U.S. FIRST TO MARKET

Research evidence excerpt

U.S. FIRST TO MARKET

Ken Goldman AC North America Equity Research

(1-212) 622-0359 09 July 2026 J P M O R G A N

ken.goldman@jpmorgan.com

Wealth profits interest as a positive for shareholders with a valuation at current StepStone price levels attractive. While the

purchase price will be elevated by the positive impact SPRING’s SpaceX investment will have on fund returns and incentive

fees, thus weighing on the potential accretion of this transaction, we continue to see a deal as smartly accretive, attractively

valued, and a positive for the growth outlook for StepStone.

Planet Fitness (Rahul Krotthapalli) (PLNT, OW, PT $62.00)

Shares Cheap Enough to Keep OW. Upcoming 8/20 HQ Visit to Achieve on Strategic/Competitive

Clarity in Evolving HVLP Landscape.

Our recent conversation with CEO Colleen Keating and interim CFO Tom Fitzgerald lead us to believe that PLNT’s near-term

growth algorithm is likely to remain constrained by limited pricing power, elevated member acquisition costs, and a real estate

footprint that may not support broader experience-led offerings that are increasingly common across HVLP 2.0/3.0 competitors.

Mentions

Healthcare Services (Lisa C. Gill/John Stansel, CFA/Benjamin Rossi)

Previewing 2Q Earnings: MCO Sentiment Shift, Distributor Resiliency & Facility Policy - Key

Thoughts Heading into the Quarter

AbbVie (Chris Schott, CFA) (ABBV, OW, PT $280.00)

2Q26 Preview: Anticipating a Largely In-Line Quarter, Continue to See Modest Upside to Guidance

Through 2026

Gilead Sciences (Chris Schott, CFA) (GILD, OW, PT $160.00)

2Q26 Preview - HIV Business Remains Well-Positioned

Ionis Pharmaceuticals (Jessica Fye) (IONS, OW, PT $90.00)

Initial Take on CARDIO-TTRansform Miss

Alnylam Pharmaceuticals (Jessica Fye) (ALNY, OW)

A TTRansformative Turn for Amvuttra?