Assured Guaranty Ltd.

Selected Financial Highlights

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

	Quarter Ended December 31,								% Change versus		Year Ended December 31,						% Change versus
	2007				2006				4Q-06		2007			2006			2006
Gross written premiums (GWP) analysis:
Present value of GWP (PVP)(a)	$		477.0		$		116.0		311	%	$	874.6		$	453.6		93	%
Less: Financial guaranty installment premium PVP	276.9				69.5				298	%	545.0			270.6			101	%
Upfront financial guaranty GWP	200.1				46.5				330	%	329.6			183.0			80	%
Plus: Financial guaranty installment GWP	55.2				35.9				54	%	170.0			130.1			31	%
Financial guaranty GWP	255.3				82.4				210	%	499.6			313.1			60	%
Plus: Mortgage guaranty segment GWP	(0.2			)	2.7				NM		2.7			8.4			(68	)%
Plus: Other segment GWP	—				0.1				NM		3.5			4.1			(15	)%
Total GWP	$		255.2		$		85.2		200	%	$	505.9		$	325.7		55	%

Net (loss) income	$		(260.1	)	$		42.4		NM		$	(303.3	)	$	159.7		NM
Less: After-tax realized gains (losses) on investments	0.4				—				NM		(1.3		)	(1.5		)	(13	)%
Less: After-tax unrealized (losses) gains on derivatives(1)	(297.5			)	1.0				NM		(480.0		)	4.0			NM
Operating income(b)	$		37.0		$		41.5		(11	)%	$	178.0		$	157.2		13	%

Book value	$		1,666.6		$		1,650.8		1	%
Plus: Net unearned premium reserve, after tax(2)	791.1				557.0				42	%
Plus: Net present value of estimated future installment premiums in-force, after tax(d)	719.8				453.1				59	%
Less: Deferred acquisition costs (DAC), after tax	231.0				191.1				21	%
Adjusted book value(c)	$		2,946.5		$		2,469.8		19	%

ROE, excluding AOCI	(65.4			)%	10.2			%			(18.8		)%	9.9		%
Operating ROE, excluding AOCI and after-tax unrealized (losses) gains on derivatives(b)	7.8			%	10.2			%			9.8		%	9.9		%

Per diluted share:
Net (loss) income	$		(3.77	)	$		0.58		NM		$	(4.46	)	$	2.15		NM
Less: After-tax realized gains (losses) on investments	0.01				—				NM		(0.02		)	(0.02		)	0	%
Less: After-tax unrealized (losses) gains on derivatives(1)	(4.31			)	0.01				NM		(7.06		)	0.05			NM
Operating income(b)	$		0.53		$		0.56		(5	)%	$	2.57		$	2.12		21	%

Book value	$		20.85		$		24.44		(15	)%
Plus: Net unearned premium reserve, after tax(2)	9.90				8.25				20	%
Plus: Net present value of estimated future installment premiums in-force, after tax(d)	9.00				6.71				34	%
Less: DAC, after tax	2.89				2.83				2	%
Adjusted book value(c)	$		36.85		$		36.57		1	%

Book value, excluding net unrealized mark-to-market gains (losses) on derivatives	$		26.43		$		23.95		10	%
Adjusted book value, excluding net unrealized mark-to-market gains (losses) on derivatives	$		42.44		$		36.08		18	%

Additional information:
Shares outstanding at the end of period(3)	79.9				67.5				18	%
Weighted average basic shares outstanding - GAAP(4)	69.0				72.5				(5	)%	68.0			73.3			(7	)%
Weighted average diluted shares outstanding - GAAP(4)	69.0				73.6				(6	)%	68.0			74.2			(8	)%
Weighted average diluted shares outstanding - non-GAAP(4)	70.1				73.6				(5	)%	69.3			74.2			(7	)%

Consolidated net debt service outstanding	$	302,413			$	180,174			68	%
Consolidated net par outstanding	200,279				132,296				51	%
Consolidated claims-paying resources	4,440				3,415				30	%
Gross par written	49,186				13,986				252	%	88,117			50,892			73	%

(1) The quarter and year ended December 31, 2007 included a fair value after-tax gain of $5.4 million, or $0.08 per diluted share, related to Assured Guaranty Corp.’s committed capital securities.

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

(3) 12/31/07 shares outstanding excludes 1.2 million of nonvested restricted stock and 12/31/06 shares outstanding excludes 1.1 million of nonvested restricted stock, which is considered not issued under FAS 123R.

(4) The calculations for weighted average diluted shares outstanding and weighted average basic shares outstanding for GAAP are the same due to the antidilutive effect of options and restricted stock as a result of the net loss for the quarter and year ended December 31, 2007. However, operating income, a non-GAAP financial measure, for both periods is positive, therefore the calculation of weighted diluted shares outstanding for operating income includes the dilutive effect of options and restricted stock.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a), 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 GAAP Income Statements

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

	Quarter Ended December 31,						% Change versus		Year Ended December 31,						% Change versus
	2007			2006			4Q-06		2007			2006			2006

Revenues
Gross written premiums	$	255.2		$	85.2		200	%	$	505.9		$	325.7		55	%

Net written premiums	252.7			84.5			199	%	486.3			318.7			53	%

Net earned premiums	67.6			58.5			16	%	232.0			206.7			12	%
Net investment income	33.9			29.5			15	%	128.1			111.5			15	%
Other income	0.1			0.4			(75	)%	0.5			0.4			25	%
Total revenues	101.6			88.4			15	%	360.6			318.6			13	%

Expenses
Loss and loss adjustment expenses	18.1			(0.7		)	NM		8.0			(6.8		)	NM
Profit commission expense	2.9			4.9			(41	)%	6.5			9.5			(32	)%
Acquisition costs	11.2			11.5			(3	)%	43.2			45.0			(4	)%
Other operating expenses	20.5			18.8			9	%	79.9			68.0			18	%
Interest and related expenses	6.6			4.3			53	%	26.2			16.3			61	%
Total expenses	59.2			38.7			53	%	163.7			132.1			24	%

Income before provision for income taxes	42.4			49.7			(15	)%	196.9			186.5			6	%

Total provision for income taxes	5.4			8.2			(34	)%	18.9			29.3			(35	)%

Operating income(b)	37.0			41.5			(11	)%	178.0			157.2			13	%

After-tax realized gains (losses) on investments	0.4			—			NM		(1.3		)	(1.5		)	(13	)%
After-tax unrealized (losses) gains on derivatives(1)	(297.5		)	1.0			NM		(480.0		)	4.0			NM

Net (loss) income	$	(260.1	)	$	42.4		NM		$	(303.3	)	$	159.7		NM

Per diluted share
Operating income(b)	$	0.53		$	0.56		(5	)%	$	2.57		$	2.12		21	%
After-tax realized gains (losses) on investments	0.01			—			NM		(0.02		)	(0.02		)	0	%
After-tax unrealized (losses) gains on derivatives(1)	(4.31		)	0.01			NM		(7.06		)	0.05			NM
Net (loss) income	$	(3.77	)	$	0.58		NM		$	(4.46	)	$	2.15		NM

Effect of refundings
Earned premiums from refundings	$	1.7		$	1.8		(6	)%	$	17.6		$	11.2		57	%
Operating income effect	$	0.8		$	0.7		14	%	$	9.1		$	5.2		75	%
Operating income per diluted share effect	$	0.01		$	0.01		0	%	$	0.13		$	0.07		86	%

Weighted average shares outstanding
Basic shares outstanding	69.0			72.5			(5	)%	68.0			73.3			(7	)%
Plus: effect of options	—			0.6			NM		—			0.6			NM
Plus: effect of restricted stock	—			0.5			NM		—			0.4			NM
Diluted shares outstanding - GAAP(2)	69.0			73.6			(6	)%	68.0			74.2			(8	)%
Plus: effect of options	0.5			—			NM		0.6			—			NM
Plus: effect of restricted stock	0.7			—			NM		0.6			—			NM
Diluted shares outstanding - non-GAAP(2)	70.1			73.6			(5	)%	69.3			74.2			(7	)%

(1) The quarter and year ended December 31, 2007 included a fair value after-tax gain of $5.4 million, or $0.08 per diluted share, related to Assured Guaranty Corp.’s committed capital securities.

(2) The calculations for weighted average diluted shares outstanding and weighted average basic shares outstanding for GAAP are the same due to the antidilutive effect of options and restricted stock as a result of the net loss for the quarter and year ended December 31, 2007. However, operating income, a non-GAAP financial measure, for both periods is positive, therefore the calculation of weighted diluted shares outstanding for operating income includes the dilutive effect of options and restricted stock.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a), operating income and operating ROE (b), and adjusted book value (c)].

NM = Not meaningful

Assured Guaranty Ltd.

Consolidated GAAP Balance Sheets

(dollars in millions)

	As of :
	December 31, 2007		December 31, 2006

Assets
Fixed maturity securities, at fair value	$	2,587.0	$	2,331.1
Short-term investments, at cost which approximates fair value	552.9		134.1
Total investments	3,139.9		2,465.1

Cash and cash equivalents	8.0		4.8
Accrued investment income	26.5		24.2
Deferred acquisition costs	259.3		217.0
Prepaid reinsurance premiums	17.0		7.5
Reinsurance recoverable on ceded losses	8.8		10.9
Premiums receivable	57.9		41.6
Goodwill	85.4		85.4
Unrealized gains on derivative financial instruments	17.6		52.6
Deferred tax asset	147.6		—
Other assets	32.3		26.2
Total assets	$	3,800.4	$	2,935.3

Liabilities and shareholders’ equity
Liabilities
Unearned premium reserves	$	908.3	$	644.5
Reserves for losses and loss adjustment expenses	133.8		120.6
Profit commissions payable	22.3		36.0
Reinsurance balances payable	4.1		7.2
Current income taxes payable	0.6		7.2
Deferred income taxes	—		39.9
Funds held by Company under reinsurance contracts	25.4		21.4
Unrealized losses on derivative financial instruments	630.2		6.7
Senior notes	197.4		197.4
Series A Enhanced Junior Subordinated Debentures	149.7		149.7
Liability for tax basis step-up adjustment	9.9		15.0
Other liabilities	51.9		39.0
Total liabilities	2,133.8		1,284.6

Shareholders’ equity
Common stock	0.8		0.7
Additional paid-in capital	1,023.9		711.3
Retained earnings	585.3		896.9
Accumulated other comprehensive income	56.6		41.9
Total shareholders’ equity	1,666.6		1,650.8

Total liabilities and shareholders’ equity	$	3,800.4	$	2,935.3

Assured Guaranty Ltd.

