ASSURED GUARANTY LTD - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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Exhibit 99.1

ASSURED GUARANTY LTD. FINANCIAL SUPPLEMENT

THIRD QUARTER ENDED SEPTEMBER 30, 2009

TABLE OF CONTENTS

		Page

Selected Financial Highlights		1
Consolidated Income Statements		2
Consolidated Balance Sheets		3
Adjusted Book Value		4
Consolidated Capital and Claims Paying Resources		5
New Business Production		6
Segment Consolidation		7-10
Financial Guaranty Direct Segment		11-12
Financial Guaranty Reinsurance Segment		13-14
Investment Portfolio		15
Estimated Net Exposure Amortization		16
Estimated Net Unearned Premium Amortization and Estimated Net Future Installment Premiums		17
Financial Guaranty Profile		18-21
Pooled Corporate Obligations Profile		22-23
Consolidated U.S. Residential Mortgage-Backed Securities Profile		24-27
Financial Guaranty Direct U.S. RMBS Profile		28-32
Financial Guaranty Direct U.S. CMBS Profile		33
Consumer Receivables Profile		34-35
Financial Guaranty Direct Credit Derivative Exposures Profile		36-37
Unrealized Gains (Losses) on Credit Derivatives		38
Below Investment Grade Exposures		39-42
Largest Exposures by Sector		43-46
Surveillance Categories		47
Loss and LAE Reserves		48
Loss and Loss Adjustment Expenses		49
Summary Financial and Statistical Data		50-51
Glossary		52
Endnotes Related to Non-GAAP Financial Measures		53

This supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. ("AGL" and together with its subsidiaries, "Assured Guaranty" or the "Company") with the Securities and Exchange Commission ("SEC"), including Assured Guaranty's Annual Report on Form 10-K for the year ended December 31, 2008, Assured Guaranty's Quarterly Report on Form 10-Q for the three-month period ended March 31, 2009, Assured Guaranty's Quarterly Report on Form 10-Q for the three- and six month period ended June 30, 2009 and, when filed with the SEC, Assured's Quarterly Report on Form 10-Q for the three and nine month period ended September 30, 2009.

September 30, 2009 amounts in this Financial Supplement include the consolidated results of Financial Security Assurance Holdings Ltd. ("FSAH"), which Assured Guaranty acquired on July 1, 2009.

Some amounts in this Financial Supplement may not add due to rounding.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this supplement reflect the current views of Assured Guaranty 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, the Company's forward looking statements could be affected by many events. These events include (1) rating agency action, including a ratings downgrade of the Company or its affiliates and/or of transactions insured by the Company or its affiliates, both of which have occurred in the past; (2) developments in the world's financial and capital markets that adversely affect issuers' payment rates, the Company's loss experience, its ability to cede exposure to reinsurers, its access to capital, its unrealized (losses) gains on derivative financial instruments or its investment returns; (3) changes in the credit markets, segments thereof or general economic conditions; (4) more severe or frequent losses affecting the adequacy of the Company's loss reserves; (5) the impact of market volatility on the mark-to-market of the Company's contracts written in credit default swap form; (6) reduction in the amount of reinsurance facultative cessions or portfolio opportunities available to the Company; (7) decreased demand or increased competition; (8) changes in applicable accounting policies or practices; (9) changes in applicable laws or regulation, including insurance and tax laws; (10) other governmental actions; (11) difficulties with the execution of the Company's business strategy; (12) contract cancellations; (13) the Company's dependence on customers; (14) loss of key personnel; (15) adverse technological developments; (16) the effects of mergers, acquisitions and divestitures; (17) natural or man-made catastrophes; (18) other risks and uncertainties that have not been identified at this time; (19) management's response to these factors; and (20) other risk factors identified in Assured's filings with the SEC. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

ASSURED GUARANTY LTD.

SELECTED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share amounts)

		Quarter Ended September 30,									Nine Months Ended September 30,

		Quarter Ended September 30,						% Change versus 3Q-08			Nine Months Ended September 30,						% Change versus YTD 2008
		2009			2008			% Change versus 3Q-08			2009			2008			% Change versus YTD 2008
Operating income reconciliation:
	Operating income(b)	$	70.1		$	26.0			170	%	$	160.9		$	71.0			127	%
	Plus: Realized gains (losses) on investments, after tax		(6.0	)		(17.1	)		(65	)%		(30.2	)		(15.9	)		90	%
	Plus: Non-credit impairment unrealized gains (losses) on credit derivatives, after tax		(41.3	)		(76.7	)		(46	)%		(165.8	)		241.8			NM
	Plus: Unrealized gains (losses) on committed capital securities, after tax		(34.5	)		4.5			NM			(61.1	)		15.8			NM
	Plus: Goodwill and settlement of intercompany relationship, net		(23.3	)		—			NM			(23.3	)		—			NM

