Assured Guaranty Ltd.

Selected Financial Highlights

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

	Quarter Ended						% Change		Six Months Ended						% Change
	June 30,						versus		June 30,						versus
	2008			2007			2Q-07		2008			2007			YTD 2007
Gross written premiums (GWP) analysis:
Present value of financial guaranty and credit derivative GWP (PVP) (a)	$	278.9		$	125.3		123	%	$	555.5		$	232.1		139	%
Less: PVP of credit derivatives	52.3			39.2			33	%	145.8			79.5			83	%
PVP of financial guaranty GWP	226.6			86.1			163	%	409.7			152.6			168	%
Less: Financial guaranty installment premium PVP	14.8			33.7			(56	)%	50.9			70.6			(28	)%
Total: Financial guaranty upfront GWP	211.8			52.4			304	%	358.8			82.0			338	%
Plus: Financial guaranty installment GWP	34.0			18.7			82	%	58.8			40.0			47	%
Total financial guaranty GWP	245.8			71.1			246	%	417.6			122.0			242	%
Plus: Mortgage guaranty segment GWP	—			0.5			NM		0.5			1.5			(67	)%
Plus: Other segment GWP	—			0.1			NM		3.5			3.4			3	%
Total GWP per income statement	$	245.8		$	71.8		242	%	$	421.6		$	126.9		232	%

Net income	$	545.2		$	32.8		1562	%	$	376.0		$	71.8		424	%
Less: After-tax realized gains (losses) on investments	0.9			(1.3		)	NM		1.3			(1.5		)	NM
Less: After-tax unrealized gains (losses) on credit derivatives (1)	501.5			(13.1		)	NM		323.5			(20.4		)	NM
Plus: After-tax incurred losses on credit derivatives (2)	(4.1		)	(0.5		)	720	%	(6.2		)	(0.8		)	675	%
Operating income (b)	$	38.7		$	46.7		(17	)%	$	45.0		$	92.8		(52	)%

Book value	$	2,242.4		$	1,694.8		32	%
Plus: Net unearned premium reserve, after tax (3)	1,020.4			585.5			74	%
Plus: Net unearned revenue on credit derivatives, after tax (4)	18.1			7.5			141	%
Plus: Net present value of estimated future installment premiums in-force, after tax (d)	800.7			474.9			69	%
Less: Deferred acquisition costs (DAC), after tax	258.1			197.5			31	%
Adjusted book value (c)	$	3,823.5		$	2,565.3		49	%

ROE, excluding AOCI	118.7		%	7.9		%			39.1		%	8.7		%
Operating ROE, excluding AOCI and after-tax unrealized (losses) gains on credit derivatives (b)	7.0		%	11.3		%			4.1		%	11.4		%

Per diluted share:
Net income	$	5.97		$	0.47		1170	%	$	4.35		$	1.04		318	%
Less: After-tax realized gains (losses) on investments	0.01			(0.02		)	NM		0.01			(0.02		)	NM
Less: After-tax unrealized gains (losses) on credit derivatives (1)	5.49			(0.19		)	NM		3.75			(0.30		)	NM
Plus: After-tax incurred losses on credit derivatives (2)	(0.04		)	(0.01		)	300	%	(0.07		)	(0.01		)	600	%
Operating income (b)	$	0.42		$	0.68		(38	)%	$	0.52		$	1.35		(61	)%

Book value	$	24.66		$	24.98		(1	)%
Plus: Net unearned premium reserve, after tax (3)	11.22			8.63			30	%
Plus: Net unearned revenue on credit derivatives, after tax (4)	0.20			0.11			82	%
Plus: Net present value of estimated future installment premiums in-force, after tax (d)	8.81			7.00			26	%
Less: DAC, after tax	2.84			2.91			(2	)%
Adjusted book value (c)	$	42.05		$	37.82		11	%

Book value, excluding net unrealized mark-to-market gains (losses) on derivatives (5)	$	25.95		$	24.78		5	%
Adjusted book value, excluding net unrealized mark-to-market gains (losses) on derivatives (5)	$	43.34		$	37.61		15	%

Additional information:
Shares outstanding at the end of period (6)	90.9			67.8			34	%
Weighted average basic shares outstanding	89.9			67.8			33	%	85.0			67.7			26	%
Weighted average diluted shares outstanding	91.4			69.2			32	%	86.3			69.0			25	%

Consolidated net debt service outstanding	$	356,959		$	215,125		66	%
Consolidated net par outstanding	230,402			143,155			61	%
Consolidated claims-paying resources	5,206			3,557			46	%
Gross par written	18,088			13,310			36	%	38,083			23,672			61	%

(1) 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) Company’s estimate of incurred losses included in the mark to market unrealized loss on credit derivatives.

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

(6) 6/30/08 shares outstanding excludes 0.7 million of nonvested restricted stock and 6/30/07 shares outstanding excludes 1.2 million of nonvested restricted stock, which is considered not issued under FAS 123R.

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 Income Statements

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

	Quarter Ended						% Change		Six Months Ended						% Change
	June 30,						versus		June 30,						versus
	2008			2007			2Q-07		2008			2007			YTD 2007

Revenues
Gross written premiums	$	245.8		$	71.8		242	%	$	421.6		$	126.9		232	%

Net written premiums	240.7			68.5			251	%	410.4			119.9			242	%

Net earned premiums	51.7			38.0			36	%	98.5			75.0			31	%
Net investment income	40.2			30.9			30	%	76.8			62.3			23	%
Realized gains and other settlements on credit derivatives	31.8			16.2			96	%	59.4			34.4			73	%
Incurred losses on credit derivatives	(5.6		)	(0.7		)	700	%	(8.8		)	(1.3		)	577	%
Other income	0.2			—			NM		0.2			—			NM
Total revenues included in operating income	118.3			84.4			40	%	226.1			170.4			33	%

Expenses
Loss and loss adjustment expenses (recoveries)	38.1			(9.8		)	NM		93.3			(13.8		)	NM
Profit commission expense	1.0			0.9			11	%	2.2			2.5			(12	)%
Acquisition costs	11.8			10.9			8	%	23.7			21.7			9	%
Other operating expenses	19.7			18.8			5	%	48.3			39.5			22	%
Interest and related expenses	7.5			6.5			15	%	14.1			13.1			8	%
Total expenses	78.2			27.3			186	%	181.6			63.1			188	%

Operating income before provision (benefit) for income taxes	40.1			57.1			(30	)%	44.5			107.4			(59	)%

Total provision (benefit) for income taxes	1.4			10.4			(87	)%	(0.5		)	14.6			NM

Operating income (b)	38.7			46.7			(17	)%	45.0			92.8			(52	)%

Plus: After-tax realized gains (losses) on investments	0.9			(1.3		)	NM		1.3			(1.5		)	NM
Plus: After-tax unrealized gains (losses) on credit derivatives (1)	505.6			(12.7		)	NM		329.8			(19.6		)	NM

Net income	$	545.2		$	32.8		1562	%	$	376.0		$	71.8		424	%

Per diluted share
Operating income (b)	$	0.42		$	0.68		(38	)%	$	0.52		$	1.35		(61	)%
Plus: After-tax realized gains (losses) on investments	0.01			(0.02		)	NM		0.01			(0.02		)	NM
Plus: After-tax unrealized gains (losses) on credit derivatives (1)	5.53			(0.18		)	NM		3.82			(0.28		)	NM
Net income	$	5.97		$	0.47		1170	%	$	4.35		$	1.04		318	%

Effect of refundings
Earned premiums from refundings	$	2.1		$	6.4		(67	)%	$	4.5		$	11.3		(60	)%
Operating income effect	$	1.2		$	3.2		(63	)%	$	2.4		$	5.2		(54	)%
Operating income per diluted share effect	$	0.01		$	0.05		(80	)%	$	0.03		$	0.08		(63	)%

Weighted average shares outstanding
Basic shares outstanding	89.9			67.8			33	%	85.0			67.7			26	%
Plus: effect of options	0.5			0.7			(29	)%	0.5			0.7			(29	)%
Plus: effect of restricted stock awards and units	1.0			0.7			43	%	0.9			0.6			50	%
Diluted shares outstanding	91.4			69.2			32	%	86.3			69.0			25	%

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,
	2008		2007

Assets
Fixed maturity securities, at fair value	$	3,168.0	$	2,587.0
Short-term investments, at cost which approximates fair value	537.5		552.9
Total investments	3,705.4		3,139.9

Cash and cash equivalents	10.1		8.0
Accrued investment income	32.0		26.5
Deferred acquisition costs	284.6		259.3
Prepaid reinsurance premiums	20.7		13.5
Reinsurance recoverable on ceded losses	7.3		8.8
Premiums receivable	25.8		27.8
Goodwill	85.4		85.4
Credit derivative assets	176.4		5.5
Deferred tax asset	32.5		147.6
Salvage recoverable	73.1		8.5
Other assets	74.3		32.0
Total assets	$	4,527.6	$	3,762.9

Liabilities and shareholders’ equity
Liabilities
Unearned premium reserves	$	1,207.4	$	887.2
Reserves for losses and loss adjustment expenses	204.0		125.6
Profit commissions payable	10.7		22.3
Reinsurance balances payable	7.6		3.3
Current income taxes payable	—		0.6
Funds held by Company under reinsurance contracts	29.2		25.4
Credit derivative liabilities	342.4		623.1
Senior notes	197.4		197.4
Series A Enhanced Junior Subordinated Debentures	149.8		149.7
Other liabilities	136.7		61.8
Total liabilities	2,285.2		2,096.4

Shareholders’ equity
Common stock	0.9		0.8
Additional paid-in capital	1,279.2		1,023.9
Retained earnings	953.5		585.3
Accumulated other comprehensive income	8.8		56.6
Total shareholders’ equity	2,242.4		1,666.6

Total liabilities and shareholders’ equity	$	4,527.6	$	3,762.9

Assured Guaranty Ltd.

Segment Consolidation (page 1 of 2)

(dollars in millions)

	Quarter Ended June 30, 2008
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(1)			Guaranty			Guaranty			Other			Total
Present value of financial guaranty and credit derivative gross written premiums (PVP): (a)
U.S. public finance	$	183.2		$	26.2		$	—		$	209.4					$	209.4
U.S. structured finance	51.9			7.0			—			58.9						58.9
International	6.3			4.2			—			10.6						10.6
Total PVP	$	241.4		$	37.5		$	—		$	278.9					$	278.9

Income statement:
Gross written premiums	$	197.8		$	48.0		$	—		$	245.8		$	—		$	245.8
Net written premiums	192.6			48.0			—			240.7			—			240.7

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 (recoveries)	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 (recoveries)	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 (loss) 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		%

	Quarter Ended June 30, 2007
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(1)			Guaranty			Guaranty			Other		Total
PVP:
U.S. public finance	$	15.4		$	14.1		$	—		$	29.5				$	29.5
U.S. structured finance	49.9			2.5			—			52.4					52.4
International	38.8			4.7			—			43.5					43.5
Total PVP	$	104.0		$	21.3		$	—		$	125.3				$	125.3

Income statement:
Gross written premiums	$	45.6		$	25.5		$	0.5		$	71.7		$	0.1	$	71.8
Net written premiums	42.6			25.5			0.5			68.5			—		68.5

Net earned premiums	12.0			23.7			2.3			38.0			—		38.0
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	16.3			—			—			16.3			—		16.3
Net credit derivative recoveries (losses)	0.0			—			—			0.0			—		0.0
Ceding commissions income (expense), net	(0.1		)	—			—			(0.1		)	—		(0.1		)
Total realized gains and other settlements on credit derivatives	16.2			—			—			16.2			—		16.2

Total revenues	28.2			23.7			2.3			54.2			—		54.2

Loss and loss adjustment expenses (recoveries)	1.0			(11.0		)	0.1			(9.8		)	—		(9.8		)
Incurred losses on credit derivatives	0.7			—			—			0.7			—		0.7
Total loss and loss adjustment expenses (recoveries)	1.7			(11.0		)	0.1			(9.1		)	—		(9.1		)
Profit commission expense	—			0.5			0.4			0.9			—		0.9
Acquisition costs	2.2			8.6			—			10.9			—		10.9
Operating expenses	14.5			3.9			0.5			18.8			—		18.8
Total underwriting expenses	$	18.5		$	2.0		$	1.0		$	21.5		$	—	$	21.5

Underwriting gain	$	9.8		$	21.7		$	1.3		$	32.7		$	—	$	32.7

Loss and loss adjustment expense ratio (e)	6.0		%	(46.4		)%	4.3		%	(16.8		)%			(16.8		)%
Expense ratio (e)	59.4		%	54.9		%	39.1		%	56.5		%			56.5		%
Combined ratio (e)	65.4		%	8.5		%	43.4		%	39.7		%			39.7		%

(1) 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)].

