<SEC-DOCUMENT>0001193125-25-033485.txt : 20250224
<SEC-HEADER>0001193125-25-033485.hdr.sgml : 20250224
<ACCEPTANCE-DATETIME>20250224164158
ACCESSION NUMBER:		0001193125-25-033485
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250224
DATE AS OF CHANGE:		20250224

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS FINANCIAL GROUP INC/RI
		CENTRAL INDEX KEY:			0000759944
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				050412693
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-282511
		FILM NUMBER:		25657748

	BUSINESS ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		2039006715

	MAIL ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS FINANCIAL GROUP INC/RI
		CENTRAL INDEX KEY:			0000759944
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				050412693
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		2039006715

	MAIL ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d796442dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>F<SMALL>ILED</SMALL> P<SMALL>URSUANT</SMALL> <SMALL>TO</SMALL> R<SMALL>ULE</SMALL> 433
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>R<SMALL>EGISTRATION</SMALL> N<SMALL>O</SMALL><FONT STYLE="white-space:nowrap">.&nbsp;333-282511</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>ITIZENS</SMALL> F<SMALL>INANCIAL</SMALL> G<SMALL>ROUP</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$750,000,000 5.253% F<SMALL>IXED</SMALL>/F<SMALL>LOATING</SMALL> R<SMALL>ATE</SMALL> S<SMALL>ENIOR</SMALL> N<SMALL>OTES</SMALL>
D<SMALL>UE</SMALL> 2031 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>P<SMALL>RICING</SMALL> T<SMALL>ERM</SMALL> S<SMALL>HEET</SMALL> D<SMALL>ATED</SMALL>
F<SMALL>EBRUARY</SMALL>&nbsp;24, 2025 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>The following information relates to Citizens Financial Group, Inc.&#146;s offering of its
5.253% Fixed/Floating Rate Senior Notes due 2031 and should be read together with the preliminary prospectus supplement dated February&nbsp;24, 2025 and the accompanying prospectus dated October&nbsp;4, 2024 (collectively, the &#147;Preliminary
Prospectus&#148;), including the documents incorporated by reference therein. This information supersedes the information in the Preliminary Prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus. </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Citizens Financial Group, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.253% Fixed/Floating Rate Senior Notes due 2031 (the &#147;Notes&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Expected Ratings / Outlook*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Baa1(Negative) / BBB+ (Stable) / BBB+ (Positive) (Moody&#146;s / S&amp;P / Fitch)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Ranking:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Unsecured Notes</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Format:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aggregate Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$750,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Authorized Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$2,000 x $1,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;24, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Settlement Date**:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;5, 2025 (T+7)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;5, 2031</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Fixed Rate Period:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">From and including the Settlement Date to but excluding March&nbsp;5, 2030</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Floating Rate Period:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">From and including March&nbsp;5, 2030 to but excluding the Maturity Date</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Benchmark:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">4.250% Treasury due January&nbsp;31, 2030</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Benchmark Price&nbsp;&amp; Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100-02 &#188; ; 4.233%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Spread to Benchmark:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+ 102 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Re-Offer</FONT> Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.253%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Public Offering Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100.000%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Underwriters&#146; Commission:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.250%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">All-in</FONT> Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.750%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Net Proceeds to Issuer (after commissions, before expenses):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$748,125,000</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the Fixed Rate Period, interest on the Notes will be payable semi-annually in arrears on each March&nbsp;5 and
September&nbsp;5 of each year, commencing on September&nbsp;5, 2025, and ending on March&nbsp;5, 2030. If any Interest Payment Date with respect to the Fixed Rate Period falls on a day that is not a Business Day, as defined in the Preliminary
Prospectus, then payment of any interest payable on such date will be postponed to the next succeeding Business Day, with the same force and effect as if made on the date such payment was due, and no interest or other payment will accrue as a result
of such delay.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the Floating Rate Period, interest on the Notes will be
payable quarterly in arrears on the second Business Day following each Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Date</FONT> (as defined below); provided that the Interest Payment Date with respect to the final
Floating Rate Interest Payment Period (as defined below) will be the Maturity Date or, if the Notes are redeemed during the Floating Rate Period, the redemption date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">If the scheduled Maturity Date or redemption date, as applicable, falls on a day that is not a Business Day, the payment of principal and interest will be made
on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the scheduled Maturity Date or redemption date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Interest Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Notes will bear interest (i)&nbsp;from and including the Settlement Date to but excluding March&nbsp;5, 2030 at a fixed rate of 5.253% per annum and (ii)&nbsp;from and including March&nbsp;5, 2030 to but excluding the Maturity
Date in accordance with the formula for SOFR described in the Preliminary Prospectus plus 1.259%. The interest rate on the Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States
