#1OCT 2014 To What You Love wework#2COMPANY OVERVIEW KEY FACTS . . . . . Founded in 2010 in New York City 220 employees; 20 locations; seven cities 15,000 members (as of October 31, 2014) Average monthly revenue per member: $628 Average occupancy at mature locations: 99% Average unit EBITDA margin at mature locations: 41% FINANCIALS Revenue EBITDA 2012 $18.4mm $2.7mm 2013 $30.8mm $3.2mm 2014P $74.6mm $14.0mm Dec-14P Run $121.4mm $38.2mm SEA SF LA 18,000 16,000 14,000 12,000 10,000 8,000 6,000 ESTABLISHED IN KEY MARKETS 4,000 2,000 850 2010 GROWING RAPIDLY As of October 3 201 15,000 CAGR: 109% 1,900 3,900 5,300 16.300 2011 2012 2013 2014 30 25 20 5 S BOS wework#3SPACE AS A SERVICE WHAT WE DO GLOBAL, MACRO TRENDS POWERFUL ECOSYTEM MASSIVE OPPORTUNITY FIRST MOVER We create working and living spaces that are responsive to the productivity needs and stylistic preferences of today's mobile, creative workforce. We the only organized, global, well-capitalized provider of Space as a Service Model. We are capitalizing on profound changes in technology, demographics and urbanization - which collectively are driving a secular shift toward more flexible, entrepreneurial and collaborative work styles. Our members are connected through our proprietary, mobile-centric technology - allowing them to extract maximum value from the WeWork ecosystem. The resulting 'WeWork effect' is driving accelerating demand for our product. Our Total Addressable Market - space and services for individuals and businesses - is massive and only small penetration is needed to generate billions in revenue. We are benefitting from significant network effects and economies of scale, have a four-year head start on competitors who might start today, and are expanding rapidly. By the end of 2016, we will have a $1Bn revenue run-rate with 34% margins. wework#4MILLENIALS ARE REDEFINING THE WORKFORCE Empowered by technology, the rising generation has new needs and behaviors CHENABLED COMMUNITY ENTREPRENEURIAL Do What SHARING wework#5CREATING FUNDAMENTAL SHIFTS These values are changing consumption patterns, and the way people work and live COMMUNITY CLUSTERING SHARING DIGITAL facebook Linked in yelp PHYSICAL SX SW TED Meetup SUSTAINABILITY TECHNOLOGY - DENSITY 2008 250 AVG SQ FT/ WORKER 2008 670 AVG SQ FT/ RESIDENT 2014 150 AVG SQ FT/ WORKER 2014 560 AVG SQ FT/ RESIDENT WeWork 60 AVG SQ FT/ WORKER WeLive AVG SQ FT/ RESIDENT Find a place to stay. TRANSFORMING TRADITIONAL MODELS GUBER Spotify Elance You Tube task obst wework#6WORK IS CHANGING Freelancing and small business formation is surging, and projected to accelerate 30% 40 MILLION PEOPLE 2008 OLD WORK Rely on your paycheck Goth the comman Division of Lasor Incinerent INDEPENDENT WORKFORCE AS % OF TOTAL U.S. WORKFORCE 33% 45 MILLION PEOPLE 2014 470.000 NEW BUSINESSES LAUNCHED PER MONTH NEW WORK Entrepreneurial Opportunistic Rely on your network Grow your own company Together Inspired 40% 60 MILLION PEOPLE 2020 WEWORK Affordability & sinkity Freedom & Flexituinty Community & connective technulagy Services & tools to succeed Connections & cullatiolation Motivation & celela diss wework#7CREATING A NEW ECOSYSTEM FOR WORK wework COMMUNITY SPACE BEAUTIFUL FUNCTIONAL, COLLABORATIVE Kitctions térence rooms, lounges