Elongated Season Fitness Data Tracker Vol. 1: Ongoing Recovery

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EQUITY RESEARCHUSA Fitness & WellnessFitness & WellnessFitness Data Tracker Vol. 1: Ongoing Recovery Elongated SeasonApril 30, 2021Chart 1 - Nationwide Fitness CenterTraffic - Jan. 2020 IndexKey TakeawaySEARCH: Gym Interest At COVID Highs: We track for generic fitness keywords to betterunderstand consumer's willingness to return to the gym. In Q1, search for "gym nearme" were at COVID highs and trends for key fitness players were directionally improved.We view this as an indication 2021 will witness an elongated "new year new me"season as socialization increases. Meanwhile, search for at-home fitness equipment hasmoderated from the Jan. highs, an indication the at-home fitness frenzy may be easing.100806040200.Source: SafeGraph, JefferiesChart 2 - At-Home Fitness EquipmentInterest80706050WEB TRAFFIC & APP DOWNLOADS: Stability ve Signal: Web traffic and appdownloads were more stable throughout Q1 relative to prior years, reinforcing ourelongated season thesis. PLNT & MyFitnessPal most demanded.SOCIAL: Customer Engagement Rising: Increased consumer's aptitude for digital fitnessplatforms over the past 12 months has resulted in increased social media focus for mkt.players in an effort to resonate with cons. and increase engagement. While trends remainmixed by platform, PLNT, PTON, Crunch, NordicTrack and Orangetheory are most active.PLNT: Opportunity is Intact: Positive signals from our data matrix is a reflection PLNTremains top of mind for consumers and gives us confidence memberships trends haveinflected. Web visits remain within recent ranges, search and traffic are at COVID highs,while the app download surge in Q1 showcases PLNT's digital strength. In a highlydistressed market, PLNT's high brand awareness healthy financial profile positions thecompany strongly to expand market share over the next 12-24 months.IMPLICATIONS: Growth in digital & at-home fitness was robust in 2020 as a result ofthe thorough lockdown measures and gym closures. The pandemic has acceleratedthe proliferation of this medium, with companies relying on digital to build culture andexpand reach. Whilst we expect this trend to endure in the ST, we foresee a drop inutilization as the vaccine rollout results in more normalized workout conditions. Webelieve people will employ a hybrid approach using the plethora of digital concepts traditional gym experience and gyms that champion this model will emerge as winnersin years to come.40302010Jan-21Mar-21Jul-20Sep-20Source: Google Trends, JefferiesIndex: 4Wk MA: Exercise ball, dumbbells, yoga mat,jumping rope, massage gun, weights, foam rollers,exercise bikeRandal J. Konik *Equity Analyst(212) 708-2719rkonik@jefferies.comSebastian Barbero *Equity Analyst(212) 323-7683sbarbero@jefferies.comAndrew MacMillan *Equity Associate(212) 510-3251amacmillan@jefferies.com Prior trading day closing price unlessotherwise noted.Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts onpages 15 to 20 of this report.* Jefferies LLC / Jefferies Research Services, ul-17Sep-17Nov-17Jan-17.Mar-170May-17ON-PREMISE TRAFFIC: Ongoing Gradual Recovery: We remain of the view gym trafficwill continue to gradually improve as COVID restrictions ease, vaccinations accelerateand consumer's risk tolerance increases. As of end of Q1, traffic at fitness centers was10% below Q1 19, the best level since the start of the pandemic. States with easier COVIDmeasures such as GA, FL and TX have shown a faster recovery.This report is intended for sampson.glassman@gmail.com. Unauthorized distribution prohibited.In the context of a rapidly evolving fitness landscape, we introduce our alt. datatracker scanning trends across four major inputs - search, web traffic & app downloads,physical traffic and social media engagement - to better gauge consumer behavior andinterest. Mar. key takeaways: 1) Gym search trends at COVID highs, 2) Traffic graduallyrecovering, 3) Web visits stable, app downloads accel., and 4) Social media activityreflects digital focus.120

EQUITY RESEARCHUSA Fitness & WellnessFitness Data Tracker IndexTable 1 - March M/M TrendsM/MFoot TrafficGoogle TrendsWeb VisitsNew Facebook FollowersFacebook PostsFacebook LikesNew Instagram FollowersInstagram PostsInstagram LikesOrangetheory aily hihhhhhhhhhhhhhhihhhihhhPlanet FitnessCrunch FitnessEquinoxLA Fitness24-Hour FitnessGold’s GymBlink FitnessBarry’s Bootcamp.Source: Google Trends, SimilarWeb, ListenFirst, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.2

