Assured Guaranty Ltd.

Selected Financial Highlights

(dollars in millions, except per share amounts)

	Quarter Ended						% Change		Six Months Ended						% Change
	June 30,						versus		June 30,						versus
	2009			2008			2Q-08		2009			2008			YTD 2008

Operating income (b)	$	27.3		$	38.7		(29	)%	$	90.8		$	45.0		102	%
Plus: Realized (losses) gains on investments, after tax	(7.1		)	0.9			NM		(24.2		)	1.3			NM
Plus: Unrealized (losses) gains on credit derivatives, after tax (1)	(190.2		)	505.6			NM		(151.1		)	329.8			NM
Net (loss) income	$	(170.0	)	$	545.2		NM		$	(84.5	)	$	376.0		NM

Book value (2)	$	2,354.9		$	2,242.4		5	%
Plus: Net unearned premium reserve, after tax (3)	1,870.2			1,020.4			83	%
Plus: Net unearned revenue on credit derivatives, after tax (4)	16.2			18.1			(10	)%
Plus: Net present value of est. future installment premiums in-force, after tax (d)	380.8			800.7			(52	)%
Less: Deferred acquisition costs (DAC), after tax	353.9			258.1			37	%
Adjusted book value (c)	$	4,268.3		$	3,823.5		12	%

ROE, excluding AOCI	(31.0		)%	118.7		%			(7.9		)%	39.1		%
Operating ROE, excluding AOCI and after-tax unrealized (losses) gains on credit derivatives (b)	4.1		%	7.0		%			7.0		%	4.1		%

Per diluted share: (5)
Operating income (b)	$	0.29		$	0.42		(31	)%	$	0.98		$	0.52		88	%
Plus: Realized (losses) gains on investments, after tax	(0.08		)	0.01			NM		(0.26		)	0.01			NM
Plus: Unrealized gains (losses) on credit derivatives, after tax (1)	(2.04		)	5.53			NM		(1.64		)	3.82			NM
Net (loss) income (6)	$	(1.82	)	$	5.96		NM		$	(0.91	)	$	4.35		NM

Book value (3)	$	17.52		$	24.66		(29	)%
Plus: Net unearned premium reserve, after tax (3)	13.91			11.22			24	%
Plus: Net unearned revenue on credit derivatives, after tax (4)	0.12			0.20			(40	)%
Plus: Net present value of est. future installment premiums in-force, after tax (d)	2.83			8.81			(68	)%
Less: DAC, after tax	2.63			2.84			(7	)%
Adjusted book value (c)	$	31.75		$	42.05		(24	)%

Book value, excluding AOCI and net unrealized mark-to-market gains (losses) on credit derivatives(7)	$	21.56		$	25.85		(17	)%
Adjusted book value, excluding AOCI and net unrealized mark-to-market gains (losses) on credit derivatives(7)	$	35.79		$	43.24		(17	)%

Consolidated net debt service outstanding	$	372,489		$	356,959		4	%
Consolidated net par outstanding	246,799			230,402			7	%
Consolidated claims-paying resources	5,309			5,206			2	%
Gross par written	10,561			18,088			(42	)%	$	32,837		$	38,083		(14	)%

(1) The quarter and six months ended June 30, 2009 included a fair value after-tax loss of $(39.4) million, or $(0.42) per diluted share, and $(26.6) million, or $(0.29) per diluted share, respectively, related to Assured Guaranty Corp.’s committed capital securities. The quarter and six months ended June 30, 2008 included a fair value after-tax gain of $5.8 million, or $0.06 per diluted share, and $11.3 million, or $0.13 per diluted share, respectively, related to Assured Guaranty Corp.’s committed capital securities.

(2) The Company adopted FAS No. 163 “Accounting for Financial Guarantee Insurance Contracts” (“FAS 163”) effective January 1, 2009. The adoption of this accounting rule had an effect of $19.4 million on January 1, 2009 book value.

(3) Unearned premium reserve (UPR) less pre-paid reinsurance premiums, after tax.

(4) Unearned revenue less pre-paid reinsurance premiums on credit derivatives, after tax.

(5) Effective January 1, 2009, the Company adopted FSP EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities” (“FSP”), which clarifies that share-based payment awards that entitle their holders to receive nonforfeitable dividends or dividend equivalents before vesting should be considered participating securities and shall be included in the calculation of basic and diluted net income (loss) per share. Upon retrospective adoption of the FSP, Assured increased previously reported diluted net income (loss) per share by $0.01 for Q2 2008. There was no impact on previously reported diluted net income (loss) per share for YTD Q2 2008. Operating income, a non-GAAP financial measure, for both periods is positive, therefore the per diluted share calculation ignores the effect of the FSP and includes the effect of dilutive securities.

(6) Total may not add due to differences in calculating GAAP and non-GAAP per diluted share amounts.

(7) Represents a fair value component of the Company’s credit derivative contracts, which are included in credit derivative asset or liability line on the balance sheet, and committed capital securities.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [operating income and operating ROE (b), adjusted book value (c), and net present value of estimated future installment premiums in force (d)].

NM = Not meaningful

Assured Guaranty Ltd.

Consolidated Income Statements

(dollars and shares in millions, except per share amounts)

	Quarter Ended						% Change		Six Months Ended						% Change
	June 30,						versus		June 30,						versus
	2009			2008			2Q-08		2009			2008			YTD 2008

Revenues
Net earned premiums (1)	$	78.6		$	51.7		52	%	$	227.1		$	98.5		131	%
Net investment income	43.3			40.2			8	%	86.9			76.8			13	%
Realized gains and other settlements on credit derivatives	27.7			31.8			(13	)%	57.4			59.4			(3	)%
Incurred losses on credit derivatives	(35.2		)	(5.6		)	NM		(36.2		)	(8.8		)	NM
Other income	0.5			0.2			150	%	1.4			0.2			600	%
Total revenues	114.9			118.3			(3	)%	336.6			226.1			49	%

Expenses
Loss and loss adjustment expenses (1)	38.0			38.1			(0	)%	117.8			93.3			26	%
Profit commission expense	2.1			1.0			110	%	2.3			2.2			5	%
Acquisition costs (1)	16.5			11.8			40	%	40.0			23.7			69	%
Other operating expenses	22.6			19.7			15	%	50.3			48.3			4	%
FSAH acquisition-related expenses	24.2			—			NM		28.8			—			NM
Interest and related expenses	8.4			7.5			12	%	15.6			14.1			11	%
Total expenses	111.8			78.2			43	%	254.8			181.6			40	%

Operating income before (benefit) provision for income taxes	3.1			40.1			(92	)%	81.8			44.5			84	%

Total (benefit) provision for income taxes	(24.2		)	1.4			NM		(9.0		)	(0.5		)	NM

Operating income (b)	27.3			38.7			(29	)%	90.8			45.0			102	%

Plus: Realized (losses) gains on investments, after tax	(7.1		)	0.9			NM		(24.2		)	1.3			NM
Plus: Unrealized (losses) gains on credit derivatives, after tax (2)	(190.2		)	505.6			NM		(151.1		)	329.8			NM

Net (loss) income	$	(170.0	)	$	545.2		NM		$	(84.5	)	$	376.0		NM

Per diluted share
Operating income (b)	$	0.29		$	0.42		(31	)%	$	0.98		$	0.52		88	%
Plus: Realized (losses) gains on investments, after tax	(0.08		)	0.01			NM		(0.26		)	0.01			NM
Plus: Unrealized (losses) gains on credit derivatives, after tax (2)	(2.04		)	5.53			NM		(1.64		)	3.82			NM
Net (loss) income (4)	$	(1.82	)	$	5.96		NM		$	(0.91	)	$	4.35		NM

Effect of refundings
Earned premiums from refundings	$	20.1		$	2.1		NM		$	110.3		$	4.5		NM
Operating income effect	$	12.9		$	1.2		NM		$	77.6		$	2.4		NM
Operating income per diluted share effect	$	0.14		$	0.01		NM		$	0.84		$	0.03		NM

Weighted average shares outstanding
Basic shares outstanding - GAAP (4)	93.1			89.9			4	%	91.9			85.0			8	%
Diluted shares outstanding - GAAP (4)	93.1			90.6			3	%	91.9			85.6			7	%
Diluted shares outstanding - non-GAAP (4)	93.8			91.4			3	%	92.6			86.3			7	%

Shares outstanding at the end of period	134.4			90.9			48	%

(1) The Company adopted FAS No. 163 “Accounting for Financial Guarantee Insurance Contracts” effective January 1, 2009.

(2) The quarter and six months ended June 30, 2009 included a fair value after-tax loss of $(39.4) million, or $(0.42) per diluted share, and $(26.6) million, or $(0.29) per diluted share, respectively, related to Assured Guaranty Corp.’s committed capital securities. The quarter and six months ended June 30, 2008 included a fair value after-tax gain of $5.8 million, or $0.06 per diluted share, and $11.3 million, or $0.13 per diluted share, respectively, related to Assured Guaranty Corp.’s committed capital securities.

(3) Effective January 1, 2009, the Company adopted FSP EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities” (“FSP”), which clarifies that share-based payment awards that entitle their holders to receive nonforfeitable dividends or dividend equivalents before vesting should be considered participating securities and shall be included in the calculation of basic and diluted net income (loss) per share. Upon retrospective adoption of the FSP, Assured increased previously reported diluted net income (loss) per share by $0.01 for Q2 2008. There was no impact on previously reported diluted net income (loss) per share for YTD Q2 2008. Operating income, a non-GAAP financial measure, for both periods is positive, therefore the per diluted share calculation ignores the effect of the FSP and includes the effect of dilutive securities.

(4) Total may not add due to differences in calculating GAAP and non-GAAP per diluted share amounts.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [operating income (b)].

NM = Not meaningful

Assured Guaranty Ltd.

Consolidated Balance Sheets

(dollars in millions)

	As of :
	June 30,			December 31,
	2009			2008

Assets
Fixed maturity securities, at fair value	$	3,413.3		$	3,154.1
Short-term investments, at cost which approximates fair value	1,171.0			477.2
Total investments	4,584.2			3,631.3

Cash and cash equivalents	8.5			12.3
Accrued investment income	31.5			32.8
Deferred acquisition costs (1)	374.1			288.6
Prepaid reinsurance premiums (1)	23.1			18.9
Reinsurance recoverable on ceded losses (1)	4.5			6.5
Premiums receivable (1)	752.9			15.7
Goodwill	85.4			85.4
Credit derivative assets	146.4			147.0
Deferred tax asset (1)	209.1			129.1
Current income taxes receivable	26.4			21.4
Salvage recoverable (1)	199.8			80.2
Committed capital securities, at fair value	10.2			51.1
Other assets	39.7			35.3
Total assets	$	6,495.7		$	4,555.7

Liabilities and shareholders’ equity
Liabilities
Unearned premium reserves (1)	$	2,222.7		$	1,233.7
Reserves for losses and loss adjustment expenses (1)	200.3			196.8
Profit commissions payable	10.2			8.6
Reinsurance balances payable (1)	33.8			18.0
Funds held by Company under reinsurance contracts	30.0			30.7
Credit derivative liabilities	957.8			733.8
Long-term debt	517.0			347.2
Other liabilities	169.1			60.8
Total liabilities	4,140.8			2,629.5

Shareholders’ equity
Common stock	1.3			0.9
Additional paid-in capital	1,734.0			1,284.4
Retained earnings (1), (2)	622.4			638.1
Accumulated other comprehensive (loss) income (2)	(2.8		)	2.9
Total shareholders’ equity	2,354.9			1,926.2

Total liabilities and shareholders’ equity	$	6,495.7		$	4,555.7

(1) The Company adopted FAS 163 effective January 1, 2009.

(2) The Company adopted FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments” (“FSP 115-2”) effective April 1, 2009. The adoption of this accounting rule increased retained earnings and decreased accumulated other comprehensive income (loss) by $57.7 million.

Assured Guaranty Ltd.

Consolidated Capital and Claims Paying Resources

(dollars in millions)

	As of June 30, 2009						As of December 31, 2008
	Assured Guaranty Corp.		Assured Guaranty Re Ltd. (1)		Consolidated		Assured Guaranty Corp.		Assured Guaranty Re Ltd. (1)		Consolidated
Statutory surplus and reserves
Unearned premium reserve (2)	$	743	$	900	$	1,643	$	570	$	720	$	1,290
Contingency reserve	787		—		787		712		—		712
Policyholders’ surplus	298		1,110		1,408		378		1,220		1,598
Loss & loss adjustment expense reserves (3)	26		12		38		15		37		52

Total policyholders’ surplus and reserves	$	1,854	$	2,022	$	3,876	$	1,675	$	1,977	$	3,652

Claims paying resources
Policyholders’ surplus	$	298	$	1,110	$	1,408	$	378	$	1,220	$	1,598
Contingency reserve	787		—		787		712		—		712
Qualified statutory capital	1,085		1,110		2,195		1,090		1,220		2,310
Unearned premium reserve (2)	743		900		1,643		570		720		1,290
Loss and loss adjustment expense reserves (3)	26		12		38		15		37		52
Total policyholders’ surplus and reserves	1,854		2,022		3,876		1,675		1,977		3,652
Present value of installment premium (d), (6)	661		372		1,033		566		345		910
Standby line of credit/stop loss	200		200		400		200		200		400
Total claims paying resources	$	2,715	$	2,594	$	5,309	$	2,441	$	2,522	$	4,962

Net par insured outstanding	$	127,698	$	119,136	$	246,799	$	111,025	$	111,715	$	222,722
Net debt service outstanding	$	181,194	$	191,323	$	372,489	$	164,283	$	184,541	$	348,816

Ratios:
Net par insured to statutory capital	118:1		107:1		112:1		102:1		92:1		96:1
Capital ratio (4)	167:1		172:1		170:1		151:1		151:1		151:1
Financial resources ratio (5)	67:1		74:1		70:1		67:1		73:1		70:1

(1) Assured Guaranty Re Ltd. (“AG Re”) numbers are the Company’s estimate of U.S. statutory as the Company files Bermuda statutory financial statements.

(2) In 2008, unearned premium reserve for AG Re is U.S. GAAP based, includes unearned revenues on credit derivatives and is net of prepaid reinsurance premiums.

(3) In 2008, loss and loss adjustment reserves for AG Re are U.S. GAAP based, include loss reserves for credit derivatives and are net of reinsurance recoverable and portfolio reserves.

