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Step 1
Toss peaches in a large bowl with 2 Tbsp. vinegar and pinch of salt to coat. Arrange peaches on a platter and spoon any juices left in bowl over top.
Step 2
Toss fennel in the same bowl with lemon juice and remaining 1 Tbsp. vinegar to coat; season with salt.
Step 3
Scatter dressed fennel and fennel fronds over peaches on platter and drizzle with oil. Sprinkle with some red pepper flakes.