Segment Consolidation (1 of 2)

(dollars in millions)

	Quarter Ended December 31, 2007
	Financial Guaranty Direct			Financial Guaranty Reinsurance(1)			Mortgage Guaranty			Total Financial Guaranty			Other		Total
Present value of financial guaranty gross written premiums (PVP):(a)
U.S. public finance	$	25.6		$	272.7		$	—		$	298.3				$	298.3
U.S. structured finance	92.3			22.9			—			115.2					115.2
International	38.5			25.0			—			63.5					63.5
Total PVP	$	156.4		$	320.7		$	—		$	477.0				$	477.0

Income statement:
Gross written premiums	$	72.3		$	183.0		$	(0.2	)	$	255.2		$	—	$	255.2
Net written premiums	69.9			183.0			(0.2		)	252.7			—		252.7

Net earned premiums	36.7			21.7			9.2			67.6			—		67.6

Loss and loss adjustment expenses	23.3			(4.8		)	(0.4		)	18.1			—		18.1
Profit commission expense	—			0.5			2.4			2.9			—		2.9
Acquisition costs	2.6			7.3			1.2			11.2			—		11.2
Operating expenses	14.9			4.5			1.0			20.5			—		20.5
Total underwriting expenses	$	40.9		$	7.5		$	4.2		$	52.6		$	—	$	52.6

Underwriting (loss) gain	$	(4.2	)	$	14.2		$	5.0		$	15.0		$	—	$	15.0

Loss and loss adjustment expense ratio	63.6		%	(22.3		)%	(4.3		)%	26.7		%			26.7		%
Expense ratio	47.9		%	56.7		%	50.3		%	51.1		%			51.1		%
Combined ratio	111.5		%	34.4		%	46.0		%	77.8		%			77.8		%

	Quarter Ended December 31, 2006
	Financial Guaranty Direct			Financial Guaranty Reinsurance(1)			Mortgage Guaranty			Total Financial Guaranty			Other			Total
PVP:
U.S. public finance	$	13.0		$	30.4		$	—		$	43.4					$	43.4
U.S. structured finance	32.5			4.5			—			36.9						36.9
International	25.3			10.4			—			35.7						35.7
Total PVP	$	70.8		$	45.2		$	—		$	116.0					$	116.0

Income statement:
Gross written premiums	$	48.7		$	33.7		$	2.7		$	85.1		$	0.1		$	85.2
Net written premiums	48.0			33.7			2.7			84.5			—			84.5

Net earned premiums	26.0			22.6			9.9			58.5			—			58.5

Loss and loss adjustment expenses	2.6			2.8			(5.0		)	0.5			(1.2		)	(0.7		)
Profit commission expense	—			0.6			4.3			4.9			—			4.9
Acquisition costs	2.2			7.9			1.3			11.5			—			11.5
Operating expenses	14.7			3.8			0.3			18.8			—			18.8
Total underwriting expenses	$	19.5		$	15.2		$	0.9		$	35.7		$	(1.2	)	$	34.5

Underwriting gain	$	6.5		$	7.4		$	8.9		$	22.8		$	1.2		$	24.0

Loss and loss adjustment expense ratio	10.0		%	12.6		%	(50.7		)%	0.8		%				(1.3		)%
Expense ratio	65.1		%	54.7		%	60.2		%	60.2		%				60.2		%
Combined ratio	75.1		%	67.3		%	9.5		%	61.0		%				58.9		%

(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.

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a), operating income and operating ROE (b), and adjusted book value (c)].

Assured Guaranty Ltd.

Segment Consolidation (2 of 2)

(dollars in millions)

	Year Ended December 31, 2007
	Financial Guaranty Direct			Financial Guaranty Reinsurance(1)			Mortgage Guaranty			Total Financial Guaranty			Other			Total
Present value of financial guaranty gross written premiums (PVP):(a)
U.S. public finance	$	60.1		$	301.5		$	—		$	361.7					$	361.7
U.S. structured finance	264.1			32.4			—			296.5						296.5
International	152.6			63.9			—			216.5						216.5
Total PVP	$	476.8		$	397.8		$	—		$	874.6					$	874.6

Income statement:
Gross written premiums	$	248.6		$	251.0		$	2.7		$	502.4		$	3.5		$	505.9
Net written premiums	232.8			250.8			2.7			486.3			—			486.3

Net earned premiums	125.5			88.9			17.5			232.0			—			232.0

Loss and loss adjustment expenses	32.6			(24.1		)	0.6			9.2			(1.3		)	8.0
Profit commission expense	—			2.7			3.8			6.5			—			6.5
Acquisition costs	10.3			31.3			1.6			43.2			—			43.2
Operating expenses	60.5			17.3			2.0			79.9			—			79.9
Total underwriting expenses	$	103.4		$	27.3		$	8.1		$	138.7		$	(1.3	)	$	137.5

Underwriting gain	$	22.1		$	61.6		$	9.4		$	93.3		$	1.3		$	94.5

Loss and loss adjustment expense ratio	26.0		%	(27.1		)%	3.3		%	4.0		%				3.4		%
Expense ratio	56.4		%	57.7		%	42.9		%	55.8		%				55.8		%
Combined ratio	82.4		%	30.6		%	46.2		%	59.8		%				59.2		%

	Year Ended December 31, 2006
	Financial Guaranty Direct			Financial Guaranty Reinsurance(1)			Mortgage Guaranty			Total Financial Guaranty			Other			Total
PVP:
U.S. public finance	$	35.7		$	80.0		$	—		$	115.7					$	115.7
U.S. structured finance	146.8			13.5			—			160.3						160.3
International	119.7			57.9			—			177.7						177.7
Total PVP	$	302.2		$	151.5		$	—		$	453.6					$	453.6

Income statement:
Gross written premiums	$	189.2		$	123.9		$	8.4		$	321.6		$	4.1		$	325.7
Net written premiums	187.0			123.2			8.4			318.7			—			318.7

Net earned premiums	89.7			94.4			22.7			206.7			—			206.7

Loss and loss adjustment expenses	(2.0		)	13.1			(4.4		)	6.7			(13.5		)	(6.8		)
Profit commission expense	—			2.7			6.8			9.5			—			9.5
Acquisition costs	8.5			34.1			2.3			45.0			—			45.0
Operating expenses	52.3			14.5			1.3			68.0			—			68.0
Total underwriting expenses	$	58.9		$	64.4		$	6.0		$	129.1		$	(13.5	)	$	115.6

Underwriting gain	$	30.8		$	30.0		$	16.7		$	77.5		$	13.5		$	91.0

Loss and loss adjustment expense ratio	(2.2		)%	13.9		%	(19.4		)%	3.2		%				(3.3		)%
Expense ratio	67.8		%	54.3		%	45.7		%	59.2		%				59.2		%
Combined ratio	65.6		%	68.2		%	26.3		%	62.4		%				55.9		%

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a), operating income and operating ROE (b), and adjusted book value (c)].

Assured Guaranty Ltd.

Financial Guaranty Direct Segment (1 of 2)

(dollars in millions)

	1Q-06			2Q-06			3Q-06			4Q-06			1Q-07			2Q-07			3Q-07			4Q-07			Full Year 2006			Full Year 2007
Present value of gross written premiums (PVP)(a)	$	41.6		$	98.8		$	90.9		$	70.8		$	83.7		$	104.0		$	132.7		$	156.4		$	302.2		$	476.8
Less: Present value of installment premiums(a)	33.2			53.1			69.4			48.6			63.0			68.7			99.7			125.8			204.3			357.2
Upfront gross written premiums (GWP)	8.5			45.7			21.5			22.2			20.7			35.3			33.0			30.6			97.9			119.5
Plus: Installment GWP	21.8			22.7			20.4			26.5			28.8			27.4			31.0			41.7			91.3			129.1
Financial guaranty direct GWP	$	30.2		$	68.4		$	41.9		$	48.7		$	49.5		$	62.7		$	64.0		$	72.3		$	189.2		$	248.6

Income statement:
Gross written premiums	$	30.2		$	68.4		$	41.9		$	48.7		$	49.5		$	62.7		$	64.0		$	72.3		$	189.2		$	248.6
Net written premiums	29.7			67.8			41.5			48.0			48.9			59.0			55.0			69.9			187.0			232.8

Net earned premiums:
Scheduled net earned premiums
U.S. public finance	0.9			1.0			1.0			1.0			1.3			1.5			1.7			2.0			3.9			6.5
U.S. structured finance	18.6			18.8			18.1			19.8			21.3			21.6			23.5			28.0			75.3			94.4
International	1.2			1.4			2.7			5.3			4.6			5.2			5.3			6.6			10.5			21.8
Total scheduled net earned premiums	20.7			21.2			21.8			26.0			27.2			28.3			30.6			36.7			89.7			122.7
Net earned premiums from refundings	—			—			—			—			1.7			—			1.1			—			—			2.8
Total net earned premiums	20.7			21.2			21.8			26.0			28.9			28.3			31.7			36.7			89.7			125.5

Loss and loss adjustment expenses:
Case	(2.0		)	(0.4		)	(0.3		)	0.9			0.2			1.7			0.3			0.2			(1.8		)	2.4
Portfolio	0.2			(2.1		)	—			1.7			1.0			—			6.1			23.1			(0.2		)	30.2
Total loss and loss adjustment expenses	(1.8		)	(2.5		)	(0.3		)	2.6			1.2			1.7			6.4			23.3			(2.0		)	32.6
Profit commission expense	—			—			—			—			—			—			—			—			—			—
Acquisition costs	1.8			2.3			2.1			2.2			3.0			2.3			2.4			2.6			8.5			10.3
Operating expenses	13.4			12.0			12.2			14.7			15.9			14.5			15.1			14.9			52.3			60.5
Total expenses	$	13.5		$	11.8		$	14.0		$	19.5		$	20.1		$	18.5		$	23.9		$	40.9		$	58.9		$	103.4

Underwriting gain (loss)	$	7.2		$	9.4		$	7.7		$	6.5		$	8.8		$	9.8		$	7.8		$	(4.2	)	$	30.8		$	22.1

Loss and loss adjustment expense ratio	(8.7		)%	(11.7		)%	(1.3		)%	10.0		%	4.2		%	6.0		%	20.2		%	63.6		%	(2.2		)%	26.0		%
Expense ratio	73.8		%	67.4		%	65.7		%	65.1		%	65.4		%	59.4		%	55.2		%	47.9		%	67.8		%	56.4		%
Combined ratio	65.1		%	55.7		%	64.4		%	75.1		%	69.6		%	65.4		%	75.4		%	111.5		%	65.6		%	82.4		%

Assured Guaranty Ltd.

Financial Guaranty Direct Segment (2 of 2)

(dollars in millions)

	1Q-06		2Q-06		3Q-06		4Q-06		1Q-07		2Q-07		3Q-07		4Q-07		Full Year 2006		Full Year 2007
PVP(a):
U.S. public finance	$	8.5	$	6.0	$	8.2	$	13.0	$	8.8	$	15.4	$	10.3	$	25.6	$	35.7	$	60.1
U.S. structured finance	27.6		41.0		45.7		32.5		44.9		49.9		77.0		92.3		146.8		264.1
International	5.6		51.8		36.9		25.3		29.9		38.8		45.4		38.5		119.7		152.6
Total	$	41.6	$	98.8	$	90.9	$	70.8	$	83.7	$	104.0	$	132.7	$	156.4	$	302.2	$	476.8

Gross par written:
U.S. public finance	$	283	$	326	$	423	$	628	$	609	$	705	$	695	$	2,271	$	1,660	$	4,281
U.S. structured finance	4,446		10,943		4,968		6,486		5,776		7,723		9,203		8,644		26,843		31,346
International	648		2,210		5,375		5,007		2,190		2,393		2,995		4,589		13,240		12,167
Total	$	5,377	$	13,479	$	10,766	$	12,121	$	8,575	$	10,822	$	12,893	$	15,505	$	41,743	$	47,795

Net par outstanding:
U.S. public finance	$	3,250	$	2,471	$	2,878	$	3,499	$	3,989	$	4,686	$	5,313	$	7,504	$	3,499	$	7,504
U.S. structured finance	31,559		38,847		39,191		44,467		48,430		50,562		57,497		64,950		44,467		64,950
International	7,215		9,806		14,865		19,868		21,319		22,979		25,896		30,566		19,868		30,566
Total	$	42,024	$	51,124	$	56,935	$	67,834	$	73,738	$	78,227	$	88,705	$	103,021	$	67,834	$	103,021

Net present value of installment premiums in force: (d)	$	265.7	$	300.5	$	358.4	$	408.2	$	425.3	$	459.1	$	533.8	$	639.2	$	408.2	$	639.2
Unearned premium reserve net of ceded reinsurance	48.6		95.2		114.9		136.8		156.8		187.9		210.9		244.0		136.8		244.0

Assured Guaranty Ltd.

