should consult your own legal, regulatory, tax, business, financial and accounting advisors to the extent you deem necessary, and must make your own decisions and perform your own independent investment and analysis of an investment in BowX and the transactions contemplated in this presentation. No Offer This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed business combination, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdictions. Investment in any securities described herein has not been approved or disapproved by the SEC or any other regulatory authority nor has any authority passed upon or endorsed the merits of the offering or the accuracy or adequacy of the information contained herein. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. Forward-Looking Statements This presentation supersedes and supplements any prior presentation and any oral or written communication with respect to WeWork and its business. This presentation contains "forward-looking statements", including statements about estimated and projected business, operational and financial metrics (including profitability, liquidity and cash flow). plans (including WeWork's five-year strategic and financial plan), goals, targets, objectives and other information for future or recently completed periods. 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", "become", "seek", "estimate". "intend", "aim," "plan", "projection", "would," "outlook" and "goal", 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 are not historical facts, and are based on current expectations, estimates and projections about WeWork's industry as well as certain assumptions, whether or not identified in this presentation, made by management of WeWork and BowX, many of which, by their nature, are inherently uncertain and beyond our control and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. It is not possible for WeWork and BowX to predict all risks, nor can WeWork and BowX assess the impact of all factors on the business or the extent to which any factor, or combination of factors, including but not limited to the impact of the COVID pandemic, may cause actual results to differ materially from those contained in any forward-looking statements made. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of BowX's registration statement on Form S-1, the proxy statement/prospectus on Form S-4 (the "Proxy Statement") relating to the business combination, which is expected to be filed by BowX with the Securities and Exchange Commission (the "SEC") and other documents filed by BowX from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In light of these risks, uncertainties and assumptions, the future events, estimates, projections, goals, targets, plans 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 neither WeWork nor BowX 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 law. Neither WeWork nor BowX gives any assurance that either WeWork or BowX will achieve its expectations. Use of Data This presentation contains information concerning WeWork's solutions and WeWork's industry, including market size and growth rates of the markets in which WeWork participates, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports commissioned by WeWork and its internal sources. This information involves many assumptions and limitations, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. Further, no representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Neither WeWork nor BowX have independently verified this third-party information. Similarly, other third- party survey data and research reports commissioned by WeWork or BowX, while believed by to be reliable, are based on limited sample sizes and have not been independently verified by WeWork or BowX. In addition, projections, assumptions, estimates, goals, targets, plans and trends of the future performance of the industry in which WeWork operates, and its future performance, are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by WeWork and BowX. WeWork and BowX assume no obligation to update the information in this presentation. Investors and security holders of BowX and WeWork are urged to read the proxy statement/prospectus and other relevant documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information about the proposed business combination. Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about BowX and WeWork through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by BowX can be obtained free of charge by directing a written request to BowX at Murray Rode ([email protected]) 2400 Sand Hill Rd Suite 200, Menlo Park, CA 94025. 1 wework Ⓒ2021 WeWork. Confidential.#3Disclaimer (cont'd) Company Projections All projections, estimates, goals, targets, plans, trends or other statements with respect to future results or future events in this presentation are forward-looking statements that are based on WeWork's management estimates and assumptions (including, without limitation regarding average occupancy, estimated expenses, estimated revenues and satisfaction of financing condition), that are inherently subject to significant uncertainties and contingencies, some of which may not materialize or may change, and are subject to risks and uncertainties over which WeWork and BowX have no control or ability to predict. Unanticipated events may occur that could affect the outcome of such projections, estimates, goals, targets, plans, trends and other statements. You must make your own determinations as to the reasonableness of these projections, estimates, goals, targets, plans, trends and other statements and should also note that if one or more estimates change, or one or more assumptions are not met, or one or more unexpected events occur, the performance and results set forth in such projections, estimates, goals, targets, plans, trends and other statements may not be achieved. We can give no assurance as to future operations, performance, results or events. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that WeWork and BowX, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Use of Non-GAAP Financial Metrics This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including Adjusted EBITDA and Adjusted EBITDA 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. 2020 Preliminary Financial Information WeWork's consolidated financial statements for the twelve months ended December 31, 2020 are not yet available. This presentation includes certain preliminary unaudited consolidated financial information for the twelve months ended December 31, 2020 that is based solely on WeWork's management's estimates reflecting currently available preliminary information, and remains subject to WeWork's consideration of subsequent events. WeWork's independent registered public accounting firm has not audited or reviewed, and does not express an opinion with respect to, this financial information. WeWork's final consolidated financial results as of and for the twelve months ended December 31, 2020 may materially differ from the estimates and the interim balances set forth in this presentation. Such estimates constitute forward-looking statements and are subject to risks and uncertainties, including those described under "Forward-Looking Statements." India and China This presentation includes operating metrics (including number of locations or workstations) relating to WeWork's investments and operations in China and India. However, the results of WeWork's operations in China and India is not reflected in the WeWork financial statements and projections set forth in this presentation, as such operations are not conducted through consolidated subsidiaries or controlling interests of WeWork. Unless otherwise explicitly specified in this presentation, India and China related metrics are excluded from all calculations. Participation in Solicitation WeWork and BowX and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of BowX's shareholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed business combination of BowX's directors and officers in BowX's filings with the SEC, including BowX's registration statement on Form S-1, which was originally filed with the SEC on July 17, 2020. To the extent that holdings of BowX's securities have changed from the amounts reported in BowX's registration statement on Form S-1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to BowX's shareholders in connection with the proposed business combination is set forth in the Proxy Statement/prospectus on Form S-4 for the proposed business combination, which is expected to be filed by BowX with the SEC. