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