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

(dollars in millions)

	1Q-06			2Q-06			3Q-06			4Q-06			1Q-07			2Q-07			3Q-07			4Q-07			Full Year 2006			Full Year 2007
Present value of gross written premiums (PVP)(a)	$	20.1		$	49.6		$	36.5		$	45.2		$	23.1		$	21.3		$	32.8		$	320.7		$	151.5		$	397.8
Less: Present value of installment premiums(a)	11.0			17.7			16.8			20.8			14.2			4.2			18.3			151.1			66.3			187.8
Upfront gross written premiums (GWP)	9.1			31.9			19.8			24.4			8.9			17.1			14.5			169.5			85.2			210.0
Plus: Installment GWP	9.7			9.8			9.9			9.3			9.8			8.4			9.3			13.5			38.7			41.1
Financial guaranty reinsurance GWP	$	18.8		$	41.7		$	29.7		$	33.7		$	18.7		$	25.5		$	23.8		$	183.0		$	123.9		$	251.0

Income statement:
Gross written premiums:
Treaty	$	12.0		$	29.1		$	22.4		$	19.0		$	14.2		$	16.9		$	15.8		$	19.1		$	82.4		$	66.0
Facultative	6.8			12.6			7.3			14.7			4.5			8.6			8.0			163.9			41.5			185.0
Total gross written premiums	$	18.8		$	41.7		$	29.7		$	33.7		$	18.7		$	25.5		$	23.8		$	183.0		$	123.9		$	251.0
Net written premiums	18.5			41.3			29.7			33.7			18.5			25.5			23.8			183.0			123.2			250.8

Net earned premiums:
Scheduled net earned premiums	19.7			21.4			21.3			20.8			18.7			17.3			18.1			20.0			83.2			74.1
Net earned premiums from refundings	3.6			1.7			4.1			1.8			3.2			6.4			3.5			1.7			11.2			14.8
Total net earned premiums	23.3			23.1			25.4			22.6			21.9			23.7			21.6			21.7			94.4			88.9

Loss and loss adjustment expenses:
Case	2.3			1.8			(1.2		)	2.4			(7.3		)	(2.4		)	2.8			(3.6		)	5.4			(10.5		)
Portfolio	0.5			3.9			3.0			0.4			2.5			(8.6		)	(6.2		)	(1.3		)	7.8			(13.6		)
Total loss and loss adjustment expenses	2.8			5.7			1.8			2.8			(4.8		)	(11.0		)	(3.4		)	(4.8		)	13.1			(24.1		)
Profit commission expense	0.4			1.0			0.7			0.6			0.9			0.5			0.8			0.5			2.7			2.7
Acquisition costs	8.7			8.5			8.9			7.9			7.7			8.6			7.7			7.3			34.1			31.3
Operating expenses	3.4			3.4			3.9			3.8			4.4			3.9			4.5			4.5			14.5			17.3
Total expenses	$	15.3		$	18.5		$	15.3		$	15.2		$	8.3		$	2.0		$	9.6		$	7.5		64.4			$	27.3

Underwriting gain	$	8.0		$	4.6		$	10.1		$	7.4		$	13.6		$	21.7		$	12.1		$	14.2		$	30.0		$	61.6

Loss and loss adjustment expense ratio	12.0		%	24.6		%	7.1		%	12.6		%	(21.9		)%	(46.4		)%	(15.9		)%	(22.3		)%	13.9		%	(27.1		)%
Expense ratio	53.6		%	55.4		%	53.3		%	54.7		%	59.6		%	54.9		%	60.1		%	56.7		%	54.3		%	57.7		%
Combined ratio	65.6		%	80.0		%	60.4		%	67.3		%	37.7		%	8.5		%	44.2		%	34.4		%	68.2		%	30.6		%

Note: Please refer to endnotes for explanation of non-GAAP financial measures [PVP (a), operating income and operating ROE (b), and adjusted book value (c)].

Assured Guaranty Ltd.

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

(dollars in millions)

	1Q-06		2Q-06		3Q-06		4Q-06		1Q-07		2Q-07		3Q-07		4Q-07		Full Year 2006		Full Year 2007
PVP(a):
U.S. public finance	$	8.5	$	29.7	$	11.4	$	30.4	$	4.7	$	14.1	$	10.0	$	272.7	$	80.0	$	301.5
U.S. structured finance	3.4		2.0		3.8		4.5		3.9		2.5		3.0		22.9		13.5		32.4
International	8.3		17.9		21.4		10.4		14.4		4.7		19.8		25.0		57.9		63.9
Total	$	20.1	$	49.6	$	36.5	$	45.2	$	23.1	$	21.3	$	32.8	$	320.7	$	151.5	$	397.8

Gross par written:
U.S. public finance	$	1,631	$	718	$	1,475	$	1,367	$	754	$	1,845	$	1,344	$	26,598	$	5,192	$	30,541
U.S. structured finance	444		311		453		127		496		491		472		3,195		1,335		4,655
International	677		775		800		371		537		152		550		3,888		2,622		5,127
Total	$	2,752	$	1,804	$	2,727	$	1,865	$	1,787	$	2,488	$	2,366	$	33,681	$	9,149	$	40,323

Net par outstanding:
U.S. public finance	$	48,309	$	48,316	$	48,335	$	48,836	$	48,929	$	48,801	$	48,832	$	74,409	$	48,836	$	74,409
U.S. structured finance	9,387		8,314		8,046		7,116		6,945		6,809		6,155		8,869		7,116		8,869
International	7,196		7,857		8,263		8,510		9,240		9,318		10,002		13,980		8,510		13,980
Total	$	64,893	$	64,487	$	64,644	$	64,462	$	65,115	$	64,928	$	64,989	$	97,258	$	64,462	$	97,258

Net present value of installment premiums in force(d)	$	153.8	$	158.9	$	164.5	$	164.9	$	160.2	$	155.1	$	151.4	$	277.0	$	164.9	$	277.0
Unearned premium reserve net of ceded reinsurance	431.2		449.4		453.8		464.8		460.9		462.9		465.0		626.3		464.8		626.3

Assured Guaranty Ltd.

Mortgage Guaranty Segment

(dollars in millions)

	1Q-06			2Q-06			3Q-06			4Q-06			1Q-07			2Q-07			3Q-07			4Q-07			Full Year 2006			Full Year 2007
Present value of gross written premiums (PVP)(a)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Less: Present value of installment premiums(a)	—			—			—			—			—			—			—			—			—			—
Upfront gross written premiums (GWP)	—			—			—			—			—			—			—			—			—			—
Plus: Installment GWP	2.6			1.2			1.9			2.7			1.0			0.5			1.4			(0.2		)	8.4			2.7
Mortgage guaranty GWP	$	2.6		$	1.2		$	1.9		$	2.7		$	1.0		$	0.5		$	1.4		$	(0.2	)	$	8.4		$	2.7

Income statement:
Gross written premiums	$	2.6		$	1.2		$	1.9		$	2.7		$	1.0		$	0.5		$	1.4		$	(0.2	)	$	8.4		$	2.7
Net written premiums	2.6			1.2			1.9			2.7			1.0			0.5			1.4			(0.2		)	8.4			2.7

Net earned premiums	4.2			3.7			4.9			9.9			3.1			2.3			2.9			9.2			22.7			17.5

Loss and loss adjustment expenses:
Case	—			0.1			0.1			(0.1		)	—			—			—			—			0.1			—
Portfolio and IBNR	(0.2		)	0.3			0.3			(4.9		)	0.1			0.1			0.8			(0.4		)	(4.5		)	0.6
Total loss and loss adjustment expenses	(0.2		)	0.4			0.4			(5.0		)	0.1			0.1			0.8			(0.4		)	(4.4		)	0.6
Profit commission expense	0.9			0.7			0.9			4.3			0.7			0.4			0.4			2.4			6.8			3.8
Acquisition costs	0.3			0.3			0.3			1.3			0.2			—			0.2			1.2			2.3			1.6
Operating expenses	0.3			0.3			0.4			0.3			0.3			0.5			0.3			1.0			1.3			2.0
Total expenses	$	1.3		$	1.7		$	2.0		$	0.9		$	1.3		$	1.0		$	1.6		$	4.2		$	6.0		$	8.1

Underwriting gain	$	2.8		$	2.0		$	2.9		$	8.9		$	1.8		$	1.3		$	1.3		$	5.0		$	16.7		$	9.4

Loss and loss adjustment expense ratio	(3.7		)%	9.4		%	8.2		%	(50.7		)%	3.3		%	4.3		%	26.5		%	(4.3		)%	(19.4		)%	3.3		%
Expense ratio	36.1		%	36.4		%	31.9		%	60.2		%	37.8		%	39.1		%	27.5		%	50.3		%	45.7		%	42.9		%
Combined ratio	32.4		%	45.8		%	40.1		%	9.5		%	41.1		%	43.4		%	54.0		%	46.0		%	26.3		%	46.2		%

Risk in force	$	1,970		$	1,960		$	2,003		$	1,822		$	1,374		$	1,398		$	1,374		$	1,116		$	1,822		$	1,116
Risk written	—			—			—			—			—			—			—			—			—			—
Unearned premium reserve net of ceded reinsurance	48.1			45.6			42.6			35.4			33.5			31.6			30.1			20.8			35.4			20.8

Assured Guaranty Ltd.

Other Segment

(dollars in millions)

	1Q-06			2Q-06			3Q-06			4Q-06			1Q-07			2Q-07		3Q-07		4Q-07		Full Year 2006			Full Year 2007
Income statement:
Gross written premiums	$	3.8		$	0.1		$	0.1		$	0.1		$	3.3		$	0.1	$	0.1	$	—	$	4.1		$	3.5
Net written premiums	—			—			—			—			—			—		—		—		—			—

Net earned premiums	—			—			—			—			—			—		—		—		—			—

Loss and loss adjustment expenses	(1.2		)	(10.1		)	(1.0		)	(1.2		)	(1.3		)	—		—		—		(13.5		)	(1.3		)
Profit commission expense	—			—			—			—			—			—		—		—		—			—
Acquisition costs	—			—			—			—			—			—		—		—		—			—
Operating expenses	—			—			—			—			—			—		—		—		—			—
Total expenses	$	(1.2	)	$	(10.1	)	$	(1.0	)	$	(1.2	)	$	(1.3	)	$	—	$	—	$	—	$	(13.5	)	$	(1.3	)

Underwriting gain	$	1.2		$	10.1		$	1.0		$	1.2		$	1.3		$	—	$	—	$	—	$	13.5		$	1.3

Assured Guaranty Ltd.

