Blackwells Capital Activist Presentation Deck
DISCLAIMER
The views expressed in this presentation (the "Presentation") represent the opinions of
Blackwells Capital LLC and/or certain of its affiliates ("Blackwells") and the investment funds it
manages that hold shares in Peloton Interactive, Inc. (the "Company", "Peloton", or "PTON"). The
Presentation is for informational purposes only, and it does not have regard to the specific
investment objective, financial situation, suitability or particular need of any specific person who
may receive the Presentation, and should not be taken as advice on the merits of any investment
decision. The views expressed in the Presentation represent the opinions of Blackwells, and are
based on publicly available information and Blackwells' analyses.
Certain financial information and data used in the Presentation have been derived or obtained
from filings made with the Securities and Exchange Commission ("SEC") by the Company or
other companies that Blackwells considers comparable, as well as from third party sources.
Blackwells has not sought or obtained consent from any third party to use any statements or
information indicated in the Presentation as having been obtained or derived from a third party.
Any such statements or information should not be viewed as indicating the support of such third
party for the views expressed in the Presentation. Information contained in the Presentation has
not been independently verified by Blackwells. Blackwells disclaims any obligation to correct or
update the Presentation or to otherwise provide any additional materials. Blackwells recognizes
that the Company may possess confidential information that could lead it to disagree with
Blackwells' views and/or conclusions.
Blackwells currently beneficially owns, and/or has an economic interest in, shares of the
Company. Blackwells is in the business of trading-buying and selling-securities. Blackwells
may buy or sell or otherwise change the form or substance of any of its investments in any
manner permitted by law and expressly disclaims any obligation to notify any recipient of the
Presentation of any such changes. There may be developments in the future that cause
Blackwells to engage in transactions that change its beneficial ownership and/or economic
interest in the Company.
BW BLACKWELLS CAPITAL
The securities or investment ideas listed are not presented in order to suggest or show profitability
of any or all transactions. There should be no assumption that any specific portfolio securities
identified and described in the Presentation were or will be profitable. Under no circumstances is
the Presentation to be used or considered as an offer to sell or a solicitation of an offer to buy any
security.
This document is the property of Blackwells and may not be published or distributed without the
express written consent of Blackwells. All registered or unregistered service marks, trademarks
and trade names referred to in the Presentation are the property of their respective owners, and
Blackwells' use herein does not imply an affiliation with, or endorsement by, the owners of these
service marks, trademarks and trade names.
The information herein contains "forward-looking statements." Specific forward-looking statements
can be identified by the fact that they do not relate strictly to historical or current facts and include,
without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans,"
"estimates," "projects," "targets," "forecasts," "seeks," "could," "should" or the negative of such
terms or other variations on such terms or comparable terminology. Similarly, statements that
describe our objectives, plans or goals are forward-looking. Forward-looking statements are
subject to various risks and uncertainties and assumptions. There can be no assurance that any
idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties
materialize, or if Blackwells' underlying assumptions prove to be incorrect, the actual results may
vary materially from outcomes indicated by these statements. Accordingly, forward-looking
statements should not be regarded as a representation by Blackwells that the future plans,
estimates or expectations contemplated will ever be achieved.
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