CLEARVIEW WEALTH LIMITED — AGM Information 2007

Oct 25, 2007

MMC Contrarian AGM

October 25, 2007 - Sydney, Australia

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Agenda

1. Chairman’s Address – Kevin Eley 2. Strategy Overview – Andrew Fairweather 3. Investment Update – Peter Constable 4. Q&A

2. Business Matters – Kevin Eley

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2. Strategy Overview • Andrew Fairweather, Chief Executive Officer

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Strategy Overview…

MMC Contrarian aims to become a leading financial services company by: -

1. Creating and investing in unlisted world class boutique fund managers in various asset classes

2. Acquiring strategic stakes in existing funds management business (listed and unlisted)

For shareholders, this will generate returns in two ways as follows:

1. The investment returns generated on a pool of listed equities managed by

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Rationale

1. Increase in recurring earnings versus solely relying on investment earnings

2. Lower the risk profile of the company, as we diversify across asset classes, people, products, philosophies and styles

3. Allow the company to capture a greater share of the growing savings pool in the region

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Desirable investment criteria

Start Ups Demonstrable track record Aim to own 50% of business Scalable product class 15% minimum hurdle rate Low levels of competition in market

Acquisitions Stable team with strong track record and repeatable processes Aim to own 50% of business History of profits (> 3 yrs) 15% minimum hurdle rate Growing demand for product category

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Scale benefits captured by Contrarian and passed on to managers – Centralised Custody & Marketing & Technology Governance & Distribution Human Resources Administration Product Development & Systems Compliance Support MMC Contrarian Seed Funding, Working Capital, Statutory Capital Captures scale and passes it on Customer Intimacy and low bureaucracy maintained here – Decentralised MMC Contrarian Global Other Portfolio Management Business Development Portfolio Management Business Development Portfolio Management Business Development

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2008 business priorities

1. Continually improve investment performance 2. Build on our high performance culture 3. Ensure we have appropriate cost base relative to FUM 4. Implement the business model to support the strategy 5. Further develop pipeline of opportunities 6. Grow funds under management among subsidiaries

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3. Investment Update • Peter Constable, Chief Investment Officer

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Performance has been improving each year since inception

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30%
26.1%
25%
22.6%
20%
17.4% 17.6% Equity Return
14.6% Cash Return
15%
12.2%
Total Return
10.2%
9.4%
10%
5.9% 6.1%
5.5% 5.5%
5%
0%
Return %
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Profit Contribution to June 2007

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$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$-
TLS PMP ABP ANN GNC CIW TLSC5 WHS NZ VSL CEU STG NWS MFG BBW BBI RIC CA MFF CDR
-$1,000,000
-$2,000,000
($) Profit/Loss
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Cash Holdings as at Sep 2007

Bank	Amount Invested ($)	Term	Rate (%)
ANZ	24.3m	At Call	6.54%
NAB	99m	30 Day Term Deposit	6.76%

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Top Five Holdings

30 June 2007	30 June 2007			30 September	2007
Telstra		$24.2m		Telstra	$10.7m
Abacus		$12.5m		Costaexchange	$9.1m
Connecteast		$7.9m		Connecteast	$8.3m
Costaexchange		$7.8m		Mainfreight NZ	$8.0m
BBSFF		$6.4m		Abacus	$7.0m
Top 5 (58%)		$58.8m		Top 5 (41%)	$43.1m
Total Equities		$101.0m		Total Equities	$105.1m

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Outlook

• Increased risks

• Volatility not useful

• Cash puts the portfolio in a sound position for protection and the ability to buy distressed securities

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Conclusion

• Improved performance

• • Portfolio is in sound shape

• • Less certain outlook for investors is good for MMC

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Disclaimer

The information in this presentation is general securities advice only and is not intended to constitute a securities recommendation. The advice does not take into account the investment objectives, financial situation and particular needs of an investor. Before making an investment decision we suggest you take into consideration whether the advice is appropriate to your particular investment objective, financial circumstances and recommend you consult a financial adviser.

The information contained in this presentation is given in good faith and has been derived from sources believed to be accurate. MMC Contrarian Limited and its related entities distributing this document and each of their respective directors, officers and agents believe that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) or other information contained in this document and, to the maximum extent permitted by

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4. Questions and Answers • ???

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5. Business Matters

1. Receive and consider the Financial Statements, directors’ report and the auditor’s report

2. Resolutions

3. Re-election of Kevin Eley as a Director

4. Re-election of Ray Kellerman as a Director

5. Re-election of Peter Constable as a Director

6. Approval of capital return to Shareholders of 10 cents ($0.10) per share 5. Approval of the issue of Shares to RK Sydney Pty Ltd under the Company’s Executive Share Plan