Blackwells Capital Activist Presentation Deck
1
Enhance Governance
Peloton's dual-class share structure,
classified Board and plurality voting
system ensure that insiders retain
control while shareholders have
virtually no ability to effect governance
changes or hold management and the
Board accountable
Blackwells urges the Company to
embrace governance best practices
and abolish the dual-class share
ownership structure
BW BLACKWELLS CAPITAL
EXECUTIVE SUMMARY
BLACKWELLS' PLAN FOR PELOTON
-
2
Optimize the Business Model
Blackwells believes that Peloton can be
reimagined to become a high growth,
high margin and asset-light fitness and
health platform. In our view, a
"Reimagined Peloton" would have more
and better opportunities for value
creation
However, Blackwells does not believe
that the business can be optimized
in the public markets, especially
under a Board and management team
that have failed shareholders for years
3
Conduct a Sales Process
Peloton has a powerful brand, proprietary
technology and an engaged and loyal
user base that could be shaped into a
more attractive business, and the
Company would be a valuable asset for
many strategic and financial acquirers
If Peloton does not commit to taking responsive action, Blackwells will pursue all avenues available -
including litigation to hold the Company and individual Board members accountable on behalf of shareholders
Given the complexity, time and risk
associated with turning the business
around, Blackwells believes selling
Peloton today is the best path for
shareholders
10View entire presentation