EQUITY RESEARCHUSA Fitness & WellnessTable 2 - March Y/Y TrendsY/YFoot TrafficGoogle TrendsWeb VisitsNew Facebook FollowersFacebook PostsFacebook LikesNew Instagram FollowersInstagram PostsInstagram LikesOrangetheory aily hhhihihiihhhihihhihiiihhPlanet FitnessCrunch FitnessEquinoxLA Fitness24-Hour FitnessGold’s GymBlink FitnessBarry’s Bootcamp.Source: Google Trends, SimilarWeb, ListenFirst, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.3

EQUITY RESEARCHUSA Fitness & Wellness1. Search TrendsChart 3 - Search Trends For "Gym Near Me"Key Takeaways - Search Fitness Centers 100Search at COVID highsSearch interest for "gym near me" is now sitting at COVIDhighs. Encouragingly interest is rising beyond the "newyear, new me" period in early Q1, a signal that thisyear's season may prolong beyond historical standards asvaccine rollouts continue and lockdown restrictions ease80706050 40Looking at search trends for individual fitness centers,Crunch Fitness has rebounded strongest YTD. However,relative search trends to Planet Fitness remain low ( 10%).Search for "Planet Fitness near me" on a 4Wk moving avg.is now 15% ahead of 2019Upward search trend for "gym near me" pre-COVIDsignaled a more health focused consumer100 .Source: Google Trends, JefferiesPlanet Fitness near meJan-21Mar-21Nov-20Jul-20LA Fitness near meSource: Google Trends, JefferiesChart 6 - Search Trends For Key Fitness PlayersChart 7 - Relative Search Trends To PLNT1009080706050403020100.Gym near me.Source: Google Trends, 0May-20Jan-20Mar-20Jul-19Nov-19Cancel GymMay-20Cancel Gym -100%70Mar-19COVID-19 induced peak80Nov-1890Chart 5 - Search Trends For Gyms Near Me By Brand Y/Y4WMAJul-18Chart 4 - Search Trends For "Cancel Gym Membership"As seen in chart 8, PLNT is commanding a higher share ofsearch relative to fitness center peers over the past 2 0Planet FitnessLA FitnessCrunch FitnessBlink Fitness24 Hour FitnessSource: Google Trends, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.Planet FitnessLA FitnessCrunch FitnessBlink Fitness24 Hour FitnessSource: Google Trends, Jefferies4

EQUITY RESEARCHUSA Fitness & WellnessChart 8 - Search Market Share - Fitness CentersQ1 195%Q1 202%5%Q1 212%7%13%14%2%7%20%53%58%22%64%26%.Source: Google Trends, JefferiesChart 9 - Search Trends For Key Digital Fitness PlatformsKey Takeaways - Search Digital Fitness Platforms 1009080706050403020100 Planet Fitness.PelotonNordicTrackEchelonTonalSource: Google Trends, JefferiesChart 10 - Key Digital Fitness Platform Search Relative to PLNT1009080706050403020100We are also closely following trends in the digital fitnessmarket post COVID-driven demand. Trends in early '21 areshowing still elevated interest, though this has slowed inrecent weeksRelative to PLNT, search interest for some leading at-homedigital fitness companies remains relatively low with theexception for Peloton, which has seen its search shareincrease by 14ppts over the past 2 years (chart 13)Interest for at-home fitness equipment peaked last Apriland trends sharply decelerated into 2020 year-end. Interestfor "jumping rope", "massage gun" and "foam rollers"jumped in early '21 but has since come downChart 11 - Search Trends For At-Home Fitness Equipment4Wk MA100Peak COVID-19 interest9080706050403020100.Planet FitnessPelotonNordicTrackEchelonTonalSource: Google Trends, Jefferies.DumbbellsMassage gunYoga matFoam rollerJumping ropeExercise BikeSource: Google Trends, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.5

EQUITY RESEARCHUSA Fitness & WellnessChart 12 - Search Market Share - Digital FitnessQ1 195%Q1 202%1%5%Q1 213% 2%4%4%7%22%27%49%64%70%36%.Source: Google Trends, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.6

