#1RENT THE RUNWAY FUN RENT THE RUNWAY RENT THE RUNWAY E Q2 2022 Earnings Presentation September 12, 2022 of app#2Forward-Looking Statements Disclaimer This presentation contains forward-looking statements within the meaning of the the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward looking statements. These statements include, but are not limited to, statements regarding our future results of operations, financial position, and revenue, impact from and cost savings from our restructuring plan, our strategy, future product launches, business objectives, and subscriber trends. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," or "would," or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to manage our growth effectively; risks related to the COVID-19 pandemic; the highly competitive and rapidly changing nature of the global fashion industry; our ability to cost-effectively grow our customer base; any failure to retain customers; our ability to accurately forecast customer demand, manage our offerings effectively and plan for future expenses; risks related to shipping, logistics and our supply chain; our reliance on the effective operation of proprietary technology systems and software as well as those of third-party vendors and service providers; our ability to remediate our material weaknesses in our internal control over financial reporting; laws and regulations applicable to our business; failure to adequately maintain and protect our intellectual property and proprietary rights; compliance with data privacy, data security, data protection and consumer protection laws and industry standards; risks associated with our brand partners; reliance on third parties for elements of the payment processing infrastructure underlying our business; dependence on online sources to attract consumers and promote our business which may be affected by third-party interference or cause our customer acquisition costs to rise; failure by us, our brand partners, or third party manufacturers to comply with our vendor code of conduct or other laws; and risks related to our Class A capital stock and ownership structure. Additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from the Company's expectations is included in our Annual Report on Form 10-K for the year-ended January 31, 2022. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. This presentation is a high-level summary of our fiscal second quarter 2022 financial results. For more information please refer to our press release dated September 12, 2022 and filings with the SEC. RENT THE RUNWAY#3Q2'22 Key Metrics and Financial Highlights Total Revenue $76.5M up 64% YoY Gross Profit/ Margin $32.4M / 42% Margin up 3 pts YoY Active Subscribers 124.1K up 27% YoY Net Loss / Margin $(33.9)M/ (44)% Margin up 47 pts YoY Total Subscribers 173.3K up 37% YoY Adj. EBITDA / Margin $1.8M / 2.4% Margin up 6 pts YoY Note: Active Subscribers represent the number of subscribers with an active membership as of the last day of any given period and excludes paused subscribers. Total subscribers includes both active and paused subscribers. RENT THE RUNWAY 3#42022 Strategies to Drive Top Line Strong demand of high formality styles: cocktail dress utilization hit a new high and gowns continue to track near all-time highs Launched relevant partnerships (Black Tux, Brides.com, Zola) Debuted 'Wedding Hub' highlighting events-focused content and product curation Launched brand marketing campaign highlighting value proposition of renting vs. buying 1. EVENTS RESURGENCE Rustic Outdoor 230 City Clamour SR LA Events-Based Merchandising What's the