MBIA INC — Director's Dealing 2012

May 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MBIA INC (MBI)
CIK: 0000814585
Period of Report: 2012-05-01

Reporting Person: GAUDIANI CLAIRE L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-01	Common Stock	M	15721	—	Acquired	59660	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-01	Hypothetical Stock Units	$	M	15721	Disposed		Common Stock (15721)	Direct

Footnotes

F1: Stock issued pursuant to conversion of Hypothetical Stock Units under Directors' Deferred Compensation Plan resulting from termination of status as a Director.

F2: Each Hypothetical Stock Unit is the economic equivalent of one share of MBI common stock.

F3: Disposition of Hypothetical Stock Units through conversion to common stock issued upon termination of status as a Director.

F4: Exercisable and expiration dates of units is date of termination or Reporting Person's status as a Director which triggers payment.