Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 66

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 66
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 In addition, ERISA Section 408(b)(17) and Section 4975(d)(20) of the Code may provide a limited exemption for the purchase and sale of the Depositary Shares,
provided that none of the Transaction Parties have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any Plan involved in the transaction, and provided further that the Plan pays no more
and receives no less than “adequate consideration” in connection with the transaction (the so-called “service provider exemption”). There can be no assurance, however, that all of the
conditions of any of these statutory or class exemptions will be satisfied in connection with transactions involving the shares.

Furthermore, any fiduciary or other person considering purchasing Depositary Shares on behalf of or with the assets of a Plan should also take
into account the fact that the Transaction Parties will not have any direct fiduciary relationship with or duty to any purchaser or holder of shares, either with respect to such purchaser or holder’s investment in the shares or with respect to
the management of the Transaction Parties. Similarly, it is intended that the Transaction Parties will not be subject to any fiduciary or investment restrictions that may exist under laws specifically applicable to any Plans.

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Any purchaser or holder of the Depositary Shares or any interest therein will be deemed to
have represented by its purchase of the Depositary Shares or any interest therein that it either (1) is not a Plan or a Non-ERISA Arrangement and is not purchasing the Depositary Shares on behalf of or
with the assets of any Plan or Non-ERISA Arrangement or (2) its acquisition, holding and disposition of the Depositary Shares will not result in a non-exempt
prohibited transaction under ERISA of Section 4975 of the Code or a similar violation under any applicable Similar Laws.

Due to the
complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, it is important that fiduciaries or other persons considering purchasing the
Depositary Shares on behalf of or with the assets of any Plan or Non-ERISA Arrangement consult with their counsel regarding the potential consequences of any purchase under ERISA and/or Similar Laws, as
applicable, and whether a prohibited transaction exemption, or similar relief under Similar Laws, is available. Purchasers of the Depositary Shares have the sole and exclusive responsibility for ensuring that their purchase, holding and disposition
of the Depositary Shares complies