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of WeWork and other companies, which are the property of their respective owners. 2 | wework Ⓒ2021 WeWork. Confidential.#4Today's presenters WeWork Sandeep Mathrani Chief Executive Officer Ben Dunham Chief Financial Officer BowX Acquisition Corp. Vivek Ranadivé Chairman and Co-CEO Murray Rode Co-CEO and CFO 3 | wework Ⓒ2021 WeWork. Confidential.#5Cr Contents 01 Introduction 02 WeWork & the Future of Work 03 Financial & Transaction Overview 04 Appendix 4 1 wework Ⓒ2021 WeWork. Confidential.#6Vivek Ranadivé: Platform Builder With four decades of experience, Vivek has a long history of successfully building platforms and using technology to disrupt industries Tech Visionary Invented middleware Software bus Complex event processing "Mr. Realtime" Company Builder bowX nielsen TIBCO Teknekron webex™ Vivek Ranadivé MIT, BS, MS Harvard, MBA Baker Scholar Sports, Media, and Real Estate Operator CEO of Kings Holdings with $1bn office, retail, residential, and entertainment assets Using Technology to Disrupt Industries Semiconductor: intel. Banks: Goldman J.P.Morgan citi Sachs • Web: amazon YAHOO! ebay • Transportation & Logistics: FedEx A DELTA ● Strong Investment Track Record Made or directed investments into: G YAHOO! GOLDEN STATE RRIORS webex SACRAMENTO KINGS 5 1 wework Ⓒ2021 WeWork. Confidential.#7Compelling opportunity at the intersection of value, growth & aspiration Growth Value wework bowX Aspiration Why WeWork? New leadership brings vision & transparency Large addressable market Significant competitive moat Proven business model through downturn Multiple vectors for growth Clear path to profitability 6 | wework Ⓒ2021 WeWork. Confidential.#8Contents 01 Introduction 02 WeWork & the Future of Work 03 Financial & Transaction Overview 04 Appendix 7 wework Ⓒ2021 WeWork. Confidential.#9Experienced, results-driven management team with turnaround expertise Leadership team with decades of public market experience and proven results within their first 12 months at WeWork CFO Marcelo Claure Executive Chairman, Director Serves as CEO of SoftBank Group Intl. Founded the world's largest wireless distribution and services company Leadership Experience: Pizza Hut ● Benjamin Dunham . Yum! - Brightstar T-Mobile. SoftBank Anthony Yazbeck President and COO, Int'l. VANIDAY. ma beaute Sandeep Mathrani CEO, Director Joined WeWork in February 2020 Seasoned veteran with successful turnaround experience Leadership Experience: Brookfield Forest City GGP VORNADO REALTY TRUST MS Ncod HOST HOTELS & RESORTS Shyam Gidumal President and COO, Americas EY Sly DICK'S SPORTING GOODS BCG BOSTON CONSULTING GROUP 8 wework Ⓒ2021 WeWork. Confidential.#10Our core values Our Values Do the right thing. Strive to be better, together. Be entrepreneurial. Give gratitude. Be human, be kind. How We Live Them We know the "right thing" is a deliberate action we must always take, and that it is based on integrity and builds trust with those who we are about, including our people, members, and our community. We've always believed that we are better together. We must operate with a shared purpose to constantly improve and grow and to become better as individuals, as teams, and as a company. To reshape the way the world works, we must be bold, act with courage, and demonstrate the resiliency to push ahead no matter the odds or the circumstance. We will not take anyone or anything for granted. We are grateful for our people, members, and our greater community as well as for the opportunities we have in front of us. Collaboration, kindness, and authenticity are essential to our humanity. We must cherish each other and build a community that celebrates each person's unique talents, passions, and backgrounds. wework 9 Ⓒ2021 WeWork. Confidential.#11WeWork defines the flexible workspace market Global network and scale provide compelling solutions to small, medium, large, and Enterprise companies A global network and brand... 1. 2. 3. 4. 850+ Locations (1) 150+ Cities (1) FAL ...with scale... 1M+ Workstations (1)(3) $3B+ 2021E Revenue(2) Note: Please see Definitions page in the appendix for further detail. Includes IndiaCo and ChinaCo as of December 31, 2020. Excludes We Memberships. 2021E revenue projections include 4% IndiaCo management fee, excludes ChinaCo financials, and reflects management projections. 865k are consolidated and 166k are franchised workstations. 387k are consolidated memberships and 89k are franchise memberships. Excludes We Memberships. ...and an established member base 450k+ 2020 Memberships(1)(4) 50%+ of total memberships are Enterprise (1) 10 | wework Ⓒ2021 WeWork. Confidential.#12WeWork platform today Leading brand-name flexible workplace provider with global infrastructure in-place to scale as occupancy rebounds US and Canada 367 LatAm 90 EMEA 147 # Total Locations as of Year End 2020 India 34 China 103 Japan 36 Pacific 74 Global Customers amazon Microsoft salesforce BLACKROCK T snowflake verizon TESLA PELOTON Goldman Sachs STARWOOD CAPITAL GROUP Spotify GE NETFLIX Johnson & Johnson Boston The Blackstone Group bxp Properties Allianz HBC Hines J.P.Morgan IBM MERCK Global Landlord Partnerships INVESTMENTS LIONSTONE Walmart UnitedHealthcare TISHMAN SPEYER Square airbnb Brookfield Properties Columbia Property Trust RXR vanke 11 wework Ⓒ2021 WeWork. Confidential.#13Key investment highlights Lis Large Addressable Market Multi-trillion dollar global office real estate market with COVID tailwinds for flexible workspace options Compelling Value Proposition Offering customers flexibility of space and time, portability of cost, and expense savings |$ Focused Core Business Model Strong unit economics with clear path to profitability expected by Q4 2021 Significant Competitive Advantage Global infrastructure with $15 billion+ moat of invested capital has created a strong brand and membership base Future Of Work Opportunity Digitization of real estate and asset light platform offering expected to further drive revenue growth and margin Results-driven Leadership Team Turnaround track record with proven public company experience 12 | wework Ⓒ2021 WeWork. Confidential.#14Refocused and the path forward After a significant turnaround in 2020, WeWork is now positioned for profitable growth as a leader in global flexible workplace Focus Strategy Business Model Leadership Customer Base 1. 2020 Core WeWork(1) Disciplined focus on cost reduction, identifying the path to profitability, and exiting non-core business lines and underperforming assets Offering that creates flexibility of space, time, and portability of cost as companies move away from long-term leases Proven results-driven executives with success across real estate and subscription-based business models Mix of small and medium-sized businesses, with a shift towards Enterprise Represents Core Leased as defined in the Definitions page in the appendix. Going Forward Expand beyond core via All Access, Marketplace, and Platform offerings Focus on profitable market share expansion, increasing ARPM and asset light buildouts Enhance asset light revenue growth through digitization of real estate and platform offerings Additional leadership expertise in platform building through BowX Primarily Enterprise, with a mix of small and medium-sized businesses 13 | wework Ⓒ2021 WeWork. Confidential.