Blackwells Capital Activist Presentation Deck

Large Addressable Market Global wellness spending ~ $4.2 trillion of which fitness is ~ $600 billion ■ LARGE ADDRESSABLE MARKET IN EARLY INNINGS OF MARKET PENETRATION ■ Numerous drivers as Peloton transitions from a largely US bike business into a global fitness platform Early Innings of Market Penetration In 2020, there were 74 million people who went to gyms in the United States Planet Fitness alone has ~14 million members Approximately 180 million gym memberships globally in 2018 including approximately 62 million in the U.S. BW BLACKWELLS CAPITAL Increased Penetration of Existing Markets ✓ U.S. Canada ✓ U.K. Germany ✓ Australia New International Markets ✓ Northern Europe ✓ Western Europe Mexico ✓ Asia Source: Global Wellness Institute, Gym membership data per JPMorgan Equity Research, BMO Connected Fitness Primer, Livestrong.com. AUSTRALIA IS ALONG FOR THE RIDE P Expanded Connected Fitness Product Portfolio GERMANY 13

View entire presentation