CLEARVIEW WEALTH LIMITED — Net Asset Value 2008

Feb 13, 2008

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COMPANY ANNOUNCEMENT

Date: February 14, 2008

31 January 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.

		31	December	31	January
			2007		2008
		$m		$m
	Investment category
	Listed securities and unit trusts	117	49%	103	46%
	Fixed interest and cash	121	51%	122	54%
	Total investment assets	238	100%	225	100%
	Intangible Assets	30		30
	Other Assets and Liabilities	(0)		3
	Total Net Assets after tax	268		258
	MMA share price - cents		90.0		86
	NA per share before tax – cents1		108.2		103.4
	NA per share after tax – cents2		108.2		105.1
	Premium (Discount) to NA after tax %		(16.8)		(18.2)
	NTA per share before tax - cents3		95.9		91.0
	NTA per share after tax - cents4		95.9		92.8

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 April 2008.

MMA will make a 10 cent per share capital return on the 22[nd] February 2008.The above figures are not adjusted for the capital return. As from the 4[th] February 2008 MMA shares have been trading without entitlement to this capital return.

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The NTA per share after tax is higher than the NTA before tax because MMA is recognising a deferred tax asset of $4.4m on the unrealised losses on its listed securities and unit trusts which arose in January 2008.

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.