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23 February 2018 The Manager Company Announcements Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 Dear Sir MyState Limited Half Year Report (Appendix 4D) for the half year ended 31 December 2017 The Directors of MyState Limited (the “Company”) are pleased to announce the audited results of the Company for the half year ended 31 December 2017 as follows: RESULTS FOR ANNOUNCEMENT TO THE MARKET Extracted from the Financial Statements for the half year ended $’000 31 December 2016 $’000 31 December 2017 % Change Revenue from operations 61,836 64,044 3.57% Profit after tax attributable to members 15,190 15,792 3.96% Net profit after tax attributable to members 15,190 15,792 3.96%

RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

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Page 1: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

23 February 2018 The Manager Company Announcements Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 Dear Sir

MyState Limited – Half Year Report (Appendix 4D) for the half year ended 31 December 2017

The Directors of MyState Limited (the “Company”) are pleased to announce the audited results of the Company for the half year ended 31 December 2017 as follows:

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Extracted from the Financial Statements for the half year ended

$’000

31 December 2016

$’000

31 December 2017 % Change

Revenue from operations 61,836 64,044 3.57%

Profit after tax attributable to members

15,190 15,792 3.96%

Net profit after tax attributable to members

15,190 15,792 3.96%

Page 2: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

Dividends for the current year are: Amount per security Franked amount per security

Interim Dividend FY2018 fully franked at 30% Payable on 29 March 2018

14.25 cents 14.25 cents

Record date for determining entitlements for the interim dividend is 5 March 2018.

Dividends for the previous year were:

Amount per security Franked amount per security

Final dividend – 2017, fully franked at 30% Paid 13 September 2017

14.5 cents

14.5 cents

Dividend Reinvestment Plan

Last Date for Receipt of DRP Election Notice

The MyState Limited Dividend Reinvestment Plan is operational for this interim dividend.

6 March 2018

Net Tangible Assets per share 2016 2017

243 cents 243 cents

The remainder of the information requiring disclosure to comply with Listing Rule 4.2A.3 is contained in the attached copy of the Financial Statements and comments on performance of the Company included in the Media and ASX Release dated 23 February 2018. Further information regarding MyState Limited and its business activities can be obtained by visiting the company’s website at www.mystatelimited.com.au. Yours faithfully

Scott Lukianenko Company Secretary

Page 3: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

� � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Page 4: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

MyState Limited ABN 26 133 623 962 Directors’ Report

Directors’ Report

for the half-year ended 31 December 2017

Directors’ Report

Your Directors present their report on MyState Limited (the Company) for the half-year ended 31 December 2017.

Directors

Miles L Hampton BEc (Hons), FCIS, FCPA, FAICD Chairman and independent non-executive Director.

Melos A Sulicich BBus, GAICD, SA FIN Managing Director – Executive Director.

Peter D Armstrong BEc (Hons), DipED, Dip FP, CPA, FAICD, FAMI Independent non-executive Director.

Robert L Gordon BSc, MIFA, MAICD, FAMI Independent non-executive Director.

Colin M Hollingsworth CPA, MAICD, FAMI (Retired 19 October 2017) Independent non-executive Director.

Sibylle Krieger LLB (Hons), LLM, FAICD, MBA Independent non-executive Director.

Warren Lee, BCom, CA, (Commenced 19 October 2017) Independent non-executive Director.

Stephen Lonie BCom, MBA, FCA, FFin, FAICD, FIMCA Independent non-executive Director.

Andrea Waters, BCom, FCA, MAICD (Commenced 19 October 2017) Independent non-executive Director.

Company Secretary

Scott A Lukianenko Ad Dip BMgmt, Grad Cert BA, GIA (Cert).

MYSTATE LIMITED 1

Page 5: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

MyState Limited ABN 26 133 623 962 Directors’ Report

Principal Activities

MyState Limited provides banking, trustee and wealth management products and

services through its wholly-owned subsidiaries, MyState Bank Limited and

Tasmanian Perpetual Trustees Limited.

Banking Services

Trustee Services Wealth Management

Personal, residential

and business banking Transactional internet

& mobile banking Savings and

investments Insurance and other

alliances

Estate planning Estate and trust

administration Power of attorney Corporate trustee

Managed fund

investments Financial planning Portfolio

administration services

Portfolio advisory services

Private client services

There have been no significant changes in the nature of the principal activities of the

Group during the financial year.

Review and Results of Operations

Growth in NPAT and EPS with a lower cost to income ratio

MyState Limited recorded net profit

after income tax for the half year

ended 31 December 2017 of $15.8

million, an increase of 3.9% on the

prior corresponding period 31

December 2016 (pcp) of $15.2

million.

Earnings per share of 17.56 cents

represents an increase of 0.27 cents

per share / 1.6% from the pcp of

17.29 cents per share. Return on

equity increased 0.25% on the pcp to

10.2%.

The combination of growth in total

income and maintaining a relatively

flat cost profile on the pcp resulted in

a 182 bp reduction in the cost to

income ratio to 64.6%.

$-

$4.0

$8.0

$12.0

$16.0

1H17 2H17 1H18

NET PROFIT AFTER TAX $ 'M

MYSTATE LIMITED 2

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MyState Limited ABN 26 133 623 962 Directors’ Report

$2.8 $3.1 $3.2

$0.4 $0.4

$0.4 $0.3 $0.3 $0.3 $0.4 $0.3 $0.3

1H FY17 2H FY17 1H FY18

Home loan book LVR profile ($b)

0%-79.99% 80%-84.99% 85%-89.99% 90%+

The Group is realising the benefit of its recent investment in digital technology

platforms and capabilities to reduce operating cost to income and acquire customers

digitally, and has continued to invest to create a simpler, more customer-centric

business.

In an environment of increasing competition, particularly in relation to low risk owner

occupied housing loans, the Group’s banking business has continued to grow,

expanding its geographic footprint and maintaining its high credit quality standards

within its loan book, while maintaining a stable Net Interest Margin (NIM).

The Group’s wealth management business also reported pleasing revenue and profit

growth, underpinned by strong growth in funds under management (FUM) and an

improvement in the trustee business.

Embracing digital transformation

MyState commenced the half year with improved operating leverage following a

period of significant investment in its digital capabilities. The Group has rapidly

transformed and modernised its technology platforms and digital offerings and

continues to do so, keeping pace with changing customer needs and enabling

growth beyond traditional distribution channels and geographies.

The Group is continuing to innovate in its digital customer acquisition with the

successful implementation of online application processes and paperless signatures.

The Group’s systems are also fully enabled for the impending release of the New

Payments Platform real-time payments which has been a focus this half year in the

digital strategy.

The Group is benefiting from these projects through reduced costs as well as

increasing customer self service, providing customers with an attractive digital

offering and making products more accessible through online application processes.

High quality asset growth and credit performance The banking loan portfolio grew $46.94

million / 1.10% during the period. This growth

rate is subdued relative to recent periods

reflecting some headwinds in current market.

Continuing regulatory restrictions on investor

and interest only lending across the industry,

coupled with a recent slowing in system

credit growth, has increased competition for

owner occupier lending. Notwithstanding

these challenges, MyState continued to grow

its loan portfolio and maintain margins.

MYSTATE LIMITED 3

Page 7: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

MyState Limited ABN 26 133 623 962 Directors’ Report

Importantly, growth in less than 80% loan-to-valuation-ratio (LVR) lending grew at

13% on the pcp and investor and interest only lending was maintained well below

that of peers.

Impairment charges remain very low, with 30 day arrears 0.56% of the loan portfolio

and 90 day arrears of 0.13%, well below benchmarks for both major and regional

banks.

A further highlight has been the increased geographical spread in the loan portfolio.

The Group continued to grow its customer base across the eastern seaboard of

Australia, with the Tasmanian loan portfolio concentration now below 50%.

With a strong focus on growing in lower LVR home loans and increased

geographical spread, MyState has grown prudently and has built in resilience to any

potential changes in the economic and housing cycle.

Margin improvement with stable

lending volumes

Net interest margin has remained

relatively stable on the pcp, and

increased 2bps on 2H17. Margin

management has been a priority amidst

very strong competition and the

combination of margin management and

continued lending growth has enabled net interest income to increase 6.8% on pcp.

Downward pressure on pricing for owner-occupier lending continued and, whilst

MyState has not engaged in the same level of discounting, it has introduced more

competitive product suite to deliver more value to customers.

MyState has also selectively repriced some back book lending products, which has

indirectly offset some of the front book margin erosion.

Funding costs eased during the

period through a combination of

internal and external forces. The

Reserve Bank of Australia (RBA)

cash rate remains at historic lows,

which has translated into a lowering

in the cost of deposits.

MyState’s successful deposit

strategy has included opening up

digital channels and sourcing less

costly customer funding.

