Investor Presentation

Top 7 Market Cohort Analysis- all locations January 2019 location cohort; Membership and Service revenue and Location Contribution Margin are for 1H 2019 ($mm) Non-cash GAAP straight-line lease cost as a % of membership and service revenue Benefit of non-cash amortization of lease incentives as a % of membership and service revenue 1H'19 Average 1H'19 Average total Implied Implied Enterprise 1H 2019 Desks memberships occupancy membership % Membership & service Revenue Location Contribution Margin Location Contribution Margin (%) New York 62.0K 57.4K 93% 23% $235 $36 15% 13% (5%) London 42.2K 39.1K 93% 26% $172 $28 16% 12% (4%) San Francisco 21.7K 19.6K 90% 57% $87 $27 31% 10% (4%) Los Angeles 21.2K 17.4K 82% 22% $59 $11 18% 20% (8%) Boston 11.7K 10.9K 93% 51% $36 $9 25% 24% (7%) Chicago 10.8K 8.7K 81% 35% $26 $9 34% 11% (8%) Washington DC 11.2K 9.8K 87% 20% $32 $3 9% 18% (7%) Top 7 markets 181K 163K 90% 30% $646 $122 19% 14% (5%) Top seven market KPIs as of June 1, 2019 (for reference only) As of June 1, 2019 Desks Total memberships Occupancy % Enterprise memberships New York 63.2K 58.6K 93% 23% London 42.7K 40.3K 94% 26% San Francisco 21.7K 20.4K 94% 57% Los Angeles 21.1K 18.3K 87% 22% Boston 12.8K 11.9K 93% 51% Chicago 10.7K 9.4K 88% 35% Washington DC 11.3K 10.1K 89% 20% Top 7 markets 184K 169K 92% 30% Total locations in top seven markets: 1561 106 mature (68%) 50 non-mature (32%) *Location Contribution Margin includes impact of non-cash straight-line lease cost and benefit of non-cash amortization of lease incentives Note: Enterprises defined as members with 500+ employees; Mature locations defined as locations that have been open for more than 24 months; New York market includes Astoria, Brooklyn, Long Island City; San Francisco includes Berkeley, Emeryville, Mill Valley, Mountain View, Oakland, and San Mateo; Boston includes Cambridge; Los Angeles includes Burbank, Costa Mesa, Culver City, El Segundo, Irvine, Long Beach, Manhattan Beach, Pasadena, Playa Vista, Santa Monica, and West Hollywood; Washington DC includes College Park and McLean. 1 Total locations in top seven markets as of January 2019; excludes JVs, India, two We Live locations, and corporate headquarters 35

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