JPM | EMEA Spec Sits Daily: EZJ LN press, SUBC NO/ SPM IM index estimates

Research evidence excerpt

JPM | EMEA Spec Sits Daily: EZJ LN press, SUBC NO/ SPM IM index estimates

Specialist Sales J P M O R G A N

08 July 2026

JPM | EMEA Spec Sits Daily: EZJ LN press, SUBC NO/ SPM IM index

estimates

44 207 134 6029

zara.patel@jpmorgan.com

Special Sits Today

• News/ press: EZJ LN press on job concerns

• Research: PRX NA/ NPN SJ discount weekly, SPM IM/SUBC NO index note and latest thoughts on deal timing

• Today: DCC LN PUSU deadline, GAMA LN PUSU deadline, CBK GY/UCG IM additional offer period results, VIV

FP Paris Court of Appeal decision

• From special sits: Top Ideas from global spec sits - long Exor, OCI, Agility Global, RIO DLC, Subsea7/

Saipem,Volkswagen stub, Grifols spread, Roku, Flex, Midea & short Ryan Air spread. Please let me know if you want

the email from Ron forwarded?

News & Press

M&A

• n/a

Soft Catalyst

• EZJ LN: Press on job concerns. Bloomberg reported yesterday that the potential takeover by Castelake is prompting

concerns from pilots around job security. The British Airline Pilots Association, which represents EasyJet crews, will make

sure its members’ concerns are heard during the takeover process, according to a statement. EasyJet has about 5,000 pilots

across its network. link

JPM Research

• Prosus & Naspers - KPI Radar - Mixed discount dynamics, listed NAV improves over the past week- Marcus Diebel

here

• Prosus’ discount to NAV has widened from 38% last week to 39% now, while Naspers’ discount to NAV has remained

stable from last week at 41% now. Separately, Naspers’ discount relative to Prosus has remained stable from last week at

3% vs. 24% at the time of the Prosus listing.

• Saipem and Subsea7 Merger - Potential Index Impact - Pankaj Gupta here

• MSCI Small Cap – deletes SUBC NO and SPM IM

• MSCI Europe – adds the pro-forma SPM IM