MBIA Guarantees EUR 750 Million for Sanef Refinancing

MBIA UK Insurance Limited, a subsidiary of MBIA Inc. (NYSE: MBI),
announced today that it guaranteed 50 percent of a EUR 1.5 billion
17-year fixed rate loan facility to Sanef, the operator of a 1,743
kilometer network of motorways in France. The other 50 percent was
guaranteed by Financial Security Assurance (FSA). The guaranteed
facility was arranged by BNP Paribas and Dexia and will be drawn down
over a nine-year period. This transaction will fund future capital
expenditure and principal repayments to loans granted by Caisse
Nationale des Autoroutes (CNA), the state-owned motorway financing
vehicle. MBIA's credit enhancement provides an unconditional and
irrevocable guarantee of timely payment of principal and interest to
investors.

"This facility was structured to enable Sanef to secure attractive
funding levels over a prolonged draw period, while CNA funding is
being phased out. The choice of wrapped bank debt funding as the
preferred option demonstrates how the monolines and banks were able to
work together to provide flexible and cost effective solutions to meet
Sanef's requirements," said Francois-Yves Gaudeul, a director and head
of MBIA's French Infrastructure business in Paris.

MBIA Inc., through its subsidiaries, is a leading financial
guarantor and provider of specialized financial services. MBIA's
innovative and cost-effective products and services meet the credit
enhancement, financial and investment needs of its public and private
sector clients, domestically and internationally. MBIA Inc.'s
principal operating subsidiaries, MBIA Insurance Corporation and MBIA
UK Insurance Limited, both have financial strength ratings of Triple-A
from Moody's Investors Service, Standard & Poor's Ratings Services and
Fitch Ratings. MBIA has offices in London, Madrid, Milan, New York,
Paris, San Francisco, Sydney and Tokyo. Please visit MBIA's Web site
at www.mbia.com.