Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 65

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 65
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406 of ERISA and Section 4975 of the Code prohibit a Plan from engaging in certain transactions involving “plan
assets” with persons who are “parties in interest” under ERISA or “disqualified persons” under the Code with respect to such Plan. A violation of these prohibited transaction rules may result in an excise tax under the Code
or penalties or other liabilities under ERISA or the Code for those persons, unless exemptive relief is available under an applicable statutory, regulatory or administrative exemption. Employee benefit plans that are governmental plans (as defined
in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA) and non-U.S. plans (as described in Section 4(b)(4) of ERISA)
(“Non-ERISAArrangements”) are not subject to the requirements of Section 406 of ERISA or Section 4975 of the Code but may be subject to federal, state, local, non-U.S. or other laws that are similar to ERISA and/or the Code (“Similar Laws”).

The
acquisition, holding or disposition of the Depositary Sharesby a Plan with respect to which Citizens, the underwriters or any of our or their affiliates (the “Transaction Parties”) is or becomes a party in interest or
disqualified person may result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, unless the Depositary Shares are acquired pursuant to an applicable exemption or there is
some other basis on which the acquisition, holding and disposition of the Depositary Shares will not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code and is not
prohibited under applicable Similar Laws. The U.S. Department of Labor (“DOL”) has issued several prohibited transaction class exemptions, or “PTCEs”, that may provide exemptive relief if required for direct or
indirect prohibited transactions that may arise from the acquisition of the Depositary Shares. These exemptions include PTCE 84-14, as amended (for certain transactions effected by independent qualified
professional asset managers), PTCE 90-1 (for certain transactions involving insurance company pooled separate accounts), PTCE 91-38 (for certain transactions involving
bank collective investment funds), PTCE 95-60 (for transactions involving certain insurance company general accounts), and PTCE 96-23, as amended (for transactions
effected by in-house asset managers).