Exhibit

Assured Guaranty Ltd. Reports Results for Second Quarter 2016


•	Net income was $146 million, or $1.09 per share, for second quarter 2016, compared with $297 million, or $1.96 per share, for second quarter 2015.


•	Operating income¹ was $139 million, or $1.03 per share, for second quarter 2016, compared with $278 million, or $1.83 per share, for second quarter 2015.


•	Shareholders' equity per share was $47.06, operating shareholders' equity¹ per share was $45.26 and adjusted book value¹ per share was $61.86.


•	Second quarter 2016 share repurchases totaled $60 million, or 2.3 million shares.


•	Assured Guaranty Corp. acquired CIFG Holding Inc. on July 1, 2016.

Hamilton, Bermuda, August 3, 2016 -- Assured Guaranty Ltd. (NYSE: AGO) (AGL and, together with its consolidated entities, Assured Guaranty or the Company) announced today its financial results for the three-month period ended June 30, 2016 (second quarter 2016).

Summary Financial Results

(in millions, except per share amounts)



	Quarter Ended
	June 30,
	2016		2015

Net income	$	146	$	297
Operating income¹	139		278

Net income per diluted share	$	1.09	$	1.96
Operating income¹ per diluted share	1.03		1.83

Diluted shares²	134.8		151.6

Gross written premiums	$	36	$	22
PVP¹	41		26
Gross par written	4,775		5,581

¹Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.

² Diluted shares for generally accepted accounting principles (GAAP) net income and non-GAAP operating income were the same.

Summary Financial Results (continued)

(in millions, except per share amounts)



	As of
	June 30, 2016				December 31, 2015
	Amount		Per Share		Amount		Per Share

Shareholders' equity	$	6,250	$	47.06	$	6,063	$	43.96
Operating shareholders' equity¹	6,011		45.26		5,946		43.11
Adjusted book value¹	8,215		61.86		8,439		61.18

Common shares outstanding	132.8				137.9

________________________________________________


(1)	Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.

“Assured Guaranty had a solid second quarter,” said Dominic Frederico, President and CEO. “We continued to build our financial strength, and furthered our strategic objectives on July 1 when we completed our acquisition of CIFG.

“S&P Global Ratings took note of our positive risk-adjusted pricing trend in its July 27th report affirming our AA financial strength ratings,” he added. “In the report, S&P said that none of the severe stress scenarios it applied to our Puerto Rico exposure reduced our ‘very strong’ capital adequacy score.”

Second Quarter Results

GAAP Financial Information

Net income for second quarter 2016 was $146 million, compared with net income of $297 million for the three-month period ended June 30, 2015 (second quarter 2015). Net income was higher in second quarter 2015 compared with second quarter 2016 due primarily to the gains recognized upon the acquisition of Radian Asset Assurance Inc. (Radian Asset) in second quarter 2015. This was offset in part by lower loss and loss adjustment expenses (LAE) in second quarter 2016 compared with second quarter 2015.

Except for credit impairment, the fair value adjustments on credit derivatives in the insured portfolio are non-economic adjustments that reverse to zero over the remaining term of the portfolio. Fair value gains on credit derivatives were $63 million in second quarter 2016, and were generated primarily by terminations of several transactions. Fair value gains on credit derivatives in second quarter 2015 were $90 million, primarily driven by tighter implied net spreads as a result of the increased cost to buy protection in Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

Loss and LAE incurred was $102 million in second quarter 2016, and $188 million in second quarter 2015. In both periods, the primary component of loss and LAE was an increase in loss reserves on Puerto Rico exposures.

Consolidated Statements of Operations (unaudited)

(in millions)



	Quarter Ended
	June 30,
	2016			2015
Revenues:
Net earned premiums	$	214		$	219
Net investment income	98			98
Net realized investment gains (losses)	10			(9		)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	24			8
Net unrealized gains (losses)	39			82
Net change in fair value of credit derivatives	63			90
Fair value gains (losses) on committed capital securities (CCS)	(11		)	23
Fair value gains (losses) on financial guaranty variable interest entities (FG VIEs)	4			5
Bargain purchase gain and settlement of pre-existing relationship	—			214
Other income (loss)	18			55
Total revenues	396			695
Expenses:
Loss and LAE	102			188
Amortization of deferred acquisition costs	5			6
Interest expense	25			26
Other operating expenses	63			66
Total expenses	195			286
Income (loss) before income taxes	201			409
Provision (benefit) for income taxes	55			112
Net income (loss)	$	146		$	297

Economic Loss Development

Economic loss development in second quarter 2016 was $22 million, comprising $109 million in loss development in the public finance sector and a benefit of $87 million in the structured finance sector. These amounts include an aggregate $45 million in loss development for all sectors, attributable to the decline in discount rates.

