POWERFUL NETWORK EFFECTS “Star” instructors and social media creates competitive moat and network effect ▪ Peloton’s instructors provide differentiated experience and Monthly Workouts Per Subscriber have grown significant social media followings ▪ Frequency of workouts has increased, reflecting customer 24.7 26.0 satisfaction 20.7 21.1 19.9 17.7 ▪ The platform has a social aspect, so satisfied customers are 13.9 12.0 12.6 9.7 11.7 likely to refer friends 9.6 8.7 8.9 7.1 7.4 ▪ This virtuous circle that allows company to invest in more content and the social aspects of the platform Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 Instructors Instagram Followings Robin Ally Cody Emma Jess Alex Kendall Matt Erik Hannah Arzon Love Rigsby Lovewell King Toussaint Toole Wilpers Jager Corbin 946 k 826 k 1 m 555 k 412 k 536 k 632 k 218 k 82.5 k 213 k Source: Company filings and Instagram. Instagram follower data as of February 4, 2022. 15