Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 21

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 21
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 U.S. Treasury Rates.

In the past, U.S. Treasury
Rates have experienced significant fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury Rates are not necessarily indicative of future levels. Any historical upward or downward trend in U.S. Treasury Rates
is not an indication that U.S. Treasury Rates are more or less likely to increase or decrease at any time during the dividend reset period, and you should not take the historical U.S. Treasury Rates as an indication of future rates.

Further, if Citizens, in its sole discretion, determines on or prior to the relevant reset dividend determination date that the Five-year U.S.
Treasury Rate cannot be determined in the manner then applicable for such rate, Citizens may, in its sole discretion, designate a Designee (as defined below) to determine whether there is an industry-accepted successor rate to the then-applicable
base rate and, if applicable, to determine and make certain adjustments as further described under “Description of Series I Preferred Stock—Dividends.” These determinations will be binding on the holders of the Series I Preferred
Stock and will not be subject to any vote or consent of the holders of the Series I Preferred Stock.

Holders of the Depositary Shares representing interests in the Series I Preferred Stock may be unable to use the dividends received deduction.

Dividends
paid to corporate U.S. holders of the Depositary Shares representing interests in the Series I Preferred Stock may be eligible for the dividends received deduction if we have current or accumulated earnings and profits, as determined for U.S.
federal income tax purposes. Although we presently have accumulated earnings and profits, we may not have sufficient current or accumulated earnings and profits during future fiscal years for the dividends on the Series I Preferred Stock to qualify
as dividends for federal income tax purposes. See “Material U.S. Federal Income Tax Considerations.” If any dividends on the Series I Preferred Stock with respect to any fiscal year are not eligible for the dividends received deduction
because of insufficient current or accumulated earnings and profits, the market value of the Depositary Shares may decline.

S-11

Our results of operations and our ability to fund dividend payments and all payments on our other obligations depend upon the results of operations of our subsidiaries. Citizens Financial Group, Inc. is a separate and distinct legal entity from our banking and non-bankingsubsidiaries. Our principal source of funds to make payments on securities is dividends from CBNA. Various federal and state statutes and regulations limit the amount of dividends