PELOTON STOCK IS UNDERVALUED: EV/GROSS PROFIT Peloton is worth substantially more than its current stock price using Gross Profit multiples ▪ Peloton’s peers currently trade at an average of 11.5x EV / NTM Gross Profit Peers EV / NTM Gross Profit ▪ Applying a range of EV / Gross Profit on Peloton’s FYE 6/30/23 expected gross profit yields an implied price per share of $59.36 - $83.96 13.8x 14.0x 13.2x Peloton Est. Gross Profit $2,047 9.8x ($ in millions) FYE 6/2023 6.5x EV/Gross Profit Multiple 10x 12x 14x Implied Share Price $59.36 $71.66 $83.96 SIRI SPOT ROKU NFLX MTCH Sources: Company filings. Consensus data from CapitalIQ. Company closing stock price trading session as of February 4, 2022, per Bloomberg. 17 Note: Based on net debt of $711 million and 333 million shares outstanding.