(4) The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.

(5) The financial resources ratio is calculated by dividing net debt service outstanding by total claims paying resources.

(6) Includes financial guaranty and credit derivatives.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [net present value of estimated future installment premiums in force (d)].

Assured Guaranty Ltd.

New Business Production

(dollars in millions)

	Quarter Ended					% Change		Six Months Ended					% Change
	June 30,					versus		June 30,					versus
	2009			2008		2Q-08		2009			2008		YTD 2008
Consolidated gross written premiums (GWP) analysis:
Present value of insurance and credit derivative GWP (PVP) (a)
U.S. public finance	$	127.8		$	212.2	(40	)%	$	345.3		$	353.2	(2	)%
U.S. structured finance	12.2			56.1		(78	)%	14.6			130.4		(89	)%
International	—			10.6		NM		1.8			71.9		(97	)%
Total PVP	140.0			278.9		(50	)%	361.7			555.5		(35	)%
Less: PVP of credit derivatives	—			52.3		NM		2.4			145.8		(98	)%
PVP of financial guaranty GWP	140.0			226.6		(38	)%	359.3			409.7		(12	)%
Less: Financial guaranty installment premium PVP	12.5			12.0		4	%	24.1			48.1		(50	)%
Total: Financial guaranty upfront GWP	127.5			214.6		(41	)%	335.2			361.6		(7	)%
Plus: Financial guaranty installment GWP	—			31.2		NM		—			56.0		NM
Plus: Financial guaranty installment PVP adjustment (1)	14.7			—		NM		41.7			—		NM
Total financial guaranty GWP	142.2			245.8		(42	)%	376.9			417.6		(10	)%
Plus: Mortgage guaranty segment GWP	—			—		NM		—			0.5		NM
Plus: Other segment GWP	(1.1		)	—		NM		(1.1		)	3.5		NM
Total GWP	$	141.1		$	245.8	(43	)%	$	375.8		$	421.6	(11	)%

Consolidated financial guaranty gross par written:
U.S. public finance	$	10,258		$	14,662	(30	)%	$	31,887		$	24,379	31	%
U.S. structured finance	302			2,799		(89	)%	394			8,790		(96	)%
International	—			626		(100	)%	556			4,914		(89	)%
Total	$	10,561		$	18,088	(42	)%	$	32,837		$	38,083	(14	)%

Financial guaranty direct gross written premiums (GWP) analysis:
Financial guaranty direct PVP (a)
U.S. public finance	$	127.8		$	183.2	(30	)%	$	254.6		$	306.6	(17	)%
U.S. structured finance	12.2			51.9		(76	)%	14.6			123.2		(88	)%
International	—			6.3		(100	)%	1.7			66.8		(97	)%
Financial guaranty direct PVP(a):	140.0			241.4		(42	)%	270.9			496.6		(45	)%
Less: PVP of credit derivatives GWP	—			52.3		(100	)%	2.4			143.8		(98	)%
PVP of financial guaranty direct GWP	140.0			189.1		(26	)%	268.5			352.8		(24	)%
Less: Present value of insurance installment premiums (a)	12.5			5.9		112	%	19.0			39.7		(52	)%
Upfront financial guaranty gross written premiums (GWP)	127.5			183.2		(30	)%	249.5			313.1		(20	)%
Plus: Financial guaranty installment GWP	—			14.6		NM		—			31.1		NM
Plus: Financial guaranty installment PVP adjustment (1)	16.2			—		NM		34.3			—		NM
Financial guaranty direct GWP	$	143.7		$	197.8	(27	)%	$	283.8		$	344.2	(18	)%

Financial guaranty direct gross par written:
U.S. public finance	$	10,256		$	13,170	(22	)%	$	18,456		$	20,383	(9	)%
U.S. structured finance	302			2,516		(88	)%	374			8,140		(95	)%
International	—			495		(100	)%	90			4,413		(98	)%
Total	$	10,559		$	16,181	(35	)%	$	18,919		$	32,936	(43	)%

(1) 2009 amounts represent the difference in management estimates for the discount rate applied to future installments as well as the estimated term for future installments compared to the discount rate used for FAS 163.

Note: Please refer to endnotes for explanation of non-GAAP financial measures[PVP (a)].

NM = Not meaningful

Assured Guaranty Ltd.

Segment Consolidation (1 of 2)

(dollars in millions)

	Quarter Ended June 30, 2009
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(1),(2)			Guaranty			Guaranty			Other		Total

Total PVP(a)	$	140.0		$	0.0		$	—		$	140.0				$	140.0

Income statement:

Net earned premiums (1)	30.4			47.4			0.8			78.6			—		78.6
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	27.1			0.9			—			28.0			—		28.0
Net credit derivative recoveries (losses)	—			—			—			—			—		—
Ceding commissions income (expense), net	0.4			(0.7		)	—			(0.3		)	—		(0.3		)
Total realized gains and other settlements on credit derivatives	27.5			0.2			—			27.7			—		27.7
Total revenues	57.9			47.6			0.8			106.3			—		106.3

Loss and loss adjustment expenses (1)	31.8			25.6			(19.4		)	38.0			—		38.0
Incurred losses (gains) on credit derivatives	35.0			0.2			—			35.2			—		35.2
Total loss and loss adjustment expenses	66.8			25.8			(19.4		)	73.2			—		73.2
Profit commission expense	—			1.8			0.3			2.1			—		2.1
Acquisition costs (1)	3.6			12.8			0.1			16.5			—		16.5
Operating expenses	15.9			6.2			0.6			22.6			—		22.6
Total underwriting expenses	$	86.3		$	46.6		$	(18.4	)	$	114.4		$	—	$	114.4

Underwriting (loss) gain	$	(28.4	)	$	1.0		$	19.2		$	(8.2	)	$	—	$	(8.2	)

Loss and loss adjustment expense ratio (e)	116.2		%	53.4		%	NM			68.7		%			68.7		%
Expense ratio (e)	33.2		%	44.5		%	125.0		%	38.9		%			38.9		%
Combined ratio (e)	149.4		%	97.9		%	NM			107.6		%			107.6		%

	Quarter Ended June 30, 2008
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(2)			Guaranty			Guaranty			Other			Total

Total PVP(a)	$	241.4		$	37.5		$	—		$	278.9					$	278.9

Income statement:

Net earned premiums	20.8			29.6			1.3			51.7			—			51.7
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	30.6			0.8			—			31.5			—			31.5
Net credit derivative recoveries (losses)	—			—			—			—			0.4			0.4
Ceding commissions income (expense), net	0.2			(0.3		)	—			(0.1		)	—			(0.1		)
Total realized gains and other settlements on credit derivatives	30.9			0.6			—			31.4			0.4			31.8
Total revenues	51.7			30.2			1.3			83.1			0.4			83.5

Loss and loss adjustment expenses	28.2			11.3			0.1			39.6			(1.5		)	38.1
Incurred losses on credit derivatives	5.6			—			—			5.6			—			5.6
Total loss and loss adjustment expenses	33.8			11.3			0.1			45.2			(1.5		)	43.7
Profit commission expense	—			0.9			0.1			1.0			—			1.0
Acquisition costs	3.1			8.6			0.1			11.8			—			11.8
Operating expenses	15.2			4.0			0.5			19.7			—			19.7
Total underwriting expenses	$	52.1		$	24.8		$	0.8		$	77.7		$	(1.5	)	$	76.2

Underwriting gain	$	(0.4	)	$	5.4		$	0.5		$	5.4		$	1.9		$	7.3

Loss and loss adjustment expense ratio (e)	65.7		%	37.1		%	7.9		%	54.3		%				52.1		%
Expense ratio (e)	35.1		%	45.2		%	55.1		%	39.1		%				39.1		%
Combined ratio (e)	100.8		%	82.3		%	63.0		%	93.4		%				91.2		%

(1) The Company adopted FAS 163 effective January 1, 2009.

(2) Due to the timing of receiving reports prepared by Assured’s ceding companies, PVP for installment premiums, par written and par outstanding on treaty business in the Company’s Financial Guaranty Reinsurance segment are reported on a one-quarter lag.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a) and loss and loss adjustment expense ratio, expense ratio and combined ratio (e)].

NM = Not meaningful

Assured Guaranty Ltd.

Segment Consolidation (2 of 2)

(dollars in millions)

	Six Months Ended June 30, 2009
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(1),(2)			Guaranty			Guaranty			Other		Total

Total PVP(a)	$	270.9		$	90.8		$	—		$	361.7				$	361.7

Income statement:

Net earned premiums (1)	131.9			93.6			1.6			227.1			—		227.1
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	55.5			2.1			—			57.6			—		57.6
Net credit derivative recoveries (losses)	—			—			—			—			—		—
Ceding commissions income (expense), net	0.8			(1.0		)	—			(0.2		)	—		(0.2		)
Total realized gains and other settlements on credit derivatives	56.3			1.1			—			57.4			—		57.4
Total revenues	188.2			94.7			1.6			284.5			—		284.5

Loss and loss adjustment expenses (1)	43.5			62.4			11.8			117.8			—		117.8
Incurred losses (gains) on credit derivatives	36.4			(0.2		)	—			36.2			—		36.2
Total loss and loss adjustment expenses	79.9			62.3			11.8			154.0			—		154.0
Profit commission expense	—			2.0			0.4			2.3			—		2.3
Acquisition costs (1)	9.8			29.9			0.2			40.0			—		40.0
Operating expenses	36.2			12.9			1.3			50.3			—		50.3
Total underwriting expenses	$	125.9		$	107.0		$	13.7		$	246.6		$	—	$	246.6

Underwriting (loss) gain	$	62.3		$	(12.3	)	$	(12.1	)	$	37.9		$	—	$	37.9

Loss and loss adjustment expense ratio (e)	42.6		%	65.1		%	737.5		%	54.1		%			54.1		%
Expense ratio (e)	24.1		%	47.8		%	118.8		%	32.6		%			32.6		%
Combined ratio (e)	66.7		%	112.9		%	856.3		%	86.7		%			86.7		%

	Six Months Ended June 30, 2008
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(2)			Guaranty			Guaranty			Other			Total

Total PVP(a)	$	496.6		$	58.9		$	—		$	555.5					$	555.5

Income statement:

Net earned premiums	38.1			57.4			3.1			98.5			—			98.5
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	58.0			1.3			—			59.3			—			59.3
Net credit derivative recoveries (losses)	—			—			—			—			0.4			0.4
Ceding commissions income (expense), net	0.1			(0.4		)	—			(0.3		)	—			(0.3		)
Total realized gains and other settlements on credit derivatives	58.1			0.9			—			59.0			0.4			59.4
Total revenues	96.2			58.3			3.1			157.5			0.4			157.9

Loss and loss adjustment expenses	64.1			30.5			0.1			94.7			(1.5		)	93.3
Incurred losses on credit derivatives	8.8			—			—			8.8			—			8.8
Total loss and loss adjustment expenses	72.9			30.5			0.1			103.5			(1.5		)	102.1
Profit commission expense	—			2.0			0.2			2.2			—			2.2
Acquisition costs	6.1			17.4			0.2			23.7			—			23.7
Operating expenses	36.5			10.4			1.4			48.3			—			48.3
Total underwriting expenses	$	115.5		$	60.3		$	1.9		$	177.6		$	(1.5	)	$	176.2

Underwriting gain	$	(19.3	)	$	(2.0	)	$	1.2		$	(20.0	)	$	1.9		$	(18.1	)

Loss and loss adjustment expense ratio (e)	75.9		%	51.9		%	3.2		%	65.6		%				64.5		%
Expense ratio (e)	44.2		%	51.5		%	57.5		%	47.2		%				47.2		%
Combined ratio (e)	120.1		%	103.4		%	60.7		%	112.8		%				111.7		%

(1) The Company adopted FAS 163 effective January 1, 2009.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a) and loss and loss adjustment expense ratio, expense ratio and combined ratio (e)].

Assured Guaranty Ltd.

Financial Guaranty Direct Segment (1 of 2)

(dollars in millions)

																			Six Months			Six Months
	1Q-08			2Q-08			3Q-08			4Q-08			1Q-09			2Q-09			2008			2009
Income statement:

Net earned premiums:
Scheduled net earned premiums (1)
U.S. public finance	$	2.8		$	5.9		$	9.9		$	9.5		$	10.7		$	14.7		$	8.7		$	25.4
U.S. structured finance	11.3			13.6			12.3			11.2			14.4			13.1			24.9			27.5
International	3.1			1.3			4.7			3.0			2.8			2.6			4.4			5.4
Total scheduled net earned premiums	17.3			20.8			26.9			23.7			27.9			30.4			38.1			58.3
Net earned premiums from refundings (1)	—			—			—			1.3			73.6			—			—			73.6
Total net earned premiums	17.3			20.8			26.9			25.0			101.5			30.4			38.1			131.9
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	27.3			30.6			28.4			26.8			28.4			27.1			58.0			55.5
Net credit derivative recoveries (losses)	—			—			—			—			—			—			—			—
Ceding commissions income (expense), net	(0.1		)	0.2			0.2			0.3			0.4			0.4			0.1			0.8
Total realized gains and other settlements on credit derivatives	27.3			30.9			28.6			27.1			28.8			27.5			58.1			56.3
Total revenues	44.5			51.7			55.5			52.1			130.3			57.9			96.2			188.2

Loss and loss adjustment expenses (recoveries)(1):
Case	0.2			32.0			99.9			70.4			11.7			31.8			32.2			43.5
Portfolio	35.7			(3.8		)	(34.0		)	(3.7		)	—			—			31.9			—
Total loss and loss adjustment expenses (recoveries) - financial guaranty	35.9			28.2			65.9			66.7			11.7			31.8			64.1			43.5
Incurred losses on credit derivatives	3.2			5.6			10.1			19.5			1.4			35.0			8.8			36.4
Total loss and loss adjustment expenses (recoveries)	39.1			33.8			76.0			86.2			13.1			66.8			72.9			79.9
Profit commission expense	—			—			—			—			—			—			—			—
Acquisition costs (1)	3.0			3.1			4.0			3.9			6.2			3.6			6.1			9.8
Operating expenses	21.3			15.2			15.4			9.6			20.3			15.9			36.5			36.2
Total expenses	$	63.4		$	52.1		$	95.5		$	99.7		$	39.6		$	86.3		$	115.5		$	125.9

Underwriting gain (loss)	$	(18.9	)	$	(0.4	)	$	(40.0	)	$	(47.6	)	$	90.7		$	(28.4	)	$	(19.3	)	$	62.3

Loss and loss adjustment expense ratio (e)	87.7		%	65.7		%	137.5		%	166.4		%	10.1		%	116.2		%	75.9		%	42.6		%
Expense ratio (e)	54.6		%	35.1		%	34.8		%	25.6		%	20.1		%	33.2		%	44.2		%	24.1		%
Combined ratio (e)	142.3		%	100.8		%	172.3		%	192.0		%	30.2		%	149.4		%	120.1		%	66.7		%

(1) The Company adopted FAS 163 effective January 1, 2009.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [loss and loss adjustment expense ratio, expense ratio and combined ratio (e)].

