Syncora Cultura de la Empresa

Mr. Frederick B. Hnat, also known as Fred, has been Chief Executive Officer and President of Syncora Holdings Ltd. since May 31, 2017. Mr. Hnat serves as Senior Vice President at Syncora Guarantee Inc. He served as Chief Operating Officer of Syncora Holdings Ltd. from January 1, 2017 to May 31, 2017. Mr. Hnat served as Senior Vice President at Syncora Holdings Ltd. since April 2016 until January 1, 2017. He focuses on surveillance of the European portfolio, distressed debt transactions in the U.S. municipal sector, heads Syncora's compliance function and is responsible for both inwards and outwards reinsurance. Mr. Hnat served as Chief Operating Officer of Syncora Guarantee (U.K.) Ltd. (formerly XL Capital Assurance (UK) Limited) since August 2004. Mr. Hnat serves as Managing Director of Syncora Guarantee, Inc. He served as General Counsel of XL Group plc since 2000. He served as the Senior Managing Director, General Counsel and Secretary of Syncora Guarantee Inc. from 2000 to July 2004. Mr. Hnat joined Syncora Guarantee in 1999, served for six years as Assistant General Counsel at MBIA Insurance Corporation. Mr. Hnat was a Corporate Attorney with two New York City law firms, Rogers & Wells (now Clifford Chance) and Mudge Rose Guthrie Alexander & Ferdon. He has been Director of Syncora Holdings Ltd. since May 31, 2017. Mr. Hnat serves as a member of the board of directors of Swap Financial Group LLC, Syncora-UK and Syncora Guarantee. He served as Director of Syncora Guarantee (UK) Limited. He is admitted to the bar associations of New York, New Jersey and the District of Columbia. He is also a member of Syncora's managing committee. Mr. Hnat received an A.B. from Princeton University and a J.D. from the Boston University School of Law.

Mr. Drew D. Hoffman has been Senior Vice President of Syncora Holdings Ltd. since 2008. Mr. Hoffman serves as a Senior Vice President of Syncora Guarantee Inc. He served as an Executive Vice President of Syncora Guarantee Inc. since February 2009. He also served as Managing Director and Head of Surveillance at Syncora Guarantee Inc. (formerly, XL Capital Assurance Inc.) and oversaw an expert team of credit professionals that proactively monitors the performance of its portfolio of insured credits and implements remediation procedures when necessary to mitigate risk. He has been with Syncora Guarantee Inc. since 2002 and leads its Surveillance and Research group. He served as the Primary Credit Officer supporting Syncora Guarantee Inc.'s structured single risk group, which includes the public finance, global infrastructure, power and utilities, whole business securitization and energy-related future flow businesses. Mr. Hoffman spent nine years at MBIA Insurance Corporation, where he served as a Managing Director and Head of its Banking Relations group. He served as a Managing Director and Head of the Insured Portfolio Management (Municipals and IOUs) business and managed and oversaw a diverse portfolio consisting of more than 8,000 credits totaling $265 billion in par value. Prior to joining MBIA in 1993, he served as an Assistant Vice President in the Project Finance group at Sumitomo Bank. He specialized in structuring independent power financings, stadium and arena financings and industrial project financings. Mr. Hoffman served as a Public Finance associate at Smith Barney focusing on project financings. He began his career as a consultant advising a venture capital group on investing in oil and precious metal properties. Mr. Hoffman received a B.S. from Tufts University, a M.S. from Yale University and an M.B.A. from Columbia University.

Mr. David M. Grande has been Chief Financial Officer at Syncora Holdings Ltd. since January 1, 2017 and served as its Controller until January 1, 2017. Mr. Grande has more than 16 years of finance experience, including three and a half years as Syncora's Controller, with strong capabilities in financial reporting, developing financial processes, controls and reporting systems and determining the financial and accounting effect of complex transactions. He joined Syncora from PricewaterhouseCoopers in January 2013. Prior to joining Syncora, Mr. Grande was a Senior Manager in PricewaterhouseCoopers' Assurance Business & Advisory Services group, leading audits and providing in-market support to various engagements of both public and non-public financial guaranty, life and health and property and casualty insurance clients. Mr. Grande holds a BA from Drew University and an MBA from Fordham University. He is a Certified Public Accountant.

Ms. Mary Jane Constant has been Chief Remediation Officer at Syncora Holdings Ltd. since January 1, 2017 and served as its Managing Director of Risk Management until January 1, 2017. Ms. Constant is a leader in many of Syncora's key credit remediations. Her responsibilities include leading remediation teams to develop and execute strategies to maximize the value of assets received in restructurings and to avoid losses on the Company's watch-list and troubled credits. In addition, she has been an integral participant in the Company's previous and ongoing restructurings. Ms. Constant is a member of the Board of Directors of Pike Pointe Holdings, the parent company of the American Roads operating subsidiaries. Ms. Constant joined Syncora in 2002 as Associate General Counsel and has participated in numerous project, municipal and structured finance transactions and general corporate matters. Prior to joining Syncora, she was an associate at Dewey Ballantine, where her work included restructurings, private equity, secured lending, debt finance and other complex financial transactions, primarily in consumer finance and energy. Ms. Constant holds a BA from Grinnell College, a JD from New York University and an MBA from Columbia University. She also served two years in the U.S. Peace Corps in the Philippines.

Mr. Orlando Rivera serves as Senior Vice President and Head of Human Resources at Syncora Guarantee Inc. Mr. Rivera is responsible for all HR initiatives for Syncora Holdings Ltd. and its subsidiaries, focusing on HR strategic planning, compensation plans, health and retirement benefits, talent management and talent acquisition. Mr. Rivera has more than 20 years professional experience in human resources positions in the financial services industry. Mr. Rivera has been Head of Human Resources at Syncora Holdings Ltd. (alternate name Security Capital Assurance Ltd) since March 2006 and also serves as its Senior Vice President. Mr. Rivera joined Syncora in 2006 and assisted in the preparation for its initial public offering. In his career, he was the lead HR executive responsible for the Financial Products and Services segment of XL America and the XL Capital Investment Partners businesses of Bermuda-based XL Capital Ltd. He has served in HR roles throughout the financial services industry, including at Gen Re Financial Products, Societe Generale, Arthur Andersen, Chase Manhattan Bank and Goldman Sachs. Mr. Rivera served as Human Resources Global Generalist for XL Capital's Financial Products & Services segment from October 2003 to August 2006. Before joining XL Capital, he served as Head of Human Resources for Gen Re Securities' U.S. business. Mr. Rivera holds a BS in Industrial & Labor Relations and Industrial Science from Cornell University.

Drew Hoffman serves as the Managing Director of Syncora Holdings Ltd.. Drew started at Syncora Holdings Ltd. in April of 2002. Drew currently resides in Greater New York City Area.

Bill Dodds serves as the Managing Director of Syncora Holdings Ltd.. Bill started at Syncora Holdings Ltd. in June of 2004. Bill currently resides in Greater New York City Area.

William Dodds serves as the Managing Director of Syncora Holdings Ltd.. William started at Syncora Holdings Ltd. in June of 2004. William currently resides in Greater New York City Area.