Management’s Discussion and Analysis

September 30, 2013

The following information, prepared as of November 8, 2013 should be read in conjunction with the unaudited condensed interim consolidated financial statements of MPVC Inc. (the “Company”) for the three and nine months ended September 30, 2013, as well as the audited consolidated financial statements for the year ended December 31, 2012 and the related management’s discussion and analysis (the “Annual MD&A”). The unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 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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