MYSTATE LIMITED — Board/Management Information 2009

Dec 9, 2009

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Registered Office 23 Paterson Street Launceston 7250

ASX Media Release 10 December 2009

Key Terms of Employment Agreement John Gilbert - Managing Director

The Board of Directors of MyState Limited (ASX:MYS) has appointed Mr. John Gilbert to the position of Managing Director of MyState Limited effective from Monday 14 December 2009.

In accordance with the ASX listing rules the following key terms of employment which have been agreed between the parties are released to the market:

• A Total Fixed Remuneration (TFR) inclusive of statutory superannuation of $450,000. Mr. Gilbert’s TFR will be reviewed and adjusted every two years based upon an independent market review process. In each intervening year, a salary review will be applied based upon the average wage increment applicable to the other members of the MYS executive team;

• A Short Term Incentive (STI) bonus providing up to an additional 30% of TFR per annum, subject to the achievement of key performance indicators set annually by the Board;

• A Long Term Incentive (LTI) equivalent to an additional 50% of TFR per annum in the form of fully paid ordinary MYS shares, subject to performance and in accordance with the MyState Limited Long Term Incentive Scheme;

• Mr. Gilbert’s employment contract is effective from 14 December 2009 and is for a period of three years, with an option to extend for a further two years, if both parties agree; and

• Mr. Gilbert’s employment contract may be terminated by either party. In the first two years, a termination payment of 6 months TFR will apply. In the third year, the termination payment will be the balance of the contract term or a minimum of 6 months TFR, whichever is the greater.

ENDS

For further information, please contact:

Paul Viney

Company Secretary

MyState Limited 03 63481175

paul.viney@msl.com.au

About MyState Limited

MyState Limited is a non-operating holding company and is a major Tasmanian based listed diversified financial group formed in September 2009 to effect the merger of MyState Financial (MSF), an authorised deposit-taking institution, and Tasmanian Perpetual Trustees (TPT), a trustee and wealth management company.

Both MyState Limited and MSF are regulated by APRA and MyState Limited was enabled under Tasmanian legislation to own an authorised trustee company, i.e. TPT. TPT continues to be regulated by APRA as a registered superannuation entity (RSE). Both MSF and TPT hold Australian Financial Services Licences issued by ASIC.