CLEARVIEW WEALTH LIMITED — AGM Information 2007

Oct 24, 2007

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ASX COMPANY ANNOUNCEMENT

Date: October 25, 2007

CEO Strategy Update to the MMC Contrarian Limited AGM

Good afternoon ladies and gentlemen, my name is Andrew Fairweather and as Kevin outlined in his address, the strategy of MMC Contrarian is to become a leading financial services company by: -

• Firstly; creating and investing in unlisted boutique fund managers in various asset classes; and by

• Secondly; acquiring strategic stakes in existing funds management businesses both listed and unlisted.

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

• Firstly, the investment returns generated on a pool of listed equities managed by our investee companies, managed funds and cash; and through

• Secondly, the recurring earnings generated from each manager we seed or acquire.

To date we have started one new manager which we have a 51% stake in, called Contrarian Global Asset Management based in Edinburgh and MMC Asset Management, which we acquired 100% of in January this year.

We are currently reviewing a number of other acquisition and start up opportunities but it is too early to discuss any of these at this point in time.

We believe that this strategy provides a number of advantages that will create greater shareholder value in the long term as follows:

• Firstly; Creating and investing in a number of asset managers will result in recurring earnings being generated from the performance of each business, which will result in more sustainable returns to shareholders versus overly relying on investment earnings as we do today, which can be volatile;

• Secondly; By investing and acquiring other managers will lower the risk profile of the company, as we diversify across asset classes, people, products, philosophies and styles; and

• Lastly: by having a diverse set of funds management businesses in different market segments will allow the company to capture a greater share of the growing savings pool in the region.

Given our extensive experience with MMC Asset Management, we are well placed to execute on this strategy having had intimate knowledge of the critical issues that boutique asset managers face at

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various stages of their development, and are therefore well placed to partner other managers who are about to set out on that journey.

You will note on this slide that we have two sets of desirable criteria that cover both start ups and acquisitions. This has been done, as we believe the risks in both segments are different and need to be treated as such.

Coupled with the acquisition and start up criteria, we have developed an extensive due diligence process to ensure that shareholder wealth is enhanced and preserved when starting or acquiring any funds management business. In developing these systems and controls, we believe that only the highest quality managers operating in attractive segments will make it through to completion stage. Like MMC’s investment style, we will be diligent, rigorous and patient. On that note, we are acutely aware of the high prices funds management businesses are now demanding, and I can assure all shareholders that we will not participate in paying prices for these businesses that do not adequately compensate shareholders for the risk in doing so.

To best describe our business model to shareholders, this slide has been put together to show how MMC will look over time.

MMC Contrarian will act as the central body that negotiates on behalf of each investment manager, either acquired or started, for services such as compliance, custody, accounting, distribution, risk management and the like, thereby achieving a scale advantage that the individual managers would not be able to achieve on a stand alone basis.

Importantly, MMC will provide the necessary working and seed capital for the start up managers in order to firstly, create a track record that will attract more funds and secondly, to provide MMC shareholders a return on that seed capital. It is our intention that once a business is profitable on a stand alone basis that we will withdraw our funds so that they can be redeployed in new asset management ventures.

What is critical to MMC is that we want the business owners to have the relationship with their customers so that product development is done with the end customer in mind, therefore, along with asset management manufacturing, this function will be decentralised within each business.

We aim to be an active and value adding partner with each fund manager throughout their development to ensure they stay on track and focused on their customers. In summary, our model allows fund managers to do what they do best in an environment that is risk controlled but with low levels of bureaucracy and a strong alignment of interest.

In conclusion, I would like to communicate our six core priorities for 2008, which are as follows:

1. To continually look to improve the investment performance of MMC through effective people management and system and process development;

2. To enhance and further develop the high performance culture within the business so that we can achieve our financial and qualitative stretch targets ;

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1. To ensure we have the appropriate cost base relative to the FUM we manage;

2. To implement the business model that will support the strategy discussed on the previous slide;

3. Further develop a pipeline of opportunities for acquisition and start ups; and

4. Grow assets under management among our subsidiaries.

I would like to thank you for the opportunity of presenting our strategy today, and as this concludes my presentation, I would now like hand you back to the Chairman, Kevin Eley.

For further information please contact:

Andrew Fairweather Chief Executive Officer MMC Contrarian (+612) 9224 0700

About MMC Contrarian Limited

MMC Contrarian Ltd (ASX listing code: MMA) is a listed financial services company that:

• Creates and invests in unlisted boutique fund managers in various asset classes;

• Acquires strategic stakes in existing funds management business; and

• Generates income for shareholders from two sources (a) returns on a pool of listed equities, cash and funds that are managed by its investee companies and (b) recurring earnings from each manager that it creates or acquires.