Loss and LAE Reserves by Segment/Type and Analysis of Net Claims Paid

(dollars in millions)

	As of December 31, 2007
	Financial		Financial				Total
	Guaranty		Guaranty		Mortgage		Financial
Reserves by segment and type:	Direct		Reinsurance		Guaranty		Guaranty		Other		Total
Case	$	3.2	$	35.6	$	0.1	$	38.9	$	2.4	$	41.3
IBNR	—		—		—		—		6.4		6.4
Portfolio reserves associated with fundamentally sound credits	20.9		33.0		2.8		56.7		—		56.7
Portfolio reserves associated with CMC credits	17.7		11.7		—		29.4		—		29.4
Total	$	41.8	$	80.3	$	2.9	$	125.0	$	8.8	$	133.8

	As of December 31, 2006
	Financial		Financial				Total
	Guaranty		Guaranty		Mortgage		Financial
Reserves by segment and type:	Direct		Reinsurance		Guaranty		Guaranty		Other		Total
Case	$	1.0	$	36.1	$	0.1	$	37.2	$	6.8	$	44.0
IBNR	—		—		—		—		7.4		7.4
Portfolio reserves associated with fundamentally sound credits	6.1		29.1		2.2		37.4		—		37.4
Portfolio reserves associated with CMC credits	2.2		29.6		—		31.8		—		31.8
Total	$	9.3	$	94.8	$	2.3	$	106.4	$	14.2	$	120.6

Analysis of Net Claims Paid

							Full Year			Full Year
	4Q-07			4Q-06			2007			2006
Net claims paid by segment:
Financial Guaranty Direct	$	0.2		$	(1.3	)	$	(1.1	)	$	1.7
Financial Guaranty Reinsurance	3.1			3.8			(8.3		)	11.7
Mortgage Guaranty	—			—			—			0.3
Total Financial Guaranty	$	3.3		$	2.5		$	(9.4	)	$	13.7

Net earned premiums by segment:
Financial Guaranty Direct	$	36.7		$	26.0		$	125.5		$	89.7
Financial Guaranty Reinsurance	21.7			22.6			88.9			94.4
Mortgage Guaranty	9.2			9.9			17.5			22.7
Total Financial Guaranty	$	67.6		$	58.5		$	232.0		$	206.7

Ratio of net claims paid by segment:
Financial Guaranty Direct	0.5		%	(5.0		)%	(0.9		)%	1.9		%
Financial Guaranty Reinsurance	14.3		%	16.8		%	(9.3		)%	12.4		%
Mortgage Guaranty	0.0		%	0.0		%	0.0		%	1.3		%
Total Financial Guaranty	4.9		%	4.3		%	(4.1		)%	6.6		%

Assured Guaranty Ltd.

Investment Portfolio

as of December 31, 2007

(dollars in millions)

			Pre-Tax		After-Tax				Annualized
	Amortized		Book		Book				Investment
	Cost		Yield		Yield		Fair Value		Income
Fixed maturity securities available for sale:
U.S. Treasury securities and obligations of U.S. government agencies	$	169.6	4.5	%	3.9	%	$	176.7	$	7.6
Agency obligations	127.9		5.4	%	5.1	%	134.3		6.9
Foreign government securities	71.4		5.2	%	3.4	%	73.1		3.7
Obligations of states and political subdivisions	464.5		4.7	%	4.4	%	476.9		21.7
Insured obligations of state and political subdivisions(1)	578.5		4.8	%	4.6	%	601.9		27.8
Corporate securities	179.4		5.7	%	4.9	%	182.8		10.3
Mortgage-backed securities(2):
Pass-throughs	788.5		5.4	%	4.8	%	793.8		42.7
PACs	71.1		5.0	%	4.7	%	71.0		3.5
Asset-backed securities(3)	68.1		5.2	%	4.4	%	68.4		3.5
Redeemable preferred stock	7.9		8.2	%	5.3	%	8.1		0.6
Total fixed maturity securities available for sale	2,526.9		5.1	%	4.6	%	2,587.0		128.4
Short-term investments	552.9		4.4	%	4.2	%	552.9		24.3
Total investments	$	3,079.8	5.0	%	4.5	%	$	3,139.9	$	152.7

Ratings(4):	Fair Value		%
Treasury and U.S. government obligations	$	176.7	6.8	%
Agency obligations	134.3		5.2	%
AAA/Aaa	1,756.0		67.9	%
AA/Aa	403.6		15.6	%
A/A	116.4		4.5	%
Total	$	2,587.0	100.0	%

Duration of investment portfolio (in years):			3.9

(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) $10.8 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 Investor Services and Standard & Poor’s classifications.

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:

2007 (as of December 31)			$	133,528
2008	$	10,181	123,348
2009	8,208		115,140
2010	10,671		104,469
2011	9,060		95,408
2012	14,266		81,142

2008-2012	52,386		81,142
2013-2017	50,052		31,090
2018-2022	10,304		20,786
2023-2027	4,632		16,154
After 2027	16,154		—
Total	$	133,528

Financial Guaranty Reinsurance:

2007 (as of December 31)			$	168,885
2008	$	7,586	161,299
2009	8,205		153,093
2010	7,508		145,586
2011	7,987		137,599
2012	7,212		130,387

2008-2012	38,497		130,387
2013-2017	35,228		95,160
2018-2022	30,578		64,582
2023-2027	23,697		40,885
After 2027	40,885		—
Total	$	168,885

Total Financial Guaranty:

2007 (as of December 31)			$	302,413
2008	$	17,766	284,647
2009	16,414		268,233
2010	18,178		250,055
2011	17,047		233,007
2012	21,478		211,529

2008-2012	90,884		211,529
2013-2017	85,279		126,250
2018-2022	40,882		85,368
2023-2027	28,330		57,039
After 2027	57,039		—
Total	$	302,413

(1) Represents amortization of existing guaranteed portfolio (principal and interest), assuming no advance refundings, as of December 31, 2007. 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 Future Installment Premiums

(dollars in millions)

	Net Unearned Premiums(1)		Estimated Net Unearned Premium Amortization		Estimated Net Future Installments		Total Estimated Net Future Premium Earnings

Financial Guaranty Direct:

2007 (as of December 31)	$	244.0
2008	213.7		$	30.3	$	118.3	$	148.6
2009	203.4		10.3		124.4		134.8
2010	193.5		9.9		111.4		121.2
2011	184.2		9.4		100.5		109.8
2012	175.0		9.2		86.1		95.3

2008-2012	175.0		69.0		540.8		609.7
2013-2017	135.7		39.3		179.6		218.9
2018-2022	103.9		31.8		47.5		79.3
2023-2027	77.7		26.2		26.4		52.6
After 2027	—		77.7		39.5		117.2
Total			$	244.0	$	833.8	$	1,077.8

Financial Guaranty Reinsurance:

2007 (as of December 31)	$	626.3
2008	569.9		$	56.4	$	43.8	$	100.2
2009	522.8		47.1		45.4		92.4
2010	480.4		42.4		44.1		86.6
2011	440.7		39.7		39.4		79.0
2012	403.8		37.0		34.1		71.0

2008-2012	403.8		222.5		206.8		429.3
2013-2017	251.3		152.4		131.5		284.0
2018-2022	147.5		103.8		96.5		200.3
2023-2027	78.6		68.9		69.8		138.7
After 2027	—		78.6		102.9		181.4
Total			$	626.2	$	607.4	$	1,233.7

Total Financial Guaranty:

2007 (as of December 31)	$	870.3
2008	783.6		$	86.6	$	162.2	$	248.8
2009	726.2		57.4		169.8		227.2
2010	673.9		52.3		155.5		207.8
2011	624.9		49.0		139.8		188.9
2012	578.8		46.1		120.2		166.4

2008-2012	578.8		291.5		747.5		1,039.0
2013-2017	387.1		191.7		311.2		502.9
2018-2022	251.4		135.7		144.0		279.6
2023-2027	156.3		95.1		96.2		191.3
After 2027	—		156.2		142.4		298.6
Total			$	870.2	$	1,441.3	$	2,311.5

(1)	Unearned premium amounts are U.S. GAAP based and net of prepaid reinsurance premiums.

Assured Guaranty Ltd.

Financial Guaranty Profile (1 of 13)

As of December 31, 2007

(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	$	2,081	A	$	18,209	A+	$	20,291	A+
Tax backed	1,941		BBB+	15,857		A+	17,799		A+
Municipal utilities	247		BBB+	11,426		A+	11,672		A+
Healthcare	2,182		A-	8,190		A+	10,372		A
Transportation	427		A+	9,557		A	9,984		A
Higher education	576		BBB	3,075		A+	3,651		A+
Investor-owned utilities	39		AAA	2,275		BBB+	2,314		BBB+
Housing	—		—	2,041		A+	2,041		A+
Other public finance	11		BBB	3,779		A+	3,790		A+
Total U.S. public finance	$	7, 504	A-	$	74,409	A+	$	81,914	A+

U.S. structured finance
Pooled corporate obligations	$	32,780	AAA	$	1,033	AA+	$	33,813	AAA
Prime mortgage-backed and home equity	9,919		AA-	1,319		A-	11,238		AA-
Subprime mortgage-backed and home equity	6,738		AAA	273		A+	7,010		AA+
Consumer receivables	5,091		AA+	1,498		A	6,589		AA
Commercial mortgage-backed securities	5,764		AAA	238		A	6,002		AA+
Commercial receivables	2,129		AA+	3,118		A-	5,246		A+
Structured credit	1,084		A-	488		BBB+	1,572		A-
Insurance securitizations	804		AA-	354		AA	1,158		AA-
Other structured finance	643		AAA	548		A	1,191		AA
Total U.S. structured finance	$	64,950	AA+	$	8,869	A	$	73,820	AA+

International
Infrastructure and pooled infrastructure	$	7,165	AAA	$	4,395	BBB+	$	11,561	AA-
Pooled corporate obligations	7,527		AAA	932		AAA	8,459		AAA
Regulated utilities	4,015		A+	4,322		BBB+	8,337		A-
Mortgage-backed and home equity	6,992		AAA	336		AA	7,329		AAA
Public finance	868		AA	1,128		A	1,996		A+
Commercial receivables	986		A-	926		A-	1,913		A-
Commercial mortgage-backed securities	832		AAA	408		A+	1,240		AA+
Future flow	713		BBB+	400		A-	1,113		BBB+
Insurance securitizations	772		BBB-	84		A	857		BBB-
Structured credit	—		—	592		A-	592		A-
Consumer receivables	—		—	357		AA+	357		AA+
Other international structured finance	695		AAA	99		BBB+	794		AA+
Total international	$	30,566	AA+	$	13,980	A-	$	44,546	AA-

Total net par outstanding	$	103,021	AA+	$	97,258	A+	$	200,279	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.

