MBIA Board Implements Succession Plan

March 15, 2004

The Board of Directors of MBIA Inc., the holding company of MBIA Insurance Corporation, announced its intention to name Gary Dunton chief executive officer, effective at the Company’s annual Shareholder Meeting on May 6, 2004.

The bulletin indicated that the action is being taken as part of the company’s leadership succession plan. Dunton, who is currently president of MBIA, will succeed Jay Brown, who will remain executive chairman of MBIA through 2007.

MBIA also noted that “Neil Budnick, currently chief financial officer, will become president of MBIA Insurance Corporation, also effective in May. In this capacity, Mr. Budnick will be responsible for new business development in the global public and structured finance markets.” The Company indicated that it expects to name a successor to the CFO position shortly.

Brown commented: “Gary and I first met when we helped transform MBIA from an association to a separately capitalized underwriting company almost twenty years ago. Having worked with Gary as a partner for the last five years, I am delighted that the Board agrees that he is the ideal person to lead the Company forward. Gary has been a major force in the strategic growth of our business, and under his vision and leadership I know MBIA will continue to deliver operational excellence.”

He also expressed confidence in Budnick’s financial guarantee industry experience, indicating that “Neil’s six-year assignment as CFO has deepened his understanding of the entire MBIA organization and its key financial strategies and will serve us well as he leads our domestic and international new business teams with careful deployment of the firm’s capital. Few people know the industry as well as Neil, or can rival his depth of experience. He has the talent and the drive to strengthen and expand our global franchise.”

David C. Clapp, MBIA’s lead outside director, stated, “MBIA has built a very talented and deep management team. The Board is extremely confident that under Gary’s strong leadership, the Company will continue to post outstanding results. Furthermore, Neil’s industry experience will allow the company to capitalize on marketplace opportunities in the future. We are delighted with Jay’s continued active participation with the Company, which will benefit from his wisdom and experience in the years to come.”

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