The economic loss development of $109 million in the public finance sector includes losses of $29 million related to the decline in discount rates. The remainder of the loss development was driven by increases in expected losses on various Puerto Rico exposures. The benefit for U.S. residential mortgage-backed securities (RMBS) of $81 million was due mainly to the acceleration of claim payments as a means of mitigating future losses on certain Alt-A transactions.

Roll Forward of Net Expected Loss to be Paid (1)

(in millions)



	Net Expected Loss to be Paid (Recovered) as of March 31, 2016			Economic Loss Development/ (Benefit)			Losses (Paid)/ Recovered			Net Expected Loss to be Paid (Recovered) as of June 30, 2016

Public finance	$	903		$	109		$	(12	)	$	1,000
U.S. RMBS:
Before representations and warranties (R&W) payable (recoverable)	340			(107		)	(99		)	134
R&W payable (recoverable) (2)	(47		)	26			79			58
U.S. RMBS	293			(81		)	(20		)	192
Other structured finance	141			(6		)	(1		)	134
Total	$	1,337		$	22		$	(33	)	$	1,326

________________________________________________

(1)

Economic loss development represents the change in net expected loss to be paid attributable to the effects of changes in assumptions based on observed market trends, changes in discount rates, accretion of discount and the economic effects of loss mitigation efforts. Economic loss development is the principal measure that the Company uses to evaluate the loss experience in its insured portfolio. Expected loss to be paid includes all transactions insured by the Company, whether written in insurance or credit derivative form, regardless of the accounting model prescribed under GAAP.

(2) The Company’s agreements with R&W providers generally provide that, as the Company makes claim payments, the R&W providers reimburse it for those claims; if the Company later receives reimbursement through the transaction (for example, from excess spread), the Company repays the R&W providers. When the Company projects receiving more reimbursements in the future than it projects paying in claims on transactions covered by R&W settlement agreements, the Company will have a net R&W payable.

New Business Production

(in millions)



	Quarter Ended June 30,
	2016							2015
	Gross Written Premiums			PVP(1)		Gross Par Written		Gross Written Premiums			PVP(1)		Gross Par Written

Public finance - U.S.	$	33		$	33	$	4,366	$	23		$	25	$	5,581
Public finance - non - U.S.	7			7		406		(1		)	—		—
Structured finance - U.S.	(3		)	1		3		0			1		—
Structured finance - non-U.S.	(1		)	—		—		0			—		—
Total	$	36		$	41	$	4,775	$	22		$	26	$	5,581

________________________________________________


(1)	Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.

Gross written premiums in second quarter 2016 were $36 million, compared to $22 million in second quarter 2015. Gross written premiums include amounts collected upfront on financial guaranty insurance new business written, as well as the present value of contractual or expected premiums discounted at risk free rates, and the effects of changes in the estimated lives of in-force financial guaranty insurance contracts consisting of homogeneous pools of assets. The increase in gross written premiums was primarily attributable to the increase in new business written in the public finance sector.

U.S. public finance PVP increased to $33 million in second quarter 2016 from $25 million in second quarter 2015, representing an increase of 32%. The average premium rate increased compared with second quarter 2015 while the average rating of par written remained in the A- category. During second quarter 2016, Assured Guaranty once again guaranteed the majority of insured par issued. Non-U.S. public finance PVP in second quarter 2016 represents secondary market financial guarantees written on utility bonds.

Other Non-GAAP Financial Measures

Operating income was $139 million in second quarter 2016, compared with operating income of $278 million in second quarter 2015. Operating income was higher in second quarter 2015 compared with second quarter 2016 due primarily to the gains recognized upon the acquisition of Radian Asset in second quarter 2015. This was offset in part by lower loss and LAE in second quarter 2016 compared with second quarter 2015.

Total operating net earned premiums and credit derivative revenues in second quarter 2016 were $248 million, compared with $259 million in second quarter 2015. The acceleration of operating net earned premiums and credit derivative revenues was $136 million in second quarter 2016, compared with $98 million in second quarter 2015. On an operating income basis, credit derivative contracts and FG VIEs are accounted for as financial guaranty insurance.