$3.94 $4.08

MYSTATE LIMITED 4

Page 8: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

MyState Limited ABN 26 133 623 962 Directors’ Report

Through a combination of customer centric products and the use of the recently

implemented “ApplyOnline” system, the Group has increased customer deposits by

$86.9 million and increased the proportion of customer deposit funding to 67.3%

over the half year (pcp 66.6%), whilst reducing the proportion of wholesale funding.

Non-interest income from banking activities

Non interest income from banking activities declined slightly by $0.23 million / 2.68%

on the pcp. This result was driven by comparably lower lending volumes and

reductions in deposit fees charged to customers. Banking insurance commissions

and other income from banking activities increased slightly on the pcp.

Non-Interest income: Wealth business revenue growth underpinned by strong

growth in FUM and FuA

MyState’s wealth management business

continues to provide a diversity in revenue

for the Group and, in the current period

experienced strong growth across all

business lines, with total income increasing

$0.88 million / 10.51% on the pcp. Wealth

NPAT increased to $2.9 million from $2.5m

in the pcp (excluding the one off gain on

disposal of investment and one-off costs in

the pcp).

The Wealth business’ cash, income and growth funds have consistently

outperformed their benchmarks. The funds continued to grow on the back of a

strong FY2017 and supported an increase of $0.34 million in management fee

income compared to the pcp.

FUM has again recorded a

high level of growth of $70.5

million / 6.5% in the current

period, the highest growth

rate since 2005 and the

highest level of FUM in

almost a decade. Improved

returns to investors and

sound funds management

has attracted growth in new

investors and supported retention of existing investors.

The financial planning and trustee services divisions also returned solid results, with

total other fees and commissions increasing $0.54 million / 14.62% on the pcp. A

strengthened financial planning team supported an increase in funds under advice,

which grew by 6.9% to $806 million. The trustee services business has recorded a

$0.58 million or 31.7% increase in revenue on the pcp. This result has been

1,030 1,008 1,046 1,089 1,159

758 740 754 778 806

1H FY16 2H FY16 1H FY17 2H FY17 1H FY18

Funds under management Funds under advice

FUM and FUA ($m)

1,088

1,159 24

40

7

1,040

1,080

1,120

1,160

1,200

30-Jun-17 At CallFund

IncomeFunds

GrowthFunds

31-Dec-17

FUM growth 1H 2018 ($m)

MYSTATE LIMITED 5

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MyState Limited ABN 26 133 623 962 Directors’ Report

achieved through an increase in the number of probate applications and the value of

estates during the current period and have started to reap the benefits of a sustained

focus on generating new wills and revising existing wills over the past three years.

Targeting cost to income reductions and productivity improvement

The Group continues to target reductions in its underlying cost to income ratio

leveraging technological advances that position MyState as a highly scalable modern

banking business, able to deliver better customer outcomes in a more efficient

manner. In the current period, the cost to income ratio reduced 182 bps on the pcp to

64.6%. Operating expenditure was prudently managed with cost growth of just $0.30

million / 0.7% on the pcp.

Due to the significant improvement in our online and mobile banking applications and

the resulting improvement in the ability of customers to self serve, we closed our

Central Queensland mini-branch network and full service branches – Emerald and

Biloela during the period. The benefits of these closures will flow through to following

periods. Additionally, the Group conducted a productivity review during the period

which will lead to ongoing process and productivity improvements, which should lead

to further improvements in the cost to income ratio in the periods ahead.

Robust capital structure The Group has maintained its balance sheet strength, with a capital ratio at 13.39%,

an increase of 10bps during the period. The Group has used capital options

prudently and efficiently, with limited securitisation issuance or other capital

measures deployed. MyState remains well positioned to meet APRA’s

“unquestionably strong” CET1 ratio requirements by 1 January 2020.

Dividends

The Directors have declared a fully franked (at 30%) interim dividend of 14.25 cents

per share. The dividend will be payable on Thursday 29 March 2018 to shareholders

on the register at 5pm EST on 5 March 2018. The Board has elected to maintain the

dividend reinvestment plan for the dividend with new shares to be issued at a 1.5%

discount to the 5 day Volume Weighted Average Price (VWAP) during the pricing

period. During the current period, the final dividend in respect of the year ended 30

June 2017 of 14.5 cents per share was paid and amounted to $12.740 million.

Outlook

Looking forward, MyState will continue to realise the benefits of its investment in its technology, digital transformation and productivity program, to build capability and efficiency across the business and to enhance the customer experience.

MYSTATE LIMITED 6

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MyState Limited ABN 26 133 623 962 Directors’ Report

Lead auditor’s independence declaration under section 307C of the Corporations Act 2001

The lead auditor’s independence declaration is set out on page 6 and forms part of the Directors’ Report for the half-year ended 31 December 2017.

Rounding of amounts

MyState Limited is a company of the kind referred to in Australian Securities and Investments Commission (ASIC) Class Order 2016/191, dated 24 March 2016 and, in accordance with that Class Order, amounts in the Directors' report and the half year financial report are rounded off to the nearest thousand dollars, unless otherwise indicated. Signed in accordance with a resolution of directors made pursuant to s.306(3) of the Corporations Act 2001. M L Hampton M A Sulicich Chairman Managing Director 23rd February 2018, Hobart.

MYSTATE LIMITED 7

Page 11: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

Auditor’s Independence Declaration to the Directors of MyState LimitedAuditor’s Independence Declaration to the Directors of MyState LimitedAuditor’s Independence Declaration to the Directors of MyState LimitedAuditor’s Independence Declaration to the Directors of MyState Limited

In relation to our review of the financial report of MyState Limited for the half-year ended

31 December 2017, to the best of my knowledge and belief, there have been no contraventions of the

auditor independence requirements of the Corporations Act 2001 or any applicable code of professional

conduct.

Joanne DoyleJoanne DoyleJoanne DoyleJoanne Doyle

Partner

Wise Lord & Ferguson

Date: 23 February 2018

1st Floor 160 Collins Street, Hobart TAS 7000 GPO Box 1083 Hobart TAS 7000

03 6223 6155 Move Forward

[email protected] www.wlf.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

Page 12: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

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c d e f g h g i j c k h i e h l m h m n o p h q h r s h e t u o v

MYSTATE LIMITED 9

Page 13: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

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c d e f g h g i j c k h i e h l m h m n o p h q h r s h e t u o v

MYSTATE LIMITED 10

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� � � � � � � � � � � � \ C � � � � � � � � � � � � � � �� � � � � �� 3 � : 3 � L 9 � � N � L 3 � � � � � / � * � � ! ) � � !b N � 1 � � � � � : � � 1 � � 3 � � � 3 9 � � � � � � N � � � � � + � ) � , , / + ! +R � : � � 3 � � � � � J + ) � ! / J J� � � 3 � � � 3 9 � � � � � N � � � � � ) � � * + � ) � � J ! �" � 3 � � 3 � L 3 L 6 3 � � � � � ) , � � ) ! � ) � * � / � /; � � % � � � Q % 9 3 � � 3 � L � � N � % � � � � ! * + ) * � � !b � 1 � � � � L � 3 $ 3 � � � � � ) * , * ) J + *� � � 3 � 5 � 2 9 � 3 � � � � � 3 � L 5 � � L 8 � 9 9 * � � * * * * + J �= � > ? > � � � � � � � � � � � � � � ) � + � ) / +F B > X B ? B � B � �b N � � � � � : � � 1 � � 3 � � � 3 9 � � � � � � N � � � � � � / � � � , ) , + �R � : � � 9 � 3 2 � 9 � � � � � J * + ) ! * � +b � % � � � � � 3 � L � � : � � 2 � � � � 8 � � 5 � � � � 9 N L � � 5 � N 2 � � L � � 3 � � L � � � � � ) / ! / / � , ) / ) * � ! !� � % 9 � Q � � 2 � � � 1 � � % � � 6 � � � � � � / � / ) / , J �P 3 $ 9 � 3 2 � 9 � � � � � ) J + � ) � � += � > ? ? B > X B ? B � B � � � � � � � � � � � ) / � � / ) J � � > � � � � � � � � � � � � , + � � � )H [ \ B � ]M : 3 � � � 3 % � � 3 9 + + + ) , � + ! + ) + , ) �� � � 3 � � � L � 3 � � � � 5 � + ! J + * � + ! ) , / *� � � � � 6 � � / + J � / + � J= � > ? � [ \ B � ] � � � � � � � , + � � � )P : � 3 � � � � % 3 � Q � � 5 � � � � � 1 � � � % 3 � � � 1 � : � � � 1 � � 3 � � � 3 9 � � 3 � � � � � � � a

