…AND INVESTORS AND ANALYSTS REMAIN SKEPTICAL Despite Peloton’s low multiple, investors are still actively betting against the stock, and the analyst community appears to doubt management’s ability to execute EV/2022E Revenue Short Interest % “Sell” or “Hold” Ratings 10.3x Nasdaq 300 1% 23% Proxy Peers 7.0x 2% 25% 5.8x 3% Proxy Peers 27% Subscription Peers 5.2x 5% 37% 5.2x Subscription Peers 5% Subscription Peers 37% Nasdaq 300 4.9x Proxy Peers 5% Nasdaq 300 37% 4.0x 5% 47% 2.3x 12% 48% 2.2x 24% 49% 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 0% 5% 10% 15% 20% 25% 30% 0% 10% 20% 30% 40% 50% 60% Source: FactSet. Note: Data as of February 4, 2022. Peer data refers to peer median. “Subscription Peers” include Match Group, Netflix, Roku, Sirius XM Holdings and Spotify. 22