MyState (MYS) M&A Announcement summary

Deal rationale and strategic fit

• Merger creates a larger regional bank with a more diverse customer and geographic footprint, combining strengths in Tasmania and Queensland.

• Aims to provide a real alternative for banking, asset finance, and wealth needs across Australia's eastern seaboard.

• Four brands (MyState Bank, Auswide Bank, SelfCo, TPT Wealth) will be retained to serve different market segments.

Financial terms and conditions

• MyState acquired 100% of Auswide shares; Auswide shareholders received 1.112 new MyState shares per Auswide share.

• Ineligible foreign shareholders will receive proceeds from a sale facility by 19 March 2025.

• Auswide will be delisted from the ASX effective 20 February 2025.

Synergies and expected cost savings

• Pre-tax cost synergies of $20m–$25m per annum expected by end of FY27.

• Merger expected to be EPS accretive on a post-synergies run rate basis from FY26, excluding integration and transaction costs.