CLEARVIEW WEALTH LIMITED — Net Asset Value 2008

Jan 13, 2008

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COMPANY ANNOUNCEMENT

Date: January 14, 2008

31 December 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	November	31 December	31 December
			2007		2007
		$m		$m
	Investment category
	Listed securities and unit trusts	121	49%	121	51%
	Fixed interest and cash	128	51%	117	49%
	Total investment assets	249	100%	238	100%
	Intangible Assets	30		30
	Other Assets and Liabilities	(9)		(0)
	Total Net Assets after tax	270		268
	MMA share price - cents		93.5		90.0
	NA per share before tax – cents1		108.5		108.2
	NA per share after tax – cents2		108.5		108.2
	Premium (Discount) to NA after tax %		(13.8)		(16.8)
	NTA per share before tax - cents3		96.3		95.9
	NTA per share after tax - cents4		96.3		95.9

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 January 2008.

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.

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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.