PELOTON IS A STRATEGICALLY VALUABLE ASSET TO MULTIPLE SUITORS Significant value creation ✓Largest interactive fitness platform in the world with premium brand and content opportunities ✓Engaged subscriber base with low churn creates strong recurring revenue stream ▪ Bundle with existing subscription and ✓Large addressable market in early innings of market penetration streaming services (e.g., Plug and Play) ✓Unrealized pricing power ▪ Loweredcostofacquisition in combined entity ✓Network effects from ecosystem ▪ Ability to raise prices for subscriptions ✓Significant value creation opportunities ▪ Significant SG&A savings ▪ Distribution & logistics synergies 57