CFG contributes more than one million dollars to Hurricane Katrina relief efforts

Providence, RI (October 11, 2005) - Citizens Financial Group, Inc. announced today that it is making more than $1.1 million in contributions to support Hurricane Katrina relief efforts. Citizens' contribution includes:

• $267,000 in employee donations to The Salvation Army.
• $267,000 from the Citizens Bank and Charter One Foundations matching employee donations to The Salvation Army dollar for dollar.
• $ 600,000 in funds saved by scaling back this year's Employee Appreciation Week celebrations.

Citizens, with support from its employees, decided to scale back its week-long celebration this year and instead donate that $600,000. Employee Appreciation Week is a company-wide celebration of its employees during which employees enjoy barbeques, outings, parties, games and prizes. Citizens will determine where it will donate the $600,000 in the next few weeks.

In addition, Citizens began accepting public donations in all of its branches on September 1 to aid in the hurricane relief efforts. To date, Citizens and Charter One branches have collected $1.4 million on behalf of the American Red Cross and The Salvation Army. Both agencies have said 100 percent of these donations will be sent directly to the regions affected by Hurricane Katrina.

"We continue to be deeply saddened by Hurricane Katrina's devastating impact on Louisiana, Mississippi and Alabama. The overwhelming and generous response of our colleagues and the community toward the local relief efforts has been a bright hope," said Lawrence K. Fish, Chairman, President and CEO of Citizens Financial Group. "Citizens looks forward to leveraging the $2.5 million raised to help many thousands of people as they rebuild and find new opportunities."

Citizens and Charter One employees also assisted in relief efforts in the following ways:

New England

• Citizens Bank of Rhode Island's PhoneBank (call center) in Cranston, R.I. processed more than 5,300 telephone pledges during the national "Shelter From the Storm" concert and telethon on September 9. About 400 Citizens colleagues volunteered to answer the phones that night.
  In addition, Citizens' Middletown, R.I. in-store branch processed Red Cross checks for more than 100 evacuees. During Employee Appreciation Week, employees throughout the state participated in fundraisers including Mardi Gras bead sales and employee mini-golf tournaments which raised more than $11,000 for relief efforts.
• Citizens Bank of Massachusetts partnered with local television affiliates to help inform viewers about the opportunity to make donations for Hurricane Katrina relief efforts in all Citizens branches. WCVB-TV (ABC Boston) aired public service announcements on the partnership featuring Citizens Bank of Massachusetts Chairman, President and CEO Robert E. Smyth every hour on September 2 to benefit the American Red Cross.
  In addition, Citizens participated in a two-hour, commercial-free program on Hurricane Katrina and how New England communities can help.
• Citizens Bank of Connecticut President and CEO Richard M. Barry participated on WTNH-TV's (ABC New Haven) 18-hour telethon. He encouraged viewers to make donations to the American Red Cross and the Salvation Army through Citizens Bank's collection effort in all of its branches.

Mid-Atlantic

• Citizens Bank of Pennsylvania sponsored a "Beads of Hope" fundraiser, greeting morning commuters and distributing thousands of beads in Pittsburgh and Philadelphia. The initiative raised more than $30,000 to support hurricane relief efforts.
  In addition, Citizens provided banking services at official sites for evacuees in Pittsburgh and Philadelphia. Colleagues in Pittsburgh also answered phones at a joint telethon held by local television news stations to raise funds for hurricane victims.
• In Delaware, Citizens Bank is sponsoring "Coins for Compassion," a program with the State of Delaware that encourages children to donate change for hurricane relief. The initiative, which aims to raise $10,000 statewide, will run through "Make a Difference Day" on October 22. Donations will be given to The Salvation Army and the Red Cross.
  In addition, Citizens sponsored a "Beads of Hope" initiative in Wilmington, Del., which raised approximately $1,000 for the Good Neighbor Fund, an initiative set up by Gov. Ruthann Minner and Lt. Gov. John Carney to support disaster relief.
• In New York, Citizens Bank partnered with ClearChannel Communications and Capital Region Habitat for Humanity to raise funds for hurricane relief in collection boxes in Citizens branches throughout the Albany region until October 15.
  Citizens' sponsorship of the Rochester Philharmonic Orchestra concert on October 15 will feature Citizens colleagues collecting hurricane relief donations. Citizens also sponsored the "Shelter From the Storm" concert and PBS affiliate WMHT-TV's broadcasts of the Lincoln Center relief concert in New York City.

Midwest

• Charter One in Ohio partnered with Cuyahoga County to provide hundreds of hurricane evacuees with county-issued debit cards for financial assistance. All processing costs and fees were waived.
• In Michigan and Illinois, Charter One honored the spirit of New Orleans on September 12, 2005 by distributing thousands of Mardi Gras beads throughout their branches. The "Beads of Hope" were given to customers and employees in appreciation for their donations to the American Red Cross or Salvation Army. The initiative raised more than $60,000 in one day.

CCO Mortgage (Citizens Mortgage and Charter One Mortgage)

• Colleagues of CCO Mortgage, one of the largest retail mortgage originators in the country, also participated in Citizens' employee match campaign for hurricane relief. In Richmond, Va., colleagues donated clothing, school supplies, blankets and more to St. Joseph's Villa, a local non-profit organization housing 45 women and children who were displaced by Hurricane Katrina.
  In addition, CCO Mortgage's loan servicing operation has been offering relief to its customers in the hurricane-affected area by suspending mortgage payments, suspending the assessment of late charges, and suspending credit bureau reporting.

Citizens and Charter One also donated approximately 600 teddy bears for young evacuees.

About Citizens Financial Group, Inc Citizens Financial Group, Inc. is a $148 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees. It operates its 13-state branch network in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and has non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).

About Charter One Bank, N.A. Charter One Bank, N.A., is a $41 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has more than 490 branches and 812 ATMs. Charter One is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).