On December 22, 2017, Joseph W. Brown, a Director and former Chief Executive Officer of MBIA Inc., submitted his resignation, effective December 29, 2017, as a member of the company’s Board of Directors. Having previously determined not to stand for re-election at the company’s 2018 Annual Shareholder meeting in May of 2018, Mr. Brown determined that it was appropriate to end his service on the Board at this time. In connection with Mr. Brown’s resignation, the Board will decrease in size from seven to six directors.