JPM | EMEA Spec Sits Daily: EZJ LN, EXA FP, CON GY, SUBC NO/SPM IM: EMEA Special Situations Specialist Commentary Merge/Arbitrage - Pre-Announced + Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: EZJ LN, EXA FP, CON GY, SUBC NO/SPM IM: EMEA Special Situations Specialist Commentary Merge/Arbitrage - Pre-Announced + Spin-off Event Driven

Specialist Sales J P M O R G A N

06 July 2026

Short interest estimate - SI is 16.8% of float with 7 adtv to cover. Our shorts are down 19% WoW, down >30% MoM,

down >30% QoQ and up 4% YTD with around two thirds held by quants.

• ITV LN: ITV sells its Media & Entertainment business to Sky for £1.6B, enabling a significant cash return to shareholders of

~£950m (25p/share). The Transaction is expected to complete in H2 2027. Following Comcast’s planned separation, Sky and

ITV’s M&E business are expected to form part of NBCUniversal upon completion of both transactions. link

• Our analyst Dan Kerven recently wrote “a standalone ITV studios would be a highly sought after strategic asset for

global streamers and other studios, and that it could attract a significant premium given the scope for synergies, savings

and a strategic premium”. Dan’s note from May here

JPM Research

• easyJet -Agreement reached in principle for easyJet to be acquired by Castlelake at 690p per share- Harry J Gowers

here

• News: easyJet and Castlelake have reached an agreement in principle for a recommended cash offer at 690p per share (an

increase on the prior offer at 650p per share), including a partial unlisted share alternative. This is not yet a firm offer from

Castlelake, with the ‘PUSU’ deadline now extended to 5pm Monday 3rd August. The easyJet Board has concluded that the

latest financial terms offered are at a level the Board would be minded to recommend to easyJet shareholders should a firm

offer come through, and Castlelake has agreed a “best endeavors” commitment to obtain any regulatory clearances and