JPM | US Special Situations Daily: July 28, 2026: North America Special Situations Specialist Commentary

Research evidence excerpt

JPM | US Special Situations Daily: July 28, 2026: North America Special Situations Specialist Commentary

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 NSC/UNP Make Supplemental Filing

at STB, Curium Is Said to Near

Acquisition of Lantheus

28 July 2026

component that was missing from the second application.

• The long-awaited downstream analysis did not disappoint. We have been surprised that neither application included the

analysis of downstream implications, with UP/NS essentially stating that they did not feel compelled to complete the

exercise. These supplementals mapped out customer facility overlaps for every plausible future Class I merger (excluded

CN-CPKC), flagging BNSF-CPKC as the only combination with material horizontal overlap, while characterizing the rest

as essentially end-to-end and manageable with traditional remedies.

• We believe when “construed in their most favorable light” the Amended Application and supplementals likely meet this

standard although the STB could still take a few weeks to make this decision. UP/NS still believe the clock is ticking on

the review timeline but we expect the Board will set a schedule based on its prima facie determination and not when the

application was “accepted” on May 28.

Event Driven Options Activity

• TSLA (72 trades over 500 contracts), WBD (53 trades over 500 contracts), MRVL (6 trades over 500 contracts), TMUS (4

trades over 500 contracts), IMAX (2 trades over 500 contracts), QGEN (2 trades over 500 contracts), CZR (1 trade over 500

contracts), EA (1 trade over 500 contracts), WEN (1 trade over 500 contracts)

Special Situations Commentary