C. Edward Chaplin Elected To MBIA's Board of Directors

Business Wire,  Dec 16, 2002  

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Business Editors

ARMONK, N.Y.--(BUSINESS WIRE)--Dec. 16, 2002

MBIA Inc. (NYSE: MBI) announced today that C. Edward (Chuck) Chaplin (46) joins MBIA's Board of Directors, effective immediately.

Mr. Chaplin is senior vice president and treasurer of Prudential Financial Inc., responsible for Prudential's capital and liquidity management, corporate finance, and banking and cash management. As the corporate treasurer, he is also the chairman of the Financial Controls Committee, a management group supervising capital commitments, balance sheet and legal entity structure, and a member of the Investment Oversight Committee of the company's pension plans.

MBIA Chairman Jay Brown said, "Chuck brings a deep knowledge of the insurance industry and a strong financial background to the Board, both of which will assist MBIA as it grows its worldwide financial guarantee and asset management franchise."

Mr. Chaplin has been with Prudential since 1983 and is a member of the Board of Trustees of Newark School of the Arts as well as a board member and treasurer of the Executive Leadership Council, a business group promoting workplace diversity. He holds a B.S. from Rutgers College and a Master's Degree in City and Regional Planning from Harvard University. He is also a Chartered Financial Analyst.

MBIA Inc., through its subsidiaries, is the world's preeminent financial guarantor and a leading provider of specialized financial services. MBIA provides innovative and cost-effective products and services that meet the credit enhancement, financial and investment needs of its public and private sector clients, domestically and internationally. MBIA Inc.'s principal operating subsidiary, MBIA Insurance Corporation, has a financial strength rating of Triple-A from Moody's Investors Service, Standard & Poor's Ratings Services, Fitch Ratings, and Rating and Investment Information, Inc. Please visit MBIA's Web site at http://www.mbia.com.

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