Final Expiration Date for Offer for RMBS Securities Insured by Syncora Guarantee Inc. Extended to July 10, 2009; Results of Offer as of June 26, 2009

NEW YORK, June 26 /PRNewswire-FirstCall/ -- The BCP Voyager Master Funds SPC, Ltd., acting on behalf of and for the account of, the Distressed Opportunities Master Segregated Portfolio (the "Fund"), today announced that it has extended the expiration date of the Fund's offer for 55 classes of residential mortgage backed securities ("RMBS") insured by Syncora Guarantee Inc. ("Syncora Guarantee") to 11:59 p.m., New York City time, on Friday, July 10, 2009. The offer will expire at that time, unless extended.

Certain Consent Prices Revised

The Fund has revised certain consent prices offered for each class of RMBS from those previously disclosed, subject to the conditions described in the offer. All Eligible RMBS Securities validly tendered as of 11:59 p.m. on June 26, 2009 will be accepted into the offer prior to any RMBS tendered on or after that time, subject to the conditions described in the offer. If there are only sufficient funds to accept a portion of the tendered RMBS of a given priority of acceptance, then tenders for that given priority of acceptance will be accepted pro rata.

Results of Offer as of June 26, 2009 and Status of Discussions with Holders of RMBS

The Fund also announced the results of the offer and the status of certain discussions with holders of RMBS as of June 26, 2009. As of June 26, tenders have been received in the offer and binding, non-binding and other agreements have been reached by the Fund and/or Syncora Guarantee and holders of RMBS to remediate RMBS exposures totaling 54.7 remediation points. RMBS representing 38.4 remediation points have been tendered into the offer, binding agreements have been reached by the Fund and/or Syncora Guarantee and RMBS holders to remediate RMBS exposures totaling 10.7 remediation points, subject to certain conditions, and non-binding agreements have been reached by the Fund and/or Syncora Guarantee and RMBS holders to remediate RMBS exposures totaling 5.5 remediation points. An agreement has been reached by the Fund and Syncora Guarantee and one RMBS holder to remediate RMBS exposures totaling 1.7 remediation points, in the event certain conditions are met. The Fund and Syncora Guarantee are in continuing discussions with numerous other holders of RMBS as the offer continues. The aggregate principal amounts of RMBS securities that have been tendered into the offer are stated in the table below.

                                                               Aggregate
                                                           Principal Balance
                                                          in US$ Tendered as
    CUSIP No.    Security Description                      of June 26, 2009

