4 MISALIGNMENT OF INTERESTS: EXCESSIVE INSIDER SELLING While managing with unbridled optimism, Mr. Foley sold nearly $100 million in Peloton shares in 2021 Peloton’s Share Price vs. John Foley’s Cumulative Proceeds from Stock Sales in 2021 $180.00 “[W]e’ve never been more “[O]ur domestic business “[W]e have never been excited about our future is just growing so fast that more excited about our $160.00 road map.”2 it’s still such a beautiful future than we are growth story… ”3 today.”4 $140.00 $120.00 $100.00 +$96 Million $80.00 “[W]e remain very, very bullish on our opportunity. $60.00 We haven’t seen any softening of demand.”1 $40.00 - 76% $20.00 $0.00 Jan-21 Apr-21 Jul-21 Oct-21 Peloton Share Price Cumulative Proceeds from Sales ($m) 1. Peloton Interactive Q2 2021 Earnings Call transcript. 3. Peloton Interactive Goldman Sachs Communacopia Conference transcript. 2. Peloton Interactive Q3 2021 Earnings Call transcript. 4. Peloton Interactive Q1 2022 Earnings Call transcript. 35