Investor Presentation

Growing base of strong, recurring cash flows as locations mature 144 Non- Mature Locations 346 288 53 Mature Locations (1) 79% of mature locations (89% of mature desks excluding JV's) generated positive location contribution margin 122 I 161 FY '17 FY '18 1H '19 FY '17 FY '18 1H '19 % of total locations 73% 70% 68% 27% 30% 32% Avg. occupancy 75% 82% 78% 88% 90% 88% I Location contribution 4% 7% 5% 20% 22% 21% margin % Location contribution margin/desk (annualized) $200 $352 $222 $1,275 $1,434 $1,413 Impact of non-cash 24% 22% 21% 4% 3% 4% straight-line lease cost % Benefit of non-cash amortization of lease 7% 5% incentives % 4% 5% 5% 5% 21 (1) Represents locations that have been open for greater than 24 months. Excludes India and WeLive locations

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