JPM | EMEA Spec Sits Daily: UCG IM on +ve cat watch, PUM GY upgrade to N, BAYN GY: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: UCG IM on +ve cat watch, PUM GY upgrade to N, BAYN GY: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Specialist Sales J P M O R G A N

02 July 2026

JPM | EMEA Spec Sits Daily: UCG IM on +ve cat watch, PUM GY upgrade

to N, BAYN GY

44 207 134 6029

zara.patel@jpmorgan.com

Special Sits Today

• News/ press: BAYN GY consolidating US glyphosate business into distinct entity operating as Ruveon

• Research: UCG IM placed on positive catalyst watch, sporting goods note - upgrading PUM GY from UW to N, PRX

NA/ NPN SJ discount weekly, ABF LN Q3 note (from yday)

• JPM yesterday: We hosted a call on EZJ LN with our analyst Harry Gowers, to cover his latest thoughts on the

Castlelake proposals, break price estimate and fundamental views. There was no replay so please reach out if you want to

go over key points or have a call with Harry.

News & Press

M&A

• n/a

Soft Catalyst

• BAYN GY: Bayer Group today announced the consolidation of the U.S. glyphosate business into Ruveon LLC to optimize

and align the business with the specific needs of the U.S. market environment. Ruveon is based in St. Louis, Missouri, and

remains a Bayer Group business. link

• Comment from Marjan Daeipour (healthcare spec sales): separating out US glyphosate business into an operating entity,

Ruveon, which could help right size the cost base of this low mgn segment. In our view, this in and of itself is not a prelude

to a US listing as profitability of US glyphosate is low. Some could see this as a prelude to further Crop restructuring at a

later point in time and a potential listing.

JPM Research

• UniCredit -Strong commercial momentum, further guidance upgrade - Placing UCG on Positive Catalyst Watch-

Delphine Lee here