Management’s Discussion and Analysis

December 31, 2013

The following information, prepared as of April 24, 2014 should be read in conjunction with the audited

financial statements of MPVC Inc. (the “Company”) for the year ended December 31, 2013. The audited

financial statements for the year ended December 31, 2013 have been prepared in accordance with

International Financial Reporting Standards (“IFRS”). All amounts are expressed in Canadian dollars

unless otherwise indicated.

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