Assured Guaranty Ltd.

Segment Consolidation (2 of 2)

(dollars in millions)

	Six Months Ended June 30, 2008
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(1)			Guaranty			Guaranty			Other			Total
Present value of financial guaranty and credit derivative gross written premiums (PVP): (a)
U.S. public finance	$	306.6		$	43.8		$	—		$	350.4					$	350.4
U.S. structured finance	123.2			10.0			—			133.2						133.2
International	66.8			5.1			—			71.9						71.9
Total PVP	$	496.6		$	58.9		$	—		$	555.5					$	555.5

Income statement:
Gross written premiums	$	344.2		$	73.4		$	0.5		$	418.1		$	3.5		$	421.6
Net written premiums	336.7			73.2			0.5			410.4			—			410.4

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 (recoveries)	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 (recoveries)	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 (loss) 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		%

	Six Months Ended June 30, 2007
	Financial			Financial						Total
	Guaranty			Guaranty			Mortgage			Financial
	Direct			Reinsurance(1)			Guaranty			Guaranty			Other		Total
PVP:
U.S. public finance	$	24.2		$	18.8		$	—		$	43.1				$	43.1
U.S. structured finance	94.8			6.4			—			101.3					101.3
International	68.7			19.1			—			87.8					87.8
Total PVP	$	187.7		$	44.4		$	—		$	232.1				$	232.1

Income statement:
Gross written premiums	$	77.8		$	44.2		$	1.5		$	123.5		$	3.4	$	126.9
Net written premiums	74.4			44.0			1.5			119.9			—		119.9

Net earned premiums	24.1			45.6			5.4			75.0			—		75.0
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	33.1			—			—			33.1			—		33.1
Net credit derivative recoveries (losses)	0.0			—			—			0.0			1.3		1.3
Ceding commissions income (expense), net	(0.0		)	—			—			(0.0		)	—		(0.0		)
Total realized gains and other settlements on credit derivatives	33.1			—			—			33.1			1.3		34.4

Total revenues	57.2			45.6			5.4			108.1			1.3		109.4

Loss and loss adjustment expenses (recoveries)	1.7			(15.8		)	0.2			(13.8		)	—		(13.8		)
Incurred losses on credit derivatives	1.3			—			—			1.3			—		1.3
Total loss and loss adjustment expenses (recoveries)	2.9			(15.8		)	0.2			(12.5		)	—		(12.5		)
Profit commission expense	—			1.4			1.1			2.5			—		2.5
Acquisition costs	5.2			16.3			0.2			21.7			—		21.7
Operating expenses	30.4			8.3			0.8			39.5			—		39.5
Total underwriting expenses	$	38.6		$	10.3		$	2.3		$	51.2		$	—	$	51.2

Underwriting gain	$	18.5		$	35.3		$	3.1		$	56.9		$	1.3	$	58.1

Loss and loss adjustment expense ratio (e)	5.1		%	(34.6		)%	3.7		%	(11.6		)%			(12.8		)%
Expense ratio (e)	62.5		%	57.1		%	38.3		%	59.0		%			59.0		%
Combined ratio (e)	67.6		%	22.5		%	42.0		%	47.4		%			46.2		%

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-07			2Q-07			3Q-07			4Q-07			1Q-08			2Q-08			2007			2008
Present value of financial guaranty and credit derivative GWP (PVP) (a)	$	83.7		$	104.0		$	132.7		$	156.4		$	255.2		$	241.4		$	187.7		$	496.6
Less: PVP of credit derivatives GWP	40.3			39.2			90.8			81.8			91.5			52.3			79.5			143.8
PVP of financial guaranty GWP	43.4			64.8			41.9			74.6			163.7			189.1			108.2			352.8
Less: Present value of financial guaranty installment premiums (a)	22.7			29.5			8.9			43.9			33.8			5.9			52.2			39.7
Upfront financial guaranty gross written premiums (GWP)	20.7			35.3			33.0			30.6			129.9			183.2			55.9			313.1
Plus: Financial guaranty installment GWP	11.5			10.3			10.2			15.6			16.5			14.6			21.8			31.1
Financial guaranty direct GWP	$	32.1		$	45.6		$	43.1		$	46.3		$	146.4		$	197.8		$	77.8		$	344.2

Income statement:
Gross written premiums	$	32.1		$	45.6		$	43.1		$	46.3		$	146.4		$	197.8		$	77.8		$	344.2
Net written premiums	31.9			42.6			35.1			44.9			144.1			192.6			74.4			336.7

Net earned premiums:
Scheduled net earned premiums
U.S. public finance	1.3			1.5			1.7			2.0			2.8			5.9			2.7			8.7
U.S. structured finance	6.1			7.3			8.3			9.7			11.3			13.6			13.4			24.9
International	3.0			3.3			3.0			3.0			3.1			1.3			6.3			4.4
Total scheduled net earned premiums	10.4			12.0			13.0			14.7			17.3			20.8			22.4			38.1
Net earned premiums from refundings	1.7			—			1.1			—			—			—			1.7			—
Total net earned premiums	12.1			12.0			14.1			14.7			17.3			20.8			24.1			38.1
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	16.8			16.3			17.6			22.0			27.3			30.6			33.1			58.0
Net credit derivative recoveries (losses)	0.0			0.0			0.0			0.0			—			—			0.0			—
Ceding commissions income (expense), net	0.0			(0.1		)	0.1			(0.2		)	(0.1		)	0.2			(0.0		)	0.1
Total realized gains and other settlements on credit derivatives	16.9			16.2			17.8			21.9			27.3			30.9			33.1			58.1

Total revenues	29.0			28.2			31.8			36.5			44.5			51.7			57.2			96.2

Loss and loss adjustment expenses (recoveries):
Case	0.0			0.0			0.0			0.3			0.2			32.0			0.0			32.2
Portfolio	0.6			1.0			4.6			22.5			35.7			(3.8		)	1.6			31.9
Total loss and loss adjustment expenses (recoveries) - financial guaranty	0.7			1.0			4.7			22.8			35.9			28.2			1.7			64.1
Incurred losses on credit derivatives	0.6			0.7			1.8			0.5			3.2			5.6			1.3			8.8
Total loss and loss adjustment expenses (recoveries)	1.2			1.7			6.4			23.3			39.1			33.8			2.9			72.9
Profit commission expense	—			—			—			—			—			—			—			—
Acquisition costs	3.0			2.2			2.5			2.4			3.0			3.1			5.2			6.1
Operating expenses	15.9			14.5			15.1			14.9			21.3			15.2			30.4			36.5
Total expenses	$	20.2		$	18.5		$	24.0		$	40.7		$	63.4		$	52.1		$	38.6		$	115.5

Underwriting gain (loss)	$	8.8		$	9.8		$	7.8		$	(4.2	)	$	(18.9	)	$	(0.4	)	$	18.5		$	(19.3	)

Loss and loss adjustment expense ratio (e)	4.2		%	6.0		%	20.2		%	63.6		%	87.7		%	65.7		%	5.1		%	75.9		%
Expense ratio (e)	65.4		%	59.4		%	55.2		%	47.9		%	54.6		%	35.1		%	62.5		%	44.2		%
Combined ratio (e)	69.6		%	65.4		%	75.4		%	111.5		%	142.3		%	100.8		%	67.6		%	120.1		%

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 (2 of 2)

(dollars in millions)

													Six Months		Six Months
	1Q-07		2Q-07		3Q-07		4Q-07		1Q-08		2Q-08		2007		2008
PVP (a):
U.S. public finance	$	8.8	$	15.4	$	10.3	$	25.6	$	123.3	$	183.2	$	24.2	$	306.6
U.S. structured finance	44.9		49.9		77.0		92.3		71.3		51.9		94.8		123.2
International	29.9		38.8		45.4		38.5		60.5		6.3		68.7		66.8
Total	$	83.7	$	104.0	$	132.7	$	156.4	$	255.2	$	241.4	$	187.7	$	496.6

Gross par written:
U.S. public finance	$	609	$	705	$	695	$	2,271	$	7,213	$	13,170	$	1,314	$	20,383
U.S. structured finance	5,776		7,723		9,203		8,644		5,623		2,516		13,499		8,140
International	2,190		2,393		2,995		4,589		3,918		495		4,583		4,413
Total	$	8,575	$	10,822	$	12,893	$	15,505	$	16,755	$	16,181	$	19,397	$	32,936

Net par outstanding:
U.S. public finance	$	3,989	$	4,686	$	5,313	$	7,504	$	14,607	$	27,602	$	4,686	$	27,602
U.S. structured finance	48,430		50,562		57,497		64,950		66,324		67,816		50,562		67,816
International	21,319		22,979		25,896		30,566		35,039		35,158		22,979		35,158
Total	$	73,738	$	78,227	$	88,705	$	103,021	$	115,970	$	130,576	$	78,227	$	130,576

Net present value of installment premiums in force (d), (1)	$	425.3	$	459.1	$	533.8	$	639.2	$	715.8	$	763.5	$	459.1	$	763.5
Unearned premium reserve net of ceded reinsurance	146.1		177.0		197.7		227.8		354.4		526.2		177.0		526.2
Unearned credit derivative revenues net of ceded amounts	10.7		10.9		13.2		16.1		16.7		18.4		10.9		18.4

(1) March 31, 2008 and June 30, 2008 amounts include $481.7 million and $531.6 million of credit derivatives, respectively.

