Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 17

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 17
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 preferred stock in the future that has preference over the Series I Preferred Stock with respect to the payment of dividends or upon
liquidation, or if we issue preferred stock with voting rights that dilute the voting power of the Series I Preferred Stock and therefore the related Depositary Shares, the rights of holders of the Depositary Shares representing interests in the
Series I Preferred Stock or the market price of the Depositary Shares could be adversely affected. The market price of the Depositary Shares could decline as a result of these other offerings, as well as other sales of a large block of Depositary
Shares or similar securities in the market thereafter, or the perception that such sales could occur. Holders of the Series I Preferred Stock or Depositary Shares are not entitled to preemptive rights or other protections against dilution.

Investors should not expect us to redeem the Series I Preferred Stock on the date it first becomes redeemable or on any particular date after it becomes redeemable.

The shares of Series I Preferred Stock are perpetual equity securities. The Series I Preferred Stock
has no maturity or mandatory redemption date and is not redeemable at the option of investors. By its terms, the Series I Preferred Stock may be redeemed by us at our option either in whole or in part on any dividend payment date occurring on or
after October 6, 2030. Any decision we may make at any time to propose a redemption of the Series I Preferred Stock will depend, among other things, upon our evaluation of the overall level and quality of our capital components, considered in
light of our risk exposures, earnings and growth strategy, as well as general market conditions at such time. Our right to redeem the Series I Preferred Stock is subject to the limitation described below. Accordingly, investors should not expect us
to redeem the Series I Preferred Stock on the date it first becomes redeemable or on any particular date thereafter.

Our right to redeem the Series I Preferred Stock is subject to certain limitations, including any required prior approval of the FRB.

Our right
to redeem the Series I Preferred Stock is subject to any limitations established by the FRB. We may not redeem shares of the Series I Preferred Stock without having received the prior approval of the FRB or other appropriate federal banking agency
as required under capital rules applicable to us. We cannot assure you that the FRB will approve any redemption of the Series I Preferred Stock that we may propose. We understand that the factors that the FRB will consider in evaluating a proposed
redemption include its evaluation of the overall