law of general application and will in no event be lower than zero.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Floating Rate Interest Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Periods:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The &#147;Floating Rate Interest Payment Periods&#148; mean the quarterly periods used to calculate interest on the Notes during the Floating
Rate Period, which is paid on the Interest Payment Dates.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">With respect to an
Interest Payment Date in respect of the Floating Rate Period, interest is calculated from and including the second most recent Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Date</FONT> (as defined below) (or from and
including March&nbsp;5, 2030 in the case of the first Floating Rate Interest Payment Period) to but excluding the immediately preceding Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Date;</FONT> provided that
(i)&nbsp;the Floating Rate Interest Payment Period with respect to the final Floating Rate Interest Payment Date (i.e., the Maturity Date or, if the Notes are redeemed during the Floating Rate Period, the redemption date) will be the period from and
including the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">second-to-last</FONT></FONT> Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Date</FONT> to but excluding the Maturity Date or, if the Notes
are redeemed during the Floating Rate Period, the redemption date, as applicable, and (ii)&nbsp;with respect to such final Floating Rate Interest Payment Period, the level of SOFR for each calendar day in the period from and including the Rate <FONT
STYLE="white-space:nowrap">Cut-Off</FONT> Date (as described below) to, but excluding, the Maturity Date or, if the Notes are redeemed during the Floating Rate Period, the redemption date shall be the level of SOFR in respect of such Rate <FONT
STYLE="white-space:nowrap">Cut-Off</FONT> Date.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Dates:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The &#147;Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Dates&#148;</FONT> mean March&nbsp;5, June&nbsp;5, September&nbsp;5 and December&nbsp;5 in each year, beginning on June&nbsp;5, 2030, and ending on
the Maturity Date or, if the Notes are redeemed during the Floating Rate Period, the redemption date, provided that if any scheduled Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Date,</FONT> other than the Maturity Date
or, if the Notes are redeemed during the Floating Rate Period, the redemption date, as applicable, falls on a day that is not a Business Day, it will be postponed to the following Business Day, except that, if that Business Day would fall in the
next calendar month, the Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Date</FONT> will be the immediately preceding Business Day. If the scheduled final Floating Rate Interest Payment Period <FONT
STYLE="white-space:nowrap">End-Date</FONT> (i.e., the Maturity Date, or if the Notes are redeemed during the Floating Rate Period, the redemption date) falls on a day that is not a Business Day, the payment of principal and interest will be made on
the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the scheduled final Floating Rate Interest Payment Period <FONT STYLE="white-space:nowrap">End-Date.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Rate <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The &#147;Rate <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date&#148; means the second U.S. Government Securities Business Day, as defined in the Preliminary Prospectus, prior to the Maturity Date or the redemption date, as
applicable.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Notes are not subject to repayment at the option of the holders prior to the Maturity Date. The Notes are redeemable by the Issuer, solely at its option, (i)&nbsp;at any time on or after September&nbsp;1, 2025 (180 days
following the Settlement Date) and before March&nbsp;5, 2030, in whole or in part, at a make-whole redemption price based on the treasury rate plus 20 basis points, plus accrued interest thereon to, but excluding, the redemption date and
(ii)&nbsp;on March&nbsp;5, 2030, in whole but not in part, or on or after February&nbsp;2, 2031 (31 days prior to the Maturity Date), in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount
of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, in each case in accordance with the redemption provisions described under the caption &#147;Description of the Notes &#150;
Optional Redemption&#148; of the Preliminary Prospectus.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fixed Rate Period: 30/360</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Floating Rate Period: Actual/360</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>CUSIP:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">174610 BJ3</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">US174610BJ37</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Listing:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Citizens JMP Securities, LLC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Manager:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">TD Securities (USA) LLC</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Note: A rating is not a recommendation to buy, sell or hold the Notes and may be subject to revision or
withdrawal at any time. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> of the Securities Exchange Act of 1934, as amended,
trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to one business day before the Settlement
Date will be required, by virtue of the fact that the Notes initially will not settle in T+1, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Issuer has filed a registration statement (including the Preliminary Prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the Preliminary Prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and the offering. You may obtain
these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus if you request it by contacting
Citigroup Global Markets Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-831-9146,</FONT></FONT></FONT> Goldman Sachs&nbsp;&amp; Co. LLC at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-866-471-2526,</FONT></FONT> J.P. Morgan Securities LLC at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-834-4533,</FONT></FONT></FONT> Morgan Stanley&nbsp;&amp;
Co. LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-718-1649,</FONT></FONT></FONT> and Citizens JMP Securities, LLC at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-203-900-6763.</FONT></FONT></FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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