Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 59

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 59
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, possibly on a retroactive basis. If an entity treated as a partnership for U.S. federal income tax purposes holds the Series I Preferred Stock, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership. A partner in a partnership holding the Series I Preferred Stock should consult its tax advisor with regard to the U.S. federal income tax treatment of an investment in the Series I Preferred Stock. Beneficial owners of Depositary Shares representing shares of the Series I Preferred Stock will be treated as owners of the underlying Series I Preferred Stock for U.S. federal income tax purposes. Exchanges of Series I Preferred Stock for Depositary Shares, and Depositary Shares for Series I Preferred Stock, will generally not be subject to U.S. federal income tax. Please consult your own tax advisor concerning the consequences of owning the Series I Preferred Stock in your particular circumstances under the Internal Revenue Code and the laws of any other taxing jurisdiction. U.S. Holders This subsection describes the tax consequences of an investment in the Series I Preferred Stock to a U.S. holder. You are a U.S. holder if you are a beneficial owner of a share of the Series I Preferred Stock and you are, for U.S. federal income tax purposes:

| • |     | an individual citizen or resident of the United States; |

S-35

| • |     | a domestic corporation; |

| • |     | an estate whose income is subject to U.S. federal income tax regardless of its source; or |

| • |     | a trust if a U.S. court can exercise primary supervision over the trust’s administration and one or more 
 U.S. persons are authorized to control all substantial decisions of the trust.                           |

If you are not a U.S. holder, this subsection does not apply to you and you should refer to “—Non-U.S.Holders” below. Distributions on the Series I Preferred Stock Distributions with respect to our Series I Preferred Stock will constitute dividends to the extent made out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If a distribution exceeds our current and accumulated earnings and profits, the excess will be treated as a non-taxablereturn of capital to the extent of your tax basis in our Series I Preferred Stock (and you will reduce your tax basis accordingly) and thereafter as capital gain from the sale or exchange of such Series I Preferred Stock. If you are a corporation, dividends received