Blackwells Capital Activist Presentation Deck

1 $180.00 $160.00 $140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00 BW mer "[W]e remain very, very bullish on our opportunity. We haven't seen any softening of demand."1 Jan-21 BLACKWELLS CAPITAL LACK OF QUALIFICATION: MR. FOLEY MANAGES WITH UNBRIDLED OPTIMISM RATHER THAN DISCIPLINE 1. 2. ■ ■ ■ ■ "[W]e've never been more excited about our future road map."2 Peloton's Share Price in 2021 Apr-21 Peloton Interactive Q2 2021 Earnings Call transcript. Peloton Interactive Q3 2021 Earnings Call transcript. ww Quarter over quarter revenue declined 14% during the most recent quarter Quarter over quarter user growth declined from 23% to 5% during CY 2021 Monthly workouts per active user have declined from 26.0 to 16.6 during the same period Meanwhile, inventory has more than doubled to $1.3 billion Jul-21 "[O]ur domestic business is just growing so fast, and it's still such a beautiful growth story..." 3. 4. mur Oct-21 Peloton Interactive Goldman Sachs Communacopia Conference transcript. Peloton Interactive Q1 2022 Earnings Call transcript. "[W]e have never been more excited about our future than we are today." "4 - 76% 26

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