Assured Guaranty Ltd.

Financial Guaranty Direct Segment (2 of 2)

(dollars in millions)

													Six Months		Six Months
	1Q-08		2Q-08		3Q-08		4Q-08		1Q-09		2Q-09		2008		2009
PVP(a):
U.S. public finance	$	123.3	$	183.2	$	67.7	$	57.4	$	126.8	$	127.8	$	306.6	$	254.6
U.S. structured finance	71.3		51.9		14.5		49.8		2.4		12.2		123.2		14.6
International	60.5		6.3		—		14.7		1.7		—		66.8		1.7
Total PVP	255.2		241.4		82.2		121.9		130.9		140.0		496.6		270.9
Less: PVP of credit derivatives GWP	91.5		52.3		—		57.6		2.4		—		143.8		2.4
PVP of financial guaranty GWP	163.7		189.1		82.2		64.2		128.5		140.0		352.8		268.5
Less: Present value of insurance installment premiums (a)	33.8		5.9		30.3		6.9		6.5		12.5		39.7		19.0
Upfront financial guaranty gross written premiums (GWP)	129.9		183.2		51.9		57.4		122.0		127.5		313.1		249.5
Plus: Financial guaranty installment GWP	16.5		14.6		19.5		11.7		—		—		31.1		—
Plus: Financial guaranty installment PVP adjustment (2)	—		—		—		—		18.1		16.2		—		34.3
Financial guaranty direct GWP	$	146.4	$	197.8	$	71.4	$	69.1	$	140.1	$	143.7	$	344.2	$	283.8

Gross par written:
U.S. public finance	$	7,213	$	13,170	$	5,574	$	4,752	$	8,200	$	10,256	$	20,383	$	18,456
U.S. structured finance	5,623		2,516		1,920		2,026		71		302		8,140		374
International	3,918		495		—		359		90		—		4,413		90
Total	$	16,755	$	16,181	$	7,494	$	7,137	$	8,361	$	10,559	$	32,936	$	18,919

Net par outstanding:
U.S. public finance	$	14,607	$	27,602	$	32,889	$	37,461	$	45,548	$	55,680	$	27,602	$	55,680
U.S. structured finance	66,324		67,816		66,567		65,589		63,695		62,247		67,816		62,247
International	35,039		35,158		32,629		28,975		26,327		28,160		35,158		28,160
Total	$	115,970	$	130,576	$	132,084	$	132,026	$	135,570	$	146,087	$	130,576	$	146,087

Unearned premium reserve, net of ceded reinsurance - financial guaranty	$	354.4	$	526.2	$	569.4	$	612.4	$	997.8	$	1,112.9	$	526.2	$	1,112.9
Unearned credit derivative revenues, net of ceded reinsurance	16.7		18.4		14.2		19.7		18.3		18.0		18.4		18.0
Net present value of installment premiums in force - credit derivatives (d)	481.7		531.6		408.0		436.9		530.4		525.9		531.6		525.9
Net present value of installment premiums in force - financial guaranty (d), (1)	234.1		231.9		241.3		229.3		—		—		231.9		—

(1) The Company adopted FAS 163 effective January 1, 2009. Net present value of installment premiums in force for financial guaranty are included in “unearned premium reserve, net of ceded reinsurance - financial guaranty” line.

(2) 2009 amounts represent the difference in management estimates for the discount rate applied to future installments as well as the estimated term for future installments compared to the discount rate used for FAS 163.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a) and net present value of estimated future installment premiums in force (d)].

Assured Guaranty Ltd.

Financial Guaranty Reinsurance Segment (1 of 2)

(dollars in millions)

																			Six Months			Six Months
	1Q-08			2Q-08			3Q-08			4Q-08			1Q-09			2Q-09			2008			2009
Income statement:

Net earned premiums (1):
Scheduled net earned premiums	$	25.4		$	27.5		$	25.7		$	26.7		$	29.5		$	27.3		$	52.9		$	56.8
Net earned premiums from refundings	2.4			2.1			31.7			24.4			16.7			20.1			4.5			36.8
Total net earned premiums	27.8			29.6			57.4			51.1			46.2			47.4			57.4			93.6
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	0.5			0.8			2.1			1.5			1.2			0.9			1.3			2.1
Net credit derivative recoveries (losses)	—			—			—			—			—			—			—			—
Ceding commissions income (expense), net	(0.2		)	(0.3		)	(0.7		)	(0.4		)	(0.3		)	(0.7		)	(0.4		)	(1.0		)
Total realized gains and other settlements on credit derivatives	0.3			0.6			1.4			1.1			0.9			0.2			0.9			1.1
Total revenues	28.1			30.2			58.8			52.2			47.1			47.6			58.3			94.7

Loss and loss adjustment expenses (recoveries) (1):
Case	11.7			17.2			18.0			23.9			36.8			25.6			28.9			62.4
Portfolio	7.4			(5.9		)	(2.5		)	(1.5		)	—			—			1.5			—
Total loss and loss adjustment expenses (recoveries) - financial guaranty	19.2			11.3			15.5			22.4			36.8			25.6			30.5			62.4
Incurred losses on credit derivatives	—			—			—			5.4			(0.4		)	0.2			—			(0.2		)
Total loss and loss adjustment expenses (recoveries)	19.2			11.3			15.5			27.8			36.5			25.8			30.5			62.3
Profit commission expense	1.1			0.9			(1.5		)	0.5			0.2			1.8			2.0			2.0
Acquisition costs (1)	8.8			8.6			15.1			14.2			17.1			12.8			17.4			29.9
Operating expenses	6.4			4.0			5.6			3.7			6.7			6.2			10.4			12.9
Total expenses	$	35.5		$	24.8		$	34.8		$	46.1		$	60.4		$	46.6		$	60.3		$	107.0

Underwriting gain (loss)	$	(7.3	)	$	5.4		$	24.0		$	6.1		$	(13.3	)	$	1.0		$	(2.0	)	$	(12.3	)

Loss and loss adjustment expense ratio (e)	67.8		%	37.1		%	26.1		%	52.8		%	76.9		%	53.4		%	51.9		%	65.1		%
Expense ratio (e)	58.1		%	45.2		%	33.5		%	35.6		%	51.2		%	44.5		%	51.5		%	47.8		%
Combined ratio (e)	125.9		%	82.3		%	59.6		%	88.4		%	128.1		%	97.9		%	103.4		%	112.9		%

(1) The Company adopted FAS 163 effective January 1, 2009.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [loss and loss adjustment expense ratio, expense ratio and combined ratio (e)].

Assured Guaranty Ltd.

Financial Guaranty Reinsurance Segment (1) (2 of 2)

(dollars in millions)

																Six Months		Six Months
	1Q-08		2Q-08		3Q-08			4Q-08			1Q-09		2Q-09			2008		2009
PVP (a):
U.S. public finance	$	17.6	$	29.0	$	39.5		$	6.2		$	90.7	$	0.0		$	46.6	$	90.7
U.S. structured finance	2.9		4.2		—			—			—		—			7.2		—
International	0.9		4.2		17.7			—			0.1		—			5.1		0.1
Total PVP	21.4		37.5		57.2			6.2			90.8		0.0			58.9		90.8
Less: PVP of credit derivatives GWP	1.9		—		1.1			—			—		—			1.9		—
PVP of financial guaranty GWP	19.5		37.5		56.1			6.2			90.8		0.0			56.9		90.8
Less: Present value of financial guaranty installment premiums (a)	2.4		6.1		7.5			3.7			5.1		—			8.4		5.1
Upfront financial guaranty gross written premiums (GWP)	17.1		31.4		48.6			2.5			85.7		0.0			48.5		85.8
Plus: Upfront premium due to commutation (2)	—		—		(20.8		)	—			—		—			—		—
Plus: Financial guaranty installment GWP	8.3		16.6		13.4			12.1			—		—			24.9		—
Plus: Financial guaranty installment PVP adjustment (3)	—		—		—			—			8.9		(1.5		)	—		7.4
Financial guaranty reinsurance GWP per income statement	$	25.4	$	48.0	$	41.2		$	14.7		$	94.7	$	(1.5	)	$	73.4	$	93.1

Gross par written:
U.S. public finance	$	2,503	$	1,492	$	2,154		$	162		$	13,429	$	2		$	3,996	$	13,431
U.S. structured finance	367		283		6			—			21		—			650		21
International	370		131		1,122			(18		)	466		—			501		466
Total	$	3,240	$	1,906	$	3,282		$	144		$	13,916	$	2		$	5,147	$	13,918

Net par outstanding:
U.S. public finance	$	75,382	$	76,003	$	72,695		$	69,860		$	81,616	$	79,935		$	76,003	$	79,935
U.S. structured finance	9,567		10,139		9,216			8,783			8,421		8,232			10,139		8,232
International	13,957		13,684		13,347			12,052			11,568		12,545			13,684		12,545
Total	$	98,906	$	99,826	$	95,258		$	90,696		$	101,606	$	100,712		$	99,826	$	100,712

Unearned premium reserve, net of ceded reinsurance - financial guaranty	$	623.7	$	642.1	$	625.9		$	589.6		$	1,118.6	$	1,072.6		$	642.1	$	1,072.6
Unearned credit derivative revenues, net of ceded reinsurance	4.6		4.8		4.4			3.6			3.6		3.5			4.8		3.5
Net present value of installment premiums in force - credit derivatives (d)	15.5		11.8		11.2			10.1			14.2		12.4			11.8		12.4
Net present value of installment premiums in force - financial guaranty (d), (4)	261.2		258.2		253.4			233.2			—		—			258.2		—

(1) Due to the timing of receiving reports prepared by Assured’s ceding companies, present value of financial guaranty gross written premiums (PVP) for installment premiums, par written and par outstanding on treaty business in the Company’s financial guaranty reinsurance segment are reported on a one-quarter lag.

(2) Relates to commutation of XLFA reinsurance cession of approximately $2.1 billion of net par outstanding.

(3) 2009 amounts represent the difference in management estimates for the discount rate applied to future installments as well as the estimated term for future installments compared to the discount rate used for FAS 163.

(4) The Company adopted FAS 163 effective January 1, 2009. Net present value of installment premiums in force for financial guaranty are included in “unearned premium reserve, net of ceded reinsurance - financial guaranty” line.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a) and net present value of estimated future installment premiums in force (d)].

Assured Guaranty Ltd.

Investment Portfolio

As of June 30, 2009

(dollars in millions)

			Pre-Tax		After-Tax				Annualized
	Amortized		Book		Book		Fair		Investment
	Cost		Yield		Yield		Value		Income
Fixed maturity securities available for sale:
U.S. Treasury securities and obligations of U.S. government agencies	$	441.9	2.9	%	2.3	%	$	453.8	$	12.9
Agency obligations	329.2		4.2	%	3.7	%	342.3		13.8
Foreign government securities	84.9		4.1	%	2.8	%	88.5		3.5
Obligations of states and political subdivisions	557.5		4.9	%	4.6	%	563.7		27.1
Insured obligations of state and political subdivisions (1)	525.8		4.7	%	4.4	%	529.8		24.6
Corporate securities	342.8		5.3	%	4.6	%	339.8		18.1
Mortgage-backed securities (2):
Pass-throughs	1,037.6		8.8	%	8.0	%	996.9		91.1
PACs	27.1		4.8	%	4.7	%	27.0		1.3
Asset-backed securities (3)	71.6		5.4	%	5.4	%	71.5		3.8
Total fixed maturity securities available for sale	3,418.4		5.7	%	5.2	%	3,413.3		196.1
Short-term investments	1,171.0		0.2	%	0.2	%	1,171.0		2.2
Total investments	$	4,589.4	4.3	%	3.9	%	$	4,584.2	$	198.3

	Fair
Ratings (4):	Value		%
Treasury and U.S. government obligations	$	453.8	13.3	%
Agency obligations	342.3		10.0	%
AAA/Aaa	1,263.3		37.0	%
AA/Aa	759.9		22.3	%
A/A	456.2		13.4	%
BBB	43.5		1.3	%
Below investment grade(5)	94.3		2.7	%
Total	$	3,413.3	100.0	%

Duration of investment portfolio (in years):			3.3

(1) Reflects obligations of state and local political subdivisions that have been insured by other financial guarantors. The underlying ratings of these bonds average A+

(2) $1.2 million is U.S. subprime RMBS, which has an average rating of AAA.

(3) Contains no CDOs of ABS.

(4) Ratings are represented by the lower of the Moody’s Investors Service and Standard & Poor’s classifications.

(5) Includes $51.6 million which the Company purchased for risk mitigation purposes.

Assured Guaranty Ltd.

Estimated Net Exposure Amortization (1)

(dollars in millions)

			Estimated
	Estimated Net		Ending Net
	Debt Service		Debt Service
	Amortization		Outstanding

Financial Guaranty Direct:

2009 (as of June 30)			$	201,489
2009 (July - December)	$	5,456	196,033
2010	11,864		184,169
2011	12,699		171,470
2012	16,629		154,841
2013	14,743		140,098

2009-2013	61,391		140,098
2014-2018	55,744		84,355
2019-2023	28,391		55,963
2024-2028	19,474		36,489
After 2028	36,489		—
Total	$	201,489

Financial Guaranty Reinsurance:

2009 (as of June 30)			$	171,000
2009 (July - December)	$	4,540	166,460
2010	8,160		158,299
2011	8,489		149,810
2012	8,033		141,777
2013	7,771		134,006

2009-2013	36,994		134,006
2014-2018	37,820		96,187
2019-2023	32,208		63,979
2024-2028	24,974		39,005
After 2028	39,005		—
Total	$	171,001

Total Financial Guaranty:

2009 (as of June 30)			$	372,489
2009 (July - December)	$	9,997	362,492
2010	20,024		342,468
2011	21,188		321,281
2012	24,662		296,619
2013	22,514		274,105

2009-2013	98,384		274,105
2014-2018	93,563		180,541
2019-2023	60,599		119,942
2024-2028	44,448		75,494
After 2028	75,494		—
Total	$	372,488

(1) Represents amortization of existing guaranteed portfolio (principal and interest), assuming no advance refundings, as of June 30, 2009. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay guaranteed obligations.

