Responsibility for the governance of the Company rests with the Board of Directors (“the Board”). The Board has put in place levels of corporate governance which it believes are appropriate to an investment trust and to enable the Company to comply with the Association of Investment Companies’ Code of Corporate Governance. PIP also has an audit committee, comprised of three members of the Board, which is primarily responsible for matters relating to the monitoring of the Company’s financial statements and accounting processes.

Governance and director-related reports can be found on the following pages of the Company’s latest Annual Report and Accounts for the period ended 30th June 2011:

Directors' Report - Page 37

Statement on Corporate Governance - Page 50

Directors Remuneration Report - Page 57

Statement of Directors' Responsibilities in Respect of the Financial Statements - Page 58

Independent Auditor's Report - Page 59

Link to Annual Report and Accounts for the year ended 30th June 2011