Blackwells Capital Activist Presentation Deck

EXECUTIVE SUMMARY: UNDERPERFORMANCE CAN BE TRACED TO SEVERAL FACTORS BW BLACKWELLS CAPITAL Peloton's escalating problems stem from poor decisions and misaligned incentives 1 2 3 4 5 Lack of Management Qualifications Poor Decision Making Lack of Financial Discipline Misalignment of Interests Loss of Credibility 8

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