#152021: Repositioned and on the path to recovery Recent cost optimization efforts have set the Company up for profitable growth in 2021 and beyond Total Workstations (in thousands) 1. 2. Ending Physical Occupancy(¹): 72% 855 46% 1,030 70% 954 2019A 2020A 2021E Strategic asset exits in 2020 and 2021 improved strength and composition of portfolio ● Total Revenue ($ in billions) $3.2 $3.2 $3.2 2019A 2020A 2021E Stable revenues despite headwinds in 2020 ● Run-Rate Functional Expense Savings (2) ($ in billions) $2.1 $1.0 Source: Management Projections. Note: KPIs include IndiaCo and ChinaCo. Financials include IndiaCo management fee and excludes ChinaCo. Please see the Definitions page in the appendix for further detail. Excludes We Memberships. Represents the difference in annualized functional expenses from Q4'19 vs. Q4'20. Expenses reflect adjusted functional expense and includes general and administrative, sales and marketing, sourcing and development, and other. Excludes stock based compensation and ventures expenses. $0.8-$0.85 Q4 2019A Q4 2020A Q4 2021E Significant reduction in functional expenses (SG&A) in 2020 Additional $150-$200mm of savings expected over 2021 14 | wework Ⓒ2021 WeWork. Confidential.#162020: Optimized cost structure and core business 2. ~$1.1B Functional Expense Savings(1) 3. $200M+ Savings from 200+ Lease Exits and Amendments(3) ~$400M OpEx Savings (2) //FLATIRON SCHOOL Space IQ tesm waltz Exited Non-Core Businesses 000 conductor Q Meetup Source: Management Projections. 1. Represents the difference in annualized functional expenses from Q4 2019 to Q4 2020. Expenses reflect adjusted functional expense and includes general and administrative, sales and marketing, sourcing and development, and other. Excludes stock based compensation and ventures expenses. Calculated based on full year location operating expenses (including rent, tenancy and building expenses) per USF reduction from Q4'19 to Q4'20 multiplied by Q4 2020 USF. Savings of $400M mainly due to reduced foot traffic, restructuring of WeWork's community team and ongoing rent renegotiations in 2020. Location operating expense savings calculation excludes stock based compensation, community support and venture expenses. Lease restructurings and renegotiations as of January 2021. Savings include rent and tenancy. SPACIOUS 15 | wework Ⓒ2021 WeWork. Confidential.#17Solutions for companies of all sizes Small & Medium Businesses (SMBs) (1-99 employees) -50% of total memberships Medium & Large Businesses (MLBs) (100-499 employees) Note: All membership metrics include IndiaCo and ChinaCo. 35% Long-term target + Enterprise (500+ employees) ~50% of total memberships Hub and Spoke | Collaboration Hubs | All Access SE FARK 65% Long-term target 16 | wework Ⓒ2021 WeWork. Confidential.#18WeWork model creates flywheel effect WeWork's global community attracts both members and landlords, self-perpetuating growth ~$4.OB+ Total sales pipeline(1) 2. ~$1.5B 2021E committed revenue (2) Global customer growth increases occupancy rates for landlords... wework ...driving demand from landlords, increasing utility for our customers, and further enhancing customer growth Source: Management Projections. Note: Sales pipeline and committed revenue excludes Platform markets. 1. Total sales pipeline represents potential total contract value of sales opportunities created by our salesforce as of February 2021. Total sales pipeline is in negotiation and may never be realized, and if realized, the time frame when it may be realized may vary significantly. See Forward-Looking Statements. As of 12/31/2020 our committed revenue backlog is $3B with approximately 50% to be recognized in 2021. Committed revenue backlog represents total non-cancelable contractual commitments, net of discounts, remaining under agreements entered into as of 12/31/2020, which we expect will be recognized as revenue in future periods. 17 | wework Ⓒ2021 WeWork. Confidential.#19Membership composition highlights the quality improvement of the business Focused on developing long-term, high-value Enterprise customers, laying the foundation for predictable and prudent growth Membership Physical Memberships(1) Enterprise Mix(2) (% of Physical Memberships) 3. Commitment Length(3) Month-to-Month 12 Month+ Total Weighted Full Commitment Length 2015A 35k+ 10%+ 100% 0% -1 month 2020A 450k+ 50%+ -10% 50%+ 15+ months 1. Note: All membership and occupancy metrics include IndiaCo and ChinaCo. Reflects ending figures as of 12/31 of each respective year. Physical Membership defined as the number of people able to access WeWork's locations. Does not include All Access memberships. 2. Enterprise Memberships are defined as organizations who have +500 full time employees globally. Enterprise membership percentage represents total enterprise memberships excluding We Memberships divided by total physical memberships, which excludes We Memberships. 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. 18 wework Ⓒ2021 WeWork. Confidential.#20Value proposition makes more sense than ever COVID has accelerated flexible workspace trends as businesses face uncertainty around return to work and seek greater flexibility What Businesses Need Today Streamline real estate footprint to optimize cost structure and overhead Maintain productivity, connection, and innovation amidst remote work landscape Ability to "work from anywhere" through new offerings like All Access $ Flexible solutions that can enhance adaptability and sustainability Award-winning measures that prioritize health and safety of employees AU VE 1828 PLANT SAFETY INTERNATIONAL SOS WORLDWIDE BEACH HUMAN TOUCH. 19 wework Ⓒ2021 WeWork. Confidential.#21Comprehensive real estate solution for less Case studies support capital savings at move in, reduced exposure to risk, and ultimate flexibility of term and location. Even with new professional distancing standards due to COVID, WeWork still offers significant cost savings on a per employee basis Seattle Cost per Employee Case Study (1) Amsterdam Cost per Employee Case Study (2) } Buildout 2. Design Construction FF&E procurement Operations Base rent Maintenance Cleaning Utilities Internet Printing Security Management fees Property tax Insurance $15,090 (¹) 2,090 13,000 24% savings $11,475 (1) All included € 10,634(2) 4,100 6,534 27% savings €7,726(2) All included F&B Standard lease wework Events Standard lease wework Notes: "Standard lease" cost illustration includes "buildout" costs associated with construction, procurement, and design services, and "operations" costs including base rent, utilities, insurance, property taxes, and facilities management among others shown on page. WeWork cost per employee reflects proposed WeWork membership fee per employee per year, illustrating the WeWork value proposition to select prospective enterprise members relative to current lease costs and / or market norms. Both illustrative examples are representative of the "WeWork pitch" to select prospective enterprise members in the markets or situations outlined. The percentage savings shown are examples of specific situations and/or market studies, and may not be representative of every individual member situation. Results of the Amsterdam and Seattle case studies cited above may not be replicable with other clients or in other markets. 