Investor Presentation

As our locations mature, occupancy improvements drive location contribution margin expansion Occupancy 80% 84% Total Consolidated 90% 89% Location contribution Location contribution margin (1) margin per desk (1) $707 10% 17% 21% $253 $447 5% $121 0-6 months 0-6 months 69% Total Consolidated 7-12 13-24 24+ months months months Total Consolidated 7-12 13-24 24+ months months months 0-6 7-12 months months 13-24 months 24+ months 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 Note: Charts represent 1H'19 figures 15% (24%) 44% (5%) 21% (8%) (4%) (5%) 12% 4% (5%) (1) Defined as membership and service revenue less location operating expenses excluding stock-based compensation; please reference non-GAAP reconciliations in Appendix ($402) 14

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