CLEARVIEW WEALTH LIMITED — Capital/Financing Update 2010

Apr 11, 2010

12 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

ENTITLEMENT OFFER – DESPATCH OF PROSPECTUS, ENTITLEMENT AND ACCEPTANCE FORM AND INELIGIBLE SHAREHOLDER LETTER

MMC Contrarian would like to advise that the Prospectus and personalised Entitlement and Acceptance Forms in connection with its 1 for 1 non-renounceable pro rata Entitlement Offer to Eligible Shareholders of fully paid ordinary shares (Entitlement Offer) announced to the ASX on 26 March 2010 has been despatched to all eligible shareholders.

The enclosed letter advising ineligible shareholders that they are not eligible to participate in the Entitlement Offer has also been despatched today.

For further information, please contact:

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

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12 April 2010

000001 000 1301011221012102012221332120133322113 SAM MR JOHN SMITH 1 FLAT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

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Dear Shareholder,

MMC Contrarian Limited – Entitlement Offer

On Friday, 26 March 2010, MMC Contrarian Limited ( MMC or the Company ) announced that it was conducting a capital raising by way of a conditional institutional placement ( Placement ) and a pro-rata 1 for 1 non-renounceable entitlement offer of fully paid ordinary shares ( New Shares ) in the Company ( Entitlement Offer ) to raise approximately A$135 million.

The proceeds of the Placement and Entitlement Offer will be used by MMC to partly fund the acquisition of the MBF Life insurance and Clearview wealth management businesses owned by MBF Management Pty Ltd. Commonwealth Securities Limited is the Sole Lead Manager and Underwriter for the Placement and Entitlement Offer.

Details of the Entitlement Offer

The Entitlement Offer entitles Eligible Shareholders (as defined below) to subscribe for 1 New Share for every 1 Existing Share held at 7.00pm (AEST) on Wednesday 7 April 2010 ( Record Date ) at an issue price of $0.50 per New Share ( Issue Price ).

Eligibility Criteria

The Entitlement Offer is only being made to Eligible Shareholders. A shareholder who is eligible to participate in the Entitlement Offer ( Eligible Shareholder ) is a shareholder who:

(a) has a registered address in Australia or New Zealand;

• (b) is a registered holder of Shares as at 7:00pm (AEST) on the Record Date;

• (c) is not in the United States and is not acting for the account or benefit of a US Person; and

(d) is eligible under all applicable securities laws to receive an offer under the Entitlement Offer.

MMC has taken into consideration the costs of complying with legal and regulatory requirements, and the requirements of regulatory authorities, in jurisdictions outside Australia and New Zealand compared with the small number of shareholders in MMC in those jurisdictions (and the number and value of New Shares to which they would be entitled), and has determined, in accordance with ASX Listing Rule 7.7.1(a), that it would be unreasonable to make offers to all shareholders in MMC who do not satisfy the eligibility criteria above.

Unfortunately, as you do not satisfy the eligibility criteria for an Eligible Shareholder stated above, MMC will not be offering New Shares to you under the Entitlement Offer and you will not be sent any further documents relating to the Entitlement Offer.

As the Entitlement Offer is non-renounceable, you will not receive any payment or value for any entitlement that would have been offered to you if you were eligible to participate in the Entitlement Offer.

This letter is to inform you about the Entitlement Offer. This letter is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares. You are not required to do anything in response to this letter.

If you have any queries, please contact the MMC Offer Information Line on 1300 160 481 (within Australia) or 61 3 9415 4218 (outside Australia) between 8.30am and 5.30pm (AEST), Monday to Friday until 27 April 2010.

For other questions, you should consult your broker, solicitor, accountant, financial adviser or other professional adviser.

Yours sincerely,

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Ray Kellerman Chairman

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