5 LOSS OF CREDIBILITY: VISIONS OF GRANDEUR Estimates of lofty growth are at odds with the current demand environment and further erode investor trust 3 ▪ Mr. Foley once claimed that Peloton could reach QoQ Member Growth “a couple hundred million” members in 15 years1 40% 30% 30% 22% 23% ▪ Meeting Mr. Foley’s target of 200 million users in 20% 19% 16% 2035 would require a compound annual growth 10% 9% 5% rate of over 30% for the next 15 years 0% 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 3 QoQ Connected Fitness Subscription Growth “We'll continue to be a high 30% 25% 25% or hyper growth company for 24% 23% 22% years and years to come”2 20% 12% –Foley, Earnings Call, August 26, 2021 10% 7% 0% 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 1. Source: Time Magazine interview, May 26, 2020: https://time.com/5839552/peloton-ceo-john-foley/. 2. Source: Peloton Interactive Q4 2021 Earnings Call transcript. 3. Source: Company filings. 40