Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 49

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 49
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) in proportion to the applicable fraction of a share of Series I Preferred Stock represented by such Depositary Share.

Immediately following issuance of the Series I Preferred Stock, we will deposit the Series I Preferred Stock with the depositary, which
will then issue the Depositary Shares to the underwriters. Copies of the forms of deposit agreement and the depositary receipt may be obtained from us upon request and in the manner described under “Where You Can Find More Information”
above.

Dividends and Other Distributions

Each dividend on a Depositary Share will be in an amount equal to 1/40 of the dividend
declared on each share of the Series I Preferred Stock.

The depositary will distribute all dividends and other cash distributions
received on the Series I Preferred Stock to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder. In the event of a distribution other than in cash, the depositary will distribute
property received by it to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder, unless the depositary determines that this distribution is not feasible, in which case the depositary
may, with our approval, adopt a method of distribution that it deems equitable and practicable, including the sale of the property and distribution of the net proceeds from that sale to the holders of the Depositary Shares.

Record dates for the payment of dividends and other matters relating to the Depositary Shares will be the same as the corresponding record
dates for the Series I Preferred Stock.

The amounts distributed to holders of the Depositary Shares will be reduced by any amounts
required to be withheld by the depositary or by us on account of taxes or other governmental charges.

Charges of Depositary

We will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay
associated charges of the depositary in connection with the initial deposit of the Series I Preferred Stock and any redemption of the Series I Preferred Stock. Holders of the Depositary

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Shares will pay transfer, income, and other taxes and governmental charges and such other charges as are expressly provided in the deposit agreement to be for their accounts. If these charges
have not been paid by the holders of the Depositary Shares, the depositary may refuse to transfer Depositary Shares, withhold dividends and distributions, and sell the Depositary Shares.

Redemption of the Depositary Shares

If we redeem the Series