Mithral armour check penalty?

From SRD:

"Mithral: Spell failure chances for armors and shields made from mithral are decreased by 10%, maximum Dexterity bonus is increased by 2, and armor check penalties are lessened by 3 (to a minimum of 0).

Weapons or armors fashioned from mithral are always masterwork items as well; the masterwork cost is included in the prices given below."

QUESTION:
Does the reduction of armour check penalties for mithral armour include the masterwork bonus?
 

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There is no additional Masterwork ACP reduction for Mithral armors. It is subsumed into the Mithral template which is already masterwork +

Look at the Mithral Full Plate of Speed (my emphasis):

SRD said:
"Mithral Full Plate of Speed: As a free action, the wearer of this fine set of +1 mithral full plate can activate it, enabling her to act as though affected by a haste spell for up to 10 rounds each day. The duration of the haste effect need not be consecutive rounds.

Speed while wearing a suit of mithral full plate is 20 feet for Medium creatures, or 15 feet for Small. The armor has an arcane spell failure chance of 25%, a maximum Dexterity bonus of +3, and an armor check penalty of –3. It is considered medium armor and weighs 25 pounds.

Faint transmutation; CL 5th; Craft Magic Arms and Armor, haste; Price 26,500 gp."

Full Plate is normally -6. The Mithral improves it to -3.
 


Also, Mithral moves the armor into the lighter category. My low level Warmage/Cleric loves Mithral Breastplate.
 

Mithral Breastplate? Isn't a +3 chain shirt the same cost, and better?
Oh well, I will suppress the power gamer in me.

I WILL play a gnomish archer soon, I WILL play a bard soon...

-Tatsu
 

Mithral breastplate: light armour, +5 AC bonus, max Dex +5. Cost 4200 gp.

+3 chain shirt: light armour, +7 AC bonus, max Dex +4. Cost 9250 gp.

+2 mithral breastplate: +7 AC bonus, max Dex +5. Cost 8200 gp.
 

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