CLEARVIEW WEALTH LIMITED — Net Asset Value 2008

Apr 10, 2008

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COMPANY ANNOUNCEMENT

Date: April 13, 2008

31 March 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.

		29	February	31 March	31 March
			2008		2008
		$m		$m
	Investment category
	Listed securities and unit trusts	105	53%	92	51%
	Fixed interest and cash	93	47%	90	49%
	Total investment assets	198	100%	182	100%
	Intangible Assets	30		30
	Other Assets and Liabilities	4		7
	Total Net Assets after tax	232		219
	MMA share price - cents		75		62
	NA per share before tax – cents1		92.2		86.2
	NA per share after tax – cents2		94.4		89.1
	Premium (Discount) to NA after tax %		(20.5)		(30.4)
	NTA per share before tax - cents3		79.9		73.9
	NTA per share after tax - cents4		82		76.7

The Directors declared a fully franked interim dividend of 4.0 cents per share on 26 February 2008 with the entitlement date being 5 March 2008. Accordingly the March 2008 amounts reflect the payment of this dividend.

The NTA per share after tax is higher than the NTA before tax because MMA is recognising a deferred tax asset of $7.1m 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.