2 PELOTON’S BOARD LACKS TRUE INDEPENDENCE Erik Blachford Jay Hoag Pamela Thomas- Blachford was President & Graham CEO of Expedia and IAC Travel at the same time Foley was President & CEO of Evite while both were owned by IAC John Foley William Lynch Ms. Thomas- Lynch was CEO of Barnes Hoag and Callaghan are Graham and & Noble while Foley was both VC Investors who Ms. Boone both President of ecommerce serve on the Zillow Board currently serve as directors for Rivian Jon Callaghan Karen Boone Callaghan is managing member of True Ventures which led Peloton’s Series Callaghan’s VC Fund led Modern C in 2015 Animal’s Series A, where Karen Boone is a Board member Source: Company filings and publicly available information. 47