Wedding Vibe? So Minh KIRM ALL Brand Marketing Buy nothing. wear it all Why buya dress you'll only wear once? Pagames fo The Wedding Edit RENT THE RUNW OUTFRONT RENT THE RUNWAY PICTAL CHANNIT Buy nothing wear it all TER RENT THE RUNWAY RENT THE RUNWAY#5Q2'22 Top Line Business Highlights Back-end infrastructure investments to support an enhanced search experience for the consumer, which should begin to rollout in H2'22 Customer Photos (9) 2. SEARCH & DISCOVERY PLANS DISCOVER CLOTHING ACCESSORIES DESIGNERS Rent the Look As seen in pictures Designer Name 30 tot White pants Designer Name Layered necklaces Casual-chic earrings OCCASIONS Q Designer Mare 50 tot 0 Sign in ♡ Ô *** (10 Champion Yellow Crewneck Save $50 original retal O 24/080 $143.10 to buy (10% off) Add To Bag Dalvegto 257 Gold St The purchase can be returned within 7 day and is subject to a stocking to Learn More Size & Fr Ay BITEM PLAN ♡ Product Detale Pe green velvet (% Cotton 27% Rayon 2%. Fly sipper closure Front Pockets 17 from wait to hemine, inported. Stylist Notes This light and voluminous Vneck top by kate spade niw york is ready to go dirks after work, are you? Rolled out 'fit tags', personalized fit recommendations within product pages, after testing showed meaningful improvements to fit issues, wear rate, an churn Plan to rollout fit tags on product grids to expand impact Size 10 Like Me ✓ Height 5'6" Ship To Size Bust 36D ✰✰✰✰✰ Absolute show-stopper! Flattering and fun. The fabric... ♡1 Useful 3. FIT Milan 5'5" 165 lbs | 36DD Size Worn: M I Usual: 8. RENT THE RUNWAY 92% of members like you were happy with size M / US 8, Regular M/US 8-10, Regular ★ Great Fit Let us know how this item fit Too Big Just Right Too Small RENT THE RUNWAY 5#6Q2'22 Bottom Line Business Highlights 2. BUILD UPON WAREHOUSE TECHNOLOGY TO REDUCE FULFILLMENT EXPENSES ● 1. EXPAND AT-HOME ● Expanded to over 25 markets covering over 50% of subscriber base, ahead of plan Launched at-home pickup scheduler in-app, which has driven meaningful increases in adoption and awareness At-home pickup reduces transportation costs, while simplifying returns experience & Your shipment is confirmed Drop off your returns by August 26th PICKUP Schedule a home pick-up > Forget dropping off-we'll come t you Find a return location. Easy drop-off spots, right this way Done > Select a pick up date: Dec 14 Schedule Pick-Up Pick-up method: Dec 15 Direct Handoff Hand directly to your driver Dec 16 Leave on Doorstep Leeve outside of your pick-up location I'll drop off my returns instead Confirm X • Leveraged RFID technology and digital issue tagging to automate our decisions around processes like cleaning or restoration, which is expected to reduce labor cost and improve product ROI • Completed rollout of new, less expensive, more sustainable packaging Change the way you get dressed Change the way you get. dressed Clunge the get dressed Change RFID • 3. GROW EXCLUSIVE DESIGNS TO ~30% OF UNITS ACQUIRED In Q2'22, launched four new collections: Saunders Collective, Esteban Cortazar, Pamela Love, and Busayo. On track for over 20 Exclusive Design partners in 2022, around half of which are new ~50% lower cost to RTR than Wholesale, with higher ROI than any styles on our site Busayo Esteban Cortazar Pam Love Saunders Collective RENT THE RUNWAY 6#7Framework for Revenue Growth and Path to Profitability Grow Revenue Active Subscribers ARPU₁¹ Ongoing: Grow Subs Approach: Organic virality + efficient marketing Reserve + Other Revenue Ongoing: Grow ARPU Approach: Increase add-on activity + moderate price increases Leverage 3 Main Expense Categories Fulfillment Costs Operating