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SHeWork svear Yoreenat CONSOLIDATED MODEL SUMMARY WeWork Members ‘Available Desks Year-End Occopancy Welive Members Merber Capacity Year-End Oceupancy ‘WeWork Rverywhere Members Average Monthly Membership Fee/ Member (Net of Ducounts) ‘WeWork WaLive WeWork Everywhere ‘Average Monthly Service Revenue / Member Welork Waive WeBlork Everywhere WeWork Total Square-Feet ‘Asset Light 3 Marker WeLive Total Square Feet ‘east Ligh 6 Market WeWork Locations Wel.ive Locations Conporate Employees Community Manager Headcoust Total Employee Headcount 16279 1337 3578 m8 1474008 12% a Iss 3 1,106 saxs 1786 $80 30 236i 51% a 305,186 10086 a4 91795 9516 93% 7378 58% Consoated Motel Sumi zoi7e___2018E__ 167500 260,000 txeee 202.638 9186 a6 34,000 s7ase 9196 $738 187 1930 988 s1s 100 100 100 1101612 16958258 om 6% 3396 32% 186007 10337,394 10086 100% WeWork Membership Revente Welive Membership Revenne WeWWork Everywhere Membership Revenue Services Reverse Total Revenue Yegrowh ‘Rap-Rate Revenue (December) ins 163 127 32 34 was 140 188% a2 99 312 103 13 3603 20.1% st7d $5665 $1,1492 BI ‘260.8 651 1307 WaT $50.7 143% 116.896. Sua SQI31.9 2138 492 362 902 186 2787 30 480 18 162 $63 950 irra $1007. 73 sens 332% 35056 soe $7583 28 553 sms 871 si,9674 ‘os 2810 eas 1.6% $3,682 935 1708 3077 660 296 159.0 STAGE sis 361% s13142 a9 suis Wework Sve Frese ‘CONSOLIDATED MODEL SUMMARY 6 mmiltons) cash MeenberSecunty Deposits (Other Curent Asses Net PAE Restricts Cash Secu Deposits Defered income Taxes Other Noo-Curent Ase Tota Ames Memter Secarty Deposits ther Current Lites Revol Honowngs Defer income Tenet (Other Now-Current Lables al Liable Baxity Total Labitnes & Equity DEBI/CASHDETAIL Credit Faiity Comment Credit Faciy, Beginning Balance LC Tesnces LC Bemdown Revolver Drwdown /(Pajdown) (Creat Paiity, Radng Balance Leer of Cred, Ending Balance (Of Balance Shet Revolver Borrowings, Ending Balance Net Cash nara Credit city Ligue Hod of Period CREDIT METRICS Imerest Coverage Rato (EBITDA / Interest) Leverage Ratio (Debt/ EBITDA) nmin) Opening Income Net inerest Expense ‘Change ia Working Capital ter Operating Cash Flow Cash Flow from Operating Activites [Net Capital Expenditares Maintenance Ceptal Expenditures Letter of Credit Cash Collateral Can Security Deposits Laue iter Investing Cash Flow (Cash Flow from inverting Activities auity Cpa Discretionary Debt Borowings /(Paydown) Other Financing Cas Flow (Cash Flow from Flanncing Activites Net Cash Flow. Constted Model Summary tour aise 201620078 2018 ss00 sus S55 stor S260 12 487 8s 24s 4166 9 130 286 05 72 473 209.4 3999 os 10884 aa 508 07 3 HS “7 390 4 m3 re Tae Posen SA ey 20,5 Buneee 00.7 eanesee OLS rere 1272 S99 siso $650 550 asso sss. $94 S160 SisR9 82650 68 58 08 974 78 an 02) a7) 07 23 Qt) - SiesoSisa9 —sagsi0 — sa80 1016 ma 2650 2680 27 a4 2d S738) sas 81077250 156 = 661 : 5 $i Bika) Sioa S077 122% Dh.ie 20 am 10x ox saa as) ay 3 i002) ima 27 soar 2 Page? ose 20168 395 sons 47 28 an as) 3) ” au as ar wo.) asa) 6) as0) ia) 508 0. @. iM GIT) 07 23) sar as eso sits 20178 2018 sae soa 353 919 ay es) 47 atta 20 a3 ais ae azn aaa @23) (93) 61) 360) 0.5 06) (661.9) $6173) eu = aL) saz sims ‘WEWORK - US. LL LT TT ‘MEMBERSHIP ‘Member: New Members Available Des Ocespany Average Monthy Membership Fee / Member ‘Average Monthly Service Revense/ Member REALESTATE & LEASING Total Square Fest ‘Asset Light 3 of Total Market 36 of Total [Number of Loatons Square Feet/Avalble Desk ‘Net Consvetion Cot/ USF - Anse Light Deals (3.0%) Nee Consuction Cost USF - Market Deals Com) {Landlod Lease incentives (% of Year| Reat)- Market Deals Only Leter of Csi (mer) {ater of Cre Cash Collateral Required BUILDING EXPENSES Ann in. /(Dse) ‘Annual Rect / USF 25% ‘Annual Bung OpEx /USP 23% ‘Annual