Company: CFG-PE
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-032848
Chunk: 15

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-24
Form: 424B2
Chunk 15
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 the redemption date to, but excluding, the applicable Maturity Date or redemption date will be the level of SOFR in respect of such second U.S. Government Securities Business Day
prior to the Maturity Date or, if applicable, the 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