EQUITY RESEARCHUSA Fitness & Wellness2. Traffic TrackerChart 13 - Nationwide Fitness Center Traffic - Jan. 2020 IndexKey Takeaways - Fitness Centers Foot Traffic 120100Similar to trends in search interest for gyms, traffic atfitness centers has been gradually improving since the lowsof April '20. As of March, traffic was at 80% of the Jan. 2020levels and down 10% relative to the same period in 201980 60By state, traffic is highest in Georgia, Florida and Texaswhere COVID restrictions have been easier than in thenortheast. As of end of Q1, traffic in GA, FL and TX is midteens% below that of Jan. 2020 vs. NJ -25% and NY -40%4020 0Our traffic index shows Crunch Fitness and Orangetheoryhave recovered the fastest from COVID lows followedby PLNT. Equinox is the biggest laggard impacted byconsumers' move to the suburbs.Source: SafeGraph, JefferiesChart 14 - Fitness Centers Traffic vs. 2019Chart 15 - Fitness Centers Traffic By n-21Jan-21Mar-21FL.Source: SafeGraph, JefferiesGANJNYTXSource: SafeGraph, JefferiesChart 16 - Traffic Trends For Market Leading Gyms - Indexed Jan 2020120100806040200Jan-2024 Hour FitnessFeb-20Mar-20Blink FitnessApr-20CrunchMay-20Jun-20Jul-20Equinox Fitness ClubsAug-20Gold's GymSep-20Oct-20LA FitnessNov-20Dec-20Orangetheory FitnessJan-21Feb-21Planet FitnessMar-21The Edge Fitness Clubs.Source: SafeGraph, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.7

EQUITY RESEARCHUSA Fitness & WellnessTable 3 - Monthly Avg. Traffic - Indexed Jan 202024 Hour FitnessBarry's BootcampBlink FitnessCrunchEquinox Fitness ClubsGold's GymLA FitnessOrangetheory FitnessPlanet FitnessPure Barre. The Edge Fitness 6697466Mar-214056598734726086768574Source: SafeGraph, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.8

EQUITY RESEARCHUSA Fitness & Wellness3. Web Visits & App DownloadsChart 17 - Web TrafficKey Takeaways - Fitness Centers Web Traffic 10M9M8M7M6M5M 4M3M2M1M0MPLNT.LA FitnessEquinoxCrunch FitnessOrangetheorySource: SimilarWeb, Jefferies Web traffic in Q1 has remained within the range seen sincelast May for most fitness companies. As was the case within-person traffic trends, Orangetheory web visits were mostimproved amongst peer group since last MarchWe looked at how web visit market share for fitness centershas evolved since the pandemic with dynamic trendsacross the board. Planetfitness.com continues to be themost visited site and achieved a market share of 46% in Q1,unchanged Y/Y, but against a weakening #2 player in LAFitness that saw its share fall 3ppt Y/Y to 14%. Meanwhile,Orangetheory grew market share from 1% in Q1 '20 to 10%in Q1 '21Most pressured: SoulCycle & Equinox and 24 Hour FitnessChart 18 - Web Traffic - Market 'sBootcampBlink FitnessGold's GymQ1 '19.Equinox Fitness 24 Hour FitnessQ1 '20Q2 '20Q3 '20Q4 '20CrunchOrangetheoryFitnessLA FitnessPlanet FitnessQ1 '21Source: SimilarWeb, JefferiesChart 19 - Web Visits For Leading Digital Fitness PlayersKey Takeaways - Digital Fitness Web Traffic & App Downloads 10M9M8M7M6M5M 4M3M2M1M0M.MirrorBeachBodyTonalEchelon FitBowflexHydrowiFitPelotonNordicTrackSource: SimilarWeb, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report. In digital fitness, Peloton continued to be the most visitedsite with March visits 3.5x that of #2 player NordicTrack.Interest in Beachbody peaked last May with 5.1M visits andhas since fallen to 1.5M/month in Q1With the acceleration in the adoption of digital fitnessplatforms over the past year, Peloton's share of web visitsincreased from 27% in Q1 '19 to 46% in Q1 '21. Tonalimproved from 1% to 7% with web visits now above 1M ineach of the last 4 monthsApp downloads and ranking shows PLNT was the mostdownloaded app in the fitness space in Q1 meaningfullyahead of any gym as well as MyFitnessPal and Peloton.Planet Fitness Workouts is the #1 app in the health & fitnesscategory in Apple's & Google's app store9

