Investor Presentation

Glossary of terms Term Select P&L items Definition Membership and service revenue Other revenue ARPM Lease and tenancy expenses Other location expenses Membership revenue represents membership fees, net of discounts, from sales of WeWork memberships and on-demand memberships and revenue associated with The We Company Offerings. We derive a significant majority of our revenue from recurring membership fees. The price of each membership varies based on the type of workplace, geography, and any monthly allowances for business services. Membership revenue is recognized monthly, on a ratable basis, over the life of the agreement, as access to the WeWork community is provided. Service revenue primarily includes billings to members for ancillary business services in excess of the monthly allowances mentioned above. Services offered to members include access to conference rooms, printing, phone and IT services, parking, etc. Service revenue also includes commissions we earn from third-party service providers. Service revenue is recognized on a monthly basis as the services are provided and does not include any revenue recognized by The We Company Offerings. Includes all other revenue recognized by The We Company Offerings. Annualized average membership and service revenue per WeWork membership ("ARPM"), represents our membership and service revenue (other than membership and service revenue from our WeLive offering and related services, and other than management fee income from IndiaCo) divided by the average of the number of WeWork memberships associated with consolidated locations as of the first day of each month in the period. All ARPM amounts are presented on an annualized basis. Rent expense is recognized on a straight-line basis over the life of the lease term in accordance with GAAP based on the following three key components: Rent contractually paid or payable represents cash payments for base and contingent rent payable under our lease agreements, recorded on an accrual basis of accounting, regardless of the timing of when such amounts were actually paid; adjustments for impact of straight-lining of rent represents the non-cash adjustment to record free rent periods and rent escalation clauses on a straight-line basis over the term of the lease; and amortization of lease incentives represents the amortization of cash received for tenant improvement allowances and broker commissions. Tenancy expenses refer to, collectively, our share of real estate and related taxes and common area maintenance charges ("CAM") relating to open locations. Consist primarily of utilities, ongoing repairs and maintenance, cleaning expenses, office expenses, security expenses, credit card processing fees and food and beverage costs. Location expenses also include personnel and related costs for the teams managing our community operations as well as costs for corporate functions that directly support the operations of our communities. Sales and marketing expenses Growth and new market development ("G&NMD") expenses General and administrative expenses Adjusted EBITDA Consist primarily of expenses related to our general sales and marketing efforts and other costs associated with strategic marketing events. Our sales and marketing efforts are primarily focused on pre-opening locations and non- mature locations. To capitalize on our significant market opportunity, we have dedicated teams that are responsible for finding and building out new locations and researching, exploring and initiating new markets and new solutions and services. Consist primarily of non-capitalized design, development, warehousing, logistics, market sourcing and real estate costs, personnel and other expenses related to our growth and global expansion. Growth and new market development expenses also include cost of goods sold in connection with our Powered by We solutions and costs of providing services by The We Company Offerings that are not yet mature and are not included in other operating expenses. Consist primarily of personnel and related expenses and stock-based compensation expense related to corporate employees, technology, consulting, legal and other professional services expenses, costs for our corporate offices and various other costs we incur to manage and support our business. "Adjusted EBITDA including non-cash GAAP straight-line rent expense" is defined as net loss before income tax (benefit) provision, interest and other (income) expense, depreciation and amortization expense, stock-based compensation expense related to employees and consultants, income or expense relating to the changes in fair value of assets and liabilities, expense related to costs associated with mergers, acquisitions and divestitures, legal, tax and regulatory reserves or settlements, significant non-ordinary course asset impairment charges and, to the extent applicable, any impact of discontinued operations, restructuring charges, and other gains and losses on operating assets. We define "adjusted EBITDA excluding non-cash GAAP straight-line rent expense" as adjusted EBITDA including non-cash GAAP straight-line rent expense, further adjusted to exclude the non-cash GAAP straight-line rent adjustment. For the purposes of this presentation, "Adjusted EBITDA" refers to adjusted EBITDA including non-cash GAAP straight-line rent expense. 27

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