Blackwells Capital Activist Presentation Deck

BW EXECUTIVE SUMMARY: A HIGHLY COVETED ASSET Peloton has the hallmarks of an extremely valuable and attractive business, which need to be protected BLACKWELLS CAPITAL PELOTON 156 19253 Large addressable market; early days for market penetration Largest interactive fitness platform Admired brand with top-ranked NPS scores Recurring subscription-based revenue model with high incremental margins ▪ Network effects from ecosystem and stickiness from "star" instructors Highly engaged subscriber base with low churn Multiple growth drivers, including unrealized pricing power Significant intellectual property ■ ■ ■ I ■ ■ 6

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