Blackwells Capital Activist Presentation Deck

€ ■ ■ ■ POTENTIAL STRATEGIC ACQUIRERS NETFLIX CASE STUDY Through its "Content People Love" strategy, Netflix can capitalize on Peloton's top tier content to deliver additional content outside of Peloton's environment Combining Netflix (the largest streaming service in the world) with Peloton (the largest interactive fitness platform in the world) opens up significant value creation opportunities Integrating Netflix's extensive content library with Peloton devices would allow riders, runners (and potentially rowers) to work out to more than only Peloton classes Adding Peloton's workout videos as an additional content category to the Netflix library could also introduce an entirely new and significantly larger user base to the content that millions of Peloton users already love while also differentiating Netflix's offering compared to traditional streaming services Providing access to Netflix content could drive incremental subscriber growth as well as purchases of connected fitness equipment and devices Netflix also has one of the largest content creation platforms, opening the door to many collaboration opportunities BW BLACKWELLS CAPITAL Source: Company filings and publicly available data. NETFLIX Netflix's View: streaming entertainment is replacing linear TV Content People Love People's tastes are very broad, even in a single market. The internet allows us to offer a wide variety, and to have our user interface quickly learn and make recommendations based upon individual users' tastes. Those members who love action blockbusters, Korean soaps, anime, sci-fi, Sundance films, zombie shows, or kids cartoons will find that Netflix fills their homepage with relevant and interesting titles. NETFLIX ORIGINAL STRANGER THINGS 2017 2Seasons [CUS HD St Since 2013, we've been at a scale where we can economically create original content for Netflix and our offering has improved as we grow further and gain greater confidence. With each original, we learn more about what our members want, about how to produce and promote effectively, and about the positive impact of originals on our brand. 95% When a young boy vanishes a small town uncovers a mystery involving secret esperiments, terrifying supernatural forces and one strange little girl Wan Ryde Dodao Mttew Msdie TV Sows TV S& Faye v Shows Popular on Netflix NETFLIX STRANGER THINGS Recently Watched CLUB CUERVOS INVESTORS BUTPLO okja PUNISHER METFLIX GLOW 10 BRIGHT NETFLIX NETFUB CROWN NETFLIX Ph Masker of None NETFLIX N 60

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