MBIA Inc. Declares Extraordinary Cash Dividend on MBIA Inc. Common Stock and Dividends from National Public Finance Guarantee Corporation

MBIA Inc. (NYSE:MBI) today announced that its Board of Directors declared an extraordinary cash dividend on MBIA common stock of $8.00 per share to shareholders of record as of December 18 to be paid on December 22, which totals approximately $409 million, based on 51.1 million shares outstanding. The information is also available in the Current Report on Form 8-K dated December 7, 2023 available at sec.gov.

The Company also announced on December 7, 2023, the New York Department of Financial Services ("NYDFS") approved a $550 million extraordinary dividend to be paid to MBIA by its wholly-owned subsidiary National Public Finance Guarantee Corporation ("National"), and separately, on November 20, 2023 the Corporation received a $97.245 million as of right dividend from National.

The remainder of the dividends from National are being retained by MBIA and are intended to be used for general corporate purposes including, but not limited to, future operating expenses and debt service obligations.

Bill Fallon, MBIA Inc. CEO, said, "We are pleased to provide this extraordinary distribution of shareholder value to our shareholders and significantly improve MBIA's liquidity for its stakeholders. We will continue to pursue additional measures to enhance shareholder value as we take steps to achieve the ultimate resolution of the Company."

MBIA expects that National will continue to seek approval to pay additional extraordinary dividends to MBIA in future years. However, there can be no assurance whether or when NYDFS will approve such requests and, if the NYDFS does approve such dividends, in what amounts. Furthermore, any future dividend payments by MBIA to shareholders are within the absolute discretion of our board of directors and will depend on, among other things, the receipt of additional extraordinary dividends from National, our results of operations, working capital requirements, capital expenditure requirements, financial condition, level of indebtedness, contractual restrictions with respect to the payment of dividends, business opportunities, anticipated cash needs, provisions of applicable law and other factors that our board of directors may deem relevant.