2020E is based on Q4 2020E preliminary results and is subject to change. 1. Comparison data represents annualized costs based on a 96-month scenario for Seattle market standard lease specifically formulated for a potential enterprise member company. Based on publicly available lease cost information and third-party market research at time of interaction for proposed WeWork alternative. Buildout / standard lease cost calculated as of Q3 2020. Comparison data represents annualized costs based on a 60-month scenario for Amsterdam specifically formulated for a potential member company. Based on existing / prior lease cost of potential member at time of interaction for proposed We Work alternative. Buildout/ standard lease cost calculated as of Q4 2020. 20 wework Ⓒ2021 WeWork. Confidential.#22WeWork's platform opportunity WeWork's scale and innovation will continue to lead the flexible workspace market Space-as-a-Service Offering that creates flexibility of space, time, and portability of cost, as companies move away from long-term leases ● ● Proven membership base and occupancy projected to normalize to historical levels Right-sized operations have created operating leverage, a path to profitability and compelling unit economics COVID has accelerated the shift to flexible workspace Digitization of Real Estate All Access offering digitizes WeWork spaces and provides end customers with ultimate flexibility ● Single membership card allows employees to "Work From Anywhere" Marketplace offering strengthens membership through high-margin, value- add services Platform ● . . Third party flexible workspace management services leveraging WeWork's property and technology platform Flexible and capital light growth alternatives High operating leverage catalyzes attractive cash flow growth and margin expansion 21 | wework Ⓒ2021 WeWork. Confidential.#23Compelling flexibility across space, time, and cost Space Flexibility Time Flexibility Portability of Cost 1 Desk 메 1 Hour 1 Contract E Custom office Multiple years One city to another ● ● Option to occupy a select number of desks or entire floors Ability to access any workspace via All Access Choice of occupying workspace on an on-demand basis, through a monthly subscription, or long-term contract Ability to move part or all existing commitment to a new market, region, or country 22 | wework Ⓒ2021 WeWork. Confidential.#24Massive growth opportunity as flexible workspace market expands WeWork has an opportunity to grow flexible workspace market share in the multi-trillion dollar global office real estate market U.S. Flexible Workspace Penetration of 3.5 billion Sq. Ft. Office Space(1) 2. 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 High Case TAM: 22.2% Base Case TAM: 13.3% Implied wework: High: 5.6% Base: 3.3% 2030 25% share of total flexible workspace market(1) ~5x Increase in revenue by 2030(2) Source: CBRE Research, Q2 2019 (Pre-COVID), Green Street Advisors, Management Projections. Note: High case and implied WeWork high case penetration shown for illustrative purposes only. 2020E is based on Q4 2020E preliminary results and is subject to change. 1. Illustrative TAM analysis based on pre-COVID flexible workspace projections for U.S. only. Potential for significant upside in EMEA and Japan markets.; Implied total flexible workspace square footage based on estimated 2.5% 2020E flexible workspace penetration as percentage of total office space; Total office estimate based on Green Street estimate of 2019 total office square footage (3.5bn); WeWork USC usable square footage as of 2020E was 22.0mm, which implies 25.2% share of total flexible workspace market. Assumes total office market square footage of 3.5bn and WeWork flexible workspace market share remains constant in the projection period. Based on projected base case flexible workspace penetration. 23 | wework Ⓒ2021 WeWork. Confidential.#25All Access All Access offers a proven value proposition that has already seen strong adoption from major Enterprise clients Ending Occupancy(1) 1. 2. 3. Distributors and Affinity Partnerships Source: Management Projections. Note: KPIs include IndiaCo and ChinaCo. Pre-COVID Total Occupancy: 85%(2) 72% 2019A AMERICAN EXPRESS (3) 47% 75% 70% 90% Uber 81% 93% Excludes We Memberships. Q2 2019. Includes -1% of occupancy from All Access memberships, representing -7.3k total memberships in 2020. 84% 95% 2020A 2021E 2022E 2023E 2024E 85% Brex Physical Occupancy Total Occupancy $481mm All Access Revenue Vensure Employer Services A ( All Access On-Demand pay-as-you-go or monthly subscription that provides access to global network of locations Generates Partnerships Affinity partnerships generate top of funnel demand Drives Occupancy Allows WeWork to drive occupancy beyond physical capacity levels across portfolio based on utilization projections High Margins Significant incremental margins given subscription-based model on top of traditional leased business 24 | wework Ⓒ2021 WeWork. Confidential.#26Marketplace Focus on products with sizable revenue potential that help drive member stickiness Tech services Enhanced technology solutions offered to members such as dedicated bandwidth, rackspace, SSID and VLAN Target Customer: Enterprise and MLBs Launched Events and productions Established flexible, turnkey venues safe for corporate experiences and content productions Enterprise and MLBs HR services Professional Employee Services; offered in partnership with VensureHR SMBs and MLBs Expected Q1 2021E Insurance Premise Liability Insurance; offered in partnership with Insurance provider SMBs and MLBs 25 | wework Ⓒ2021 WeWork. Confidential.#27Platform Asset light platform for managing & orchestrating flexible space while providing access to an expanded network for members Hines Worldwide Property Technology Platform Flexible space management platform connecting enterprises and landlords ● Single platform that provides design, build, lease, operate, manage, and community services ● Open API ecosystem that integrates workspace, management systems, tenants, and landlords Capital Light Model Management and franchise agreements provide alternatives to existing leasing model Limited upfront capital required to enter new locations and scale efficiently Generates sustainable cash flow and margin expansion salesforce Brookfield Properties 0000 airbnb ЯНННННН Goldman Sachs amazon TISHMAN SPEYER The Blackstone Group Columbia Property Trust verizon citi™ PELOTON Johnson Johnson wework Boston bxp Properties Standard Chartered vanke HBC Square IEM J.P. Morgan STARWOOD Spotify (GE) BLACKROCK CAPITAL GROUP Walmart T TESLA MERCK 26 | wework Ⓒ2021 WeWork. Confidential.#28Clear path to Adj. EBITDA breakeven Ending Occupancy(1) and Adj. EBITDA Margin Over Time Adj. EBITDA Margin Ending Physical Occupancy (2) 47%2 46% (71%) 2020A Q4 49% 47% (65%) 2021E Q1 56% 53% (45%) 2021E Q2 64% 61% (20%) Ending Total Occupancy (incl. All Access) 83% 2021E Q3 75% 70% 1% -70% Physical occupancy to achieve Adj. EBITDA Breakeven 2021E Q4 79% 73% 4% 2022E Q1 76% 8% 2022E Q2 86% 78% 12% 2022E Q3 Please refer to reconciliation for Adj. EBITDA margin on pg. 46 in the appendix. Source: Management Projections. Note: KPIs include IndiaCo and ChinaCo. Financials include IndiaCo management fee and excludes ChinaCo. Please see the Definitions page in the appendix for detailed definitions. Excludes We Memberships. 1. 2. Includes -1% of occupancy from All Access memberships, representing -7.3k total memberships in 2020. 90% 81% 17% 2022E Q4 93% 84% 23% 2023E 95% 85% 29% 2024E 27 | wework Ⓒ2021 WeWork. Confidential.#29美 V 4 Contents Introduction 02 WeWork & the Future of Work 03 Financial & Transaction Overview 04 Appendix 01 28 | wework Ⓒ2021 WeWork. Confidential.