THE TERMS AND CONDITIONS OF USE AND PRIVACY POLICY FOR THIS WEB SITE, ALONG WITH THE ACCEPTABLE USE POLICY FOR MBIA'S CLIENT CONNECTION™ SERVICE PROVIDED ON THIS SITE, ARE CONTAINED BELOW. PLEASE READ CAREFULLY BEFORE USING THIS SITE AND/OR SERVICE. This Web site (the "Site") is provided by MBIA ("MBIA") and intended for informational purposes only.

NOTICE to be bound by accessing Site, user required to manifest assent to Terms and Conditions of Use when first using Service. BEFORE USING THE SITE OR THE SERVICE, INCLUDING BUT NOT LIMITED TO THE DOWNLOADING OF MATERIALS FROM THE SITE, YOU MUST AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS OF USE. IF YOU DO NOT AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS DO NOT USE THE SITE, THE SERVICE OR DOWNLOAD MATERIALS FROM THE SITE. YOUR USE OF THE SITE AND THE SERVICE SHALL CONSTITUTE ACCEPTANCE OF THESE TERMS AND CONDITIONS OF USE.

MBIA reserves the right, at its sole discretion, to change, modify, add or remove any portion of these Terms and Conditions of Use in whole or in part, at any time. You should review these Terms and Conditions of Use regularly as changes will be effective when made. YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOUR CONTINUED USE OF THE SITE OR SERVICE AFTER A CHANGE HAS BEEN MADE TO THE TERMS AND CONDITIONS OF USE SHALL CONSTITUTE YOUR ACCEPTANCE OF SUCH CHANGE.

CONTENT AND OPERATION OF SITE AND SERVICE. The information contained on the Site and Service is subject to change without notification. MBIA disclaims liability for errors or omissions within the content of the Site and Service. MBIA undertakes no obligation to maintain or ensure that the information on the Site and Service is the most current information available. MBIA may terminate, change, suspend or discontinue any aspect of the Site or Service, including the availability of any features of the Site or Service, at any time. MBIA may also impose limits, for any or no reason, on certain features and services or restrict your access to parts or all of the Site or Service without notice or liability.

INFORMATIONAL PURPOSES ONLY: The Material (defined below) contained on the Site and Service is for informational purposes only and is not an offer to sell or a solicitation to buy any security or any insurance product. MBIA's products and services are subject solely to the terms of the documentation which accompanies provision of any such products and services and this documentation should be referred to for complete information. Not all of the products or services described in this Site or Service are available in all jurisdictions or to all potential customers or investors. Nothing on this Site or Service is intended as, or should be taken to be, investment advice, an offer or a solicitation, including, but not limited to, information supplied on this Site or Service in any jurisdiction or to any potential customer or investor where any information regarding products and services might be construed as offer or sale not otherwise qualified or exempt from regulation.

THIRD-PARTY SITES: This Site and/or Service may include links to web sites operated by parties other than MBIA, including content providers, advertisers and other third parties. Such links are provided solely for your convenience and do not represent an endorsement of any other party or web site. MBIA does not endorse and does not take responsibility for any content, advertising, products or services made available on or through such third parties' web sites. All use of, or reliance on, third parties' web sites, content, products and services is at your own risk. If you use these sites, you will leave this Site. If you decide to visit any linked site, you do so at your own risk and it is your responsibility to take all protective measures to guard against viruses or other destructive including those which might cause system failure or malfunction upon transferring to other sites We reserve the right to terminate any link to a third party site at any time. Links do not imply that MBIA sponsors, endorses, is affiliated or associated with, or is legally authorized to use any trademark, trade name, logo or copyright symbol displayed in or accessible through the links, or that any linked site is authorized to use any trademark, trade name, logo or copyright symbol of MBIA or any of its affiliates or subsidiaries.

INFORMATION PROVIDED BY YOU: MBIA does not want you to, and you should not, send any confidential or proprietary information to MBIA via the Site or Service. You agree that any information or materials that you or individuals acting on your behalf provide to MBIA will not be considered confidential or proprietary. By providing any such information or materials to MBIA, you grant to MBIA an unrestricted, irrevocable, worldwide, royalty-free license to use, reproduce, display, publicly perform, transmit and distribute such information and materials, and you further agree that MBIA is free to use any ideas, concepts or know-how that you or individuals acting on your behalf provide to MBIA. You further recognize that MBIA does not want you to, and you warrant that you shall not, provide any information or materials to MBIA that is defamatory, threatening, obscene, harassing, or otherwise unlawful, or that incorporates the proprietary material of another.

