Governance

Strong corporate governance is an essential component of MPIC's performance. Effective governance enables prudent risk management and decision-making, which contributes to unitholder value.

The Board of Directors, which is responsible for the stewardship of MPIC, works with management to oversee MPIC's business and relationships to protect the interests of unitholders, stakeholders and the communities in which MPIC's assets operate. To fulfill this responsibility, the Board is guided by a defined mandate that includes monitoring MPIC's financial performance, approving MPIC's policies and procedures, and overseeing MPIC's communications and reporting.

MPIC complies with all relevant corporate governance requirements and policy statements of the various Canadian securities regulatory authorities. Notably, MPIC's five-person board consists of four unrelated, or independent, Directors as defined under applicable securities laws. The Board's Audit and Governance Committees are comprised entirely of independent Directors.

The Audit Committee's mandate includes overseeing:

• The integrity of MPIC's financial statements and reporting process;
• The qualifications and independence of MPIC's external auditors; and
• Providing an open avenue of communication between the external auditors, the Board of Directors and management.

The Governance Committee's mandate includes:

• Identifying and recommending qualified nominees to the Board;
• Annually reviewing and revising MPIC's approach to governance issues;
• Reviewing the Code of Ethics;
• Periodically reviewing management's systems and practices for filing of insider reports in connection with trading in MPIC's securities;
• Recommending terms for the compensation of Directors, the chair of the Board, and the chairs of Board committees; and
• Annually evaluating management's compliance with the administration agreement and MPIC's annual management plan.

MPIC's governance structure supports a management philosophy in which ethical conduct, independent thinking and prudent risk management are deeply ingrained. Additional information on MPIC's corporate governance policies and processes can be found in MPIC's regulatory filings, which are available at http://www.sedar.com.