Company: CFG-PE
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0001193125-25-035197
Chunk: 16

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-25
Form: 424B2
Chunk 16
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 in the notes in doing so.

The FRBNY, as administrator of SOFR, may
make methodological or other changes that could change the value of SOFR, including changes related to the method by which SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR, or timing related to the
publication of SOFR. In addition, the administrator may alter, discontinue or suspend calculation or dissemination of SOFR (in which case a fallback method of determining the interest rate on the notes as further described under “Description of
the Notes—Payment of Principal and Interest—Calculation of Accrued Interest during Floating Rate Periods” will apply). The administrator has no obligation to consider the interests of investors in the notes in calculating, adjusting,
converting, revising or discontinuing SOFR.

If SOFR is discontinued, the notes will bear interest by reference to a different base rate, which could adversely affect the value of the notes, the return on the notes and the trading price of the notes; there can be no guarantee that any Benchmark Replacement will be a comparable substitute for SOFR.

If we or our designee determines that a Benchmark Transition Event and its related Benchmark Replacement Date (each as defined below) have
occurred in respect of SOFR, then a Benchmark Replacement (as defined below) will be selected by us or our designee in accordance with the SOFR Provisions described under “Description of the Notes—Payment of Principal and
Interest—Calculation of Accrued Interest during Floating Rate Periods” below. The selection of a Benchmark Replacement, and any decisions, determinations or elections made by us or our designee in connection with implementing a Benchmark
Replacement with respect to the notes in accordance with the SOFR Provisions could result in adverse consequences to the applicable interest rate on the notes, which could adversely affect the return on, value of and market for the notes.

If a particular Benchmark Replacement or Benchmark Replacement Adjustment (as defined below) cannot be determined, then the next-available
Benchmark Replacement or Benchmark Replacement Adjustment will apply. These replacement rates and adjustments may be selected, recommended or formulated by (i) the Relevant Governmental Body (as defined below) (such as the Alternative Reference
Rates Committee (“ARRC”)), (ii) the International Swaps and Derivatives Association, Inc. (“ISDA”) or (iii) in certain circumstances, us or our designee. In addition, the terms of the notes expressly authorize us or our
designee to