Assured Guaranty Ltd.

Estimated Net Unearned Premium Amortization and Estimated Net Future Installment Premiums

(dollars in millions)

			Estimated		CDS and Other		Total Estimated
			Net Unearned		Installment		Net Future
	Net Unearned		Premium		Earned		Premium
	Premiums (1), (2)		Amortization (2)		Premiums(3)		Earnings (2),(3)

Financial Guaranty Direct:

2009 (as of June 30)	$	1,130.9
2009 (3rd & 4th Qtrs)	1,068.3		$	62.6	$	50.8	$	113.4
2010	963.9		104.4		117.6		222.0
2011	872.0		91.9		108.7		200.6
2012	790.6		81.4		89.2		170.6
2013	718.9		71.8		70.6		142.3

2009-2013	718.9		412.0		436.8		848.9
2014-2018	441.9		276.9		162.3		439.2
2019-2023	256.1		185.9		78.8		264.6
2024-2028	135.3		120.8		57.2		178.0
After 2028	—		135.3		100.2		235.5
Total			$	1,130.9	$	835.3	$	1,966.2

Financial Guaranty Reinsurance:

2009 (as of June 30)	$	1,076.1
2009 (3rd & 4th Qtrs)	1,030.1		$	46.0	$	8.9	$	54.9
2010	949.0		81.1		21.2		102.4
2011	873.5		75.5		18.4		93.9
2012	801.9		71.6		17.7		89.4
2013	738.2		63.7		16.3		80.0

2009-2013	738.2		337.9		82.5		420.4
2014-2018	477.1		261.1		66.8		327.9
2019-2023	292.0		185.1		46.7		231.8
2024-2028	155.1		136.9		31.1		167.9
After 2028	—		155.1		26.3		181.4
Total			$	1,076.1	$	253.4	$	1,329.4

Total Financial Guaranty:

2009 (as of June 30)	$	2,207.0
2009 (3rd & 4th Qtrs)	2,098.5		$	108.6	$	59.7	$	168.3
2010	1,912.9		185.5		138.8		324.3
2011	1,745.5		167.4		127.1		294.5
2012	1,592.5		153.0		106.9		259.9
2013	1,457.1		135.4		86.8		222.3

2009-2013	1,457.1		749.9		519.4		1,269.3
2014-2018	919.0		538.0		229.1		767.2
2019-2023	548.1		370.9		125.5		496.4
2024-2028	290.4		257.7		88.3		346.0
After 2028	—		290.4		126.5		416.9
Total			$	2,206.9	$	1,088.8	$	3,295.8

(1) Unearned premium amounts are U.S. GAAP based and net of prepaid reinsurance premiums and include unearned credit derivative revenues net of ceded reinsurance.

(2) Includes unearned premium on credit derivatives.

(3) Includes earnings on future installments of credit derivatives and discount accretion earnings on FG transactions.

Assured Guaranty Ltd.

Financial Guaranty Profile (1 of 6)

As of June 30, 2009

(dollars in millions)

Net Par Outstanding and Average Rating by Asset Type

	Financial Guaranty Direct			Financial Guaranty Reinsurance			Consolidated
Sector:	Net Par Outstanding		Avg. Rating (1)	Net Par Outstanding		Avg. Rating (1)	Net Par Outstanding		Avg. Rating (1)
U.S. public finance
General obligation	$	13,217	A	$	24,021	A+	$	37,238	A+
Tax backed	18,202		A	18,636		A+	36,838		A+
Municipal utilities	7,496		A	11,536		A	19,032		A
Transportation	4,613		A+	9,423		A	14,036		A
Healthcare	6,315		A	5,478		A	11,793		A
Higher education	3,216		A	3,657		A+	6,873		A
Investor-owned utilities	119		A	1,859		BBB+	1,977		BBB+
Housing	—		—	1,961		A+	1,961		A+
Other public finance	2,501		A-	3,364		A	5,865		A
Total U.S. public finance	$	55,680	A	$	79,935	A+	$	135,614	A

U.S. structured finance
Pooled corporate obligations	$	32,057	AA+	$	1,282	AA+	$	33,339	AA+
Residential mortgage-backed and home equity	15,755		BBB+	943		BB	16,698		BBB
Commercial mortgage-backed securities	5,612		AAA	206		A-	5,818		AAA
Commercial receivables	2,232		A+	2,733		A-	4,965		A
Consumer receivables	2,767		AA+	1,971		A-	4,738		AA-
Structured credit	2,530		A	343		BBB-	2,873		A
Insurance securitizations	1,245		A+	348		A+	1,593		A+
Other structured finance	49		BBB+	407		BBB+	455		BBB+
Total U.S. structured finance	$	62,247	AA-	$	8,232	A-	$	70,479	AA-

International
Infrastructure and pooled infrastructure	$	6,061	AA+	$	3,856	BBB+	$	9,917	A+
Pooled corporate obligations	7,974		AA+	758		AAA	8,732		AA+
Residential mortgage-backed and home equity	7,243		AAA	106		AA	7,350		AAA
Regulated utilities	2,102		A	4,570		BBB+	6,672		A-
Public finance	983		AA	1,188		A	2,171		A+
Commercial receivables	889		A-	811		A-	1,701		A-
Future flow	848		BBB	317		BBB	1,165		BBB
Insurance securitizations	923		D	34		A	957		C
Commercial mortgage-backed securities	468		AAA	324		A-	792		AA
Structured credit	—		—	471		A-	471		A-
Consumer receivables	—		—	101		AAA	101		AAA
Other international structured finance	670		AAA	8		A	678		AAA
Total international	$	28,160	AA	$	12,545	A-	$	40,706	AA-

Total net par outstanding	$	146,087	A+	$	100,712	A	$	246,799	A+

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss, and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Please refer to Glossary for description of selected types of U.S. public finance, U.S. structured finance and International obligations that the Company insures and reinsures.

Assured Guaranty Ltd.

Financial Guaranty Profile (2 of 6)

(dollars in millions)

Historical Net Par Outstanding and Average Rating by Asset Type

	As of June 30,			As of December 31,
	2009			2008			2007
Sector:	Net Par Outstanding		Avg. Rating (1)	Net Par Outstanding		Avg. Rating (1)	Net Par Outstanding		Avg. Rating (1)
U.S. public finance
General obligation	$	37,238	A+	$	27,047	A+	$	20,291	A+
Tax backed	36,838		A+	25,862		A+	17,799		A+
Municipal utilities	19,032		A	15,604		A	11,672		A+
Transportation	14,036		A	12,647		A	9,984		A
Healthcare	11,793		A	11,678		A	10,372		A
Higher education	6,873		A	5,330		A+	3,651		A+
Investor-owned utilities	1,977		BBB+	2,156		BBB+	2,314		BBB+
Housing	1,961		A+	1,981		A+	2,041		A+
Other public finance	5,865		A	5,015		A	3,790		A+
Total U.S. public finance	$	135,614	A	$	107,322	A+	$	81,914	A+

U.S. structured finance
Pooled corporate obligations	$	33,339	AA+	$	34,680	AAA	$	33,813	AAA
Residential mortgage-backed and home equity	16,698		BBB	18,393		A	18,248		AA
Commercial mortgage-backed securities	5,818		AAA	5,876		AAA	6,002		AA+
Commercial receivables	4,965		A	4,945		A	5,246		A+
Consumer receivables	4,738		AA-	5,158		AA	6,589		AA
Structured credit	2,873		A	3,274		A	1,572		A-
Insurance securitizations	1,593		A+	1,593		AA-	1,158		AA-
Other structured finance	455		BBB+	454		A-	1,191		AA
Total U.S. structured finance	$	70,479	AA-	$	74,373	AA	$	73,820	AA+

International
Infrastructure and pooled infrastructure	$	9,917	A+	$	9,306	AA-	$	11,561	AA-
Pooled corporate obligations	8,732		AA+	8,383		AAA	8,459		AAA
Residential mortgage-backed and home equity	7,350		AAA	8,249		AAA	7,329		AAA
Regulated utilities	6,672		A-	7,515		A-	8,337		A-
Public finance	2,171		A+	1,680		A	1,996		A+
Commercial receivables	1,701		A-	1,713		A-	1,913		A-
Future flow	1,165		BBB	1,240		BBB	1,113		BBB+
Insurance securitizations	957		C	954		CCC	857		BBB-
Commercial mortgage-backed securities	792		AA	795		AA-	1,240		AA+
Structured credit	471		A-	437		A-	592		A-
Consumer receivables	101		AAA	109		AAA	357		AA+
Other international structured finance	678		AAA	646		AAA	794		AA+
Total international	$	40,706	AA-	$	41,027	AA-	$	44,546	AA-

Total exposures	$	246,799	A+	$	222,722	AA-	$	200,279	AA-

Mortgage guaranty risk in force	$	412	NA	$	400	NA	$	1,116	NA

Please refer to Glossary for description of selected types of U.S. public finance, U.S. structured finance and International obligations that the Company insures and reinsures.

NA = Not Applicable

Assured Guaranty Ltd.

Financial Guaranty Profile (3 of 6)

(dollars in millions)

Gross Par Written by Asset Type

	Financial Guaranty Direct		Avg. Rating (1)	Financial Guaranty Reinsurance		Avg. Rating (1)	Consolidated		Avg. Rating (1)
Sector:	2Q-09			2Q-09			2Q-09
U.S. public finance
Tax backed	$	4,581	A	$	2	A+	$	4,583	A
General obligation	2,619		A+	—		—	2,619		A+
Municipal utilities	1,537		A+	—		—	1,537		A+
Higher education	555		A	—		—	555		A
Healthcare	523		A	—		—	523		A
Transportation	220		A	—		—	220		A
Housing	—		—	—		—	—		—
Investor-owned utilities	—		—	—		—	—		—
Other public finance	221		A-	—		—	221		A-
Total U.S. public finance	$	10,256	A	$	2	A+	$	10,258	A

U.S. structured finance
Consumer receivables	$	210	A	$	—	—	$	210	A
Commercial receivables	92		A	—		—	92		A
Commercial mortgage-backed securities	—		—	—		—	—		—
Insurance securitization	—		—	—		—	—		—
Pooled corporate obligations	—		—	—		—	—		—
Residential mortgage-backed and home equity	—		—	—		—	—		—
Structured credit	—		—	—		—	—		—
Other structured finance	—		—	—		—	—		—
Total U.S. structured finance	$	302	A	$	—	—	$	302	A

International
Regulated utilities	$	—	—	$	—	—	$	—	—
Infrastructure and pooled infrastructure	—		—	—		—	—		—
Public finance	—		—	—		—	—		—
Commercial mortgage-backed securities	—		—	—		—	—		—
Commercial receivables	—		—	—		—	—		—
Consumer receivables	—		—	—		—	—		—
Future flow	—		—	—		—	—		—
Insurance securitizations	—		—	—		—	—		—
Pooled corporate obligations	—		—	—		—	—		—
Residential mortgage-backed and home equity	—		—	—		—	—		—
Structured credit	—		—	—		—	—		—
Other international structured -finance	—		—	—		—	—		—
Total international	$	—	—	$	—	—	$	—	—

Total gross par written	$	10,559	A	$	2	A+	$	10,561	A

Please refer to Glossary for description of selected types of U.S. public finance, U.S. structured finance and International obligations that the Company insures and reinsures.

Assured Guaranty Ltd.

Financial Guaranty Profile (4 of 6)

(dollars in millions)

Gross Par Written by Asset Type

	Financial Guaranty Direct		Avg. Rating (1)	Financial Guaranty Reinsurance		Avg. Rating (1)	Consolidated		Avg. Rating (1)
Sector:	Six Months 2009			Six Months 2009			Six Months 2009
U.S. public finance
Tax backed	$	8,095	A	$	3,787	A	$	11,882	A
General obligation	4,813		A+	6,026		A+	10,840		A+
Municipal utilities	2,421		A	1,319		A	3,741		A
Higher education	916		A	819		A	1,735		A
Transportation	767		A	800		A	1,567		A
Healthcare	881		A	196		AA-	1,077		A+
Housing	—		—	—		—	—		—
Investor-owned utilities	—		—	—		—	—		—
Other public finance	563		BBB	484		AA-	1,046		A
Total U.S. public finance	$	18,456	A	$	13,431	A	$	31,887	A

U.S. structured finance
Consumer receivables	$	210	A	$	21	BBB	$	231	A
Commercial receivables	164		A	—		—	164		A
Commercial mortgage-backed securities	—		—	—		—	—		—
Insurance securitization	—		—	—		—	—		—
Pooled corporate obligations	—		—	—		—	—		—
Residential mortgage-backed and home equity	—		—	—		—	—		—
Structured credit	—		—	—		—	—		—
Other structured finance	—		—	—		—	—		—
Total U.S. structured finance	$	374	A	$	21	BBB	$	394	A

International
Regulated utilities	$	25	A	$	212	A-	$	238	A-
Infrastructure and pooled infrastructure	64		BBB	123		BBB-	188		BBB
Public finance	—		—	130		A+	130		A+
Commercial mortgage-backed securities	—		—	—		—	—		—
Commercial receivables	—		—	—		—	—		—
Consumer receivables	—		—	—		—	—		—
Future flow	—		—	—		—	—		—
Insurance securitizations	—		—	—		—	—		—
Pooled corporate obligations	—		—	—		—	—		—
Residential mortgage-backed and home equity	—		—	—		—	—		—
Structured credit	—		—	—		—	—		—
Other international structured finance	—		—	—		—	—		—
Total international	$	90	BBB+	$	466	A-	$	556	A-

Total gross par written	$	18,919	A	$	13,918	A	$	32,837	A

Please refer to Glossary for description of selected types of U.S. public finance, U.S. structured finance and International obligations that the Company insures and reinsures.

Assured Guaranty Ltd.

