MBIA (MBI)

Special Litigation Committee

In addition, in 2008, the Special Litigation Committee, which at year-end consisted of Mr. Coulter (Chair) and Mr. Vaughan, met 18 times during 2008. Messrs Coulter and Lee served as co-Chairs of the Committee until June 2, 2008, at which time Mr. Coulter continued as Chair and Mr. Lee stepped down from the Committee. The Committee is responsible for investigating, analyzing and evaluating the matters raised in certain shareholder demand letters received by the Company in 2008 and to determine what action, if any, the Company should take with respect to such matters.

Special Litigation Committee

In addition, in 2006, the Special Litigation Committee, which at year-end consisted of Ms. Perry (Chair) and Messrs. Meyer and Yabuki, met 14 times during 2006. Mr. Chaplin served as Chair of the Committee until May 24, 2006. The Committee is responsible for investigating, analyzing and evaluating the matters raised in certain shareholder demand letters received by the Company in 2005 and to determine what action, if any, the Company should take with respect to such matters.

Special Litigation Committee

In addition, in 2005, the Board designated a Special Litigation Committee, which at year-end consisted of Ms. Perry and Messrs. Chaplin, Meyer and Yabuki and which met 10 times during 2005. The Committee is responsible for investigating, analyzing and evaluating the matters raised in certain shareholder demand letters received by the Company in 2005 and to determine what action, if any, the Company should take with respect to such matters.