	Net income (loss) attributable to Assured Guaranty Ltd.	$	(35.0	)	$	(63.3	)		(45	)%	$	(119.5	)	$	312.7			(138	)%

Return on equity ("ROE") calculations:
	ROE, excluding unrealized gain (loss) on investment portfolio		(5.7	)%		(11.4	)%					(7.0	)%		21.9	%
	Operating ROE(c)		8.8	%		4.4	%					7.4	%		4.3	%
Earnings per diluted share:(1)
	Operating income(b)	$	0.44		$	0.28			57	%	$	1.39		$	0.81			72	%
	Plus: Realized gains (losses) on investments, after tax		(0.04	)		(0.19	)		(79	)%		(0.27	)		(0.18	)		50	%
	Plus: Non-credit impairment unrealized gains (losses) on credit derivatives, after tax		(0.26	)		(0.84	)		(69	)%		(1.46	)		2.76			NM
	Plus: Unrealized gains (losses) on committed capital securities, after tax		(0.22	)		0.05			NM			(0.54	)		0.18			NM
	Plus: Goodwill and settlement of intercompany relationship, net		(0.15	)		—			NM			(0.21	)		—			NM

	Net income (loss) attributable to Assured Guaranty Ltd.(2)	$	(0.22	)	$	(0.69	)		(68	)%	$	(1.05	)	$	3.54			(130	)%

Other information:
	Net debt service outstanding										$	967,440		$	355,712			172	%
	Net par outstanding											646,630			227,342			184	%
	Claims-paying resources											12,643			5,082			149	%
	Gross par written		9,097			10,776			(16	)%	$	41,934		$	48,859			(14	)%

(1): Effective January 1, 2009, the Company adopted FASB Accounting Standards Codification ("ASC") 260-10, "Earnings Per Share" (FSP EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities"), which clarifies that share-based payment awards that entitle their holders to receive nonforfeitable dividends or dividend equivalents before vesting should be considered participating securities and shall be included in the calculation of basic and diluted net income (loss) per share. Upon retrospective adoption of ASC 260-10, Assured decreased previously reported diluted net loss per share by $0.01 for Q3 2008 and decreased previously reported diluted net income per share by $0.01 for nine months 2008. Operating income, a non-GAAP financial measure, for both periods is positive, therefore the per diluted share calculation ignores the effect of ASC 260-10 and includes the effect of dilutive securities.
(2): Total may not add due to differences in calculating GAAP and non-GAAP per diluted share amounts.

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

NM = Not meaningful

ASSURED GUARANTY LTD.

CONSOLIDATED INCOME STATEMENTS

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

		Quarter Ended September 30,									Nine Months Ended September 30,

		Quarter Ended September 30,						% Change versus 3Q-08			Nine Months Ended September 30,						% Change versus YTD 2008
		2009			2008			% Change versus 3Q-08			2009			2008			% Change versus YTD 2008
Revenues
	Net earned premiums(1)	$	330.0		$	85.5			286	%	$	557.1		$	184.0			203	%
	Net investment income		84.7			43.4			95	%		171.6			120.2			43	%
	Realized gains on credit derivatives(2)		57.3			30.0			91	%		114.8			89.0			29	%
	Incurred losses on credit derivatives		(142.2	)		(10.1	)		NM			(178.5	)		(18.5	)		NM
	Other income		58.7			0.3			NM			60.1			0.4			NM

	Total revenues		388.5			149.1			161	%		725.1			375.1			93	%
Expenses
	Loss and loss adjustment expenses(1)		133.3			82.5			62	%		251.1			175.8			43	%
	Profit commission expense		0.2			(1.4	)		NM			2.5			0.8			213	%
	Amortization of deferred acquisition costs(1)		1.3			19.3			(93	)%		41.3			43.0			(4	)%
	Other operating expenses		66.2			21.6			206	%		116.5			69.9			67	%
	FSAH acquisition-related expenses		51.3			—			NM			80.2			—			NM
	Interest and related expenses		27.7			7.3			279	%		43.3			21.4			102	%

	Total expenses		280.0			129.3			117	%		534.9			310.9			72	%

	Operating income before provision (benefit) for income taxes		108.5			19.8			448	%		190.2			64.2			196	%
	Total provision (benefit) for income taxes		38.4			(6.2	)		NM			29.3			(6.8	)		NM