Expenses² Ongoing: Optimize Fulfillment Approach: Diversify transportation + increase Ops productivity Rental Product Spend Phase 1: Cover Opex - Done Phase 1A: Cover Opex + Product Ongoing: Grow Reserve and Resale Approach: Events/Reserve and Resale as funnels + subscribers buying items 1 On a quarterly basis, we define ARPU as subscription rental net revenue (which does not include Reserve and Other revenue generated by subscribers), divided by the average of the active subscriber count at the end of the current and prior fiscal quarters, divided by three months. On an annual basis, we define ARPU as the weighted average of the quarterly ARPUS in the year. 2 Includes Technology, Marketing and General and Administrative Expense. Depreciation Approach: Lower costs + scale leverage Phase 2: Cover all Capex Approach: > 2/3 of acquisition via capital-efficient channels Target: FCF+ in mid-term RENT THE RUNWAY 7#8Restructuring plan On September 12, 2022, the Company announced a restructuring plan to reduce costs, streamline its organizational structure and drive operational efficiencies DETAILS Total workforce reductions of approximately 24% (primarily a reduction in force, with some open role closures/reduced backfills), reorganizing certain functions and reallocating resources Estimated total cash charges for employee severance and related costs of approximately $2.5 million, recognized primarily in Q3'22 Restructuring plan expected to be substantially completed by the end of the Q4'22 IMPACT Annual operating expense savings of $25-27 million expected in fiscal 2023 relative to Q2'22 run rate O ~$20M related to headcount reductions, and $5-7M related to tech & G&A expense Headcount reduction is expected to be largely complete by Q3'22 Expected to positively impact Adjusted EBITDA in Q4'22 by approximately $4-5 million relative to Q2'22 run rate RENT THE RUNWAY 8#9Target Margin Profile Rental Product Depreciation Cash Consumption² Revenue Scenarios: Near Term (At ~$400M) Adj. EBITDA Margin¹ ~15% Covers rental product depreciation ~$30M before interest expense Medium Term Adj. EBITDA Margin -30% ~15% margin after covering rental product depreciation FCF positive ILLUSTRATIVE Restructuring Impact $25-$27M reduction in costs in FY23 (relative to Q2'22 run rate) from restructuring plan Significantly improves Adjusted EBITDA and cash burn At ~$400M in Revenue Can fund existing subscriber capital needs Only remaining funding is for growth and interest expense Medium Term Attractive margin profile FCF positive while funding strong growth² ¹ Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin guidance and our Adjusted EBITDA after product depreciation margin and free cash flow targets to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, share-based compensation expense and non-recurring expenses which can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted. 2 Illustrative and assumes 20% growth in subscribers to calculate growth capital. RENT THE RUNWAY 9#10Q2'22 Ending Active Subscribers +27% YoY Ending Subscribers (in thousands) Subscribers (000s) 102 Q1 106 Q2 FY19 119 Pause % of Total Subs Q3 YOY Active Sub Growth I 148 14 I 134 Q4 53 Q1 54 Q2 FY20 Active Subscribers 66 Q3 (48)% (49)% (45)% 95 40 55 Q4 (59)% I 42% 104 30 74 Q1 40% 127 Paused Subscribers 29% 29 98 Q2 FY21 80% 23% 150 33 117 Q3 78% 160 44 115 Q4 110% 22% 28% 177 42 135 Q1 FY22 24% 173 49 124 Q2 82% 27% 28% Note: FY19 ended January 31, 2020, FY20 ended January 31, 2021, FY21 ended January 31, 2022. Active Subscribers represent the number of subscribers with an active membership as of the last day of any