Aline tester wit, coffee pinkets, supplies NIES & CREATORS TriNet SERVICES amazon Save momofuku GENERAL ASSEMBLY FITIST Elance Education & trawing ink. CHASE O wework#8THE WEWORK EFFECT As the WeWork platform grows, community value increases, creating supply and demand network effects that are mutually reinforcing BETTER DEALS w/ LANDLORDS FASTER RAMP-UP. HIGH OCCUPANCY, MORE REVENUE SUPPLY MORE LOCATIONS MORE COMMUNITY ACTIVITY IMPROVED MARKETPLACE & SERVICES DEMAND BETTER MEMBER EXPERIENCE MORE MEMBERS wework#9POWERED BY TECHNOLOGY AT EVERY LAYER Proprietary software makes the design development and management of our spaces efficient and scalable wework#10FIRST MOVER WITH CRITICAL MASS With a growing community and established brand in key gateway markets, WeWork has distanced itself from competition SEA 800 Members SF 1.200 Members LA 500 Members LOCATIONS OPEN OR UNDER DEVELOPMENT (34) UNITED STATES 14,400 MEMBERS ATX CHI DC 900 Members BOS 1400 Members NYC 9,500 Members INTERNATIONAL 600 MEMBERS LDN 600 Members TLV AMST wework#11PROVEN, PROFITABLE BUSINESS MODEL WeWork locations operate near 100% occupancy with average margins greater than 40% Year opened Location Occupancy Docks License Fee/Mem. / Mo. Services Rev./Mem. / Mo. (Annual figures, $ in millions) Total Revenue Rent & OpEx Unit EBITDA Margin 2010 NY NY 01 02 96% 100% 522 511 $25 $3.9 $1.5 39% $22 $3.8 $1.3 2011 36% NY 03 100% 389 $35 $3.6 (22) $1.4 SF 01 40% 532 $29 NY 04 $1.7 99% 100% 100% 100% 100% 100% 47% $3.6 $9.6 1,324 488 $19 2012 (5.5) LA Of $4.1 43% $48 53.0 (19) NY 05 $621 $593 $743 $535 $588 $469 5650 $545 $533 5807 $614 $501 $599 $513 $498 $508 $11 36% 535 2013 SF NY 02 06 656 $1.7 $31 $28 $28 $4.4 $4.5 (27) (28) 1269 607 39% 37% NY 07 $8.5 99% (51) $28 $6.0 38) NY DB 99% 47% 36% 940 $3.5 $2.2 $1.7 $28 $7.2 (45) DC 01 $2.6 324 99% 99% $29 $2.0 (1.3) $0.7 BOS BOS 01 02 37% 36% 610 2014 96% $28 799 $28 $4.6 $5.0 SEA 01 (26) (30) 96% 835 $28 $5.1 DC 02 $1.9 $2.0 $2.0 100% 99% 543 725 NY 09 $28 5711 $28 (3.0) (20) (40) 42% 40% 40% 44% $1.5 $2.3 NY 10 37% 99% 99% 787 NY TE $3.5 $6.4 $6.8 $11.9 1,474 $28 $28 13.7) $701 $651 $600 16.21 AVG 99% 46% 48% 730 $28 $5.7 $3.1 $5.4 (32) $2.2 41% wework 10#12GROWING RAPIDLY Top line growth is accelerating due to a robust pipeline and rising per member revenue Annualized Monthly Revenue ($mm) $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 GROWTH HAS ACCELERATED IN 2014 $40 Dec-13 Jan-14 Feb-14 Mar-14 2014 200% growth Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Annualized Membership Fee Revenue ($mm) $121 Dec-14 Jan-15 2015 PIPELINE IS FULLY-DEVELOPED Feb-15 Mar-15 2015 225% growth Apr-15 May-15 Jun-15 Jul-15 Annualized Services Revenue (Smm) Aug-15 Sep-15 Oct-15 Members Nov-15 $395 Dec-15 60,000 50,000 40,000 30,000 20,000 10,000 Members wework 11#13BROADENING MEMBER BASE Company size employees 1-49 FWD Handybook PIVTALLABS Brit Week LOS HIRED HOM VETRO 102. 