Blackwells Capital Activist Presentation Deck

YET, PELOTON'S RELATIVE SHAREHOLDER RETURNS HAVE BEEN ABYSMAL... Subscription Peers Proxy Peers Russell 1000 Growth Nasdaq S&P 500 P PELOTON -84% -100% Subscription Peers Proxy Peers P Russell 1000 Growth Nasdaq S&P 500 PELOTON 1-Year Total Shareholder Return -100% -75% BW BLACKWELLS CAPITAL -76% -45% -75% -50% -26% 2021 Total Shareholder Return -50% -25% -31% -13% 0% -25% 0% 1% 10% 18% 25% 28% 22% 25% 29% 50% 50% Subscription Peers Proxy Peers Russell 1000 Growth Nasdaq S&P 500 PELOTON -25% Subscription Peers Proxy Peers Russell 1000 Growth Nasdaq S&P 500 PELOTON Total Shareholder Return Since IPO -25% -5% 0% -8% Total Shareholder Return Since March 2020 0% 25% Source: FactSet. Note: Data as of February 4, 2022. Peer data refers to peer median. "Subscription Peers" include Match Group, Netflix, Roku, Sirius XM Holdings and Spotify. 19% 25% 50% 29% 52% 50% 52% 57% 57% 75% 66% 74% 64% 75% 76% 100% 100% 21

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