Market Overview

WeWork Announces $500 Million Series B Investment in WeWork China Led by Trustbridge, Temasek, SoftBank and Hony Capital

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WeWork Companies ("WeWork") today announced a $500 million Series B
investment in WeWork China led by Trustbridge Partners ("Trustbridge"),
Temasek, the SoftBank Group ("SoftBank"), the SoftBank Vision Fund
("Vision Fund") and Hony Capital. This funding will accelerate WeWork's
growth in China, allowing the company to serve more entrepreneurs,
creators, and enterprises across the region through the unparalleled
design, technology, hospitality and local community WeWork provides.

In the two years since opening its first location in China, WeWork has
become a trusted local partner to creators and businesses of all sizes,
providing 20,000 members across nearly 40 locations in three cities with
the community, culture, and services to start and scale their
operations. WeWork has also enabled more global businesses to have a
presence in China, and helped Chinese businesses to both scale within
the country and expand around the world. In July 2017, WeWork announced
the creation of WeWork China
, with a $500 million Series A
investment from Hony Capital and SoftBank dedicated entirely to
accelerating WeWork's expansion across China.

"We are grateful to our partners at Trustbridge, Temasek, SoftBank, and
Hony for their belief in our vision and their support of our business.
This investment will help WeWork fuel our mission to support creators,
small businesses and large companies across China. WeWork has built an
incredible team in China that supports our members every day, serving as
a bridge for local companies who want to reach the world as well as for
global companies that want to enter the Chinese market. While there is
still much to do and learn, this investment highlights the potential for
WeWork and our community of creators in the region and reaffirms our
dedication to our team, our members and our partners in China," said
WeWork Co-Founder and CEO Adam Neumann.

"Trustbridge is pleased to join the WeWork China team. Through its
thoughtful design, technology, hospitality and most importantly
community, WeWork is paving the way for a new future of work in China
and supporting the transformation from Made in China to Created in
China. Whether entrepreneurs are just starting out, Chinese companies
are looking to take their business global, or international enterprises
want to do business here, they know WeWork is the local partner they
need," said Feng Ge, Managing Partner of Trustbridge Partners.

"Adam Neumann's vision has always been for WeWork to be a global company
with a local playbook, and nowhere is that more clear than in China
where WeWork has developed an impressive offering. From its strong
leadership team to locally-tailored technology integrations and
community-based design, WeWork has demonstrated that it understands what
businesses in China need to succeed. Through this investment, we look
forward to WeWork continuing to support many more companies of all sizes
across China," said Ronald D. Fisher, Director, Vice Chairman of
SoftBank Group Corp.

"Over the past two years, we've seen what WeWork's growing presence in
China can accomplish. WeWork is a global connector bringing
entrepreneurs, startups and large enterprise companies from around the
world together, a local partner supporting Chinese entrepreneurs and
attracting new businesses to invest in China, and an innovator
reimagining the workspace through its cutting-edge design, technology
and community-focused culture. With our continued investment, we know
WeWork will continue to lead in the future of work," said John Zhao,
Chairman and Chief Executive Officer of Hony Capital.

About WeWork

WeWork provides its members around the world with space, community, and
services through both physical and virtual offerings. From startups and
freelancers to small businesses and Fortune 500 companies, our community
is united by a desire for our members to create meaningful work and lead
meaningful lives—to be a part of something greater than ourselves.
Co-founded by Adam Neumann and Miguel McKelvey in New York City in 2010,
WeWork is a privately held company with over 5000 employees. Follow us
@WeWork on Twitter, Instagram, and Facebook or visit wework.com to learn
more.

About Trustbridge

Trustbridge Partners is a leading growth equity fund that focuses on
investing in high-quality growth opportunities in China. Founded in
2006, Trustbridge currently manages approximately $8 billion in assets
from leading university endowments, pension funds, sovereign wealth
funds, and strategic industry partners. Our investment philosophy is
built upon a fundamental understanding of long-term trends in
demographics, technology and structural changes. We adopt a unique
ecosystem-driven approach and concentrate in the Internet, content /
education, and healthcare sectors where we believe our deep insights and
strong industry relationships help generate unique investing opportunity
sets.

About Temasek

Incorporated in 1974, Temasek is an investment company headquartered in
Singapore. Supported by 11 offices internationally, Temasek owns a
US$235b portfolio as at 31 March 2018. Our portfolio covers a broad
spectrum of industries: financial services; telecommunications, media &
technology; transportation & industrials; consumer & real estate; life
sciences & agribusiness; as well as energy & resources. Investment
activities are guided by four investment themes and the long term trends
they represent: Transforming Economies; Growing Middle Income
Populations; Deepening Comparative Advantages; and Emerging Champions.
For more information on Temasek, please visit www.temasek.com.sg

About Hony Capital

Hony Capital, founded in 2003 and sponsored by Legend Holdings,
specializes in buyout investment. Partnering with the world's leading
investors, it focuses on the development of China's real economy with
"Value creation, Price Realization" as its investment philosophy. Hony
Capital currently has USD 10 billion under management, with investors
from China and the world's leading investment institutions, including
national pension funds, sovereign wealth funds, university endowment
funds, regional and industry pensions, insurance companies, family
foundations, individual investors and other types. Hony Capital puts
China as its top market, with investments in over 100 companies in areas
of pharmaceutical and healthcare, media and entertainment, consumer
products, food and beverage, as well as machinery and equipment
manufacturing. Hony Capital's portfolio companies include China
Shijiazhuang Pharmaceutical Group (CSPC), Zoomlion, China International
Marine Containers (CIMC), Suning, Chengtou Holding, Jin Jiang
International Hotels, ENN, PizzaExpress (UK), STX(US) , WeWork (US) ,
ofo, COFCO Capital, etc. The assets value of these companies totals
about RMB 2.9 trillion with sales volume of RMB 860 billion, providing
more than 450,000 jobs.

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