given period and excludes paused subscribers. Total subscribers includes both active and paused subscribers. Paused subscribers in prior periods not disclosed. RENT THE RUNWAY 10#11Strong Q2'22 Revenue Growth, Up 64% YoY YOY Growth $60 Q1 $29 Q2 $36 $34 Q3 Q4 FY20 Total Revenue, Net ($ in millions) $34 Q1 $47 Q2 $59 $64 $67 Q3 Q4 FY21 Q1 $77 Q2 FY22 8% (54)% (45)% (55) % (44)% 62% 66% 91% 100% 64% $257 FY19 $158 $203 FY20 FY21 (39%) 29% $285-$290 FY22 Guidance 40%-43% Note: FY19 ended January 31, 2020, FY20 ended January 31, 2021, FY21 ended January 31, 2022, and FY22 ends January 31, 2023. Calculations based on unrounded figures. 87% of revenue from subscribers in Q2'22 30% of subscribers added one or more paid slots into their subscriptions in Q2'22 RENT THE RUNWAY 11#12Targeting -60% of FY22 Product Acquired via Non-Wholesale Channels 26% % Items Acquired in FY2019 11% 15% 74% 54% % Items Acquired in FY2020 18% 36% Wholesale 46% 55% % Items Acquired in FY2021 22% 33% Exclusive Designs 45% Target% Items Acquired in FY2022E ~60% Share by RTR ~40% Mix shift towards non-Wholesale channels contributed to a 14% reduction in the upfront cost per unit between 2019 and 2021 ($95 in 2021 vs. $111 in 2019) We plan for ~60% of product to be acquired through non-Wholesale channels in FY22, and expect at least 2/3 of our product acquisition through these channels in the mid-term RENT THE RUNWAY 12#13Continuing to Improve Order Economics FY20 $150 Revenue per Order¹ Less: Fulfillment Expense Less: Revenue Share Less: Rental Product Depr. Less: Credit Card Fees Net Order Economics² Net Order Economics as a % of Revenue FY19 $127 $58 46% $5 4% $37 29% $22 18% $50 34% $18 12% $66 44% $11 7% FY21 $133 $40 30% $14 11% $33 25% $4 3% $42 31% 1H'22 $141 $45 32% $15 11% $27 19% $50 35% Calculations based on unrounded figures. ¹Orders defined as the sum of active subscription months and Reserve orders in the period. 2 Net Order Economics calculated as revenue per order less fulfillment cost per order, revenue share cost per order, rental product depreciation per order, and credit card fees per order. Net Order Economics were 4 points higher in 1H'22 than FY21, benefiting from: (1) Higher revenue per shipment due to the price increase and high add-on activity (2) Lower rental product depreciation as it was absorbed over a higher revenue base (3) Partially offset by higher fulfillment costs driven by transportation and wage rate increases Note: FY20 benefited from prior program pricing RENT THE RUNWAY 13#14Our Business Model - Revenue to Gross Profit $ in millions $ in millions % of Revenue $77 Total Revenue % of Revenue $ 47 Total Revenue Note: Calculations based on unrounded figures. Fiscal Quarter Ended July 31, 2022 31% $23 Fullfillment Expense 29% $14 18 % Fiscal Quarter Ended July 31, 2021 Fullfillment Expense $14 Rental Product Depreciation 24% $11 Rental Product Depreciation 9% $7 Revenue Share 8% $4 Revenue Share 42% $32 Gross Profit 39 % $ 18 Gross Profit RENT THE RUNWAY 14#15Our Business Model - Gross Profit to Adjusted EBITDA % of Revenue $ in millions % of Revenue $ in millions 42% $32 Gross Profit 39% $18 Gross Profit 12% $9 Marketing 10% $5 Marketing 19% $15 Technology 22% $11 Technology Fiscal Quarter Ended July 31, 2022 9% 39% $30 G&A 46% $22 G&A 6% Note: See GAAP to Non-GAAP Reconciliation in appendix. Calculations based on unrounded figures. $5 Fiscal Quarter Ended July 31, 2021 Other D&A 10% $5 $7 Other D&A Addback: Stock Comp 5% $2 Addback: Stock Comp 24% $18 Addback: D&A 34% $16 Addback: D&A 3% $3 7% 2% Addback: Adjusted EBITDA Other Addback: Other $2 (4)% $(2) Adjusted EBITDA