CLEARVIEW WEALTH LIMITED — Major Shareholding Notification 2007

Nov 19, 2007

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Level 5, 34 Hunter Street Phone: +612 9221 7155 Sydney NSW 2000 Fax: +612 9233 2713 GPO Box 4406 Email: hgl@hgl.com.au Sydney NSW 2001 Web: www.hgl.com.au

20 November 2007

Mr Brian Wright Secretary MMC Contrarian Limited Level 8 34 Hunter Street SYDNEY NSW 2000

Dear Mr Wright

We enclose a Form 604 – Notice of change of interests of substantial holder.

Yours faithfully HGL Limited

Peter Caldelis Secretary

HGL Limited ABN 25 009 657 961

investing in businesses

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

MMC Contrarian Limited

ACN/ARSN

106 248 248

1. Details of substantial holder (1)

Name HGL Limited and each body corporate it controls listed in Annexure A ACN/ARSN (if applicable) 009 657 961

There was a change in the interests of the substantial holder on 16/11/2007 The previous notice was given to the company on 21/06/2007 The previous notice was dated 21/06/2007

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Persons’ votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinaryfully paid shares	32,063,885	12.54%	34,933,611	13.54%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
Refer Annexure B

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
Refer Annexure C

page 2/2 15 July 2001

604

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN (if applicable)	Nature of association
Not applicable	Not applicable

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
HGL Limited	Level 5,34 Hunter Street SydneyNSW 2000
SeryPtyLimited	432 Elizabeth Street,SurryHills NSW 2010
FM Wolf PtyLtd	13 The Battlement,CastlecragNSW 2068
Kevin Eley	Level 5,34 Hunter Street SydneyNSW 2000

Signature

print name Peter Caldelis capacity Secretary sign here date 20/11/2007

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

ANNEXURE A

Entity	ACN	Address
HGL GroupSuperannuation Fund PtyLtd	003 185 993	Level 5, 34 Hunter St, SydneyNSW 2000
Kinsole PtyLtd	003 516 452	as above
Garnet Producers PtyLtd	008 471 832	as above
Garnet Millers Australia PtyLtd	008 908 227	as above
Hancock & Gore Superannuation Fund PtyLtd	008 367 771	as above
Martin Wells Holdings PtyLtd	008 435 167	as above
Martin Wells PtyLtd	000 116 905	as above
Solander Holdings PtyLtd	002 786 281	as above
Anitech PtyLtd	000 118 212	as above
Aarque Reprographics Systems PtyLtd	000 100 265	as above
RKM PtyLtd	077 401 275	as above
Optical Investment Fund of Australia PtyLtd	075 483 662	as above
TJB Finance PtyLtd	085 663 921	as above
Eycon ImagingPtyLtd	072 023 208	as above
BOC Ophthalmic Instruments PtyLtd	065 092 248	as above
Leutenegger PtyLtd	056 512 031	as above
Craigie Securities PtyLtd	009 950 181	as above
Mountcastle Holdings PtyLtd	009 950 190	as above
Mountcastle PtyLtd	009 661 643	as above
J. Leutenegger PtyLtd	056 414 647	as above
Radda PtyLtd	094 263 555	as above
HGL CompanySix PtyLtd	079 744 166	as above
HGL GroupPtyLtd	079 732 068	as above
Hancock & Gore PtyLtd	091 712 104	as above
HGL CompanyTwo PtyLtd	091 712 159	as above
Createc PtyLtd	094 263 537	as above
HGL CompanyFour PtyLtd	094 263 546	as above
Amcla PtyLtd	103 939 420	as above
HGL CompanyEight PtyLtd	103 939 439	as above
HGL CompanyNine PtyLtd	103 939 466	as above
HGL CompanyTen PtyLtd	103 939 457	as above
HGL CompanyEleven PtyLtd	109 447 298	as above
HGL CompanyTwelve PtyLtd	109 447 421	as above
HGL CompanyThirteen PtyLtd	109 447 369	as above
HGL CompanyFourteen PtyLtd	109 447 350	as above

