3 TROUBLING INSIDER SELLING AND PLEDGING (CONT’D) ▪ As of September 30, Peloton executives had pledged % of Class B Shares Pledged2 approximately 6 million shares of stock with a notional value of more than $500 million1 ▪ Pledging of company stock by directors or executive officers 68% can pose a substantial risk to outside shareholders 65% ▪ Entities affiliated with TCV – of which director Jay Hoag is a 50% Insider General Partner – have 27% of their Class B shares and an Trading Policy incredible 89% of their Class A shares pledged 42% Limit: 40% ▪ The Company has an Insider Trading Policy that, even though extremely liberal, does purport to restrict pledging, 27% so the Board is seemingly aware of the risk ▪ However, this policy appears to be only loosely enforced, as John Foley, William Lynch, Thomas Cortese and Hisao Kushi all appear to be in violation of the policy John Foley Thomas Cortese Hisao Kushi William Lynch Entities Affiliated w/ TCV 1. Based on the closing stock price of $87.05 on September 30, 2021. 51 2. Source: ISS Report, Peloton Interactive, Inc., November 23, 2021.