Statement re: Ulster Bank Withdrawal from ROI

Statement by Permanent TSB Group Holdings plc

Permanent TSB plc is a wholly owned subsidiary of Permanent TSB Group Holdings plc

Permanent TSB plc notes today's announcement by NatWest / Ulster Bank of its plans to withdraw from the Irish banking market.

Permanent TSB plc (the "Bank") has ambitious plans to grow its position in the retail and SME markets in Ireland and continue to be a force for competition. In line with that ambition, the Bank confirms that it is in early discussions with NatWest in relation to acquiring certain elements of the Ulster Bank businesses in the Republic of Ireland. This includes certain Retail and SME assets, liabilities and operations. Until an acquisition is finally concluded there can be no certainty that an acquisition will occur or on what terms. Any such transaction would be subject to normal shareholder and regulatory approvals.

Eamonn Crowley, the Bank's Chief Executive, said: "permanent tsb is committed to growth and to supporting customers and communities. On that basis we are in discussions with NatWest in relation to acquiring certain elements of the Ulster Bank Retail and SME Business to provide continuity of service for customers and to strengthen our ability to provide choice and competition in the market generally."

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Note On Forward-Looking Information:

This announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Bank or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this announcement. The Bank undertakes no obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.