1

ANNEXURE A - continued

Entity	ACN	Address
HGL CompanyFifteen PtyLtd	109 447 332	Level 5, 34 Hunter St, SydneyNSW 2000
HGL CompanySixteen PtyLtd	109 447 261	as above
Neltaro PtyLtd	002 994 149	as above
BLC Cosmetics PtyLtd	001 213 529	as above
Minimbah Enterprises PtyLtd	004 009 474	as above
Hamlon PtyLtd	002 489 214	as above
Trutex PtyLtd	109 402 762	as above
Baker & McAuliffe Holdings PtyLimited	059 756 811	as above
Biante PtyLtd	067 134 409	as above
The Point-of-Sale Centre New Zealand Ltd	N/A	483 Rosebank Road, Avondale, Auckland New Zealand
Aarque Graphics New Zealand Ltd	N/A	8 Te Pai Place, Henderson, Auckland, New Zealand
Ace Graphic Systems Ltd	N/A	as above
Aarcato Properties Ltd	N/A	as above

This is Annexure A of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder signed and dated 20 November 2007.

Peter Caldelis Secretary HGL Limited

2

ANNEXURE B

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7) – Cash ($)	Class and Number of securities affected – (Ordinary shares in each case)	Person’s votes affected
1 August 2007	HGL Ltd	On market buy	186,887.40	177,988	177,988
3 August 2007	HGL Ltd	On market buy	153,555.80	144,043	144,043
6 August 2007	HGL Ltd	On market buy	486,138.92	457,969	457,969
7 August 2007	HGL Ltd	On market buy	21,400.00	20,000	20,000
8 August 2007	HGL Ltd	On market buy	2,193.50	2,050	2,050
10 August 2007	HGL Ltd	On market buy	296,406.50	277,950	277,950
13 August 2007	HGL Ltd	On market buy	267,054.52	250,000	250,000
14 August 2007	HGL Ltd	On market buy	26,013.84	24,312	24,312
30 October 2007	HGL Ltd	On market buy	538,013.26	546,187	546,187
31 October 2007	HGL Ltd	On market buy	238,936.74	243,813	243,813
1 November 2007	HGL Ltd	On market buy	7,888.02	8,049	8,049
5 November 2007	HGL Ltd	On market buy	90,111.98	91,951	91,951
8 November 2007	HGL Ltd	On market buy	108,900.00	110,000	110,000
13 November 2007	HGL Ltd	On market buy	147,750.00	150,000	150,000
14 November 2007	HGL Ltd	On market buy	49,250.01	50,000	50,000
15 November 2007	HGL Ltd	On market buy	212,182.80	215,414	215,414
16 November 2007	HGL Ltd	On market buy	97,958.79	100,000	100,000

This is Annexure B of 1 page referred to in Form 604 - Notice of change of interests of substantial holder signed and dated 20 November 2007.

Peter Caldelis Secretary HGL Limited

ANNEXURE C

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and Number of securities affected – (Ordinary shares in each case)	Person’s votes
HGL Ltd	HGL Ltd	HGL Ltd	Legal & benefical owner	34,383,611	34,383,611
Sery Pty Ltd	Sery Pty Ltd	Sery Pty Ltd	Legal & benefical owner	200,000	200,000
FM Wolf Pty Ltd as trustee for the FM Wolf Superannuation Fund	FM Wolf Pty Ltd as trustee for the FM Wolf Superannuation Fund	FM Wolf Pty Ltd as trustee for the FM Wolf Superannuation Fund	Registered holder	150,000	150,000
KJ Eley as trustee for the KJ Eley Superannuation Fund	KJ Eley as trustee for the KJ Eley Superannuation Fund	KJ Eley as trustee for the KJ Eley Superannuation Fund	Registered holder	200,000	200,000

This is Annexure C of 1 page referred to in Form 604 - Notice of change of interests of substantial holder signed and dated 20 November 2007.

Peter Caldelis Secretary HGL Limited