Budi Peroll/ USE am ‘Total Budding Expenses / USF “Trae Free Rem Period (no8.) Landlord Profi Share - Asset Light Deas Only (a % of Revenue) amas 15086 1678 239% ssn 3 as sia 6 1,034,148 95% a 6s anise, ass 20473 39.381 36 00s $90 areas ‘43.942 4% 1aiss13 m6 2 © si2so 35.00 19% 6 mot 48.00 1130 00 ro 3 mos, % 20168 746s 57338 ra 20% sos S75 4123 woas 10% $45.13 194 4a Seaae 3 mos. om rove am2s0 52.786 19087 9096 m9 $78 33998 9.98 1% 2m08 saz 1839 47s aise, 133,500 61.250 204380 0% 161 100 12,260,980 7969.837 4291303 39% 9079 n138 Hoar Fae 3 mes, 6 GB inmalions) REVENUE Membership Revenue Services Revenue Total Reveate Skerouh OCCUPANCY & INFRASTUCTURE (Cash Rent Expense ‘Building Operating Expenses Bailing Pyro! Total Occupancy A Iatrastracture UnlcLevel EBITDA Snare Landlord Profit Share Income to WeWork, margin Pages 2058 S196 152 waz sue 304 86 a7 sins. 19.3% 56 990 20168. sisea mH 139.8% suns 641 114 sas 790 om na ss12 508% 2078. $396.1 S08 Bass 94.1% $2862 1207 312 Saar 550% sie sor 20188 81.4857 1995 SESS 66.7% $4695 94.2 7 via 3933.7 685% S146 WEWORK - INTERNATIONAL MEMBERSHIE Members ba New Members Available Desks we Occxpancy Average Monty Membership Fee / Member ‘Average Monthly Service Revene Member REAL ESTATE & LEASING. “Total Square Feet, sss Asset Ligh % of Tou! Maske of Tout ember of Locations ‘Squae-Fet/Avaiable Desk 7 ‘Nex Consmucion Caet/ USF - Asset Light Deals 0%) [Net Cansrtion Coet/USF - Market Deals 60%) “Landlord Lease incentives (% of Year| Rent) - Market Deals Only Teter of Credit res) Leer of Credit Cah Callateral Required Annual Rent USF 25% Annual Suing OREx/ USF 23% ‘Annual Bung Payal USF as) "Tova Balding Expenses / USF “Tr Free Rent Period (as) Landlord Profit Share - Asst Light Deals Only (8% of Revenue) 20158 ams 4200 1,089 19% $62 250 8500 9% mos, 4800 200 00 ‘o.00 3 mos, ™ 20168 17,390 4505 19,068, 91% sos 15 110.899 587.916 739% sgn 29% su was 6 6 m8 4613 2050 “88 80 3mos, % WeWork tteraationat ty 2291 ak sno 575 2678219 2.006.816 738 ss.a05 25% 33999 79.98 13% 3 mos. soe 2101 475 wae 3. * 20188 ns00 31,280 aus 91% S767 $100 sera 5522358 73% 1174319 23% 104 © $33.79 738 5% 3 mee, e846 2st 46 was 3 mes 1% (Sin mlions) Membership Reve Services Revenue “otal Revenue ‘% gromih OCCUPANCY & INFRASTUCTURE (Cash Ren Expewe Building Oper Epeses Bulking Proll ‘Total Occpancy & Intrasracare ‘Unie Level EBITDA margin ‘Landord Prt Share Income to WeWert, arg sine 69 7 ms 43% 29 35.086 206 $1032 8 su93 21936 3363 19 soa 512% 4 3840 5.0% 2078 43 2531 259 S80 132.6% 20188, SstL7 on ssa 10739% WELIVE wawnenst “See 962 5538 10,300 17,200 inter ee ee a “co im oo sos 6 Sone ven Mey Menten sine suse signa ‘ vies es Mete $90 375 ‘$100, $100 ‘Average Monthly Service Revere / Mester = ses.iss 2036369156007 10,337,394 Sosise 2036369 5156007 10,337,394 10086 100% 100% «100% e Nomber of Locations : 2 “ Pa Scare Avbe Bed 276 6 16 26 uo /(D55) Net Contr Cot USE Ase Light Deals oom) sao s242 su sm ‘Nex Cootcton Cnt/ USF - Mats Dela bow) 100.00 700 409 8127 Lando Lease tncentives (of Vr | Ret) - Market Dee's Only 6 a 109% 1% Leer of Cre mon) 120 6m mo mos. eter of Credit Cash Cols Regired 5am Aantal Rew USE 500 ssa ‘Anca! Bung Ope USE 1600 1640 ‘val Buing Proll USF 5.00 “otal Baling Expose / USF 6.0 “Tre Free Rent Period (08) moe ano Prot Share Asst Light Deas Only (a % of Reverse) "% *% (Son milion) REVENUE ise ____ mee we 2o1se Meripip Revense sio3 301 598 se059 Seve wast oo es ea nas ri at a at 2 ae 137% 28M ae ‘OCCUPANCY # INFRASTUCTURE ‘cash Rent pense 26 ‘Building Operating Expenses aa sa a3 259.4 aiding Pyro 2 os ins Total Occupancy & Infrestractare 3 $7. 339 ‘soa 366 3ia7 Saar ‘ntLevel EBITDA ss cso margin 3 sna ams 162% 0% 2% nee dod Prof Share 08 70 ma soo came to Weak ‘marein m0 ms sos st S76 279% 265% 29% haan Pes