Investor Presentation

China and Pacific occupancy cause Q3'19 mature occupancy to dip 178bps Mature Building Occupancy (1) Key Mature Occupancy Drivers Key Drivers 95% 94% 94% 93% 92% 92% EMEA 91% 91% Europe, Middle East & Africa (14% of mature desks) ■ 4 buildings in London saw occupancy dip below 80% 89% 91% 90% 89% 89% 89% USCI LatAm 87% Pacific 83% China 81% 88% 89% 89% 88% US, Canada & Israel " 87% (65% of mature desks) Increased proportion of mature Tier 2 cities (e.g. Atlanta, Charlotte, and Dallas) 81% Latin America (7% of mature desks) 79% 77% 77% 77% 76% 77% 75% Pacific ◉ (4% of mature desks) Increase driven by higher occupancy locations in Sao Paulo Occupancy dips below 70% in 4 of 8 mature locations - Australia (2), Seoul (2) 69% China (8% of mature desks) 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 -US, Canada & Israel India Europe, Middle East & Africa Latin America China Pacific Note: Figures exclude IndiaCo locations. Components may not add due to rounding. Occupancy reflects total physical memberships divided by total desks. Open desks defined as desks open within the first seven days of the last month of the period. Mature building occupancy at locations that have been open for greater than 24 months (1) In 2019, 55% of Naked Hub locations are mature driving down mature occupancy 29

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