Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 31

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 31
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 as of the applicable reset dividend determination date. Promptly upon such determination, the calculation agent will notify us and the Depositary of the dividend rate for the dividend reset period. The calculation agent’s determination of any dividend rate and, if applicable, its calculation of the amount of dividends for any dividend period beginning on or after October 6, 2030, and a record maintained by Citizens of any Benchmark Substitution Event and any Adjustments, will be on file at our principal offices, will be made available to any holder of Series I Preferred Stock upon request and will be final and binding in the absence of manifest error. For the avoidance of doubt, any determination by Citizens or a Designee pursuant to the second paragraph of the definition of Five-year Treasury Rate (including, without limitation, with respect to any Benchmark Substitution Event or any Adjustments) will not be subject to the vote or consent of the holders of the Series I Preferred Stock. Restrictions on Dividends, Redemption and Repurchases So long as any share of Series I Preferred Stock remains outstanding, unless dividends on all outstanding shares of Series I Preferred Stock for the most recently completed dividend period have been paid in full or declared and a sum sufficient for the payment thereof has been set aside for payment, (i) no dividend may be declared or paid or set aside for payment, and no distribution may be made, on any junior stock, (ii) no monies may be paid or made available for a sinking fund for the redemption or retirement of junior stock (a “ junior stock sinking fund payment”), and (iii) no shares of junior stock shall be purchased, redeemed or otherwise acquired for consideration by us, directly or indirectly, other than:

| • |     | any junior stock sinking fund payment, or any purchase, redemption or other acquisition of shares of junior 
 stock, as a result of (x) a reclassification of junior stock for or into other junior stock, (y) the        |

S-18

| exchange or conversion of one share of junior stock for or into another share of junior stock or (z) the purchase of fractional interests in shares of junior stock under the conversion or 
 exchange provisions of junior stock or the security being converted or exchanged;                                                                                                           |

| • |     | any junior stock sinking fund payment, or any purchase, redemption or other acquisition of shares of junior     
 stock, through the use of the proceeds of a substantially contemporaneous sale of other shares of junior stock; |

| • |     | repurchases, redemptions or