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) (1 of 2)

(dollars in millions)

																			Six Months			Six Months
	1Q-07			2Q-07			3Q-07			4Q-07			1Q-08			2Q-08			2007			2008
Present value of financial guaranty and credit derivative GWP (PVP) (a)	$	23.1		$	21.3		$	32.8		$	320.7		$	21.4		$	37.5		$	44.4		$	58.9
Less: PVP of credit derivatives GWP	—			—			—			—			1.9			—			—			1.9
PVP of financial guaranty GWP	23.1			21.3			32.8			320.7			19.5			37.5			44.4			57.0
Less: Present value of financial guaranty installment premiums (a)	14.2			4.2			18.3			151.1			2.4			8.9			18.4			11.3
Upfront financial guaranty gross written premiums (GWP)	8.9			17.1			14.5			169.5			17.1			28.6			26.0			45.7
Plus: Financial guaranty installment GWP	9.8			8.4			9.3			13.5			8.3			19.4			18.2			27.7
Financial guaranty reinsurance GWP	$	18.7		$	25.5		$	23.8		$	183.0		$	25.4		$	48.0		$	44.2		$	73.4

Income statement:
Gross written premiums:
Treaty	$	14.2		$	16.9		$	15.8		$	19.1		$	11.8		$	17.9		$	31.1		$	29.7
Facultative	4.5			8.6			8.0			163.9			13.6			30.1			13.1			43.7
Total gross written premiums	$	18.7		$	25.5		$	23.8		$	183.0		$	25.4		$	48.0		$	44.2		$	73.4
Net written premiums	18.5			25.5			23.8			183.0			25.1			48.0			44.0			73.2

Net earned premiums:
Scheduled net earned premiums	18.7			17.3			18.1			20.0			25.4			27.5			36.0			52.9
Net earned premiums from refundings	3.2			6.4			3.5			1.7			2.4			2.1			9.6			4.5
Total net earned premiums	21.9			23.7			21.6			21.7			27.8			29.6			45.6			57.4
Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	—			—			—			—			0.5			0.8			—			1.3
Net credit derivative recoveries (losses)	—			—			—			—			—			—			—			—
Ceding commissions income (expense), net	—			—			—			—			(0.2		)	(0.3		)	—			(0.4		)
Total realized gains and other settlements on credit derivatives	—			—			—			—			0.3			0.6			—			0.9

Total revenues	21.9			23.7			21.6			21.7			28.1			30.2			45.6			58.3

Loss and loss adjustment expenses (recoveries):
Case	(7.3		)	(2.4		)	2.8			(3.6		)	11.7			17.2			(9.7		)	28.9
Portfolio	2.5			(8.6		)	(6.2		)	(1.3		)	7.4			(5.9		)	(6.1		)	1.5
Total loss and loss adjustment expenses (recoveries) - financial guaranty	(4.8		)	(11.0		)	(3.4		)	(4.8		)	19.2			11.3			(15.8		)	30.5
Incurred losses on credit derivatives	—			—			—			—			—			—			—			—
Total loss and loss adjustment expenses (recoveries)	(4.8		)	(11.0		)	(3.4		)	(4.8		)	19.2			11.3			(15.8		)	30.5
Profit commission expense	0.9			0.5			0.8			0.5			1.1			0.9			1.4			2.0
Acquisition costs	7.7			8.6			7.7			7.3			8.8			8.6			16.3			17.4
Operating expenses	4.4			3.9			4.5			4.5			6.4			4.0			8.3			10.4
Total expenses	$	8.3		$	2.0		$	9.6		$	7.5		$	35.5		$	24.8		$	10.3		$	60.3

Underwriting gain (loss)	$	13.6		$	21.7		$	12.1		$	14.2		$	(7.3	)	$	5.4		$	35.3		$	(2.0	)

Loss and loss adjustment expense ratio (e)	(21.9		)%	(46.4		)%	(15.9		)%	(22.3		)%	67.8		%	37.1		%	(34.6		)%	51.9		%
Expense ratio (e)	59.6		%	54.9		%	60.1		%	56.7		%	58.1		%	45.2		%	57.1		%	51.5		%
Combined ratio (e)	37.7		%	8.5		%	44.2		%	34.4		%	125.9		%	82.3		%	22.5		%	103.4		%

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 Reinsurance Segment (1) (2 of 2)

(dollars in millions)

													Six Months		Six Months
	1Q-07		2Q-07		3Q-07		4Q-07		1Q-08		2Q-08		2007		2008
PVP (a):
U.S. public finance	$	4.7	$	14.1	$	10.0	$	272.7	$	17.6	$	26.2	$	18.8	$	43.8
U.S. structured finance	3.9		2.5		3.0		22.9		2.9		7.0		6.4		10.0
International	14.4		4.7		19.8		25.0		0.9		4.2		19.1		5.1
Total	$	23.1	$	21.3	$	32.8	$	320.7	$	21.4	$	37.5	$	44.4	$	58.9

Gross par written:
U.S. public finance	$	754	$	1,845	$	1,344	$	26,598	$	2,503	$	1,492	$	2,599	$	3,996
U.S. structured finance	496		491		472		3,195		367		283		987		650
International	537		152		550		3,888		370		131		689		501
Total	$	1,787	$	2,488	$	2,366	$	33,681	$	3,240	$	1,906	$	4,275	$	5,147

Net par outstanding:
U.S. public finance	$	48,929	$	48,801	$	48,832	$	74,409	$	75,382	$	76,003	$	48,801	$	76,003
U.S. structured finance	6,945		6,809		6,155		8,869		9,567		10,139		6,809		10,139
International	9,240		9,318		10,002		13,980		13,957		13,684		9,318		13,684
Total	$	65,115	$	64,928	$	64,989	$	97,258	$	98,906	$	99,826	$	64,928	$	99,826

Net present value of installment premiums in force (d), (2)	$	160.2	$	155.1	$	151.4	$	277.0	$	276.7	$	270.0	$	155.1	$	270.0
Unearned premium reserve net of ceded reinsurance	460.9		462.9		465.0		626.3		623.7		642.1		462.9		642.1
Unearned credit derivative revenues net of ceded amounts	—		—		—		—		4.6		4.8		—		4.8

(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) March 31, 2008 and June 30, 2008 amounts include $15.5 million and $11.8 million of credit derivatives, respectively.

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.

Mortgage Guaranty Segment

(dollars in millions)

																			Six Months			Six Months
	1Q-07			2Q-07			3Q-07			4Q-07			1Q-08			2Q-08			2007			2008
Present value of gross written premiums (PVP) (a)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Less: Present value of installment premiums (a)	—			—			—			—			—			—			—			—
Upfront gross written premiums (GWP)	—			—			—			—			—			—			—			—
Plus: Installment GWP	1.0			0.5			1.4			(0.2		)	0.5			—			1.5			0.5
Mortgage guaranty GWP	$	1.0		$	0.5		$	1.4		$	(0.2	)	$	0.5		$	—		$	1.5		$	0.5

Income statement:
Gross written premiums	$	1.0		$	0.5		$	1.4		$	(0.2	)	$	0.5		$	—		$	1.5		$	0.5
Net written premiums	1.0			0.5			1.4			(0.2		)	0.5			—			1.5			0.5

Net earned premiums	3.1			2.3			2.9			9.2			1.9			1.3			5.4			3.1

Loss and loss adjustment expenses (recoveries):
Case	—			—			—			—			—			0.1			—			0.1
Portfolio and IBNR	0.1			0.1			0.8			(0.4		)	—			—			0.2			—
Total loss and loss adjustment expenses (recoveries)	0.1			0.1			0.8			(0.4		)	—			0.1			0.2			0.1
Profit commission expense	0.7			0.4			0.4			2.4			0.1			0.1			1.1			0.2
Acquisition costs	0.2			—			0.2			1.2			0.1			0.1			0.2			0.2
Operating expenses	0.3			0.5			0.3			1.0			0.9			0.5			0.8			1.4
Total expenses	$	1.3		$	1.0		$	1.6		$	4.2		$	1.1		$	0.8		$	2.3		$	1.9

Underwriting gain	$	1.8		$	1.3		$	1.3		$	5.0		$	0.8		$	0.5		$	3.1		$	1.2

Loss and loss adjustment expense ratio (e)	3.3		%	4.3		%	26.5		%	(4.3		)%	0.0		%	7.9		%	3.7		%	3.2		%
Expense ratio (e)	37.8		%	39.1		%	27.5		%	50.3		%	57.9		%	55.1		%	38.3		%	57.5		%
Combined ratio (e)	41.1		%	43.4		%	54.0		%	46.0		%	57.9		%	63.0		%	42.0		%	60.7		%

Risk in force	$	1,374		$	1,398		$	1,374		$	1,116		$	857		$	844		$	1,398		$	844
Risk written	—			—			—			—			—			—			—			—
Unearned premium reserve net of ceded reinsurance	33.5			31.6			30.1			20.8			19.4			18.1			31.6			18.1

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.

Other Segment

(dollars in millions)

														Six Months		Six Months
	1Q-07		2Q-07		3Q-07		4Q-07		1Q-08		2Q-08			2007		2008
Income statement:
Gross written premiums	$	3.3	$	0.1	$	0.1	$	—	$	3.5	$	—		$	3.4	$	3.5
Net written premiums	—		—		—		—		—		—			—		—

Net earned premiums	—		—		—		—		—		—			—		—

Realized gains and other settlements on credit derivatives:
Net credit derivative premiums earned	—		—		—		—		—		—			—		—
Net credit derivative recoveries (losses)	1.3		—		—		—		—		0.4			1.3		0.4
Total realized gains and other settlements on credit derivatives	1.3		—		—		—		—		0.4			1.3		0.4

Total revenues	1.3		—		—		—		—		0.4			1.3		0.4

Loss and loss adjustment expenses (recoveries)	—		—		—		—		—		(1.5		)	—		(1.5		)
Incurred losses on credit derivatives	—		—		—		—		—		—			—		—
Total loss and loss adjustment expenses (recoveries)	—		—		—		—		—		(1.5		)	—		(1.5		)
Profit commission expense	—		—		—		—		—		—			—		—
Acquisition costs	—		—		—		—		—		—			—		—
Operating expenses	—		—		—		—		—		—			—		—
Total expenses	$	—	$	—	$	—	$	—	$	—	$	(1.5	)	$	—	$	(1.5	)

Underwriting gain	$	1.3	$	—	$	—	$	—	$	—	$	1.9		$	1.3	$	1.9

Assured Guaranty Ltd.

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

(dollars in millions)

	As of June 30, 2008
	Financial Guaranty Direct		Financial Guaranty Reinsurance		Mortgage Guaranty		Total Financial Guaranty		Other		Total
Financial Guaranty Insurance Reserves by segment and type:
Case	$	26.2	$	54.9	$	0.1	$	81.1	$	2.6	$	83.7
IBNR	—		—		—		—		6.0		6.0
Portfolio reserves associated with fundamentally sound credits	11.1		35.2		2.8		49.1		—		49.1
Portfolio reserves associated with CMC credits	54.3		11.0		—		65.3		—		65.3
Total financial guaranty insurance loss and LAE reserves	$	91.5	$	101.1	$	2.9	$	195.5	$	8.5	$	204.0

Credit Derivative Reserves by segment and type:
Case	$	7.2	$	—	$	—	$	7.2	$	—	$	7.2
Plus: Credit derivative portfolio reserves associated with fundamentally sound credits	8.1		—		—		8.1		—		8.1
Plus: Credit derivative portfolio reserves associated with CMC credits	2.0		—		—		2.0		—		2.0
Total credit derivative loss and LAE reserves	$	17.3	$	—	$	—	$	17.3	$	—	$	17.3

Total loss and LAE reserves	$	108.8	$	101.1	$	2.9	$	212.8	$	8.5	$	221.3

	As of December 31, 2007
	Financial Guaranty Direct		Financial Guaranty Reinsurance			Mortgage Guaranty			Total Financial Guaranty		Other		Total
Reserves by segment and type:
Case	$	—	$	35.6		$	0.1		$	35.7	$	2.4	$	38.1
IBNR	—		—			—			—		6.4		6.4
Portfolio reserves associated with fundamentally sound credits	17.0		33.0			2.8			52.8		—		52.8
Portfolio reserves associated with CMC credits	16.5		11.7			—			28.2		—		28.2
Total loss and LAE reserves	$	33.5	$	80.3		$	2.9		$	116.7	$	8.8	$	125.6

Credit Derivative Reserves by segment and type:
Case	$	3.2	$	—		$	—		$	3.2	$	—	$	3.2
Plus: Credit derivative portfolio reserves associated with fundamentally sound credits	3.9		—			—			3.9		—		3.9
Plus: Credit derivative portfolio reserves associated with CMC credits	1.2		—			—			1.2		—		1.2
Total credit derivative loss and LAE reserves	$	8.3	$	—		$	—		$	8.3	$	—	$	8.3

Total loss and LAE reserves	$	41.8	$	80.3		$	2.9		$	125.0	$	8.8	$	133.8

Analysis of Net Claims Paid

			2Q-08			2Q-07
Net claims paid (recovered) on financial guaranty and credit derivatives by segment:
Financial Guaranty Direct			$	43.2		$	—
Financial Guaranty Reinsurance			9.6			(1.9		)
Mortgage Guaranty			0.2			—
Total Financial Guaranty			$	53.0		$	(1.9	)

