Discontinuing Coverage

Research evidence excerpt

Discontinuing Coverage

TD Cowen Kezar Life Sciences

Global Research May 11, 2026

TD COWEN ESG SCORES

Kezar Life Sciences Kezar Life Sciences(KZR) ESG Material Category Rankings as of May 11, 2026

NASDAQ: KZR

Top 3 Material ESG Categories Dynamic Materiality TM Score

ESG Score: 59/100 Access and Affordability 40% 57

Product Quality 40% 54

ESG Industry Percentile: 42nd Customer Welfare 13% 66

ESG MATERIALITY

Establishing materiality is critical to evaluating a company’s ESG performance. Factors most material in one sector (or to a particular company) may not be as

important to another. In addition, the factors that are material – and the degree to which factors are material – can change over time.

Applying data to frameworks established by SASB (the Sustainability Accounting Standards Board) and by FactSet, we present in the chart above the three most

material ESG factors that investors should focus on for the company that is the subject of this report; the Dynamic Materiality™ of each factor (i.e., what percentage of

overall materiality the category represents for the subject company); and a Score for the subject company in each of these three categories (on a 0 to 100 basis, with

50 being average).

We also calculate an overall ESG Score for the subject company, which is presented above (in green) and on the cover of this report. A full explanation of how this ESG

Score is derived is presented below.

HOW ARE TD COWEN’S ESG SCORES CALCULATED?

TD Cowen leverages technology from FactSet to generate our ESG scores. Truvalue uses artificial intelligence to capture the stakeholder view of how companies are

performing on ESG metrics, using the Sustainability Accounting Standards Board (SASB) materiality framework (www.sasb.org). These data are leveraged to calculate