CLEARVIEW WEALTH LIMITED — Net Asset Value 2007

Nov 13, 2007

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COMPANY ANNOUNCEMENT

Date: November 14, 2007

31 October 2007 Net Tangible Asset (NTA) Statement

This Net Tangible Asset (NTA) statement reflects MMC Contrarian Limited (MMA) after the acquisition of MMC Asset Management Limited which was effective on 1 February 2007. Accounting standards require that intangible assets relating to MMC Asset Management are excluded from the NTA calculation. To provide shareholders with additional information, this statement shows the Net Assets (NA) per share including the MMC Asset Management investment.

		30 September	30 September	31	October
			2007		2007
		$m		$m
	Investment category
	Listed securities and unit trusts	126	49%	132	53%
	Fixed interest and cash	132	51%	117	47%
	Total investment assets	258	100%	249	100%
	Intangible Assets	30		30
	Other Assets and Liabilities	(6)		(3)
	Total Net Assets after tax	282		276
	MMA share price - cents		104		98
	NA per share before tax – cents1		113.8		110.4
	NA per share after tax – cents2		113.1		109.9
	Premium (Discount) to NA after tax %		(8.8)		(12.6)
	NTA per share before tax - cents3		101.6		98.3
	NTA per share after tax - cents4		100.9		97.8

The October 2007 NTA is after the payment of a 4 cent dividend per share paid on 5[th] October 2007 . MMA is a long term investor and does not intend disposing of its total portfolio. The next quarterly report from the investment manager will be issued in January 2008.

1 Unaudited, including investment in MMC Asset Management before provision for tax on unrealised gains.

2 Unaudited, including investment in MMC Asset Management and after provision for all taxes.

3 Unaudited, before provision for tax on unrealised gains.

4 Unaudited, and after provision for all taxes.

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For further information please contact:

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.