Global Index Mail: Global Markets Strategy

Research evidence excerpt

Global Index Mail: Global Markets Strategy

Min Moon AC Global Markets Strategy

(1-212 ) 272-8456 17 July 2026 J P M O R G A N

min.k.moon@jpmorgan.com

• MSCI USA Small Cap - COLUMBIA FINANCIAL(C) will acquire NORTHFIELD

BANCORP(N) for USD 14.25 or 1.425 C. LTD of N Jul 20. Post size review, MSCI to

add C to MSCI US Small Cap 1750 Index & delete N at close of Jul 21 (eff Jul 22) at offer

price of N P(t)=USD4.275+0.9975*C P(t)

-Indexer demand: 3.3 million shares of CLBK US (673% of volume)

-Effective as close of Tuesday, July 21, 2026

•

• Russell 2000 - Columbia Financial Inc (CLBK; R2, R25, RS, V, G, DF): Columbia

Financial is undergoing a re-organization and conversion from mutual to public

limited company. As part of the re-organization, Columbia Financial will convert

each of its ordinary shares for 2.2 shares of New Columbia Financial by way of a stock

conversion and an equity offering. In order to affect the conversion, FTSE Russell

will affect a 2.2 for 1 stock split, effective 21 July 2027. Upon completion of the

conversion, Columbia Financial has undertaken an equity offering to exchange the

shares held by Columbia MHC, upon completion of the equity offering, Columbia

MHC will not own any shares of Columbia Financial. FTSE Russell has deemed this

offering breaches intra-quarter threshold. In the offering, Columbia Financial will

offer 167,236,353 shares of its common stock (on a post conversion basis). In

conjunction with the re-organization and the conversion, Columbia Financial will

acquire Northfield Bancorp for stock or cash. In the transaction, each share of

Northfield Bancorp will be exchanged for either 1.425 shares of Columbia Financial

or $14.25 in cash, subject to proration of 70% stock and 30% cash. The merger was