WeWork Investor Presentation Deck

How we define location contribution margin (1) (2) 1H 2019 (in millions) $1,349 Membership & service revenue % membership & service revenue: ($707) Cash lease costs (1) 2x Rev. / Rent Multiplier (52%) Excludes benefit of Tl amortization of $69mm ($371) Other adjusted location operating expenses (2) (28%) ($198) Impact of non- cash straight-line lease cost adjustment (15%) $69 Benefit of non-cash amortization of lease incentives (3) 5% $142 Location contribution margin 10% Membership and service revenue Monthly fees we collect from members + Incremental services revenue (IT, printing, etc.) + Building costs Cash lease costs represent cash rent and tenancy costs we pay landlords Other adj. location opex(2) • Costs for people that run the buildings (e.g., Community Team) • Costs to operate the buildings (e.g., utilities, consumables, cleaning, member tech, repair and maintenance expenses) Regionalized overhead & centralized G&A dedicated to buildings (e.g., billing, collections, payables, purchasing) Non-cash expenses, including the impact of straight- line lease cost and benefit of lease incentive amortization Excludes corporate G&A, growth and new market development, corporate sales & marketing and pre- opening costs Note: Represents WholeCo as of six months ended June 30, 2019 Lease cost excluding adjustments for the impact of straight-lining of lease cost relating to lease holidays and lease escalation. Tenancy costs include real estate and related taxes and common area maintenance charges ("CAM") relating to our leased locations used for member community operations. Other adjusted location expenses represents location operating expenses less cash lease and tenancy costs, adjusted to exclude adjustments for impact of straight-lining of lease and stock-based compensation. (3) Benefit of non-cash amortization of lease incentives represents cash received for TI allowances and broker commissions 18

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