Blackwells Capital Activist Presentation Deck

BW = E IV V VI VII Executive Summary Peloton Is An Attractive Business Peloton's Underperformance Peloton Has Been Grossly Mismanaged TABLE OF CONTENTS Peloton's Board and Governance Lack Accountability and Alignment The Board Should Immediately Put Peloton Up For Sale Conclusion BLACKWELLS CAPITAL 4 10 18 23 43 55 62 3

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