	Operating income(b)		70.1			26.0			170	%		160.9			71.0			127	%
	Plus: Realized gains (losses) on investments, after tax		(6.0	)		(17.1	)		(65	)%		(30.2	)		(15.9	)		90	%
	Plus: Non-credit impairment unrealized gains (losses) on credit derivatives, after tax		(41.3	)		(76.7	)		(46	)%		(165.8	)		241.8			NM
	Plus: Unrealized gains (losses) on committed capital securities, after tax		(34.5	)		4.5			NM			(61.1	)		15.8			NM
	Plus: Goodwill and settlement of intercompany relationship, net		(23.3	)		—			NM			(23.3	)		—			NM

	Net income (loss) attributable to Assured Guaranty Ltd.	$	(35.0	)	$	(63.3	)		(45	)%	$	(119.5	)	$	312.7			(138	)%

Effect of refundings and accelerations, net
	Earned premiums from refundings and accelerations, net	$	17.4		$	31.7			(45	)%	$	127.7		$	36.2			253	%
	Operating income effect	$	9.9		$	20.4			(51	)%	$	87.5		$	22.7			285	%
	Operating income per diluted share effect	$	0.06		$	0.22			(73	)%	$	0.76		$	0.26			192	%
Weighted average shares outstanding
	Basic shares outstanding—GAAP(3) (for net income (loss) per share calculation)		156.3			90.9			72	%		113.6			87.0			31	%
	Diluted shares outstanding—GAAP(3) (for net income (loss) per share calculation)		156.3			90.9			72	%		113.6			87.5			30	%
	Diluted shares outstanding—non-GAAP(3) (for operating income per share calculation)		160.1			91.5			75	%		115.4			88.1			31	%
	Shares outstanding at the end of period		156.6			90.9			72	%

(1): The Company adopted ASC 944-20, "Financial Services—Insurance" (FAS No. 163, "Accounting for Financial Guarantee Insurance Contracts") effective January 1, 2009.
(2): Includes revenue earned on credit derivatives.
(3): Effective January 1, 2009, the Company adopted ASC 260-10, which clarifies that share-based payment awards that entitle their holders to receive nonforfeitable dividends or dividend equivalents before vesting should be considered participating securities and shall be included in the calculation of basic and diluted net income (loss) per share. Upon retrospective adoption of ASC 260-10, Assured revised basic and diluted shares outstanding under GAAP. Operating income, a non-GAAP financial measure, for both periods is positive, therefore the diluted shares outstanding under non-GAAP ignores the effect of ASC 260-10 and includes the effect of dilutive securities.

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 :

			September 30, 2009			December 31, 2008
Assets
	Investment portfolio, available-for-sale:
		Fixed maturity securities, at fair value	$	8,448.1		$	3,154.1
		Short-term investments		1,492.9			477.2

	Total investment portfolio			9,941.0			3,631.3
	Assets acquired in refinancing transactions			159.2			—
	Cash			260.5			12.3
	Premiums receivable, net(1)			1,504.0			15.7
	Ceded unearned premium reserve(1)			1,163.1			18.9
	Deferred acquisition costs(1)			243.6			288.6
	Reinsurance recoverable on paid and unpaid losses(1)			5.8			6.5
	Credit derivative assets			462.3			147.0
	Committed capital securities, at fair value			38.5			51.1
	Deferred tax asset, net(1)			1,093.6			129.1
	Goodwill			—			85.4
	Salvage recoverable(1)			184.4			80.2
	Financial guaranty variable interest entities' assets			846.9			—
	Other assets			299.7			89.6

Total assets			$	16,202.6		$	4,555.7

Liabilities and shareholders' equity
Liabilities
	Unearned premium reserves(1)		$	8,632.7		$	1,233.7
	Loss and loss adjustment expense reserve(1)			218.7			196.8
	Long-term debt			915.2			347.2
	Note payable to related party			155.8			—
	Credit derivative liabilities			2,100.5			733.8
	Funds held under reinsurance contracts			30.2			30.7
	Reinsurance balances payable, net(1)			179.3			18.0
	Financial guaranty variable interest entities' liabilities			851.4			—
	Other liabilities			321.7			69.4

Total liabilities				13,405.5			2,629.5
Shareholders' equity
	Common stock			1.6			0.9
	Additional paid-in capital			2,010.8			1,284.4
	Retained earnings(1)(2)			580.2			638.1
	Accumulated other comprehensive income (loss)(2)			209.0			2.9

	Total shareholders' equity attributable to Assured Guaranty Ltd.			2,801.6			1,926.2
	Noncontrolling interest in consolidated VIEs			(4.5	)		—

	Total shareholders' equity			2,797.1			1,926.2

Total liabilities and shareholders' equity			$	16,202.6		$	4,555.7

(1): The Company adopted ASC 944-20 effective January 1, 2009.
(2): The Company adopted ASC 320-10-65-1, "Investments—Debt and Equity Securities" (FSP No. FAS 115-2 and FAS 124-2, "Recognition and Presentation of Other-Than-Temporary Impairments") effective April 1, 2009. The adoption of this accounting rule increased retained earnings and decreased accumulated other comprehensive income (loss) by $57.7 million.