RENT THE RUNWAY 15#16Demonstrating Our Operating Leverage with Scale Revenue: A in % of Revenue from Q1'21 to Q2'22 $34M ➡>> (19)% Q1 '21 Adj. EBITDA Margin Q1 2021 Q2 2022 (4)% Fulfillment 23 % Rental Product Depreciation and Revenue Share (4)% 9% Marketing Technology 18% G&A (21)% EBITDA Adjustments $77M 2% Q2 '22 Adj. EBITDA Margin 23% of Product depreciation and revenue share absorbed over higher revenue due to better matching of product supply to active subscribers and revenue Technology and G&A combined improved 27% with acceleration of revenue and fixed cost leverage Fulfillment increased 4%, due to increases in transportation costs, partially offset by productivity gains Marketing deleveraged 4%, due to re-ramping marketing spend back to ~10% of revenue annually Note: Adj. EBITDA adjustments include depreciation, stock compensation and other adjustments included in the preceding buckets. Please see appendix for Adjusted EBITDA reconciliation. RENT THE RUNWAY 16#17Q3 2022 and Fiscal Year 2022 Guidance Q3 2022 Guidance Total Revenue: Adjusted EBITDA¹: Fiscal Year 2022 Guidance Total Revenue: Adjusted EBITDA¹: Rental Product Acquired²: Share-based Compensation: $72.0M - $74.0M 1.0% - 3.0% of Revenue $285M - $290M (2)% -0% of Revenue ~$60M $26M - $27M ¹A reconciliation of Adjusted EBITDA and Adjusted EBITDA margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, depreciation and amortization, write-off of liquidated assets, other (income)/expense, and non-recurring expenses which can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted. 2 Purchases of Rental Product as presented on the Consolidated Statement of Cash Flows may vary from Rental Product Acquired (presented above) due to timing of payments for rental product. Rental Product Acquired reflects the cost of owned rental product received in the period. See appendix for reconciliation of Purchases of Rental Product to Rental Product Acquired. RENT THE RUNWAY 17#18RENT THE RUNWAY Appendix 18#19Continuing to Improve Annual Margins 21% (7)% (69)% FY19 10% (13)% (64)% FY 20 34% (9)% (32)% FY21 Gross Margin Adjusted EBITDA Margin Free Cash Flow Margin Note: See GAAP to Non-GAAP Reconciliation in appendix. Free cash flow margin defined as net cash used in operating activities plus net cash used in investing activities, as a percentage of total revenue. RENT THE RUNWAY 19#20Product Acquisition Strategy Meaningfully Improved Free Cash Flow¹ ($ in millions) Purchases of Rental Product Revenue Share Total 2 Total as a % of Revenue Purchases of Rental Product % of Revenue Revenue Share % of Revenue FCF % of Revenue FY19 $118 $10 $127 50% Total Product Costs (46%) (4%) (69%) FY20 $55 $19 $74 47% (35%) (12%) (64%) ¹Free cash flow defined as net cash used in operating activities plus net cash used in investing activities. 2 Calculations based on unrounded figures. FY21 $31 $21 $52 26% (15%) (11%) (32%) Product costs are the most significant component of our cash consumption We have significantly reduced the cash outlay to invest in products FY21 product costs at ~50% of FY19 as a % of revenue, improving Free Cash Flow RENT THE RUNWAY 20#21Condensed Consolidated Statements of Operations (in millions) Total revenue, net Fulfillment Technology Marketing General and administrative Rental product depreciation and revenue share Other depreciation and amortization Total costs and expenses Operating loss Interest income / (expense), net 1 Gain (loss) on warrant liability revaluation, net Other income / (expense) and gains / (losses) ¹ Income tax benefit / (expense) Net loss Net loss per share attributable to common stockholders, basic