These reports are provided as a courtesy and do not necessarily reflect the opinion of MBIA Inc. The listed reports do not include all the rating agency reports relating to our business published between the indicated dates. MBIA Inc. undertakes no obligation to post updates. Further questions or requests for additional reports should be directed to Moody’s or S&P.

• 12/23/09: Moody’s Report: MBIA Inc. Summary Rating Rationale
• 11/4/09: S&P Report
• 09/28/2009: S&P Report: MBIA Insurance Corp. And MBIA Inc. Ratings Lowered; National Public Finance Guarantee Corp. 'A' Ratings Affirmed
• 09/17/2009: S&P Report: Mortgage Related Losses Aren’t Over for Bond Insurers
• 08/24/2009: S&P: Methodology: The Interaction of Bond Insurance And Credit Ratings
• 07/24/2009: Moody’s Credit Opinion
• 06/17/2009: S&P: MBIA Insurance Corp.‘s Surplus Notes Rating Lowered To ‘BB’ From ‘BB+’
• 06/05/2009: S&P Report: National Public Finance Guarantee Corp. Ratings Lowered To 'A'; MBIA Insurance Corp. Ratings Lowered To 'BBB'
• 02/18/2009: S&P: MBIA Insurance Corp. Ratings Lowered To 'BBB+'; MBIA Insurance Corp. of Illinois Downgraded To 'AA-'
• 11/19/2008: S&P: MBIA 'AA' Rating Assigned To FGIC Reinsured Issues
• 11/6/2008: S&P Projected Losses Have Widened For Bond Insurers With RMBS And CDO Exposure
• 09/23/2008: S&P: Bond Insurers Evaluate Business Prospects Amid Investor Uncertainty As RMBS Shakeout Continues
• 06/11/08: S&P’s Summary Analysis MBIA Insurance Corp.
• 02/25/08: S&P Detailed Results Of Subprime Stress Test Of Financial Guarantors
• 12/20/07: S&P Says MBIA’s CDO Exposure Was Reflected In Its Analysis
• 12/19/07: S&P Report: Detailed Results Of Subprime Stress Test Of Financial Guarantors