Blackwells Capital Activist Presentation Deck

SIGNIFICANT VALUE CREATION OPPORTUNITIES FOR ACQUIRER BW A potential acquirer could realize substantial value beyond conventional revenue and cost synergies by reimagining Peloton as a comprehensive fitness and health platform Legacy Peloton Hardware-Focused Revenue Model Bikes, Treadmills and Strength Equipment Closed Platform That Requires Peloton Equipment App Experience is Limited to Content Delivery BLACKWELLS CAPITAL "Peloton Reimagined" Fitness-as-a-Service ("FaaS") Model "One-Stop Shop" for a Suite of Fitness and Health Solutions "Powered By Peloton," Open Platform Approach Social Network and Immersive Experiences 35

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