#30Financial highlights The Company has weathered the pandemic successfully and is poised to grow its platform in the future Ending Total Memberships(1) 1. 2. Ending Consolidated Total Memberships(2) Revenue (Excluding ChinaCo) Adj. EBITDA (Excluding ChinaCo) Adj. EBITDA Margin (%) (Excluding ChinaCo) 2020A 476k 387k $3.2B ($1.8B) (55%) Please refer to reconciliation for Adj. EBITDA and Adj. EBITDA margin on pg. 46 in the appendix. Source: Management Projections. Note: KPIs include IndiaCo and ChinaCo. Financials include IndiaCo management fee and excludes ChinaCo. Includes IndiaCo and ChinaCo as well as platform memberships. Please see the Definitions page in the appendix for further detail. Excludes We Memberships, IndiaCo, ChinaCo, and platform memberships. 2024E 1.5M 1M+ $7.0B $2.0B 29% 29 | wework Ⓒ2021 WeWork. Confidential.#31Overview of workstations and memberships Total Workstations ('000s) Physical Memberships All Access Memberships Available Capacity 855 236 619 2019A Physical Ending Occupancy 72% Total Ending Occupancy 72% 1,030 554 476 2020A 46% 47%(1) 954 237 672 2021E 70% 75% 45 Source: Management Projections. Note: KPIs include IndiaCo and ChinaCo. Excludes We Memberships. Please see the Definitions page in the appendix for further detail. 1. Includes -1% of occupancy from All Access memberships, representing -7.3k total memberships in 2020. 1,057 111 88 859 2022E 81% 90% 1,246 84 117 1,044 2023E 84% 93% 1,551 160 1,314 2024E 85% 95% 177 30 wework Ⓒ2021 WeWork. Confidential.#32Summary of historical and projected financials Revenue (Excluding ChinaCo) ($ in billions) $3.2 1 2019A $3.2 2020A $3.2 2021E $4.6 2022E $5.8 2023E Core Leased as % of Company Revenue (Excluding ChinaCo)(1) 86% 90% 90% 91% 89% Please refer to reconciliation for Adj. EBITDA and Adj. EBITDA margin on pg. 46 in the appendix. Source: Management Projections. $7.0 2024E 86% Adj. EBITDA (Excluding ChinaCo) ($ in billions) ($1.9) 2019A % Margin (60%) Note: Financials include IndiaCo management fee and excludes ChinaCo. Please see the Definitions page in the appendix for detailed definitions. Core Leased excludes All Access, Marketplace, Platform and Ventures revenues. 1. ($1.8) 2020A (55%) ($0.9) 2021E (28%) $0.5 2022E 11% $1.4 2023E 23% $2.0 2024E 29% 31 | wework Ⓒ2021 WeWork. Confidential.#33Revenue composition WeWork is a global flexible workspace leader, accessing major geographies with diverse product offerings Revenue By Geography (Excluding China Co) ($ in billions) LatAm ■Japan ☐EMEA $3.2 2019A Pacific ■ Other $3.2 2020A US and Canada $3.2 2021E $4.6 2022E $5.8 2023E $7.0 2024E Revenue By Product (Excluding ChinaCo) ($ in billions) ■Ventures ■Marketplace Core Leased $3.2 2019A $3.2 Platform All Access 2020A $3.2 2021E $4.6 2022E Source: Management Projections. Note: Regional revenues only include revenues associated with the core leasing business. "Other" within revenue by geography includes All Access, Marketplace, Platform and Ventures; 2019 and 2020 other revenue was primarily concentrated in US & Canada. $5.8 2023E $7.0 2024E 32 | wework Ⓒ2021 WeWork. Confidential.#34Strong unit economics across core portfolio Building expenses have been optimized while All Access and Marketplace expected to drive incremental margin expansion 2019 Consolidated Mature Building Margin(¹) 2019 Mature Building Margin- Top 20 Markets(2) ($ in billions) Supplemental Metrics (2019) Mature Physical Occupancy Rate 100% 2. Membership & service revenue 54% Rent and tenancy expenses 19% 27% Other building Building margin (1) expenses Mature market revenue % of total Total market revenue % of total. 92% 14% 18% 25% New York 90% 9% 15% 30% London 95% 2% 5% 41% Tokyo 91% 4% 5% 35% San Francisco 89% 2% 3% 38% Boston Note: As of 12/31/2019. Consolidated Building margin only includes mature locations (locations open longer than 12 months); Excludes ChinaCo and IndiaCo financials. 1. Building margin as calculated above, excludes building related depreciation and amortization which would otherwise be included in gross profit determined in accordance with US GAAP; In addition, Building Margin as calculated above for our Mature Locations only includes the direct location operating expenses incurred in operating those locations as the Company does not allocate certain community support expenses that are necessary to operate our buildings but not directly tied to an individual building. Building Margin also excludes broker fees and marketing expenses, as well as stock-based compensation expense paid to community employees as such costs are non-cash in nature and not allocated to individual buildings. Top 20 Markets calculated based on full-year 2019A revenue. 85% 16% 26% 21% 88% N/A N/A 27% Top 6-20 Consolidated Mature Locations markets 33 | wework Ⓒ2021 WeWork. Confidential.#35Liquidity and cash flow projections Expected to achieve breakeven Adj. EBITDA by Q4′21E, and liquidity is not expected to drop below $1.8bn throughout projection period Total Liquidity (1) ($ in billions) ($ in millions) Total Adj. EBITDA (excl. ChinaCo) 1. 2. 3. Negative impact of non-cash GAAP straight-line lease cost $3.42) 2019A ($1,943) ($832) $2.9 $234 2020A ($1,754) ($554) $340 $2.2 ($49) Q1 2021E ($424) ($108) $78 $1.8 $16 Q2 2021E ($321) ($71) Assumes issuance of $1,283mm of new equity and liquidity from $550mm of new SoftBank Senior Secured Facility(3) $73 $26 $2.3 Q3 2021E ($171) ($59) $72 $2.3 ($1) Q4 2021E $8 ($47) Positive impact of amortization on lease incentives Net Capital Expenditures ($2,183) Please refer to reconciliation for Adj. EBITDA on pg. 46 in the appendix. Source: Management Projections. Defined as undrawn financing commitments and global cash. Assumes extension of existing $1.75bn LC facility. Includes $1.1bn Softbank facility until August 2021. Liquidity includes $2.2B Senior Unsecured Notes starting in FY19A as commitment was received in Q4-2019; facility was not available to draw until 4/1/2020. Assumes closing of transaction in Q3 2021E and Softbank facility expires in August 2021 undrawn. Assumes $1.1bn facility to be replaced with $550mm new Softbank Senior Secured Facility at a 7.5% interest rate provided at SPAC signing, available at the earlier of closing of SPAC or August 12, 2021 (maturity date of existing $1.1B Senior Secured) and available for draw no later than Feb 12, 2023 (or if earlier, 18 months from date of closing of SPAC). Assumes Senior Secured Facility is refinanced thereafter. $72 Illustratively assumes $550mm of new SoftBank Senior Secured Facility (maturing Sept. 2022, 18 months from signing) is refinanced ($13) $2.1 2022E $485 ($101) $288 $2.5 ($301) 2023E $1,359 ($80) $296 ($487) $3.4 2024E $1,988 ($61) $306 ($577) 34 | wework Ⓒ2021 WeWork. Confidential.#36WeWork capital structure overview ($ in millions as of 6/30/2021E) Cash and Cash Equivalents(¹) 4. 5. $1.75bn LC Balance (Wholly Owned) (2) $1.1bn Senior Secured SoftBank Notes (3) $46mm LC Balance (Japan) Subsidiary Debt Total Secured Debt Net Secured Debt Senior Notes SoftBank Senior Unsecured Notes Total Debt Net Debt Total Funded Debt(4) Total Net Funded Debt(4) Memo: Total Available Global Cash (5) Undrawn Secured Financing Commitments(3) Undrawn Unsecured Financing Commitments Total Undrawn Financing Commitments + Global Cash (3) Coupon 5.600% 12.500% 0.200% 2.500% - 3.000% 7.875% 5.000% Maturity 2/10/2023 ΝΑ Various 5/1/2025 7/10/2025 Outstanding $665 1,274 8 43 $1,325 $660 669 2,200 $4,194 $3,529 $2,912 $2,247 Source: Bloomberg, Company Disclosure, Management Projections. Note: Estimated balance sheet includes Q2 2021E financials, which is preliminary and subject to change. 1. Cash and Cash Equivalents excludes Restricted Japan Cash of $10mm and $2mm of Other Cash. 2. 