CLEARVIEW WEALTH LIMITED — Net Asset Value 2007

Oct 11, 2007

Contrarian

Limited ABN 83 106 248 248

MMC

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

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

COMPANY ANNOUNCEMENT

Date: 12 October, 2007

30 September 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.

	31	August	30 September	30 September
		2007		2007
	$m		$m
Investment category
Listed securities and unit trusts	130	51%	126	49%
Fixed interest and cash	127	49%	132	51%
Total investment assets	257	100%	258	100%
Intangible Assets	31		30
Other Assets and Liabilities	(5)		(6)
Total Net Assets after tax	283		282
MMA shareprice - cents		110		104
NA per share before tax – cents1,5		114.7		113.8
NA per share after tax – cents2,5		113.4		113.1
Premium (Discount) to NA after tax %		(3.1)		(8.8)
NTA per share before tax - cents3,5		102.4		101.6
NTA per share after tax - cents4,5		101.2		100.9

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 October 2007.

MMC

Contrarian

Limited

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

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

ABN 83 106 248 248

David Mackaway - Secretary

• 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.

5 The NA per share and NTA per share are before the payment of a 4 cent dividend per share, payable 5 October 2007.

David Mackaway Company Secretary MMC Contrarian (+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.