Fairness Opinion

Duff & Phelps Rendered a Fairness Opinion to the Board of Directors of Syncora Holdings Ltd.

Syncora Holdings Ltd. ("SHL") has completed a comprehensive restructuring transaction, including the private exchange offers for Syncora Guarantee Inc.'s ("SGI") Surplus Notes and variation of rights attached to SHL's outstanding Fixed/Floating Series A Perpetual Non-Cumulative Preference Shares. In addition, SGI made a cash payment of approximately $55 million to holders of the Existing SGI Surplus Notes. The transaction closed on August 12, 2016.

Duff & Phelps served as an independent financial advisor to the board of directors of Syncora Holdings Ltd. and provided a fairness opinion in connection with the transaction.

About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. Syncora Holdings U.S. Inc. and Syncora Guarantee Inc. are wholly-owned subsidiaries of Syncora Holdings Ltd. Syncora Holdings Ltd., through its subsidiary, Syncora Guarantee Inc., provides financial guarantee insurance and reinsurance, and other credit enhancement to debt issuers worldwide. Debevoise & Plimpton LLP served as primary U.S. legal counsel and Appleby served as primary Bermuda legal counsel.

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