3. SoftBank has agreed to extend its guarantee of the LC facility to 2024 at WeWork's option on terms consistent with the existing LC agreement, including the issuance of warrants. Assumes $1.1bn Softbank Senior Secured Notes expire in August 2021 if undrawn. $1.1bn facility to be replaced with $550mm new Softbank Senior Secured Facility at a 7.5% interest rate provided at SPAC signing, available at the earlier of closing of SPAC or August 12, 2021 (maturity date of existing $1.1B Senior Secured) and available for draw no later than Feb 12, 2023 (or if earlier, 18 months from date of closing of SPAC). Total Funded Debt includes $669mm of Senior Notes, $2,200mm SoftBank Senior Unsecured Notes, and $43mm Subsidiary Debt. Total Net Funded Debt based on $665mm of Cash and Cash Equivalents. Global Cash includes $2mm of Other. $667 $1,100 $1,767 35 | wework Ⓒ2021 WeWork. Confidential.#37Transaction overview 1. 2. Pro forma ownership (1) BowX Public Shares, 6.1% PIPE Shares, 10.1% BowX Founder Shares, 1.1% Existing WeWork Rollover Equity, 82.7% Ownership excludes the impact of warrants. Excludes 3.0 million BowX Founder Shares subject to forfeiture. Assumes no redemptions by BowX existing public shareholders. Proposed transaction terms $1,283 million total cash proceeds(2), inclusive of $800 million PIPE proceeds $800 million PIPE raised at $10.00 per share 100% primary use of proceeds 36 1 © 2021 WeWork. Confidential.#38Transaction overview (cont'd) Pro forma valuation ($ in millions; except per share price) Illustrative WeWork Share Price Pro Forma Shares Outstanding Pro Forma Equity Value (+) Pro Forma Debt(¹) (-) Pro Forma Cash(1) We Work Enterprise Value ● ● TEV / 2022E Revenue: 2.0x on $4.6bn revenue $10.00 Please refer to reconciliation for Adj. EBITDA on pg. 46 in the appendix. Source: Management Projections. 1. Reflects projected WeWork Total Funded Debt and Cash as of 6/30/2021. 2. 3. 792.7 $7,927 2,912 (1,873) $8,966 TEV / 2023E Adj. EBITDA: 6.6x on $1.4bn Adj. EBITDA Sources & Uses ($ in millions) Sources Existing BowX Cash in Trust(2) Expected PIPE Proceeds WeWork Rollover Equity Existing WeWork Cash(3) Total Sources Uses Cash to Pro Forma 6/30/2021 Balance Sheet Equity Consideration to WeWork Shareholders Estimated Fees & Expenses Total Uses Assumes no redemptions by BowX existing public shareholders. Reflects projected WeWork Wholly-owned ParentCo Cash and Japan Co Cash as of 6/30/2021. Excludes projected restricted Japan Co Cash of $10mm. $483 800 6,553 665 $8,501 $1,873 6,553 75 $8,501 37 | wework Ⓒ2021 WeWork. Confidential.#39P - www Contents Introduction 02 WeWork & the Future of Work 03 Financial & Transaction Overview 04 Appendix 01 38 | wework Ⓒ2021 WeWork. Confidential.#40Revenue composition (Excluding ChinaCo) ($ in millions) Revenue by Geography US and Canada EMEA LatAm Pacific Japan Other(1) Total Revenue (Excluding ChinaCo) % YoY Growth Revenue by Product Core Leased (2) All Access Marketplace Platform Ventures Total Revenue (Excluding ChinaCo) % YoY Growth 2019A 1. 2. $1,534 705 185 184 172 450 $3,230 $2,780 32 5 412 $3,230 2020A $1,463 771 168 236 247 324 $3,210 (1%) $2,886 37 5 282 $3,210 (1%) 2021E $1,313 862 175 243 325 327 $3,246 1% $2,919 90 86 5 147 $3,246 1% 2022E $1,949 1,173 279 322 463 398 $4,584 41% $4,181 215 153 12 22 $4,584 41% 2023E $2,471 1,477 321 397 552 605 $5,822 27% $5,173 345 228 55 22 $5,822 27% Source: Management Projections. Note: As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. Please refer to the Definitions pages in the appendix. Regional revenues only include revenues associated with the core leasing business. "Other" within Revenue by Geography includes All Access, Marketplace, Platform and Ventures. 2019 and 2020 other revenue was primarily concentrated in US & Canada. FY20 and forward Marketplace revenues is inclusive of technology services that were previously recorded in Core Leasing. 2024E $2,954 1,779 335 430 640 829 $6,967 20% $5,992 481 313 159 22 $6,967 20% 39 wework Ⓒ2021 WeWork. Confidential.#41WeWork financial overview (Excluding China Co) ($ in millions) 2019A 2020A 2021E Total Revenue (Excl. Ventures) % YoY Growth Ventures Total Revenue % YoY Growth Adj. Rent, Tenancy, and Other Building Expenses(1) Adj. Pre-Opening Expenses(1) Adj. Functional Expenses(1) Total Adj. EBITDA (Excl. Ventures) % Margin (Excl. Ventures) Ventures EBITDA(1) Total Adj. EBITDA % YoY Growth % Margin Negative impact of non-cash GAAP straight-line lease cost on Total Adj. EBITDA Positive impact of amortization on lease incentives on Total Adj. EBITDA Gross Capex (incl. Maintenance Capex and Capitalized Payroll) TA Allowances Net Capex % of Revenue $2,818 412 $3,230 (2,243) (495) (1,796) ($1,716) (61%) (227) ($1,943) (60%) ($832) $234 12) $1,129 ($2,183) 68% $2,928 4% 282 $3,210 (1%) (3,116) (260) (1,268) ($1,715) (59%) (39) ($1,754) 10% (55%) ($554) $340 ($1,378) $1,329 ($49) 2% $3,099 6% 147 $3,246 1% (3,055) (115) (850) ($922) (30%) 13 ($909) 50% (28%) ($285) $294 ($343) $371 $28 ΝΑ 2022E $4,562 47% 22 $4,584 41% (3,191) (79) (807) $485 11% $485 153% 11% ($101) $288 ($765) $464 ($301) 7% 2023E $5,801 27% 22 $5,822 27% (3,484) (112) (846) $1,359 23% $1,359 180% 23% ($80) $296 ($826) $339 ($487) 8% Please refer to reconciliation for Adj. EBITDA and Adj. EBITDA margin on pg. 46 in the appendix. Source: Management Projections. Note: As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. Please refer to the Definitions pages in the appendix. 1. Adj. Rent, Tenancy, and Other Building Expenses, Adj. Pre-Opening Expenses, and Adj. Functional Expenses exclude Venture expenses, which are all reflected in Ventures EBITDA. Excludes stock based compensation. 2024E $6,945 20% 22 $6,967 20% (3,905) (143) (909) $1,988 29% $1,988 46% 29% ($61) $306 ($1, $528 ($577) 8% 40 wework Ⓒ2021 WeWork. Confidential.#42Financial projection assumptions Workstations, Memberships, and ARPM ($ in millions, except ARPM data; workstations and members in 000's) Core Leased (1) Core Leased Ending Workstations Core Leased Ending Physical Memberships Core Leased Physical Occupancy % Core Leased Revenue % YoY Growth Core Leased ARPM All Access All Access Ending Workstations All Access Ending Memberships All Access Contribution to Total Occupancy % 1. 2. 3. All Access Revenue ($mm) % YoY Growth All Access ARPM Marketplace Marketplace Ending Workstations Ending Physical Memberships Marketplace Occupancy % Marketplace Revenue % YoY Growth Platform (incl. IndiaCo & ChinaCo) Platform Ending Workstations Platform Physical Memberships Platform Physical Occupancy % Platform Partner Revenue % YoY Growth Platform Partner ARPM Plaform Management Fee Paid to WeWork by Partner % YoY Growth 2020A 865 387 45% $2,886 4% $510 FY20 Marketplace Revenue is inclusive of technology services that were previously recorded in Core Leasing. 2020 Platform Partner Revenue and ARPM reflect preliminary estimates. ΝΑ ΝΑ ΝΑ ΝΑ $37(2) 15% 166 89 54% $363 (3) 19% $320 (3) $5 (14%) 2021E 809 557 69% $2,919 1% $542 ΝΑ 45 5% $90 $250 ΝΑ ΝΑ ΝΑ $86 131% 145 115 79% $390 7% $317 $5 (2%) 2022E 866 704 81% $4,181 43% $554 ΝΑ 88 8% $215 139% $256 ΝΑ ΝΑ ΝΑ $153 79% 190 155 81% $511 31% $327 $12 160% 2023E 933 789 84% $5,173 24% $576 ΝΑ 117 9% $345 60% $270 ΝΑ ΝΑ ΝΑ $228 49% 313 256 82% $966 89% $411 $55 Source: Management projections. Note: As presented in this Supplemental information, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. The current analysis excludes Ventures. ARPM (Average Revenue per Member) is calculated as revenue for the year divided by average members divided by 12 months. Workstation and membership numbers may not tie to the summarized numbers in the Management Presentation due to rounding. ChinaCo is excluded from Core Leased revenue (ChinaCo was consolidated until October 2nd, 2020). 