CLEARVIEW WEALTH LIMITED — Earnings Release 2007

Aug 26, 2007

Contrarian

MMC

Limited ABN 83 106 248 248

Level 8, 34 Hunter Street Sydney NSW 2000 GPO Box 4964 Sydney NSW 2001

Phone: +612 9224 0700 Fax: +612 9233 2275

Investment Group MMC Contrarian Lifts Net Profit 63 Per Cent to New Record

Listed investment group, MMC Contrarian Ltd, today announced a 63 per cent rise in profit after tax, including unrealised gains on investments, from $15.6 million to $25.6 million for the year ended 30 June 2007.

Chairman of MMC, Simon Rowell, said “This is a very strong result in a year where the investment climate was driven by momentum investors and a booming resource sector. Our investment strategy continues to be focussed on deep value investing, mainly in industrial stocks, which tends to result in overall investment returns lower than the market average in the type of bull market experienced in the past year”.

“It is pleasing to report a healthy increase in fully franked dividends from 6 cents in 2006 to 8 cents in 2007 while adding further retained profits and revaluation reserves to our strong balance sheet,” he added.

MMC Contrarian holds cash where attractive investments suiting its deep value investment style have not been identified.

Mr Rowell said, “We held more than $150 million in cash and short term deposits out of total funds for investment of $263m at balance date, enabling us to seek opportunities that may open up after the recent market turmoil.”

MMC Contrarian recently acquired the manager of its investment portfolio and several external unit trusts. This has provided the expanded group with additional revenue, as well as effectively reducing operating costs.

A new subsidiary company has also been established in the UK and the Contrarian Global Value Fund has now commenced operation. This is open for Australian investors and has a world mandate for securities meeting MMC Contrarian’s deep value criteria.

Mr Rowell will retire as Chairman of MMC on 31 August 2007, and will be replaced by Kevin Eley.

Mr Eley commented that the Company was well placed for the future, stating “We have more than $24 million of retained profits, as well as more than $9 million of revaluation reserves. The Company has been able to increase dividends every year, while continuing to build a strong balance sheet with substantial cash holdings.”

He concluded, “MMC is in an excellent position to take advantage of investment opportunities when they arise”.

For further information:

Kevin Eley

(02) 9224 0700

Mobile 0414 457 254