Net earned premiums on financial guaranty and credit derivatives by segment:
Financial Guaranty Direct			$	51.5		$	28.3
Financial Guaranty Reinsurance			30.4			23.7
Mortgage Guaranty			1.3			2.3
Total Financial Guaranty			$	83.2		$	54.2

Ratio of net claims paid (recoevered) by segment:
Financial Guaranty Direct			83.9		%	0.0		%
Financial Guaranty Reinsurance			31.5		%	(8.0		)%
Mortgage Guaranty			15.7		%	0.0		%
Total Financial Guaranty			63.7		%	(3.5		)%

Assured Guaranty Ltd.
Investment Portfolio
As of June 30, 2008
(dollars in millions)

	Amortized Cost		Pre-Tax Book Yield		After-Tax Book Yield		Fair Value		Annualized Investment Income
Fixed maturity securities available for sale:
U.S. Treasury securities and obligations of U.S. government agencies	$	163.3	4.5	%	3.9	%	$	170.3	$	7.3
Agency obligations	154.8		5.0	%	4.8	%	158.7		7.7
Foreign government securities	53.9		4.9	%	3.2	%	53.4		2.7
Obligations of states and political subdivisions	564.8		4.7	%	4.4	%	569.4		26.4
Insured obligations of state and political subdivisions (1)	627.3		4.7	%	4.5	%	634.3		29.7
Corporate securities	308.8		5.8	%	5.0	%	302.1		17.9
Mortgage-backed securities (2):
Pass-throughs	1,116.9		5.6	%	5.2	%	1,101.0		62.5
PACs	61.8		4.9	%	4.6	%	60.0		3.0
Asset-backed securities (3)	96.7		4.9	%	4.3	%	98.0		4.8
Preferred stock	20.2		8.1	%	6.3	%	20.8		1.6
Total fixed maturity securities available for sale	3,168.5		5.2	%	4.7	%	3,168.0		163.7
Short-term investments	537.5		2.3	%	1.9	%	537.5		12.3
Total investments	$	3,706.0	4.7	%	4.3	%	$	3,705.4	$	176.0

	Fair Value		%
Ratings (4):
Treasury and U.S. government obligations	$	170.3	5.4	%
Agency obligations	158.7		5.0	%
AAA/Aaa	1,672.5		52.8	%
AA/Aa	782.2		24.7	%
A/A	384.3		12.1	%
BBB	—		—
Total	$	3,168.0	100.0	%

Duration of investment portfolio (in years):			4.2

(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) $6.0 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 Net Debt Service Amortization		Estimated Ending Net Debt Service Outstanding

Financial Guaranty Direct:

2008 (as of June 30)			$	183,959
2008 (July - December)	$	4,657	179,302
2009	10,628		168,675
2010	14,027		154,648
2011	13,666		140,982
2012	18,479		122,503

2008-2012	61,456		122,503
2013-2017	62,039		60,464
2018-2022	19,353		41,111
2023-2027	12,408		28,703
After 2027	28,703		—
Total	$	183,959

Financial Guaranty Reinsurance:

2008 (as of June 30)			$	173,000
2008 (July - December)	$	4,159	168,841
2009	8,437		160,403
2010	7,711		152,692
2011	8,259		144,434
2012	7,900		136,534

2008-2012	36,466		136,534
2013-2017	36,781		99,753
2018-2022	31,723		68,030
2023-2027	24,884		43,146
After 2027	43,146		—
Total	$	173,000

Total Financial Guaranty:

2008 (as of June 30)			$	356,959
2008 (July - December)	$	8,816	348,143
2009	19,065		329,078
2010	21,738		307,340
2011	21,924		285,416
2012	26,379		259,037

2008-2012	97,922		259,037
2013-2017	98,821		160,216
2018-2022	51,076		109,141
2023-2027	37,291		71,849
After 2027	71,849		—
Total	$	356,959

(1) Represents amortization of existing guaranteed portfolio (principal and interest), assuming no advance refundings, as of June 30, 2008. 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), (2)		Estimated Net Unearned Premium Amortization (2)		Estimated Net Future Installments (2)		Total Estimated Net Future Premium Earnings (2)

Financial Guaranty Direct:

2008 (as of June 30)	$	544.7
2008 (3rd & 4th Qtrs)	503.4		$	41.3	$	68.0	$	109.3
2009	471.5		31.8		168.9		200.8
2010	441.8		29.7		155.0		184.7
2011	413.7		28.1		137.2		165.3
2012	386.6		27.1		112.2		139.3

2008-2012	386.6		158.0		641.3		799.3
2013-2017	272.6		114.0		214.4		328.4
2018-2022	186.7		85.9		51.4		137.3
2023-2027	122.7		64.0		22.5		86.5
After 2027	—		122.7		42.5		165.2
Total			$	544.7	$	972.1	$	1,516.7

Financial Guaranty Reinsurance:

2008 (as of June 30)	$	646.9
2008 (3rd & 4th Qtrs)	613.2		$	33.7	$	27.6	$	61.3
2009	557.3		55.9		51.5		107.4
2010	511.1		46.2		46.6		92.8
2011	468.2		43.0		40.9		83.9
2012	428.4		39.8		32.6		72.4

2008-2012	428.4		218.5		199.3		417.7
2013-2017	265.7		162.7		115.7		278.4
2018-2022	156.0		109.7		87.2		196.9
2023-2027	83.5		72.5		65.1		137.6
After 2027	—		83.5		107.7		191.2
Total			$	646.9	$	575.0	$	1,221.9

Total Financial Guaranty:

2008 (as of June 30)	$	1,191.5
2008 (3rd & 4th Qtrs)	1,116.6		$	74.9	$	95.6	$	170.5
2009	1,028.9		87.7		220.5		308.2
2010	953.0		75.9		201.6		277.5
2011	881.9		71.1		178.1		249.2
2012	815.0		66.9		144.8		211.6

2008-2012	815.0		376.5		840.5		1,217.0
2013-2017	538.3		276.7		330.1		606.9
2018-2022	342.7		195.6		138.6		334.2
2023-2027	206.3		136.5		87.7		224.1
After 2027	—		206.3		150.2		356.4
Total			$	1,191.5	$	1,547.1	$	2,738.6

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

(2) Includes credit derivatives.

Assured Guaranty Ltd.

Financial Guaranty Profile (1 of 6)

As of June 30, 2008

(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	$	5,954	A+	$	19,299	A+	$	25,253	A+
Tax backed	7,488		A	16,939		A+	24,427		A+
Municipal utilities	3,967		A	11,419		A	15,386		A
Healthcare	4,870		A	8,339		A+	13,209		A
Transportation	2,859		A	9,293		A	12,152		A
Higher education	1,793		A-	3,064		A+	4,857		A+
Investor-owned utilities	119		A	2,247		BBB+	2,365		BBB+
Housing	—		—	2,064		A+	2,064		A+
Other public finance	554		A	3,337		A+	3,891		A+
Total U.S. public finance	$	27,602	A	$	76,003	A+	$	103,605	A+

U.S. structured finance
Pooled corporate obligations	$	34,147	AAA	$	1,376	AA+	$	35,523	AAA
Prime mortgage-backed and home equity	11,548		AA-	1,210		BBB-	12,758		AA-
Consumer receivables	4,732		AA+	2,654		A	7,386		AA
Subprime mortgage-backed and home equity	6,690		AA+	302		BBB+	6,992		AA+
Commercial mortgage-backed securities	5,709		AAA	224		A-	5,934		AAA
Commercial receivables	2,334		AA	3,142		A-	5,476		A+
Structured credit	1,660		A-	423		BBB	2,083		BBB+
Insurance securitizations	947		AA-	354		AA	1,301		AA-
Other structured finance	49		AA	453		A-	502		A
Total U.S. structured finance	$	67,816	AA+	$	10,139	A	$	77,955	AA

International
Infrastructure and pooled infrastructure	$	7,150	AA+	$	4,445	BBB+	$	11,596	AA-
Mortgage-backed and home equity	9,854		AAA	275		AA	10,130		AAA
Pooled corporate obligations	8,661		AAA	1,020		AAA	9,681		AAA
Regulated utilities	4,401		A	4,358		BBB+	8,759		A-
Commercial receivables	1,001		A-	907		A-	1,908		A-
Public finance	839		AA	1,018		A	1,857		A+
Future flow	943		BBB	373		A-	1,316		BBB+
Commercial mortgage-backed securities	644		AAA	390		A-	1,034		AA
Insurance securitizations	923		BB	82		A	1,005		BB
Structured credit	—		—	600		A-	600		A-
Consumer receivables	—		—	99		AAA	99		AAA
Other international structured finance	741		AAA	117		BBB+	858		AA+
Total international	$	35,158	AA	$	13,684	A-	$	48,841	AA-

Total net par outstanding	$	130,576	AA	$	99,826	A	$	230,402	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 6)

(dollars in millions)

Historical Net Par Outstanding and Average Rating by Asset Type

	As of June 30,			As of December 31,
	2008			2007			2006
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	$	25,253	A+	$	20,291	A+	$	12,700	A+
Tax backed	24,427		A+	17,799		A+	11,812		A+
Municipal utilities	15,386		A	11,672		A+	9,673		A+
Healthcare	13,209		A	10,372		A	6,580		A
Transportation	12,152		A	9,984		A	6,302		A
Higher education	4,857		A+	3,651		A+	1,282		A
Investor-owned utilities	2,365		BBB+	2,314		BBB+	1,580		BBB+
Housing	2,064		A+	2,041		A+	1,083		AA-
Other public finance	3,891		A+	3,790		A+	1,323		AA-
Total U.S. public finance	$	103,605	A+	$	81,914	A+	$	52,335	A+

U.S. structured finance
Pooled corporate obligations	$	35,523	AAA	$	33,813	AAA	$	25,604	AAA
Prime mortgage-backed and home equity	12,758		AA-	11,238		AA-	4,849		A
Consumer receivables	7,386		AA	6,589		AA	2,663		AA-
Subprime mortgage-backed and home equity	6,992		AA+	7,010		AA+	6,390		AA+
Commercial mortgage-backed securities	5,934		AAA	6,002		AA+	5,430		AAA
Commercial receivables	5,476		A+	5,246		A+	2,450		A-
Structured credit	2,083		BBB+	1,572		A-	1,553		AA+
Insurance securitizations	1,301		AA-	1,158		AA-	794		AA-
Other structured finance	502		A	1,191		AA	1,852		AA
Total U.S. structured finance	$	77,955	AA	$	73,820	AA+	$	51,583	AA+

International
Infrastructure and pooled infrastructure	$	11,596	AA-	$	11,561	AA-	$	8,256	AA-
Mortgage-backed and home equity	10,130		AAA	7,329		AAA	4,982		AAA
Pooled corporate obligations	9,681		AAA	8,459		AAA	3,563		AAA
Regulated utilities	8,759		A-	8,337		A-	4,780		A-
Commercial receivables	1,908		A-	1,913		A-	1,081		A-
Public finance	1,857		A+	1,996		A+	1,202		A+
Future flow	1,316		BBB+	1,113		BBB+	1,008		BBB
Commercial mortgage-backed securities	1,034		AA	1,240		AA+	1,087		AAA
Insurance securitizations	1,005		BB	857		BBB-	923		A-
Structured credit	600		A-	592		A-	593		A
Consumer receivables	99		AAA	357		AA+	114		BBB+
Other international structured finance	858		AA+	794		AA+	788		AA+
Total international	$	48,841	AA-	$	44,546	AA-	$	28,378	AA-

