Blackwells Capital Activist Presentation Deck

matchgroup Proxy Peers NETFLIX Subscription Peers BW Roku Nasdaq 300 (((Siriusxm))) SATELLITE RADIO Spotify PELOTON EV/2022E Revenue 0.0x 2.0x BLACKWELLS CAPITAL Despite Peloton's low multiple, investors are still actively betting against the stock, and the analyst community appears to doubt management's ability to execute ...AND INVESTORS AND ANALYSTS REMAIN SKEPTICAL 2.3x 2.2x 4.0x 5.8x 5.2x 5.2x 4.9x 7.0x 10.3x 4.0x 6.0x 8.0x 10.0x 12.0x Nasdaq 300 NETFLIX Spotify Roku Subscription Peers Proxy Peers matchgroup PELOTON (((Siriusxm))) SATELLITE RADIO Short Interest 1% 2% 3% 5% 5% 5% 5% 12% 24% 0% 5% 10% 15% 20% 25% 30% % "Sell" or "Hold" Ratings Roku matchgroup Proxy Peers Spotify Subscription Peers Nasdaq 300 (Siriusxm))) SATELLITE RADIO P₁ PELOTON NETFLIX 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. 0% 10% 23% 25% 27% 20% 30% 37% 37% 37% 47% 48% 49% 40% 50% 60% 22

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