CLEARVIEW WEALTH LIMITED — Capital/Financing Update 2008

Aug 25, 2008

Level 5, 34 Hunter Street Phone: +612 9221 7155 Sydney NSW 2000 Fax: +612 9233 2713 GPO Box 4406 Email: hgl@hgl.com.au Sydney NSW 2001 Web: www.hgl.com.au

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Sale of shareholding in MMC Contrarian Limited for approximately $21million

The Board of HGL Limited (HGL) advises that the company has agreed to sell its entire 14% shareholding (34,383,611 shares) in MMC Contrarian Limited (MMC Contrarian).

MMC Contrarian today updated the market on its strategy and a return of $75 million capital through an equal access buy back whereby all shareholders have the ability to participate at a price equivalent to the company’s pre tax net tangible asset backing.

The sale of HGL shares will therefore be achieved by:

• HGL participating in the buyback and then

• Guinness Peat Group (Australia) Pty Limited (GPG) acquiring all of HGL’s remaining shares.

This gives HGL the opportunity to sell its shareholding at a price higher than the current market price.

HGL made its investment when MMC Contrarian’s strategy was to invest in equities and funds management businesses. As MMC Contrarian has decided to broaden its presence in the wealth management industry HGL‘s board now believes it is in the company’s interest to realise this investment and utilise the funds from the sale for the acquisition of growth businesses or the repayment of debt.

The sale is conditional on the shareholders of MMC Contrarian approving both the buy back and the sale of shares from HGL to GPG at a meeting scheduled for 23 October 2008.

HGL’s total proceeds are anticipated to be approximately $21.3 million and are likely to be received in November 2008. The net proceeds per share that HGL will receive for the sale of all its shares will be the pre tax net tangible assets per share of MMC Contrarian at 30 September 2008 less a discount of 12.66%.

In HGL’s 2008 half year results the company took an after tax impairment charge of $7.7 million to profit and loss arising from the decline in the market value of this investment. If this transaction were concluded utilising MMC Contrarian’s pre tax net tangible asset backing as at 31 July 2008 there would be no material effect on HGL’s profit and loss account.

HGL has the right to withdraw the sale of its shares to GPG if the price is less than 58 cents per share and then the capital return will not proceed.

Peter G Miller Chairman HGL Limited

For further details contact Kevin Eley on (02) 92217155 or mobile 0414 457 254

HGL Limited ABN 25 009 657 961

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