Axis Capital Limited

In a letter dated 27 July 2026, which in turn consolidated and restated issues raised in two previous letters, Axis made an application to the Irish Takeover Panel (“Panel”) raising a number of matters in relation to the proposed acquisition of PTSB by BAWAG P.S.K. and the formal sale process undertaken by PTSB between 30 October 2025 and 14 April 2026. Given that the making of such an application has been made public by Axis, the Panel considers it to be appropriate, in the interests of shareholders and the market, to publish the outcome of its determination in the matter pursuant to section 9(1)(b) of the Irish Takeover Panel Act 1997 (“Act”).

Having carefully considered the substance of all of the matters raised by Axis, the Panel issued a ruling to Axis and the parties concerned confirming its view that no basis had been made out for the making of a ruling pursuant to section 9(1)(a) of the Act that there had been any breach of the Irish Takeover Panel Act 1997, Takeover Rules, 2022 or the General Principles in respect of the matters complained of in the application.