ASSURED GUARANTY LTD.

ADJUSTED BOOK VALUE

(dollars in millions, except per share amounts)

		As of :

		September 30, 2009			December 31, 2008			% Change versus 12/31/2008
Adjusted book value reconciliation:
	Book value attributable to Assured Guaranty Ltd.	$	2,801.6		$	1,926.2			45	%
	Less: Non-credit impairment unrealized gains (losses) on credit derivatives, after tax		(905.4	)		(422.7	)		114	%
	Less: Unrealized gains (losses) on committed capital securities, after tax		25.0			33.2			(25	)%
	Less: Unrealized gain (loss) on investment portfolio excluding foreign exchange effect		207.5			(3.4	)		NM

	Operating shareholders' equity	$	3,474.5		$	2,319.1			50	%
	Less: Deferred acquisition costs ("DAC"), after tax		238.9			260.6			(8	)%
	Plus: Net present value of estimated future credit derivative revenue, after tax(e)		562.1			708.3			(21	)%
	Plus: Unearned premium reserve on financial guaranty contracts in excess of expected loss, after tax(2)		4,713.8			1,033.4			356	%
	Plus: Unearned revenue on credit derivatives, after tax(3)		36.9			17.6			110	%

	Adjusted book value(d)	$	8,548.4		$	3,817.8			124	%

Adjusted book value per share reconciliation:
	Book value attributable to Assured Guaranty Ltd.	$	17.89		$	21.18			(16	)%
	Less: Non-credit impairment unrealized gains (losses) on credit derivatives, after tax		(5.78	)		(4.65	)		24	%
	Less: Unrealized gains (losses) on committed capital securities, after tax		0.16			0.36			(56	)%
	Less: Unrealized gain (loss) on investment portfolio excluding foreign exchange effect		1.33			(0.04	)		NM

	Operating shareholders' equity per share	$	22.19		$	25.50			(13	)%
	Less: DAC, after tax		1.53			2.87			(47	)%
	Plus: Net present value of estimated future credit derivative revenue, after tax(e)		3.59			7.79			(54	)%
	Plus: Unearned premium reserve on financial guaranty contracts in excess of expected loss, after tax(2)		30.10			11.36			165	%
	Plus: Unearned revenue on credit derivatives, after tax(3)		0.24			0.19			26	%

	Adjusted book value(d)	$	54.59		$	41.97			30	%

(1): The Company adopted ASC 944-20 effective January 1, 2009. The adoption of this accounting rule had an effect of $19.4 million on January 1, 2009 book value.
(2): Unearned premium reserve (UPR) less ceded unearned premiums, after tax.
(3): Unearned revenue less ceded unearned premiums on credit derivatives, after tax.

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

NM = Not meaningful

ASSURED GUARANTY LTD.

CONSOLIDATED CAPITAL AND CLAIMS PAYING RESOURCES

(dollars in millions)

			As of September 30, 2009

			Assured Guaranty Corp.		Assured Guaranty Re Ltd.(1)		Assured Guaranty Municipal Corp.		Consolidated
Claims paying resources
	Policyholders' surplus		$	179	$	1,147	$	1,140	$	2,466
	Contingency reserve			772		—		1,226		1,998

		Qualified statutory capital		951		1,147		2,366		4,464
	Unearned premium reserve			838		857		2,380		4,075
	Loss and loss adjustment expense reserves			209		68		1,105		1,382

		Total policyholders' surplus and reserves		1,998		2,072		5,851		9,921
	Present value of installment premium(e)(2)			639		360		824		1,823
	Standby line of credit/stop loss			200		200		498		898

		Total claims paying resources	$	2,837	$	2,632	$	7,173	$	12,642

	Net par insured outstanding(3)		$	128,854	$	116,295	$	388,950	$	631,742
	Net debt service outstanding(3)		$	183,396	$	190,235	$	581,685	$	950,565
	Ratios:
		Net par insured to statutory capital		135:1		101:1		164:1		142:1
		Capital ratio(4)		193:1		166:1		246:1		213:1
		Financial resources ratio(5)		65:1		72:1		81:1		75:1

(1): Assured Guaranty Re Ltd. ("AG Re") numbers are the Company's estimate of U.S. statutory as these Companies file Bermuda statutory financial statements.
(2): Includes financial guaranty and credit derivatives.
(3): Statutory basis.
(4): The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.
(5): The financial resources ratio is calculated by dividing net debt service outstanding by total claims paying resources.

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

ASSURED GUARANTY LTD.

