JPM | US Special Situations Daily: June 24, 2026: North America Special Situations Specialist Commentary | Merger Arbitrage • Pre-Announced • Spin-offs • Event Driven

Research evidence excerpt

JPM | US Special Situations Daily: June 24, 2026: North America Special Situations Specialist Commentary | Merger Arbitrage • Pre-Announced • Spin-offs • Event Driven

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A N

neetu.jhamb@jpmorgan.com JPM | US Special Situations Daily:

J.P. Morgan Securities LLC EA files EC FSR, PRA to close June

26, TMHC sets July 22 vote, CPRX

clears HSR, NUVL/GSK launches

tender

24 June 2026

more resources into areas that are growing, such as Emerging Markets and innovation. CFO Peters also sounded focused on

driving cost efficiencies and instilling a culture of continuous improvement (probably less of a focus historically when

industry was growing and company was generating >60% GM) with a goal of driving margin improvement subsequent to

high-cost inventory working through the P&L, but also acknowledged the pricing environment in the U.S. may not be

supportive in the near-term.

• FedEx Corporation: Highlights from F4Q26 Earnings and Calls with Management - Brian P. Ossenbeck hereWe expect

the initial negative reaction to the final consolidated FedEx print largely reflects FedEx Corp (FEC) earnings, which

ultimately fell short of high expectations this quarter but are expected to pick back up during the seven month transition

year. Fuel was a widely expected tailwind for FEC and while management noted that higher fuel prices did not help margins,

higher fuel surcharge tables did and will be reflected in the HSD base rate improvement in CY26. The transition year

guidance for FEC was consistent with our preview and came in higher than most expected, but we recognize FDX could