Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 49

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 49
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 for the payment of dividends and other matters relating to the Depositary Shares will be the same as the corresponding record
dates for the Series I Preferred Stock.

The amounts distributed to holders of the Depositary Shares will be reduced by any amounts
required to be withheld by the depositary or by us on account of taxes or other governmental charges.

Charges of Depositary

We will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay
associated charges of the depositary in connection with the initial deposit of the Series I Preferred Stock and any redemption of the Series I Preferred Stock. Holders of the Depositary

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Shares will pay transfer, income, and other taxes and governmental charges and such other charges as are expressly provided in the deposit agreement to be for their accounts. If these charges
have not been paid by the holders of the Depositary Shares, the depositary may refuse to transfer Depositary Shares, withhold dividends and distributions, and sell the Depositary Shares.

Redemption of the Depositary Shares

If we redeem the Series I Preferred Stock represented by the Depositary Shares, the Depositary Shares will be redeemed from the proceeds
received by the depositary resulting from the redemption of the Series I Preferred Stock held by the depositary. The redemption price per Depositary Share will be equal to 1/40 of the redemption
price per share payable with respect to the Series I Preferred Stock (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends, on the shares of the Series I Preferred Stock.
Whenever we redeem shares of the Series I Preferred Stock held by the depositary, the depositary will redeem, as of the same redemption date, the number of the Depositary Shares representing shares of the Series I Preferred Stock so redeemed.

In case of any redemption of less than all of the outstanding Depositary Shares, the Depositary Shares to be redeemed will be selected either
pro rata or by lot. In any case, the depositary will redeem the Depositary Shares only in increments of 40 Depositary Shares and any integral multiple thereof. The depositary will provide notice of redemption to record holders of the Depositary
Shares not less than 30 and not more than 60 days prior to the date fixed for redemption of the Series I Preferred Stock and the related Depositary Shares.

Voting of the Series I Preferred Stock

Because each Depositary Share represents a 1/40th