2 POOR DECISION MAKING: UNNECESSARY & EXPENSIVE OFFICE SPACE IN NYC Peloton signed a 15-year lease that totals more than $450 million to be paid over the period ▪ At the end of 2018, Peloton signed a 15-year ▪ The move represented a +6x increase of space lease for 300,000 square feet in Manhattan from the company’s prior location in Manhattan Source: Company filings. 31