WeWork Investor Presentation Deck

Top 7 Market Cohort Analysis- mature locations January 2019 location cohort; Membership and Service revenue and Location Contribution Margin are for 1H 2019 ($mm) 1H 2019 New York London San Francisco Los Angeles Boston Chicago Washington DC Top 7 markets As of June 1, 2019 New York London San Francisco Los Angeles 1H'19 Average 1H'19 Average total Desks memberships Boston Chicago Washington DC Top 7 markets 35.1K 14.2K 6.5K 10.9K 2.7K 7.0K 8.1K 85K Top seven market KPIs as of June 1, 2019 (for reference only) 32.4K 13.2K 5.8K 9.3K 2.4K 6.1K 7.2K 35.1K 14.4K 6.5K 10.9K 2.7K 7.0K 8.2K 76K 85K Desks Total memberships Occupancy Implied Implied Enterprise occupancy membership % 92% 93% 90% 86% 88% 87% 89% 32.5K 13.5K 5.9K 9.6K 2.3K 6.2K 7.4K 90% 77K 93% 94% 91% 88% 87% 89% 89% 91% 13% 21% 30% 21% 28% 37% 23% 20% % Enterprise memberships 13% 20% 29% 21% 30% 37% 24% 20% Membership & service Revenue $135 $67 $27 $32 $9 $19 $25 $312 *Represents January 2019 cohort of locations vs. April 2019 cohort of locations included in Top 7 Market analysis in Investor Presentation **Location Contribution Margin includes impact of non-cash straight-line lease cost and benefit of non-cash amortization of lease incentives Location Contribution Margin $29 $16 $9 $8 $2 $7 $2 $73 Location Contribution Margin (%) 21% 24% 34% 26% 27% 38% 7% 23% I Non-cash GAAP straight-line lease cost as a % of membership and service revenue 4% 0% 3% 3% (1%) 1% 17% 4% Benefit of non-cash amortization of lease incentives as a % of membership and service revenue (5%) (4%) (4%) (8%) (6%) (7%) (6%) (5%) Note: Enterprises defined as members with 500+ employees; Mature locations defined as locations that have been open for more than 24 months; Locations are considered mature as of the beginning of the period, January 2019. New York market includes Astoria, Brooklyn, Long Island City; San Francisco includes Berkeley, Emeryville, Mill Valley, Mountain View, Oakland, and San Mateo; Boston includes Cambridge; Los Angeles includes Burbank, Costa Mesa, Culver City, El Segundo, Irvine, Long Beach, Manhattan Beach, Pasadena, Playa Vista, Santa Monica, and West Hollywood; Washington DC includes College Park and McLean. Locations exclude JVs, India, two WeLive locations, and corporate headquarters 36

View entire presentation