Total exposures	$	230,402	AA-	$	200,279	AA-	$	132,296	AA-

Mortgage guaranty risk in force	$	844	N/A	$	1,116	N/A	$	1,822	N/A

Distribution by ratings of financial guaranty portfolio

	June 30, 2008				December 31, 2007				December 31, 2006
Ratings (1):	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	44,522	19.3	%	$	36,359	18.2	%	$	16,228	12.3	%
AAA	40,340		17.5	%	47,333		23.6	%	40,826		30.9	%
AA	47,285		20.5	%	38,434		19.2	%	22,983		17.4	%
A	63,170		27.4	%	49,177		24.6	%	32,822		24.9	%
BBB	31,026		13.5	%	26,862		13.4	%	18,182		13.7	%
Below investment grade	4,060		1.8	%	2,114		1.1	%	1,255		0.9	%
Total exposures	$	230,402	100.0	%	$	200,279	100.0	%	$	132,296	100.0	%

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 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-08			2Q-08			2Q-08
U.S. public finance
Tax backed	$	3,397	A+	$	244	A	$	3,641	A+
General obligation	2,536		A+	509		AA-	3,045		A+
Municipal utilities	2,310		A	348		A-	2,658		A
Transportation	1,774		A	260		A+	2,034		A
Healthcare	1,773		A	88		A	1,861		A
Higher education	840		A	32		A+	872		A
Investor-owned utilities	—		—	12		A-	12		A-
Housing	—		—	—		—	—		—
Other public finance	540		A	—		—	540		A
Total U.S. public finance	$	13,170	A	$	1,492	A	$	14,662	A

U.S. structured finance
Pooled corporate obligations	$	1,227	AAA	$	2	AAA	$	1,228	AAA
Prime mortgage-backed and home equity	917		AAA	—		—	917		AAA
Commercial receivables	373		A	17		BBB	389		A
Consumer receivables	—		—	225		A-	225		A-
Subprime mortgage-backed and home equity	—		—	39		A	39		A
Commercial mortgage-backed securities	—		—	—		—	—		—
Insurance securitization	—		—	—		—	—		—
Structured credit	—		—	—		—	—		—
Other structured finance	—		—	0		BBB-	0		BBB-
Total U.S. structured finance	$	2,516	AA+	$	283	A-	$	2,799	AA+

International
Pooled corporate obligations	$	338	AAA	$	—	—	$	338	AAA
Mortgage-backed and home equity	157		AAA	0		AAA	158		AAA
Regulated utilities	—		—	67		A	67		A
Structured credit	—		—	24		A	24		A
Infrastructure and pooled infrastructure	—		—	20		BBB-	20		BBB-
Commercial receivables	—		—	0		AA	0		AA
Commercial mortgage-backed securities	—		—	—		—	—		—
Consumer receivables	—		—	—		—	—		—
Future flow	—		—	—		—	—		—
Insurance securitizations	—		—	—		—	—		—
Public finance	—		—	—		—	—		—
Other international structured finance	—		—	20		BBB-	20		BBB-
Total international	$	495	AAA	$	131	A-	$	626	AA+

Total gross par written	$	16,181	A+	$	1,906	A	$	18,088	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 2008			Six Months 2008			Six Months 2008
U.S. public finance
Tax backed	$	5,497	A+	$	843	AA-	$	6,340	A+
General obligation	3,887		A+	1,755		A+	5,642		A+
Municipal utilities	3,762		A	399		A-	4,162		A
Healthcare	2,924		A	361		A	3,285		A
Transportation	2,452		A	512		A+	2,964		A
Higher education	1,222		A	49		AA-	1,271		A
Investor-owned utilities	80		BBB+	22		A-	102		BBB+
Housing	—		—	54		AA	54		AA
Other public finance	559		A	—		—	559		A
Total U.S. public finance	$	20,383	A	$	3,996	A+	$	24,379	A

U.S. structured finance
Prime mortgage-backed and home equity	$	3,034	AAA	$	102	A+	$	3,135	AAA
Pooled corporate obligations	2,659		AAA	130		AA+	2,789		AAA
Consumer receivables	1,475		AAA	314		A-	1,789		AA+
Structured credit	600		BBB+	—		—	600		BBB+
Commercial receivables	373		A	17		BBB	389		A
Subprime mortgage-backed and home equity	—		—	54		A+	54		A+
Commercial mortgage-backed Securities	—		—	—		—	—		—
Insurance securitization	—		—	—		—	—		—
Other structured finance	—		—	34		AA	34		AA
Total U.S. structured finance	$	8,140	AA+	$	650	A+	$	8,790	AA+

International
Mortgage-backed and home equity	$	3,096	AAA	$	14	AAA	$	3,110	AAA
Pooled corporate obligations	618		AAA	38		AAA	656		AAA
Regulated utilities	450		A+	86		A	536		A+
Future flow	250		BBB+	—		—	250		BBB+
Infrastructure and pooled infrastructure	—		—	162		A+	162		A+
Consumer receivables	—		—	152		AAA	152		AAA
Structured credit	—		—	24		A	24		A
Commercial receivables	—		—	6		AA	6		AA
Commercial mortgage-backed Securities	—		—	—		—	—		—
Insurance securitizations	—		—	—		—	—		—
Public finance	—		—	—		—	—		—
Other international structured finance	—		—	20		BBB-	20		BBB-
Total international	$	4,413	AA+	$	501	AA-	$	4,914	AA+

Total gross par written	$	32,936	AA-	$	5,147	A+	$	38,083	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 6)

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio

	As of June 30, 2008
	Financial Guaranty Direct				Financial Guaranty Reinsurance				Consolidated
Ratings (1):	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
Super senior	$	44,493	34.1	%	$	29	0.0	%	$	44,522	19.3	%
AAA	34,986		26.8	%	5,354		5.4	%	40,340		17.5	%
AA	14,167		10.8	%	33,117		33.2	%	47,285		20.5	%
A	22,978		17.6	%	40,192		40.3	%	63,170		27.4	%
BBB	11,256		8.6	%	19,770		19.8	%	31,026		13.5	%
Below investment grade	2,697		2.1	%	1,363		1.4	%	4,060		1.8	%
Total exposures	$	130,576	100.0	%	$	99,826	100.0	%	$	230,402	100.0	%

	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 June 30, 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	$	—	—		$	28,997	37.2	%	$	15,524	31.8	%	$	44,522	19.3	%
AAA	1,618		1.6	%	26,947		34.6	%	11,774		24.1	%	40,340		17.5	%
AA	37,091		35.8	%	6,912		8.9	%	3,282		6.7	%	47,285		20.5	%
A	50,436		48.7	%	6,149		7.9	%	6,584		13.5	%	63,170		27.4	%
BBB	13,679		13.2	%	6,681		8.6	%	10,666		21.8	%	31,026		13.5	%
Below investment grade	780		0.8	%	2,268		2.9	%	1,011		2.1	%	4,060		1.8	%
Total exposures	$	103,605	100.0	%	$	77,955	100.0	%	$	48,841	100.0	%	$	230,402	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		24.6	%
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	99.9	%

Assured Guaranty Ltd.

Pooled Corporate Profile

(dollars in millions)

Distribution by Ratings of Direct Pooled Corporate Obligations as of June 30, 2008

Ratings (1):	Net Par Outstanding		%		Avg. Initial Credit Enhancement (2)		Avg. Current Enhancement (2)
AAA	$	38,012	88.8	%	37.7	%	36.2	%
AA	3,907		9.1	%	34.4	%	32.2	%
A	635		1.5	%	46.5	%	41.1	%
BBB	253		0.6	%	48.2	%	39.7	%
Below investment grade	—		—		—		—
Total exposures	$	42,808	100.0	%	37.6	%	36.0	%

Distribution of Direct Pooled Corporate Obligations by Year Insured as of June 30, 2008

Year insured:	Net Par Outstanding		%		Avg. Initial Credit Enhancement (2)		Avg. Current Enhancement (2)
2004 and prior	$	2,069	4.8	%	33.9	%	33.9	%
2005	7,499		17.5	%	36.9	%	34.7	%
2006	13,213		30.9	%	37.7	%	35.0	%
2007	16,765		39.2	%	38.3	%	37.2	%
2008 YTD	3,262		7.6	%	37.5	%	37.6	%
	$	42,808	100.0	%	37.6	%	36.0	%

Distribution of Direct Pooled Corporate Obligations by Asset Class as of June 30, 2008

Asset class:	Net Par Outstanding		%		Average Rating (1)	Avg. Initial Credit Enhancement (2)		Avg. Current Enhancement (2)
High yield corporates	$	27,314	63.8	%	AAA	35.4	%	33.6	%
Trust preferred - banks and insurance	3,907		9.1	%	AAA	47.2	%	45.9	%
Trust preferred - US mortgage and REITs	2,571		6.0	%	AA	50.0	%	45.7	%
Trust preferred - European mortgage and REITs	1,309		3.1	%	AAA	36.6	%	36.8	%
Market value CDOs of corporates	4,245		9.9	%	AAA	38.6	%	36.8	%
Investment grade corporates	2,337		5.5	%	AAA	28.7	%	29.6	%
Commercial real estate	755		1.8	%	AAA	49.0	%	48.9	%
CDO of CDOs (corporate)	370		0.9	%	AAA	34.6	%	35.3	%
	$	42,808	100.0	%	AAA	37.6	%	36.0	%

(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 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.

Residential Mortgage-Backed Securities Profile (1 of 6)

(dollars in millions)

Distribution by Ratings(1) of Residential Mortgage-Backed Securities by Category as of June 30, 2008

	June 30, 2008
	US				International				Total Net Par
Ratings (1):	Prime		Subprime		Prime		Subprime		Outstanding		% of Total
Super senior	$	5,554	$	3,370	$	2,826	$	—	$	11,750	39.3	%
AAA	2,499		2,372		7,009		15		11,895		39.8	%
AA	366		581		154		2		1,103		3.7	%
A	1,338		203		110		—		1,651		5.5	%
BBB	978		276		14		—		1,267		4.2	%
Below investment grade	2,023		190		—		—		2,213		7.4	%
Total exposures	$	12,758	$	6,992	$	10,113	$	17	$	29,879	100.0	%

Distribution of Residential Mortgage-Backed Securities by Category and by Year Insured as of June 30, 2008

	US				International				Total Net Par
Year insured:	Prime		Subprime		Prime		Subprime		Outstanding		% of Total
2004 and prior	$	616	$	648	$	463	$	14	1,741		5.8	%
2005	1,543		101		1,245		0		2,889		9.7	%
2006	699		4,558		2,383		—		7,639		25.6	%
2007	7,129		1,649		2,830		2		11,610		38.9	%
2008 YTD	2,771		37		3,192		—		6,000		20.1	%
	$	12,758	$	6,992	$	10,113	$	17	$	29,879	100.0	%

Distribution of U.S. Residential Mortgage-Backed Securities by Rating(1) as of June 30, 2008

	Direct Net Par				Reinsurance Net Par				Total Net Par
Ratings (1):	Outstanding		%		Outstanding		%		Outstanding		%
Super senior	$	8,915	48.9	%	$	9	0.6	%	$	8,924	45.2	%
AAA	4,508		24.7	%	363		24.0	%	4,871		24.7	%
AA	844		4.6	%	103		6.8	%	947		4.8	%
A	1,371		7.5	%	170		11.3	%	1,541		7.8	%
BBB	915		5.0	%	338		22.4	%	1,254		6.3	%
Below investment grade	1,685		9.2	%	528		34.9	%	2,213		11.2	%
	$	18,238	100.0	%	$	1,512	100.0	%	$	19,750	100.0	%

Assured Guaranty Ltd.

