MBIA INC — Director's Dealing 2010

May 5, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MBIA INC (MBI)
CIK: 0000814585
Period of Report: 2010-05-04

Reporting Person: LEE KEWSONG (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-04	Common Stock	A	7772	$9.65	Acquired	74777	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	71486898	Indirect

Footnotes

F1: Restricted stock granted on May 4, 2010 at a price of $9.65 per share subject to 10 year cliff vesting; no vesting until 10 year anniversary of grant. On May 4, 2020, entire grant of restricted stock vests.

F2: Warburg Pincus Private Equity X, L.P., a Delaware limited partnership (together with an affiliated limited partnership, "WP X") is the holder of (a) 46,159,252 shares of Common Stock and (b) warrants exercisable for 25,327,646 shares of Common Stock.

F3: Warburg Pincus X L.P., a Delaware limited partnership ("WP X LP") is the general partner of WP X; Warburg Pincus X LLC, a Delaware limited liability company ("WP X LLC") is the general partner of WP X LP; Warburg Pincus Partners, LLC, a New York limited liability company ("WP Partners") is the sole member of WP X LLC; and Warburg Pincus & Co., a New York general partnership ("WP") is the managing member of WP Partners. Warburg Pincus LLC, a New York limited liability company ("WP LLC") manages WP X. As a Partner of WP and a Member and Managing Director of WP LLC, Mr. Kewsong Lee may be deemed to be the beneficial owner of the Common Stock held by WP X and the warrants exercisable for Common Stock held by WP X

F4: Pursuant to Rule 16a-1(a)(4) of the Securities Exchange Act of 1934, as amended, Mr. Kewsong Lee, herein states that this filing shall not be deemed an admission that he is the beneficial owner of any of the shares of Common Stock held by WP X or of any of the warrants exercisable for Common Stock held by WP X. Mr. Lee disclaims beneficial ownership of such Common Stock and such