Financial Guaranty Profile (5 of 6)

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio

	As of June 30, 2009
	Financial Guaranty Direct				Financial Guaranty Reinsurance				Consolidated
Ratings (1):	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	27,734	19.0	%	$	1	0.0	%	$	27,735	11.2	%
AAA	31,048		21.3	%	4,292		4.3	%	35,341		14.3	%
AA	15,744		10.8	%	34,251		34.0	%	49,996		20.3	%
A	47,034		32.2	%	41,111		40.8	%	88,145		35.7	%
BBB	16,427		11.2	%	19,089		19.0	%	35,517		14.4	%
Below investment grade	8,098		5.5	%	1,967		2.0	%	10,066		4.1	%
Total exposures	$	146,087	100.0	%	$	100,712	100.0	%	$	246,799	100.0	%

	As of December 31, 2008
	Financial Guaranty Direct				Financial Guaranty Reinsurance				Consolidated
Ratings (1):	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	32,351	24.5	%	$	1	0.0	%	$	32,352	14.5	%
AAA	35,542		26.9	%	5,191		5.7	%	40,733		18.3	%
AA	14,699		11.1	%	32,986		36.4	%	47,685		21.4	%
A	31,912		24.2	%	34,078		37.6	%	65,991		29.6	%
BBB	12,579		9.5	%	16,782		18.5	%	29,361		13.2	%
Below investment grade	4,943		3.7	%	1,657		1.8	%	6,600		3.0	%
Total exposures	$	132,026	100.0	%	$	90,696	100.0	%	$	222,722	100.0	%

	As of June 30, 2009
	U.S. Public Finance				U.S. Structured Finance				International				Consolidated
Ratings (1):	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	—	—		$	16,926	24.0	%	$	10,809	26.6	%	$	27,735	11.2	%
AAA	2,127		1.6	%	23,006		32.6	%	10,209		25.1	%	35,341		14.3	%
AA	42,322		31.2	%	5,765		8.2	%	1,909		4.7	%	49,996		20.3	%
A	73,256		54.0	%	7,646		10.8	%	7,244		17.8	%	88,145		35.7	%
BBB	16,455		12.1	%	9,532		13.5	%	9,529		23.4	%	35,517		14.4	%
Below investment grade	1,454		1.1	%	7,605		10.8	%	1,006		2.5	%	10,066		4.1	%
Total exposures	$	135,614	100.0	%	$	70,479	100.0	%	$	40,706	100.0	%	$	246,799	100.0	%

	As of December 31, 2008
	U.S. Public Finance				U.S. Structured Finance				International				Consolidated
Ratings (1):	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	—	—		$	21,302	28.6	%	$	11,050	26.9	%	$	32,352	14.5	%
AAA	2,120		2.0	%	27,115		36.5	%	11,498		28.0	%	40,733		18.3	%
AA	38,028		35.4	%	7,687		10.3	%	1,970		4.8	%	47,685		21.4	%
A	53,086		49.5	%	7,058		9.5	%	5,846		14.2	%	65,991		29.6	%
BBB	13,020		12.1	%	6,692		9.0	%	9,649		23.5	%	29,361		13.2	%
Below investment grade	1,067		1.0	%	4,519		6.1	%	1,014		2.5	%	6,600		3.0	%
Total exposures	$	107,322	100.0	%	$	74,373	100.0	%	$	41,027	100.0	%	$	222,722	100.0	%

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Financial Guaranty Profile (6 of 6)

(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio as of June 30, 2009

	Net Par
	Outstanding		% of Total
U.S.:
California	$	18,369	7.4	%
New York	12,773		5.2	%
Texas	10,498		4.3	%
Florida	10,259		4.2	%
Pennsylvania	7,669		3.1	%
Illinois	7,451		3.0	%
New Jersey	5,390		2.2	%
Massachusetts	4,749		1.9	%
Puerto Rico	3,829		1.6	%
Michigan	3,788		1.5	%
Other states	50,840		20.6	%
Structured finance (multiple states)	70,479		28.6	%
Total U.S.	$	206,094	83.5	%

International:
United Kingdom	$	21,987	8.9	%
Australia	3,495		1.4	%
Germany	3,396		1.4	%
Ireland	925		0.4	%
Turkey	755		0.3	%
Other	10,147		4.1	%
Total International	$	40,706	16.5	%

Total exposures	$	246,799	100.0	%

Assured Guaranty Ltd.

Pooled Corporate Obligations Profile

(dollars in millions)

Distribution of Financial Guaranty Direct Pooled Corporate Obligations by Ratings as of June 30, 2009

Ratings (1):	Net Par Outstanding		% of Total		Avg. Initial Credit Enhancement (2)		Avg. Current Enhancement (2)
AAA	$	30,185	75.4	%	35.8	%	30.9	%
AA	3,957		9.9	%	37.3	%	28.8	%
A	2,348		5.9	%	44.2	%	37.6	%
BBB	2,516		6.3	%	46.6	%	37.8	%
Below investment grade	1,025		2.6	%	42.5	%	28.8	%
Total exposures	$	40,031	100.0	%	37.3	%	31.5	%

Distribution of Financial Guaranty Direct Pooled Corporate Obligations by Year Insured as of June 30, 2009

Year insured:	Net Par Outstanding		% of Total		Avg. Initial Credit Enhancement (2)		Avg. Current Enhancement (2)
2004 and prior	$	1,426	3.6	%	30.4	%	27.0	%
2005	7,621		19.0	%	36.0	%	30.6	%
2006	12,789		31.9	%	37.6	%	29.4	%
2007	15,631		39.0	%	38.7	%	33.5	%
2008	2,563		6.4	%	34.8	%	35.1	%
2009	—		—		N/A		N/A
	$	40,031	100.0	%	37.3	%	31.5	%

Distribution of Financial Guaranty Direct Pooled Corporate Obligations by Asset Class as of June 30, 2009

Asset class:	Net Par Outstanding		% of Total		Avg. Initial Credit Enhancement (2)		Avg. Current Enhancement (2)		Avg. Rating(1)
High yield corporates	$	25,673	64.1	%	34.7	%	28.5	%	AAA
Trust preferred - banks and insurance	3,633		9.1	%	47.0	%	39.2	%	A-
Trust preferred - US mortgage and REITs	2,431		6.1	%	50.1	%	41.6	%	A-
Trust preferred - European mortgage and REITs	1,047		2.6	%	36.8	%	31.1	%	A
Market value CDOs of corporates	4,154		10.4	%	40.5	%	36.1	%	AAA
Investment grade corporates	2,270		5.7	%	28.7	%	29.8	%	AAA
Commercial real estate	758		1.9	%	49.2	%	48.0	%	AAA
CDO of CDOs (corporate) (3)	66		0.2	%	1.7	%	5.5	%	AAA
	$	40,031	100.0	%	37.3	%	31.5	%	AA+

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

(2) “Average Credit Enhancement” is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured’s exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown above do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Data is obtained from third-party sources such as trustee reports and may be subject to misstatement or correction.

(3) Consists of one transaction whereby Assured’s exposure is principal-protected by a collateral account currently containing $70 million in assets and representing 106% of current net par. Funds in the collateral account are permitted to be invested in cash, government securities and AAA ABS (other than MBS).

Assured Guaranty Ltd.

Consolidated U.S. Residential Mortgage-Backed Securities (“RMBS”) Profile (1 of 3)

(dollars in millions)

Distribution of U.S. RMBS by Rating (1) and by Segment as of June 30, 2009

	Direct				Reinsurance				Total
	Net Par				Net Par				Net Par
Ratings(1):	Outstanding		%		Outstanding		%		Outstanding		%
Super senior	$	2,660	16.9	%	$	—	—		$	2,660	15.9	%
AAA	2,615		16.6	%	142		15.1	%	2,758		16.5	%
AA	830		5.3	%	88		9.3	%	918		5.5	%
A	1,900		12.1	%	110		11.7	%	2,010		12.0	%
BBB	1,909		12.1	%	113		12.0	%	2,022		12.1	%
Below investment grade	5,841		37.1	%	490		52.0	%	6,331		37.9	%
	$	15,755	100.0	%	$	943	100.0	%	$	16,698	100.0	%

Distribution of U.S. RMBS by Rating (1), December 31, 2006 to June 30, 2009

Ratings(1):	12/31/06		12/31/07		12/31/08		06/30/09
Super senior	41.4	%	35.4	%	34.7	%	15.9	%
AAA	23.1	%	33.9	%	9.1	%	16.5	%
AA	0.3	%	5.0	%	8.5	%	5.5	%
A	9.2	%	6.4	%	13.4	%	12.0	%
BBB	25.1	%	9.1	%	10.4	%	12.1	%
Below investment grade	0.9	%	10.1	%	24.0	%	37.9	%
	100.0	%	100.0	%	100.0	%	100.0	%

Distribution of U.S. RMBS by Rating (1) and Type of Exposure as of June 30, 2009

Year insured:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		Total Net Par Outstanding
Super senior	$	—	$	—	$	—	$	—	$	—	$	2,660	$	2,660
AAA	13		53		10		2,485		5		192		2,758
AA	72		—		7		697		—		142		918
A	31		3		8		501		200		1,267		2,010
BBB	138		—		93		436		86		1,269		2,022
Below investment grade	673		325		1,393		1,816		1,215		909		6,331
Total exposures	$	927	$	381	$	1,510	$	5,935	$	1,505	$	6,440	$	16,698

Distribution of U.S. RMBS by Year Insured and Type of Exposure as of June 30, 2009

Year insured:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		Total Net Par Outstanding
2004 and prior	$	119	$	3	$	132	$	82	$	68	$	467	$	870
2005	194		—		655		377		49		85		1,361
2006	1		5		120		56		74		4,372		4,628
2007	614		373		603		3,043		1,170		1,491		7,294
2008	—		—		—		2,376		144		24		2,545
2009	—		—		—		—		—		—		—
Total exposures	$	927	$	381	$	1,510	$	5,935	$	1,505	$	6,440	$	16,698

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Consolidated U.S. RMBS Profile (2 of 3)

(dollars in millions)

Distribution of U.S. RMBS by Rating (1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year insured:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	172		$	91		$	149		$	208		$	250		$	870
2005	—			51			155			102			191			862			1,361
2006	2,660			96			135			705			731			302			4,628
2007	—			62			537			896			893			4,905			7,294
2008	—			2,376			—			157			—			12			2,545
2009	—			—			—			—			—			—			—
	$	2,660		$	2,758		$	918		$	2,010		$	2,022		$	6,331		$	16,698

% of total	15.9		%	16.5		%	5.5		%	12.0		%	12.1		%	37.9		%	100.0		%

Distribution of U.S. Prime HELOC RMBS by Rating (1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year insured:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	0		$	6		$	5		$	75		$	45		$	132
2005	—			—			—			2			14			639			655
2006	—			—			—			—			3			117			120
2007	—			10			1			0			1			591			603
2008	—			—			—			—			—			—			—
2009	—			—			—			—			—			—			—
	$	—		$	10		$	7		$	8		$	93		$	1,393		$	1,510

% of total	0.0		%	0.6		%	0.5		%	0.5		%	6.1		%	92.2		%	100.0		%

Distribution of U.S. Closed End Seconds RMBS by Rating (1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year insured:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	0		$	—		$	2		$	—		$	—		$	3
2005	—			—			—			—			—			—			—
2006	—			—			—			—			—			5			5
2007	—			53			—			1			—			320			373
2008	—			—			—			—			—			—			—
2009	—			—			—			—			—			—			—
	$	—		$	53		$	—		$	3		$	—		$	325		$	381

% of total	0.0		%	13.9		%	0.0		%	0.8		%	0.0		%	85.3		%	100.0		%

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Consolidated U.S. RMBS Profile (3 of 3)

(dollars in millions)

Distribution of U.S. Alt-A RMBS by Rating (1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year insured:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	12		$	7		$	41		$	22		$	—		$	82
2005	—			46			155			26			39			111			377
2006	—			50			—			—			—			6			56
2007	—			—			536			433			375			1,699			3,043
2008	—			2,376			—			—			—			—			2,376
2009	—			—			—			—			—			—			—
	$	—		$	2,485		$	697		$	501		$	436		$	1,816		$	5,935

% of total	0.0		%	41.9		%	11.8		%	8.4		%	7.4		%	30.6		%	100.0		%

Distribution of U.S. Alt-A Option ARM RMBS by Rating (1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year insured:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	—		$	—		$	51		$	16		$	—		$	68
2005	—			3			—			2			1			43			49
2006	—			1			—			—			4			69			74
2007	—			—			—			2			65			1,104			1,170
2008	—			—			—			144			—			—			144
2009	—			—			—			—			—			—			—
	$	—		$	5		$	—		$	200		$	86		$	1,215		$	1,505

% of total	0.0		%	0.3		%	0.0		%	13.3		%	5.7		%	80.7		%	100.0		%

Distribution of U.S. Subprime RMBS by Rating (1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year insured:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	147		$	6		$	18		$	91		$	205		$	467
2005	—			1			—			71			2			11			85
2006	2,660			44			135			705			724			104			4,372
2007	—			—			1			461			452			578			1,491
2008	—			—			—			13			—			12			24
2009	—			—			—			—			—			—			—
	$	2,660		$	192		$	142		$	1,267		$	1,269		$	909		$	6,440

% of total	41.3		%	3.0		%	2.2		%	19.7		%	19.7		%	14.1		%	100.0		%

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Financial Guaranty Direct U.S. RMBS Profile (1 of 4)

(dollars in millions)

Distribution of Financial Guaranty Direct U.S. RMBS by Rating(1) and Type of Exposure as of June 30, 2009

Ratings(1):	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		Total Net Par Outstanding
Super senior	$	—	$	—	$	—	$	—	$	—	$	2,660	$	2,660
AAA	—		51		—		2,433		—		132		2,615
AA	—		—		—		695		—		135		830
A	—		—		—		473		196		1,230		1,900
BBB	134		—		20		433		81		1,240		1,909
Below investment grade	667		320		1,058		1,788		1,192		816		5,841
Total exposures	$	801	$	371	$	1,078	$	5,823	$	1,469	$	6,213	$	15,755

Distribution of Financial Guaranty Direct U.S. RMBS by Year Insured as of June 30, 2009

