Blackwells Capital Activist Presentation Deck

C 10% 0% -10% -20% -30% -40% -50% February 2022 BW BLACKWELLS CAPITAL PELOTON HAS CONTINUED TO UNDERPERFORM SINCE CHANGES WERE ANNOUNCED Peloton TSR Since Leadership Transition¹ Peloton March 2022 Nasdaq Subscription Peers Proxy Peers P Proxy Peers: -3% Nasdaq: -3% Subscription i Peers: -12% -37% PELOTON OTON April 2022 (1) Source: FactSet. Note: Data as of April 8, 2022. "Subscription Peers" include Match Group, Netflix, Roku, Sirius XM and Spotify. "Proxy Peers" include DocuSign, GoDaddy, JustEat, Okta, RingCentral, Roku, Splunk, Twilio, Workday, Zendesk, Zillow and Zynga. "Proxy Peers" are disclosed in the Company's proxy statement filed on October 25, 2021. Peer data refers to medians. 30

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