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MYSTATE LIMITED 11

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� �� � � �� � �� � � � �� � �� � ��� �� �� � � � �� � �� � � � � � � � ��� � � � � � �� � � � � � �  ¡ � � � ¢ � � � £ ¤ �� ¢¥ �� � � �� � � � � � � � � ¦ � � � �� �� � � � � � � § �� ¤ � � �� � � � � ��� �� � � � � � � � � ¨� � � �©ª « « « ©ª « « « ©ª « « « ©ª « « « ©ª « « « ©ª « « « ©ª « « «¬­ ® ° ±² ³ « ® µ ¶ ·¸ ¹ º » µ º ¼ ¸ ¶ ½ ¾ ·¸ · ½ ¿ » ¹ º µ » · ¶ ¶ ½ ¼ ¼ ¸ » ½ ¿ÀÁ  ÃÄ Å Ã Â Á Å ÆÇ ÈÇ É Á Ê µ º ¸ µ ¼ ¾ Ê Ê Ê Ê µ º ¸ µ ¼ ¾Ë Å ÆÇ Á Ì Â Í Î Á Ç ÆÇ Ï Ð ÄÑ Ç Ä Ï Ì Â ÍÇ Ò ÓÇ Ô ÎÇ Ï ÐÇ Õ Ê Ê Ê Ê Ó · ¼ » Õ Ó · ¶ ¶ Õ Ó ¼ ½ ¼ ÕÖ× ­Ø ±Ù × Ú Û Ü Ý Þ Ý ß à áâ Ý á ßÙ × Ú Ý ã× Ü ­ Þ Ý Û Ý Ü á × ä Ê µ º ¸ µ ¼ ¾ Ê Ê Ó · ¼ » Õ Ó · ¶ ¶ Õ µ ·¸ ½ » µåæ ç Ä Å È Ä Ð Ð çÇ è ç Ï èÇ Á Ç Í Î é  ÈÇ Ç Ð Æ É Á Ç Ð Ì ÆÇ ÍÇ ¿ ¾ Ê Ê Ê Ê Ê ¿ ¾ê Æ É Á Ç ë É ÐÇ è Î É È ÍÇ Ï Å Ç Ô ÎÇ Ï ÐÇ Á Ç Ì Â ì Ï Ä ÐÇ è Ê Ê Ê µ ¶ » Ê Ê µ ¶ »í ÄÑ Ä èÇ Ï è Ð Î É Ä è Ê Ó µ ½ ¸ ¹ ¶ ¼ Õ Ê Ê Ê Ê Ó µ ½ ¸ ¹ ¶ ¼ Õ¬­ î ® ï ÝÙ Ý Ú ð Ý Ü ³ « ® µ ¶ ·¸ ¿ ¶ » µ » µ ¸ ¹ ¹ µ ·¸ · ½ ¿ ¿ µ µ Ó · ¿ ¾ Õ Ê ¶ ¾ µ ¸ ¶ » »¬­ ® ° ±² ³ « ® ñ ® ò ®ó î ò ô ® òó î õ ö òó ò ³ ö ô õ ÷ ® ö ñ ø ù î ® «ó ô « òÀÁ  ÃÄ Å Ã Â Á Å ÆÇ ÈÇ É Á Ê µ º ¸ ¹ ¼ ½ Ê Ê Ê Ê µ º ¸ ¹ ¼ ½Ë Å ÆÇ Á Ì Â Í Î Á Ç ÆÇ Ï Ð ÄÑ Ç Ä Ï Ì Â ÍÇ Ò ÓÇ Ô ÎÇ Ï ÐÇ Õ Ê Ê Ê Ê Ó ¼ ¶ Õ Ê Ó ¼ ¶ ÕÖ× ­Ø ±Ù × Ú Û Ü Ý Þ Ý ß à áâ Ý á ßÙ × Ú Ý ã× Ü ­ Þ Ý Û Ý Ü á × ä Ê µ º ¸ ¹ ¼ ½ Ê Ê Ó ¼ ¶ Õ Ê µ º ¸ » ¼ ¼åæ ç Ä Å È Ä Ð Ð çÇ è ç Ï èÇ Á Ç ÔÇ Ì ç Å ÄÑ Ç é Â Ï ì ÅÇ Á Í Ä Ï ÌÇ Ï Å ÄÑ Ç Î é É Ï µ ¾ ½ Ê Ê Ó µ ¾ ½ Õ Ê Ê Êê Æ É Á Ç ë É ÐÇ è Î É È ÍÇ Ï Å Ç Ô ÎÇ Ï ÐÇ Á Ç Ì Â ì Ï Ä ÐÇ è Ê Ê Ê µ ¹ ¹ Ê Ê µ ¹ ¹åæ ç Ä Å È Ä Ð Ð çÇ è ç Ï èÇ Á Ç Í Î é  ÈÇ Ç Ð Æ É Á Ç Ð Ì ÆÇ ÍÇ ¿ ½ Ê Ê Ê Ê Ê ¿ ½åæ ç Ä Å È Ä Ð Ð çÇ è ç Ï èÇ Á è ÄÑ Ä èÇ Ï è Á Ç Ä ÏÑ Ç Ð Å ÍÇ Ï Å Î é É Ï ½ ¸ ¶ ¿ ¶ Ê Ê Ê Ê Ê ½ ¸ ¶ ¿ ¶í ÄÑ Ä èÇ Ï è Ð Î É Ä è Ê Ó µ ½ ¸ ¼ ¹ ¾ Õ Ê Ê Ê Ê Ó µ ½ ¸ ¼ ¹ ¾ Õ¬­ î ® ï ÝÙ Ý Ú ð Ý Ü ³ « ® ñ ® ò îó ô ® ® ñó ® ö « òó ò ³ ö ®ó « î ® ÷ ³ ö « ø ù î ® ó ³ ñ õú ÆÇ É Ì Ì Â Í Î É Ï È Ä Ï ì Ï Â ÅÇ Ð Ã Â Á Í Î É Á Å Â Ã Å ÆÇ ÐÇ ÃÄ Ï É Ï Ì Ä É é Ð Å É ÅÇ ÍÇ Ï Å Ðû

ã× Ü ­ Þ Ý ÞØ ± ã ² ÝØ Ü Ý ß ä Ý ä î ® ï ÝÙ Ý Ú ð Ý Ü ³ « ® ñMYSTATE LIMITED 12

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� � � � � � � � � � � � � � � � � � � � � � � � � � � � �� > � Y W ? � � W A E @ � A > � B C D > � � B � B � B � �� � � � � � � � � � � � � 6 � L � � � � * � ) + J J� � � � � � � � % 3 � L ( / � + ! � - ( ) * � � / -� � � � 3 � L � � � � � � � � � � � � � � � � 6 � L + ! � ! ) + ! , J )R � : � � � � � 0 � � � � � � � � � � � � � � � � � � � 6 � L + , + � ) ! +; 3 Q � � � � � � � � N % % 9 � � � � 3 � L � � % 9 � Q � � � ( , * , * ! - ( ) � , � � -� � � � � � � 3 $ % 3 � L ( ! � / ) - ( ! � � * - � � � > � Y W ? � � W A E & \ � � Z B C ' @ � A > � B C D > � � B � B � B � � � � � � � � + ) * / �� > � Y W ? � � W A E B C � � � � B C D > � � B � B � B � �; N � � : 3 � � � 1 � � � 3 � 5 � 2 9 � 3 � � � � � ( � / � � - ( / + � ) -; � � � � � L � 1 � � � � 3 9 � � 1 % � � % � � � Q % 9 3 � � 3 � L � � N � % � � � � 0 + ); N � � : 3 � � � 1 % � � % � � � Q % 9 3 � � 3 � L � � N � % � � � � ( + + , - ( ) + � -. � � ( � � � � � 3 � � - � � 9 � 3 � � � � � N � � � � � � � ( / + J � � - ( � * � * � ) -� � � � ! ( � ! � ! ) -; � � � � � L � 1 � � � � 3 9 � � 1 � � : � � � � 6 � � � � � � � � 0 , * / J � � � > � Y W ? � � W A E & \ � � Z B C ' B C � � � � B C D > � � B � B � B � � & � � � � � � ' ( , + � J ! � -� > � Y W ? � � W A E W B C > C � B C D > � � B � B � B � �. � � ( L � � � � 3 � � - U � � � � � 3 � � � � L � % � � � � � 3 � L � � : � � 2 � � � � 8 � � 5 � + ! ! � ! , � � ) ! ,( / * � ) - ( ) � * � -� � % 9 � Q � � � : 3 � � � � � N � * � * �b � 6 � L � � L � % 3 � L � � � � 1 L � 6 � L � � L � � � � 6 � � � � � � � % 9 3 � J ( + � / * ! - ( + � J , � - � � � > � Y W ? � � W A E & \ � � Z B C ' W B C > C � B C D > � � B � B � B � � � � 7 , + � / � ). � � � � � � � 3 � � U ( L � � � � 3 � � - � � � 3 � : : � 9 L ( + + ) � ! - + ! ! � ,� 3 � : 3 � 2 � 5 � � � � � 5 � 1 � : � % � � � � L ! ) � � ! * � + � !� ? � B C D � > � Y � > A A B � Z W A � > A Z + � � � � 7 � � � ! J ) �P : � 3 � � � � % 3 � Q � � 5 � � � � � 1 � � � % 3 � � � 1 � : � � � 1 � � 3 � � � 3 9 � � 3 � � � � � � � a

