MBIA : Standard of Conduct

MBIA Inc.

Standard of Conduct

MBIA Standard of Conduct

A MESSAGE FROM OUR CEO……………….………………………..................................... 1

INTRODUCTION…………………………………………………………………………………... 2

1. Ethics and Values …………………………………………………………………... 3

1. Personal Conduct …………………………………………………………………... 5
2. 1. General
   2. Conflicts of Interest
   3. Corporate Credit Card
   4. Political Associations
   5. Employee Relations

III.	Executive Compensation ………………………………………………………… 9
IV.	Compliance with Laws ……………………………………………………………. 10

1. Securities Laws and Regulations
2. Anti-Briberyand the Foreign Corrupt Practices Act
3. Antitrust and Fair Trade Laws
4. Anti-Fraud
5. Model Governance
6. Anti-MoneyLaundering
7. Competitive Information
8. Retention of Independent Auditor
9. Protection of Confidential Information

V. Use of Information and Property ………………………………………………… 14

1. Insider Trading
2. Confidential and Sensitive Information
3. Media and Investor Communications
4. Documenting, Recording and Reporting Information
5. Spreadsheet Controls
6. Records Management
7. Use of MBIA Property
8. Intellectual Property
9. Cybersecurity
10. Vendor Management

VI. Enforcement of the Standard of Conduct …………………………………….. 24

1. Administration of the MBIA Standard of Conduct
2. Compliance with the MBIA Standard of Conduct
3. MBIA Alert Line
4. Delegation of Authority
5. Internal Controls
6. Operational Risk

ACKNOWLEDGMENT………………………………………………………………….............. 28

MBIA Standard of Conduct

MBIA Inc. Policy Statements

• Compliance Policy …………………………………………………………….. Appendix A
• Equal Employment Opportunity, Non Discrimination

and Anti-Harassment Policy …………………………………..……… Appendix B

• Conflicts of Interest Policy …………………………………………………… Appendix C
• Insider Trading Policy…………………………………………..……………… Appendix D
• Disclosure Policy ………………………………………………………………. Appendix E
• Compliance with the U.S. Foreign Corrupt Practices Act

and Other Anti-Bribery Laws and Regulations ……………………. Appendix F

• Antitrust Compliance Policy …………………………………………………. Appendix G
• Anti-FraudPolicy ………………………………………………………………. Appendix H
• Anti-MoneyLaundering Policy ………………………………………………. Appendix I
• Audit and Non-Audit Services Pre-Approval Policy……………………….. Appendix J
• Intellectual Property Policy …………………………………………………... Appendix K
• Record Retention, Filing and Disposal Policy ……………………………. Appendix L
• Technology Use Policy………………………………………………………… Appendix M
• Operational Risk Management……………………………………………….. Appendix N
• Vendor Management Policy………………………………………………….. Appendix O
• Gifts, Entertainment and Contributions Policy …………………………… Appendix P
• Internal Controls P5olicy ……………………………………………………….. Appendix Q
• Executive Compensation Clawback Policy ……………………………….. Appendix R
• Model Governance Policy ………………………….…………….……..…... Appendix S
• Cybersecurity Policy ………………………………….…………….……..….. Appendix T
• Spreadsheet Controls Policy ………………………………………………… Appendix U

MBIA Standard of Conduct

A Message from Bill Fallon

Dear Colleagues,

MBIA's Standard of Conduct outlines the business practices and the values of integrity, teamwork, and performance excellence that are at the core of our identity. It requires that we be honest, fair and ethical in every business decision we make, that we be above reproach in our dealings with everyone, that we report any instance of unethical or illegal activity if we observe it, and ask questions if we are unsure about whether an action might be unethical or illegal. Compliance with the law is the very minimum that's required of us all; in truth, living by our values is at least as important, and we should always strive to hold ourselves to a higher standard.

Please keep these principles in mind as you review our Standard of Conduct and discuss any questions you might have with your manager, Compliance or a member of the Legal Department.

Thank you.

Bill Fallon

CEO

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