    39539BAA1    GreenPoint Mortgage Funding Trust
                  2006-HE1                                     86,452,326
    126685DT0    Countrywide Home Equity Loan Trust
                  2006D                                       137,928,505
    39539JAA4    GreenPoint Mortgage Funding Trust
                  2007-HE1                                     55,690,854
    45664UAA3    Indymac Home Equity Mortgage Loan
                  Asset Backed Trust Series 2006-H3            75,460,819
    126685DS2    Countrywide Home Equity Loan Trust
                  2006D                                       226,354,373
    41161MAB6    Harborview Mortgage Pass-Through
                  Certificates Series 2006-5                   74,098,902
    126685AT3    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                                110,046,593
    1248MKAA3    C-BASS Mortgage Loan Asset-Backed
                  Certificates, Series 2007-SL1                66,977,590
    75114GAB5    RALI 2006-QO4 Trust                           51,404,290
    41161PE41    Harborview Mortgage Pass-Through
                  Certificates 2006-CB1                        39,701,573
    456612AB6    Indymac Indx Mortgage Loan Trust
                  2006-AR6                                     84,772,320
    41161PG64    Harborview Mortgage Loan Trust
                  2006-BU1                                     34,339,366
    68402SAA7    Option One Mortgage Loan Trust
                  2007-HL1                                    205,830,564
    12668VAB5    Countrywide Home Equity Loan Trust
                  2006-S7                                      23,900,595
    86801CAA1    STICS 2007-1                                  83,781,970
    65538BAA7    Nomura NAAC 2007-S2                                    -
    41161PL35    Harborview Mortgage Pass-Through
                  Certificates 2006-4                          93,977,192
    41161PP72    Harborview Mortgage Pass-Through
                  Certificates 2006-4                                   -
    41161PQ22    Harborview Mortgage Pass-Through
                  Certificates 2006-4                          41,768,612
    12668VAC3    Countrywide Home Equity Loan Trust
                  2006-S7                                      38,551,660
    1248MKAB1    C-BASS Mortgage Loan Asset-Backed
                  Certificates, Series 2007-SL1                62,150,773
    785778QA2    SACO I Trust 2006-1                           10,941,134
    41161PXG3    Harborview Mortgage Loan Trust 2005-15        14,575,372
    41161PUJ0    Harborview Mortgage Pass-Through
                  Certificates 2005-11                         12,686,329
    12587PEM8    BSSP 2007-R5 (Bear Stearns)                            -
    12668VAD1    Countrywide Home Equity Loan Trust
                  2006-S7                                               -
    12668VAA7    Countrywide Home Equity Loan Trust
                  2006-S7                                      13,523,180
    23332UGP3    Downey Savings and Loan Mortgage Trust
                  Series 2006-AR1                                       -
    23332UGL2    Downey Savings and Loan Mortgage Trust
                  Series 2006-AR1                                 426,155
    12668VAF6    Countrywide Home Equity Loan Trust
                  2006-S7                                               -
    52524PBT8    Lehman XS Trust, Series 2007-6                 3,097,240
    12668VAE9    Countrywide Home Equity Loan Trust
                  2006-S7                                      12,025,983
    126685AU0    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                                 10,542,964
    456612AE0    Indymac Indx Mortgage Loan Trust
                  2006-AR6                                     42,044,903
    07401UAB9    Bear Stearns Second Lien Trust
                  2007-SV1                                    162,192,000
    126673QB1    Countrywide Home Equity Loan Trust
                  2004R                                        38,060,530
    52524TAS3    Lehman XS Trust, Series 2007-8H                        -
    41161PL68    Harborview Mortgage Pass-Through
                  Certificates 2006-4                                   -
    30248EAA6    First Franklin Mortgage Loan Trust
                  Series 2007-FFB-SS                           89,928,498
    525248BL3    Lehman XS Trust, Series 2007-5H               25,219,400
    75114GAE9    RALI 2006-QO4 Trust                           40,478,820
    126685AX4    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                                 39,787,632
    525248BK5    Lehman XS Trust, Series 2007-5H               28,593,744
    126673QA3    Countrywide Home Equity Loan Trust
                  2004R                                                 -
    126673MY5    Countrywide Home Equity Loan Trust
                  2004Q                                        49,857,273
    126685AW6    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                                 12,978,770
    07401UAU7    Bear Stearns Second Lien Trust
                  2007-SV1                                     25,529,277
    86363GBS2    Structured Adjustable Rate Mortgage
                  Loan Trust, Series 2007-3                    28,745,884
    126673MX7    Countrywide Home Equity Loan Trust
                  2004Q                                                 -
    41161PUM3    Harborview Mortgage Pass-Through
                  Certificates 2005-11                                  -
    525245CP9    Lehman XS Trust, Series 2007-3                17,241,072
    41161PG98    Harborview Mortgage Loan Trust
                  2006-BU1                                     14,911,945
    68402SAD1    Option One Mortgage Loan Trust
                  2007-HL1                                              -
    68402SAC3    Option One Mortgage Loan Trust
                  2007-HL1                                     22,220,000
    68402SAB5    Option One Mortgage Loan Trust
                  2007-HL1                                     22,161,593

The offer and related financing are also conditioned on the consummation of an agreement entered into between Syncora Guarantee and certain counterparties to Syncora Guarantee's credit default swap transactions and financial guarantee insurance policies, the tender of a minimum amount of RMBS, approval of the New York Department of Insurance and certain other conditions. Holders of RMBS that have tendered or will tender their RMBS into the offer are no longer able to withdraw their tendered RMBS.

The offer by the Fund and any transactions with Syncora Guarantee are being conducted only with qualified institutional buyers and are exempt from registration under Section 4(2) of the Securities Act of 1933, as amended. Any securities that may be issued pursuant to such transactions have not been and, at the time of the closing of the transaction, will not be registered under the Securities Act or any state securities laws. The securities may not be offered or sold in the United States absent registration under, or an applicable exemption from, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The offers are being made only pursuant to an offer to purchase and letter of transmittal or other appropriate documentation and only to such persons and in such jurisdictions as is permitted under applicable law.