NEW BUSINESS PRODUCTION

(dollars in millions)

			Quarter Ended September 30,									Nine Months Ended September 30,

			Quarter Ended September 30,						% Change versus 3Q-08			Nine Months Ended September 30,						% Change versus YTD 2008
			2009			2008			% Change versus 3Q-08			2009			2008			% Change versus YTD 2008
Consolidated new business analysis:
	Present value of new business premiums ("PVP")(a)
	Public finance—U.S.		$	154.9		$	107.2			44	%	$	500.2		$	460.4			9	%
	Public finance—non-U.S.			—			17.7			NM			1.8			31.3			(94	)%
	Structured finance—U.S.			2.3			14.5			(84	)%		16.9			144.9			(88	)%
	Structured finance—non-U.S.			0.9			—			NM			0.9			58.3			(98	)%

	Total PVP(a)			158.1			139.4			13	%		519.8			694.9			(25	)%
		Less: PVP(a) of credit derivatives		—			1.1			NM			2.4			146.9			(98	)%

	PVP(a) of financial guaranty insurance			158.1			138.3			14	%		517.4			548.0			(6	)%
		Less: Financial guaranty installment premium PVP(a)		4.2			37.8			(89	)%		28.3			85.9			(67	)%

	Total: Financial guaranty upfront GWP			153.9			100.5			53	%		489.1			462.1			6	%
		Plus: Upfront premium due to commutation		—			(20.8	)		NM			—			(20.8	)		NM
		Plus: Financial guaranty installment GWP		4.4			32.9			(87	)%		4.4			88.9			(95	)%
		Plus: Financial guaranty installment PVP(a) adjustment(1)		(34.3	)		—			NM			7.4			—			NM

	Total financial guaranty GWP			124.0			112.6			10	%		500.9			530.2			(6	)%
	Plus: Mortgage guaranty segment GWP			0.2			0.2			0	%		0.2			0.7			(71	)%
	Plus: Other segment GWP			—			—			NM			(1.1	)		3.5			NM

	Total GWP		$	124.2		$	112.8			10	%	$	500.0		$	534.4			(6	)%

Consolidated financial guaranty gross par written:
	Public finance—U.S.		$	8,497		$	7,728			10	%	$	40,384		$	32,108			26	%
	Public finance—non-U.S.			—			1,146			(100	)%		556			—			NM
	Structured finance—U.S.			600			1,926			(69	)%		994			10,716			(91	)%
	Structured finance—non-U.S.			—			(24	)		(100	)%		—			6,036			(100	)%

		Total	$	9,097		$	10,776			(16	)%	$	41,934		$	48,859			(14	)%

Financial guaranty direct GWP analysis:
	Financial guaranty direct PVP(a)
	Public finance—U.S.		$	154.9		$	67.7			129	%	$	409.5		$	374.3			9	%
	Public finance—non-U.S.			—			—			—			1.7			9.0			(81	)%
	Structured finance—U.S.			2.3			14.5			(84	)%		16.9			137.7			(88	)%
	Structured finance—non-U.S.			0.9			—			NM			0.9			57.8			(98	)%

	Financial guaranty direct PVP(a):			158.1			82.2			92	%		429.0			578.8			(26	)%
		Less: PVP(a) of credit derivatives GWP		—			—			—			2.4			143.8			(98	)%

	PVP(a) of financial guaranty direct GWP			158.1			82.2			92	%		426.6			435.0			(2	)%
		Less: Present value of insurance installment premiums(a)		4.2			30.3			(86	)%		23.2			70.0			(67	)%

	Upfront financial guaranty GWP			153.9			51.9			197	%		403.4			365.0			11	%
		Plus: Financial guaranty installment GWP		4.4			19.5			(77	)%		4.4			50.6			(91	)%
		Plus: Financial guaranty installment PVP(a) adjustment(1)		(26.7	)		—			NM			7.6			—			NM

	Financial guaranty direct GWP		$	131.6		$	71.4			84	%	$	415.4		$	415.6			(0	)%

Financial guaranty direct gross par written:
	Public finance—U.S.		$	8,497		$	5,574			52	%	$	26,953		$	25,958			4	%
	Public finance—non-U.S.			—			—			—			90			—			NM
	Structured finance—U.S.			600			1,920			(69	)%		973			10,059			(90	)%
	Structured finance—non-U.S.			—			—			—			—			4,413			(100	)%

		Total	$	9,097		$	7,494			21	%	$	28,016		$	40,430			(31	)%

(1): 2009 amounts represent the difference in management estimates for the discount rate applied to future installments as well as the estimated term for future installments compared to the discount rate used for ASC 944-20.

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

NM = Not meaningful

ASSURED GUARANTY LTD.

