Blackwells Capital Activist Presentation Deck

C THE MARKET REMAINS SKEPTICAL ABOUT MANAGEMENT'S ABILITY TO EXECUTE BW $151.72 F2Q 21 85% F2Q 21 Since the beginning of 2021, analysts and investors have lost optimism around Peloton's prospects for value creation BLACKWELLS CAPITAL Peloton Stock Price¹ % Analyst Buy / Overweight Ratings¹ $23.56 Current 46% Current (1) Source: FactSet. "Current" data as of April 8, 2022. "F2Q 21" data as of December 31, 2020. $145.92 F2Q 21 7% F2Q 21 Analyst Mean Target Price¹ Short Interest¹ $42.53 Current 14% Current 31

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