1 PELOTON’S CORE GOVERNANCE PRACTICES ARE OUT-OF-STEP Peloton’s governance is not in line with peers or market practice % of Companies with Dual-Class Shares with Unequal Voting % of Companies with a Classified Board 25% 28% 8% 11% 12% 13% S&P 500 NASDAQ 100 Russell 1000 S&P 500 NASDAQ 100 Russell 1000 % of Companies with No Majority Voting Standard for Director Elections % of Companies That Do Not Allow Shareholders to Call Special Meetings 46% 44% 28% 33% 23% 10% S&P 500 NASDAQ 100 Russell 1000 S&P 500 NASDAQ 100 Russell 1000 Source: FactSet. Note: Data as of February 4, 2022. 46