Company: CFG-PE
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0001193125-25-035197
Chunk: 13

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-25
Form: 424B2
Chunk 13
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 redemption date, investors in the notes will not receive the benefit of
any increase in the level in respect of SOFR beyond the level for such date in connection with the determination of the interest payable with respect to such Floating Rate Interest Payment Period, which could adversely impact the amount of interest
payable with respect to that Floating Rate Interest Payment Period.

The interest rate on the notes during the Floating Rate Period will be based on a daily compounded SOFR rate.

For each Floating Rate Interest Payment Period, the interest rate on the notes will be based on a
daily compounded SOFR rate calculated using the specific formula described in this prospectus supplement, not the SOFR rate published on or in respect of a particular date during such Floating Rate Interest Payment Period or an average of SOFR rates
during such period. For this and other reasons, the interest rate on the notes during any Floating Rate Interest Payment Period will not be the same as the interest rate on other SOFR-linked investments that use an alternative basis to determine the
applicable interest rate. Further, if the SOFR rate in respect of a particular date during an Floating Rate Interest Payment Period is negative, the portion of the accrued interest compounding factor specifically attributable to such date will be
less than one, resulting in a reduction to the accrued interest compounding factor used to calculate the interest payable on the notes for such Floating Rate Interest Payment Period; provided that in no event will the interest payable in
respect of any Floating Rate Interest Payment Period be less than zero. In addition, the method for calculating an interest rate based upon SOFR in market precedents varies. If the market predominantly adopts a different calculation method, the
liquidity and market value of the notes may be adversely affected.

SOFR has a limited history and its historical performance is not indicative of future performance.

The Federal Reserve Bank of New York (the “FRBNY”) began to publish SOFR in April 2018. Although the
FRBNY has also begun publishing historical indicative SOFR going back to 2014, such historical indicative data inherently involves assumptions, estimates and approximations. Therefore, SOFR has limited performance history and no actual investment
based on the performance of SOFR was possible before April 2018. The level of SOFR during the Floating Rate Period for the notes may bear little or no relation to the historical level of SOFR. The future performance of SOFR is impossible to predict
and, therefore, no future performance of SOFR or the notes may be inferred from any of