MBIA and its Board recognize and embrace the Company’s responsibilities to the environment, to the promotion of social welfare, and to shareholders and other stakeholders. The Company has long and comprehensively assessed the impact of environmental risk on its insured portfolios, regularly reporting to the Board on these risks. The Company has also demonstrated a strong commitment to environmental and social responsibility, though the nature of its business, small size and current operations provide management with limited opportunities to improve upon that record. The Company’s Risk Oversight Committee, which includes its CEO, a member of the Board, regularly reviews and implements policies and decisions related to environmental and social governance risks. Finally, MBIA and its Board understand that good corporate governance practices ensure that the Company operates transparently and in the best interests of its shareholders, policyholders, employees and other stakeholders.