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. � � ( L � � � � 3 � � - � � 3 � � N � � � L N � � � � � : � � 1 � � 3 � � � 3 9 � � � � � � N � � � � �

MYSTATE LIMITED 13

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c d e f g h g i j c k h i e h l m h m n o p h q h r s h e t u o v� � � � � � � � � ! � " # $ " % & ' � ! $ �( ) * ) + , - . * + / - 0 1 + 1 2 0 + , / * 3 4 / 5 0 6 + 7 * 1 * / + , 3 8 / 3 4 6 * - 0 1 + 1 2 0 + , / * 3 4 / 5 3 / * 3 + / * 9 0 1 + 2 2 4 / 9 + 1 2 * : 0 5 ) 5 ) * ; 4 / 3 4 / + 5 0 4 1 6< 2 5 = > > ? + 1 9 < 8 6 5 / + , 0 + 1 < 2 2 4 8 1 5 0 1 7 @ 5 + 1 9 + / 9 < < @ A ? B C D E F G H I J K L J F M F N J M O P H Q R I G J F S T U ; 4 V 3 , 0 + 1 2 * : 0 5 ) < < @ A ? B CW X Y Z [ W Y \ ] ^ _ ` a b X \ W c a d e f X d W [ X b d a ] X b ` g a X b X \ a b ` h W _ ] [ d a X i j d b X k b [ k f l j m n o p q r s t u v w u q x q y u x z { s | } t r u q ~ � � � e W e b ` �� W b [ [ W _ ] [ d k ] W Y X ] d a X \ ` Z k W X ] d W Y ] � d e W d � _ W X ] [ ^ b ` ` � a X \ ` Z k W k a X b X b X X Z b ` � a X b X \ a b ` [ W _ ] [ d b X k Y e ] Z ` k � W [ W b k0 1 2 4 1 � 8 1 2 5 0 4 1 : 0 5 ) 5 ) * V 4 6 5 / * 2 * 1 5 + 1 1 8 + , - 0 1 + 1 2 0 + , / * 3 4 / 5 - 4 / 5 ) * . * + / * 1 9 * 9 B > � 8 1 * = > ? � U� � � � � � � � � � � � � � � � � � � � �� e W \ ] X k W X Y W k \ ] X Y ] ` a k b d W k � a X b X \ a b ` Y d b d W ^ W X d Y \ ] ^ _ [ a Y W ] � � � j d b d W � a ^ a d W k � d e W � � ] ^ _ b X � � � b X k d e W W X d a d a W Y a d2 4 1 5 / 4 , , * 9 9 8 / 0 1 7 5 ) * ) + , - . * + / U ( ) * . ) + � * � * * 1 3 / * 3 + / * 9 4 1 5 ) * � + 6 0 6 4 - ) 0 6 5 4 / 0 2 + , 2 4 6 5 � * � 2 * 3 5 - 4 / 5 ) * / * � + , 8 + 5 0 4 14 - 2 * / 5 + 0 1 1 4 1 � 2 8 / / * 1 5 + 6 6 * 5 6 + 1 9 - 0 1 + 1 2 0 + , 0 1 6 5 / 8 V * 1 5 6 U ( ) * - 0 1 + 1 2 0 + , / * 3 4 / 5 ) + 6 � * * 1 3 / * 6 * 1 5 * 9 0 1 < 8 6 5 / + , 0 + 19 4 , , + / 6 U� � j d b d W � a ^ a d W k a Y b \ ] ^ _ b X � ] � d e W   a X k [ W � W [ [ W k d ] a X l Z Y d [ b ` a b X j W \ Z [ a d a W Y b X k f X ¡ W Y d ^ W X d Y � ] ^ ^ a Y Y a ] X � l j f � �� ` b Y Y ¢ [ k W [ £ ¤ ¥ ¦ § ¥ ¨ ¥ © k b d W k £ n � b [ \ e £ ¤ ¥ ¦ b X k © a X b \ \ ] [ k b X \ W c a d e d e b d � ` b Y Y ¢ [ k W [ © b ^ ] Z X d Y a X d e W ª a [ W \ d ] [ Y �/ * 3 4 / 5 + 1 9 5 ) * ) + , - . * + / - 0 1 + 1 2 0 + , / * 3 4 / 5 + / * / 4 8 1 9 * 9 4 - - 5 4 5 ) * 1 * + / * 6 5 5 ) 4 8 6 + 1 9 9 4 , , + / 6 � 8 1 , * 6 6 4 5 ) * / : 0 6 *0 1 9 0 2 + 5 * 9 Ug ] [ d e W _ Z [ _ ] Y W ] � d e W Y W � a X b X \ a b ` Y d b d W ^ W X d Y © d e W � ] ` ` ] c a X i b � � [ W ¡ a b d a ] X Y e b ¡ W � W W X b _ _ ` a W k «¬ / 4 8 3 ­ . @ 5 + 5 * ® 0 V 0 5 * 9 + 1 9 5 ) * * 1 5 0 5 0 * 6 0 5 2 4 1 5 / 4 , , * 9 + 5 5 ) * * 1 9 4 - � 4 / 9 8 / 0 1 7U 5 ) * 3 * / 0 4 9 ¯; 4 V 3 + 1 . ­ . @ 5 + 5 * ® 0 V 0 5 * 9 ¯° * / 0 4 9 5 ) * ) + , - . * + / * 1 9 * 9 B ? ± * 2 * V � * / = > ? � ¯ + 1 9< @ ² ; < 8 6 5 / + , 0 + 1 @ * 2 8 / 0 5 0 * 6 + 1 9 ² 1 � * 6 5 V * 1 5 6 ; 4 V V 0 6 6 0 4 1 U� e W \ ] ^ _ b [ b d a ¡ W a X � ] [ ^ b d a ] X k a Y \ ` ] Y W k a X d e W � ] X Y ] ` a k b d W k f X \ ] ^ W j d b d W ^ W X d © � ] X Y ] ` a k b d W k j d b d W ^ W X d ] �; 4 V 3 / * ) * 1 6 0 � * ² 1 2 4 V * � ; 4 1 6 4 , 0 9 + 5 * 9 @ 5 + 5 * V * 1 5 4 - ; ) + 1 7 * 6 0 1 ³ ´ 8 0 5 . + 1 9 5 ) * ; 4 1 6 4 , 0 9 + 5 * 9 @ 5 + 5 * V * 1 5 4 - ; + 6 )µ , 4 : 6 0 6 - 4 / 5 ) * 6 0 � V 4 1 5 ) 6 * 1 9 * 9 B ? ± * 2 * V � * / = > ? ¶ U ( ) * 2 4 V 3 + / + 5 0 � * 0 1 - 4 / V + 5 0 4 1 9 0 6 2 , 4 6 * 9 0 1 5 ) * ; 4 1 6 4 , 0 9 + 5 * 9@ 5 + 5 * V * 1 5 4 - µ 0 1 + 1 2 0 + , ° 4 6 0 5 0 4 1 0 6 + 6 + 5 B > � 8 1 * = > ? � U ; 4 V 3 + / + 5 0 � * 0 1 - 4 / V + 5 0 4 1 V + . 2 4 1 5 + 0 1 / * + , , 4 2 + 5 0 4 1 4 -b ^ ] Z X d Y � l X � b k · Z Y d ^ W X d Y b [ W d ] b Y Y a Y d a X _ [ ] ¡ a k a X i ^ ] [ W ^ W b X a X i � Z ` a X � ] [ ^ b d a ] X c a d e a X d e W � a X b X \ a b ` Y d b d W ^ W X d Y �� e W b \ \ ] Z X d a X i _ ] ` a \ a W Y b X k ^ W d e ] k Y ] � \ ] ^ _ a ` b d a ] X b [ W d e W Y b ^ W b Y d e ] Y W b k ] _ d W k a X d e W ^ ] Y d [ W \ W X d b X X Z b `- 0 1 + 1 2 0 + , / * 3 4 / 5 : ) 0 2 ) 0 6 - 4 / 5 ) * . * + / * 1 9 * 9 B > � 8 1 * = > ? � U¸ ¹ º » ¼ ½ ¾ ¿ ¿ À Á Â Ã Ä Â Å Æ Ã Ç Â È Ç É È Êl Y k a Y \ ` ] Y W k a X d e W � a X b X \ a b ` [ W _ ] [ d � ] [ d e W � W b [ W X k W k m ¤ Ë Z X W £ ¤ ¥ Ì © l l j Í ¨ g a X b X \ a b ` f X Y d [ Z ^ W X d Y a Y W � � W \ d a ¡ W � ] [3 * / 0 4 9 6 � * 7 0 1 1 0 1 7 4 1 ? � 8 , . = > ? 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V + 5 * / 0 + , 0 V 3 + 2 5 4 1 5 ) * - 0 1 + 1 2 0 + , 6 5 + 5 * V * 1 5 6 4 1 + 9 4 3 5 0 4 1 4 - 5 ) * 1 * : 6 5 + 1 9 + / 9 � 0 5 0 6* � 3 * 2 5 * 9 5 ) + 5 5 ) * 2 4 , , * 2 5 0 � * 3 / 4 � 0 6 0 4 1 : 0 , , 0 1 2 / * + 6 * + 6 0 6 5 ) * * � 3 * 2 5 + 5 0 4 1 - 4 / - 0 1 + 1 2 0 + , 0 1 6 5 0 5 8 5 0 4 1 6 9 8 * 5 40 1 2 4 / 3 4 / + 5 0 1 7 * � 3 * 2 5 * 9 2 / * 9 0 5 , 4 6 6 * 6 0 1 5 4 5 ) * 0 V 3 + 0 / V * 1 5 + 6 6 * 6 6 V * 1 5 U < 1 . 0 1 2 / * + 6 * 4 1 + 9 4 3 5 0 4 1 4 - 5 ) * 6 5 + 1 9 + / 9c a ` ` � W d b   W X d e [ ] Z i e ] _ W X a X i [ W d b a X W k W b [ X a X i Y c a d e X ] a ^ _ b \ d ] X d e W a X \ ] ^ W Y d b d W ^ W X d � Z d c a ` ` e b ¡ W b\ ] X Y W Ø Z W X d a ^ _ b \ d ] X d e W Ù Ú Û Ü Ý Þ ß \ b _ a d b ` b k W Ø Z b \ � [ b d a ] �

