With the Analytics full events export, the Subject field is described as "Subject of the conversation" according to the documentation. This field is derived from the messages of each conversation, more specifically the last message of a conversation.
When manually merging conversations, messages with different subjects will cause the exported subject to be that of the last message. Even if multiple message events are returned from an export, each row's subject will be the same as the last message of a conversation. Because the conversation subject is aggregated and can change depending on its messages, information about the message subjects is lost.
TL;DR: Please include a Message Subject field, which is not aggregated but shows the actual message subject unaltered.
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