SEGMENT CONSOLIDATION

(dollars in millions)

		Quarter Ended September 30, 2009

		Financial Guaranty Direct			Financial Guaranty Reinsurance(1)(2)			Mortgage Guaranty			Total Financial Guaranty			Other		Total
Total PVP(a)		$	158.1		$	—		$	—		$	158.1				$	158.1
Income statement:
Net earned premiums(1)			314.7			14.6			0.7			330.0			—		330.0
Realized gains on credit derivatives:
	Net credit derivative premiums earned		57.0			0.2			—			57.2			—		57.2
	Ceding commissions income (expense), net		—			0.1			—			0.1			—		0.1

Total realized gains on credit derivatives(3)			57.0			0.3			—			57.3			—		57.3
Other income			34.6			21.5			—			56.1			—		56.1

Total revenues			406.3			36.4			0.7			443.4			—		443.4
															—
Loss and loss adjustment expenses(1)			97.2			35.9			0.2			133.3			—		133.3
Incurred losses (gains) on credit derivatives(4)			142.4			(0.2	)		—			142.2			—		142.2

	Total incurred losses		239.6			35.7			0.2			275.5			—		275.5
Profit commission expense			—			—			0.2			0.2			—		0.2
Amortization of deferred acquisition costs(1)			3.0			(1.8	)		0.1			1.3			—		1.3
Operating expenses			59.1			6.3			0.8			66.2			—		66.2

	Total underwriting expenses	$	301.7		$	40.2		$	1.3		$	343.2		$	—	$	343.2
Underwriting (loss) gain		$	104.6		$	(3.8	)	$	(0.6	)	$	100.2		$	—	$	100.2
Expense ratio(f)			16.7	%		29.7	%		160.3	%		17.5	%				17.5	%

ASSURED GUARANTY LTD.

SEGMENT CONSOLIDATION (Continued)

(dollars in millions)

		Quarter Ended September 30, 2008

		Financial Guaranty Direct			Financial Guaranty Reinsurance(1)(2)			Mortgage Guaranty			Total Financial Guaranty			Other		Total
Total PVP(a)		$	82.2		$	57.2		$	—		$	139.4				$	139.4
Income statement:
Net earned premiums			26.9			57.4			1.2			85.5			—		85.5
Realized gains on credit derivatives:
	Net credit derivative premiums earned		28.4			2.1			—			30.5			—		30.5
	Ceding commissions income (expense), net		0.2			(0.7	)		—			(0.5	)		—		(0.5	)

Total realized gains on credit derivatives(3)			28.6			1.4			—			30.0			—		30.0
Other income			—			—			—			—			—		—

Total revenues			55.5			58.8			1.2			115.5			—		115.5
Loss and loss adjustment expenses			65.9			15.5			1.0			82.5			—		82.5
Incurred losses (gains) on credit derivatives(4)			10.1			—			—			10.1			—		10.1

	Total incurred losses		76.0			15.5			1.0			92.6			—		92.6
Profit commission expense			—			(1.5	)		0.1			(1.4	)		—		(1.4	)
Amortization of deferred acquisition costs			4.0			15.1			0.1			19.3			—		19.3
Operating expenses			15.4			5.6			0.5			21.6			—		21.6

	Total underwriting expenses	$	95.5		$	34.8		$	1.7		$	132.0		$	—	$	132.0
Underwriting gain		$	(40.0	)	$	24.0		$	(0.5	)	$	(16.5	)	$	—	$	(16.5	)
Expense ratio(f)			34.8	%		33.5	%		59.3	%		34.4	%				34.4	%

(1): The Company adopted ASC 944-20 effective January 1, 2009.
(2): Due to the timing of receiving reports prepared by Assured's ceding companies, PVP(a) 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.
(3): Includes premiums and ceding commissions.
(4): Includes paid and payable losses and received and receivable recoveries.

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

ASSURED GUARANTY LTD.

SEGMENT CONSOLIDATION (Continued)

(dollars in millions)

		Nine Months Ended September 30, 2009

		Financial Guaranty Direct			Financial Guaranty Reinsurance(1)(2)			Mortgage Guaranty			Total Financial Guaranty			Other		Total
Total PVP(a)		$	429.0		$	90.8		$	—		$	519.8				$	519.8
Income statement:
Net earned premiums(1)			446.6			108.2			2.3			557.1			—		557.1
Realized gains on credit derivatives:
	Net credit derivative premiums earned		112.6			2.3			—			114.9			—		114.9
	Ceding commissions income (expense), net		0.8			(0.9	)		—			(0.1	)		—		(0.1	)

Total realized gains on credit derivatives(3)			113.4			1.4			—			114.8			—		114.8
Other income			34.6			21.5						56.1			—		56.1

Total revenues			594.6			131.1			2.3			728.0			—		728.0
															—
Loss and loss adjustment expenses(1)			140.8			98.3			12.0			251.1			—		251.1
Incurred losses (gains) on credit derivatives(4)			178.9			(0.4	)		—			178.5			—		178.5

