CLEARVIEW WEALTH LIMITED — AGM Information 2008

Oct 22, 2008

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ASX Company Announcement

Date: 23 October 2008

CEO’s ADDRESS TO THE MMC CONTRARIAN LIMITED AGM

Thank you Kevin, good morning ladies and gentlemen. Today I would like to update you on the positive changes taking place in your company.

Since being appointed the CEO of MMC Contrarian Limited just over 6 months ago I was tasked by the board to review the company’s existing strategy.

As a reminder the existing strategy was to:

• Create, invest and acquire asset managers in various asset classes;

• Generate income for shareholders from two sources:

• (a) returns on a pool of listed equities, cash and funds; and

• (b) recurring earnings from each fund manager that it creates, invests in or acquires.

The existing strategy concentrated the efforts of the company in essentially one part of the financial services value chain being asset management and also relied heavily on investment earnings.

As noted by your Chairman Kevin Eley the earnings profile as such can be volatile especially taking into account the current market conditions.

The review of the company’s strategy was recently completed and an update provided to the market in August.

As a result of the strategic review the existing strategy has now been broadened to allow the company to directly participate in the wider financial services industry by allowing the company to:

• Create, invest and acquire financial services businesses;

• Generate returns for shareholders from operating and growing its financial services businesses; and

• As a result there will be less emphasis on investment earnings.

The primary reason behind the evolution of the strategy is to participate in the long term growth of the wider financial services industry. In particular the superannuation industry that is mandated to grow as a result of the compulsory contributions Australians must make to their superannuation accounts.

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It is estimated that by 2015, Australia’s private retirement savings market is expected to be larger than the Asian market combined ex Japan.

The Australian superannuation market is also expected to more than triple in size over the next decade with possible average growth rates of more than 10 per cent each year. It is increasingly becoming the case that the largest asset that Australians own outside their home is their investment in superannuation.

Therefore a wider participation in the financial services industry will allow the company to have the opportunity to directly participate in the mandated growth of Australia’s superannuation balance sheet.

The types of financial services business we are primarily interested in are asset management and financial advice. We believe that these two parts of the financial services value chain. However we will not limit ourselves to those particular parts of the value chain if the right opportunity presents itself.

All industry participants have been challenged in the current market conditions. However we believe that the present market conditions will present opportunities.

We aim to be an independent provider of financial services in the marketplace.

We have recruited new experienced staff who are as motivated as I am to revitalise the performance of your company. The investment team has over 70 years of experience between them. The investment returns over the past 3 months in all of our funds are now exceeding the relevant ASX benchmarks. We have also been active in ensuring the company’s capital has been preserved over the past 6 months despite the current market conditions.

I am very confident about the prospects of our industry. I see the forthcoming period is one where we should be looking to invest in the broader financial services industry which keeps with our core contrarian philosophy.

In closing I would make this point, it is incumbent on your company to respond to changing industry and economic conditions. If the resolutions to approve the Buy Back and the Sale of Shares are approved by shareholders the company will have approximately $100 million in capital and will be in a sound position to implement its strategy.

The broadened strategy I believe will allow us to maximize our opportunity to deliver a consistent return to all shareholders over the long term.

Alexander Hutchison Chief Executive Officer