Terms and Conditions of Use

The referenced portfolio is a comprehensive listing of the portfolio of National Public Finance Guarantee Corporation as of December 31, 2016, which contains only U.S. public finance business and is organized into the following risk sectors: General Obligation, General Obligation - Lease, Health Care, Higher Education, Municipal Housing (includes FHA Healthcare), Military Housing, Other, Investor Owned Utilities (IOU), Student Loans, Municipal Utilities, Tax-Backed and Transportation. Sector aggregate exposure may not tie to insured portfolio by bond type reporting in MBIA Inc.'s Quarterly Operating Supplement due to rounding, among other factors. The insured portfolio data includes Obligor name, CUSIP number where applicable and when available, Gross Par Outstanding, Net Par Outstanding, Gross Debt Service Outstanding, Net Debt Service Outstanding, Insurance Type and Date Insured (by MBIA and/or National). For Capital Appreciation Bonds (CABs) Gross Par Outstanding and Net Par Outstanding reflect the original principal amount at issuance. An asterisk ("*") will appear in the Obligor/CUSIP field where a CUSIP is not applicable, the CUSIP is missing from National Public Finance Guarantee Corporation data, or the credit enhancement on the bond is confidential. The data in the list is subject to modification, update and correction. This information is not the definitive list of policies assumed by National from MBIA Insurance Corporation and novated to National by Financial Guaranty Insurance Company ("FGIC"). Those policies are defined as "Covered Policies" under the agreements governing those transactions, which can be found on the mbia.com and nationalpfg.com websites. Neither MBIA Inc. or its affiliates undertake to update information to reflect the impact of circumstances or events that arise after the dates indicated, and information provided herein should only be relied upon in conjunction with and remains at all times subject to MBIA Inc.'s most current filings of its reports on Form 10-K, Form 10-Q and Form 8-K, as well as the current MBIA Inc. Quarterly Operating Supplement.

Each CUSIP number is linked to the Electronic Municipal Market Access (EMMA) website administered by the Municipal Securities Rulemaking Board. Once you leave National's website, you are subject to the Terms and Conditions of Use of the EMMA website.

In addition, the risk factors included in MBIA Insurance Corp.'s or one of its subsidiaries most current filings of its reports on Form 10-K and Form 10-Q should be considered carefully when evaluating this information, including MBIA Inc. and its business. MBIA Inc.'s business, financial condition and results of operations could be materially adversely affected by any of these risks. Additional risks not presently known to MBIA Inc. or that MBIA Inc. currently deems immaterial individually may also adversely affect MBIA Inc.'s business, financial condition and results of operations.

Insurance Type: The list of Insurance Types includes the following: "MBIA" for previously insured by MBIA Insurance Corp. or one of its subsidiaries (an "MBIA insurer"), where insurance by an MBIA insurer was procured for a credit risk already insured by an MBIA insurer; "P&I" for Principal and Interest; "Surety" indicates a surety policy issued in lieu of debt service reserve funds; Policies noted as "SWAP" are financial guarantee insurance policies supporting public finance entities' obligations primarily under interest rate swaps (where applicable, the exposure on Swap and Surety policies has been aggregated with the related bond policies); and "Other," which relates to reinsurance provided on a non-policy specific basis. For most sureties and swaps, Gross Par Outstanding, Net Par Outstanding, Gross Debt Service Outstanding and Net Debt Service Outstanding show zero exposure even though our policy is outstanding.

Updated as of 12/31/2016, for further information please refer to MBIA's SEC filings.