Final Expiration Date for Offer for RMBS Securities Insured by Syncora Guarantee...

Final Expiration Date for Offer for RMBS Securities Insured by Syncora
Guarantee Inc. Extended to June 2, 2009; Results of Offer as of May 29, 2009

NEW YORK, June 1 /PRNewswire/ -- 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 Tuesday, June 2, 2009. The
Fund also announced the results of the offer and the status of certain
discussions with holders of RMBS as of May 29, 2009.

Terms of the Offer
Holders of RMBS may tender their securities and receive a cash payment plus a
certificate generally representing the economics of the RMBS without the
benefit of the Syncora Guarantee insurance policy. Syncora Guarantee has
agreed to provide financing of up to $375 million for the offer, including
transaction fees and costs.

The New York State Department of Insurance (the "NYID") has been informed of
the offer and the closing of the offer and related financing are conditioned
upon the approval of the NYID. 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 and certain other conditions.

The offer will expire, unless extended, at 11:59 p.m., New York City time, on
June 2, 2009. Holders of RMBS that have tendered or will tender their RMBS
into the offer are no longer able to withdraw their tendered RMBS.
Results of Offer as of May 29, 2009 and Status of Discussions with Holders of
RMBS

As of May 29, 2009, tenders have been received in the offer and non-binding
agreements have been reached by the Fund or SGI and holders of RMBS to
remediate RMBS exposures totaling 27.4 remediation points. RMBS representing
16.3 remediation points have been tendered into the offer and non-binding
agreements have been reached by the Fund or SGI and holders of RMBS to
remediate RMBS exposures totaling 11.1 remediation points. The Fund and SGI
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 May 29, 2009
-------------------------------------------------------------------------

39539BAA1 GreenPoint Mortgage Funding Trust 2006-HE1 66,891,685
126685DT0 Countrywide Home Equity Loan Trust 2006D 82,647,215
39539JAA4 GreenPoint Mortgage Funding Trust 2007-HE1 23,769,291
45664UAA3 Indymac Home Equity Mortgage Loan Asset Backed
Trust Series 2006-H3 25,153,606
86801CAA1 STICS 2007-1 11,477,375
65538BAA7 Nomura NAAC 2007-S2 0
41161PL35 Harborview Mortgage Pass-Through Certificates
2006-4 93,977,192
12668VAC3 Countrywide Home Equity Loan Trust 2006-S7 34,568,228

126685DS2 Countrywide Home Equity Loan Trust 2006D 0
1248MKAB1 C-BASS Mortgage Loan Asset-Backed Certificates,
Series 2007-SL1 62,150,772
41161MAB6 Harborview Mortgage Pass-Through Certificates
Series 2006-5 0
12587PEM8 BSSP 2007-R5 (Bear Stearns) 0
126685AT3 CWABS, Home Equity Revolving Loan Trust 2005-K 0
12668VAF6 Countrywide Home Equity Loan Trust 2006-S7 0
52524PBT8 Lehman XS Trust, Series 2007-6 3,097,240
12668VAE9 Countrywide Home Equity Loan Trust 2006-S7 12,025,983
785778QA2 SACO I Trust 2006-1 8,543,803
12668VAB5 Countrywide Home Equity Loan Trust 2006-S7 9,958,581
07401UAB9 Bear Stearns Second Lien Trust 2007-SV1 162,192,000
126685AU0 CWABS, Home Equity Revolving Loan Trust 2005-K 8,930,314
126673QB1 Countrywide Home Equity Loan Trust 2004R 29,449,307
456612AE0 Indymac Indx Mortgage Loan Trust 2006-AR6 42,044,903
12668VAD1 Countrywide Home Equity Loan Trust 2006-S7 0
52524TAS3 Lehman XS Trust, Series 2007-8H 0
12668VAA7 Countrywide Home Equity Loan Trust 2006-S7 13,523,180
41161PL68 Harborview Mortgage Pass-Through Certificates
2006-4 0

1248MKAA3 C-BASS Mortgage Loan Asset-Backed Certificates,
Series 2007-SL1 0
30248EAA6 First Franklin Mortgage Loan Trust Series
2007-FFB-SS 89,928,498

75114GAB5 RALI 2006-QO4 Trust 0
525248BL3 Lehman XS Trust, Series 2007-5H 0
41161PE41 Harborview Mortgage Pass-Through Certificates
2006-CB1 0

75114GAE9 RALI 2006-QO4 Trust 40,478,820
41161PQ22 Harborview Mortgage Pass-Through Certificates
2006-4 0

126685AX4 CWABS, Home Equity Revolving Loan Trust 2005-K 0
456612AB6 Indymac Indx Mortgage Loan Trust 2006-AR6 0
525248BK5 Lehman XS Trust, Series 2007-5H 0
23332UGP3 Downey Savings and Loan Mortgage Trust Series
2006-AR1 0
41161PP72 Harborview Mortgage Pass-Through Certificates
2006-4 0

126673QA3 Countrywide Home Equity Loan Trust 2004R 0
23332UGL2 Downey Savings and Loan Mortgage Trust Series
2006-AR1 0
126673MY5 Countrywide Home Equity Loan Trust 2004Q 14,955,895
126685AW6 CWABS, Home Equity Revolving Loan Trust 2005-K 94,058
07401UAU7 Bear Stearns Second Lien Trust 2007-SV1 18,566,747
41161PG64 Harborview Mortgage Loan Trust 2006-BU1 0
68402SAA7 Option One Mortgage Loan Trust 2007-HL1 0
41161PXG3 Harborview Mortgage Loan Trust 2005-15 0
86363GBS2 Structured Adjustable Rate Mortgage Loan Trust,
Series 2007-3 28,745,884
126673MX7 Countrywide Home Equity Loan Trust 2004Q 0
41161PUM3 Harborview Mortgage Pass-Through Certificates
2005-11 0

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 0
41161PUJ0 Harborview Mortgage Pass-Through Certificates
2005-11 0

68402SAC3 Option One Mortgage Loan Trust 2007-HL1 22,220,000
68402SAB5 Option One Mortgage Loan Trust 2007-HL1 22,161,593

The offer by the Fund and any transactions with SGI 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 the 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.

Investor and Media Contact:
Michael Gormley
+1 212-478-3463
michael.gormley@scafg.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.

Michael Gormley, Investor and Media Contact for Syncora Holdings Ltd.,
+1-212-478-3463, or michael.gormley@scafg.com