WeWork Restructuring Presentation Deck

Disclaimer This document contains highly confidential information and is solely for informational purposes. You should not rely upon it or use it to form the definitive basis for any decision or action whatsoever, with respect to WeWork Inc. (together with its direct and indirect subsidiaries, the "Company" or "WeWork"), any proposed transaction or otherwise. You and your affiliates and agents must hold this document and any oral information provided in connection with this document, as well as any information derived by you from the information contained herein, in strict confidence and may not communicate, reproduce or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately. This document and any information contained therein may not be used for any unlawful purpose. Certain statements made in this document may be deemed "forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "pipeline," "may," "should." "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about ure events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Although WeWork believes the expectations reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, risks and uncertainties regarding WeWork's ability to successfully consummate and complete a plan of reorganization under Chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"); WeWork's ability to continue operating in the ordinary course while the Chapter 11 cases are pending: potential adverse effects of the Chapter 11 cases on WeWork's business, financial condition, liquidity and results of operations; WeWork's ability to obtain timely approval by the United States Bankruptcy Court for the District of New Jersey (the "Bankruptcy Court") with respect to the motions filed in the Chapter 11 cases; objections to WeWork's recapitalization process or other pleadings filed with the Bankruptcy Court that could protract the Chapter 11 cases; employee attrition and WeWork's ability to retain senior management and other key personnel due to the distractions and uncertainties caused by the Chapter 11 cases; WeWork's ability to improve its liquidity and long-term capital structure and to address its debt service obligations through the restructuring; WeWork's ability to comply with the restrictions imposed by the terms and conditions of the potential financing arrangements; WeWork's ability to find solutions with landlords to effectively and timely rationalize its real estate footprint; WeWork's ability to effectively implement its strategic plan; WeWork's liquidity needs to operate its business and execute its strategy, and related use of cash; WeWork's ability to retain its members, attract new members, and maintain its relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 cases; the effects of the restructuring and the Chapter 11 cases on WeWork and on the interests of various constituents, including holders of WeWork's common stock; the Bankruptcy Court's rulings in the Chapter 11 cases, including the approvals of the terms and conditions of any plan of reorganization and the outcome of the Chapter 11 cases generally; the length of time that WeWork will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 cases; risks associated with third party motions in the Chapter 11 cases, which may interfere with WeWork's ability to consummate a plan of reorganization or an alternative restructuring; increased administrative and legal costs related to the Chapter 11 process; other litigation and inherent risks involved in a bankruptcy process; and the other risks and uncertainties disclosed in WeWork's annual and quarterly periodic reports and other documents filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Neither PJT Partners LP ("PJT Partners"), Alvarez & Marsal Holdings, LLC ("A&M"), Kirkland & Ellis LLP ("K&E"), nor WeWork undertake a duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by law. This document and the oral remarks made in connection herewith may contain forward-looking information, including, without limitation, financial projections and other estimates with respect to the anticipated performance of the Company (collectively, the "Projections"). The Projections have been prepared in good faith based upon assumptions that the Company believes to be reasonable as of the date indicated herein, it being understood that the Projections are as to future events and are not to be viewed as facts, that the Projections are subject to significant uncertainties and contingencies, many of which are beyond the Company's control, including, but not limited to, with respect to landlord's engagements, no assurance can be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material. You should reference the "Risk Factors included in the Company's filings with the SEC from time to time for a discussion of the significant risks, uncertainties and contingencies involving the Company. In addition, the Projections were not prepared with a view to public disclosure or compliance with published guidance or rules of the SEC, the guidelines established by the Public Company Accounting Oversight Board or U.S. generally accepted accounting principles or any other applicable accounting principles. PJT Partners makes no representations regarding the accuracy, completeness or reasonableness of the Projections or the assumptions on which the Projections are based. A&M and K&E make no representation, warranty (express or implied) or claim regarding the accuracy, completeness or reasonableness of this document or any information contained herein. 2