As of December 31, 2011, the corporate activities of MBIA Inc. had $226 million of cash and highly liquid assets available for general corporate liquidity purposes.The Company did not repurchase any of its common stock during the fourth quarter. As of December 31, 2011, approximately $23 million of repurchase authorization remained available under the Company's $1.0 billion share buyback program. Wind-down Operations The Company’s wind-down operations comprise its ALM and Conduit businesses, both of which are in run-off. The Company’s wind-down operations recorded a pre-tax loss of $161 million in the fourth quarter of 2011 compared with pre-tax income of $42 million in the fourth quarter of 2010. The pre-tax loss in the fourth quarter of 2011 was driven by a $78 million net loss on financial instruments at fair value and foreign exchange resulting primarily from mark-to-market losses due to an improved market perception of MBIA Corp.'s credit quality and by a $65 million service fee paid to a non-insurance affiliate. Ongoing negative net interest spread in the ALM business, a portion of which is included in the $78 million net loss on financial instruments at fair value and foreign exchange, totaled approximately $31 million in the quarter. Pre-tax income in the fourth quarter of 2010 was driven by a $62 million net gain on financial instruments at fair value and foreign exchange resulting primarily from increased values of interest rate swaps not designated as hedges. As of December 31, 2011, the ALM business had cash and short-term investments of $581 million, of which $160 million was free cash not pledged directly as collateral. The Company believes that these liquidity resources, along with available liquidity in its corporate segment, will be sufficient to meet the expected cash flow needs of wind-down operations in 2012. Conference Call The Company will host a webcast and conference call for investors tomorrow, Thursday, March 1, 2012 at 8:00 AM (EST) to discuss its fourth quarter and full year 2011 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.