CLEARVIEW WEALTH LIMITED — Net Asset Value 2007

Sep 13, 2007

MMC

Contrarian Limited

Level 8, 34 Hunter Street Phone: 02 9224 0700 Sydney NSW 2000 Fax: 02 9233 2275 GPO Box 4964 enquiries@mmcfunds.com.au Sydney NSW 2001 www.mmccontrarian.com.au

ABN 83 106 248 248

31 August 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 July	31	August
		2007		2007
	$m		$m
Investment category
Listed securities and unit trusts	125	47%	130	47%
Fixed interest and cash	139	53%	127	53%
Total investment assets	264	100%	257	100%
Intangible Assets	27		31
Other Assets and Liabilities	(11)		(5)
Total Net Assets after tax	280		283

MMA share price - cents	104.0	110.0
NA per share before tax – cents1,5	113.7	114.7
NA per share after tax – cents2,5	112.2	113.4
Premium (Discount) to NA after tax %	(7.3)	(3.1)
NTA per share before tax - cents3,5	102.7	102.4
NTA per share after tax - cents4,5	101.2	101.2

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.

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.