Financial Guaranty Profile (2 of 13)

(dollars in millions)

Historical Net Par Outstanding and Average Rating by Asset Type

	As of December 31,
	2007			2006			2005
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	$	20,291	A+	$	12,700	A+	$	11,965	A+
Tax backed	17,799		A+	11,812		A+	10,671		A+
Municipal utilities	11,672		A+	9,673		A+	10,378		A+
Healthcare	10,372		A	6,580		A	6,003		A
Transportation	9,984		A	6,302		A	6,407		A
Higher education	3,651		A+	1,282		A	1,177		A
Investor-owned utilities	2,314		BBB+	1,580		BBB+	1,431		A-
Housing	2,041		A+	1,083		AA-	1,148		AA-
Other public finance	3,790		A+	1,323		AA-	1,587		AA
Total U.S. public finance	$	81,914	A+	$	52,335	A+	$	50,769	A+

U.S. structured finance
Pooled corporate obligations	$	33,813	AAA	$	25,604	AAA	$	19,177	AAA
Prime mortgage-backed and home equity	11,238		AA-	4,849		A	5,451		A
Subprime mortgage-backed and home equity	7,010		AA+	6,390		AA+	4,221		AA+
Consumer receivables	6,589		AA	2,663		AA-	2,413		A
Commercial mortgage-backed securities	6,002		AA+	5,430		AAA	2,343		AAA
Commercial receivables	5,246		A+	2,450		A-	2,015		BBB+
Structured credit	1,572		A-	1,553		AA+	1,123		AA
Insurance securitizations	1,158		AA-	794		AA-	—		—
Other structured finance	1,191		AA	1,852		AA	1,835		AA
Total U.S. structured finance	$	73,820	AA+	$	51,583	AA+	$	38,578	AA

International
Infrastructure and pooled infrastructure	$	11,561	AA-	$	8,256	AA-	$	3,461	A-
Pooled corporate obligations	8,459		AAA	3,563		AAA	2,111		AAA
Regulated utilities	8,337		A-	4,780		A-	—		—
Mortgage-backed and home equity	7,329		AAA	4,982		AAA	2,139		AA+
Public finance	1,996		A+	1,202		A+	1,456		A
Commercial receivables	1,913		A-	1,081		A-	921		A-
Commercial mortgage-backed securities	1,240		AA+	1,087		AAA	112		AA+
Future flow	1,113		BBB+	1,008		BBB	931		BBB
Insurance securitizations	857		BBB-	923		A-	—		—
Structured credit	592		A-	593		A	1,159		A-
Consumer receivables	357		AA+	114		BBB+	145		BBB+
Other international structured finance	794		AA+	788		AA+	684		AA+
Total international	$	44,546	AA-	$	28,378	AA-	$	13,118	A+

Total exposures	$	200,279	AA-	$	132,296	AA-	$	102,465	AA-

Mortgage guaranty risk in force	$	1,116	N/A	$	1,822	N/A	$	2,332	N/A

Distribution by ratings of financial guaranty portfolio

	December 31, 2007						December 31, 2006				December 31, 2005
Ratings(1):	Net Par Outstanding			%			Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	36,359			18.2	%	$	16,228	12.3	%	$	4,784	4.7	%
AAA	47,333			23.6		%	40,826		30.9	%	29,947		29.2	%
AA	38,434			19.2		%	22,983		17.4	%	19,738		19.3	%
A	49,177			24.6		%	32,822		24.9	%	30,258		29.5	%
BBB	26,862			13.4		%	18,182		13.7	%	16,404		16.0	%
Below investment grade	2,114			1.1		%	1,255		0.9	%	1,333		1.3	%
Total exposures	$		200,279		100.0	%	$	132,296	100.0	%	$	102,465	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.

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 (3 of 13)

(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:	4Q-07			4Q-07				4Q-07
U.S. public finance
General obligation	$	853	A-	$	6,415		AA-	$	7,268		A+
Tax backed	327		A-	5,727			A+	6,054			A+
Healthcare	525		A	2,990			A+	3,515			A+
Transportation	404		A+	2,705			A+	3,108			A+
Municipal utilities	64		BBB+	2,479			A+	2,543			A+
Higher education	98		BBB	2,123			A+	2,220			A+
Housing	—		—	1,065			A+	1,065			A+
Investor-owned utilities	—		—	646			BBB+	646			BBB+
Other public finance	—		—	2,449			A+	2,449			A+
Total U.S. public finance	$	2,271	A	$	26,598		A+	$	28,869		A+

U.S. structured finance
Consumer receivables	$	1,852	A+	$	1,127		A+	$	2,979		A+
Prime mortgage-backed and home equity	2,532		AAA	82			AAA	2,614			AAA
Commercial receivables	695		AA	1,055			A-	1,750			A
Pooled corporate obligations	1,543		AAA	39			AAA	1,582			AAA
Commercial mortgage-backed securities	1,316		AA+	150			A-	1,466			AA
Structured credit	705		BBB-	325			BBB-	1,030			BBB-
Insurance securitizations	—		—	238			AA	238			AA
Subprime mortgage-backed and home equity	—		—	4			AAA	4			AAA
Other structured finance	—		—	175			A-	175			A-
Total U.S. structured finance	$	8,644	AA	$	3,195		A	$	11,839		AA-

International
Infrastructure and pooled infrastructure	$	1,804	AA+	$	1,017		BBB+	$	2,821		AA-
Mortgage-backed and home equity	2,027		AAA	1			AAA	2,028			AAA
Regulated utilities	102		BBB+	850			BBB+	951			BBB+
Public finance	—		—	636			A-	636			A-
Pooled corporate obligations	575		AAA	3			AAA	577			AAA
Commercial receivables	—		—	441			A-	441			A-
Commercial mortgage-backed securities	—		—	315			A+	315			A+
Consumer receivables	—		—	265			AA+	265			AA+
Future flow	82		AAA	170			BBB+	252			A+
Structured credit	—		—	110			A	110			A
Insurance securitizations	—		—	—			—	—			—
Other international structured finance	—		—	81			BBB	81			BBB
Total international	$	4,589	AAA	$	3,888		A-	$	8,478		AA-

Total gross par written	$	15,505	AA	$		33,681	A+	$		49,186	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 13)

(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:	Full Year 2007				Full Year 2007						Full Year 2007
U.S. public finance
General obligation	$		1,196	A-	$				7,542	AA-	$		8,738	A+
Tax backed	1,189			BBB+	6,801					A+	7,989			A
Healthcare	1,138			A	3,425					A+	4,563			A+
Transportation	404			A+	3,221					A+	3,625			A+
Municipal utilities	127			BBB+	2,960					A+	3,087			A+
Higher education	227			BBB+	2,302					A+	2,528			A+
Housing	—			—	1,067					A+	1,067			A+
Investor-owned utilities	—			—	775					BBB+	775			BBB+
Other public finance	—			—	2,450					A+	2,450			A+
Total U.S. public finance	$		4,281	A-	$				30,541	A+	$		34,822	A+

U.S. structured finance
Pooled corporate obligations	$		14,381	AAA	$				327	AAA	$		14,708	AAA
Prime mortgage-backed and home equity	8,172			AA	451					A-	8,623			AA
Consumer receivables	3,752			AA	1,250					A	5,002			AA-
Commercial receivables	850			AA	1,592					A	2,442			A+
Subprime mortgage-backed and home equity	1,592			AA+	129					AA+	1,721			AA+
Commercial mortgage-backed securities	1,316			AA+	150					A-	1,466			AA
Structured credit	733			BBB-	325					BBB-	1,058			BBB-
Insurance securitizations	550			AA	255					AA	805			AA
Other structured finance	—			—	175					A-	175			A-
Total U.S. structured finance	$	31,346		AA+	$			4,655		A	$	36,001		AA

International
Pooled corporate obligations	$		5,209	AAA	$				149	AAA	$		5,357	AAA
Infrastructure and pooled infrastructure	1,961			AA+	1,382					BBB+	3,344			AA-
Regulated utilities	1,775			A	1,374					BBB+	3,149			A-
Mortgage-backed and home equity	2,723			AAA	21					AAA	2,744			AAA
Commercial receivables	418			BBB+	442					A-	859			BBB+
Public finance	—			—	737					A-	737			A-
Consumer receivables	—			—	346					AA+	346			AA+
Commercial mortgage-backed securities	—			—	315					A+	315			A+
Future flow	82			AAA	170					BBB+	252			A+
Structured credit	—			—	110					A	110			A
Insurance securitizations	—			—	—					—	—			—
Other international structured finance	—			—	81					BBB	81			BBB
Total international	$	12,167		AA+	$		5,127			A-	$	17,294		AA-

Total gross par written	$	47,795		AA	$	40,323				A+	$	88,117		AA-

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 13)

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio

	As of December 31, 2007
	Financial Guaranty Direct							Financial Guaranty Reinsurance								Consolidated
Ratings(1):	Net Par Outstanding		%					Net Par Outstanding			%					Net Par Outstanding				%
Super senior	$	36,359	35.3			%		$		—	—					$		36,359		18.2		%
AAA	41,716		40.5			%		5,617			5.8			%		47,333				23.6		%
AA	5,576		5.4			%		32,858			33.8			%		38,434				19.2		%
A	9,873		9.6			%		39,304			40.4			%		49,177				24.6		%
BBB	7,970		7.7			%		18,892			19.4			%		26,862				13.4		%
Below investment grade	1,526		1.5			%		588			0.6			%		2,114				1.1		%
Total exposures	$	103,021	100.0			%		$		97,258	100.0			%		$		200,279		100.0		%

	As of December 31, 2006
	Financial Guaranty Direct						Financial Guaranty Reinsurance								Consolidated
Ratings(1):	Net Par Outstanding			%			Net Par Outstanding					%			Net Par Outstanding				%
Super senior	$	16,228		23.9	%		$		—			—			$		16,228		12.3		%
AAA	36,378			53.6	%		4,448					6.9	%		40,826				30.9		%
AA	4,028			5.9	%		18,955					29.4	%		22,983				17.4		%
A	5,757			8.5	%		27,065					42.0	%		32,822				24.9		%
BBB	5,351			7.9	%		12,831					19.9	%		18,182				13.7		%
Below investment grade	92			0.1	%		1,163					1.8	%		1,255				0.9		%
Total exposures	$	67,834		100.0	%		$		64,462			100.0	%		$		132,296		100.0		%

	As of December 31, 2007
	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	$	—	—			$		22,098		29.9		%		$		14,261		32.0		%		$	36,359		18.2		%
AAA	1,777		2.2	%		34,370				46.6		%		11,185				25.1		%		47,333			23.6		%
AA	31,750		38.8	%		4,676				6.3		%		2,008				4.5		%		38,434			19.2		%
A	37,604		45.9	%		5,302				7.2		%		6,271				14.1		%		49,177			24.7		%
BBB	10,608		13.0	%		5,479				7.4		%		10,776				24.2		%		26,862			13.4		%
Below investment grade	174		0.2	%		1,894				2.6		%		45				0.1		%		2,114			1.1		%
Total exposures	$ 81,914		100.0	%		$ 73,820				100.0		%		$ 44,546				100.0		%		$ 200,279			100.0		%

	As of December 31, 2006
	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	$	—	—		$		14,397		27.9		%		$		1,831		6.5		%		$	16,228		12.3		%
AAA	1,424		2.7	%	25,456				49.3		%		13,947				49.1		%		40,826			30.9		%
AA	18,274		34.9	%	3,599				7.0		%		1,110				3.9		%		22,983			17.4		%
A	24,769		47.3	%	2,911				5.6		%		5,142				18.1		%		32,822			24.9		%
BBB	7,384		14.1	%	4,729				9.2		%		6,069				21.4		%		18,182			13.7		%
Below investment grade	485		0.9	%	491				1.0		%		280				1.0		%		1,255			0.9		%
Total exposures	$ 52,335		100.0	%	$ 51,583				100.0		%		$ 28,378				100.0		%		$ 132,296			100.0		%

Assured Guaranty Ltd.

Financial Guaranty Profile (6 of 13)

(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio as of December 31, 2007

U.S.:	Net Par Outstanding		%
California	$	13,068	6.5	%
New York	7,351		3.7	%
Florida	6,403		3.2	%
Texas	4,718		2.4	%
Illinois	4,243		2.1	%
Massachusetts	3,763		1.9	%
Pennsylvania	3,509		1.8	%
New Jersey	2,613		1.3	%
Washington	2,540		1.3	%
Michigan	2,300		1.1	%
Other states	31,405		15.7	%
Mortgage and structured (multiple states)	73,820		36.9	%
Total U.S.	$	155,733	77.8	%

International:
United Kingdom	$	25,133	12.5	%
Germany	4,386		2.2	%
Australia	3,086		1.5	%
Italy	899		0.4	%
Turkey	822		0.4	%
Other	10,220		5.1	%
Total International	$	44,546	22.2	%

Total exposures	$	200,279	100.0	%

Assured Guaranty Ltd.