TRADEMARKS: The marks MBIA , included, but not limited to, Client Connection™ and MBIA™ are trademarks of MBIA. These trademarks may not be used in connection with any product or service that does not originate with MBIA, in any manner that is likely to cause confusion among users, or in any manner that disparages or discredits MBIA. All other trademarks appearing on the Site or Service are the property of their respective owners.

COPYRIGHT COMPLAINTS: We respect the intellectual property rights of others, and require that the persons and entities using the Site and Service do the same. In appropriate circumstances, we will terminate the access to the Site and Service of any person or entity who is responsible for repeat acts of copyright infringement.

The designated agent to receive notification of claimed infringement under the Digital Millennium Copyright Act is MBIA's General Counsel at +914-273-4545.

PRIVACY: MBIA understands that protecting your privacy is important to you and has explained the steps MBIA takes to do so in the Privacy Policy, which policy is incorporated herein by reference and is a binding part of these Terms and Conditions of Use. The Privacy Policy may be changed by MBIA in the future. You should check the Privacy Policy frequently for changes.

ACCEPTABLE USE OF THE SERVICE: MBIA will provide the Service to you so long as you comply with the Service's Acceptable Use Policy which policy is incorporated herein by reference and is a binding part of these Terms and Conditions of Use. The Service's Acceptable Use Policy may be changed by MBIA in the future. You should check with MBIA frequently for changes.

OWNERSHIP OF DATA: Although you are the owner of the content you contribute to the Service, MBIA owns the storage media that stores your content. MBIA reserves the right to copy, relocate, back-up and remove user content and information from the MBIA system in its sole discretion. All user content and any other information collected, displayed, stored and archived in an aggregate form on the Site or Service and on the MBIA system is owned by MBIA.

PROPRIETARY RIGHTS: You acknowledge and agree that the Site and Service, and all content included therein (including, but not limited to, all text, images, photographs, illustrations, multimedia (graphic, audio and video), charts, indices, reports, data, software, HTML code and screens contained therein), other than user content except to the extent provided herein, is owned by, licensed to, or is otherwise used under permission by MBIA and is subject to protection by U.S. and international intellectual property laws, including, but not limited to, any patent rights, copyrights, trade secrets, trade names, trademarks, service marks, moral rights, know-how and any other similar rights or intangible assets recognized under laws or international conventions in any country or jurisdiction in the world as intellectual creations to which rights of ownership accrue.

LIMITED LICENSE: Subject to the these Terms and Conditions of Use, MBIA grants to you a non-exclusive, non-transferable, limited right to access, use and display the materials displayed on this Site or Service. You agree not to interrupt or attempt to interrupt the operation of the Site or Service in any way. MBIA authorizes you to view and download the information ("Materials") at this Site only for your personal, non-commercial use, except as otherwise expressly provided herein. This authorization is not a transfer of title in the Materials and copies of the Materials and is subject to the following restrictions: 1) you must retain, on all copies of the Materials downloaded, all copyright and other proprietary notices contained in the Materials; 2) you may not modify the Materials in any way or reproduce or publicly display, perform, or distribute or otherwise use them for any public or commercial purpose; and 3) you must not transfer the Materials to any other person unless you give them notice of, and they agree to accept, the obligations arising under these Terms and Conditions of Use, and in the event such third party fails to abide by these terms and conditions, you hereby indemnify MBIA to the extent provided in the indemnity provision as set forth below. MBIA may terminate the authorization, rights and license given above, for any or no reason, and upon notice to you of such termination, including, but not limited to, through the posting of such changes on the Site, you agree to immediately destroy all Materials, in electronic form or otherwise, then in your possession. This Site and Service, including all Materials, are copyrighted and protected by worldwide copyright laws and treaty provisions. You agree to comply with all applicable laws worldwide in your use of the Site and/or Service and to prevent any unauthorized copying of the Materials. Any and all rights respecting MBIA's patents, trademarks, copyrights or trade secret information, which are not expressly granted in this paragraph are reserved to MBIA.