EQUITY RESEARCHUSA Fitness & WellnessApp DownloadsChart 20 - Fitness Centers App DownloadsChart 21 - Digital Fitness App .5M0.0MQ1 190.0MQ1 19.Q2 19Q3 19Q4 19Q1 20Q2 2024GO by 24 Hour FitnessBlink FitnessOrangetheory FitnessPlanet Fitness WorkoutsQ3 20Q4 20Q1 21Crunch Fitness.Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Beachbody On DemandiFit: At-Home Fitness WorkoutNike Run Training ClubPelotonQ1 21MyFitnessPalSource: Sensor Tower, JefferiesSource: Sensor Tower, JefferiesTable 4 - Top Ranked Health & Fitness Apps - Apple App Store and Google Play StoreApp Store.1234567891011121314151617181920Top FreePlanet Fitness WorkoutsGuru: Stories & MeditationMyFitnessPalWorkouts by Muscle BoosterCalmFlo Period Tracker & CalendarZero: Fasting & Health TrackerMotivation - Daily quotesFabulous - Daily Self CareFitbit: Health & FitnessWalkFit: Walking & Weight LossLose It! – Calorie CounterNoomAllTrails: Hike, Bike & RunHealthy Together - COVID-19Simple: Fasting & Meal TrackerFitOn Workouts & Fitness PlansHeadspace: Meditation & SleepFitness Coach & Diet: FitCoachFastic - Fasting AppTop GrossingCalmMyFitnessPalWW Weight Watchers ReimaginedPeloton — at home fitnessHeadspace: Meditation & SleepFlo Period Tracker & CalendarNoomFitbit: Health & FitnessWorkouts by Muscle BoosterLose It! – Calorie CounterSweat: Fitness App For WomenFabulous - Daily Self CareStrava: Run & Ride TrainingBetterMe: Workouts for MenSimple: Fasting & Meal TrackerYoga-Go: Yoga For Weight LossBetterMe: Home Workout & DietWalkFit: Walking & Weight LossFitbod Workout & Fitness PlansAllTrails: Hike, Bike & RunGoogle Play StoreTop FreeTop GrossingPlanet Fitness WorkoutsCalorie Counter - MyFitnessPalCalm - Meditate, Sleep, RelaxFitbitFitbitCalm - Meditate, Sleep, RelaxCalorie Counter - MyFitnessPalHeadspace: Meditation & SleepFitOn - Free Fitness Workouts & Personalized PlansWW Weight Watchers ReimaginedFabulous: Daily Motivation & Habit TrackerAllTrails: Hiking, Running & Mountain Bike TrailsStep Tracker - Pedometer Free & Calorie TrackerCalorie Counter by Lose It! for Diet & Weight LossYoga-Go: Yoga For Weight LossPeloton - at home fitnessSix Pack in 30 Days - Abs WorkoutStrava: Track Running, Cycling & SwimmingGoogle Fit: Health and Activity TrackingFabulous: Daily Motivation & Habit TrackerhealowYoga-Go: Yoga For Weight LossBetterMe: Home Workouts & DietFastic: Fasting App & Intermittent Fasting TrackerAllTrails: Hiking, Running & Mountain Bike TrailsReplika: My AI FriendFastic: Fasting App & Intermittent Fasting TrackerGeocaching Noom: Health & WeightWalkFit: Walking, Fitness Coach & Distance TrackerFlo Period & Ovulation tracker. My Cycle CalendarCarb Manager: Keto Diet Tracker & Macros CounterHealthy Together - COVID-19Flo Period & Ovulation tracker. My Cycle CalendarHeadspace: Meditation & SleepBetterMe: Home Workouts & DietHome Workout - No EquipmentSWEAT: Fitness App For WomenLose Weight App for Women - Workout at HomeFitOn - Free Fitness Workouts & Personalized PlansSource: SimilarWeb, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.10

