Fiscal 2012 MIP Unit Income Distribution Rate


We are proposing to the Board of Governors that the Fiscal 2012 MIP unit rate be $13.33 ($14.60 in Fiscal 2011).


The MIP unit rate for Fiscal 2012 has been calculated using a 4.25% distribution rate based on a three-year rolling average of Endowment Fund market values for the three-years ending at May 31, 2010. This calculation is consistent with past calculations, with the exception of Fiscal 2010. In Fiscal 2010, the unit rate was calculated using the 3-year average, including the immediately preceding year (i.e. 2009).


The decrease in the Fiscal 2012 MIP rate has been influenced by the market value of the Endowment at May 31, 2010 ($849 Million). In addition, more units are outstanding and have also directly affected the MIP rate.


Should you have any questions concerning this matter; please do not hesitate to call Cristiane Tinmouth, Controller (ext 2310) or Leah Trineer, Senior Financial Officer (ext 1839).