	Total incurred losses		319.7			97.9			12.0			429.6			—		429.6
Profit commission expense			—			1.9			0.6			2.5			—		2.5
Amortization of deferred acquisition costs(1)			12.8			28.1			0.4			41.3			—		41.3
Operating expenses			95.3			19.2			2.0			116.5			—		116.5

	Total underwriting expenses	$	427.8		$	147.2		$	15.0		$	589.9		$	—	$	589.9
Underwriting (loss) gain		$	166.8		$	(16.0	)	$	(12.7	)	$	138.1		$	—	$	138.1
Expense ratio(f)			19.2	%		45.4	%		131.3	%		23.9	%				23.9	%

ASSURED GUARANTY LTD.

SEGMENT CONSOLIDATION (Continued)

(dollars in millions)

		Nine Months Ended September 30, 2008

		Financial Guaranty Direct			Financial Guaranty Reinsurance(2)			Mortgage Guaranty			Total Financial Guaranty			Other			Total
Total PVP(a)		$	578.8		$	116.1		$	—		$	694.9					$	694.9
Income statement:
Net earned premiums			65.0			114.8			4.4			184.0			—			184.0
Realized gains on credit derivatives:
	Net credit derivative premiums earned		86.4			3.4			—			89.8			—			89.8
	Ceding commissions income (expense), net		0.3			(1.1	)		—			(0.8	)		—			(0.8	)

Total realized gains on credit derivatives(3)			86.7			2.3			—			89.0			—			89.0
Other income			—			—			—			—			—			—

Total revenues			151.7			117.1			4.4			273.1			—			273.1
Loss and loss adjustment expenses			130.0			46.0			1.1			177.1			(1.5	)		175.8
Incurred losses (gains) on credit derivatives(4)			18.9			—			—			18.9			(0.4	)		18.5

	Total incurred losses		148.9			46.0			1.1			196.0			(1.9	)		194.3
Profit commission expense			—			0.5			0.3			0.8			—			0.8
Amortization of deferred acquisition costs			10.1			32.5			0.3			43.0			—			43.0
Operating expenses			51.9			16.0			1.9			69.9			—			69.9

	Total underwriting expenses	$	210.9		$	95.1		$	3.6		$	309.6		$	(1.9	)	$	307.9
Underwriting gain		$	(59.2	)	$	22.0		$	0.8		$	(36.4	)	$	1.9		$	(34.6	)
Expense ratio(f)			40.7	%		42.4	%		57.5	%		41.8	%					41.8	%

(1): The Company adopted ASC 944-20 effective January 1, 2009.
(2): Due to the timing of receiving reports prepared by Assured's ceding companies, PVP(a) 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.
(3): Includes premiums and ceding commissions.
(4): Includes paid and payable losses and received and receivable recoveries.

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY DIRECT SEGMENT

(dollars in millions)

			3Q-08			3Q-09			Nine Months 2008			Nine Months 2009

Income statement:
Net earned premiums:
	Scheduled net earned premiums(1)
		Public finance—U.S.	$	9.9		$	69.7		$	18.7		$	95.1
		Public finance—non-U.S.		1.3			17.9			3.9			20.1
		Structured finance—U.S.		12.3			208.4			37.2			235.9
		Structured finance—non-U.S.		3.4			7.6			5.2			10.8

	Total scheduled net earned premiums			26.9			303.6			65.0			361.9
	Net earned premiums from refundings and accelerations(1)			—			11.1			—			84.7

Total net earned premiums				26.9			314.7			65.0			446.6
Realized gains on credit derivatives:
	Net credit derivative premiums earned			28.4			57.0			86.4			112.6
	Ceding commissions income (expense), net			0.2			—			0.3			0.8

Total realized gains on credit derivatives(2)				28.6			57.0			86.7			113.4
Other income				—			34.6			—			34.6

Total revenues				55.5			406.3			151.7			594.6
Loss and loss adjustment expenses (recoveries)(1):
	Case			99.9			97.2			132.1			140.8
	Portfolio			(34.0	)		—			(2.1	)		—

		Total loss and loss adjustment expenses (recoveries)—financial guaranty		65.9			97.2			130.0			140.8
Incurred losses (gains) on credit derivatives(3)				10.1			142.4			18.9			178.9

	Total incurred losses			76.0			239.6			148.9			319.7
Profit commission expense				—			—			—			—
Amortization of deferred acquisition costs(1)				4.0			3.0			10.1			12.8
Operating expenses				15.4			59.1			51.9			95.3

	Total expenses		$	95.5		$	301.7		$	210.9		$	427.8
Underwriting gain (loss)			$	(40.0	)	$	104.6		$	(59.2	)	$	166.8
Expense ratio(f)				34.8	%		16.7	%		40.7	%		19.2	%

(1): The Company adopted ASC 944-20 effective January 1, 2009.
(2): Includes premiums and ceding commissions.
(3): Includes paid and payable losses and received and receivable recoveries.