Financial Guaranty Profile (7 of 13)

(dollars in millions)

Distribution by Ratings of Direct Pooled Corporate Obligations as of December 31, 2007

Ratings(1):	Net Par Outstanding		%		Avg. Initial Credit Enhancement(2)	Avg. Current Enhancement(2)
AAA	$	37,364	92.7	%	35.9%	35.1%
AA	2,941		7.3	%	34.5%	31.0%
A	—		—		—	—
BBB	2		—		10.4%	36.0%
Below investment grade	—		—		—	—
Total exposures	$	40,307	100.0	%	35.8%	34.8 %

Distribution of Direct Pooled Corporate Obligations by Year Insured as of December 31, 2007

Year insured:	Net Par Outstanding		%		Avg. Initial Credit Enhancement(2)	Avg. Current Enhancement(2)
2000 and prior	$	11	—		27.8%	44.4	%
2001	228		0.6	%	11.9%	12.5	%
2002	141		0.3	%	12.6%	24.3	%
2003	1,440		3.6	%	21.6%	21.2	%
2004	1,560		3.9	%	33.7%	35.2	%
2005	7,545		18.7	%	35.8%	34.0	%
2006	13,359		33.1	%	36.4%	34.3	%
2007	16,023		39.8	%	37.4%	37.2	%
	$	40,307	100.0	%	35.8%	34.8	%

Distribution of Direct Pooled Corporate Obligations by Asset Class as of December 31, 2007

Asset class:	Net Par Outstanding		%		Average Rating(1)	Avg. Initial Credit Enhancement(2)	Avg. Current Enhancement(2)
High yield corporates	$	23,722	58.9	%	AAA	33.8%	32.7%
Trust preferred	7,808		19.4	%	AAA	45.7%	45.1%
Market value CDOs of corporates	4,260		10.6	%	AAA	37.7%	34.7%
Investment grade corporates	3,384		8.4	%	AAA	23.2%	23.6%
Commercial real estate	745		1.8	%	AAA	43.5%	43.9%
CDO of CDOs (corporate)	389		1.0	%	AAA	33.0%	33.7%
	$	40,307	100.0	%	AAA	35.8%	34.8%

(2) “Average Credit Enhancement” is intended to provide a measure of the amount of equity and/or subordinate tranches that are junior in the capital structure to Assured’s exposure, 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 numbers 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 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.

Assured Guaranty Ltd.

Financial Guaranty Profile (8 of 13)

(dollars in millions)

Distribution by Ratings(1) of Residential Mortgage-Backed Securities by Category as of December 31, 2007

	December 31, 2007
	US				International
Ratings(1)	Prime		Subprime		Prime		Subprime		Total Net Par Outstanding		% of Total
Super senior	$	2,936	$	3,533	$	2,838	$	—	$	9,306	36.4	%
AAA	3,566		2,628		3,961		20		10,175		39.8	%
AA	386		531		204		4		1,125		4.4	%
A	1,162		11		200		—		1,372		5.4	%
BBB	1,432		224		102		—		1,758		6.9	%
Below investment grade	1,757		83		—		—		1,840		7.2	%
Total exposures	$	11,238	$	7,010	$	7,305	$	24	$	25,577	100.0	%

Distribution of Residential Mortgage-Backed Securities by Category and by Year Insured as of December 31, 2007

	December 31, 2007
	US					International
Year insured:	Prime		Subprime(2)			Prime		Subprime		Total Net Par Outstanding		% of Total
2000 and prior	$	96	$	46		$	78	$	—	$	220	0.9	%
2001	5		27			225		—		258		1.0	%
2002	37		18			276		—		331		1.3	%
2003	90		313			113		18		534		2.1	%
2004	505		205		²	106		4		821		3.2	%
2005	1,724		107		²	1,288		0		3,119		12.2	%
2006	1,287		4,630		²	2,543		—		8,460		33.1	%
2007	7,494		1,663		²	2,675		2		11,834		46.3	%
	$	11,238	$	7,010		$	7,305	$	24	$	25,577	100.0	%

Distribution of U.S. Residential Mortgage-Backed Securities by Rating(1) as of December 31, 2007

Ratings(1)	Direct Net Par Outstanding		%		Reinsurance Net Par Outstanding		%		Total Net Par Outstanding		%
Super senior	$	6,469	38.8	%	$	—	—		$	6,469	35.4	%
AAA	5,758		34.6	%	436		27.4	%	6,194		33.9	%
AA	778		4.7	%	139		8.7	%	917		5.0	%
A	1,003		6.0	%	169		10.6	%	1,172		6.4	%
BBB	1,123		6.7	%	534		33.5	%	1,657		9.1	%
Below investment grade	1,526		9.2	%	314		19.7	%	1,840		10.1	%
	$	16,657	100.0	%	$	1,591	100.0	%	$	18,248	100.0	%

(2) 100% of the $6.4 billion in U.S. subprime RMBS exposure insured by Assured Guaranty Ltd.’s Financial Guaranty Direct segment in 2004, 2005, 2006, and 2007 is rated AAA/Aaa.

Assured Guaranty Ltd.

Financial Guaranty Profile (9 of 13)

(dollars in millions)

Distribution of Consolidated U.S. Residential Mortgage-Backed Securities by Rating(1) as of December 31, 2007

Ratings(1):	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
Super senior	$	770	$	—	$	—	$	2,166	$	3,533	$	6,469
AAA	592		74		35		2,865		2,628		6,194
AA	97		278		10		—		531		917
A	642		—		17		503		11		1,172
BBB	790		104		538		—		224		1,657
Below investment grade	0		—		1,757		—		83		1,840
Total exposures	$	2,891	$	456	$	2,357	$	5,534	$	7,010	$	18,248

Distribution of Consolidated U.S. Residential Mortgage-Backed Securities by Year Issued as of December 31, 2007

Year issued:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
2000 and prior	$	94	$	—	$	2	$	—	$	48	$	144
2001	4		—		0		—		23		28
2002	15		—		23		—		24		62
2003	92		—		27		16		319		454
2004	125		—		234		159		187		705
2005	764		—		941		460		3,818		5,983
2006	534		—		218		167		1,928		2,847
2007	1,263		456		912		4,731		663		8,025
	$	2,891	$	456	$	2,357	$	5,534	$	7,010	$	18,248

Assured Guaranty Ltd.

Financial Guaranty Profile (10 of 13)

(dollars in millions)

Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities Net Par Outstanding Underwritten Since January 1, 2004 by Rating(1) and Year of Issue as of December 31, 2007

Year Issued	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total
2003 and prior	$	—		$	114		$	—		$	—		$	196		$	47		$	357
2004	—			311			—			—			—			—			311
2005	2,100			2,371			—			500			107			688			5,767
2006	900			667			500			—			396			—			2,463
2007	3,468			2,295			278			503			424			790			7,759
	$	6,469		$	5,758		$	778		$	1,003		$	1,123		$	1,526		$	16,657

% of total	38.8		%	34.6		%	4.7		%	6.0		%	6.7		%	9.2		%	100.0		%

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities by Rating(1) as of December 31, 2007

Ratings(1):	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
Super Senior	$	780	$	—	$	—	$	2,156	$	3,533	$	6,469
AAA	371		74		30		2,822		2,462		5,758
AA	—		278		—		—		500		778
A	500		—		—		503		—		1,003
BBB	716		104		107		—		196		1,123
Below investment grade	—		—		1,478		—		47		1,526
Total exposures	$	2,366	$	456	$	1,616	$	5,481	$	6,738	$	16,657

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities by Rating(1) as of December 31, 2007

Ratings(1):	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien
Super Senior	33.0	%	—		—		39.3	%	52.4	%
AAA	15.7	%	16.2	%	1.9	%	51.5	%	36.5	%
AA	—		61.0	%	—		—		7.4	%
A	21.1	%	—		—		9.2	%	—
BBB	30.3	%	22.8	%	6.6	%	—		2.9	%
Below investment grade	—		—		91.5	%	—		0.7	%
Total exposures	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Distribution of Financial Guaranty Direct U.S. Residential Mortage-Backed Securities by Year Insured as of December 31, 2007

Year insured:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
2004 and prior	$	—	$	—	$	30	$	165	$	473	$	668
2005	222		—		796		460		88		1,567
2006	896		—		—		68		4,600		5,564
2007	1,248		456		790		4,787		1,577		8,858
	$	2,366	$	456	$	1,616	$	5,481	$	6,738	$	16,657

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities by Year Issued as of December 31, 2007

Year insured:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
2004 and prior	$	—	$	—	$	30	$	165	$	473	$	668
2005	722		—		796		460		3,788		5,767
2006	396		—		—		167		1,900		2,463
2007	1,248		456		790		4,688		577		7,759
	$	2,366	$	456	$	1,616	$	5,481	$	6,738	$	16,657

(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 (11 of 13)

(dollars in millions)

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities Issued January 1, 2005 or Later
by Exposure Type, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquincies as of December 31, 2007(1)

U.S. Prime First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination(3)		Cumulative Losses(4)		60+ Day Delinquencies(5)
2005	$	722	81.6	%	3.5	%	0.01	%	1.1	%
2006	396		77.7	%	3.2	%	0.0	%	0.1	%
2007	1,248		97.4	%	7.4	%	0.001	%	0.5	%
	$	2,366	89.7	%	5.7	%	0.01	%	0.7	%

U.S. Prime CES

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination(3)		Cumulative Losses(4)		60+ Day Delinquencies(5)
2005	$	—	N/A		N/A		N/A		N/A
2006	—		N/A		N/A		N/A		N/A
2007	456		96.4	%	37.9	%	1.1	%	7.8	%
	$	456	96.4	%	37.9	%	1.1	%	7.8	%

U.S. Prime HELOC

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination(3)		Cumulative Losses(4)		60+ Day Delinquencies(5)
2005	$	796	44.0	%	0.6	%	3.4	%	10.2	%
2006	—		N/A		N/A		N/A		N/A
2007	790		87.9	%	0.4	%	1.3	%	4.6	%
	$	1,586	53.7	%	0.5	%	2.9	%	8.2	%

U.S. Alt-A First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination(3)		Cumulative Losses(4)		60+ Day Delinquencies(5)
2005	$	460	68.2	%	8.1	%	0.1	%	3.5	%
2006	167		66.9	%	15.6	%	0.0	%	8.5	%
2007	4,688		72.7	%	23.9	%	0.0	%	6.1	%
	$	5,316	69.2	%	22.6	%	0.1	%	6.0	%

U.S. Subprime First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination(3)		Cumulative Losses(4)		60+ Day Delinquencies(5)
2005	$	3,788	44.3	%	52.4	%	1.3	%	29.9	%
2006	1,900		69.1	%	31.6	%	1.2	%	26.1	%
2007	577		64.1	%	40.0	%	1.5	%	23.8	%
	$	6,265	58.8	%	39.4	%	1.3	%	26.6	%

(1) Subordination, cumulative loss, delinquency, and pool factor data is based on information obtained from Intex and/or provided by the trustee and may be subject to restatement or correction. The summary data provided here is based on the most recent reports available to Assured.

