CLEARVIEW WEALTH LIMITED — Capital/Financing Update 2010

Apr 29, 2010

30 April 2010

Level 24, 2 Chifley Square Chifley Tower Sydney NSW 2000 GPO Box 4964 Sydney NSW 2001 T: (02) 9224 0700 F: (02) 9233 2275

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

Dear Sir/ Madam

COMPLETION OF ENTITLEMENT OFFER

MMC Contrarian Limited ( MMC ) (ASX: MMA) advises that it has successfully completed its $73.2 million fully underwritten 1 for 1 non-renounceable entitlement offer that was announced on 26 March 2010 (the Entitlement Offer ).

The Entitlement Offer closed on 27 April 2010 with MMC having received applications, inclusive of applications for new shares beyond each shareholder’s entitlement (“ Additional New Shares ”), for approximately 77% of the 146,562,192 new shares that were offered. Applications for Additional New Shares will be accepted in full. A total of 33,064,903 new shares will be subscribed for by the underwriter, or sub-underwriters, under the terms of the Underwriting Agreement.

The funds raised under the Entitlement Offer will be applied by MMC to acquire Bupa Australia’s life insurance and wealth management businesses (MBF Life and ClearView Retirement Solutions) for $195 million.

New shares under the Entitlement Offer are expected to be allotted on Wednesday 5 May 2010 and will commence trading on the ASX on a normal settlement basis on Thursday, 6 May 2010. Holding statements will be despatched to shareholders on 5 May 2010.

The Entitlement Offer was fully underwritten by Commonwealth Securities Limited.

For further information, please contact:

Athol Chiert Company Secretary MMC Contrarian Limited (+612) 9224 0700

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