Common Share Repurchases

As of August 3, 2016, the Company's remaining share repurchase authorization was $150 million.

Summary of Share Repurchases

(in millions, except per share amounts)



	Amount		Number of Shares	Average Price Per Share

2013	$	264	12.5	$	21.12
2014	590		24.4	24.17
2015	555		21.0	26.43
2016 (January 1 - March 31)	75		3.0	24.69
2016 (April 1 - June 30, 2016)	60		2.3	25.73
2016 (July 1 - through August 3, 2016)	20		0.9	25.89
Total 2016	155		6.2	25.24
Cumulative repurchases since the beginning of 2013	$	1,564	64.1	$	24.42

As in the past, the Company's execution of its capital management strategy is contingent upon its available free cash and the capital position of the parent company, market conditions, the maintenance of its strong financial strength ratings and other factors. The repurchase program may be modified, extended or terminated by the board of directors at any time. It does not have an expiration date.

On a per-share basis, shareholders' equity, operating shareholders' equity and adjusted book value increased in second quarter 2016 in part due to the Company's repurchase of its common shares.

Consolidated Balance Sheets (unaudited)

(in millions)



	As of
	June 30, 2016		December 31, 2015
Assets
Investment portfolio:
Fixed maturity securities, available-for-sale, at fair value	$	9,960	$	10,627
Short-term investments, at fair value	585		396
Other invested assets	170		169
Total investment portfolio	10,715		11,192
Cash	190		166
Premiums receivable, net of commissions payable	623		693
Ceded unearned premium reserve	228		232
Deferred acquisition costs	110		114
Reinsurance recoverable on unpaid losses	82		69
Salvage and subrogation recoverable	323		126
Credit derivative assets	36		81
Deferred tax asset, net	235		276
Current income tax receivable	—		40
Funds restricted for CIFG acquisition	451		—
FG VIE assets, at fair value	814		1,261
Other assets	285		294
Total assets	$	14,092	$	14,544
Liabilities and shareholders' equity
Liabilities
Unearned premium reserve	$	3,617	$	3,996
Loss and LAE reserve	1,268		1,067
Reinsurance balances payable, net	56		51
Long-term debt	1,303		1,300
Credit derivative liabilities	432		446
Current income tax payable	19		—
FG VIE liabilities with recourse, at fair value	790		1,225
FG VIE liabilities without recourse, at fair value	115		124
Other liabilities	242		272
Total liabilities	7,842		8,481
Shareholders' equity
Common stock	1		1
Additional paid-in capital	1,213		1,342
Retained earnings	4,648		4,478
Accumulated other comprehensive income	383		237
Deferred equity compensation	5		5
Total shareholders' equity	6,250		6,063
Total liabilities and shareholders' equity	$	14,092	$	14,544

Explanation of Non-GAAP Financial Measures

The Company references financial measures that are not in accordance with GAAP. Management and the Board of Directors use non-GAAP financial measures, as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. By disclosing non-GAAP financial measures, the Company gives investors, analysts and financial news reporters access to some of the same information that management and the Board of Directors review internally. Assured Guaranty believes its presentation of non-GAAP financial measures is consistent with how analysts calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty and with how investors, analysts and the financial news media evaluate Assured Guaranty’s financial results.

Many investors, analysts and financial news reporters use operating shareholders’ equity as the principal financial measure for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares. Many of the Company’s fixed income investors also use operating shareholders’ equity to evaluate the Company’s capital adequacy. Many investors, analysts and financial news reporters also use adjusted book value to evaluate AGL’s share price and as the basis of their decision to recommend, buy or sell the AGL common shares. Operating income enables investors and analysts to evaluate the Company’s financial results as compared with the consensus analyst estimates distributed publicly by financial databases. Two non-GAAP financial measures, growth in adjusted book value per share and operating income, are key measures used to help determine compensation.

The following paragraphs and tables define each non-GAAP financial measure disclosed by the Company and describe why it is useful. A reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented below.

Operating Income

Management believes that operating income is a useful measure because it presents the results of operations of the Company with all financial guaranty contracts accounted for on a consistent basis and excludes fair value adjustments that are not expected to result in economic gain or loss, which clarifies the understanding of the underwriting results and financial condition of the Company. Operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.

