PELOTON’S BOARD NEEDS TO BE RECONSTITUTED AND ITS GOVERNANCE ENHANCED Given the magnitude of Peloton’s governance failures, we believe urgent action is needed to reconstitute the Board ▪ We believe the Board should immediately begin to search for new, fully independent directors with no prior ties to the current Board New independent directors with relevant and management team skills should be added to the Board ▪ We urge the Board to insist on collapsing the dual-class structure to ✓M&A allow for “one share, one vote,” which we believe is a fundamental principle of good corporate governance and especially important at an ✓Supply Chain Management underperforming company like Peloton ✓Logistics ▪ The Board should also revamp the Company’s executive compensation programs by introducing performance-based ✓Operations compensation triggers such that at least 50% of each executive’s compensation is performance-based ✓Capital Allocation 54