Residential Mortgage-Backed Securities Profile (2 of 6)

(dollars in millions)

Distribution of Consolidated U.S. Residential Mortgage-Backed Securities by Rating(1) as of June 30, 2008

Ratings (1):	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
Super senior	$	696	$	48	$	—	$	4,809	$	3,370	$	8,924
AAA	494		67		17		1,922		2,372		4,871
AA	92		258		14		2		581		947
A	145		—		15		1,178		203		1,541
BBB	738		6		210		23		276		1,254
Below investment grade	0		105		1,818		99		190		2,213
Total exposures	$	2,164	$	485	$	2,075	$	8,034	$	6,992	$	19,750

Distribution of Consolidated U.S. Residential Mortgage-Backed Securities by Year Issued as of June 30, 2008

Year issued:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
2004 and prior	$	303	$	—	$	214	$	158	$	638	$	1,313
2005	226		—		837		557		3,747		5,367
2006	498		6		204		634		1,921		3,263
2007	1,137		478		820		6,685		667		9,788
2008 YTD	—		—		—		—		19		19
	$	2,164	$	485	$	2,075	$	8,034	$	6,992	$	19,750

Assured Guaranty Ltd.

Residential Mortgage-Backed Securities Profile (3 of 6)

(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 June 30, 2008

Year	Super			AAA			AA			A			BBB			BIG
Issued	Senior			Rated			Rated			Rated			Rated			Rated			Total
2004 and prior	$	17		$	436		$	6		$	—		$	178		$	54		$	691
2005	2,082			2,213			180			—			—			706			5,181
2006	1,387			404			400			150			444			118			2,903
2007	5,429			1,455			257			1,221			293			807			9,462
2008 YTD	—			—			—			—			—			—			—
	$	8,915		$	4,508		$	844		$	1,371		$	915		$	1,685		$	18,238

% of total	48.9		%	24.7		%	4.6		%	7.5		%	5.0		%	9.2		%	100.0		%

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities by Rating(1) as of June 30, 2008

Ratings (1):	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
Super senior	$	696	$	48	$	—	$	4,800	$	3,370	$	8,915
AAA	338		64		—		1,873		2,233		4,508
AA	—		257		6		—		580		844
A	—		—		—		1,177		194		1,371
BBB	662		—		19		—		234		915
Below investment grade	—		97		1,416		93		79		1,685
Total exposures	$	1,697	$	466	$	1,441	$	7,944	$	6,690	$	18,238

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities by Rating(1) as of June 30, 2008

Ratings (1):	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien
Super senior	41.0	%	10.3	%	—		60.4	%	50.4	%
AAA	19.9	%	13.6	%	—		23.6	%	33.4	%
AA	—		55.2	%	0.4	%	—		8.7	%
A	—		—		—		14.8	%	2.9	%
BBB	39.0	%	—		1.3	%	—		3.5	%
Below investment grade	—		20.8	%	98.2	%	1.2	%	1.2	%
Total exposures	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities by Year Insured as of June 30, 2008

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	$	—	$	—	$	25	$	133	$	516	$	675
2005	194		—		706		439		88		1,428
2006	369		—		—		54		4,535		4,958
2007	1,134		466		710		4,547		1,550		8,406
2008 YTD	—		—		—		2,771		—		2,771
	$	1,697	$	466	$	1,441	$	7,944	$	6,690	$	18,238

Distribution of Financial Guaranty Direct U.S. Residential Mortgage-Backed Securities by Year Issued as of June 30, 2008

Year issued:	Prime First Lien		Prime Closed End Seconds		Prime HELOC		Alt-A First Lien		Subprime First Lien		Total Net Par Outstanding
2004 and prior	$	—	$	—	$	25	$	150	$	516	$	691
2005	194		—		706		557		3,723		5,181
2006	369		—		—		634		1,900		2,903
2007	1,134		466		710		6,603		550		9,462
2008 YTD	—		—		—		—		—		—
	$	1,697	$	466	$	1,441	$	7,944	$	6,690	$	18,238

Assured Guaranty Ltd.

Residential Mortgage-Backed Securities Profile (6 of 6)

(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 Delinquincies as of June 30, 2008 (1)

U.S. Prime First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)
2005	$	194	77.8	%	3.3	%	0.03	%	1.4	%
2006	369		73.2	%	4.2	%	0.0	%	2.9	%
2007	1,134		91.2	%	9.2	%	0.0	%	1.7	%
2008	—		N/A		N/A		N/A		N/A
	$	1,697	85.8	%	7.5	%	0.004	%	1.9	%

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	466		82.9	%	32.9	%	10.6	%	12.8	%
2008	—		N/A		N/A		N/A		N/A
	$	466	82.9	%	32.9	%	10.6	%	12.8	%

U.S. Prime HELOC

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)
2005	$	706	39.1	%	0.6	%	6.3	%	12.9	%
2006	—		N/A		N/A		N/A		N/A
2007	710		79.7	%	0.0	%	6.2	%	8.2	%
2008	—		N/A		N/A		N/A		N/A
	$	1,416	59.4	%	0.3	%	6.2	%	10.5	%

U.S. Alt-A First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)
2005	$	557	57.6	%	13.4	%	0.3	%	8.2	%
2006	634		75.1	%	31.6	%	0.4	%	18.6	%
2007	6,603		83.5	%	20.5	%	0.2	%	11.1	%
2008	—		N/A		N/A		N/A		N/A
	$	7,794	81.0	%	20.9	%	0.2	%	11.5	%

U.S. Subprime First Lien

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)
2005	$	3,723	39.3	%	59.9	%	3.2	%	40.9	%
2006	1,900		57.4	%	41.3	%	3.8	%	39.0	%
2007	550		63.1	%	41.5	%	4.0	%	40.0	%
2008	—		N/A		N/A		N/A		N/A
	$	6,174	47.0	%	52.5	%	3.4	%	40.2	%

U.S. CMBS

Year issued:	Net Par Outstanding		Pool Factor(2)		Subordination (3)		Cumulative Losses (4)		60+ Day Delinquencies (5)
2005	$	3,429	97.2	%	28.8	%	0.0	%	0.1	%
2006	1,418		98.6	%	30.5	%	0.0	%	0.1	%
2007	554		92.9	%	19.2	%	0.0	%	0.9	%
2008	—		N/A		N/A		N/A		N/A
	$	5,401	97.2	%	28.3	%	0.0	%	0.1	%

(1) For this release, net par outstanding is based on values as of June 2008. Pool factor, subordination, cumulative losses and delinquency data is based on June 2008 information obtained from Intex, Bloomberg, and/or provided by the trustee 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 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 also includes all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Assured Guaranty Ltd.

Credit Derivative Exposure Profile

(dollars in millions)

Financial Guaranty Direct Distribution of Credit Derivative Exposure by Rating

	June 30, 2008				December 31, 2007
	Net Par				Net Par
Ratings (1):	Outstanding		%		Outstanding		%
Super senior	$	40,880	53.0	%	$	34,328	49.1	%
AAA	29,144		37.8	%	33,318		47.6	%
AA	4,567		5.9	%	1,796		2.6	%
A	1,732		2.2	%	101		0.1	%
BBB	765		1.0	%	368		0.5	%
Below investment grade	100		0.1	%	26		—
Total exposures	$	77,186	100.0	%	$	69,936	100.0	%

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

	June 30, 2008			December 31, 2007
Sector:	Net Par Outstanding		Average Rating (1)	Net Par Outstanding		Average Rating (1)
U.S. public finance
General obligation	$	429	AAA	$	431	AAA
Tax backed	69		BBB+	70		AAA
Investor-owned utilities	39		AAA	39		AAA
Municipal utilities	26		AAA	26		AAA
Total U.S. public finance	$	562	AA+	$	565	AAA

U.S. structured finance
Pooled corporate obligations	$	29,396	AAA	$	28,229	AAA
Prime mortgage-backed and home equity	7,412		AAA	4,901		AAA
Subprime mortgage-backed and home equity	5,759		AA+	5,843		AAA
Commercial mortgage-backed securities	5,381		AAA	5,391		AAA
Commercial receivables	1,625		AA+	1,584		AAA
Consumer receivables	645		AAA	695		AA+
Structured credit	352		AA+	346		AAA
Insurance securitizations	100		AA	108		AAA
Other structured finance	49		AA	643		AAA
Total U.S. structured finance	$	50,719	AAA	$	47,740	AAA

International
Mortgage-backed and home equity	$	9,086	AAA	$	6,032	AAA
Pooled corporate obligations	8,056		AAA	6,984		AAA
Infrastructure and pooled Infrastructure	6,390		AAA	6,404		AAA
Regulated utilities	786		AA-	462		AAA
Commercial mortgage-backed securities	644		AAA	832		AAA
Future flow	153		A-	173		A+
Insurance securitizations	41		BB	41		BBB-
Public finance	8		AAA	9		AAA
Other international structured finance	741		AAA	695		AAA
Total international	$	25,905	AAA	$	21,631	AAA

Total exposures	$	77,186	AAA	$	69,936	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.

Unrealized Gains (Losses) on Credit Derivatives

The components of the Company’s unrealized gain (loss) on credit derivatives as of June 30, 2008 are:

Asset Type	Par Outstanding (in Billions)		Weighted Average Credit Rating	2Q-08 Unrealized Gain (Loss) (in millions)			Year-to-date Unrealized Gain (Loss) (in millions)
Corporate collateralized loan obligations	$	27.4	AAA	$	391.0		$	297.6
Market value CDOs	3.5		AAA	46.0			45.9
Trust Preferred securities	6.6		AAA	70.3			58.9
Total pooled corporate obligations	37.5		AAA	507.3			402.4
Commercial mortgage-backed securities	6.0		AAA	110.0			79.5
Residential mortgage-backed securities	22.3		AAA	212.5			160.5
Other(4)	11.5		AA-	(121.1		)	(173.5		)
Total	$	77.2	AAA	$	708.7		$	468.9
Re-Insurance Exposures written in CDS form	3.3		AAA	(0.2		)	(20.0		)
Grand Total	$	80.5	AAA	$	708.5		$	448.9

The following table presents additional details about the Company’s unrealized gain on credit derivatives associated with collateralized loan obligations, market value CDOs and trust preferred securities by asset type as of June 30, 2008 (1):

Asset Type	Original Subordination		Current Subordination		Par Outstanding (in Billions)		Weighted Average Credit Rating	2Q-08 Unrealized Gain (Loss) (in millions)		Year-to-date Unrealized Gain (Loss) (in millions)
High yield corporates	36.3	%	34.3	%	$	24.0	AAA	$	363.9	$	283.4
Trust Preferred	45.9	%	43.7	%	6.6		AAA	70.3		58.9
Market value CDOs of corporates	41.4	%	39.1	%	3.5		AAA	46.0		45.9
Investment grade corporates	28.7	%	29.6	%	2.3		AAA	16.9		6.9
Commercial real estate	49.0	%	48.9	%	0.8		AAA	9.5		7.4
CDO of CDOs (corporate)	34.6	%	35.3	%	0.4		AAA	0.6		(0.1		)
Total	38.2	%	36.4	%	$	37.5	AAA	$	507.3	$	402.4

The following table presents additional details about the Company’s unrealized gain on credit derivatives associated with commercial mortgage-backed securities by year issued as of June 30, 2008 (2):

Year Issued	Original Subordination		Current Subordination		Par Outstanding (in Billions)		Weighted Average Credit Rating	2Q-08 Unrealized Gain (Loss) (in millions)		Year-to-date Unrealized Gain (Loss) (in millions)
2004 and Prior	20.6	%	28.5	%	$	0.3	AAA	$	5.9	$	5.8
2005	27.8	%	28.8	%	3.4		AAA	65.8		50.6
2006	27.0	%	27.5	%	2.0		AAA	33.4		20.7
2007	35.8	%	35.9	%	0.2		AAA	4.9		2.4
2008	—		—		—		—	—		—
Total	27.4	%	28.6	%	$	6.0	AAA	$	110.0	$	79.5

The following tables present additional details about the Company’s unrealized gain on credit derivatives associated with residential mortgage-backed securities by year issued and asset type as of June 30, 2008 (3):

Year Issued	Original Subordination		Current Subordination		Par Outstanding (in Billions)		Weighted Average Credit Rating	2Q-08 Unrealized Gain (Loss) (in millions)		Year-to-date Unrealized Gain (Loss) (in millions)
2004 and Prior	5.2	%	11.3	%	$	0.5	AA-	$	7.1	$	(6.4	)
2005	23.9	%	46.7	%	5.4		AAA	64.3		78.7
2006	15.8	%	22.5	%	6.5		AAA	131.2		143.9
2007	16.1	%	18.0	%	9.8		AAA	9.9		(55.8		)
2008	—		—		—		—	—		—
Total	17.6	%	26.1	%	$	22.3	AAA	$	212.5	$	160.5

Asset Type	Original Subordination		Current Subordination		Par Outstanding (in Billions)		Weighted Average Credit Rating	2Q-08 Unrealized Gain (Loss) (in millions)			Year-to-date Unrealized Gain (Loss) (in millions)
Alt-A Loans - RMBS	20.3	%	23.6	%	$	6.7	AAA	$	(26.9	)	$	(67.4	)
Prime First Lien RMBS	10.4	%	12.2	%	9.8		AAA	64.1			25.2
Subprime RMBS	26.8	%	52.4	%	5.8		AA+	175.3			202.7
Total	17.6	%	26.1	%	$	22.3	AAA	$	212.5		$	160.5

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

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

(3) 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.