EQUITY RESEARCHUSA Fitness & Wellness4. Social Media TrackingChart 22 - Facebook Followers - Market ShareKey Takeaways - Facebook 16%29%3%3%3% 3%5%5%21%12%.Planet FitnessFreeleticsBeachBodyGold's GymPelotonAaptivBowflexTechnogymLA FitnessOther Source: ListenFirst, JefferiesChart 23 - Facebook PostsWith the importance of digital fitness today, we lookedcloser at a number of measures to better understand howcompanies are interacting with customers on social mediaplatformsPlanet Fitness has the highest number of followers onFacebook followed by Freeletics. Over the past year PLNTsaw the highest influx of new followers ( 288k) followed byPTON ( 226k)Increased focus on social media platforms is evident on thenumber of postings and user engagement in 2020 relativeto prior years as seen on Charts 23 and 24. Peloton wasmost active, followed by Blink Fitness. User engagementwas highest for Peloton and Planet FitnessChart 24 - Facebook 0002018.201920202021 YTD2018.Source: ListenFirst, JefferiesSource: ListenFirst, JefferiesChart 25 - Instagram Followers - Market ShareKey Takeaways - Instagram 19%23%3%4%18% net FitnessOrangetheory FitnessEquinox FitnessNordicTrackGold's GymOtherSource: ListenFirst, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report. 201920202021 YTDOn Instagram, Freeletics is most dominant in the fitnesssector with 19% follower share, which is ahead of Pelotonat 18%. Over the past year however, Peloton gained 1Mnew followers and is on pace to overtake Freeletics in thecoming monthsIn 2020, Peloton was the most active fitness company onInstagram with 985 posts which compares to 620 in 2019.NordicTrack followed with 476 (359 in 2019) and CrunchFitness with 414 (338 in 2019). 2021 YTD Peloton andCrunch Fitness have been most activeEngagement is highest for Peloton with avg. likes/post at9.5k in 2020 advancing to 17.5k YTD vs. Orangetheory at2.6k in 2020 improving to 2.8k YTD.11

EQUITY RESEARCHUSA Fitness & WellnessChart 26 - Instagram PostsChart 27 - Instagram 06004002000.2018201920202021 YTDSource: ListenFirst, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.2018201920202021 YTDSource: ListenFirst, Jefferies12

EQUITY RESEARCHUSA Fitness & WellnessPLNT - Buy PT 95Chart 28 - Search Trends for Planet Fitness80Chart 29 - Planet Fitness Search Interest CompNew year 40%2020COVID-19101020%00%0.Cancel Planet Fitness.Planet Fitness Near MeRatio (rhs)Source: Google Trends, JefferiesSource: Google Trends, JefferiesChart 30 - PLNT Nationwide TrafficChart 31 - PLNT Traffic Index in Key Strategic StatesFL, GA, TX, NJ, 0.0MQ3 19TXChart 33 - PLNT App Consistently Ranked in Top 3 For Health &Fitness in App Store2.5MQ2 19GASource: SafeGraph, JefferiesChart 32 - PLNT Web Visits & App DownloadsQ1 19FL.Source: SafeGraph, Q4 19Web VisitsQ1 20Q2 20Q3 20Q4 2045Q1 2150App Downloads (rhs)Source: SimilarWeb, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.Source: SimilarWeb, Jefferies13

EQUITY RESEARCHUSA Fitness & WellnessChart 34 - PLNT New Social Media Follower TrendsChart 35 - PLNT New Social Media ,0000-5,000-10,000.706050403020100New Facebook FollowersNew Instagram FollowersSource: ListenFirst, JefferiesApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.Facebook New PostsInstagram New Posts (rhs)Source: ListenFirst, Jefferies14

EQUITY RESEARCHUSA Fitness & WellnessCompany Valuation/RisksPlanet Fitness, Inc.Our 95 PT is based on 32.0x FY'21E EV/EBITDA, a premium to peers. Risks include expansion risk, increasing competition, and capitalrisk.Analyst Certification:I, Randal J. Konik, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related tothe specific recommendations or views expressed in this research report.I, Sebastian Barbero, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related tothe specific recommendations or views expressed in this research report.I, Andrew MacMillan, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related tothe specific recommendations or views expressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in thisreport receives compensation based in part on the overall performance of the firm, including investment banking income. We seek toupdate our research as appropriate, but various regulations may prevent us from doing so. Aside from certain industry reports publishedon a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedApril 29, 2021 , 22:37 ET.April 30, 2021 , 00:00 ET.Company Specific DisclosuresJefferies Group LLC makes a market in the securities or ADRs of Planet Fitness, Inc.Jefferies Group LLC makes a market in the securities or ADRs of Peloton Interactive Inc.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less withina 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below 10is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold ratedsecurities with an average security price consistently below 10, the expected total return (price appreciation plus yield) is plus or minus20% within a 12-month period. For Underperform rated securities with an average security price consistently below 10, the expectedtotal return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicableregulations and/or Jefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicablesecurities regulations prohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projectionsor opinions on the investment merits of the company are provided.Valuation MethodologyApril 30, 2021Please see important disclosure information on pages 15 - 20 of this report.15

