CLEARVIEW WEALTH LIMITED — Capital/Financing Update 2010

Jun 2, 2010

3 June 2010

The Manager Companies Announcement Office Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000

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Dear Sir/ Madam

REGULATORY APPROVALS RECEIVED FOR THE ACQUISITION OF MBF LIFE AND CLEARVIEW AND CHANGE OF NAME

Regulatory approvals

On 26 March 2010, MMC Contrarian Limited (ASX: MMA) (MMC) announced that it had signed agreements to acquire the life insurance business of MBF Life and the wealth management business of ClearView Retirement Solutions from their current owner, Bupa Australia (the Acquisition) . Completion of the Acquisition was subject to certain regulatory approvals, including from APRA and FIRB under applicable legislation.

MMC is pleased to advise shareholders that it has now received all regulatory approvals in relation to the Acquisition, including APRA and FIRB approval. Accordingly, completion of the Acquisition is expected by Friday, 11 June 2010 as the major conditions precedent have been fulfilled. A further announcement will be made to shareholders on completion of the Acquisition.

Change of name to ClearView Wealth Limited

As approved at the General Meeting of Shareholders on 30 April 2010, MMC wishes to advise of its impending change of name to ClearView Wealth Limited. MMC intends to lodge with ASIC the documentation to change the company’s name at completion of the Acquisition.

For ASX purposes, we expect that the effective date for the change of company name and change of ASX code from “MMA” to “CVW” will be two business days after completion of the Acquisition.

For further information, please contact:

Simon Swanson Managing Director MMC Contrarian Limited T:(+612) 9224 0733 M(+61) 404 000 788

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