MBIA Names Weeks to Head International Business

June 11, 2004

Financial Guaranty insurer MBIA Inc. announced that Christopher Weeks has been named as head of the company’s international operations, effective immediately. He succeeds Vice Chairman Jack Caouette, who will be leading strategic initiatives for the company until his retirement in early 2005.

“Chris brings enormous drive, talent and expertise to his new position,” stated MBIA CEO Gary Dunton. “He has a comprehensive knowledge of the global markets, having served in international positions for his entire career. I am confident that he will carry forward the legacy of success created by Jack, who brilliantly led MBIA’s expansion into global markets and increased our footprint to seven offices around the world.”

Weeks, who will be based in London, was previously managing director of CDOs and Structured Secondary Markets at MBIA. he joined the company in 1995 as head of European structured finance and secondary markets. He has previously served in leadership roles in its international business, including heading the Sydney, Australia office where he was responsible for infrastructure, securitization and structured finance transactions throughout Asia.

Weeks will serve as a member of the Executive Policy Committee, the senior policy-making arm of the company, and will be part of the Insurance Operations Group led by Neil Budnick, president of MBIA Insurance Corporation.

The bulletin also indicated that Caouette, “after spearheading MBIA’s international business from the London headquarters he opened, will lead an effort to examine new strategic initiatives for the company.” During his tenure at the helm of MBIA’s international business Caouette “oversaw MBIA’s expansion into global markets, resulting in adjusted direct premium for non-U.S. public and structured finance reaching record levels of $662.1 million in 2003 and representing over 40 percent of MBIA’s business production.”

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