JPM | EMEA Spec Sits Daily: SGRO LN/PLD US new deal, DGE LN CMD preview: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: SGRO LN/PLD US new deal, DGE LN CMD preview: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Specialist Sales J P M O R G A N

04 August 2026

23.52 pence per SEGRO Share

• Conditions: shareholder approval (~0.245% irrevocables from SGRO directors), certain anti-trust and regulatory

approvals, new PLD US shares approved for listing on NYSE and acknowledgement having been received by Prologis

that the application for Admission has been approved and the Prologis Shares will be admitted to trading on the Main

Market for listed securities of the LSE

Soft Catalyst

• n/a

JPM Research

• Diageo - CMD Preview: A Test of Diageo’s Fighting Spirit - Celine Pannuti here

• Ahead of Diageo's much-anticipated Capital Markets Day & FY26 results on August 6th (view our preview here),

we assess consensus in key areas of focus as new CEO Dave Lewis unveils his turnaround. Amid investor skepticism,

the arduous task will be to convince on the growth path ahead around 1) scale of price repositioning and reconnecting to

volumes growth, 2) length of turnaround in the USA which remains a key downside risk to consensus, and 3) articulating

growth and investment in Beer and RTD which could be growth accretive. We are less concerned of deep and broad-based

price cuts than the market, but caution rather on persistent volume weakness. 4) We also expect significant attention on

further cost savings and organisational simplification to fund investment and improve execution.We see potentially $1bn

in gross cost savings to support investments while avoiding a major margin reset. For FY27 we expect a soft guide on

topline to be back in growth (vs. consensus +1.6%), though a flat organic EBIT guide would likely be welcome.