Blackwells Capital Activist Presentation Deck

Poor corporate governance and management's lack of credibility continue to depress the share price Peloton's recent leadership transition has not resulted in any meaningful changes or created value for shareholders A "Reimagined Peloton" could create substantially more shareholder value Selling Peloton today would provide shareholders with immediate value and certainty and is preferable to a long and difficult turnaround BW BLACKWELLS CAPITAL ■ ■ ■ ■ CONCLUSION Management team largely remains the same one that destroyed $40 billion in shareholder value ▪ The Board remains populated by directors with myriad connections to each other and seemingly lacks independence Mr. McCarthy's key initiative - cost-cutting - lacks transparency, sufficient scale and fails to address other core issues ■ Insiders continue to exercise voting control of the Company despite their modest economic ownership Significant insider selling and pledging demonstrates that their interests are not aligned CEO search appears driven by legacy directors, resulting in what Blackwells believes was a rushed process and an egregious and off-market sign-on compensation package I A "Reimagined Peloton" as a "Fitness-as-a-Service" platform could enable a potential acquirer to realize substantially more value than conventional cost and revenue synergies ▪ A transformation of Peloton would take years and would involve significant execution risk ▪ Peloton is a strategically valuable asset that would be attractive for many potential acquirers ▪ A strategic acquirer could pay $75 per share or more given ample opportunities for additional value creation ▪ For Peloton to garner a similar share price would likely take years through the acquisition of millions more subscribers 65

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