CLEARVIEW WEALTH LIMITED — Net Asset Value 2008

Aug 13, 2008

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COMPANY ANNOUNCEMENT

Date: August 14, 2008

31 July 2008 Net Tangible Asset (NTA) Statement

.

	30 June	30 June		31 July
		2008		2008
	$m		$m
Investment category
Listed securities and unit trusts	70	40%	58	33%
Fixed interest and cash	104	60%	118	77%
Total investment assets	174	100%	176	100%

MMA share price - cents	58	58.5
NTA per share before tax - cents1	70.9	71.7
NTA per share after tax - cents2	74.6	75.0
Premium (Discount) to NTA after tax %	(22.2)	(22.0)

The NTA per share after tax is higher than the NTA before tax because MMA is recognising a deferred tax asset of $8m on the unrealised losses on its listed securities and unit trusts. The calculations per share are based on shares issued of 245,105,645. The shares issued under the employee share scheme are excluded from this amount.

1 Unaudited, before provision for tax and excluding deferred tax asset on unrealised losses.

2 Unaudited, and after provision for all taxes and including deferred tax asset on unrealised losses.

For further information please contact:

Brian Wright Company Secretary MMC Contrarian Limited (+612) 9224 0700

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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.