Elimination of non-credit-impairment unrealized fair value gains (losses) on credit derivatives, which is the amount in excess of the present value of the expected estimated economic credit losses, and non-economic payments. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss. Additionally, this adjustment presents all financial guaranty

contracts on a more consistent basis of accounting, whether or not they are subject to derivative accounting rules.


3)	Elimination of fair value gains (losses) on the Company’s CCS. Such amounts are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.

Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and LAE reserves. Long-dated receivables and loss and LAE reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.


5)	Elimination of the effects of consolidating FG VIEs. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company even though the Company does not own such VIEs. This adjustment presents all financial guaranty contracts on a more consistent basis of accounting, whether or not GAAP requires consolidation.

6) Elimination of the tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Summary Reconciliation of

GAAP Net Income to Non-GAAP Operating Income (1)

(in millions)



	Quarter Ended
	June 30,
	2016			2015

Net income (loss)	$	146		$	297
Less pre-tax adjustments:
Realized gains (losses) on investments	9			(12		)
Non-credit impairment unrealized fair value gains (losses) on credit derivatives	32			10
Fair value gains (losses) on CCS	(11		)	22
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(17		)	13
Effect of consolidating FG VIEs	(3		)	4
Total pre-tax adjustments	10			37
Less tax effect on pre-tax adjustments	(3		)	(18		)
Operating income	$	139		$	278

________________________________________________


(1)	The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.

Detailed Reconciliation of GAAP Net Income

to Non-GAAP Operating Income (1)

(in millions, except per share amounts)



	Quarter Ended June 30, 2016									Quarter Ended June 30, 2015
	GAAP Income Statement Line Items As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Components			GAAP Income Statement Line Items As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Components
Revenues:
Net earned premiums	$	214		$	(3	)	$	217		$	219		$	(5	)	$	224
Net investment income	98			5			93			98			(1		)	99
Net realized investment gains (losses)	10			10			—			(9		)	(9		)	0
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	24			24			—			8			8			—
Net unrealized gains (losses)	39			44			(5		)	82			82			—
Credit derivative revenues	—			(31		)	31			—			(35		)	35
Net change in fair value of credit derivatives	63			37			26			90			55			35
Fair value gains (losses) on CCS	(11		)	(11		)	—			23			23			—
Fair value gains (losses) on FG VIEs	4			4			—			5			5			—
Bargain purchase gain and settlement of pre-existing relationships	—			—			—			214			(35		)	249
Other income (loss)	18			(18		)	36			55			13			42
Total revenues	396			24			372			695			46			649
Expenses:
Loss and LAE:
Financial guaranty insurance	102			3			99			188			(1		)	189
Credit derivatives	—			11			(11		)	—			9			(9		)
Amortization of deferred acquisition costs	5			0			5			6			0			6
Interest expense	25			—			25			26			—			26
Other operating expenses	63			0			63			66			1			65
Total expenses	195			14			181			286			9			277
Income (loss) before income taxes	201			10			191			409			37			372
Provision (benefit) for income taxes	55			3			52			112			18			94
Income (loss)	$	146		$	7		$	139		$	297		$	19		$	278

Diluted shares	134.8						134.8			151.6						151.6

Per share	$	1.09					$	1.03		$	1.96					$	1.83

Effective tax rate	26.9		%				27.4		%	27.5		%				25.4		%

________________________________________________

(1) The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.

Operating Shareholders’ Equity and Adjusted Book Value

Management believes that operating shareholders’ equity is a useful measure because it presents the equity of the Company with all financial guaranty contracts accounted for on a consistent basis and excludes fair value adjustments that are not expected to result in economic gain or loss, which clarifies the understanding of the underwriting results and financial condition of the Company. Operating shareholders’ equity is the basis of the calculation of adjusted book value (see below). Operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:


1)	Elimination of the effects of consolidating FG VIEs in order to present all financial guaranty contracts on a more consistent basis of accounting, whether or not GAAP requires consolidation. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company even though the Company does not own such VIEs.


3)	Elimination of fair value gains (losses) on the Company’s CCS. Such amounts are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.

Elimination of unrealized gains (losses) on the Company’s investments that are recorded as a component of accumulated other comprehensive income (AOCI) (excluding foreign exchange remeasurement). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore should not recognize an economic gain or loss.

