Citizens Financial Group, Inc. Completes Previously Announced Acquisition of Clarfeld Financial Advisors, LLC

Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. has completed the acquisition of Clarfeld Financial Advisors, LLC (Clarfeld), a leading wealth management firm and multi-family office with specialized expertise in managing the financial affairs of high net worth and ultra-high net worth clients, their families and related entities. Clarfeld will continue to operate under its current brand name as a division of Citizens Bank Wealth Management. The combined wealth management business will oversee approximately $14.4 billion of AUM and $34.1 billion of AUM/AUA.*

The completion of the Clarfeld Financial Advisors acquisition is a significant milestone in the growth of our wealth management business, said John Bahnken, president and chief executive officer of Citizens Bank Wealth Management. The addition of Clarfelds highly skilled team and broad range of advisory services strengthens our existing platform, enhancing our ability to provide a full suite of family office, investment, financial planning and tax and estate planning services for existing and new clients.

Citizens Bank Private Wealth Management will be integrated with Clarfeld, which Robert A. Clarfeld will continue to lead as CEO.

Terms of the transaction were not disclosed. Silver Lane Advisors LLC acted as financial advisor and Debevoise & Plimpton LLP acted as legal advisor to Citizens. Kramer Levin Naftalis & Frankel LLP acted as legal advisor to Clarfeld.

About Citizens Bank Wealth Management

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Citizens Bank Wealth Management provides integrated banking and investing services to clients to help them grow and protect their wealth, and plan for retirement and other long-term financial objectives. Citizens Bank Wealth Management includes a brokerage arm, Citizens Securities, Inc.*, as well as Premier Advisory and Citizens Private Wealth Management, which serve the affluent and high net worth client segments, respectively. Citizens Private Wealth Management delivers comprehensive private banking, financial planning, investment management and trust and estate planning services. Collectively, Citizens Bank Wealth Managements approximately 900 colleagues are focused on delivering comprehensive wealth management services across the firms major markets.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $158.6 billion in assets as of September 30, 2018. 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 2,900 ATMs and approximately 1,150 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 corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

* Data as of September 30, 2018.

Forward-Looking Statements

Safe Harbor Statement under 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.

Citizens Bank Wealth Management is comprised of both banking and brokerage affiliated companies.

*Securities, Insurance, and Investment Advisory Services offered through Citizens Securities, Inc., also referred to as Citizens Investment Services. Citizens Securities, Inc. is an SEC registered investment adviser and Member- FINRA and SIPC. 770 Legacy Place, MLP240, Dedham, MA 02026. (800) 942-8300. Citizens Securities, Inc. is an affiliate of Citizens Bank, N.A.

2018 Citizens Financial Group, Inc. Citizens Bank is a brand name of Citizens Bank, N.A.

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