public void ImportPolicy(MetadataImporter importer, 
    PolicyConversionContext context)
{
    Console.WriteLine("The custom policy importer has been called.");
    foreach (XmlElement assertion in context.GetBindingAssertions())
    {
        Console.WriteLine(assertion.NamespaceURI + " : " + assertion.Name);
        // locate a particular assertion by Name and NamespaceURI
        XmlElement customAssertion = context.GetBindingAssertions().Find(name1, ns1);
        if (customAssertion != null)
        {
          // Found assertion; remove from collection.
          context.GetBindingAssertions().Remove(customAssertion);
          Console.WriteLine(
            "Removed our custom assertion from the imported "
            + "assertions collection and inserting our custom binding element."
          );
            // Here if you find the custom policy assertion that you are looking for,
            // add the custom binding element that handles the functionality that the policy indicates.
            // Attach it to the PolicyConversionContext.BindingElements collection.
            // For example, if the custom policy had a "speed" attribute value:
            /*
              string speed 
                = customAssertion.GetAttribute(SpeedBindingElement.name2, SpeedBindingElement.ns2);
              SpeedBindingElement e = new SpeedBindingElement(speed);
              context.BindingElements.Add(e);
            */
        }

        // write assertion name in red.
        Console.ForegroundColor = ConsoleColor.Red;
        Console.WriteLine(assertion.NamespaceURI + " : " + assertion.Name);

        //write contents in gray.
        Console.WriteLine(assertion.OuterXml);
        Console.ForegroundColor = ConsoleColor.Gray; 
    }
}

public class MyBindingElement : BindingElement, IPolicyExportExtension
{
// BindingElement implementation . . .

    public void ExportPolicy(
     MetadataExporter exporter, PolicyConversionContext context)
    {
        XmlDocument xmlDoc = new XmlDocument();
        XmlElement xmlElement = 
               xmlDoc.CreateElement("MyPolicyAssertion");
        context.GetBindingAssertions().Add(xmlElement);
    }

    // Note: All custom binding elements must return a deep clone 
    // to enable the run time to support multiple bindings using the 
    // same custom binding.
    public override BindingElement Clone()
    {
        // this is just a placeholder
        return null;
    }

    // Call the inner property.
    public override T GetProperty<T>(BindingContext context)
    {
        return context.GetInnerProperty<T>();
    }
}

public class Program {
    public static void Main(string[] args) {
        EndpointAddress address = 
            new EndpointAddress("http://localhost/metadata");
        CustomBinding customBinding = 
            new CustomBinding(new BasicHttpBinding());
        customBinding.Elements.Add(new MyBindingElement());
        ContractDescription contract =
            ContractDescription.GetContract(typeof(MyContract));
        ServiceEndpoint endpoint = 
            new ServiceEndpoint(contract, customBinding, address);
        MetadataExporter exporter = new WsdlExporter();
        exporter.ExportEndpoint(endpoint);
    }
}