(2) Pool factor is the percentage of net par outstanding at December 31, 2007 divided by the original net par outstanding of the transactions at inception.

(3) Represents the sum of subordinate tranches and over-collateralization and does not include any benefit from excess interest collections that may be used to absorb losses. HELOC exposures currently generate excess spread of roughly 250-300 bps per year. The amount of future excess spread generated can fluctuate as a result of interest rate changes and other factors.

(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 also includes all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Assured Guaranty Ltd.

Financial Guaranty Profile (12 of 13)

(dollars in millions)

Financial Guaranty Direct Distribution of Credit Derivative Exposure by Rating

	December 31, 2007				December 31, 2006
Ratings(1):	Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	34,328	49.1	%	$	15,046	30.9	%
AAA	33,318		47.6	%	30,855		63.4	%
AA	1,796		2.6	%	1,863		3.8	%
A	101		0.1	%	432		0.9	%
BBB	368		0.5	%	394		0.8	%
Below investment grade	26		—		51		0.1	%
Total exposures	$	69,936	100.0	%	$	48,641	100.0	%

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

	December 31, 2007			December 31, 2006
Sector:	Net Par Outstanding		Average Rating(1)	Net Par Outstanding		Average Rating(1)
U.S. public finance
General obligation	$	431	AAA	$	454	AAA
Tax backed	70		AAA	112		AAA
Investor-owned utilities	39		AAA	39		AAA
Municipal utilities	26		AAA	26		AAA
Total U.S. public finance	$	565	AAA	$	630	AAA

U.S. structured finance
Pooled corporate obligations	$	28,229	AAA	$	21,399	AAA
Subprime mortgage-backed and home equity	5,843		AAA	5,023		AAA
Commercial mortgage-backed securities	5,391		AAA	5,276		AAA
Prime mortgage-backed and home equity	4,901		AAA	589		AAA
Commercial receivables	1,584		AAA	423		AAA
Consumer receivables	695		AA+	310		AA
Structured credit	346		AAA	1,140		AAA
Insurance securitizations	108		AAA	100		AAA
Other structured finance	643		AAA	1,074		AAA
Total U.S. structured finance	$	47,740	AAA	$	35,335	AAA

International
Pooled corporate obligations	$	6,984	AAA	$	2,126	AAA
Infrastructure and pooled Infrastructure	6,404		AAA	4,927		AAA
Mortgage-backed and home equity	6,032		AAA	3,351		AA+
Commercial mortgage-backed securities	832		AAA	1,044		AAA
Regulated utilities	462		AAA	259		AAA
Future flow	173		A+	158		A-
Insurance securitizations	41		BBB-	41		A-
Public finance	9		AAA	49		A
Consumer receivables	—		—	91		BBB
Other international structured finance	695		AAA	631		AAA
Total international	$	21,631	AAA	$	12,676	AAA

Total exposures	$	69,936	AAA	$	48,641	AAA

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 (13 of 13)

(dollars in millions)

Financial Guaranty Direct Collateralized Debt Obligations of Asset-Backed Securities (CDOs of ABS)(1) Net Par Outstanding by Type of CDO, by Year Insured and by Collateral:

				Type of Collateral as a Percent of Total Pool														Ratings as of Dec. 31, 2007
Year Insured	Legal Final Maturity(2)	Net Par Outstanding		ABS		RMBS (Includes Subprime)		Comm. MBS (CMBS)(3)		CDOs of Investment Grade Corporate		CDOs of ABS		Total Collateral Pool		U.S. Subprime RMBS		S&P	Moody’s	Original AAA Sub- ordination		Original Sub- ordination Below Assured		Current Sub- ordination Below Assured

CDOs of Mezzanine ABS(3):
2001	2017	$	116.9	0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	25.1	%	25.1	%	30.1	%
2001	2016	60.9		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	28.1	%	28.1	%	39.0	%
2002	2017	137.6		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	24.6	%	24.6	%	32.2	%
2002	2017	121.6		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	22.1	%	22.1	%	25.9	%
2002	2017	90.0		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	35.0	%	35.0	%	47.3	%
2002	2017	76.6		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	24.0	%	24.0	%	30.8	%
2003	2018	131.3		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	20.0	%	20.0	%	24.2	%
2003	2038	84.2		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	23.0	%	38.0	%	47.4	%
2003	2018	51.6		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	63.0	%	63.0	%	66.4	%
2004	No CDO of ABS business written
2005	No CDO of ABS business written
2006	No CDO of ABS business written
2007	No CDO of ABS business written
	Subtotal:	$	870.7	0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	27.0	%	28.5	%	35.3	%

CDOs of High Grade ABS(4):
No CDO of ABS business written

CDOs of Pooled AAA ABS(5):
2003	2010	513.1		35	%	34	%	26	%	5	%	0	%	100	%	0	%	AAA	Aaa	0.0	%	12.5	%	12.5	%
2003	2008	419.0		37	%	57	%	6	%	0	%	0	%	100	%	32	%	AAA	Aaa	0.0	%	10.0	%	10.0	%
2004	No CDO of ABS business written
2005	No CDO of ABS business written
2006	No CDO of ABS business written
2007	No CDO of ABS business written
	Subtotal:	$	932.1	36	%	44	%	17	%	3	%	0	%	100	%	14	%	AAA	Aaa	0.0	%	11.4	%	11.4	%

Total:		$	1,802.9	19	%	23	%	57	%	1	%	0	%	100	%	7	%	AAA	Aaa	13.0	%	19.6	%	22.9	%

(1) A “CDO of ABS” is a collateralized debt obligation (CDO) transaction whose collateral pool consists primarily of asset-backed securities (ABS), including mortgage-backed securities (MBS). ABS transactions securities generally represent an ownership interest in a trust that contains collateral supporting the notes. Those interests are divided into several tranches that can have varying levels of subordination, credit protection triggers and credit ratings.

(2) “Legal Final Maturity” represents the final date for payment specified in the transaction documents and does not take into account prepayments that shorten the expected maturity and weighted average life.

(3) ”CDOs of Mezzanine ABS” is a market term that refers to transactions where the underlying collateral at issuance is comprised primarily of mezzanine tranches rated BBB or lower. The collateral underlying Assured’s exposure to CDOs of Mezzanine ABS is comprised of mezzanine tranches of CMBS transactions and senior unsecured debt issued by commercial property REITs. The transactions to which Assured has exposure are static pools rather than actively managed transactions, and the collateral in these static pools was originated primarily in the period from 1997-2003. The collateral underlying Assured’s exposure to CDOs of Mezzanine ABS had weighted average ratings, based on rating information as of December 31, 2007, as follows: 18% AAA, 7% AA, 11% A, 46% BBB and 18% below investment grade (BIG).

(4) “CDOs of High Grade ABS” is a market term that refers to transactions where the underlying collateral at issuance is comprised of mezzanine tranches rated single-A or higher.

(5) “CDOs of Pooled AAA ABS” is a market term that refers to transactions where the underlying collateral at issuance is comprised of the senior-most AAA rated securities. Assured’s exposure to CDOs of Pooled AAA ABS was rated, based on rating information as of December 31, 2007: 100% AAA/Aaa.

Assured Guaranty Ltd.

Non-Investment Grade Exposures

as of December 31, 2007

(dollars in millions)

	Weighted Average	Net Par		Average
Non-Investment Grade Exposures by Asset Type:	Remaining Life	Outstanding		Rating(1)

U.S. public finance
Healthcare	11.0	$	53	B+
Tax backed	15.8	44		BB
General obligation	8.2	36		BB+
Transportation	15.3	24		C
Municipal utility	9.5	12		C
Housing	13.7	4		B
Higher education	12.4	1		BB+
Investor-owned utilities	9.0	—		BB
Total U.S. public finance	12.2	$	174	B+

U.S. structured finance
Prime mortgage-backed and home equity	4.4	$	1,757	BB-
Subprime mortgage-backed and home equity	6.4	83		CCC+
Commercial receivables	12.4	23		B
Pooled corporate obligations	3.1	20		B-
Other structured finance	23.6	12		B
Total U.S. structured finance	4.7	$	1,894	BB-

International
Infrastructure	10.5	$	45	BB-
Total international	10.5	$	45	BB-

Total non-investment grade exposures	5.4	$	2,114	BB-

Top Ten Non-Investment Grade Exposures as of December 31, 2007

Name or Description	Segment	Weighted Average Remaining Life	Net Par Outstanding		Average Rating(1)
CWHEQ Revolving Home Equity Loan Trust, 2007-D	Direct	3.2	$	757	BB
Countrywide Home Equity Loan Trust 2005-J Class 1 & 2	Direct	2.5	688		BB-
Domestic Residential Mortgage-backed HELOC Transaction	Reinsurance	2.5	75		BB
Domestic Residential Mortgage-backed HELOC Transaction	Reinsurance	8.0	52		BB+
Domestic Residential Mortgage-backed HELOC Transaction	Reinsurance	2.5	42		BB
Domestic Residential Mortgage-backed HELOC Transaction	Reinsurance	9.0	40		BB+
Domestic Residential Mortgage-backed HELOC Transaction	Reinsurance	2.5	36		BB+
American Home Mortgage Investor Trust 2007-A	Direct	3.0	33		BB
International Airport Facility	Reinsurance	6.0	29		BB
Louisiana State Stadium & Exposition District	Reinsurance	19.4	29		BB
Total		3.5	$	1,781	BB

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.

Closely Monitored Credits (“CMC”)

(dollars in millions)

Net Par Outstanding by Credit Monitoring Category(1)

	December 31, 2007
Description:	Net Par Outstanding		%		Number of Credits in Category
Fundamentally sound risk	$	198,133	98.9	%

Closely monitored credits:
Category 1	1,288		0.6	%	36
Category 2	743		0.4	%	12
Category 3	71		—		16
Category 4	24		—		16
CMC Total	2,126		1.1	%	80

Other below investment grade risk	20		—		46
Total	$	200,279	100.0	%

	December 31, 2006
Description:	Net Par Outstanding		%		Number of Credits in Category
Fundamentally sound risk	$	130,944	99.0	%

Closely monitored credits:
Category 1	855		0.6	%	43
Category 2	318		0.2	%	13
Category 3	123		0.1	%	18
Category 4	22		—		13
CMC Total	1,318		1.0	%	87

Other below investment grade risk	34		—		68
Total	$	132,296	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.

Largest Exposures by Sector (Part 1 of 4)

as of December 31, 2007

(dollars in millions)

25 Largest U.S. Public Finance Exposures

	Net Par
Credit Name:	Outstanding		Rating(1)
State of California General Obligation & Leases	$	1,311	A+
City of Chicago General Obligation & Leases	913		AA-
New York City General Obligation & Leases	894		A+
Commonwealth of Puerto Rico General Obligation & Leases	822		BBB-
State of Washington General Obligation	803		AA
Denver International Airport System	765		A+
Los Angeles Unified School District	749		AA
State of New Jersey General Obligation & Leases	687		AA-
Commonwealth of Massachusetts General Obligation & Bay Transportation	685		AA-
State of New York General Obligation & Leases	676		AA
Hawaii State General Obligation	627		AA-
Florida State General Obligation	626		AA
Puerto Rico Highway & Transportation Authority	598		BBB
New York City Municipal Water Finance Authority	594		AA
Jefferson County, Alabama Sewer Enterprise	578		A
Metropolitan Transportation Authority (New York) - Transportation Revenue	540		A
District of Columbia General Obligation	540		A
Port Authority of New York & New Jersey	491		AA-
Clark County Nevada School District	443		AA-
Louisiana Citizens Property Insurance Corporation	427		A-
Massachusetts School Building Authority	427		AA
Long Island Power Authority	425		A-
University of California Board of Regents	421		AA-
Los Angeles California Department of Water & Power	419		AA-
Chicago Public Building Commission - Chicago Board of Education	419		A
Total top 25 U.S. public finance exposures	$	15,879

10 Largest Healthcare Exposures

	Net Par
Credit Name:	Outstanding		Rating(1)	State
Catholic Healthcare West	$	233	A	CA
Meridian Health System Obligated Group	213		A-	NJ
Christus Health System	210		A+	TX
Adventist Health Systems / Sunbelt	179		A+	FL
Covenant Health	177		A-	TN
Methodist Hospitals of Dallas	165		A+	TX
Integris Health, Inc. - Oklahoma	160		AA	OK
Advocate Health Care Network	156		AA	IL
Hoag Memorial Hospital Presbyterian	146		AA-	CA
University Health Systems of Eastern Carolina	143		A+	NC
Total top 10 healthcare exposures	$	1,783

Assured Guaranty Ltd.