w x y z { z | } ~ w ~ z | � � àMYSTATE LIMITED 14

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á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ô õ ö ÷ ø ù ú û ö ü õ ö ÷ ø ù ú û ö ýþ ÿ û û û þ ÿ û û û� � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � ! �" � � � # � $ � #% � � & � � � � � � � � � � � � � � ' ( ) * + ' � $ � � � �� � � � � � � � � , - � � � �. / � � 0 0 � � 1 � � 2 / � # � $ � " � � � "" $ � # " " � � � " �% � � & � � � � � � � � � , - � � � � ( 3 ) 3 4 ' " � � � � !5 � � 6 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �7 8 � � � � � / 2 � � 9 � � � ! � � # � ! � � � �� � � � 9 � � � � � ! � � � � " �: � � ; 2 � < � � = = 2 � � 2 � � � � � � ! � � � # � > / ? � 8 @ � � ; 2 � < � 1 � 8 � / 2 � � � 2 � � � = � " # � " �% � � & � � � 6 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � A ) B 3 3 � � � � �B � � � � � � � � � � C � & � D � � � � � � � � � � � � � � � �E F � � � = � � � < � = � � / 2 � � � = � � $ � � " � � � $> / ? � 8 9 � � � � � � � � = = 2 � � 2 � � � " � � � ! � # � % � � & � � � � � � � � � � C � & � D � � � � � � � � � � � � � � � � ' ) � 3 3 � � ! � ( � � � � � � � � � � � � D � � � � � � � � � � �G 8 � 9 2 / 9 8 � = � � 0 � � 9 � / ? � 8 2 � � � � / = � � / � H � � ! � �I 2 � 2 � � � � � 9 8 � = � / ? � 8 � � 8 1 � 8 � / 2 � � � H � % � � & � � � � � � � � � � � � D � � � � � � � � � � � 6 � + J , - � � � � �K L � � � � � � � � � � � � � � � � � � � & M L � N � � ! ! � �I � 1 8 � � 2 � / 2 � � H 9 F 8 � 2 / F 8 � � � � � O F 2 1 = � � / � � � � $% � � D � � & � P � � � � � � � � & M L � N. = � 8 / 2 � � / 2 � � H � � = 1 F / � 8 � � 9 / Q � 8 � � � " � � � �� $ " # R � � M - � � P � � � � � � � � & M L � N � # � # � � # � !I � 1 8 � � 2 � / 2 � � H � � = 1 F / � 8 � O F 2 1 = � � /> 1 � 8 � / 2 � < 0 � � � � 1 � S = � � / �I � 1 8 � � 2 � / 2 � � H 0 � � � � ? � 0 � 2 = 1 8 � � � = � � / �. = � 8 / 2 � � / 2 � � H � / ? � 8 2 � / � � < 2 @ 0 � �

T � � � � / = � � / � � � F 8 2 / 2 � �E 2 U � � / � 8 = � � 1 � � 2 / �

7 ? � 9 � 0 0 � Q 2 � < 2 / � = � � 8 � 2 � � 0 F � � � Q 2 / ? 2 � � � � ? 2 / � = � 9 � 1 � � 2 9 2 � � � U 1 � � � � � VT � / ? � ? � 0 9 S � � 8 � � � � � ! � I � � � = @ � 8 � $ � � � / ? � W 8 � F 1 � 2 � 1 � � � � � 9 2 / � 2 � � � � / = � � / 2 � 0 2 � / � � � O F 2 / 2 � � X 7 ? � � � 8 8 S 2 � < � � 0 F � � 9 / ? � � � � ? � 8 � � � / / ? � � � / �� 9 � 2 � 1 � � � 0 Q � � Y ! � � " � � $ $ $ X

MYSTATE LIMITED 15

Page 19: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ô õ ö ÷ ø ù ú û ö ü õ ö ÷ ø ù ú û ö ý� � � � � � � � � �4 J � � � � � - � � � D � �: � � 2 � � � 8 � 2 � < � 1 � 8 � ? � 8 � � # X � � # X � �I 2 0 F / � � � � 8 � 2 � < � 1 � 8 � ? � 8 � � # X � � # X � �õ ö ÷ ø ù ú û ö ü õ ö ÷ ø ù ú û ö ýe f g g g e f g g gG 8 � 9 2 / 9 � 8 / ? � 1 � 8 2 � � � � # � � � � � � $5 M � � � 5 M � � �� � � � � � � � � � � # � � � � " �õ ö ÷ ø ù ú û ö ü õ ö ÷ ø ù ú û ö ýe f g g g e f g g g3 h � � � L � � L �h � � � L � � L � - � L � � � � # $ � � � # ! �7 ? � � 2 � 2 � � � � � 1 � 2 � � F 8 2 � < / ? � 1 � 8 2 � � Q � 8 � 9 F 0 0 S 9 8 � � ; � � � / / ? � ! $ i � � 8 1 � 8 � / � / � U 8 � / � X

7 ? � 9 � 0 0 � Q 2 � < 2 � 9 � 8 = � / 2 � � 8 � 9 0 � � / � / ? � 2 � � � = � � � � � ? � 8 � � � / � F � � � 2 � / ? � � � 0 � F 0 � / 2 � � � 9 @ � � 2 � � � � � 2 0 F / � � � � 8 � 2 � < � 1 � 8 � ? � 8 � Vj � 2 < ? / � � � � � 8 � < � � F = @ � 8 � 9 � 8 � 2 � � 8 S � ? � 8 � � F � � � 2 � � � 0 � F 0 � / 2 � < @ � � 2 � � � � � 2 0 F / � � � � 8 � 2 � < � 1 � 8� ? � 8 �� $ � # E 2 � � 0 � 2 � 2 � � � � 1 � 2 � V � " X � � � / � 1 � 8 � ? � 8 � k � $ � � E 2 � � 0 � 2 � 2 � � � � V � " X � � � / � 1 � 8 � ? � 8 � l

MYSTATE LIMITED 16

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á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ôA n � � � � � � � � � � � � � � �

o p q r s q t u ø p v w xy p q p t ø y ø q w z { | } { | p w ø p q ~ù { q � { v s ~ p w s { q � { w p ve f g g g e f g g g e f g g g e f g g g� & � P � � � � L � L B * h � � � � � � � g * 3T � / � 8 � � / 2 � � � = � � " � $ � $ � ! � � " � � �T � / � 8 � � / � U 1 � � � � k " # � # � � l H H k " # � # � � l> / ? � 8 2 � � � = � � � " � # � � � # # k � � $ l � # � � "> / ? � 8 � U 1 � � � � � k ! � ! � l k � � � � # l � " k " � � " � lT � � � = � / � U � U 1 � � � � k � � ! � l k � � � l H k � � # � ! ln � � � � � � � � - � � � � � � � � � � � � � � � � , * B ) + + g � ) � ( � 6 * + ) 3 ' �n � � � � � � � � � � ( ) A ( ' ) 3 4 3 � 4 ) A 4 ( ( ' ) g * + ( ) ' � + ) 4 ( 3n � � � � � & � � & � � � � � ( ) 4 g 4 ) A B � B ) � ( 3 � 3 g 3 � ( ) 4 g ' ) B 3 �� & � P � � � � L � L B * h � � � � � � � g * 4T � / � 8 � � / 2 � � � = � � $ � $ � # � � � ! � $ � � � �T � / � 8 � � / � U 1 � � � � k " � � � � ! l H H k " � � � � ! l> / ? � 8 2 � � � = � � � � � � � # � � k � l � � � ! � !> / ? � 8 � U 1 � � � � � k ! ! � � " � l k � � ! " � l k � � l k " $ � � � lT � � � = � / � U � U 1 � � � � k � � " $ l k � � $ " l $ " k � # � $ ln � � � � � � � � - � � � � � � � � � � � � � � � � , � � � # ! $ � � " � $ H � � � � $� & � � � � � � B g � M � � � g * 3n � � � � � � � � � � " � � ! " � � � � � � ! � $ � ! # � " � � � $ � " �n � � � � � & � � & � � � � � " � � � � $ � � � � � � � $ � " � � � � " #