50-99 employees ANDREESSEN HOROWITZ reddit PRONTO! SAILTHRU 2 Floors 100-499 employees GENERAL ASSEMBLY WHISTLE SPORTS svb> Elance KAPLAN Los Angeles Times 656 Mashable BuzzFeep McKinsey&Co Pinterest cihnb 5,000+ saaxoxwa Coca-Cola J.CREW News Corp Red Bull MERCK Microsoft rackspace wework 12#14AND A COMPELLING VALUE PROPOSITION In addition to substantial convenience and network value. WeWork offers meaningful financial savings compared to the alternative Annual Space Cost per Employee $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $- ANNUAL SPACE COST COMPARISON VS. STANDARD OFFICE LEASE 25% SAVINGS $7,800 $7.900 WeWork $10,350 $600 $825 $2,550 $6,375 Standard Office Lease Administrative Expenses (Lease Administration, Office Mgmt) Office Expenses (internet, Printers, Supplies) > Occupancy Expenses (Cleaning, Utilities, Maintainence, etc.) Up-Front Costs (Design, Construction, Legal) Membership Fee / Rent Expense wework#15WEWORK'S VALUE-ADDED TENANCY Like Whole Foods in the retail sector, WeWork creates significant real estate value for property owners by activating and rebranding assets and neighborhoods 222 Broadway WeWork Location Market Submarket livestot Total Sq Ft WeWork Sq Ft WeWork % Investment Today's Value Mutple Hold Period Unlevered IRR is 175 Varick NY04 New York, NY Soho AEW 168,000 108,000 $32.3m $58.7m 1.8x 1.5 yrs 51% NY06 New York, NY Financial Dist Beacon Capital 756,000 125,000 17% $350.0m $510.0m 1.5x 2.0 yrs 21% 210 N. Green CHI01 Chicago, IL West Loop Shorenstein 65.000 58.000 89% $18.5m $35.0m 1.9x 2.0 yrs 38% 25 Taylor SF02 San Francisco, CA Mid-Markot Warhorse LLC 56,000 56.000 100% $18.0m $27.0m 1.5x 2.0 yrs 22% 51 Melcher BOS02 Boston, MA Seaport Synergy 111.000 49.000 44% $17.5m $50.0m 2.9x 3.0 yrs 42% Total 1.156,000 396,000 34% $436.3m $680.7m 1.6x 2.4 yrs 25% wework 14#16AND PARTNERSHIPS WITH LEADING GLOBAL LANDLORDS Strong relationships with leading real estate owners give WeWork an inside track to the premier real estate portfolios around the world The Blackstone Group VORNADO S... SAEW WEWORK PARTNERS MEZAN SPEYER BEACON CAPITAL PARTNERS SCHARVARD US MANAGEMENT COMPANY, INC. Rudin British Land LUBERT ADLER RFR RIK Invesco Boston Properties BREEVAST RUSTNER COMPANIES wework 15#17AND A FULLY PREDICTABLE PIPELINE By leveraging landlord relationships, WeWork is building an Asset Light path toward critical mass in 16 key markets Locations NEW YORK CITY 1 2 LONDON 3 LOS ANGELES 4 SAN FRANCISCO 5 BOSTON 6 CHICAGO 7 WASHINGTON DC 8 PHILADELPHIA 9 TORONTO 10 AMSTERDAM 11 SEATTLE 12 TEL AVIV 13 MIAMI 14 BERLIN 15 AUSTIN 16 PORTLAND 2-300 beta 1500 2.400. 00bp 2.000 ber 7600 mete 2060 members 1,100mboss 1500-octe 100ember 500 members 300 mountor Roches 8 9 10 11 12 13 14 20 21 22 23 24 25 26 Open locations (15,000 members) 14 Signed locations, under developement (11,400 members) 26 Locations under lease negotiations (18,500 members) 20 Locations with mutually agreed-upon Term Sheet (16,600 members) 80 EXISTING & PIPELINE LOCATIONS (61,800 members) wework 17#18ARE DRIVING CAPITAL EFFICIENT DEAL FLOW Landlords in all geographies are contributing significant capital to bring WeWork to their buildings, allowing the company to scale more quickly and efficiently Net CapEx per Member $12,000 $10,000 $8,000 $6,000 $4.000 $2,000 50 Jan-13 NET CAPEX PER MEMBER, BY LOCATION 2014: $6,000/member 15% less 2013: $7,100/member Jul-13 Jan-14 Jut-14 Jan-15 2015: $3,000/member 50% less Ju-15 Jen-16 MARKET TERMS Landlord pays 50% of CapEx Market Rent No Profit Share 40% Unit EBITDA 22 month payback ASSET LIGHT Landlord pays 75% of CapEx