Largest Exposures by Sector (Part 2 of 4)

as of December 31, 2007

(dollars in millions)

25 Largest U.S. Structured Finance Exposures

	Net Par
Credit Name:	Outstanding		Rating (1)
Discover Card Master Trust I Series A	$	1,200	AAA
Deutsche Alt-A Securities Mortgage Loan 2007-2	1,130		AAA
Field Point III & IV, Limited	912		AA-
Field Point I & II, Limited	805		AA-
Countrywide Home Equity Loan Trust 2007-D	757		BB
Private - CDO	747		AAA
MortgageIt Securities Corp. Mortgage Loan 2007-2	728		AAA / Super senior
Private - CDO	713		AAA
Ares Enhanced Credit Opportunities Fund	664		AAA
Private - CDO	660		AAA
Applebee’s Franchising LLC	655		BBB-
Private RMBS Re-Remic	634		AAA / Super senior
Sandelman Finance 2006-1 Limited	623		AA
Chrysler Retail Auto Loan Receivables Class-A	618		A
Synthetic CDO - IG ABS	594		AAA / Super senior
Deutsche Alt-A Securities Mortgage Loan 2007-3	593		AAA / Super senior
Private - CDO	576		AAA
Citibank Omni Master Trust	568		AAA
Chrysler Retail Auto Loan Receivables Class A	550		AAA
McDonnell Loan Opportunity Fund	538		AAA
AAA Trust 2007-2	533		AAA / Super senior
Private - CDO	533		AAA / Super senior
Private - CDO	512		AAA
Impac CMB Trust Series 2007-A	503		A+
Private - Mortgage Backed Securities	500		A
Total top 25 U.S. structured finance exposures	$	16,846

Assured Guaranty Ltd.

Largest Exposures by Sector (Part 3 of 4)

as of December 31, 2007

(dollars in millions)

25 Largest International Exposures

	Net Par
Credit Name:	Outstanding		Rating (1)
Private - Prime European RMBS	$	1,561	AAA / Super senior
Graphite Mortgages Plc Provide Graphite 2005-2	1,277		AAA / Super senior
Permanent Master Issuer PLC	1,157		AAA
Essential Public Infrastructure Capital III	1,153		AAA / Super senior
Essential Public Infrastructure Capital II	1,122		AAA / Super senior
Paragon Mortgages (No.13) PLC	960		AAA
Granite Master Issuer PLC	910		AAA
International Infrastructure Pool	873		AAA / Super senior
International Infrastructure Pool	873		AAA / Super senior
International Infrastructure Pool	813		AAA / Super senior
Taberna Europe CDO II PLC	753		AAA / Super senior
Stichting Profile Securitisation I	698		AAA / Super senior
Synthetic CDO - IG ABS	695		AAA / Super senior
Nemus Funding No.1 PLC	677		AAA / Super senior
National Grid Gas PLC	616		A
United Utilities Water PLC	588		A
Global Senior Loan Index Fund 1 B.V.	567		AAA / Super senior
Northumbrian Water PLC	558		BBB+
National Grid Electricity Transmission PLC	554		A
Harvest CLO III	510		AAA
Wessex Water PLC	481		BBB+
Taberna Europe CDO I PLC	474		AAA / Super senior
RMF Euro CDO V PLC	443		AAA
Yorkshire Water Services Finance PLC	441		A-
Ballantyne Re PLC Class A-2 Floating Rate Notes	425		BBB-
Total top 25 international exposures	$	19,179

Assured Guaranty Ltd.

Consolidated Capital and Claims Paying Resources

(dollars in millions)

	As of December 31, 2007						As of December 31, 2006
	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)	$	302	$	629	$	931	$	239	$	444	$	683
Contingency reserve	582		—		582		631		—		631
Policyholders’ surplus	400		1,097		1,497		286		741		1,027
Loss & loss adjustment expense reserves(3)	12		18		30		15		18		33
Total policyholders’ surplus and reserves	$	1,296	$	1,744	$	3,040	$	1,171	$	1,203	$	2,374

Claims paying resources
Policyholders’ surplus	$	400	$	1,097	$	1,497	$	286	$	741	$	1,027
Contingency reserve	582		—		582		631		—		631
Qualified statutory capital	982		1,097		2,079		917		741		1,658
Unearned premium reserve(2)	302		629		931		239		444		683
Loss & loss adjustment expense reserves(3)	12		18		30		15		18		33
Total policyholders’ surplus and reserves	1,296		1,744		3,040		1,171		1,203		2,374
Present value of installment premium(d)	554		366		920		356		230		586
Standby line of credit/stop loss	280		200		480		455		—		455
Total claims paying resources	$	2,130	$	2,310	$	4,440	$	1,982	$	1,433	$	3,415

Net par insured outstanding	$	94,127	$	106,253	$	200,279	$	68,370	$	63,927	$	132,296
Net debt service outstanding	$	128,351	$	174,173	$	302,413	$	85,522	$	94,652	$	180,174

Ratios:
Net par insured to statutory capital	96:1		97:1		96:1		75:1		86:1		80:1
Capital ratio(4)	131:1		159:1		145:1		93:1		128:1		109:1
Financial resources ratio(5)	60:1		75:1		68:1		43:1		66:1		53:1

(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)	Unearned premium reserve for AG Re is U.S. GAAP based and net of prepaid reinsurance premiums.
(3)	Loss and loss adjustment reserves for AG Re are U.S. GAAP based and net of reinsurance recoverable and portfolio reserves.
(4)	The capital ratio is calculated by dividing net par and interest insured by qualified statutory capital.
(5)	The financial resources ratio is calculated by dividing net par and interest insured by total claims paying resources.

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.

Summary Financial and Statistical Data

(dollars in millions, except per share amounts)

	Year Ended December 31,
	2007			2006			2005			2004
GAAP Summary Income Statement Data

Gross premiums written	$	505.9		$	325.7		$	252.1		$	190.9
Net earned premiums	232.0			206.7			198.7			187.9
Net investment income	128.1			111.5			96.8			94.8
Total expenses	163.7			132.1			64.9			114.6
(Loss) income before provision for income taxes	(463.0		)	190.0			229.6			233.3
Net (loss) income	(303.3		)	159.7			188.4			182.8
Operating income	178.0			157.2			190.0			141.1

Net (loss) income per diluted share	$	(4.46	)	$	2.15		$	2.53		$	2.44
Operating income per diluted share	$	2.57		$	2.12		$	2.55		$	1.88

Financial Ratios:
Loss and LAE ratio	3.4		%	(3.3		)%	(35.0		)%	(17.0		)%
Expense ratio	55.8		%	59.2		%	58.9		%	65.4		%
Combined ratio	59.2		%	55.9		%	23.9		%	48.4		%
GAAP Summary Balance Sheet Data (End of Period)

Total investments and cash	$	3,147.9		$	2,469.9		$	2,256.0		$	2,157.9
Total assets	3,800.4			2,935.3			2,696.3			2,703.7
Unearned premium reserves	908.3			644.5			537.1			521.3
Loss and LAE reserves	133.8			120.6			128.4			236.2
Senior notes	197.4			197.4			197.3			197.4
Series A Enhanced Junior Subordinated Debentures	149.7			149.7			—			—
Shareholders’ equity	1,666.6			1,650.8			1,661.5			1,527.6
Book value per share	$	20.85		$	24.44		$	22.22		$	20.19
Other Financial Information:
Net debt service outstanding (end of period)	$	302,413		$	180,174		$	145,694		$	136,120
Gross debt service outstanding (end of period)	307,657			181,503			148,836			139,129
Net par outstanding (end of period)	200,279			132,296			102,465			95,592
Gross par outstanding (end of period)	204,809			133,303			105,258			98,221

Consolidated qualified statutory capital	2,079			1,658			1,545			1,351
Consolidated policyholders’ surplus and reserves	3,040			2,374			2,182			1,990

Ratios:
Par insured to statutory capital	96:1			80:1			66:1			71:1
Capital ratio(1)	145:1			109:1			94:1			101:1
Financial resources ratio(2)	68:1			53:1			48:1			51:1

Gross debt service written:
U.S. public finance	$	66,190		$	13,261		$	13,335		$	11,943
U.S. structured finance	42,414			28,902			16,724			15,131
International	24,971			17,979			5,729			3,897
Total gross debt service written	$	133,575		$	60,142		$	35,788		$	30,970

Net debt service written	129,872			59,775			35,440			30,680
Net par written	84,686			50,541			26,020			23,125
Gross par written	88,117			50,892			26,320			23,375

1. The capital ratio is calculated by dividing net par and interest insured by qualified statutory capital.

2. The financial resources ratio is calculated by dividing net par and interest insured by total claims paying resources.

Table of Contents		Page
Assured Guaranty Ltd.
Selected Financial Highlights		1
Consolidated GAAP Income Statements		2
Consolidated GAAP Balance Sheets		3
Segment Consolidation		4-5
Financial Guaranty Direct Segment		6-7
Financial Guaranty Reinsurance Segment		8-9
Mortgage Guaranty Segment		10
Other Segment		11
Loss and LAE Reserves and Analysis of Net Claims Paid		12
Investment Portfolio		13
Estimated Net Exposure Amortization		14
Estimated Net Unearned Premium Amortization and Estimated Future Installment Premiums		15
Financial Guaranty Profile		16-28
Non-Investment Grade Exposures		29
Closely Monitored Credits		30
Largest Exposures by Sector		31-34
Consolidated Capital and Claims Paying Resources		35
Summary Financial and Statistical Data		36

	Net Par
Servicer:	Outstanding
Countrywide Home Loans, Inc.	$	3,967
Wells Fargo Home Mortgage, Inc.	2,346
Northern Rock PLC	2,186
Residential Funding Corporation	2,044
European Mortgage Servicer (Private Transaction)	1,561
Halifax PLC	1,163
Paragon Finance PLC	960
AMC Mortgage Services	739
East West Bancorp, Inc.	716
Impac Funding Corporation	554
Total top 10 U.S. residential mortgage servicers exposures	$	16,236

		Contacts:

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

		Chris McNamee
		Vice President, Investor Relations
		(212) 261-5509
		cmcnamee@assuredguaranty.com

Assured Guaranty Ltd.		Fixed Income Investors
30 Woodbourne Avenue		Michael Walker
Hamilton HM 08		Director, Fixed Income Investor Relations
Bermuda		(212) 261-5575
www.assuredguaranty.com		mwalker@assuredguaranty.com