JPM | US Special Situations Daily: July 31, 2026

Research evidence excerpt

JPM | US Special Situations Daily: July 31, 2026

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

J.P. Morgan Securities LLC Daily:Electronic Arts deal to close

Aug 4, TXNM/Blackstone extend

termination date of merger

agreement

31 July 2026

• North American Railroads: Additional Thoughts on Supplemental Filings After Discussions with Industry Experts -

Brian P. Ossenbeck here

Over the past few days, we have spoken with a handful of industry experts to gather their first impressions of the filings. The

views were surprisingly mixed on establishing a prima facie case with several experts noting it likely cleared the bar, while

others emphasized that this determination is not automatic just because the STB’s questions were addressed, but that it

depends on the substance of the answers. The new proposals for service protections and rate disputes were widely viewed as

relying on individual, case-specific litigation after the fact, rather than holding the merged railroad to clear, objective pre-

merger standards. The expanded CGP was seen as a small step in the right direction, while the Applicants’ statement that the

success of the merger should not be measured by traffic diversion triggered a debate as to whether or not UP/NS make this

assertion while also claiming truckload conversions as a public benefit. Overall, if the merger progresses to the merits review

phase, it is clear that the core debates remain the same, see note for further details on the six key takeaways from our

conversations and relevant open questions that will likely shape the next phase of the process.

• Service protection proposal does not prevent shipper harm.