At or below Market Rent 25-50% Profit Share 32% Unit EBITDA 7 month payback wework 16#19THE WEWORK OPPORTUNITY/U.S. ONLY Company Size 1 New York NY 2 Los Angeles CA 3 Washington DC 4 Chicago I 5 San Francisco CA Boston MA 7 Phindsphia PA 8 Dalas TX 9 Allarta GA 10 Miami FL 11 Houston TX 12 Denver CO 13 Seattle WA 14 Minneapolis-St. Paul MN 15 Detro MI 16 Phoenix AZ 17 Oriando FL 18 San Diego CA 10 Portland OR 20 Raleigh-Durham NC 21 Charlotte NC 22 Austin TX 23 Columbus OH 24 Las Vegas NV 25 New Orleans LA Total 400,450 301,443 137,582 141,495 121,842 117,748 132.945 125.073 122,620 112,292 100,747 92,403 71,501 67,383 81,349 76,648 62.207 56,797 43.262 41,772 35,636 28,049 29,190 2,491,368 Emploves Headcount by Company Size 185.173 139.641 73,497 74.434 70,011 52.875 60 727 60.618 63.372 60,076 50,714 45,512 40,357 36,996 38,149 32,982 38,787 29,305 27,272 21,845 21,828 17,766 19, 252 14.252 13,982 1,297,479 Anviual Revenue/Member ($550 Monthly Membership Fee) Annual Revenue Annual EBITDA (40% margin) 10-19 168,230 126,188 76.346 74,752 67,847 60,090 60,397 51,205 53,918 41,608 43,140 36,600 34.207 33,863 36.278 28.990 27,962 24,700 21,247 19,000 18,337 16.587 16,382 12,585 1,181,169 369,036 227,892 189 528 148 808 133.994 116.777 122,355 90,096 97,018 67,001 78.407 67,807 61,376 69,706 87,990 54,495 45,500 44,609 38,675 36,420 31.075 31.299 32.728 22,873 22,527 2,254,581 100-4,990 (20%) 547,773 220,346 560,575 381,575 65.415 244,908 201,380 252,433 211,970 189,471 301.926 177,852 127,488 40 291 81,276 110.864 61,182 125,776 78,540 60 190 06.900 59,065 48,464 108,228 42,067 4,476,298 TOTAL 1,790,672 1,015,310 1,017,533 825,132 478,762 806.512 863,107 594,235 542,251 431,576 595,479 428,418 356,811 251,366 288,076 308,660 248,769 287,687 222,831 181,866 181,400 175,499 152,512 184,027 119,5 11,010, $7,800 $92,820,000,000 Current As of 10/1/194 9,500 500 900 1.200 1,500 800 14,400 &$7.800 $109,200,000 $43,660,000 Members at X% penabration Members 17,907 10,153 10,175 6,251 4,788 6,000 5,631 5,043 5,523 4016 6,965 4,284 3,558 2,514 2,091 3,087 2.400 2,876 2,225 1,019 1,815 1.755 1,525 1,840 1,197 114,990 $7,800 3% Mimbars 53,720 30,459 30,526 24,764 14,363 18,196 16,893 17,829 16,568 14.447 17.594 12.852 10.074 7,541 8672 9,260 7,493 8,620 6,676 5,456 6,444 5,265 4.575 5,521 3,591 366,997 $7.800 Member 89,534 50,766 50,877 41,257 30,326 28,155 29.715 27.613 24,079 29,324 21,421 17,791 12,568 14,454 15,433 12,488 14.300 11,127 9,093 9.075 8,775 8,201 5,964 094,995 57,800 $928,200,000 $2,784,800,000 $4,841,000,000 $371,280.000 $1,113,840,000 $1,806,400,000 wework 18#20A CREATIVE MEMBERSHIP 30% 27% 30% 16% Imam 5% 21% 41% INDUSTRY MIX 19% 13% BEFORE WEWORK 15% 10% 6% 24% AGE DISTRIBUTION <25 25 29 1-2 23% 20% KİM 6% 3% 18% 23% 15% 15% COMPANY SIZE 5-6 10% 35 39 40 4 13% 7% 6% 6% 10% 15% wework 19#21CONNECTED BY A SEAMLESS MOBILE EXPERIENCE Intuitive, mobile technology is core to the WeWork experience driving productivity and connections WEWORK, AT YOUR FINGERTIPS... Bub Support Upcoming Reservations Holy More Evenle Aichmance Books CHECK-IN GUESTS GUEST REGISTRATION GRAB LUNCH SCAN THIS CODE TO PAY AT MESSAGE FELLOW MEMBERS SIGN-UP FOR SERVICES 1 wework 20#22GROWTH IN MOBILE USAGE Mobile app usage is far outpacing