MBIA (MBI) Subsidiary National Receives Initial Distribution of Cash and Securities Representing Expected Partial Recovery on Insured Puerto Rico Highways and Transportation Authority Bonds

National Public Finance Guarantee Corporation (“National”), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today announced that on July 8, 2022 it received an initial distribution of cash and securities in accordance with the terms of the Puerto Rico Highways and Transportation Authority (“HTA”) Plan Support Agreement and the Commonwealth of Puerto Rico’s General Obligation and Public Building Authority’s Plan of Adjustment, which became effective on March 15, 2022. The distribution consists of $33 million of cash and $358 million face amount of Contingent Value Instruments. National expects to receive an additional distribution of cash and securities upon the confirmation and implementation of the HTA Plan of Adjustment.

“The receipt of a significant portion of our expected recovery on insured HTA bond losses is another important step in the Company’s resolution of its Puerto Rico exposures,” said Bill Fallon, CEO of National Public Finance Guarantee Corporation.

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