Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 58

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 58
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 in order to facilitate transfers of securities among
participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform such procedures and they may discontinue the procedures at any time.

S-34

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS This section describes the material U.S. federal income tax consequences relevant to the purchase, ownership and disposition of the Series I Preferred Stock and the Depositary Shares representing shares of such Series I Preferred Stock. When we refer to Series I Preferred Stock in this section, we mean both the Series I Preferred Stock and the Depositary Shares representing shares of such Series I Preferred Stock. This section addresses only U.S. federal income taxation and does not address all of the tax consequences that may be relevant in light of a taxpayer’s individual circumstances, including foreign, state or local tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or alternative minimum taxes. The summary is limited to taxpayers who will hold the Series I Preferred Stock as “capital assets” and who purchase the Series I Preferred Stock in the initial offering at the initial offering price. This section does not apply to you if you are a member of a class of holders subject to special rules, including:

| • |     | a dealer in securities; |

| • |     | a trader in securities that elects to use a                  
 mark-to-market method of accounting for securities holdings; |

| • |     | a bank; |

| • |     | an insurance company; |

| • |     | a thrift institution; |

| • |     | a regulated investment company; |

| • |     | a tax-exempt organization; |

| • |     | a person that purchases or sells the Series I Preferred Stock as part of a wash sale for tax purposes; |

| • |     | a person that owns the Series I Preferred Stock as part of a straddle or a hedging or conversion transaction for 
 tax purposes;                                                                                                    |

| • |     | a U.S. holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar; or |

| • |     | a U.S. expatriate. |

This section is based on the U.S. Internal Revenue Code of 1986, as amended (the “ Internal Revenue Code”), its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect. These laws are subject to change