CLEARVIEW WEALTH LIMITED — Capital/Financing Update 2007

Jul 22, 2007

MMC

Contrarian

Limited ABN 83 106 248 248

Level 8, 34 Hunter Street Phone: +612 9224 0700 Sydney NSW 2000 Fax: +612 9233 2275 GPO Box 4964 Sydney NSW 2001

Strategy update

Since the acquisition of MMC Asset Management Limited (MMC) in February 2007, the Board and management have been reviewing the corporate strategy for MMC Contrarian Limited (MMA). The strategic review has been a comprehensive exercise.

In reviewing the strategy, the key principles of the Company were paramount, which are: -

1. Exceed the All Ordinaries Accumulation Index over the medium to long term;

2. Preserve the capital of the company; and

3. Pay regular franked dividends.

The strategy is consistent with the Company’s conservative foundations and is not a radical departure from the past. It is building on the Company’s strengths to position it for a successful future.

Strategy

MMC Contrarian’s strategy is to be a leading investor in both equities and in funds management businesses.

The Company will invest in fund managers and their managed funds generating returns for shareholders from dual sources of income via invested capital and the earnings generated in the management businesses.

Currently MMC Contrarian owns two funds management businesses:

• MMC Asset Management Limited (100% owned) – managing the Company’s equity investments and external unit trusts.

• Contrarian Global Asset Management Limited (51% owned) – managing the Contrarian Global Value Fund, which includes $20 million invested by the Company.

Two additional senior fund managers have recently been appointed to MMC which now has a team of five investment professionals focused on managing the current portfolios including external unit trusts. This is a very strong team and is further strengthened by the two investment professionals operating within the 51% owned UK company.

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MMC

Contrarian

Limited ABN 83 106 248 248

Level 8, 34 Hunter Street Phone: +612 9224 0700 Sydney NSW 2000 Fax: +612 9233 2275 GPO Box 4964 Sydney NSW 2001

In future MMC Contrarian will:

• Continue to promote and develop its existing funds management products;

• Create and invest in additional boutique fund managers in attractive asset classes;

• Acquire existing funds management business in selected circumstances; and

• Generate returns from its investments in listed equities, managed funds, earnings from funds management businesses and cash.

Capital Management

As a result of this strategy MMA’s cash holdings will reduce over time as it is deployed into investments. However, the Board will continue to manage capital actively for the benefit of shareholders, which may result in excess capital being returned to shareholders (subject to tax advice). Currently a tax ruling is being sought for a proposed capital return of ten cents per share.

Current Opportunities

MMC Contrarian is actively pursuing a number of exciting funds management opportunities, which have the potential to generate substantial value for shareholders and investors over the long term.

These proposed funds management businesses are in attractive asset classes and may be wholly or substantially owned by MMC Contrarian. The Company will invest in the products of these businesses as well as opening them to the public and third party distributors.

David Mackaway Company Secretary 23 July 2007

For further information please call Andrew Fairweather on (02) 9224 0700.

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