Blackwells Capital Activist Presentation Deck

2 POOR DECISION MAKING: UNNECESSARY & EXPENSIVE OFFICE SPACE IN NYC Peloton signed a 15-year lease that totals more than $450 million to be paid over the period . At the end of 2018, Peloton signed a 15-year lease for 300,000 square feet in Manhattan BW PELOTON RETAIL AT HC BLACKWELLS CAPITAL RESTAURANT & RETAIL AT THE BASE OF A 700K SF OFFICE TOWER WINicK II COVE Source: Company filings. 212.792.200 STEVEN E. BAKER, DENT DANIYEL COHEN ▪ The move represented a +6x increase of space from the company's prior location in Manhattan PELOTON APROPAPARD PELOTON 31

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