354% 2024E 1,033 878 85% $5,992 16% $598 ΝΑ 160 10% $481 40% $287 ΝΑ ΝΑ ΝΑ $313 37% 518 436 84% $2,062 113% $504 $159 190% 41 wework Ⓒ2021 WeWork. Confidential.#43WeWork Core at maturity achieves ~$5bn of Revenue and ~$1bn of Adj. EBITDA ($ in millions) $5,801 2023E Revenue (excl. Ventures) ($3,484) ($112) 2023E 2023E Adj. Rent, Tenancy, and Other Adj. Pre-Opening Building Expenses(1) Expenses (¹) ($846) 2023E Adj. Functional Expenses(¹) $1,359 2023E Revenue (excl. Ventures) less All Access, Platform and incremental Core Leased: $5,176mm ($400) 2023E Total Adj. 2023E All Access & EBITDA Platform Revenue Source: Management projections. Note: The existing Core Leased base plan includes additional growth from currently contracted leases. The above analysis excludes Ventures. ($225) 2023E Core Leased Incremental Growth Revenue Growth Expenses(²) 1 percentage point of 2023E core occupancy results in -$59mm of revenue. (3) $307 2023E Core Leased Incremental 1. Adj. Rent, Tenancy, and Other Building Expenses, Adj. Pre-Opening Expenses, and Adj. Functional Expenses exclude Ventures expenses, which are all reflected in Ventures EBITDA. Expenses reflect Adj. Rent, Tenancy and Other Building Expenses, Adj. Pre-Opening Expenses, and Adj. Functional Expenses associated with Core Leased Incremental Growth Revenue. Assumes 857k existing Core Leased ending workstations and $573 Core Leased ARPM. 2. 3. $1,042 2023E Adj. EBITDA on Existing Core Leased Portfolio 42 | wework Ⓒ2021 WeWork. Confidential.#44Pro forma board composition In line with the Company's focus on corporate governance, the post-transaction 9 member board will consist of a variety of new and existing investors as well as management to ensure WeWork remains disciplined and aligned with shareholder interests Board Representation 1. Executive Chairman CEO of the Company BowX SoftBank Group SoftBank Vision Fund Benchmark Capital Insight Partners Independent Director SoftBank Group to have a total of three Board members. Marcelo Claure(1) Sandeep Mathrani Vivek Ranadivé 2 nominees(1) 1 nominee 1 nominee 1 nominee Jeff Sine 43 | wework Ⓒ2021 WeWork. Confidential.#45Terms & Definitions Overall Business Definitions: ● Core Leased (Core WeWork): WeWork's existing flexible workspace business, including incremental growth for WeWork's flexible workspace business. Marketplace: provides a holistic marketplace ecosystem in which members can access value-added services and flexible real estate products. Enables members to create a custom workplace experience that meets their business needs. Many of these digitized space and service offerings are offered as a workplace solution via the WeWork Member app. All Access: monthly membership providing an individual with access to any WeWork location. Platform: represents WeWork buildings whereby the Company enters into asset-light management or franchise agreements with landlords and operates the space in exchange for a fee. ● ● ● ● Ventures: includes WeWork Capital Advisors and expected to also include WeLive from 2022E. Small and Medium Businesses (SMBS): 1-99 full time employees (FTES). Medium and Large Businesses (MLBS): 100-499 FTES. Enterprise: 500+ FTES. ● Mature: refers to locations that are open for longer than 12 months. Non-mature: refers to locations that are open for less than 12 months. ChinaCo: no China Co management fee assumed over the projection period given terms of the agreement whereby the Company will be entitled to a management fee beginning on the later of 2022 or the first fiscal year after October 2020 in which EBIT of ChinaCo is positive. For reference, ChinaCo was deconsolidated in October 2020, and both ChinaCo and IndiaCo are unconsolidated equity method investments. WeMembership: Legacy product that was a virtual membership which provides user login access to the WeWork member network online or through the mobile application as well as access to service offerings and the right to reserve space on an à la carte basis, among other benefits. Each WeMembership is considered to be one Membership. Operating KPIs: Workstations: represents the estimated number of workstations available at open locations. Memberships: are the cumulative number of WeWork physical and All Access memberships. Physical Occupancy: is the number of physical memberships divided by total workstations. Total Occupancy: is the number of physical memberships plus All Access memberships divided by of total workstations. Total Enterprise Membership: represents memberships attributable to enterprise members, which are organizations with greater than 500 FTES. Enterprise membership percentage represents the percentage of our memberships attributable to these organizations. 44 | wework Ⓒ2021 WeWork. Confidential.#46Terms & Definitions (Cont'd) Financial Metrics: Building Margin: excludes building related depreciation and amortization which would otherwise be included in gross profit determined in accordance with US GAAP; In addition, Building Margin as calculated above for our Mature Locations only includes the direct location operating expenses incurred in operating those locations as the Company does not allocate certain community support expenses that are necessary to operate our buildings but not directly tied to an individual building. Building Margin also excludes broker fees and marketing expenses, as well as stock-based compensation expense paid to community employees as such costs are non-cash in nature and not allocated to individual buildings. Adj. EBITDA: is a non-GAAP measure that we define as net loss before income tax (benefit) provision, interest and other (income)expense, depreciation and amortization expense, stock-based compensation expense, expense related to stock-based payments for services rendered by consultants, income or expense relating to the changes in fair value of assets and liabilities remeasured to fair value on a recurring basis, expense related to costs associated with mergers, acquisitions, divestitures and capital raising activities, legal, tax and regulatory reserves or settlements, significant non-ordinary course asset impairment charges and, to the extent applicable, any impact of discontinued operations, restructuring charges, and other gains and losses on operating assets. Refer to page 45 for a reconciliation of Net Income to Adj. EBITDA. O Adj. EBITDA Margin: Adj. EBITDA divided by Total Revenue. ● ● Adj. Rent, Tenancy and Other Building Expenses: consists of location operating expenses, such as rent contractually paid or payable, including the impact of non-cash GAAP straight- line lease cost and the amortization of lease incentives, real estate and related taxes and common area maintenance charges and other building opex, such as utilities, maintenance and cleaning, insurance, food, and other consumables. Excludes depreciation and amortization expense, stock-based compensation expense, and certain community support expenses that are necessary to operate our buildings but not directly tied to an individual building. Adj. 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. Adj. Functional Expense: 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 cancelled IPO. Non-Cash GAAP Straight-Line Lease Costs: are required under GAAP to recognize the impact of "free rent" periods and lease cost escalation clauses on a straight-line basis over the terms of our leases. Amortization of Lease Incentives: the amortization of cash received for tenant improvement allowances and broker commissions (collectively "lease incentives"), amortized on a straight-line basis over the terms of our leases as a reduction to the total operating lease cost. 45 | wework Ⓒ2021 WeWork. Confidential.