Year insured:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		Total Net Par Outstanding
2004 and prior	$	—	$	—	$	20	$	48	$	66	$	322	$	456
2005	187		—		536		371		39		71		1,204
2006	—		—		—		—		53		4,348		4,401
2007	614		371		522		3,027		1,167		1,473		7,173
2008	—		—		—		2,376		144		—		2,521
2009	—		—		—		—		—		—		—
	$	801	$	371	$	1,078	$	5,823	$	1,469	$	6,213	$	15,755

Distribution of Financial Guaranty Direct U.S. RMBS by Year Issued as of June 30, 2009

Year issued:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		Total Net Par Outstanding
2004 and prior	$	—	$	—	$	20	$	48	$	66	$	322	$	456
2005	187		—		536		371		39		3,519		4,652
2006	—		—		—		345		53		1,899		2,298
2007	614		371		522		5,058		1,311		474		8,350
2008	—		—		—		—		—		—		—
2009	—		—		—		—		—		—		—
	$	801	$	371	$	1,078	$	5,823	$	1,469	$	6,213	$	15,755

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Financial Guaranty Direct U.S. RMBS Profile (2 of 4)

(dollars in millions)

Distribution of Financial Guaranty Direct U.S. RMBS Net Par Outstanding by Rating(1) and Year Issued as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year issued:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	98		$	5		$	64		$	122		$	167		$	456
2005	1,760			90			290			803			897			813			4,652
2006	900			262			—			24			450			662			2,298
2007	—			2,165			536			1,009			440			4,199			8,350
2008	—			—			—			—			—			—			—
2009	—			—			—			—			—			—			—
	$	2,660		$	2,615		$	830		$	1,900		$	1,909		$	5,841		$	15,755

% of total	16.9		%	16.6		%	5.3		%	12.1		%	12.1		%	37.1		%	100.0		%

Distribution of Financial Guaranty Direct U.S. RMBS Net Par Outstanding by Rating(1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year issued:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	98		$	5		$	64		$	122		$	167		$	456
2005	—			46			155			98			174			733			1,204
2006	2,660			44			135			705			724			133			4,401
2007	—			51			536			889			890			4,808			7,173
2008	—			2,376			—			144			—			—			2,521
2009	—			—			—			—			—			—			—
	$	2,660		$	2,615		$	830		$	1,900		$	1,909		$	5,841		$	15,755

% of total	16.9		%	16.6		%	5.3		%	12.1		%	12.1		%	37.1		%	100.0		%

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Financial Guaranty Direct U.S. RMBS Profile (3 of 4)

(dollars in millions)

Distribution of Financial Guaranty Direct U.S. Mortgage-Backed Securities Issued January 1, 2005 or Later by Exposure Type, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of June 30, 2009 (1)

U.S. Prime First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)		Number of Transactions
2005	$	187	69.2	%	5.4	%	0.2	%	4.7	%	6
2006	N/A		N/A		N/A		N/A		N/A		N/A
2007	614		83.2	%	11.1	%	0.7	%	7.1	%	1
2008	N/A		N/A		N/A		N/A		N/A		N/A
2009	N/A		N/A		N/A		N/A		N/A		N/A
	$	801	79.9	%	9.8	%	0.6	%	6.5	%	7

U.S. Prime CES

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)		Number of Transactions
2005	N/A		N/A		N/A		N/A		N/A		N/A
2006	N/A		N/A		N/A		N/A		N/A		N/A
2007	$	371	56.2	%	20.6	%	34.7	%	20.0	%	5
2008	N/A		N/A		N/A		N/A		N/A		N/A
2009	N/A		N/A		N/A		N/A		N/A		N/A
	$	371	56.2	%	20.6	%	34.7	%	20.0	%	5

U.S. Prime HELOC

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)		Number of Transactions
2005	$	536	29.7	%	0.0	%	13.4	%	16.0	%	2
2006	N/A		N/A		N/A		N/A		N/A		N/A
2007	522		58.5	%	0.0	%	20.8	%	11.3	%	2
2008	N/A		N/A		N/A		N/A		N/A		N/A
2009	N/A		N/A		N/A		N/A		N/A		N/A
	$	1,058	44.0	%	0.0	%	17.1	%	13.7	%	4

U.S. Alt-A First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)		Number of Transactions
2005	$	371	57.9	%	11.8	%	1.1	%	11.8	%	13
2006	345		71.4	%	39.2	%	4.2	%	31.9	%	2
2007	5,058		74.9	%	20.3	%	2.2	%	26.4	%	11
2008	N/A		N/A		N/A		N/A		N/A		N/A
2009	N/A		N/A		N/A		N/A		N/A		N/A
	$	5,775	73.6	%	20.9	%	2.3	%	25.8	%	26

(1) For this release, net par outstanding is based on values as of June 2009. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on June 2009 information obtained from Intex, Bloomberg, and/or provided by the trustee (except for CES, Alt-A, and Subprime, which is based on May) and may be subject to restatement or correction.

(2) Pool factor is the percentage of net par outstanding divided by the original net par outstanding of the transactions at inception.

(3) Represents the sum of subordinate tranches and over-collateralization, expressed as a percentage of total transaction size and does not include any benefit from excess interest collections that may be used to absorb losses.

(4) Cumulative losses are defined as net charge-offs on the underlying loan collateral divided by the original pool balance.

(5) 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Assured Guaranty Ltd.

Financial Guaranty Direct U.S. RMBS Profile (4 of 4)

(dollars in millions)

U.S. Alt-A Option ARMs

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)		Number of Transactions
2005	$	39	31.2	%	27.3	%	1.4	%	22.6	%	1
2006	53		53.6	%	18.7	%	1.6	%	29.3	%	1
2007	1,311		78.0	%	20.5	%	2.1	%	28.1	%	7
2008	N/A		N/A		N/A		N/A		N/A		N/A
2009	N/A		N/A		N/A		N/A		N/A		N/A
	$	1,403	75.8	%	20.6	%	2.0	%	28.0	%	9

U.S. Subprime First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)		Number of Transactions
2005	$	3,519	30.2	%	63.8	%	8.0	%	42.4	%	42
2006	1,899		44.3	%	40.7	%	10.3	%	44.2	%	49
2007	474		46.2	%	39.3	%	11.0	%	47.1	%	2
2008	N/A		N/A		N/A		N/A		N/A		N/A
2009	N/A		N/A		N/A		N/A		N/A		N/A
	$	5,892	36.0	%	54.4	%	9.0	%	43.4	%	93

U.S. CMBS

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)		Number of Transactions
2005	$	3,429	95.9	%	29.0	%	0.0	%	0.5	%	158
2006	1,418		98.0	%	30.7	%	0.0	%	0.7	%	57
2007	512		87.7	%	21.2	%	0.0	%	2.8	%	13
2008	N/A		N/A		N/A		N/A		N/A		N/A
2009	N/A		N/A		N/A		N/A		N/A		N/A
	$	5,359	95.7	%	28.7	%	0.0	%	0.8	%	228

(2) Pool factor is the percentage of net par outstanding divided by the original net par outstanding of the transactions at inception.

(4) Cumulative losses are defined as net charge-offs on the underlying loan collateral divided by the original pool balance.

(5) 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Assured Guaranty Ltd.

Consumer Receivables Profile

(dollars in millions)

Distribution of Consolidated Consumer Receivables by Year Issued as of June 30, 2009

Year issued:	Credit Cards		Student Loans		Auto		Total Net Par Outstanding
2004 and prior	$	48	$	34	$	9	$	90
2005	1,074		195		122		1,391
2006	—		816		291		1,107
2007	0		1,200		696		1,896
2008	—		—		145		145
2009	—		210		—		210
	$	1,122	$	2,455	$	1,263	$	4,839

Distribution of Financial Guaranty Direct U.S. Consumer Receivables Net Par Outstanding by Rating(1) and Year Insured as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year insured:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	—		$	—		$	—		$	—		$	—		$	—
2005	—			—			—			—			7			—			7
2006	—			419			—			—			—			—			419
2007	—			842			—			—			117			—			959
2008	1,000			—			—			172			—			—			1,172
2009	—			—			—			210			—			—			210
	$	1,000		$	1,261		$	—		$	382		$	125		$	—		$	2,767

% of total	36.1		%	45.6		%	0.0		%	13.8		%	4.5		%	0.0		%	100.0		%

Distribution of Financial Guaranty Direct U.S. Consumer Receivables Net Par Outstanding by Rating(1) and Year Issued as of June 30, 2009

	Super			AAA			AA			A			BBB			BIG
Year issued:	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	—		$	—		$	—		$	—		$	—		$	—		$	—
2005	1,000			—			—			—			7			—			1,007
2006	—			419			—			—			—			—			419
2007	—			842			—			172			117			—			1,131
2008	—			—			—			—			—			—			—
2009	—			—			—			210			—			—			210
	$	1,000		$	1,261		$	—		$	382		$	125		$	—		$	2,767

% of total	36.1		%	45.6		%	0.0		%	13.8		%	4.5		%	0.0		%	100.0		%

Distribution of Consumer Receivables by Asset Class as of June 30, 2009

Asset class:	Net Par Outstanding		% of Total		Average Rating (1)	Avg. Initial Credit Enhancement (2)		Avg. Current Enhancement (2)
Student loans	$	1,471	53.1	%	AAA	7.2	%	7.2	%
Credit cards	1,000		36.1	%	AAA	57.5	%	57.5	%
Auto	297		10.7	%	A-	11.2	%	29.6	%
	$	2,767	100.0	%	AA+	25.8	%	27.8	%

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Financial Guaranty Direct Credit Derivative Exposure Profile

(dollars in millions)

Distribution of Financial Guaranty Direct Credit Derivative Exposure by Rating

	June 30, 2009				December 31, 2008
	Net Par				Net Par
Ratings (1):	Outstanding		% of Total		Outstanding		% of Total
Super senior	$	26,734	38.1	%	$	31,129	43.3	%
AAA	26,413		37.6	%	29,574		41.1	%
AA	2,839		4.0	%	4,032		5.6	%
A	5,478		7.8	%	3,565		5.0	%
BBB	4,348		6.2	%	1,734		2.4	%
Below investment grade	4,437		6.3	%	1,931		2.7	%
Total exposures	$	70,249	100.0	%	$	71,964	100.0	%

Distribution of Financial Guaranty Direct Credit Derivative Exposure by Sector and Average Rating

	June 30, 2009			December 31, 2008
Sector:	Net Par Outstanding		Average Rating (1)	Net Par Outstanding		Average Rating (1)
U.S. public finance
General obligation	$	415	AA+	$	417	AAA
Healthcare	100		A	100		A
Tax backed	69		BBB+	69		BBB+
Investor-owned utilities	39		AAA	39		AAA
Municipal utilities	25		AAA	25		AAA
Total U.S. public finance	$	647	AA	$	650	AA

U.S. structured finance
Pooled corporate obligations	$	28,183	AA+	$	29,349	AAA
Residential mortgage-backed and home equity	12,173		A-	12,768		AA-
Commercial mortgage-backed securities	5,325		AAA	5,355		AAA
Commercial receivables	1,504		AA-	1,540		AA
Consumer receivables	545		AAA	545		AAA
Structured credit	342		A+	351		A+
Insurance securitizations	100		BBB	100		AA
Other structured finance	49		BBB+	49		AA-
Total U.S. structured finance	$	48,221	AA	$	50,056	AA+

International
Residential mortgage-backed and home equity	$	6,573	AAA	$	7,488	AAA
Pooled corporate obligations	7,419		AA+	6,905		AAA
Infrastructure and pooled infrastructure	5,350		AA+	4,933		AA+
Regulated utilities	665		A+	577		AA
Commercial mortgage-backed securities	468		AAA	446		AAA
Future flow	189		BBB	224		BBB+
Insurance securitizations	41		D	41		B
Public finance	7		AAA	8		AAA
Other international structured finance	670		AAA	636		AAA
Total international	$	21,381	AA+	$	21,258	AAA

Total exposure	$	70,249	AA	$	71,964	AA+

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Please refer to Glossary for description of selected types of U.S. public finance, U.S. structured finance and International obligations that the Company insures and reinsures.

Assured Guaranty Ltd.

Unrealized Gains (Losses) on Credit Default Swaps (“CDS”)

Unrealized Gains (Losses) on CDS as of June 30, 2009

Asset Type:	Net Par Outstanding (in billions)		Wtd. Avg. Credit Rating	2Q-09 Unrealized Gain (Loss) (in millions)			YTD 2Q-09 Unrealized Gain (Loss) (in millions)
Financial Guaranty Direct
Pooled corporates(1)
High yield corporates	$	22.7	AAA	$	1.6		$	(75.8	)
Trust preferred	6.0		A-	(75.7		)	(0.4		)
Market value CDOs of corporates	3.8		AAA	(0.3		)	(7.3		)
Investment grade corporates	2.3		AAA	1.3			2.9
Commercial real estate	0.8		AAA	0.1			(2.1		)
CDO of CDOs (corporate)	0.1		AAA	0.6			(0.3		)
Total pooled corporate obligations	35.6		AA+	(72.4		)	(82.9		)

U.S. RMBS(2):
Prime first lien	7.2		AA+	10.0			(38.7		)
Alt-A first lien	6.0		BBB+	(201.8		)	(245.9		)
Subprime lien	5.5		A+	0.7			3.7
Other U.S. RMBS	—
Total U.S. RMBS	18.7		A+	(191.0		)	(280.8		)

Commercial mortgage-backed securities(3)	5.8		AAA	1.0			(30.2		)
Other(4)	10.1		AA-	12.4			154.8
Total Financial Guaranty Direct	70.2		AA	(250.0		)	(239.1		)

Total Financial Guaranty Reinsurance	3.2		AA	(4.3		)	11.9

Total Financial Guaranty Direct and Financial Guaranty Reinsurance	$	73.5	AA	$	(254.3	)	$	(227.3	)

(1) Corporate collateralized loan obligations, market value CDOs, and trust preferred securities include all U.S. structured finance pooled corporate obligations and international pooled corporate obligations.

(2) Residential mortgage-backed securities is comprised of prime and subprime U.S. mortgage-backed and home equity securities and residential international mortgage-backed and home equity securities.

(3) Commercial mortgage-backed securities is comprised of commercial U.S. structured finance and commercial international mortgage backed securities.

(4) Other includes all other U.S. and international asset classes, such as commercial receivables and international infrastructure and pooled infrastructure securities.

Assured Guaranty Ltd.