(4) Other includes all other U.S. and international asset classes, such as commercial receivables, and international infrastructure and pooled infrastructure securities. The unrealized loss in other is primarily attributable to a change in the call date assumption for a particular wrapped UK utility transaction and a ratings downgrade on a film securitization transaction. Other also includes management’s estimate of credit related impairments for the Company’s credit derivative exposures.

Assured Guaranty Ltd.

CDOs of ABS Profile

(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 June 30, 2008
Year	Legal					RMBS		Comm.		CDOs of Investment				Total		U.S.				Original AAA		Original Sub- ordination		Current Sub- ordination
Insured	Final Maturity(2)	Net Par Outstanding		ABS		(Includes Subprime)		MBS (CMBS)(3)		Grade Corporate		CDOs of ABS		Collateral Pool		Subprime RMBS		S&P	Moody’s	Sub- ordination		Below Assured		Below Assured

CDOs of Mezzanine ABS(3):
2001	2017	$	113.6	0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	25.1	%	25.1	%	30.3	%
2001	2016	59.8		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	28.1	%	28.1	%	40.1	%
2002	2017	124.9		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	24.6	%	24.6	%	34.9	%
2002	2017	107.1		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	22.1	%	22.1	%	28.6	%
2002	2017	88.7		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	35.0	%	35.0	%	48.0	%
2002	2017	71.2		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	24.0	%	24.0	%	32.2	%
2003	2018	124.1		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	20.0	%	20.0	%	25.1	%
2003	2038	75.7		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	23.0	%	38.0	%	47.6	%
2003	2018	49.9		0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	63.0	%	63.0	%	66.3	%
	Subtotal:	$	815.0	0	%	0	%	100	%	0	%	0	%	100	%	0	%	AAA	Aaa	27.2	%	28.6	%	36.6	%

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

CDOs of Pooled AAA ABS(5):
2003	2010	741.1		35	%	34	%	26	%	5	%	0	%	100	%	0	%	AAA	Aaa	0.0	%	12.5	%	12.5	%
	Subtotal:	$	741.1	35	%	34	%	26	%	5	%	0	%	100	%	0	%	AAA	Aaa	0.0	%	12.5	%	12.5	%

Total:		$	1,556.0	17	%	16	%	65	%	2	%	0	%	100	%	0	%	AAA	Aaa	14.2	%	20.9	%	25.1	%

(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 June 30, 2008, as follows: 18% AAA, 7% AA, 12% A, 45% 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 June 30, 2008: 100% AAA.

Assured Guaranty Ltd.

Non-Investment Grade Exposures

As of June 30, 2008

(dollars in millions)

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

U.S. public finance
Municipal utilities	27.0	$	571	CCC
Healthcare	16.2	112		BB-
Tax backed	16.0	43		BB
General obligation	9.1	25		BB
Transportation	15.3	24		C
Housing	13.9	4		B
Higher education	12.4	1		BB+
Investor-owned utilities	9.0	0		BB
Total U.S. public finance	23.8	$	780	CCC+

U.S. structured finance
Prime mortgage-backed and home equity	7.0	$	2,023	B
Subprime mortgage-backed and home equity	10.1	190		B
Commercial receivables	12.5	20		B
Pooled corporate obligations	2.6	18		B-
Other structured finance	16.5	17		B
Total U.S. structured finance	7.3	$	2,268	B

International
Insurance securitizations	12.3	$	923	BB
Infrastructure and pooled infrastructure	10.1	88		B
Total international	12.1	$	1,011	BB

Total non-investment grade exposures	11.7	$	4,060	B

Top Ten Non-Investment Grade Exposures as of June 30, 2008

Name or Description	Segment	Weighted Average Remaining Life	Net Par Outstanding		Average Rating (1)
CWHEQ Revolving Home Equity Loan Trust 2007-D	Direct	6.4	$	679	BB
Countrywide Home Equity Loan Trust 2005-J Class 1 & 2	Direct	5.4	608		B
Jefferson County Alabama Sewer (2)	Reinsurance	27.3	560		CCC
Ballantyne Re PLC Class A-2 Floating Rate Notes	Direct	13.8	500		BB
Orkney Re II, PLC	Direct	10.6	423		BB
SACO I Trust 2005-GP1	Direct	2.8	98		CCC
American Home Mortgage Assets Trust 2007-3	Direct	2.8	97		CCC
Morgan Stanley Mortgage Loan Trust 2006-5AR	Direct	5.1	93		BB
Trover Clinic Foundation	Direct	18.9	77		BB
Domestic Residential Mortgage-backed HELOC transaction	Reinsurance	6.0	73		CCC
Total		11.6	$	3,209	B+

(2) $103 million of this exposure was recaptured after the commutation of the reinsurance contract as of July 25, 2008.

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)

	June 30, 2008
Description:	Net Par Outstanding		%		Number of Credits in Category
Fundamentally sound risk	$	226,254	98.2	%

Closely monitored credits:
Category 1	1,460		0.6	%	32
Category 2	1,972		0.9	%	18
Category 3	661		0.3	%	41
Category 4	20		—		16
CMC Total	4,114		1.8	%	107

Other below investment grade risk	34		—		52
Total	$	230,402	100.0	%

	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	%

(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 June 30, 2008

(dollars in millions)

25 Largest U.S. Public Finance Exposures

	Net Par
Credit Name:	Outstanding		Rating(1)
State of California General Obligation & Leases	$	1,568	A+
State of New Jersey General Obligation & Leases	1,183		AA-
New York City General Obligation & Leases	1,099		A+
City of Chicago General Obligation & Leases	996		AA-
Los Angeles Unified School District	906		AA
State of New York General Obligation & Leases	857		A+
San Francisco Airport Commission	847		A
State of Washington General Obligation	836		AA
Denver International Airport System	795		BBB-
Commonwealth of Puerto Rico General Obligation & Leases	794		BBB-
Commonwealth of Massachusetts General Obligation & Bay Transportation	793		A
Miami-Dade County Florida Aviation Authority	769		A
Florida State General Obligation	680		AA
Port Authority of New York & New Jersey	651		AA-
Metropolitan Transportation Authority (New York) - Transportation Revenue	651		A
District of Columbia General Obligation	635		A
Puerto Rico Highway & Transportation Authority	628		BBB
Michigan State General Obligation	626		AA+
Hawaii State General Obligation	621		AA-
Long Island Power Authority	609		A-
Pennsylvania State Turnpike Commission	608		A+
New York City Municipal Water Finance Authority	586		AA
Jefferson County, Alabama Sewer Enterprise	560		CCC
Miami-Dade County School Board	548		A
Chicago Public Building Commission - Chicago Board of Education	533		A
Total top 25 U.S. public finance exposures	$	19,380

10 Largest Healthcare Exposures

	Net Par
Credit Name:	Outstanding		Rating(1)	State
Iowa Health System	$	418	AA-	IA
Methodist Health System	305		A-	TN
Essentia Health	262		A-	MN
Integris Health, Inc.	258		AA	OK
Catholic Healthcare West	235		A	CA
Children’s Memorial Hospital	215		A-	IL
Meridian Health System Obligated Group	213		A-	NJ
Hackensack Medical Center	207		A-	NJ
Lifebridge Health	207		A	MD
Centracare Health System	196		A	MN
Total top 10 healthcare exposures	$	2,514

Assured Guaranty Ltd.

Largest Exposures by Sector (Part 2 of 4)

As of June 30, 2008

(dollars in millions)

50 Largest U.S. Structured Finance Exposures

	Net Par			Credit
Credit Name:	Outstanding		Rating(1)	Enhancement
Deutsche Alt-A Securities Mortgage Loan 2007-2	$	1,071	AAA	10.54%
Discover Card Master Trust I Series A	1,000		AAA / Super senior	57.50%
Private - CDO	998		AAA	33.17%
Field Point III & IV, Limited	810		AA-	31.44%
Prospect Funding I LLC	775		AAA	33.72%
Goldentree Credit Opportunities Financing I	764		AAA	50.36%
Ares Enhanced Credit Opportunities Fund	750		AAA	45.12%
Private - CDO	716		AAA	20.97%
Chrysler Retail Auto Loan Receivables Class-A	704		A	8.82%
MortgageIt Securities Corp. Mortgage Loan 2007-2	696		AAA / Super senior	11.14%
CWHEQ Revolving Home Equity Loan Trust 2007-D	679		BB	0.00%
Field Point I & II, Limited	672		AA-	29.74%
Private RMBS Re-Remic	668		AAA / Super senior	26.69%
Private - CDO	660		AAA	40.50%
Applebee’s Enterprises LLC	645		BBB-	36.36%
Private RMBS Re-Remic	623		AAA / Super senior	27.57%
Sandelman Finance 2006-1 Limited	623		AA	34.40%
Citibank Omni Master Trust	614		AAA / Super senior	30.0%/34.0%
Countrywide Home Equity Loan Trust 2005-J Class 1 & 2	608		B	0.00%
Private RMBS Re-Remic	607		AAA / Super senior	27.09%
Private RMBS Re-Remic	604		AAA / Super senior	28.19%
Private Structured Credit	600		BBB+	Private
Private - CDO	551		AAA / Super senior	42.26%
Chrysler Retail Auto Loan Receivables Class A	550		AAA	8.82%
Deutsche Alt-A Securities Mortgage Loan 2007-3	535		AAA / Super senior	16.39%
Liberty CLO Ltd	530		AAA / Super senior	39.20%
Aaa Trust 2007-2	506		AAA / Super senior	43.70%
Private RMBS Transaction	497		A-	13.94%
LIICA Holdings, LLC	495		AA	10.26%
Private RMBS Re-Remic	486		AAA / Super senior	23.40%
Private - CDO	486		AAA	46.57%
Impac CMB Trust Series 2007-A	451		A+	8.92%
SLM Private Credit Student Loan Trust 2007	450		AAA	10.37%
Synthetic CDO - IG Corporate	438		AAA / Super senior	30.00%
Synthetic CDO - IG Corporate	438		AAA / Super senior	30.00%
Synthetic CDO - IG Corporate	438		AAA / Super senior	30.00%
McDonnell Loan Opportunity Fund II	400		AAA	20.78%
Private RMBS Re-Remic	400		AAA / Super senior	35.79%
SLM Student Loan Trust 2007	392		AAA	3.00%
Wasatch CLO, Ltd.	389		AAA	23.10%
Daimler Chrysler 2007-A Lease Trust	387		AAA	n/a
Newstar Credit Opportunities Funding II	380		AA	20.75%
Southfork CLO Ltd. Series 2005-A1 Class A1G	380		AAA / Super senior	31.28%
Cent CDO XI Limited	373		AAA	22.61%
SLM Private Credit Student Loan Trust 2006	356		AAA	10.23%
ACS 2007-1 Pass Through Trust G-1	355		A	39.40%
Private - CDO	338		AAA / Super senior	42.08%
Synthetic CDO - IG Corporate	335		AAA / Super senior	30.00%
United Commercial Mortgage Securities 2007-1	328		A	7.66%
Comstock Funding Ltd	326		AAA	28.21%
Total top 50 U.S. structured finance exposures	$	27,876

Assured Guaranty Ltd.