7 ? � W 8 � F 1 ? � � 2 � � � / 2 9 2 � � / Q � � 1 � 8 � / 2 � < � 2 � 2 � 2 � � � � � � � � � 8 1 � 8 � / � � 2 � 2 � 2 � � Q ? 2 � ? � 8 � 2 / � 8 � 1 � 8 / � @ 0 � � � < = � � / � X 7 ? � � � � 2 � 2 � 2 � � � � 9 9 � 8 � 2 9 9 � 8 � � /1 8 � � F � / � � � � � � 8 � 2 � � � � � � � 8 � = � � � < � � � � 1 � 8 � / � 0 S X 7 ? � W 8 � F 1 � � = � � � < � = � � / � � = = 2 / / � � 8 � � 2 � Q 2 � / � 8 � � 0 = � � � < � = � � / 8 � 1 � 8 / � 9 � 8 � � � ? � 9/ ? � � � � 2 � 2 � 2 � � � � / 0 � � � / = � � / ? 0 S X� � � � � L � � � � � � �7 ? � @ � � ; 2 � < � 2 � 2 � 2 � � � � 1 8 � � F � / � 9 9 � 8 2 � < � 2 � � 0 F � � 0 � � � 2 � < � � � � � = 1 � � � 2 � < ? � = � 0 � � � � � 1 � 8 � � � � 0 � � � � 8 � 8 � 9 / � � 0 2 � � � � 9 � 8 � � 2 / � � � � � = = � 8 � 2 � 01 8 � � F � / � � / 8 � � � � � / 2 � � � 0 � � � 2 � < � � � � � F � / � � � � 9 2 U � � / � 8 = � � 1 � � 2 / � � � � 2 � � F 8 � � � � 1 8 � � F � / � X T / � � 0 2 � � 8 � / ? � � � 1 8 � � F � / � � � � � � 8 � 2 � � � / ? 8 � F < ? 2 / �@ 8 � � � ? � � / Q � 8 ; � � 2 < 2 / � 0 � ? � � � � 0 � � � � / ? 2 8 � 1 � 8 / S � ? � � � � 0 � X 7 ? � @ � � ; 2 � < � 2 � 2 � 2 � � 2 � � � � � F � / � � @ S / ? � � S � / � / � : � � ; W 8 � F 1 X� � & � D � � � � � � � L � � � � � � �7 ? � Q � � 0 / ? = � � � < � = � � / � 2 � 2 � 2 � � 2 � � 1 8 � � 2 � � 8 � 9 9 F � � � = � � � < � = � � / � 9 2 � � � � 2 � 0 1 0 � � � 2 � < � � � / 8 F � / � � � � 8 � 2 � � � X T / � 1 � 8 � / � � 1 8 � � � = 2 � � � / 0 S Q 2 / ? 2 �7 � � = � � 2 � X T / ? � 0 � � Y � X � � @ 2 0 0 2 � � 2 � 9 F � � � F � � � 8 = � � � < � = � � / � � @ � ? � 0 9 � 9 1 � 8 � � � � 0 � @ F � 2 � � � � � � � Q ? � 0 � � � 0 � 2 � � � � / � 8 � � � / ? � 8 � � 1 � � � 2 @ 0 � � � / 2 / S9 � 8 � $ = � � � < � � 2 � � � � / = � � / � � ? � = � � X 7 ? � Q � � 0 / ? = � � � < � = � � / � 2 � 2 � 2 � � 2 � � � � � F � / � � @ S 7 � � = � � 2 � � G � 8 1 � / F � 0 7 8 F � / � � � � 2 = 2 / � � X 7 � � = � � 2 � �G � 8 1 � / F � 0 7 8 F � / � � � � 2 = 2 / � � 2 � � / 8 F � / � � � � = 1 � � S 0 2 � � � � � � Q 2 / ? 2 � / ? � = � � � 2 � < � 9 � ? � 1 / � 8 I � 9 / ? � � � 8 1 � 8 � / 2 � � � . � / � $ $ � � � � 2 � / ? � � � 0 S1 8 2 � � / � / 8 F � / � � � � = 1 � � S Q 2 / ? � 2 < � 2 9 2 � � � / � 1 � 8 � / 2 � � � 2 � 7 � � = � � 2 � X� � � - � � � � � L � � � � � & � L � � � � L � � � � � � �7 ? � � � 8 1 � 8 � / � � � � / � � � / 8 � 2 � 8 � � 1 � � � 2 @ 0 � 9 � 8 / ? � < � � � 8 � � � � � � 9 / ? � W 8 � F 1 X 7 ? � � � 8 1 � 8 � / � � � � / � � � / 8 � � ? � 8 < � � / ? � � 1 � 8 � / 2 � < � 2 � 2 � 2 � � � � � � � � � /8 � � � � � 8 S @ � � 2 � 9 � 8 � � � / � 2 / ? � � 2 � � F 8 8 � � X 7 ? 2 � � 2 � 2 � 2 � � 2 � � 0 � � Q ? � 8 � � 0 2 = 2 � � / 2 � � � � 8 � � ? � Q � @ � / Q � � � / ? � @ � � ; 2 � < � 2 � 2 � 2 � � � � � / ? � Q � � 0 / ?= � � � < � = � � / � 2 � 2 � 2 � � X

MYSTATE LIMITED 17

Page 21: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ô õ ö ÷ ø ù ú û ö ü õ û � � q ú û ö üe f g g g e f g g g' � & � � � � � � � � � � � � & � � � � L L � � � � �� � � 2 � � � / 2 � 0 0 � � � � � � � F 8 � � @ S = � 8 / < � < � " � � ! � � � " � " � $ � $ � " �G � 8 � � � � 0 0 � � � � � � � F � � � � F 8 � � � � � 8 � 8 � 9 / � # � � ! ! # # � � " �> � � 8 � 8 � 9 / � � � � F 8 � � @ S = � 8 / < � < � � � ! � $ � � � � �� � = = � 8 � 2 � 0 0 � � � � � ! � � # # � ! � " � �% � � & & � � � � L L � � � � � ( ) B B g ) g A * " � � � ! � " � �� 1 � � 2 9 2 � 1 8 � � 2 � 2 � � 9 � 8 2 = 1 � 2 8 = � � / � ! $ � � $" � � ! ! #% � � & & � � � � L L � � � � � � � � � � - � � � � � � � � � � � � � � - � � � � � � ( ) B � ' ) ( 4 g " � � � � � � � � � � � � � � � � � � � � - � � � � � �n - � � � � � � - � � � � � � � � � � � � � - � � � � � �> 1 � � 2 � < @ � 0 � � � � k � l � � $ � #� ? � 8 < � � k � 8 � � 2 / l � < � 2 � � / 1 8 � 9 2 / k � � l � "j 8 2 / � H � 9 9 � 9 1 8 � � 2 � F � 0 S 1 8 � � 2 � 2 � � � � 9 � � 2 0 2 / 2 � � k " $ � l k " � l� & � � � � & � � � � � � - � � � � � � - � � � � � � � � � � � � � - � � � � � � * B g � � $� � & & � � � � � � - � � � � � � � � � � � � � - � � � � � �> 1 � � 2 � < @ � 0 � � � � k � l ! ! # " � �� ? � 8 < � � k � 8 � � 2 / l � < � 2 � � / 1 8 � 9 2 / " � � ! � �j 8 2 / � H � 9 9 � 9 1 8 � � 2 � F � 0 S 1 8 � � 2 � 2 � � � � 9 � � 2 0 2 / 2 � � k ! $ � l k " # � l� & � � � � & � � � � � � � & & � � � � � � - � � � � � � � � � � � � � - � � � � � � ( ' * ! ! #k � l 7 ? � � 1 � � 2 � < @ � 0 � � � � 9 � 8 / ? � � � = 1 � 8 � / 2 � � 1 � 8 2 � � 2 � � � � � F � 8 S � $ � # � / ? � � 0 � � 2 � < @ � 0 � � � � 2 � ! $ � F � � � $ � # X õ ö ÷ ø ù ú û ö ü õ ö ÷ ø ù ú û ö ýe f g g g e f g g g� D � � � � - � � � � � � � � � � - � � � � � � � � & � � � � L L � � � � �H T � � 8 � � � � � k � � � 8 � � � � l 2 � � 1 � � 2 9 2 � 1 8 � � 2 � 2 � � 9 � 8 2 = 1 � 2 8 = � � / k " � $ l � �H T � � 8 � � � � � k � � � 8 � � � � l 2 � � � 0 0 � � / 2 � � 1 8 � � 2 � 2 � � 9 � 8 2 = 1 � 2 8 = � � / � " k � " lH : � � � � @ / � 8 � � � � � 8 � � k ! " l k � � � lH : � � � � @ / � Q 8 2 / / � � � 9 9 � 2 8 � � / 0 S � " � " !% � � & � � - � � � � � � � , - � � � � � � � � � � � � � P � � � & � � � � L L � � � � � 3 * k � ! � l

