Investor Presentation

Our core business model generates strong unit economics 1 If we rent a location for $45 / USF Illustrative. 2 + If we monetize the location at ~2-2.5x our lease costs, or $100 / USF (1) 3 If we run this location with $25 / USF in operating expenses (2) 4 Then the location will generate $30/ USF in annual location contribution margin Levers to improve location contribution margin Grow enterprise mix Layer value-added services to the platform Increase in on-demand memberships Reduced operating costs through efficiency and automation (1) This ratio should stay constant over time as we have price escalations in our membership agreements. (2) Represents location operating expenses less lease and tenancy costs, adjusted to exclude adjustments for stock-based compensation. Includes cost to run the locations, cost for people, and regionalized overhead & centralized G&A dedicated to buildings. 16

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