Citizens Financial Group, Inc. (NYSE: CFG) today announced that it will redeem all outstanding shares of its 5.500% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A, liquidation preference $1,000 per share (the “Series A Preferred Stock”). There are currently 250,000 shares of Series A Preferred Stock outstanding.

The redemption date for the Series A Preferred Stock will be the dividend payment date on July 6, 2021 (the “Redemption Date”) and payment of the Redemption Price (as defined below) will be made on the Redemption Date. The redemption price for the Series A Preferred Stock will be $1,000 per share (the “Redemption Price”). Because the Redemption Date is a dividend payment date for the Series A Preferred Stock, the Redemption Price does not include declared and unpaid dividends. Regular quarterly dividends will be paid separately in the customary manner on the July 6, 2021 to holders of record on the record date for the quarterly Series A Preferred Stock dividend payment.

On and after the Redemption Date, no shares of Series A Preferred Stock will be outstanding and dividends in respect of the Series A Preferred Stock will no longer accrue.

Computershare Trust Company, N.A. and Computershare Inc. (collectively, “Computershare”) serve as the redemption agent for the Series A Preferred Stock. Computershare’s address is as follows:

First Class/Registered/Certified

150 Royall Street

Canton, MA 02021

1-877-373-6374

Investors in the Series A Preferred Stock should contact the bank or broker through which they hold a beneficial interest in the Preferred Stock for information about obtaining the Redemption Price for the shares of Series A Preferred Stock in which they have a beneficial interest.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.

Forward-Looking Statements

“Safe Harbor” Statement within the meaning of the Private Securities Litigation Reform Act of 1995: This communication contains “forward-looking statements” — that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” or “target.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the failure to consummate this transaction or to make or take any filing or other action required to consummate any such transaction on a timely matter or at all. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements.

CFG-IR

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