Below Investment Grade Exposures (1 of 2)

As of June 30, 2009

(dollars in millions)

					Loss and Loss
					Adjustment Expense
	Wtd. Avg.	Net Par		Average	Reserves as of
Below Investment Grade Exposures by Asset Type:	Remaining Life	Outstanding		Rating (1)	June 30, 2009

U.S. public finance
Municipal utilities	24.3	$	465	D	$	7.0
General obligation	15.3	373		BB	0.0
Healthcare	13.4	171		BB-	16.4
Tax backed	23.5	133		BB	0.0
Transportation	15.2	22		D	2.8
Investor-owned utilities	8.7	2		BB	0.0
Housing	12.3	2		B-	0.3
Higher education	12.2	1		BB+	—
Other public finance	29.8	285		CCC-	2.3
Total U.S. public finance	21.5	$	1,454	CCC+	$	28.9

U.S. structured finance
Residential mortgage-backed and home equity	6.6	$	6,331	CCC+	$	200.3
Pooled corporate obligations	20.4	1,031		BB	1.7
Commercial receivables	4.5	105		BB+	0.0
Structured credit	2.0	63		BB	—
Consumer receivables	3.9	43		BB	0.2
Other structured finance	9.0	32		CCC-	7.7
Total U.S. structured finance	8.4	$	7,605	B-	$	209.9

International
Insurance securitizations	11.8	$	923	D	$	30.9
Infrastructure and pooled infrastructure	7.0	64		CCC+	8.3
Future flow	2.7	18		BB	—
Commercial receivables	1.5	1		B	—
Total international	11.3	$	1,006	D	$	39.2

Total below investment grade exposures	10.6	$	10,066	CCC+	$	277.9

Please refer to Glossary for description of selected types of U.S. public finance, U.S. structured finance and International obligations that the Company insures and reinsures.

Assured Guaranty Ltd.

Below Investment Grade Exposures (2 of 2)

As of June 30, 2009

(dollars in millions)

Below Investment Grade Exposures Greater Than $50 Million as of June 30, 2009

	Wtd. Avg.	Net Par		Internal	Current Credit
Name or Description	Remaining Life	Outstanding		Rating (1)	Enhancement
Deutsche Alt-A Securities Mortgage Loan 2007-2	8.1	$	967	CCC	9.3	%
MortgageIt Securities Corp. Mortgage Loan 2007-2	4.8	614		B	11.1	%
Ballantyne Re PLC Class A-2 Floating Rate Notes	12.8	500		D	NM
Countrywide Home Equity Loan Trust 2007-D	6.6	498		D	0.0	%
Deutsche Alt-A Securities Mortgage Loan 2007-3	4.5	491		B	15.5	%
Countrywide Home Equity Loan Trust 2005-J Class A1 & A2	5.7	461		D	0.0	%
CWALT Alternative Loan Trust 2007-HY9	9.9	456		BB	8.5	%
Jefferson County Alabama Sewer	24.7	455		D	n/a
Orkney Re II, PLC Floating Rate Notes	9.6	423		D	NM
Detroit Michigan General Obligation	16.5	311		BB	n/a
Taberna Preferred Funding III, Ltd.	26.3	288		BB+	36.3	%
Alesco Preferred Funding XVI, Ltd.	24.6	261		BB+	13.9	%
Taberna Preferred Funding II, Ltd.	26.6	245		B	36.2	%
Attentus CDO II Limited Class A-1	13.7	196		BB	32.5	%
CWALT Alternative Loan Trust 2007-OA10	3.4	179		B	10.8	%
Guaranteed student loan transaction	32.5	152		C	n/a
Lehman Excess Trust 2007-16N	4.8	137		BB	12.2	%
ACE Home Equity Loan Trust 2007-SL3	2.6	128		B	32.4	%
Taylor Bean & Whitaker 2007-2	4.7	113		BB	7.8	%
Guaranteed student loan transaction	37.6	95		B	n/a
Argent Securities Inc. 2003-W6	4.3	92		B	10.6	%
ACE Home Equity Loan Trust 2007-SL2	3.5	89		D	0.0	%
Orlando Tourist Development Tax Revenue Bonds	30.0	86		BB	n/a
Morgan Stanley Mortgage Loan Trust 2006-5AR	5.9	83		CCC	6.2	%
St. Barnabas Health Care System - New Jersey	12.8	81		BB	n/a
MASTR Asset Backed Securities Trust 2005-NC2 A4	5.5	80		BB	32.6	%
SACO I Trust 2005-GP1	2.3	75		D	0.0	%
Customer Asset Protection Company (CAPCO), Excess SIPC	2.0	63		BB	n/a
CSAB Mortgage-Backed Trust 2007-1	6.3	63		B	5.5	%
Bear Stearns ABS I Trust 2005-AC6	4.4	59		BB	9.6	%
American Home Mtg Assets Trust 2007-3	3.2	57		D	0.0	%
Avis Budget Rental Car Funding (Aesop) LLC 2007-2	5.0	55		BB+	41.8	%
Chevy Chase Funding LLC Series 2006-2 Class A-2	4.3	53		CCC	18.7	%
CWALT Alternative Loan Trust Ser 2005-55CB	8.2	53		BB	9.7	%
Rental Car Finance Corp 2007-1	4.0	50		BB	31.7	%
Total	11.4	$	8,009	CCC+

Assured Guaranty Ltd.

Largest Exposures by Sector (1 of 4)

As of June 30, 2009

(dollars in millions)

50 Largest U.S. Public Finance Exposures

	Net Par
Credit Name:	Outstanding		Rating(1)
State of California General Obligation & Leases	$	2,070	A+
New York City General Obligation & Leases	1,442		A+
Miami-Dade County Florida Aviation Authority	1,265		A
Commonwealth of Puerto Rico General Obligation & Leases	1,255		BBB-
State of New Jersey General Obligation & Leases	1,148		AA-
Commonwealth of Massachusetts General Obligation & Bay Transportation	1,090		A
Pennsylvania State Turnpike Commission	1,063		A+
Long Island Power Authority	998		A-
State of New York General Obligation & Leases	973		A+
City of Chicago General Obligation & Leases	963		AA-
Metropolitan Transportation Authority (New York) - Transportation Revenue	958		A
Port Authority of New York & New Jersey	935		AA-
North Texas Toll Road Authority	911		A+
Los Angeles Unified School District	907		AA
Miami-Dade County School Board	879		A
Puerto Rico Highway & Transportation Authority	847		BBB
State of Washington General Obligation	836		AA
Denver International Airport System	794		A+
San Francisco Airport Commission	790		A
Chicago Public Building Commission - Chicago Board of Education	755		A
District of Columbia General Obligation	747		A
Michigan State General Obligation	690		AA+
Florida State General Obligation	672		AAA
Puerto Rico Electric Power Authority	614		BBB+
Hawaii State General Obligation	607		AA
Houston Texas Combined Utility System	591		A+
Florida State Department of Environmental Protect	479		A+
Massachusetts School Building Authority	477		AA
New York City Municipal Water Finance Authority	466		AA+
Jefferson County, Alabama Sewer Enterprise	455		D
Philadelphia Pennsylvania GO & Municipal Authority	451		BBB
Kentucky State Property & Buildings Commission	447		A+
Clark County Nevada School District	447		AA
Piedmont South Carolina Municipal Power Agency	426		BBB
University of California Board of Regents	424		AA-
Dormitory Authority of the State of New York (DASNY) - School District Revenue	422		A
Yankee Stadium LLC (NYC IDA)	419		BBB-
Los Angeles California Department of Water & Power	418		AA-
Chicago-O’Hare International Airport	412		A
Metropolitan Washington DC Airports Authority	410		AA-
State of Illinois General Obligation & Leases	410		AA
State of Wisconsin General Obligation & Leases	406		AA-
Methodist Health System	403		A
Massachusetts Educational Finance Authority	400		AA
Puerto Rico Aqueduct & Sewer Authority	384		BBB-
Philadelphia Pennsylvania School District	380		A
Louisiana Citizens Property Insurance Corporation	378		A-
New York State Thruway Authority - Trust Fund	377		AA-
Florida State Board of Education - Lottery	369		AA-
American Municipal Power Ohio, Inc.	358		A
Total top 50 U.S. public finance exposures	$	34,818

10 Largest Healthcare Exposures

	Net Par
Credit Name:	Outstanding		Rating(1)	State
Methodist Health System	$	403	A	TN
Iowa Health System	342		AA-	IA
Christus Health System	329		A+	TX
Virtua Health, Inc.	300		A	NJ
Essentia Health	260		A-	MN
Integris Health, Inc.	255		AA	OK
Meridian Health System Obligated Group	237		A-	NJ
Centracare Health System	220		A	MN
Fairview Hospital & Healthcare Services	218		A	MN
Catholic Healthcare West	207		A	CA
Total top 10 healthcare exposures	$	2,770

Assured Guaranty Ltd.

Largest Exposures by Sector (2 of 4)

As of June 30, 2009

(dollars in millions)

50 Largest U.S. Structured Finance Exposures

	Net Par			Credit
Credit Name:	Outstanding		Rating(1)	Enhancement
Ares Enhanced Credit Opportunities Fund	$	1,166	AAA	35.9	%
Discover Card Master Trust I Series A	1,000		AAA / Super senior	57.5	%
Deutsche Alt-A Securities Mortgage Loan 2007-2	967		CCC	9.3	%
Fortress Credit Investments I & II	928		AAA	32.4	%
Field Point III & IV, Limited	905		AA-	11.6	%
Anchorage Crossover Credit Finance Ltd	880		AAA	22.9	%
Goldentree Credit Opportunities Financing I	837		AAA	38.9	%
280 Funding I - Class A-1 & A-2	660		AAA	38.8	%
Sandelman Finance 2006-1 Limited	623		AA	32.1	%
Private RMBS Re-Remic	620		AAA	26.2	%
MortgageIt Securities Corp. Mortgage Loan 2007-2	614		B	11.1	%
Prospect Funding I LLC	602		AAA	36.2	%
Private Structured Credit	600		BBB+	Private
Applebee’s Enterprises LLC	586		BBB-	33.9	%
Private RMBS Re-Remic	574		AAA	27.7	%
Private RMBS Re-Remic	564		AAA	26.9	%
Liberty CLO Ltd	541		AAA / Super senior	33.2	%
Private RMBS Re-Remic	536		AA	27.8	%
Park Avenue Receivables Company LLC	502		AAA	2.5	%
CWHEQ Revolving Home Equity Loan Trust 2007-D	498		D	0.0	%
LIICA Holdings, LLC	495		AA	26.3	%
Deutsche Alt-A Securities Mortgage Loan 2007-3	491		B	15.5	%
Shenandoah Trust Capital I Term Securities	484		A+	22.7	%
Countrywide Home Equity Loan Trust 2005-J Class 1 & 2	461		D	0.0	%
Field Point I & II, Limited	459		AA-	27.4	%
CWALT Alternative Loan Trust 2007-HY9	456		BB	8.5	%
KKR Financial CLO 2007-1	451		AAA	39.4	%
SLM Private Credit Student Loan Trust 2007	450		AAA	11.1	%
Jupiter Securitization Company	437		AAA	2.5	%
Private RMBS Re-Remic	433		A	23.6	%
Aaa Trust 2007-2	430		A	41.8	%
Dow Jones CDX.NA.IG.4 Single Tranche Transaction	425		AAA / Super senior	29.7	%
Dow Jones CDX.IG.04 7-Year Index (I)	425		AAA / Super senior	29.7	%
Dow Jones CDX.IG.04 7-Year Index (II)	425		AAA / Super senior	29.7	%
SLM Student Loan Trust 2007	392		AAA	3.2	%
Wasatch CLO Ltd.	387		AAA	16.1	%
Southfork CLO Ltd. Series 2005-A1 Class A1G	376		AAA / Super senior	24.7	%
Impac CMB Trust Series 2007-A	375		BBB	8.3	%
Newstar Credit Opportunities Funding II	374		AA	20.3	%
Cent CDO XI Limited	373		AAA	20.2	%
Private RMBS Re-Remic	357		AAA	36.9	%
SLM Private Credit Student Loan Trust 2006	356		AAA	11.0	%
Alesco Preferred Funding XIV	328		A+	33.4	%
ACS 2007-1 Pass Through Trust G-1	327		A	38.9	%
Dow Jones CDX.IG.08 5 Year	326		AAA / Super senior	30.3	%
Mountain View CLO II	322		AAA	21.5	%
Comstock Funding Ltd	316		AAA	20.6	%
HSAM Long/Short 2007-2	312		AAA / Super senior	24.3	%
Blue Mountain CLO Ltd. 2005-1 Class A1-F	303		AAA / Super senior	32.6	%
Taberna Preferred Funding VIII	301		AA	47.5	%
Total top 50 U.S. structured finance exposures	$	26,049

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Largest Exposures by Sector (3 of 4)

As of June 30, 2009

(dollars in millions)

25 Largest International Exposures

	Net Par
Credit Name:	Outstanding		Rating(1)
Permanent Master Issuer PLC	$	1,322	AAA
Arkle Master Issuer PLC	1,310		AAA
Prime European RMBS	1,308		AAA / Super senior
Gracechurch Mortgage Financing PLC	1,302		AAA
Essential Public Infrastructure Capital II	944		AAA / Super senior
Essential Public Infrastructure Capital III	931		AAA / Super senior
Granite Master Issuer PLC	859		AAA
International Infrastructure Pool	705		AAA / Super senior
International Infrastructure Pool	705		AAA / Super senior
International Infrastructure Pool	705		AAA / Super senior
Paragon Mortgages (No.13) PLC	670		AAA
Synthetic CDO - IG ABS	670		AAA / Super senior
Taberna Europe CDO II PLC	592		A+
Stichting Profile Securitisation I	563		AAA / Super senior
Global Senior Loan Index Fund 1 B.V.	546		AAA / Super senior
Ballantyne Re PLC Class A-2 Floating Rate Notes	500		D
United Utilities Water PLC	488		A
Harvest CLO III	486		AAA
Nemus Funding No.1 PLC	468		AAA / Super senior
RMF Euro CDO V PLC	461		AAA
Taberna Europe CDO I PLC	454		A-
Orkney Re II PLC	423		D
Southern Gas Networks PLC	418		BBB
Highlander Euro CDO	387		AAA / Super senior
Windmill CLO I PLC	372		AAA / Super senior
Total top 25 international exposures	$	17,592

(1) Assured’s internal rating. Assured’s scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured’s AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured’s exposure or (2) Assured’s exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management’s opinion, causes Assured’s attachment point to be materially above the AAA attachment point.

