Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 20

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 20
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 indicated that it expects to work with the other federal banking
regulators in 2025 on a revised proposal. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital and Regulatory Matters” in our Form 10-Q for the
quarter ended March 31, 2025.

If we are not paying full dividends on any outstanding dividend parity stock, we will not be able to pay full dividends on the Series I Preferred Stock.

When dividends are paid in part, and not paid in full, upon the shares
of the Series I Preferred Stock or any dividend parity stock (including the Series B Preferred Stock, Series C Preferred Stock, Series E Preferred Stock,

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Series F Preferred Stock, Series G Preferred Stock and Series H Preferred Stock), then, to the extent permitted by the terms of the Series I Preferred Stock and each outstanding series of
dividend parity stock, such partial dividends shall be declared on shares of the Series I Preferred Stock and dividend parity stock, and dividends so declared shall be paid, as to any such dividend payment date and related dividend period, in
amounts such that the ratio of the partial dividends declared and paid on each such series to full dividends on each such series is the same. Therefore, if we are not paying full dividends on any outstanding dividend parity stock, we will not be
able to pay full dividends on the Series I Preferred Stock.

The dividend rate will vary commencing on October 6, 2030 and any dividends declared may be less than the initial fixed annual rate of % in effect until October 6, 2030.

As
described in further detail under “Description of Series I Preferred Stock—Dividends,” the annual dividend rate on the Series I Preferred Stock commencing on October 6, 2030 will equal the Five-year U.S. Treasury Rate (as defined
below) as of the most recent reset dividend determination date (as defined below) plus % per annum. Therefore, any dividends declared after October 6, 2030 may vary from period to period and could be more or less than
the fixed rate for the initial five-year period. We have no control over a number of factors that may affect market interest rates, including geopolitical conditions and economic, financial, political, regulatory, judicial or other events that
affect the markets generally and that are important in determining the existence, magnitude, and longevity of market rate risk.

The historical Five-year U.S. Treasury Rates are not an indication of future Five-year