5) Elimination of the tax asset or liability related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Management uses adjusted book value to measure the intrinsic value of the Company, excluding franchise value. Growth in adjusted book value per share is one of the key financial measures used in determining the amount of certain long term compensation to management and employees and used by rating agencies and investors. Management believes that adjusted book value is a useful measure because it enables an evaluation of the net present value of the Company’s in-force premiums and revenues net of expected losses. Adjusted book value is operating shareholders’ equity, as defined above, further adjusted for the following:


1)	Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.


2)	Addition of the net present value of estimated net future credit derivative revenue. See below.


3)	Addition of the deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed, net of reinsurance. This amount represents the expected future net earned premiums, net of expected losses to be expensed, which are not reflected in GAAP equity.

4) Elimination of the tax asset or liability related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

The premiums and revenues included in adjusted book value will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current adjusted book value due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults and other factors.

Reconciliation of GAAP Shareholders' Equity to

Operating Shareholders' Equity (1) and Adjusted Book Value (1)

(in millions, except per share amounts)



	As of
	June 30, 2016			December 31, 2015

Shareholders' equity	$	6,250		$	6,063
Less pre-tax adjustments:
Effect of consolidating FG VIEs	(18		)	(35		)
Non-credit impairment unrealized fair value gains (losses) on credit derivatives	(265		)	(241		)
Fair value gains (losses) on CCS	35			62
Unrealized gain (loss) on investment portfolio excluding foreign exchange effect	598			376
Taxes	(111		)	(45		)
Operating shareholders' equity	6,011			5,946
Pre-tax adjustments:
Less: Deferred acquisition costs	110			114
Plus: Net present value of estimated net future credit derivative revenue	93			169
Plus: Net unearned premium reserve on financial guaranty contracts in excess of expected loss to be expensed	3,073			3,417
Taxes	(852		)	(979		)
Adjusted book value	$	8,215		$	8,439

Shares outstanding at the end of the period	132.8			137.9

Per share:
Shareholders' equity	$	47.06		$	43.96
Operating shareholders' equity	45.26			43.11
Adjusted book value	61.86			61.18

________________________________________________


(1)	The non-GAAP financial measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.

Net Present Value of Estimated Net Future Credit Derivative Revenue

Management believes that this amount is a useful measure because it enables an evaluation of the value of future estimated credit derivative revenue. There is no corresponding GAAP financial measure. This amount represents the present value of estimated future revenue from the Company’s credit derivative in-force book of business, net of reinsurance, ceding commissions and premium taxes, for contracts without expected economic losses, and is discounted at 6%. Estimated net future credit derivative revenue may change from period to period due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

PVP or Present Value of New Business Production

Management believes that PVP is a useful measure because it enables the evaluation of the value of new business production for the Company by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as premium supplements and additional installment premium on existing contracts as to which the issuer has the right to call the insured obligation but has not exercised such right, whether in insurance or credit derivative contract form, which GAAP gross written premiums and the net credit derivative premiums received and receivable portion of net realized gains and other settlements on credit derivatives (Credit Derivative Revenues) do not adequately measure. PVP in respect of financial guaranty contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums, in each case, discounted at 6%. For purposes of the PVP calculation, management discounts estimated future installment premiums on insurance contracts at 6%, while under GAAP, these amounts are discounted at a risk free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction. Actual future net earned or written premiums and Credit Derivative Revenues may differ from PVP due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, credit defaults, or other factors that affect par outstanding or the ultimate maturity of an obligation.

Reconciliation of PVP

to Gross Written Premiums (1)

(in millions)



	Quarter Ended
	June 30, 2016
	Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.			Non - U.S.			Total
Total PVP	$	33	$	7	$	1		$	—		$	41
Less: PVP of non-financial guaranty insurance	—		—		1			—			1
Less: Financial guaranty installment premium PVP	—		7		—			—			7
Plus: Installment gross written premiumsand other GAAP adjustments(2)	0		7		(3		)	(1		)	3
Total gross written premiums	$	33	$	7	$	(3	)	$	(1	)	$	36



	Quarter Ended
	June 30, 2015
	Public Finance						Structured Finance
	U.S.			Non - U.S.			U.S.		Non - U.S.		Total
Total PVP	$	25		$	—		$	1	$	—	$	26
Less: PVP of non-financial guaranty insurance	—			—			0		—		0
Less: Financial guaranty installment premium PVP	—			—			1		—		1
Plus: Installment gross written premiumsand other GAAP adjustments(2)	(2		)	(1		)	0		0		(3		)
Total gross written premiums	$	23		$	(1	)	$	0	$	0	$	22

________________________________________________


(1)	The non-GAAP financial measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.


