EXECUTIVE SUMMARY: THE BOARD MUST EXAMINE A SALE OF THE COMPANY Peloton’s Board should compare the risk-adjusted Potential Acquirors Could Include standalone value to a sale Types of Acquirers Examples ▪ A stand-alone Peloton cannot achieve its full potential given: – Lack of management capability and credibility Media and Content – A stressed balance sheet and ongoing significant cash burn ▪ It will take years of operational restructuring, organizational re- Technology and Devices development and positive results for the company to regain investor confidence and multiple expansion ▪ Peloton would be extremely attractive to several technology, Sporting Goods streaming, media, metaverse and sportswear companies interested in extending into the rapidly growing health and wellness category Online Subscriptions 9