CLEARVIEW WEALTH LIMITED — Net Asset Value 2007

Aug 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

31July 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 June	30 June	31 July	31 July
		2007		2007
	$m		$m
Investment category
Listed securities and unit trusts	102	39%	125	47%
Fixed interest and cash	159	61%	139	53%
Total investment assets	261	100%	264	100%
Intangible Assets	27		27
Other Assets and Liabilities	(10)		(11)
Total Net Assets after tax	278		280

MMA share price - cents	104.0	104.0
NA per share before tax – cents1	114.0	113.7
NA per share after tax – cents2	111.9	112.2
Premium (Discount) to NA after tax %	(7.0)	(7.3)
NTA per share before tax - cents3	102.9	102.7
NTA per share after tax - cents4	100.8	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 by 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.