Consolidated Capital and Claims Paying Resources

(dollars in millions)

	As of June 30, 2008						As of December 31, 2007
	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)	$	512	$	741	$	1,253	$	302	$	629	$	931
Contingency reserve	651		—		651		582		—		582
Policyholders’ surplus	459		1,266		1,725		400		1,097		1,497
Loss & loss adjustment expense reserves (3)	40		22		62		12		18		30
Total policyholders’ surplus and reserves	$	1,662	$	2,029	$	3,691	$	1,296	$	1,744	$	3,040

Claims paying resources
Policyholders’ surplus	$	459	$	1,266	$	1,725	$	400	$	1,097	$	1,497
Contingency reserve	651		—		651		582		—		582
Qualified statutory capital	1,110		1,266		2,376		982		1,097		2,079
Unearned premium reserve (2)	512		741		1,253		302		629		931
Loss and loss adjustment expense reserves (3)	40		22		62		12		18		30
Total policyholders’ surplus and reserves	1,662		2,029		3,691		1,296		1,744		3,040
Present value of installment premium (d)	655		379		1,035		554		366		920
Standby line of credit/stop loss	280		200		480		280		200		480
Total claims paying resources	$	2,597	$	2,608	$	5,206	$	2,130	$	2,310	$	4,440

Net par insured outstanding	$	112,311	$	118,178	$	230,402	$	94,127	$	106,253	$	200,279
Net debt service outstanding	$	161,478	$	195,575	$	356,959	$	128,351	$	174,173	$	302,413

Ratios:
Net par insured to statutory capital	101:1		93:1		97:1		96:1		97:1		96:1
Capital ratio (4)	145:1		154:1		150:1		131:1		159:1		145:1
Financial resources ratio (5)	62:1		75:1		69:1		60:1		75:1		68:1

(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, includes unearned revenues on credit derivatives and is net of prepaid reinsurance premiums.

(3) Loss and loss adjustment reserves for AG Re are U.S. GAAP based, includes loss reserves for credit derivatives and is 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,
	YTD 2Q-2008			2007			2006			2005
GAAP Summary Income Statement Data

Gross written premiums	$	421.6		$	424.5		$	261.3		$	192.1
Net earned premiums	98.5			159.3			144.8			139.4
Realized gains and other settlements on credit derivatives	59.4			74.0			73.9			57.1
Net investment income	76.8			128.1			111.5			96.8
Total expenses	181.6			161.4			150.4			70.7
Income (loss) before provision for income taxes	521.7			(463.0		)	190.0			229.6
Net income (loss)	376.0			(303.3		)	159.7			188.4
Operating income (b)	45.0			178.0			157.2			190.0

Net income (loss) per diluted share	$	4.35		$	(4.46	)	$	2.15		$	2.53
Operating income per diluted share	$	0.52		$	2.57		$	2.12		$	2.55

Financial Ratios:
Loss and LAE ratio (e)	64.5		%	3.4		%	(3.3		)%	(35.0		)%
Expense ratio (e)	47.2		%	55.8		%	59.2		%	58.9		%
Combined ratio (e)	111.7		%	59.2		%	55.9		%	23.9		%
GAAP Summary Balance Sheet Data (End of Period)

Total investments and cash	$	3,715.5		$	3,147.9		$	2,469.9		$	2,256.0
Total assets	4,527.6			3,762.9			2,931.6			2,689.8
Unearned premium reserves	1,207.4			887.2			631.0			524.6
Loss and LAE reserves	204.0			125.6			115.9			117.4
Senior notes	197.4			197.4			197.4			197.3
Series A Enhanced Junior Subordinated Debentures	149.8			149.7			149.7			—
Shareholders’ equity	2,242.4			1,666.6			1,650.8			1,661.5
Book value per share	$	24.66		$	20.85		$	24.44		$	22.22
Other Financial Information:
Net debt service outstanding (end of period)	$	356,959		$	302,413		$	180,174		$	145,694
Gross debt service outstanding (end of period)	363,789			307,657			181,503			148,836
Net par outstanding (end of period)	230,402			200,279			132,296			102,465
Gross par outstanding (end of period)	235,227			204,809			133,303			105,258

Consolidated qualified statutory capital	2,376			2,079			1,658			1,545
Consolidated policyholders’ surplus and reserves	3,691			3,040			2,374			2,182

Ratios:
Par insured to statutory capital	97:1			96:1			80:1			66:1
Capital ratio(1)	150:1			145:1			109:1			94:1
Financial resources ratio(2)	69:1			68:1			53:1			48:1

Gross debt service written:
U.S. public finance	$	44,975		$	66,190		$	13,261		$	13,335
U.S. structured finance	9,840			42,414			28,902			16,724
International	6,132			24,971			17,979			5,729
Total gross debt service written	$	60,947		$	133,575		$	60,142		$	35,788

Net debt service written	60,029			129,872			59,775			35,440
Net par written	37,557			84,686			50,541			26,020
Gross par written	38,083			88,117			50,892			26,320

(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.

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)].

Assured Guaranty Ltd.

Appendix

Credit Derivatives

(dollars in millions)

As part of its financial guaranty (FG) insurance business, the Company selects, structures and sells credit protection through credit default swaps (“CDS”) in the institutional fixed income markets. The Company generates revenues through the premiums paid by third parties to insure against the risk of default on the assets underlying the CDS. In this appendix, the Company has presented the credit swap premiums in its financial guaranty direct and financial guaranty reinsurance segments, which were included in prior period financial information in Gross written premiums, Net written premiums, Net earned premiums, Loss and loss adjustment expenses (recoveries) and Acquisition Costs. The effect of these credit derivative premiums has been included in “Realized gains and other settlements on credit derivatives” and “Unrealized gains (losses) on credit derivatives” in income statements. Management’s decision to reclassify these amounts was based on evolving financial guaranty industry practice. Management believes that this reclassification will increase comparability of its financial statements with other companies who participate in the CDS market. These reclassifications had no impact on underwriting gain (loss), loss and loss adjustment expense ratio, expense ratio, combined ratio, operating income or net income.

	1Q-07								2Q-07								3Q-07								4Q-07
Credit derivatives included in:	FG Direct			FG Reinsurance		Total FG			FG Direct			FG Reinsurance		Total FG			FG Direct			FG Reinsurance		Total FG			FG Direct			FG Reinsurance		Total FG

Gross written premiums	$	17.4		$	—	$	17.4		$	17.1		$	—	$	17.1		$	20.9		$	—	$	20.9		$	26.0		$	—	$	26.0

Net written premiums	17.0			—		17.0			16.4			—		16.4			19.9			—		19.9			25.0			—		25.0

Net earned premiums (1)	16.8			—		16.8			16.3			—		16.3			17.6			—		17.6			22.0			—		22.0

Loss and loss adjustment expenses (recoveries):
Net credit derivative losses paid (recovered) and payable (recoverable) (1)	(0.0		)	—		(0.0		)	(0.0		)	—		(0.0		)	(0.0		)	—		(0.0		)	(0.0		)	—		(0.0		)
Incurred losses on credit derivatives (2)	0.6			—		0.6			0.7			—		0.7			1.8			—		1.8			0.5			—		0.5
Total loss and loss adjustment expenses (recoveries)	0.5			—		0.5			0.7			—		0.7			1.7			—		1.7			0.5			—		0.5

Acquisition costs (1)	0.0			—		0.0			(0.1		)	—		(0.1		)	0.1			—		0.1			(0.2		)	—		(0.2		)

	1Q-08									2Q-08
Credit derivatives included in:	FG Direct			FG Reinsurance			Total FG			FG Direct		FG Reinsurance			Total FG

Gross written premiums	$	28.8		$	5.1		$	33.8		$	33.4	$	1.1		$	34.5

Net written premiums	27.6			5.1			32.7			32.3		1.1			33.4

Net earned premiums (1)	27.3			0.5			27.8			30.6		0.8			31.5

Loss and loss adjustment expenses (recoveries):
Net credit derivative losses paid (recovered) and payable (recoverable) (1)	—			—			—			—		—			—
Incurred losses on credit derivatives (2)	3.2			—			3.2			5.6		—			5.6
Total loss and loss adjustment expenses (recoveries)	3.2			—			3.2			5.6		—			5.6

Acquisition costs (1)	(0.1		)	(0.2		)	(0.2		)	0.2		(0.3		)	(0.1		)

(1) Included in “Realized gains and other settlements on credit derivatives” in income statements.

(2) Included in “Unrealized gains (losses) on credit derivatives” in income statements.

Table of Contents		Page
Assured Guaranty Ltd.
Selected Financial Highlights		1
Consolidated Income Statements		2
Consolidated 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		16-21
Pooled Corporate Profile		22
Residential Mortgage-Backed Securities Profile		23-28
Credit Derivative Exposures Profile		29
Unrealized Gains (Losses) on Credit Derivatives		30
CDOs of ABS Profile		31
Non-Investment Grade Exposures		32
Closely Monitored Credits		33
Largest Exposures by Sector		34-37
Consolidated Capital and Claims Paying Resources		38
Summary Financial and Statistical Data		39
Appendix		40
Glossary
Endnotes Related to Non-GAAP Financial Measures

	Net Par
	Outstanding		%
U.S.:
California	$	16,574	7.2	%
New York	9,163		4.0	%
Florida	8,791		3.8	%
Texas	6,403		2.8	%
Illinois	5,490		2.4	%
Pennsylvania	4,303		1.9	%
Massachusetts	4,245		1.8	%
New Jersey	3,648		1.6	%
Michigan	2,985		1.3	%
Washington	2,840		1.2	%
Other states	39,164		17.0	%
Mortgage and structured (multiple states)	77,955		33.8	%
Total U.S.	$	181,560	78.8	%

International:
United Kingdom	$	28,174	12.2	%
Germany	4,180		1.8	%
Australia	3,521		1.5	%
Ireland	925		0.4	%
Turkey	815		0.4	%
Other	11,227		4.9	%
Total International	$	48,841	21.2	%

Total exposures	$	230,402	100.0	%

	Net Par
Servicer:	Outstanding
Countrywide Home Loans, Inc.	$	4,670
Residential Funding Corporation	2,966
Northern Rock PLC	2,489
Wells Fargo Home Mortgage, Inc.	2,486
European Mortgage Servicer (Private Transaction)	1,591
Halifax PLC	1,458
Cheltenham & Gloucester PLC	1,450
Barclays Bank PLC	1,447
EMC Mortgage Corp	784
Paragon Finance PLC	768
Total top 10 residential mortgage servicers exposures	$	20,109


		Contacts:

		Equity Investors and Media
		Sabra Purtill
		Managing Director, Global Communications
		and 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		Michael Walker
Hamilton HM 08		Director, Fixed Income Investor Relations
Bermuda		(212) 261-5575
www.assuredguaranty.com		mwalker@assuredguaranty.com

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