Blackwells Capital Activist Presentation Deck

■ ■ I POTENTIAL STRATEGIC ACQUIRERS WARNER BROS. DISCOVERY / SIRIUSXM/LIBERTY COMPLEX Given the large streaming bases of Warner Brothers Discovery and SiriusXM and the extensive value creation record of John Malone and Greg Maffei, the Liberty complex could offer several strategic combination options Immediate ability to bundle with 74 million HBO Max subscribers and/or 35 million SiriusXM subscribers and 22 million Discovery+ subscribers to drive adoption Compelling value proposition for existing and new subscribers Seamless Content Integration: A Peloton acquisition would significantly widen content available for distribution to HBO Max, Discovery+ and SiriusXM and subscribers, which could attract new connected fitness subs - Increases Engagement: Streaming fitness classes through the HBO Max and Discovery+ platform should widen moat around business and generate incrementally valuable customer data Further Integration with Warner Bros. Discovery Content: Unique opportunity to offer interactive Bike, Tread (and potentially row) class workouts with beloved properties/characters like DC Comics, Lord of the Rings, and Harry Potter Strategically Defensive Asset: Prevents other big tech / streaming competitors from gaining trophy subscription fitness asset Liberty Leadership is Likely Familiar with Peloton: Peloton Board Member Jay Hoag (TCV Founding General Partner) and the Chairman of SiriusXM, Gregory Maffei (Liberty Media CEO), have served on the Board of Directors of Zillow for many years BW BLACKWELLS CAPITAL Warner Bros. Discovery¹ Market Cap ($M) Enterprise Value ($M) Pro forma LTM Revenue ($M) Pro forma Cash and Short-Term Investments ($M) Pro forma Net Debt/LTM EBITDA (1) Source: CapIQ Pro, Company filings, publicly available data and Evercore Equity Research. All data as of April 8, 2022 unless specified otherwise. SiriusXM¹ Market Cap ($M) Enterprise Value ($M) LTM Revenue ($M) Cash and Short-Term Investments ($M) Net Debt/LTM EBITDA LIBERTY $58,608 $112,474 $45,543 $3,905 4.96x $26,501 $35,553 $8,696 $191 3.52x 57

View entire presentation