STRATEGIC BUYERS COULD EASILY PAY $75 / SHARE Conversion of Existing Subs Value Creation at Value Creation at Required for 2.5% Penetration of 5% Penetration of ▪ At a $75 per share purchase Subscribers Value Accretion Subscribers Subscribers price, an acquisition of Peloton 222 mm 1.3% $42 bn $84 bn would be accretive to many strategic buyers with very 180 mm 0.3% $45 bn $91 bn modest cross-selling and penetration assumptions 172 mm 2.3% $24 bn $49 bn ▪ Amazon, for example, would 118 mm 3.0% $18 bn $36 bn need just 2.3% penetration of its Prime subscribers to make the 74 mm 5.2% $11 bn $21 bn acquisition accretive 47 mm 20.6% $3 bn $5 bn 44 mm 8.1% $7 bn $14 bn 35 mm 17.2% $3 bn $6 bn Note: Assumes PTON incremental margin of 60%, below managements guidance of 70%, on current subscription prices. Accretion based on 2022E EBITDA multiples per Capital IQ. 61 Sources: Company filings and publicly available data.