PELOTON HAS UNIQUE AND APPEALING CHARACTERISTICS ✓ High quality, intelligently-designed products that become the centerpiece of a home gym ✓ Subscription model with a wide variety of fresh, immersive fitness classes leading to resilient memberships ✓ Talented “star” instructors, great music, cool technology and an interactive competitive experience (live and on-demand) ✓ Top-ranked brand and industry-leading Net Promotor Scores (NPS) enable new product extensions into additional fitness equipment, apparel and accessories ✓ Extremely difficult for competitors to replicate the business model, technological innovation and community supporters ✓ Retail stores and direct-to-consumer delivery and service capabilities create a powerful advantage over competitors 11