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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%
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
� � � � � � � � � � � � � � � � � � � � � � � � � � � � �
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
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
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
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
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
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
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
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.
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MYSTATE LIMITED 9
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MYSTATE LIMITED 10
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MYSTATE LIMITED 11
� �� � � �� � �� � � � �� � �� � ��� �� �� � � � �� � �� � � � � � � � ��� � � � � � �� � � � � � � ¡ � � � ¢ � � � £ ¤ �� ¢¥ �� � � �� � � � � � � � � ¦ � � � �� �� � � � � � � § �� ¤ � � �� � � � � ��� �� � � � � � � � � ¨� � � �©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
� � � � � � � � � � � � � � � � � � � � � � � � � � � � �� > � 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
W A � Y � Y > ? W ] � > A � C Z � Z � � � � � � E X � A � � � �
. � � ( � � � � � 3 � � - U L � � � � 3 � � � � 3 � � N � � � L N � 1 � � � � � : � � 1 � � 3 � � � 3 9 � � � � � � N � � � � �
. � � ( L � � � � 3 � � - � � 3 � � N � � � L N � � � � � : � � 1 � � 3 � � � 3 9 � � � � � � N � � � � �
MYSTATE LIMITED 13
� _ \ E E > A ] W � B D C B W B � > C � > � � \ C � B C D @ ? B � B � �� � � � � � � � � � � � � � � � � � � � � �� � � � �
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 , . = > ? Î U ( ) * 6 5 + 1 9 + / 9 0 1 5 / 4 9 8 2 * 6 0 V 3 + 0 / V * 1 5 / * ´ 8 0 / * V * 1 5 6 � + 6 * 9 4 1 + 1 * � 3 * 2 5 * 9 2 / * 9 0 5, 4 6 6 V 4 9 * , 5 ) + 5 / * 3 , + 2 * 6 5 ) * 0 1 2 8 / / * 9 , 4 6 6 V 4 9 * , 8 1 9 * / 5 ) * 2 8 / / * 1 5 + 2 2 4 8 1 5 0 1 7 6 5 + 1 9 + / 9 + 1 9 : 0 , , 2 ) + 1 7 * 5 ) *Ï Ð Ñ Ò Ó Ô Õ V * 5 ) 4 9 4 , 4 7 . - 4 / 2 + , 2 8 , + 5 0 1 7 5 ) * 3 / 4 � 0 6 0 4 1 - 4 / 9 4 8 � 5 - 8 , 9 * � 5 6 U ( ) * ¬ / 4 8 3 ) + 6 8 1 9 * / 5 + Ö * 1 0 1 0 5 0 + , 0 V 3 + 2 5b Y Y W Y Y ^ W X d Y ] � d e W � a X b X \ a b ` a ^ _ b \ d ] X b k ] _ d a X i d e W X W c _ [ ] ¡ a Y a ] X ^ W d e ] k ] ` ] i � � Z d e b Y X ] d \ ] X \ ` Z k W k d e W Y Wb Y Y W Y Y ^ W X d Y a X ] [ k W [ d ] � W a X b _ ] Y a d a ] X d ] [ W ` a b � ` � W Y d a ^ b d W d e W a ^ _ b \ d ] X d e W � a X b X \ a b ` Y d b d W ^ W X d Y � × e a ` Y d d e W¬ / 4 8 3 0 6 1 4 5 + 1 5 0 2 0 3 + 5 0 1 7 + 1 . 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
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
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
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
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
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
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
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
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
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* ( K � � � � & � � � � D � � � � L � � M � � � � � � � � � � � � � � � � � � � � � �Á � ø | p t øÁ � ø | p t øÀ p v p q ù ø | p w øº p q q � p v s � ø ~ » Á � ø | p t øÀ p v p q ù ø Á � ø | p t ø| p w øþ ÿ û û û þ ÿ û û û Å e f g g g e f g g g ÆK � � � � � � � � � � L � � � � � � � � � � � � � �� � � � � � � � 6 � � � � � � � � � �� � � ? � � � 0 2 O F 2 � � � � � / � + ' ) * � ( * + B g Ç + * Æ # � � � ! � � # $ X # � iE 2 � � � � 2 � 0 2 � � / 8 F = � � / � ( * B ) B g * ( ) A ( + � Ç B B Æ ! � $ � � � ! � � " � $ � X $ i� � � � � � � � � � � � � � � � ( ) � A ' ) 3 3 � A ' ) * 4 * ( Ç * � Æ " � � $ $ � � " � � # � � � � ! " X � $ i% � � & � � � � � � � � � � � � 6 � � � � � � � � � � ( ) 3 4 � ) * ' 3 ' ( ) * + ' B Ç ' � Æ " � � � # � � � � � � � $ " X $ $ i* � 3 ) * g 3 6 6 � � � � ! $ � H H% � � & � � � � � � � � � ( ) A A ' ) B g ( ' ( ) * + ' B Ç A � Æ " � � � � � # � � � � � � � $ ! X � � iK � � � � & � � & � � � � � � L � � � � � � � � � , - � � � �� � � � � � � � 6 � � � � & � � & � � � � �I � 1 � � 2 / � � � � � � 8 2 � � / 2 � � � B ) + � ' ) 3 3 ( B � ) * � 4 * Ç A * Æ ! � " " � � ! $ � � � # " � � X � � i� � / � � � � � @ � � � � � � 2 � � F � * ) g g g ) ' * ( * + ) 4 ( B B Ç * g Æ � $ ! � � # � � � � ! " � ! X � " i% � � & � � � � � � � � � � � � 6 � � � � & � � & � � � � � ( ) + B g ) 4 A A ( 3 ) 3 4 ' � Ç g ' Æ " � ! " � " # � � " � $ � � � X � # i� � � H 2 � / � 8 � � / @ � � 8 2 � < 0 2 � @ 2 0 2 / 2 � � ( 3 ) B � B 6 6 ! " � � � ! H H% � � & � � � � & � � & � � � � � ( ) + 3 A ) g * * ( 3 ) 3 4 ' � Ç g 3 Æ " � ! � $ � " $ � � " � $ � � � X � i O F 2 / S B * * ) � A ' 6 6 � � � � $ $ H H( ) A A ' ) B g g ( 3 ) 3 4 ' * Ç ' ( Æ " � � � � � $ � � " � $ � � � X $ � i* + J � � � � � � M � � à M � � � � � & � � � L � �7 ? � 8 � Q � 8 � � � = � / / � 8 � � 8 � 2 8 � F = � / � � � � � / ? � / ? � � � � 8 2 � � � � 2 � � � / ? � � � � � 9 / ? � 1 � 8 2 � � Q ? 2 � ? � 2 < � 2 9 2 � � � / 0 S � 9 9 � � / � � � 8 = � S � 2 < � 2 9 2 � � � / 0 S � 9 9 � � / / ? �� 1 � 8 � / 2 � � � � 9 / ? � W 8 � F 1 � / ? � 8 � � F 0 / � � 9 / ? � � � � 1 � 8 � / 2 � � � � � 8 / ? � � / � / � � 9 � 9 9 � 2 8 � � 9 / ? � W 8 � F 1 2 � 9 F / F 8 � 9 2 � � � � 2 � 0 1 � 8 2 � � � X
È p v � � ø p | ø q ~ ø ~ õ ö ÷ ø ù ú û ö ü � � v v � ø p | ø q ~ ø ~ õ û � � q ú û ö ü7 ? � 9 � 0 0 � Q 2 � < / � @ 0 � � ? � Q � / ? � = � É � 8 � � / � < � 8 2 � � � 9 2 � / � 8 � � / H � � 8 � 2 � < � � � � / � � � � 2 � / � 8 � � / H @ � � 8 2 � < 0 2 � @ 2 0 2 / 2 � � � / � < � / ? � 8 Q 2 / ? / ? � 2 8 8 � � 1 � � / 2 � � 2 � / � 8 � � /� � 8 � � � � 8 1 � 2 � @ S / ? � W 8 � F 1 � � � / ? � � � � 8 � < � 2 � / � 8 � � / 8 � / � � X . � � 8 � < � � � 8 � � � 0 � F 0 � / � � @ � � � � � � / ? � @ � 0 � � � � � / � � � ? = � � / ? � � � X
% � � & � � � � & � � & � � � � � � L � Ã M � � P
Ê q w ø | ø � w Ê q w ø | ø � w� � � H 2 � / � 8 � � / � � 8 � 2 � < � � � � / �
MYSTATE LIMITED 23
~ � � � � Ì Í � � � � Î � � � � Í � Ì � Ï � � Ì � Ì � � � � � Í � � Ì Í � Ì � w Ð y � � � } � � � � � Ñ Î � � � � � � � � Ò~ � � � Ì Ó � � � Ì � Ì � � � � � Í � � Ì Í � ÒÔ � Õ Ô � ÕÔ � � ÕÔ Ö Õz � � � � � � � Í � � � Ì � � � � � � � � � � � Ì Í � � � � Î � � � � Í � Ì � Ï � � Ì � Ì � � � � � Í � � Ì Í � ×Ø � Ö � � � � Ì � � � Ù Ì � Í �w } Ú � � Ó � Ì � { � � Í � Û � � Í �Ü � � � Í � � � � � Í � � Ì ÍÚ Ì Ö � Í �� � � � � � � � � � Ý Í � Ì � Þ Ö Í Ï � Í Ð Ý � � � ×
z � Í � Í Í � � Ì � � Ö � ß Í Ì Ï � � � � Ì Ö � � à � � � � w Ð y � � � } � � � � � Î � � � Ö � Ö � � Ì Ó � Ð � � � � Ö � � � � � � � Î � �� � Ð Ö � Ì � � Ï � � � Ó � Ð � Ö � ×z � � � � � � � � � � � � � � � � � � � � � � Ì � � Ì � � � ß Í Ì Ï Ó � Í � � � � � Ì Í � � � � Î � � � � � Ü Ì Í Ó Ì Í � � � Ì � � { � � Ý � � � Ñ� � � � Ï � � � ß Òá � à � � ß � � Í Ï � � � � � � Í à � Î Ì � � � ß Í Ì Ï Ó â � � � � � � � � � � Ó Ì � � � � Ì � � � � � � � � � Ö Í Ý � � ã � � � Ì � � � �Ó Í � Ì Í � � � � � Ì Í � � Ó Í � Ì � � � � Ì � � � � � � � � ä � � �Ü Ì � Ó � Ð � � ß Î � � � { � � Ì Ï � � � � ß y � � � � � Í � { { y Ù � à å æ ç è é ê ë ì ê æ í æ î ê í ï ð è ñ ò é ç ê æ ó Ñ � � Ü Ì Í Ó Ì Í � � � Ì � �ô ß Ï � � � � Ì � � Ý � � � � � � Ì � � Í � � � � � � Ì Í Ð Ó Í Ì � � � � Ì � � � Í Ó Ì Í � � � ß Í õ Ï � Í � � � � ä � � �
ö ÷ ø ù ú û ú ü ý ö þ û ü ø û ÿ � û � � � � û � û � � û ø � � �
MYSTATE LIMITED 24
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.
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