FORWARD LOOKING STATEMENTS: The Site and the Service may contain information that includes or is based upon forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are made based on MBIA's current expectations and beliefs concerning future developments and their potential effects. You can identify these statements by the fact that they do not relate solely to historical or current facts. They generally include words such as "believe", "expects", "anticipates", "intends" and similar words. There can be no assurance that future developments will be in accordance with MBIA's expectations or that the effect of future developments will be those anticipated by MBIA. The following important factors, risks, and uncertainties are among those that may affect such statements: (i) changes in performance of financial markets and interest rates; (ii) development of new financial products; (iii) regulatory, accounting or tax changes that may affect the cost of, or demand for our financial products or services and (iv) other risks and uncertainties described from time to time in our filings with the Securities and Exchange Commission. While MBIA periodically reassesses material factors, risks and uncertainties, we do not intend to revise any forward-looking statements to reflect changes in events, circumstances or expectations or to reflect the occurrence of unanticipated events after the date on which a statement is made.

DISCLAIMER OF WARRANTIES: THIS SITE AND SERVICE ARE PROVIDED TO YOU STRICTLY ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. YOU EXPRESSLY UNDERSTAND AND AGREE THAT MBIA MAKES NO REPRESENTATION, WARRANTY, OR GUARANTY AS TO THE RELIABILITY, TIMELINESS, QUALITY, SUITABILITY, AVAILABILITY, ACCURACY OR COMPLETENESS OF THE SERVICE OR ANY CONTENT. MBIA DOES NOT REPRESENT OR WARRANT, AND DISCLAIMS, ANY REPRESENTATION OR WARRANTY THAT: (A) THE USE OF THE SERVICE WILL BE TIMELY, UNINTERRUPTED OR ERROR-FREE OR OPERATE IN COMBINATION WITH ANY OTHER HARDWARE, SOFTWARE, SYSTEM OR DATA, (B) THE SERVICE WILL MEET YOUR REQUIREMENTS OR EXPECTATIONS, (C) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL OBTAINED BY YOU THROUGH THE SERVICE WILL MEET YOUR REQUIREMENTS OR EXPECTATIONS, (D) ERRORS OR DEFECTS WILL BE CORRECTED, OR (E) THE SERVICE OR THE SERVERS(S) THAT MAKE THE SERVICE AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, ALL CONDITIONS, REPRESENTATIONS AND WARRANTIES OF ANY KIND WHATSOEVER, DIRECTLY OR INDIRECTLY, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF THIRD-PARTY RIGHTS, WITH RESPECT TO ANY GOODS OR SERVICES TO BE PROVIDED HEREUNDER, ARE HEREBY DISCLAIMED BY MBIA. NO ORAL OR WRITTEN INFORMATION OR ADVICE GIVEN BY MBIA, OR ANY OF THEIR REPRESENTATIVES, WHICH IS NOT EXPRESSLY SET FORTH HEREIN, SHALL CREATE ANY WARRANTY OR IN ANY WAY INCREASE THE SCOPE OF ANY WARRANTY.

LIMITATION OF LIABILITY: IN NO EVENT, SHALL MBIA, OR ANY OF ITS OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, AGENTS, REPRESENTATIVES OR LICENSORS BE LIABLE HEREUNDER, UNDER ANY THEORY OF LIABILITY WHATSOEVER (INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE AND STRICT LIABILITY) FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR FOR LOSS OF PROFITS,REVENUE, PROGRAMMING, (WHETHER IN AN ACTION IN CONTRACT, TORT, PRODUCT LIABILITY, STATUTE OR OTHERWISE (EVEN IF MBIA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES)) ARISING OUT OF (A) YOUR USE OF THE SITE OR SERVICE, INCLUDING, BUT NOT LIMITED TO, ANY LOSS OR DAMAGE CAUSED BY ANY RELIANCE ON, OR ANY DELAYS, INACCURACIES, ERRORS OR OMISSIONS IN, ANY INFORMATION ACCESSED ON OR THROUGH THE SITE OR SERVICE, (B) ANY TRANSACTION ENTERED INTO THROUGH OR FROM THE SERVICE, (C) YOUR INABILITY TO USE THE SITE OR SERVICE FOR WHATEVER REASON, INCLUDING, BUT NOT LIMITED TO, COMMUNICATIONS FAILURE OR ANY OTHER FAILURE WITH TRANSMISSION OR DELIVERY OF ANY INFORMATION ACCESSED ON OR THOUGH THE SERVICE, (D) THE DELETION, CORRECTION, DESTRUCTION, DAMAGE, LOSS OR FAILURE TO STORE ANY INFORMATION, (E) THE USE OF ANY PRODUCTS OR SERVICES OBTAINED ON OR THROUGH THE SERVICE, (F) UNAUTHORIZED ACCESS TO THE SERVICE AND UNAUTHORIZED ALTERATION TO YOUR TRANSMISSIONS OR DATA, (G) STATEMENTS OR CONDUCT OF ANY THIRD PARTY ON THE SERVICE, OR (H) ANY OTHER MATTER RELATING TO THE SITE OR SERVICE.

