Citizens Financial expects positive operating leverage in FY25 of ~1.5%

Cumulative IBD down-beta to approach low/mid 50s by YE2025; Expects Private Bank to contribute 5%+ to FY25 earnings; Progressing towards medium-term financial targets. Key 2025 economic and rate assumptions: FY25 average real GDP growth of ~2%, CPI of ~2.5% and unemployment rate of ~4%; Fed funds of 4% by YE2025 with 25 bps rate cuts in Q2 and Q4; 10-year Treasury rate of ~4.50%-4.75% by YE2025. Comments taken from investor presentation slides.