Table of Contents Our Commitment to Privacy and Data Security We prioritize the trust of our employees and members through a commitment to privacy and data security. Our privacy policy outlines the types of data we collect and how we use and share it. We aim to be transparent about our data collection and processing practices and explain them in clear language. We also endeavor to incorporate privacy into our solutions, services and products and provide our employees and members with options to manage their data rights where possible and where mandated by applicable law. Because we receive, store and use information about our employees and members, we are subject to numerous laws and regulations that address privacy and data security. We aim to design our solutions and policies to facilitate compliance with these and other evolving laws and regulations. We also have dedicated privacy counsel and a privacy working group that builds and executes on our privacy program, including the management of data protection impact assessments. The safety and security of our employees’ and members’ information is important to us. We take steps to use appropriate technical or organizational measures to protect this personal information. We are certified compliant with the ISO/IEC 27001:2013 (ISO 27001) international standard. Our Properties We generally lease the real estate for our WeWork locations. As of June 30, 2019, we had 528 locations across 111 cities, 29 countries and five continents, plus our corporate headquarters located at 115 W 18th Street, New York, NY 10011. Our Competition We compete to attract members to our platform across a variety of geographies, markets and service lines. We consider ourselves to be the pioneer of the space-as-a-service model, with a significant first-mover advantage. We provide workspaces to our members with a combination of design services and technological support that differentiate our offering from traditional office environments. Nevertheless, the office space industry is highly fragmented and is served by large, national or international companies as well as by regional and local companies of varying sizes and resources. Other companies that offer workspace solutions include: traditional landlords that lease office spaces directly to individuals and organizations; global flexible workspace providers; and companies that operate at a more national, regional or local level and offer flexible workspaces to individuals and organizations. Governmental Regulation We are subject to a wide variety of laws, rules, regulations and standards in the United States and foreign jurisdictions. Like other market participants that operate in numerous jurisdictions and in various service lines, we must comply with a number of regulatory regimes to which we are subject. United States federal, state and local and foreign laws, rules, regulations and standards include employment laws, health and safety regulations, taxation regimes and laws and regulations that govern or restrict our business and activities in certain regions and with certain persons, including economic sanctions regulations, anti-bribery laws and anti-money laundering laws. Some of our offerings also require registrations, permits, licenses and/or approvals from governmental agencies and regulatory authorities, some or all of which may be costly or time consuming to obtain. In addition, as a developer and operator of real estate, we are subject to local land-use requirements, including regulations that govern zoning, use, building and occupancy, regulations and standards that address indoor environmental requirements, laws that require places of public accommodation and commercial facilities to meet certain requirements related to access and use by disabled persons, and various environmental laws and regulations which may require a current or previous owner or operator of real estate to investigate and remediate the effects of hazardous or toxic substances or petroleum product releases on, under, in or from such property. Furthermore, because we receive, store and use a substantial amount of personally identifiable information received from or generated by our members, we are also subject to laws and regulations governing data privacy, use of personal data and cybersecurity. 170