BECAUSE SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, IN SUCH JURISDICTIONS MBIA'S AGGREGATE LIABILITY WILL BE LIMITED TO THE EXTENT PERMITTED BY THE LAWS OF THAT JURISDICTION. IN NO EVENT SHALL THE TOTAL LIABILITY OF MBIA TO YOU FOR ALL LOSS OR DAMAGE EXCEED $50.00.

WITHOUT LIMITING THE FOREGOING, YOU AGREE THAT IF YOU USE THIRD-PARTY INFORMATION, SERVICES OR PRODUCTS OFFERED ON A WEB SITE LINKED TO OR THAT IS OTHERWISE REFERRED TO ON OR THROUGH THE SITE OR THE SERVICE, SUCH PARTY IS SOLELY RESPONSIBLE FOR SUCH INFORMATION, SERVICES OR PRODUCTS, AND YOU HEREBY RELEASE MBIA, AND ANY OF THEIR OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, AGENTS, REPRESENTATIVES AND LICENSORS, FROM ANY CLAIMS, DEMANDS AND DAMAGES (INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES) OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, SUSPECTED AND UNSUSPECTED, DISCLOSED AND UNDISCLOSED, ARISING OUT OF OR IN ANY WAY CONNECTED WITH SUCH INFORMATION, SERVICES OR PRODUCTS, ANY TRANSACTIONS BETWEEN YOU AND SUCH PARTY AND ANY DISPUTES BETWEEN YOU AND SUCH PARTY.

INDEMNITY: You agree to indemnify and hold harmless and at MBIA's option, defend MBIA, as the case may be, and any of their officers, directors, shareholders, employees, agents, representatives and licensors, from all damages, costs, liabilities, suits, judgments, penalties, expenses, obligations, losses, claims, actions, costs and expenses (including, but not limited to, attorneys' fees and expenses), relating to or arising out of (a) any breach of these Terms and Conditions of Use, (b) any use of the Service by you or by others using the Service through use of your password, whether or not you have authorized such use, or (c) the operation of your business.

INTERNATIONAL USERS AND CHOICE OF LAW: This Site and Service are controlled, operated and administered by MBIA from its offices within the United States of America. MBIA makes no representation that materials at this Site and Service are appropriate or available for use at other locations outside of the United States and access to them from territories where their contents are illegal is prohibited. You may not use the Site or Service or export the Materials in violation of U. S. export laws and regulations. If you access this Site or Service from a locations outside of the United States, you are responsible for compliance with all local laws. These Terms and Conditions of Use shall be governed by the laws of the State of New York, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. You agree that the appropriate state or federal court in New York county will have the exclusive jurisdiction to resolve all disputes arising under these Terms and Conditions of Use, and you consent to personal jurisdiction in such forum.

ADDITIONAL TERMS: These Terms and Conditions of Use constitutes the entire agreement between MBIA and you with respect to your use of the Site and Service. Any cause of action you may have with respect to your use of the Site and/or Service must be commenced within one (1) year after the claim or cause of action arises, and you hereby waive any right, statutorily or otherwise, to any further extension of time beyond such one year period. If for any reason a court of competent jurisdiction finds any provision of these Terms and Conditions of Use or portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of these Terms and Conditions of Use, and the remainder of the provisions set forth herein shall continue in full force and effect.

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