and diluted Weighted average basic and diluted shares outstanding Three Months Ended 7/31/22 $76.5 23.4 14.9 9.0 29.6 20.7 4.5 102.1 (25.6) (9.6) 1.3 $(33.9) $(0.53) 64.1 Three Months Ended 7/31/21 $46.7 13.5 10.5 4.8 21.6 15.0 4.8 70.2 (23.5) (14.9) (8.0) 3.9 0.1 $(42.4) $(3.75) 11.3 Six Months Six Months Ended 7/31/22 Ended 7/31/21 $143.6 46.3 28.5 17.7 58.8 42.4 8.7 202.4 (58.8) (18.9) 1.3 $(76.4) $(1.20) 63.8 $80.2 22.3 20.2 7.4 40.6 31.6 9.9 132.0 (51.8) (29.4) (7.5) 3.9 0.1 $(84.7) $(7.44) 11.4 Year Ended Year Ended 1/31/22 1/31/21 $203.3 61.9 45.3 26.5 104.4 71.7 19.4 329.2 (125.9) (53.0) (24.9) (8.3) 0.3 $(211.8) $(8.51) 24.9 $157.5 53.0 37.7 8.1 77.2 89.0 23.0 288.0 (130.5) (46.6) 0.4 5.6 $(171.1) $(15.36) 11.1 (1) The year ended 1/31/22 primarily includes a $(12.2) million loss on debt extinguishment related to the Ares debt paydown upon the IPO, partially offset by $4.0 million of insurance claim proceeds. The year ended 1/31/21 includes $5.0 million of insurance claim proceeds, $1.3 million of proceeds from monetization of tax credits, partially offset by a $(0.6) million loss on debt extinguishment. The three months ended 7/31/22 includes $1.3M of monetized tax credits. The three months ended 7/31/21 primarily includes $4.0 million of insurance claim proceeds. RENT THE RUNWAY 21#22Condensed Consolidated Balance Sheets (in millions) Cash and cash equivalents Restricted cash, current Prepaid expenses and other current assets Rental product, net Fixed assets, net Operating lease and other assets Total assets Total current liabilities Long-term debt, net Operating lease and other liabilities Total liabilities Total stockholders' equity (deficit) Total liabilities, redeemable preferred stock and stockholders' equity (deficit) As Of 7/31/22 $192.3 4.6 10.8 76.9 52.3 45.0 $381.9 64.3 269.8 40.7 $374.8 $7.1 $381.9 As Of 1/31/22 $247.6 5.4 11.7 76.3 57.2 49.3 $447.5 68.8 260.8 46.8 $376.4 $71.1 $447.5 RENT THE RUNWAY 22#23Condensed Consolidated Statements of Cash Flows (in millions) Net loss Net cash (used in) provided by operating activities Net cash (used in) provided by investing activities Net cash (used in) provided by financing activities Net increase in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash at beginning of period Cash and cash equivalents and restricted cash at end of period Six Months Six Months Ended 7/31/22 Ended 7/31/21 $(76.4) (33.0) (20.8) (3.1) (56.9) 259.6 $202.7 $(84.7) (12.7) (3.4) 22.4 6.3 109.2 $115.5 Year Ended 1/31/22 $(211.8) (42.3) (22.5) 215.2 150.4 109.2 $259.6 Year Ended 1/31/21 $(171.1) (42.8) (58.4) 168.5 67.3 41.9 $109.2 RENT THE RUNWAY 23#24Selected Cash Flows Detail and Supplemental Cash Flow Information (in millions) INVESTING ACTIVITIES Purchases of rental product Proceeds from liquidation of rental product Proceeds from sale of rental product Purchases of fixed and intangible assets Net cash (used in) provided by investing activities SUPPLEMENTAL CASH FLOW INFORMATION Rental product received in the prior period Purchases of rental product not yet settled Six Months Six Months Ended 7/31/22 Ended 7/31/21 $(27.6) 2.6 8.8 (4.6) $(20.8) $6.5 $8.9 $(8.5) 3.4 5.6 (3.9) $(3.4) $3.6 $1.7 Year Ended 1/31/22 $(30.8) 5.7 12.9 (10.3) $(22.5) $3.6 $(6.5) Year Ended 1/31/21 $(54.9) 2.4 17.9 (23.8) $(58.4) $3.7 $(3.6) RENT THE RUNWAY 24#25Reconciliation of Purchases of Rental Product to Rental Product Acquired (in millions) Purchases of rental product Plus: Purchases of rental product not yet settled Plus: Rental product received in the prior period Rental Product Acquired Six Months Six Months Ended Ended 7/31/22 7/31/21 $(27.6) (8.9) 6.5 $(30.0) $(8.5) (1.7) 3.6 $(6.6) Year Ended Year Ended 1/31/22 1/31/21 $(30.8) (6.5) 3.6 $(33.7) $(54.9) (3.6) 3.7 $(54.8) Cost of owned rental product paid for in the period, as presented on the Condensed Consolidated Statements of Cash Flows. Cost of owned rental product received in the period, but not yet paid for, as presented on the Supplemental Cash Flow Information table. Cost of owned rental product paid for in the period, but received in the period immediately preceding, as presented on the Supplemental Cash Flow Information table. Cost of owned rental product received in the period. RENT THE RUNWAY 25#26Reconciliation of Net Loss to Adjusted EBITDA Note: For additional information on each line item see the footnotes to the Adjusted EBITDA reconciliation in our Q2 2022 earnings press release, which is included as ex. 99.1 to our Form 8-K filed with the SEC on September 12, 2022 (in millions) Net loss Interest (income) / expense, net Rental product depreciation Other depreciation and amortization Share-based compensation Write-off of liquidated assets Non-recurring adjustments Income tax (benefit) / expense (Gain) / loss on warrant liability revaluation, net (Gain) / loss on debt extinguishment, net Other (income) / expense, net Other (gains) / losses Adjusted EBITDA Adjusted EBITDA Margin Three Months Ended 7/31/22 $(33.9) 9.6 13.5 4.5 6.9 1.8 0.7 (1.3) $1.8 2.4% Three Months Six Months Six Months Ended 7/31/21 $(42.4) 14.9 11.2 4.8 2.4 1.4 1.8 (0.1) 8.0 (3.9) $(1.9) (4.1)% Ended 7/31/22 $(76.4) 18.9 27.1 8.7 12.4 2.4 1.0 (1.3) 0.2 $(7.0) (4.9)% Ended 7/31/21 $(84.7) 29.4 23.9 9.9 4.3 2.8 2.8 (0.1) 7.5 (3.9) $(8.1) (10.1)% Year Ended Year Ended 1/31/22 1/31/21 $(211.8) 53.0 50.3 19.4 26.6 4.8 5.3 (0.3) 24.9 12.2 (3.9) 0.3 $(19.2) (9.4)% $(171.1) 46.6 69.9 23.0 8.2 3.3 4.2 (0.4) 0.6 (6.2) 1.6 $(20.3) (12.9)% Year Ended 1/31/20 $(153.9) 24.0 75.7 21.6 6.8 4.1 3.8 (0.2) I 0.1 $(18.0) (7.0)% RENT THE RUNWAY 26#27Reconciliation of Cash Used by Operating Activities to Free Cash Flow (in millions) Net cash (used in) provided by operating activities Purchases of rental product Proceeds from liquidation of rental product Proceeds from sale of rental product Purchases of fixed and intangible assets Free Cash Flow Free Cash Flow Margin 1 Six Months Six Months Ended 7/31/22 Ended 7/31/21 $(33.0) (27.6) 2.6 8.8 (4.6) $(53.8) (37.5)% (1) Free Cash Flow Margin calculated as Free Cash Flow as a percentage of revenue. $(12.7) (8.5) 3.4 5.6 (3.9) $(16.1) (20.1)% Year Ended 1/31/22 $(42.3) (30.8) 5.7 12.9 (10.3) $(64.8) (31.9)% Year Ended 1/31/21 $(42.8) (54.9) 2.4 17.9 (23.8) $(101.2) (64.3)% Year Ended 1/31/20 $(37.6) (117.7) 3.6 19.3 (43.8) $(176.2) (68.6)% RENT THE RUNWAY 27#28Operating Expense Detail (in millions) Technology Marketing General and administrative Total operating expenses Less: Share-based compensation Total operating expenses excluding share-based compensation Operating expenses including share-based compensation as a % of revenue Operating expenses excluding share-based compensation as a % of revenue Total (in millions) Share-based compensation Technology Marketing General and administrative Share-based compensation as a % of revenue Three Months Three Months Ended 7/31/22 Ended 7/31/21 $14.9 9.0 29.6 $53.5 6.9 $46.6 69.9% 60.9% Share-based compensation Details $1.6 0.1 5.2 $6.9 9.0% $10.5 4.8 21.6 $36.9 2.4 $34.5 79.0% 73.9% $0.5 0.1 1.8 $2.4 5.1% Six Months Ended 7/31/22 $28.5 17.7 58.8 $105.0 12.4 $92.6 73.1% 64.5% $2.8 0.3 9.3 $12.4 8.6% Six Months Ended 7/31/21 $20.2 7.4 40.6 $68.2 4.3 $63.9 85.0% 79.7% $0.9 0.2 3.2 $4.3 5.4% RENT THE RUNWAY 28