MBIA Inc. (NYSE: MBI) today reported Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $34.50 per share at December 31, 2011 compared with $35.51 per share at September 30, 2011. Book value per share was $8.80 as of December 31, 2011. MBIA Inc.’s adjusted pre-tax loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) for the fourth quarter of 2011 was $252 million compared with an adjusted pre-tax loss of $311 million for the fourth quarter of 2010. The reduction in ABV and the adjusted pre-tax loss for the three months ended December 31, 2011 resulted from losses on insured pools of commercial mortgage backed securities (CMBS) primarily due to amounts paid to commute these exposures, partially offset by a benefit to loss and loss adjustment expenses related to expected recoveries from “put-backs” of ineligible mortgage loans within certain insured transactions. ABV and adjusted pre-tax income provide investors with additional views of the Company’s operating results that management finds useful in measuring financial performance. The net loss to common shareholders for the fourth quarter of 2011 was $626 million, or $3.23 per share, compared with net income of $451 million, or $2.24 per share, for the fourth quarter of 2010. The Company’s results for the fourth quarter of 2011 were driven by $1.7 billion in pre-tax losses on insured credit derivatives resulting primarily from an improved market perception of MBIA Corp.’s credit quality, as realized losses associated with settlement and claim payments on multi-sector CDO and CMBS transactions were largely offset by the reversal of previously booked unrealized losses on these transactions. The $1.7 billion pre-tax loss on insured credit derivatives was partially offset by a $448 million income tax benefit, a $285 million benefit to loss and loss adjustment expenses related to an increase in expected recoveries from “put-backs” of ineligible mortgage loans within certain insured transactions, and a $255 million net realized gain related to the deconsolidation of certain variable interest entities.