CLEARVIEW WEALTH LIMITED — Director's Dealing 2008

Aug 21, 2008

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COMPANY ANNOUNCEMENT

Date: August 22, 2008

Change of Director’s Interest Notice

As required by the ASX listing Rule 3.19A.2, please find attached a copy of Appendix 3Y – Change of Director’s Interest Notice.

Explanation why Appendix 3Y was late

These ESP shares were cancelled on the 15 July 2008. Accordingly under ASX listing rule 3.19A this form should have been lodged within five days after the change occurred. These ESP shares were cancelled as a result of Peter Constable resigning from the company as an employee on 1 July 2008. There shares were cancelled for nil consideration and Peter Constable received no benefit from the cancellation of these shares.

The failure to lodge the Appendix 3Y was an administrative oversight. The market was informed of the cancellation of these ESP shares via lodgement of Appendix 3E on 16 July 2008. The Directors believe that the late lodgement of the Appendix 3Y did not result in the late release of any additional market sensitive information.

Current arrangements the company have in place with its directors to ensure that it is able to meet its disclosure obligations under listing rule 3.19A

The Directors of the Company are fully aware of and understand their obligations under listing rule 3.19A and section 205G of the corporations Act.

The Company’s current process is for the Directors to notify the Company Secretary of any change in their interests in the company via email and this is communicated to the market on the same day or the next day. The cancellation of the ESP shares does not involve any market activity and the Company Secretary failed to lodge the Appendix 3Y, although all other documentation and announcements relating to the share cancellation was completed. The Company Secretary is responsible for preparing the required Appendix 3Y for lodgement with the ASX no more than 5 business days after the change has occurred.

If the current arrangements are inadequate or not being enforced, what additional steps does the Company intend to take to ensure compliance with listing rule 3.19B.

Although the current process is considered adequate the current process will be enhanced with the Directors advising the Company Secretary of the cancellation of ESP shares as well as ordinary shares. In addition the procedures manual for ESP shares has been updated to reflect that Appendix 3Y needs to be lodged when cancelling ESP shares for Directors.

Regards

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Brian Wright Company Secretary MMC Contrarian Limited (+612) 9224 0700

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.

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity MMC Contrarian Limited ABN 83 106 248 248

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Peter Charles Constable
Date of last notice	15 August 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Not applicable
Date of change	15 July 2008
No. of securities held prior to change	1,500,000
Class	ESP Ordinary shares
Number acquired	Nil
Number disposed	1,500,000
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil cents per share
No. of securities held after change	4,240,254
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Off-market trade

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Not applicable
Nature of interest	Not applicable
Name of registered holder (if issued securities)	Not applicable
Date of change	Not applicable
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Not applicable
Interest after change	Not applicable

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002