Company: CFG-PE
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-032848
Chunk: 32

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-24
Form: 424B2
Chunk 32
---
 designee will have the right
to make Benchmark Replacement Conforming Changes from time to time.

“Benchmark Replacement Adjustment” means the first
alternative set forth in the order below that can be determined by us or our designee as of the Benchmark Replacement Date:

(1) the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement;

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment;

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by us or our designee
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S.
dollar-denominated floating rate notes at such time.

“Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Interest Payment Period,” timing and frequency of determining rates and making payments of interest, rounding of amounts
or tenors and other administrative matters) that we or our designee decide may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if we or our designee decide that
adoption of any portion of such market practice is not administratively feasible or if we or our designee determine that no market practice for use of the Benchmark Replacement exists, in such other manner as we or our designee determines is
reasonably necessary).

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark:

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date
occurs on the same day