Investor Presentation

I Overall churn has declined over time driven by greater focus on member experience and shift to Enterprise Churn by Enterprise vs. Non-Enterprise Enterprise Non-Enterprise Overall Enterprise Non-Enterprise Overall Average Monthly Gross Churn (1) 2017 2018 YTD 2019 3.9% 5.6% 5.2% 2.9% 2.7% 5.1% 4.3% 4.3% 3.6% Average Monthly Net Churn (1) 2017 2018 YTD 2019 (5.0%) 1.8% 0.4% (5.3%) 1.6% (0.4%) (5.3%) I 1.5% (1.0%) Note: Figures are as of September 1, 2019 and exclude Hot Desks and IndiaCo. Gross churn represents the total number desks moving out and downgrading at the organization level, excluding Hot Desks, divided by the beginning of period desks. Net churn represents gross churn less upgrades from existing member organizations, excluding Hot Desks. Upgrades represent the total number of desks existing member organizations add in a given period divided by the beginning of period desks. (1) Average represents monthly average over the last twelve months for 2017 and 2018, respectively, and last 9 months for YTD 2019. 38

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