member growth, and the percent of users visiting the app multiple times per month is up sharply 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Total MAUS and Repeat Users Users % Repeat Users Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 90% 80% 70% 60% 50% YTD September +122% WeWork Members +650% MAUS +850% repeat MAUS wework 21#23UPCOMING SOCIAL INITIATIVES New functionality coming to increase the number of socia: connections made across the member network 1. SUPER-FAST ROUTING & ENGAGEMENT WITH LISTINGS No ask goes unanswered Routing to people most likely to help (legal → lawyers) Ability to share a listing with others to get help . . . 2. NEW "TINDER-LIKE" CONNECTIONS Drive discovery & connections • Simple options: Help, Refer or Pass . 3. PUBLIC PROFILES . Drive SEO for members and WeWork Better promotions for members within the community and outside JONAL KATHE th rossw wework 22#24LEVERAGING SCALE TO PROVIDE VALUABLE SERVICES As WeWork grows, its ability to curate, negotiate and deliver best-in-class services increases PRODUCTIVITY CONFERENCE TELEPHONE SERVICES PRINTING/COPYING WELLNESS HEALTHCARE TriNet And momofuku FITIST COLLECTIVE EFFICIENCY EDUCATION GA GENERAL ASSEMBLY PAYMENTS my Check LICAL ACCOUNTING axiom Today's offering Currently generating $29 per member per month (ds of revoquel Neur services/Phase Portnership agreements, place New services Prose Exploration phose GROWTH FINANCIAL SERVICES CHASE O E-COMMERCE shopify SAEP www.amazon * webservices wework 3#25STRONG INTEREST IN SERVICES OFFERINGS After ramping up our informational campaign in August, interest in the WeWork / TriNet healthcare offering has seen a dramatic increase 900 750 600 450 300 150 Jan-14 Feb-14 Mar-14 TriNet Qualified Leads Apr-14 May-14 Jun-14 5x increase in avg monthly leads since app integration Jul-14 Aug-14 Sep-14 wework 24#26AND MONETIZING A GROWING MEMBER BASE By layering services on top of a rapidly growing platform, WeWork is creating an increasingly valuable product while driving meaningful revenue 2014 16,300 TODAY'S OFFERING CONFERENCE TELEPHONE SERVICES PRINTING/COPYING $28 PER MEMBER) $5m REVENUE WEWORK MEMBERSHIP 2015 45,000 NEW SERVICES/PHASE TriNet momofuku GENERAL ASSEMBLY FITIST Co.Let IVE $50 PER MEMBER $27m shopify axiom amazon 2016 92,000 NEW SERVICES / PHASE II LandingClub Elance WIX $75 PER MEMBER $82m REVENUE Square wework 25#27EXTENDING THE OFFERING BEYOND PHYSICAL MEMBERS The WeWork Everywhere membership offering leverages WeWork's established platform of space, community and services wework SUPPORTIVE COMMUNITY Find collaborators, mentres, investors and support via app, web of live events DAVID WHITTAKER Does anybody out there we any exotionce maskesing products to secondary schools? If so, fd love to pick your brain for a bit and f'd be happy to answer any softwarel web development questions you have in ratum RALPH EVERYWHERE CURATED SERVICES Curated, low-cost werd driving productivity wellness, efficiency & growth WEWORK HEALTHCARE wework+ TriNet INSURANCE? SPACE WHEN YOU NEED IT Access to conference rooms & desks as you neer where you need is wework 26#28welive 27#29WELIVE/ REINVENTING RESIDENTIAL The demand for Space as a Service extends to residential real estate, making WeLive a