#47FY19 and FY20 Adj. EBITDA reconciliation (GAAP to Non-GAAP) Impact of China Co to Total Company Financials ($ in millions) Income Statement Summary ($ in Millions) Total Revenue Net Income/(Loss) Income tax (benefit) provision Interest and other (income) expense, net Depreciation & Amortization Restructuring and other related costs Impairment/ (gain on sale) of goodwill, intangibles, and other Stock-based compensation Stock-based compensation for services rendered Change in fair value of contingent consideration liabilities Legal, tax and regulatory reserves and settlements Legal costs related to regulatory investigations and litigations Expenses related to M&A, divestitures and capital raising activities Adjusted EBITDA¹ Adjusted EBITDA Margin Gross and net capital expenditures ($ in Millions) Gross capital expenditures Cash collected for tenant improvement allowances Net capital expenditures Total Company (Incl. Ventures) $3,459 ($3,775) 46 (190) 590 329 335 347 20 (61) 4 155 (2,201) (64%) ($3,488) $1,134 ($2,354) FY2019 ChinaCo $229 ($274) 8 (1) 42 7 3 18 (61) 0 1 (258) ($176) $5 ($170) Total Company (excl. ChinaCo) $3,230 ($3,501) 38 (189) 548 323 335 344 2 4 154 (1,943) (60%) ($3,312) $1,129 ($2,183) Total Company (Incl. Ventures) $3,416 ($3,834) 20 (532) 779 207 1,356 51 8 (0) 2 53 8 (1,883) (55%) ($1,441) $1,332 ($110) FY2020 ChinaCo $206 ($610) 11 (15) 39 (19) 450 0 14 (0) (1) (130) ($63) $2 ($61) Note: For the year-ended 12/31/2019 and 12/31/2020. All columns exclude amounts that eliminate in consolidation. As presented in this Management Presentation, certain amounts, percentages and other figures have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them. 1. Please see Definitions page in the appendix for detailed definitions. Total Company (excl. ChinaCo) $3,210 ($3,224) 8 (518) 740 225 906 51 (6) 2 53 9 (1,754) (55%) ($1,378) $1,329 ($49) 46 | wework Ⓒ2021 WeWork. Confidential.#48Non-GAAP Reconciliation: FY19 location gross profit (loss) from membership and service revenue and location contribution margin for mature and non-mature buildings Financial Summary ($ in millions) Membership and service revenue Cost of membership and service revenue: Direct location operating expenses") Direct location operating expenses - % of membership revenue Indirect location operating expenses (fka community support expenses)(²) Indirect location operating expenses (fka community support expenses) - % of membership revenue Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization - relating to location operating expenses Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: 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 calculated in accordance with GAAP: Add: Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) Location Contribution Margin(3) Negative Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) Positive impact of amortization of lease incentives on location contribution margin (as included in location operating expenses) on location contribution margin Location contribution margin percentage Negative Impact of non-cash GAAP straight-line lease cost - % of membership and service revenue Positive impact of amortization of lease incentives on location contribution margin - % of membership and service revenue Total Consolidated. All Locations $3,059 ($2,541) (83%) ($282) (9%) ($2,823) ($515) ($279) (9%) ($279) $515 $50 $286 $411 ($170) 9% 13% (6%) China $225 ($280) (124%) ($16) (7%) ($296) ($37) ($107) (47%) ($107) $37 $1 ($69) $29 ($1) (31%) 13% (0%) 1. Includes rent and tenancy expenses, non-cash GAAP straight-line lease cost, and amortization of lease incentives; excludes building related depreciation and amortization. 2. Expenses that are necessary to operate our buildings but not directly tied to an individual building. Total (excl. China) (4) $2,833 ($2,261) (80%) ($266) (9%) ($2,527) ($479) ($172) (6%) ($172) $479 $49 $355 $382 ($169) 13% 13% (6%) Mature & Non-Mature Split (Excl. China) Other (4) $54 Mature $1,736 ($1,267) (73%) Non-Mature. $1,043 ($966) (93%) 3. Membership and service revenue less location operating expenses, adjusted to exclude non-cash stock-based compensation included in location operating expenses; excludes building related depreciation and amortization. 4. Total (Excl. China Co) includes We Live (Ventures) revenue and expenses, which is reflected in "Other". ($27) (50%) 47 | wework Ⓒ2021 WeWork. Confidential.#49Non-GAAP Reconciliation: FY20 location gross profit (loss) from membership and service revenue and location contribution margin Financial Summary ($ in millions) Membership and service revenue Cost of membership and service revenue: Direct location operating expenses Direct location operating expenses - % of membership revenue Indirect location operating expenses (fka community support expenses)(2) Indirect location operating expenses (fka community support expenses) - % of membership revenue Location operating expenses (exclusive of depreciation and amortization shown separately below) Depreciation and amortization relating to location operating expenses Location gross profit (loss) from membership and service revenue calculated in accordance with GAAP: 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 calculated in accordance with GAAP: Add: Depreciation and amortization - relating to location operating expenses Stock-based compensation expense (as included in location operating expenses) Location Contribution Margin(3) Negative Impact of non-cash GAAP straight-line lease cost (as included in location operating expenses) Positive impact of amortization of lease incentives on location contribution margin (as included in location operating expenses) on location contribution margin Location contribution margin percentage Negative Impact of non-cash GAAP straight-line lease cost - % of membership and service revenue Positive impact of amortization of lease incentives on location contribution margin - % of membership and service revenue Total Consolidated - All Locations $3,133 ($3,403) (109%) ($191) (6%) ($3,594) ($715) ($1,176) (38%) ($1,176) $715 $10 ($451) $381 ($298) (14%) 12% (10%) China $204 ($263) (129%) ($10) (5%) ($273) ($33) ($102) (50%) ($102) $33 $0 ($69) $15 ($4) (2%) 0% (0%) Total (excl. China) (4) $2,929 1. Includes rent and tenancy expenses, non-cash GAAP straight-line lease cost, and amortization of lease incentives; excludes building related depreciation and amortization. 2. Expenses that are necessary to operate our buildings but not directly tied to an individual building. 3. Membership and service revenue less location operating expenses, adjusted to exclude non-cash stock-based compensation included in location operating expenses; excludes building related depreciation and amortization. 4. Total (Excl. ChinaCo) includes We Live (Ventures) revenue and expenses. ($3,140) (107%) ($181) (6%) ($3,321) ($682) ($1,074) (37%) ($1,074) $682 $10 ($382) $366 ($294) (12%) 12% (9%) 48 | wework Ⓒ2021 WeWork. Confidential.#501. FY19 and FY20 Free Cash Flow reconciliation (GAAP to Non-GAAP) Free Cash Flow ($ in millions) ● ● Free Cash Flow is defined as cash flow from operating activities less cash purchases of property and equipment, each as presented in the Company's consolidated statements of cash flows calculated in accordance with GAAP. A reconciliation of net cash provided by (used in) operating activities, the most comparable GAAP measure, to Free Cash Flow is set forth below: Net cash provided by (used in) operating activities (¹) Less: Cash purchases of property and equipment (1) Free Cash Flow As presented in the Company's consolidated statements of cash flows. Year Ended December 31, 2020 2019 $(857) (1,441) $(2,298) $(448) (3,488) $(3,936) 49 | wework Ⓒ2021 WeWork. Confidential.