CLEARVIEW WEALTH LIMITED — Net Asset Value 2008

Jun 12, 2008

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COMPANY ANNOUNCEMENT

Date: June 13, 2008

31 May 2008 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 April	30 April	31 May	31 May
			2008		2008
		$m		$m
	Investment category
	Listed securities and unit trusts	83	45%	82	45%
	Fixed interest and cash	99	55%	101	55%
	Total investment assets	182	100%	183	100%
	Intangible Assets	30		30
	Other Assets and Liabilities	7		7
	Total Net Assets after tax	219		220
	MMA share price - cents		60		59
	NA per share before tax – cents1		85.9		86.3
	NA per share after tax – cents2		89.0		89.2
	NTA per share before tax - cents3		73.5		74.0
	NTA per share after tax - cents4		76.6		76.9
	Premium (Discount) to NTA after tax %		(21.7)		(23.3)

The NTA per share after tax is higher than the NTA before tax because MMA is recognising a deferred tax asset of $7.4m on the unrealised losses on its listed securities and unit trusts.

MMA is a long term investor and does not intend disposing of its total portfolio.

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1 Unaudited, including investment in MMC Asset Management and excluding deferred tax asset on unrealised losses.

2 Unaudited, including investment in MMC Asset Management and after provision for all taxes and including deferred tax asset on unrealised losses.

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

4 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

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.