CLEARVIEW WEALTH LIMITED — Capital/Financing Update 2008

Aug 17, 2008

==> picture [595 x 87] intentionally omitted <==

==> picture [595 x 87] intentionally omitted <==

COMPANY ANNOUNCEMENT

Date: 18th August, 2008

The Board of MMC Contrarian Limited (MMC Contrarian) will release its 30 June 2008 results during the last week of August and wishes to update the market on the expected results for the year to 30[th] June 2008 and the final dividend.

Expected results

As part of the year-end audit the board have reviewed the carrying value of the company’s intangibles and listed investments.

The board has resolved to write off the full amount of intangibles of $30million. In addition the company is required to make an after tax impairment charge of $21 million. This charge recognises the decline in the value of listed investments as a result of the current downturn in the equity markets.

Subject to audit confirmation, MMC Contrarian is expected to make a trading profit of $8m after tax for the year. As a result of the two significant non cash items referred to above the board therefore expects MMC Contrarian to incur an after tax net loss of approximately $43 million for the year to June 2008 compared to a net profit after tax of $20 million in 2007.

Given the impact of these two significant non cash items on the company’s results there will be no final dividend paid by the company for the year ended 30 June 2008. The company paid an interim fully franked dividend of 4 cents per share in March 2008.

Capital Return

As at 31 July 2008 MMC Contrarian had no borrowings, $118 million cash and listed investments valued at approximately $58 million.

Prior to or with the release of the company’s 30[th] June 2008 results scheduled for the last week in August 2008, the Directors expect to update the market on a proposal involving a significant capital return to shareholders.

Net Tangible Asset (NTA) backing

The NTA before tax as at 31 July 2008 released last week was 71.7 cents per share and is unaffected by the non cash charges referred to above.

==> picture [595 x 87] intentionally omitted <==

==> picture [595 x 87] intentionally omitted <==

K J Eley Chairman MMC Contrarian Limited 18[th] August 2008.

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.