� � 0 0 � � / 2 � � 1 8 � � 2 � 2 � � 9 � 8 2 = 1 � 2 8 = � � /

7 ? � 8 � � 8 � � � 0 � � � � / ? � / 2 � � 2 � 2 � F � 0 0 S 8 � 1 8 � � � � / � $ i � 8 = � 8 � � 9 � ? � 8 � ? � 0 � � 8 � � � O F 2 / S X 7 ? � @ � � ; 2 � < � 2 � 2 � 2 � � � � � F � / � = � 8 � � 8 � 1 8 � � � = 2 � � � / 0 S 2 � / ? �� / � / � � � 9 7 � � = � � 2 � � � F � � � � 0 � � � � � � Q � � F / ? j � 0 � � � � � � 2 � / � 8 2 � X 7 ? � Q � � 0 / ? � � � 2 � 2 � 2 � � � F � / � = � 8 � � 8 � 1 8 � � � = 2 � � � / 0 S 2 � / ? � � / � / � � 9 7 � � = � � 2 � X

� � � � � L L � � � � �

MYSTATE LIMITED 18

Page 22: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ô* g � � � � & M � � � � � � � � � & � � � � � M � � � � �� & � � � � � � � � � � � � � � � � � � & � � � � � M � � � � �z p | | � s q t � ø w � p s | z p | | � s q t � ø w � p s |� p v � ø � p v � ø � p v � ø � p v � øe f g g g e f g g g e f g g g e f g g g� � � � � � & � � � � �E 2 � � � � 2 � 0 2 � � / 8 F = � � / � " � � � ! # � " � � � � # � " � � � ! � � " � � � $ � !� � � � � � � � � � � � � � � � " � ! � � � " � $ " � ! � � � � ! " � � � � � � " � � # � " " #% � � & � � � � � � & � � � � � ( ) 3 + * ) A B 4 ( ) 3 B ' ) A 4 ( " � # $ � � � � ! " � � � " � " # $� � � � � � & & � � & � � � � �I � 1 � � 2 / � ! � � $ � � ! � ! � � $ � � � � # ! � � � � " � ! � " " � � "> / ? � 8 @ � 8 8 � Q 2 � < � 2 � � 0 F � 2 � < � F @ � 8 � 2 � � / � � � � / � � � � " � � ! # � � " � � ! # � � � � � � $ � � � � � � $% � � & � � � � � � & & � � & � � � � � ( ) + 4 + ) + ' B ( ) + 4 3 ) g 4 ( " � " � � � � � " � " � � # # "� p s | � p v � ø x s ø | p | ù x �

õ ö ÷ ø ù ú û ö ü õ û � � q ú û ö ü7 ? � � < < 8 � < � / � � � / 9 � 2 8 � � 0 F � � 9 9 2 � � � � 2 � 0 � � � � / � � � � 9 2 � � � � 2 � 0 0 2 � @ 2 0 2 / 2 � � � Q ? 2 � ? � 8 � � � 8 8 2 � � � / � = � 8 / 2 � � � � � � / 2 � V� � � ? � � � 0 2 O F 2 � � � � � / � � � = � F � / � � F � / � 9 2 � � � � 2 � 0 2 � � / 2 / F / 2 � � � � � � � = � F � / � � F � 9 8 � = 9 2 � � � � 2 � 0 2 � � / 2 / F / 2 � � � � 8 � � � 8 8 2 � � � / � � � / X . � / ? � � � � � � � / � � 8 �� ? � 8 / / � 8 = � � � � / � � / ? � 2 8 � � � / 2 � � � � � 2 � � 8 � � / � � 1 1 8 � U 2 = � / � / ? � 2 8 9 � 2 8 � � 0 F � X7 ? � 9 � 0 0 � Q 2 � < 9 2 � � � � 2 � 0 � � � � / � � � � 0 2 � @ 2 0 2 / 2 � � � 8 � � 0 � � � � 8 8 2 � � � / � = � 8 / 2 � � � � � � / V  E 2 � � � � 2 � 0 2 � � / 8 F = � � / � �  ¡ ¢ £ ¤ ¥ £ ¤ ¦ £ ¦ § £ ¤ ¨ © ¥ ª  « © ¬ ¢ ¥ ­ ® ¥ ª £ ¤ ¦  ¯ ® ° © ± ² ¢ ± ± ¢ ³ ­ ¤ ´ ¥ ­ ¤ ¨ µ ¶ ¦ ­ ¤ ´ ¥ ¶ ² ¢ ± ¦ ­ ¤ £ ® © ¦ ¤ ¢ ® © ¥ ·

7 ? � 0 � � � 0 2 � / ? � 9 � 2 8 � � 0 F � ? 2 � 8 � 8 � ? S � 9 / ? � 2 � 1 F / � F � � � 2 � � � / � 8 = 2 � 2 � < / ? � 9 � 2 8 � � 0 F � � 2 � � ? � Q � @ � 0 � Q X 7 ? � 9 � 2 8 � � 0 F � � 9 / ? � � � � � � � / � 2 � V� � � � 0 � ¸ 2 � 1 F / � / ? � / � 8 � 1 8 2 � � � O F � / � � 9 � 8 2 � � � / 2 � � 0 2 � � / 8 F = � � / � 2 � � � / 2 � � = � 8 ; � / � �� � � � 0 � H 2 � 1 F / � @ � � � � � � � @ � � 8 � � @ 0 � = � 8 ; � / � � / � � / ? � 8 / ? � � / ? � � � 2 � 0 � � � 0 � � � � �� � � � 0 ! H 2 � 1 F / � 9 � 8 Q ? 2 � ? / ? � 8 � 2 � � � � @ � � 8 � � @ 0 � = � 8 ; � / � � / � Xj ? � 8 � / ? � � U 1 � � / � � = � / F 8 2 / S 2 � 2 � � U � � � � � 9 � � = � � / ? � � / ? � 9 � 2 8 � � 0 F � 2 � � 2 � � � F � / � � / � 2 / � 1 8 � � � � / � � 0 F � X I F 8 2 � < / ? � S � � 8 � / ? � 8 � ? � � � @ � � � � �= � / � 8 2 � 0 / 8 � � � 9 � 8 � @ � / Q � � � 0 � � � 0 � � 9 / ? � 9 � 2 8 � � 0 F � ? 2 � 8 � 8 � ? S X 7 ? � W 8 � F 1 ? � � � � / � 8 = 2 � � � / ? 2 � � 1 1 8 � � � ? @ � � � � � � � 8 � � � � � � � = � � / � 9 / ? �� � / � < � 8 2 � � / 2 � � k @ � � � � � � / ? � 0 � Q � � / 0 � � � 0 2 � 1 F / / ? � / 2 � � 2 < � 2 9 2 � � � / / � / ? � 9 � 2 8 � � 0 F � = � � � F 8 � = � � / � � � Q ? � 0 � l � / / ? � � � � � 9 � � � ? 8 � 1 � 8 / 2 � < 1 � 8 2 � � X� 2 < � 2 9 2 � � � / F � � @ � � 8 � � @ 0 � 2 � 1 F / � � Q ? 2 � ? � 8 � � � � � 2 / 2 � � / � 8 � � � � � � @ 0 S 1 � � � 2 @ 0 � � ? � � < � � 2 � � � � H = � 8 ; � / � � � F = 1 / 2 � � � � Q � F 0 � � � / ? � � � � = � / � 8 2 � 02 = 1 � � / � � / ? � � � � � � 0 2 � � / � � 8 � � F 0 / X

