Blackwells Capital Activist Presentation Deck

■ ■ ■ ® PELOTON Peloton is an interactive fitness platform with millions of members, offering connected, technology-enabled fitness classes that utilize its proprietary hardware The Company's Connected Fitness products include the Peloton Bike, Bike+, Tread, Tread+ and Guide Peloton generates strong recurring revenue from its Members, who pay subscription fees to access Peloton's app or Connected Fitness products LTM Revenue by Source 28% The Company has been challenged by a series of execution errors and strategic missteps; as a result, Peloton's share price has declined 84% since the beginning of 2021 72% Connected Fitness ■Subscription OVERVIEW OF PELOTON BW BLACKWELLS CAPITAL EXECUTIVE SUMMARY Total Revenue ($M) $1,262 $937 $805 $1,134 F3Q 21 F4Q 21 F1Q 22 F2Q 22 20% 0% -20% -40% -60% -80% -100% Peloton Total Shareholder Returns Since the Beginning of 2021 men Jan-21 Emman Eur Apr-21 Nasdaq Enterprise Value ($M) Market Cap ($M) LTM Revenue ($M) LTM Adj. EBITDA ($M) EV/LTM Revenue Employees (as of June 30, 2021)¹ LTM Revenue/Employee Jul-21 тил Source: FactSet and Company filings. Note: Market data as of April 8, 2022 unless specified otherwise; financial data as of fiscal quarter ending December 31, 2021. (1) Note: Employee count excludes recently announced headcount reductions. Oct-21 Jan-22 - 84% Apr-22 $7,877 $7,139 $4,138 ($482) 1.9x 8,976 $461,052 7

View entire presentation