(2)	Includes present value of new business on installment policies discounted at the prescribed GAAP discount rates, gross written premium adjustments on existing installment policies due to changes in assumptions, any cancellations of assumed reinsurance contracts, and other GAAP adjustments.

Conference Call and Webcast Information

The Company will host a conference call for investors at 8:00 a.m. Eastern Time (9:00 a.m. Atlantic Time) on Thursday, August 4, 2016. The conference call will be available via live and archived webcast in the Investor Information section of the Company's website at AssuredGuaranty.com or by dialing 1-877-281-1545 (in the U.S.) or 1-412-902-6609 (International). A replay of the call will be made available through November 4, 2016. To listen to the replay, dial 1-877-344-7529 (in the U.S.) or 1-412-317-0088 (International), passcode 10089860. The replay will be available one hour after the conference call ends.

Please refer to Assured Guaranty's June 30, 2016 Financial Supplement, which is posted on the Company's website at assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd, for more information on the Company's financial guaranty portfolios, investment portfolio and other items. The Company is also posting on the same page of its website:


•	“Public Finance Transactions in 2Q 2016,” which lists the U.S. public finance new issues insured by the Company in second quarter 2016, and


•	“Structured Finance Transactions at June 30, 2016,” which lists the Company's structured finance exposure as of that date.

In addition, the Company is posting at assuredguaranty.com/presentations the “June 30, 2016 Equity Investor Presentation.” Furthermore, the Company's separate-company subsidiary financial supplements and its Fixed Income Presentation for the current quarter will be posted on the Company's website when available. Those documents will be furnished to the Securities and Exchange Commission in a Current Report on Form 8-K.

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Assured Guaranty Ltd. is a publicly traded (NYSE: AGO) Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. For example, Assured Guaranty's calculations of adjusted book value, PVP, net present value of estimated future installment premiums in force and total estimated net future premium earnings and statements regarding its capital position and demand for its insurance and other forward-looking statements could be affected by rating agency action, including a ratings downgrade, a change in outlook, the placement of ratings on watch for downgrade, or a change in rating criteria, at any time, of AGL or any of its subsidiaries, and/or of any securities AGL or any of its subsidiaries have issued, and/or of transactions that AGL’s subsidiaries have insured; reduction in the amount of available insurance opportunities and/or in the demand for Assured Guaranty's insurance; developments in the world’s financial and capital markets that adversely affect obligors’ payment rates, Assured Guaranty’s loss experience, or its exposure to refinancing risk in transactions (which could result in substantial liquidity claims on its guarantees); the possibility that budget or pension shortfalls or other factors will result in credit losses or impairments on obligations of state, territorial and local governments and their related authorities and public corporations that Assured Guaranty insures or reinsures; the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates; deterioration in the financial condition of Assured Guaranty’s reinsurers, the amount and timing of reinsurance recoverables actually received and the risk that reinsurers may dispute amounts owed to Assured Guaranty under its reinsurance agreements; increased competition, including from new entrants into the financial guaranty industry; rating agency action on obligors, including sovereign debtors, resulting in a reduction in the value of securities in Assured Guaranty's investment portfolio and in collateral posted by and to Assured Guaranty; the inability of Assured Guaranty to access external sources of capital on acceptable terms; changes in the world’s credit markets, segments thereof, interest rates or general economic conditions; the impact of market volatility on the mark-to-market of Assured Guaranty’s contracts written in credit default swap form; changes in applicable accounting policies or practices; changes in applicable laws or regulations, including insurance, bankruptcy and tax laws, or other governmental actions; the impact of changes in the world’s economy and credit and currency markets and in applicable laws or regulations relating to the decision of the United Kingdom to exit the European Union; difficulties with the execution of Assured Guaranty’s business strategy; loss of key personnel; the effects of mergers, acquisitions and divestitures; natural or man-made catastrophes; other risks and uncertainties that have not been identified at this time; management’s response to these factors; and other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of August 3, 2016, and Assured Guaranty undertakes no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contact Information

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

212-339-0861

rtucker@assuredguaranty.com

Ashweeta Durani

Vice President, Corporate Communications

212-408-6042

adurani@assuredguaranty.com