MYSTATE LIMITED 19

Page 23: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ô* g � � � � & M � � � � � � � � � & � � � � � M � � � � �� p s | � p v � ø x s ø | p | ù x � º ù { q w s q � ø ~ » ¼ ø � ø v ö ¼ ø � ø v ú ¼ ø � ø v õ � { w p v� p v � ø � p v � ø � p v � ø � p v � øe f g g g e f g g g e f g g g e f g g gB * h � � � � � � � g * 3� � � � � � & � � � � �E 2 � � � � 2 � 0 2 � � / 8 F = � � / � 6 ( � * ) � 3 * 6 ( � * ) � 3 *� � � � � � � � � � � � � � � � 6 6 ( ) B * A ) + ' B ( ) B * A ) + ' B� � � � � � & & � � & � � � � �I � 1 � � 2 / � 6 B ) 4 g � ) A � 3 6 B ) 4 g � ) A � 3> / ? � 8 @ � 8 8 � Q 2 � < � 2 � � 0 F � 2 � < � F @ � 8 � 2 � � / � � � � / � � 6 ' 4 ( ) � B 3 6 ' 4 ( ) � B 3B g � M � � � g * 3� � � � � � & � � � � �E 2 � � � � 2 � 0 2 � � / 8 F = � � / � H " � � � $ � ! H " � � � $ � !� � � � � � � � � � � � � � � � H H " � � # � " " # " � � # � " " #� � � � � � & & � � & � � � � �I � 1 � � 2 / � H ! � " " � � " H ! � " " � � "> / ? � 8 @ � 8 8 � Q 2 � < � 2 � � 0 F � 2 � < � F @ � 8 � 2 � � / � � � � / � � H � � � � � � $ H � � � � � � $7 ? � 8 � ? � � � � / @ � � � � � 2 = 1 � � / � � 1 8 � 9 2 / � � � 0 � � � � 9 9 � 2 8 � � 0 F � = � � � = � � / � � 9 � � � � / � / ? � / � 8 � Q 2 / ? 2 � � � � � 0 ! � 9 / ? � 9 � 2 8 � � 0 F � ? 2 � 8 � 8 � ? S X

MYSTATE LIMITED 20

Page 24: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ô õ ö ÷ ø ù ú û ö ü õ û � � q ú û ö üe f g g g e f g g g* * n D � � � - � � &� � � M � L � L - � L M - � - � � &> 8 � 2 � � 8 S � ? � 8 � � 9 F 0 0 S 1 � 2 � * ( B ) ' * 4 � " � � ! " �¿ � � � � � � � � � � � D � � � - � � & � � y À ø | Á y { � q w� � � D � � � e f g g gR � L � � � P n D � � �> 1 � � 2 � < @ � 0 � � � � � � � / � � F 0 S � $ � # A ' ) ( ( + ) B ' + * ( * ) B ( '� ? � 8 � � 2 � � F � � 1 F 8 � F � � / / � / ? � VH  U � � F / 2 � � 0 � � < / � 8 = 2 � � � � / 2 � � 1 0 � � � * ) 4 + A * g �H  = 1 0 � S � � � ? � 8 � � � ? � = � � 9 / ? � W 8 � F 1 * 4 ) 3 � 3 A �H I 2 � 2 � � � � 8 � 2 � � � � / = � � / 1 0 � � + g A ) ' * g � ) B A B� & � � � � & � � � � � B * h � � � � � � � g * 3 A ' ) ' ' � ) 4 ' g * ( B ) ' * 4� � y À ø | Á y { � q w� � � D � � � e f g g gR � L � � � P n D � � �> 1 � � 2 � < @ � 0 � � � � � � � / � � F 0 S � $ � � � # � � " � � � ! " � # �� ? � 8 � � 2 � � F � � 1 F 8 � F � � / / � / ? � VH  U � � F / 2 � � 0 � � < / � 8 = 2 � � � � / 2 � � 1 0 � � H HH  = 1 0 � S � � � ? � 8 � � � ? � = � � 9 / ? � W 8 � F 1 � � � # � � � $� & � � � � & � � � � � B * h � � � � � � � g * 4 � # � � # � � � � " � ! " � � ! �õ ö ÷ ø ù ø y À ø | ú û ö ýõ ö ÷ ø ù ø y À ø | ú û ö ü

MYSTATE LIMITED 21

Page 25: RESULTS FOR ANNOUNCEMENT TO THE MARKET · 2018. 2. 22. · December 2016 (pcp) of $15.2 million. Earnings per share of 17.56 cents represents an increase of 0.27 cents per share

á â ã ä å æ å ç è á é æ ç ã æ ê ë æ ë ì í î æ ï æ ð ñ æ ã ò ó í ô õ ö ÷ ø ù ú û ö ü õ ö ÷ ø ù ú û ö ýe f g g g e f g g g* � n � � � � � � � � � � � D � & � C �� � / � � � � � 2 � � � � � � � � ? � / @ � � ; ( ( ) A � 4 � # � $ � > / ? � 8 � ? � 8 / / � 8 = 0 2 O F 2 � � � � � / � 3 ) ' 3 ( � � � # � "% � � & � � D � L & � à M � L � � � � � + � ) A g g � � � # " �õ ö ÷ ø ù ú û ö ü õ û � � q ú û ö üe f g g g e f g g g* B � M � � � � � � � � � � � � � � � � � ( ' ) g * � " � � � $4 + ) * ( ' # � � � �k � l G � 8 9 � 8 = � � � � < F � 8 � � / � � � * ) ' ' B � � $ $ $k � l � � � � � � 1 1 8 � � � � @ F / � � / � � � � � � � � / � @ � 8 8 � Q � 8 �k @ l Ä � � 8 � Q � � � � / 2 � F 2 � < 0 2 � � � � 9 � 8 � � 2 /7 ? � 8 � ? � � � @ � � � � � = � / � 8 2 � 0 � ? � � < � � 2 � � � � / 2 � < � � / 0 2 � @ 2 0 2 / 2 � � � 8 � U 1 � � � 2 / F 8 � � � = = 2 / = � � / � � 2 � � � / ? � � � � � 9 / ? � 0 � � / 8 � 1 � 8 / 2 � < 1 � 8 2 � � � � � � � ! $� F � � � $ � # X

E � 8 / ? � 1 F 8 1 � � � � 9 / ? � � / � / � = � � / � 9 � � � ? E 0 � Q � � � � � ? � � � 0 2 O F 2 � � � � � / � 2 � � 0 F � � � V

MYSTATE LIMITED 22

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% � � & � � � � & � � & � � � � � � L � Ã M � � P

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MYSTATE LIMITED 23

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MYSTATE LIMITED 24

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To the members of MyState Limited

Report on the HalfReport on the HalfReport on the HalfReport on the Half----YearYearYearYear Financial ReportFinancial ReportFinancial ReportFinancial Report

We have reviewed the accompanying half-year financial report of MyState Limited, which

comprises the consolidated statement of financial position as at 31 December 2017, the

consolidated statement of comprehensive income, consolidated statement of changes in equity

and consolidated statement of cash flows for the half-year ended on that date, notes comprising

a summary of significant accounting policies and other explanatory information, and the directors’

declaration of the consolidated entity comprising the company and the entities it controlled at the

half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report

that gives a true and fair view in accordance with Australian Accounting Standards and the

Corporations Act 2001 and for such internal controls as the directors determine are necessary to

enable the preparation of the half-year financial report that is free from material misstatement,

whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review.

We conducted our review in accordance with Auditing Standard on Review Engagements ASRE

2410: Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to

state whether, on the basis of the procedures described, we have become aware of any matter

that makes us believe that the financial report is not in accordance with the Corporations Act 2001

including: giving a true and fair view of the consolidated entity’s financial position as at

31 December 2017 and its performance for the half-year ended on that date; and complying with

Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001.

As the auditor of MyState Limited and the entities it controlled during the half-year, ASRE 2410

requires that we comply with the ethical requirements relevant to the audit of the annual financial

report.

A review of a half-year financial report consists of making enquiries, primarily of persons

responsible for financial and accounting matters, and applying analytical and other review

procedures. A review is substantially less in scope than an audit conducted in accordance with

Australian Auditing Standards and consequently does not enable us to obtain assurance that we

would become aware of all significant matters that might be identified in an audit. Accordingly, we

do not express an audit opinion.

1st Floor 160 Collins Street, Hobart TAS 7000 GPO Box 1083 Hobart TAS 7000

03 6223 6155 Move Forward

[email protected] www.wlf.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

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Independence

In conducting our review, we have complied with the independence requirements of the

Corporations Act 2001. We have given to the directors of the company a written Auditor’s

Independence Declaration.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes

us believe that the half-year financial report of MyState Limited is not in accordance with the

Corporations Act 2001, including:

a) giving a true and fair view of the consolidated entity’s financial position as at

31 December 2017 and of its performance for the half-year ended on that date; and

b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations

Regulations 2001.

JJJJoanne Doyleoanne Doyleoanne Doyleoanne Doyle

Partner

Wise Lord & Ferguson

Date: 23 February 2018