Investor Presentation

Disclaimer The information contained in this presentation is solely for the purpose of familiarizing potential investors with The We Company ("The We Company" or the "Company"), and is subject to completion and amendment and is not investment advice. Concurrently with being provided this presentation, you are being given access to a data room maintained by the Company for more complete information about the Company and the offering. It is strongly recommended that you review, and you will be deemed to have reviewed, all of documents and other information in the data room before making an investment decision. This presentation is being provided solely for your confidential use with the express understanding that you will not release any portion of this document, discuss the information contained herein, or make reproductions of or use this presentation for any other purpose without the prior express written permission of the Company. This presentation is being provided to you on the condition that you are agreeing to hold it in strict confidence and in accordance with the confidentiality agreement entered into with the Company, as well as that you are agreeing to abide by the terms of this legend. This presentation contains "forward-looking statements". These statements are often, but not always, made through the use of words or phrases such as "may", "should", "could", "predict", "potential", "believe", "will likely result", "expect", "continue", “will”, “anticipate", "seek", "estimate", "intend", "plan", "projection", "would" and "outlook", or the negative version of those words or phrases or other comparable words or phrases of a future or forward- looking nature. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding financial performance, including but not limited to revenue, expenses, potential profitability, backlog, run-rate revenue, non-GAAP measures and other results of operations; our expectations regarding future operating performance, including but not limited to our expectations regarding future locations, scale, desk capacity, memberships and enterprise membership percentage and retention rate; and statements regarding financing arrangements, including outstanding funding commitments and the timing and terms on which such commitments may be funded. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation, and our future levels of activity and performance, may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. This presentation also contains certain estimates of financial results and metrics as of and for the three months and nine months ended September 30, 2019. No representation can be or is being made with respect to those estimates, and you should not rely on such estimates. Neither the Company's independent auditors nor any other third party has examined, reviewed or compiled these results or metrics nor expresses an opinion or other form of assurance with respect thereto. The estimates as of and for the three months and nine months ended September 30, 2019 are preliminary, based on management's current expectations, but are subject to change, including between now and at such time as final results are released. You must make your own determinations as to the reasonableness of these estimates and should also note that if one or more assumptions are not met, these estimates may not be achieved. In addition, to the extent this presentation contains any projections, estimates or statements with respect to the Company's future results or future events, such information is based on current management estimates and assumptions, some of which may not materialize or may change, and is subject to risks and uncertainties over which the Company has no control or ability to predict. Unanticipated events may occur that could affect the outcome of such projections, estimates and statements. You must make your own determinations as to the reasonableness of these projections, estimates and statements and should also note that if one or more estimates change, or one or more assumptions are not met, or one or more unexpected events occur, the performance and results set forth in such projections, estimates and statements may not be achieved. The Company can give no assurance as to its future operations, performance, results or events. This presentation contains information concerning our solutions and our industry, including market size and growth rates of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports commissioned by us and our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to this information. We have not independently verified this third-party information. Similarly, other third-party survey data and research reports commissioned by us, while believed by us to be reliable, are based on limited sample sizes and have not been independently verified by us. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by us. This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including Location Contribution Margin. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net loss or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-GAAP measures to the most directly comparable GAAP measure. The brands and logos included herein are the property of third-party owners and are used for informational purposes only. Such use should not be considered an endorsement of the third-party owner or its services and should not be considered endorsement of the products or services of the Company by the third-party owner. 47