natural extension of the WeWork concept, community and brand welive COMMUNITY SPACE BEAUTIFUL. FUNCTIONAL. FLEXIBLE CONNECTED, COLLABORATIVE SOCIAL SERVICES SIMPLE SEAMLERS AFFORIMAL wework 28#30MAKING CITY LIFE ACCESSIBLE In addition to substantial convenience and network value, WeWork offers meaningful financial savings compared to the alternative $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 REQUIRED INCOME: ANNUAL HOUSING COST COMPARISON VS. STANDARD APARTMENT LEASE 36% SAVINGS $21,600 $21.600 WeLive $56,000 $33,800 $2,400 $5.000 $24.000 Standard Apartment Lease $76,000 Utilities, Cable, Cleaning Broker Fee Furniture Membership Fee/Rent wework 29#31NEXT GENERATION COMMUNITIES WeWork's member base and track record have attracted substantial Landlord capital to develop mixed-use locations managed by WeWork and WeLive CRYSTAL CITY-DC October 2015 $31.8mm from Vornado Realty Trust wework+ welive 110 WALL ST-NYC November 2015 $60.4mm from Rudin Management wework+ welive wework 30#32URBAN CAMPUSES At the Brooklyn Navy Yard, WeWork will design, occupy and manage a large-scale urban campus, creating (and capturing) substantial real estate value PROJECT 14-story, 530,000 square feet, Class A commercial office building+ public space Q2 2016 completion . DEVELOPERS . TENANTS Boston Properties / Rugin Managements ▼ ECONOMICS $250 million development funded by Developers) $13 8 million up-front payment to WeWork $16.2 million Landlord contribution to WeWork . WeWork / Wework HQ/Creative Office wework 31#33THE WELIVE OPPORTUNITY / U.S. 1 New York, NY 2 Los Angeles, CA 3 Chicago, I 4 San Francisco, CA 5 Dalian, TX Philadelphia, PA 7 Washington, DC & Boston, MA Houston TX 10 Atlanta, GA 11 Seattle, WA 12 Phoenix, AZ 13 Denver, CO 14 San Diego, CA 16 Miami-Ft. Lauderdale, FL 16 Minneapolis-St. Paul, MN 17 Detro M 18 Sacramento, CA 19 Tampa, FL 30 Portland, OR 21 Clowland, OH 22 Orlando, FL 23 Austin, TX 24 Raleigh-Durham, NC 25 Indianapolis, IN Popuation Aged 18-31 6,377,787 5,786, 905 2,963,228 2,245, 114 2,307,299 2,332,329 2.094.301 1,892,192 2,107,230 2,046.073 1,528,477 1,550,408 1,334,807 1.086.932 1,345.700 1,352.840 1,336, 178 1,234,595 1,139,480 063,451 1.006,735 1.078.074 710.120 947,424 682.518 47,650,967 25.5% 30.1% 32.4% 20.2% 29.8% 31.9% 32.0% 25.9% 29.3% 34.0% 31.3% 34.4% 30.8% 29.9% 31.3% 30.6% 20.9% 32.1% 31.6% 30.6% 35,7% 30.1% 31.0% Total Annual Revenue / Member ($1,800 Monthly Membership Fee Annual Revenue Annual EBITDA (40% margin) Poon Aged in-36 1.860,988 1.532.550 892.275 727,823 548,697 695,974 567,832 805,847 566,656 599,729 520.014 485.822 459.990 336.276 402.536 423,727 408,999 331,813 376,754 309,351 318.290 328.686 253,568 284,750 273,173 14,312,831 Penting 88.1% 66.7% 54.9% 66.2% 81.8% 53.4% 54.5% 59.3% 60.7% 51.9% 58.2% 52.8% 54.9% 85,0% 53.8% 48.3% 48.0% 57.1% 49.8% 58.4% 53.7% 50 6% 64.7% 56.2% 54.4% Konomiy Montal Popiation 1,256,943 1.021.838 480,100 432,079 400,082 371,797 363,872 309,470 343,942 310.969 302.748 257 241 252.413 221,156 216,580 204,508 196,425 199,425 167,595 18541 168.188 186,872 164,124 160,078 148,541 8,428,024 College aducated 56.4% 57.1% 80.8% 56.25% 56.9% 67.2% 64.8% 56.3% 50.7% 68.6% 61.0% 00.1% 53.3% 65.8% 60.7% 60.1% 54.6% 64,3% 53.7% 57.0% 08.8% 61.8% 53.9% College