Fiscal Year 2013 MIP Unit Income Distribution Rate

We are proposing to the Board of Governors that the Fiscal 2013 MIP unit rate be $12.75 ($13.33 in Fiscal 2012).

The MIP unit rate for Fiscal 2013 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 Fiscal 2011. This calculation is consistent with past calculations, with the exception of Fiscal 2010 when the unit rate was calculated using the 3-year average, including the immediately preceding year (i.e. 2009).

The decrease in the Fiscal 2013 MIP rate has been influenced by the market value of the Endowment at May 31, 2009 ($769Million).

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).

[The official Memorandum sent out to Endowment Income Fund Managers is attached to this announcement.]