Assured Guaranty Ltd.

Below Investment Grade and Closely Monitored Credits (“CMC”)

(dollars in millions)

Net Par Outstanding by Below Investment Grade Category (1)

	June 30, 2009
Description:	Net Par Outstanding		% of Total		Number of Credits in Category
Category 1	$	1,209	12.0	%	44
Category 2	3,155		31.3	%	282
Category 3	5,701		56.6	%	432
BIG Total	$	10,066	100.0	%	758

(1) Effective January 1, 2009 Assured adopted FAS 163. Assured’s surveillance department is responsible for monitoring our portfolio of credits and maintains a list of below investment grade (“BIG”) credits. The BIG credits are divided into three categories:. The closely monitored credits are divided into four categories: Category 1 (below investment grade credit with no expected losses); Category 2 (below investment grade credit with a loss reserve established prior to an event of default); Category 3 (below investment grade credit with a loss reserve established and where an event of default has occurred or is imminent).

Net Par Outstanding by Credit Monitoring Category (“CMC”) (1)

	December 31, 2008
Description:	Net Par Outstanding		% of Total		Number of Credits in Category
Fundamentally sound risk	$	215,987	97.0	%

CMC:
Category 1	2,967		1.3	%	51
Category 2	767		0.3	%	21
Category 3	2,889		1.3	%	54
Category 4	20		—		14
CMC Total	6,643		3.0	%	140
Other below investment grade risk	92		—		89
Total	$	222,722	100.0	%

(1) Assured’s surveillance department is responsible for monitoring the Company’s portfolio of credits and maintains a list of closely monitored credits. The closely monitored credits are divided into four categories: Category 1 (low priority; fundamentally sound, greater than normal risk); Category 2 (medium priority; weakening credit profile, may result in loss); Category 3 (high priority; claim/default probable, case reserve established); Category 4 (claim paid, case reserve established for future payments). The closely monitored credits include all below investment grade (BIG) exposures where there is a material amount of exposure (generally greater than $10.0 million) or a material risk of the Company incurring a loss greater than $0.5 million. The closely monitored credits also include investment grade (IG) risks where credit quality is deteriorating and where, in the view of the Company, there is significant potential that the risk quality will fall below investment grade.

Assured Guaranty Ltd.

Loss and Loss Adjustment Expense (“LAE”) Reserves by Segment/Type

(dollars in millions)

	As of June 30, 2009
	Financial		Financial				Total
	Guaranty		Guaranty		Mortgage		Financial
	Direct		Reinsurance		Guaranty		Guaranty		Other		Total
Financial guaranty insurance reserves by segment and type (1):
Case	$	112.1	$	83.1	$	0.1	$	195.3	$	1.1	$	196.4
Incurred but not reported (“IBNR”) and portfolio	—		—		2.0		2.0		1.9		3.9
Total financial guaranty insurance loss and LAE reserves	$	112.1	$	83.1	$	2.1	$	197.3	$	3.0	$	200.3

Credit derivative reserves by segment and type:
Case	$	77.7	$	5.0	$	—	$	82.7	$	—	$	82.7
Total credit derivative reserves	$	77.7	$	5.0	$	—	$	82.7	$	—	$	82.7

Total loss and LAE reserves	$	189.8	$	88.1	$	2.1	$	280.0	$	3.0	$	283.0

(1) The Company adopted FAS 163 effective January 1, 2009.

	As of December 31, 2008
	Financial		Financial				Total
	Guaranty		Guaranty		Mortgage		Financial
	Direct		Reinsurance		Guaranty		Guaranty		Other		Total
Financial guaranty insurance reserves by segment and type:
Case	$	64.2	$	55.7	$	0.1	$	120.0	$	1.5	$	121.5
IBNR	—		—		—		—		3.0		3.0
Portfolio reserves associated with fundamentally sound credits	11.8		35.5		2.5		49.8		—		49.8
Portfolio reserves on closely monitored credits (“CMC”) list	15.8		6.7		—		22.5		—		22.5
Total financial guaranty insurance loss and LAE reserves	$	91.8	$	97.9	$	2.6	$	192.3	$	4.5	$	196.8

Credit derivative reserves by segment and type:
Case	$	7.2	$	5.5	$	—	$	12.7	$	—	$	12.7
Plus: Credit derivative portfolio reserves associated with fundamentally sound credits	15.7		—		—		15.7		—		15.7
Plus: Credit derivative portfolio reserves on CMC list	23.4		—		—		23.4		—		23.4
Total credit derivative reserves	$	46.3	$	5.5	$	—	$	51.8	$	—	$	51.8

Total loss and LAE reserves	$	138.1	$	103.4	$	2.6	$	244.1	$	4.5	$	248.6

Assured Guaranty Ltd.

Loss and Loss Adjustment Expenses

As of June 30, 2009

(dollars in millions)

	Total								Loss and Loss
	Net Par		2Q-09			YTD 2Q-09			Adjustment
	Outstanding		Incurred Losses(2), (4)			Incurred Losses(2), (4)			Expense Reserves(3), (4)
Financial Guaranty Direct: (1)
Prime first lien	$	801	$	0.1		$	(0.6	)	$	—
Prime closed end seconds	371		25.2			34.0			37.0
Prime HELOC	1,078		5.6			5.5			8.6
Alt-A first lien	5,823		26.4			22.2			43.4
Alt-A option ARMs	1,469		17.4			28.1			45.6
Subprime first lien	6,213		4.9			12.8			23.7
Total U.S. RMBS	15,755		79.6			101.9			158.3
Other structured finance	65,506		(12.8		)	(22.0		)	30.8
Public finance	64,825		—			(0.1		)	0.7
Total Financial Guaranty Direct	$	146,087	$	66.8		$	79.9		$	189.8

Financial Guaranty Reinsurance: (1)
Prime first lien	$	126	$	(0.1	)	$	0.4		$	0.5
Prime closed end seconds	10		(0.6		)	1.4			2.4
Prime HELOC	433		16.2			34.9			23.3
Alt-A first lien	112		0.7			0.9			3.5
Alt-A option ARMs	36		—			(0.1		)	—
Subprime first lien	226		1.8			2.6			12.2
Total U.S. RMBS	943		18.0			40.1			41.9
Other structured finance	10,221		1.1			0.9			16.5
Public finance	89,548		6.7			21.3			29.7
Total Financial Guaranty Reinsurance	$	100,712	$	25.8		$	62.3		$	88.1

Total Financial Guaranty Direct and Reinsurance: (1)
Prime first lien	$	927	$	—		$	(0.2	)	$	0.5
Prime closed end seconds	381		24.6			35.4			39.4
Prime HELOC	1,510		21.8			40.5			31.9
Alt-A first lien	5,935		27.1			23.0			46.9
Alt-A option ARMs	1,505		17.4			28.0			45.6
Subprime first lien	6,440		6.7			15.4			35.9
Total U.S. RMBS	16,698		97.6			142.0			200.2
Other structured finance	75,727		(11.7		)	(21.1		)	47.3
Public finance	154,374		6.7			21.2			30.4
Total Financial Guaranty Direct and Reinsurance	$	246,799	$	92.6		$	142.2		$	277.9

(1) Includes financial guaranty (FG) and insured derivatives in the insured portfolio.

(2) Includes loss and loss adjustment expenses (recoveries) and incurred losses on credit derivatives, for the financial guaranty direct and reinsurance segments only.

(3) Includes loss and loss adjustment expense reserves for financial guaranty and credit derivatives, for the financial guaranty direct and reinsurance segments only.

(4) The Company adopted FAS 163 effective January 1, 2009.

Assured Guaranty Ltd.

Summary Financial and Statistical Data

(dollars in millions, except per share amounts)

				Year Ended December 31,
	YTD 2009			2008			2007			2006
GAAP Summary Income Statement Data
Net earned premiums (1)	$	227.1		$	261.4		$	159.3		$	144.8
Realized gains and other settlements on credit derivatives	57.4			117.6			74.0			73.9
Net investment income	86.9			162.6			128.1			111.5
Total expenses (1)	254.8			440.9			161.4			150.4
(Loss) income before provision for income taxes	(181.2		)	112.3			(463.0		)	190.0
Net (loss) income	(84.5		)	68.9			(303.3		)	159.7
Operating income (b)	90.8			74.5			178.0			157.2
Net (loss) income per diluted share (2)	$	(0.91	)	$	0.77		$	(4.38	)	$	2.13
Operating income per diluted share (2)	$	0.98		$	0.84		$	2.57		$	2.12

Financial Ratios:
Loss and LAE ratio (e)	54.1		%	81.4		%	3.4		%	(3.3		)%
Expense ratio (e)	32.6		%	38.7		%	55.8		%	59.2		%
Combined ratio (e)	86.7		%	120.1		%	59.2		%	55.9		%
GAAP Summary Balance Sheet Data (End of Period)
Total investments and cash	$	4,592.7		$	3,643.6		$	3,147.9		$	2,469.9
Total assets	6,495.7			4,555.7			3,762.9			2,931.6
Unearned premium reserves (1)	2,222.7			1,233.7			887.2			631.0
Loss and LAE reserves (1)	200.3			196.8			125.6			115.9
Long-term debt	517.0			347.2			347.1			347.1
Shareholders’ equity	2,354.9			1,926.2			1,666.6			1,650.8
Book value per share	$	17.52		$	21.18		$	20.85		$	24.44
Other Financial Information:
Net debt service outstanding (end of period)	$	372,489		$	348,816		$	302,413		$	180,174
Gross debt service outstanding (end of period)	377,592			354,858			307,657			181,503
Net par outstanding (end of period)	246,799			222,722			200,279			132,296
Gross par outstanding (end of period)	250,994			227,164			204,809			133,303
Consolidated qualified statutory capital	2,195			2,310			2,079			1,658
Consolidated policyholders’ surplus and reserves	3,876			3,652			3,040			2,374

Ratios:
Par insured to statutory capital	112:1			96:1			96:1			80:1
Capital ratio (3)	170:1			151:1			145:1			109:1
Financial resources ratio (4)	70:1			70:1			68:1			53:1

Gross debt service written:
U.S. public finance	$	54,902		$	68,265		$	66,190		$	13,261
U.S. structured finance	613			13,972			42,414			28,902
International	889			8,840			24,971			17,979
Total gross debt service written	$	56,403		$	91,078		$	133,575		$	60,142

Net debt service written	56,403			89,871			129,872			59,775
Net par written	32,837			55,418			84,686			50,541
Gross par written	32,837			56,140			88,117			50,892

(1) The Company adopted FAS 163 effective January 1, 2009.

(2) Effective January 1, 2009, the Company adopted FSP EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities” (“FSP”), which clarifies that share-based payment awards that entitle their holders to receive nonforfeitable dividends or dividend equivalents before vesting should be considered participating securities and shall be included in the calculation of basic and diluted net income (loss) per share. Upon retrospective adoption of the FSP, Assured increased previously reported diluted net income (loss) per share by $0.08 for 2007 and decreased previously reported diluted net income (loss) per share by $0.02 for 2006. There was no impact on previously reported diluted net income (loss) per share for 2008. Operating income, a non-GAAP financial measure, for all periods is positive, therefore the per diluted share calculation ignores the effect of the FSP and includes the effect of dilutive securities.

(3) The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.

(4) The financial resources ratio is calculated by dividing net debt service outstanding by total claims paying resources.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [operating income (b) and loss and loss adjustment expense ratio, expense ratio and combined ratio (e)].

Table of Contents		Page
Selected Financial Highlights		1
Consolidated Income Statements		2
Consolidated Balance Sheets		3
Consolidated Capital and Claims Paying Resources		4
New Business Production		5
Segment Consolidation		6-7
Financial Guaranty Direct Segment		8-9
Financial Guaranty Reinsurance Segment		10-11
Investment Portfolio		12
Estimated Net Exposure Amortization		13
Estimated Net Unearned Premium Amortization and Estimated Future Installment Premiums		14
Financial Guaranty Profile		15-20
Pooled Corporate Obligations Profile		21
Consolidated Residential Mortgage-Backed Securities Profile		22-24
Financial Guaranty Direct U.S. RMBS Profile		25-28
Consumer Receivables Profile		29
Financial Guaranty Direct Credit Derivative Exposures Profile		30
Unrealized Gains (Losses) on Credit Default Swaps		31
Below Investment Grade Exposures		32-33
Largest Exposures by Sector		34-37
Below Investment Grade and Closely Monitored Credits		38
Loss and LAE Reserves		39
Loss and Loss Adjustment Expenses		40
Summary Financial and Statistical Data		41
Glossary		42
Endnotes Related to Non-GAAP Financial Measures		43

	Net Par
Servicer:	Outstanding
Countrywide Home Loans, Inc.	$	3,841
Wells Fargo Home Mortgage, Inc.	2,686
Residential Funding Corporation	2,082
Halifax PLC	1,327
Cheltenham & Gloucester PLC	1,310
European Mortgage Servicer (Private Transaction)	1,308
Barclays Bank PLC	1,302
EMC Mortgage Corp	1,067
Northern Rock PLC	859
AMC Mortgage Services	707
Total top 10 residential mortgage servicers exposures	$	16,490

		Contacts:

		Equity Investors:
		Sabra Purtill
		Managing Director, Investor Relations
		(212) 408-6044
		spurtill@assuredguaranty.com

		Ross Aron
		Associate, Investor Relations
		(212) 261-5509
		raron@assuredguaranty.com

Assured Guaranty Ltd.		Fixed Income Investors:
30 Woodbourne Avenue		Robert Tucker
Hamilton HM 08		Manging Director, Fixed Income Investor Relations
Bermuda		(212) 339-0861
(441) 299-9375		rtucker@assuredguaranty.com
www.assuredguaranty.com

		Michael Walker
		Director, Fixed Income Investor Relations
		(212) 261-5575
		mwalker@assuredguaranty.com

		Media:
		Betsy Castenir
		Managing Director, Corporate Communications
		(212) 339-3424
		bcastenir@assuredguaranty.com

		Ashweeta Durani
		Vice President, Communications
		(212) 408-6042
		adurani@assuredguaranty.com