Company: CFG-PE
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-032848
Chunk: 19

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-24
Form: 424B2
Chunk 19
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aps and Derivatives Association, Inc. (“ISDA”) or (iii) in certain circumstances, us or our designee. In addition, the terms of the notes expressly authorize us or our
designee to make Benchmark Replacement Conforming Changes (as defined below) with respect to, among other things, the determination of interest payment periods and the timing and frequency of determining rates and making payments of interest and
other administrative matters. The application of a Benchmark Replacement and Benchmark Replacement Adjustment, and any implementation of Benchmark Replacement Conforming Changes, could result in adverse consequences to the amount of interest payable
on the notes, which could adversely affect the return on, value of and market for the notes. Further, there is no assurance that the characteristics of any Benchmark Replacement will be similar to the then-current Benchmark that it is replacing,
that any Benchmark Replacement will produce the economic equivalent of the then-current Benchmark that it is replacing, that securities linked to any Benchmark Replacement will gain market acceptance, or that the administrator for any Benchmark
Replacement (or any reference rate underlying a Benchmark Replacement) will not make changes to the reference rate or discontinue administration of the Benchmark Replacement (or any underlying reference rate), all of which could adversely affect the
value of and market for the notes.

SOFR may be more volatile than other benchmark or market rates.

Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or
market rates, such as U.S. dollar LIBOR, during corresponding periods, and the return on, value of and market for the notes may fluctuate more than floating rate debt securities with interest rates based on less volatile rates.

We or our designee may make certain determinations with respect to the notes, which determinations may adversely affect the notes.

We or our designee may make certain determinations with respect to the notes as further described under the caption “Description of the
Notes—Payment of Principal and Interest—Calculation of Accrued Interest during Floating Rate Periods.” For example, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, we or our designee will make
certain determinations with respect to the notes in the our or our designee’s sole discretion as further described under “Description of the Notes—Payment of Principal and

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Interest—Calculation of Accrued Interest during Floating Rate Periods” below. In addition, we or an affiliate of ours may assume the duties of the Calculation