PELOTON STOCK IS UNDERVALUED: EV/REVENUE Peloton is worth substantially more than its current stock price using Revenue multiples ▪ Peloton’s peers currently trade at an average of 5.6x EV / NTM Revenue Peers EV / NTM Revenue ▪ Applying a range of EV / Revenue on Peloton’s FYE 6/30/23 expected revenue yields an implied price per share of $57.79 - $87.75 10.5x Peloton Est. Revenue $4,986 ($ in million) FYE 6/2023 6.1x 5.1x EV/Revenue Multiple 4x 5x 6x 3.9x 2.6x Implied Share Price $57.79 $72.77 $87.75 SPOT SIRI ROKU NFLX MTCH Sources: Company filings. Consensus data from CapitalIQ. Company closing stock price trading session as of February 4, 2022, per Bloomberg. 16 Note: Based on net debt of $711 million and 333 million shares outstanding.