EQUITY RESEARCHUSA Fitness & WellnessJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility andexpected total return over the next 12 months. The price targets are based on several methodologies, which may include, but are notrestricted to, analyses of market risk, growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cashflow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/average group EV/EBITDA, premium (discount)/average groupP/E, sum of the parts, net asset value, dividend returns, and return on equity (ROE) over the next 12 months.Jefferies Franchise PicksJefferies Franchise Picks include stock selections from among the best stock ideas from our equity analysts over a 12 month period.Stock selection is based on fundamental analysis and may take into account other factors such as analyst conviction, differentiatedanalysis, a favorable risk/reward ratio and investment themes that Jefferies analysts are recommending. Jefferies Franchise Picks willinclude only Buy rated stocks and the number can vary depending on analyst recommendations for inclusion. Stocks will be added asnew opportunities arise and removed when the reason for inclusion changes, the stock has met its desired return, if it is no longer ratedBuy and/or if it triggers a stop loss. Stocks having 120 day volatility in the bottom quartile of S&P stocks will continue to have a 15%stop loss, and the remainder will have a 20% stop. Franchise Picks are not intended to represent a recommended portfolio of stocksand is not sector based, but we may note where we believe a Pick falls within an investment style such as growth or value.Risks which may impede the achievement of our Price TargetThis report was prepared for general circulation and does not provide investment recommendations specific to individual investors.As such, the financial instruments discussed in this report may not be suitable for all investors and investors must make their owninvestment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors asthey deem necessary. Past performance of the financial instruments recommended in this report should not be taken as an indication orguarantee of future results. The price, value of, and income from, any of the financial instruments mentioned in this report can rise as wellas fall and may be affected by changes in economic, financial and political factors. If a financial instrument is denominated in a currencyother than the investor's home currency, a change in exchange rates may adversely affect the price of, value of, or income derived fromthe financial instrument described in this report. In addition, investors in securities such as ADRs, whose values are affected by thecurrency of the underlying security, effectively assume currency risk.Other Companies Mentioned in This Report Planet Fitness, Inc. (PLNT: 83.93, BUY)Rating and Price Target History for: Planet Fitness, Inc. (PLNT) as of 04-28-202105/09/2018HOLD: 37.0006/19/2018HOLD: 45.0008/09/2018HOLD: 49.0002/22/2019BUY: 75.0005/03/2019BUY: 85.0008/07/2019BUY: 90.0002/26/2020BUY: 100.0090807060504030Q1Q203/18/2020Q3BUY: 80.0011/09/20202019Q1Q2Q32020Q1Q2Q32021Q120BUY: 95.00April 30, 2021Please see important disclosure information on pages 15 - 20 of this report.16

EQUITY RESEARCHUSA Fitness & WellnessRating and Price Target History for: Peloton Interactive Inc (PTON) as of 1Q10Notes: Each box in the Rating and Price Target History chart above represents actions over the past three years in which an analystinitiated on a company, made a change to a rating or price target of a company or discontinued coverage of a company.Legend:I: Initiating CoverageD: Dropped CoverageB: BuyH: HoldUP: UnderperformDistribution of RatingsDistribution of RatingsIB Serv./Past12 Mos.JIL Mkt Serv./Past12 PERFORM1314.76%21.53%10.76%April 30, 2021Please see important disclosure information on pages 15 - 20 of this report.17

EQUITY RESEARCHUSA Fitness & WellnessOther Important DisclosuresJefferies does business and seeks to do business

In Q1, search for "gym near me" were at COVID highs and trends for key fitness players were directionally improved. We view this as an indication 2021 will witness an elongated "new year new me" season as socialization increases. Meanwhile, search for at-home fitness equipment has . Chart 5 - Search Trends For Gyms Near Me By Brand Y/Y 4WMA .

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