About Syncora Guarantee Inc.

Syncora Guarantee Inc. is a wholly owned subsidiary of Syncora Holdings Ltd. Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. For more information, please visit www.syncora.com.

FORWARD-LOOKING STATEMENTS

This release contains statements about future results, plans and events that may constitute "forward-looking" statements. You are cautioned that these statements are not guarantees of future results, plans or events and such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Syncora Guarantee's control. These factors include, but are not limited to: Syncora Guarantee's ability to close the master transaction agreement with certain counterparties to Syncora Guarantee's credit default swap ("CDS") contracts (the "2009 MTA") and the tender offer for certain residential mortgage-backed securities ("RMBS") insured by Syncora Guarantee (the "RMBS Tender Offer"); the suspension of all claims payments; Syncora Guarantee's ability to maintain minimum policyholders' surplus even if it closes the 2009 MTA and the RMBS Tender Offer; higher losses on guaranteed obligations due to deterioration in the credit and mortgage markets; the suspension of writing substantially all new business; the effect of adverse developments in the credit and mortgage markets on Syncora Guarantee's in-force business; higher loss reserves estimates and the adequacy of the loss reserves; uncertainty as to the fair value of CDS contracts and liabilities thereon; decision by Syncora Guarantee's regulators to take regulatory action such as rehabilitation or liquidation of Syncora Guarantee at any time; Syncora Guarantee being required to make mark-to-market termination payments under its CDS contracts; Syncora Guarantee's ability to continue as a going concern; the performance of invested assets; payment of claims on guaranteed obligations, including Jefferson County, Alabama and RMBS transactions; bankruptcy events involving counterparties to CDS contracts; the potential loss of certain control rights under certain financial guarantee insurance; non-payment of premium and makewholes owed or cancellation of policies; impact of the non-payment of dividends on Syncora Holdings Ltd.'s series A preference shares on the composition of Syncora Holdings Ltd.'s Board of Directors; uncertainty in portfolio modeling which makes it difficult to estimate potential paid claims and loss reserves; unavailability of funds due to capitalization of the financial guarantee subsidiary of Syncora Guarantee to be formed ("Drop-Down Company") under the 2009 MTA; unavailability of funds due to consideration expected to be paid to certain of the counterparties under the 2009 MTA; potential adverse developments at Drop-Down Company and recapture of business to be ceded to Drop-Down Company under the 2009 MTA; the financial condition of Syncora Guarantee (U.K.) Limited and action by the Financial Services Authority; requirement of Syncora Guarantee to provide Syncora Guarantee (U.K.) Limited with sufficient funds to maintain its minimum solvency margin; challenges to the Master Commutation, Release and Restructuring Agreement dated July 28, 2008, as amended, and related commutations and releases and/or the 2009 MTA; ratings downgrades or the withdrawal of ratings; defaults by counterparties to reinsurance arrangements; the interconnectedness of risks that affect Syncora Guarantee's reinsurance and insurance portfolio and financial guarantee products; termination payments related to less traditional products, including CDS contracts, possibly in excess of current resources; nonpayment of premiums by policyholders; changes in accounting policies or practices or the application thereof; uncertainty with respect to the valuation of CDS contracts; changes in officers or key employees; further deterioration in general economic conditions, including as a result of the financial crisis as well as inflation, interest rates, foreign currency exchange rates and other factors and the effects of disruption or economic contraction due to catastrophic events or terrorist acts; the commencement of new litigation or the outcome of current and new litigation; legislative or regulatory developments, including changes in tax laws and regulation of mortgages; losses from fraudulent conduct due to unconditional and irrevocable nature of financial guarantee insurance; problems with the transaction servicers in relation to structured finance transactions; limitations on the availability of net operating loss carryforwards; uncertainty as to federal income tax treatment of CDS contracts; liquidity risks including due to undertakings with the NYID; conflicts of interests with significant shareholders of Syncora Holdings Ltd.; limitations on the transferability of the common shares of Syncora Holdings Ltd. and other additional factors, risks or uncertainties described in Syncora Holdings Ltd.'s filings with the Securities and Exchange Commission, including in its Annual Report on Form 10K for the fiscal year ended December 31, 2008, as amended. Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. Syncora Guarantee does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.

SOURCE Syncora Guarantee Inc.; Syncora Holdings Ltd.