DISCLAIMER The views expressed in this presentation (the “Presentation”) represent the opinions of The securities or investment ideas listed are not presented in order to suggest or show profitability Blackwells Capital LLC and/or certain of its affiliates (“Blackwells”) and the investment funds it of any or all transactions. There should be no assumption that any specific portfolio securities managesthat hold shares in Peloton Interactive, Inc. (the “Company”, “Peloton”, or “PTON”). The identified and described in the Presentation were or will be profitable. Under no circumstances is Presentation is for informational purposes only, and it does not have regard to the specific the Presentation to be used or considered as an offer to sell or a solicitation of an offer to buy any investment objective, financial situation, suitability or particular need of any specific person who security. mayreceive the Presentation, and should not be taken as advice on the merits of any investment decision. The views expressed in the Presentation represent the opinions of Blackwells, and are This document is the property of Blackwells and may not be published or distributed without the basedonpublicly available information and Blackwells’ analyses. express written consent of Blackwells. All registered or unregistered service marks, trademarks and trade names referred to in the Presentation are the property of their respective owners, and Certain financial information and data used in the Presentation have been derived or obtained Blackwells’ use herein does not imply an affiliation with, or endorsement by, the owners of these from filings made with the Securities and Exchange Commission (“SEC”) by the Company or service marks, trademarks and trade names. other companies that Blackwells considers comparable, as well as from third party sources. Blackwells has not sought or obtained consent from any third party to use any statements or The information herein contains “forward-looking statements.” Specific forward-looking statements information indicated in the Presentation as having been obtained or derived from a third party. can be identified by the fact that they do not relate strictly to historical or current facts and include, Any such statements or information should not be viewed as indicating the support of such third without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” party for the views expressed in the Presentation. Information contained in the Presentation has “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such not been independently verified by Blackwells. Blackwells disclaims any obligation to correct or terms or other variations on such terms or comparable terminology. Similarly, statements that update the Presentation or to otherwise provide any additional materials. Blackwells recognizes describe our objectives, plans or goals are forward-looking. Forward-looking statements are that the Company may possess confidential information that could lead it to disagree with subject to various risks and uncertainties and assumptions. There can be no assurance that any Blackwells’ views and/or conclusions. idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if Blackwells’ underlying assumptions prove to be incorrect, the actual results may Blackwells currently beneficially owns, and/or has an economic interest in, shares of the vary materially from outcomes indicated by these statements. Accordingly, forward-looking Company. Blackwells is in the business of trading—buying and selling—securities. Blackwells statements should not be regarded as a representation by Blackwells that the future plans, may buy or sell or otherwise change the form or substance of any of its investments in any estimates or expectations contemplated will ever be achieved. manner permitted by law and expressly disclaims any obligation to notify any recipient of the Presentation of any such changes. There may be developments in the future that cause Blackwells to engage in transactions that change its beneficial ownership and/or economic interest in the Company. 2