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PELOTON

PELOTON Interactive, Inc. (NASDAQ: PTON) PRESENTED BY BLACKWELLS CAPITALF ebruary 2022 PELOTONA call FOR ACTIONDISCLAIMERT heviewsexpressedinthispresentation(the Presentation )representtheopinionsofBlackwellsCapital LLCand/orcertainofitsaffiliates( Blackwells )andtheinvestmentfundsitmanagesthatholds haresinPelotonInteractive,Inc.(the Company , PELOTON ,or PTON ).ThePresentationisforinformationalpurpo sesonly,anditdoesnothaveregardtothespeci ficinvestmentobjective,financialsituatio n,suitabilityorparticularneedofanyspecif icpersonwhomayreceivethePresentation, ,andarebasedonpubliclyavailableinformati onandBlackwells ( SEC )bytheCompanyorothercompaniesthatBlackwe llsconsiderscomparable, ,and/orhasaneconomicinterestin, buyingandselling ,trademarksandtradenamesreferredtointheP resentationarethepropertyoftheirrespecti veowners,andBlackwells usehereindoesnotimplyanaffiliationwith,o rendorsementby,theownersoftheseservicema rks, forward-lookingstatements.

A CALL FOR ACTION. DISCLAIMER The views expressed in this presentation (the “Presentation”)represent the opinions of Blackwells Capital LLC and/or certain of its affiliates (“Blackwells”)and the investment funds it manages that hold shares in Peloton Interactive, Inc. (the “Company”,“Peloton”,or “PTON”). The

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