Foutated Not-Fan Hord Peu 740,276 583,296 332,876 234,689 207,723 244,376 232,793 193,674 166,773 207,564 156,917 170,227 146, 182 115,399 134,404 119,270 Mombers at X% penetration 113,921 102,333 116,034 90,864 95,134 109,832 $8,548 80,075 5,112,708 $21,600 7,403 5,833 2,982 3.329 2,387 2,077 2.444 2,328 1,937 1.558 2.076 1,569 1,702 1,462 1,154 1.345 1,199 3% 1,023 1,100 509 951 1.008 968 801 61,127 22.208 17.468 8.947 9,906 7,501 6.232 8,984 5.810 5.573 6,227 4.706 5.107 4,386 3.462 4.034 3.578 3415 3,070 3,491 2,729 2,854 3.295 2,965 2,402 183,381 &$21.600 $110,160,000,000 $2,150,000,000 $4,326,000,000 $5,490,000,000 $64,000,000 $1,728,000,000 $2,592,000,000 37.014 29.163 14,911 16.644 11,834 10,380 12.219 11,540 9,684 9,299 10,378 7,846 8,511 7,308 5,770 6.723 5.963 5,896 5,117 5,802 4,543 4.757 5.402 4,942 4.004 255,435 $21.600 wework 32#34Ravenue ($mm) FIVE-YEAR FORECAST $3,000 $2,500 $2,000 $1,500 $1,000 5500 $0 $75 2014 $260 2015 WeWork $715 2016 Wellve $1,550 2017 $2,860 2018 Services KEY ASSUMPTIONS Members WeWork WeLive WeWork Everywhere Membership Fee/Member / Month WeWork Welive WeWork Everywhere Services Revenue/Member/Month We Work WeLive WeWork Everywhere INCOME STATEMENT (SMM) WeWork Membership Fees WeLive Membership Fees WeWork Everywhere Membership Fees Services Total Revenue % growth Run-Rate Revenue (December) Rent Expense Unit OpEx & Payrol Occupancy & Infrastructure Corporate Payroll Marketing Other General & Admnistrative Total General & Administrative EBITDA % margin Run-Rate EBITDA (December) % Run-Rote margin Ending Cash 2014 16,279 $578 $28 2014 $70 S $75 $121 19 16 13 3 $25 $14 19% $38 31% $50 2015 45,352 962 $625 1,786 $50 50 2015 $231 10 19 $260 249% $417 94 $145 21 6 24 $51 $64 25% $121 29% $45 2016 91,795 6,500 $688 1,856 $75 75 2016 $567 83 65 $715 175% $1,039 252 129 $381 33 7 $97 $237 33% $354 34% $55 2017 167.500 16,800 $739 1,930 $75 100 2017 $1,149 270 131 $1,550 117% $2,132 569 279 $848 48 16 95 $159 $542 35% $758 36% 2018 260,000 34,000 $767 1,968 $100 100 2018 $1,967 606 287 $2,860 85% $3,685 1,064 505 $1,572 66 159 $255 $1,034 36% $1,314 36% $286 $108 wework 33#35LEADERSHIP & VISION ADAM NEUMANN Co-Founder & Chief Executive Officer Past experience: • Co-Founder of Egg Baby, Green Desk, Big Tent • Entrepreneur & investor MICHAEL GROSS Chief Financial Officer Past experience: • CEO of Morgans Hotel Group • Investor with The Yucaipa Companies and SAC Capital Advisors KAKUL SRIVASTAVA Chief Product Officer Past experience: • GM (Flickr) and VP Comms, Yahoo! • Founder and CEO, Tomfoolery BOARD OF DIRECTORS ADAM NEUMANN WeWork BRUCE DUNLEVIE Benchmark Capital MIGUEL MCKELVEY Co-Founder & Chief Creative Officer Past experience: • Co-Founder of Green Desk, Versatation, Baby! • Led American Apparel design framework, oversaw rollout of 170 stores KIRSTEN NEVILL-MANNING Chief People Officer Post experience: • Director, People Operations, Google • Manager, People Operations, Facebook LEW FRANKFORT Advisor Past experience: • Executive Chairman & CEO, Coach, Inc. STEVEN LANGMAN The Hitme Group LEW FRANKFORT Coach, the wework#36Combie SWA- YEAM GGER INV ENT IVE Totoo, AWESOME CANTRdive This Is my JOB 26 n PHILANTHROPY PANDAS TIVE W GRIT DRIVEN CREATIVE PIONEER SCRAPPY Comply wework