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY DIRECT SEGMENT (Continued)

(dollars in millions)

			3Q-08		3Q-09			Nine Months 2008		Nine Months 2009

PVP(a):
Public finance—U.S.			$	67.7	$	154.9		$	374.3	$	409.5
Public finance—non-U.S.				—		—			9.0		1.7
Structured finance—U.S.				14.5		2.3			137.7		16.9
Structured finance—non-U.S.				—		0.9			57.8		0.9

Total PVP(a)				82.2		158.1			578.8		429.0
	Less: PVP(a) of credit derivatives GWP			—		—			143.8		2.4

PVP of financial guaranty GWP				82.2		158.1			435.0		426.6
		Less: Present value of insurance installment premiums(a)		30.3		4.2			70.0		23.2

		Upfront financial guaranty GWP		51.9		153.9			365.0		403.4
	Plus: Financial guaranty installment GWP			19.5		4.4			50.6		4.4
	Plus: Financial guaranty installment PVP(a) adjustment(2)			—		(26.7	)		—		7.6

Financial guaranty direct GWP			$	71.4	$	131.6		$	415.6	$	415.4
Gross par written:
Public finance—U.S.			$	5,574	$	8,497		$	25,958	$	26,953
Public finance—non-U.S.				—		—			—		90
Structured finance—U.S.				1,920		600			10,059		973
Structured finance—non-U.S.				—		—			4,413		—

	Total		$	7,494	$	9,097		$	40,430	$	28,016

		As of September 30,

		2008		2009
Net par outstanding:
Public finance—U.S.		$	32,889	$	371,748
Public finance—non-U.S.			11,274		37,139
Structured finance—U.S.			66,567		135,939
Structured finance—non-U.S.			21,355		33,080

	Total	$	132,084	$	577,906

Unearned premium reserve, net of ceded reinsurance—financial guaranty		$	569.4	$	7,036.4
Unearned credit derivative revenues, net of ceded reinsurance			14.2		50.1
Net present value of installment premiums in force—credit derivatives(e)			408.0		805.1
Net present value of installment premiums in force—financial guaranty(e)(1)			241.3		—

(1): The Company adopted ASC 944-20 effective January 1, 2009. Net present value of installment premiums in force for financial guaranty are included in "unearned premium reserve, net of ceded reinsurance—financial guaranty" line.
(2): 2009 amounts represent the difference in management estimates for the discount rate applied to future installments as well as the estimated term for future installments compared to the discount rate used for ASC 944-20.

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 (e)].

Note: AGM is included in the financial guaranty direct segment.

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY REINSURANCE SEGMENT

(dollars in millions)

			3Q-08			3Q-09			Nine Months 2008			Nine Months 2009

Income statement:
Net earned premiums(1):
	Scheduled net earned premiums		$	25.7		$	8.3		$	78.6		$	65.1
	Net earned premiums from refundings and accelerations			31.7			6.3			36.2			43.1

Total net earned premiums				57.4			14.6			114.8			108.2
Realized gains on credit derivatives:
	Net credit derivative premiums earned			2.1			0.2			3.4			2.3
	Ceding commissions income (expense), net			(0.7	)		0.1			(1.1	)		(0.9	)

Total realized gains on credit derivatives(2)				1.4			0.3			2.3			1.4
Other income				—			21.5			—			21.5

Total revenues				58.8			36.4			117.1			131.1
Loss and loss adjustment expenses (recoveries)(1):
	Case			18.0			35.9			47.0			98.3
	Portfolio			(2.5	)		—			(1.0	)		—

		Total loss and loss adjustment expenses (recoveries)—financial guaranty		15.5			35.9			46.0			98.3
Incurred losses (gains) on credit derivatives(3)				—			(0.2	)		—			(0.4	)

	Total incurred losses			15.5			35.7			46.0			97.9
Profit commission expense				(1.5	)		—			0.5			1.9
Amortization of deferred acquisition costs(1)				15.1			(1.8	)		32.5			28.1
Operating expenses				5.6			6.3			16.0			19.2

	Total expenses		$	34.8		$	40.2		$	95.1		$	147.2
Underwriting gain (loss)			$	24.0		$	(3.8	)	$	22.0		$	(16.0	)
Expense ratio(f)				33.5	%		29.7	%		42.4	%		45.4	%

(1): The Company adopted ASC 944-20 effective January 1, 2009.
(2): Includes premiums and ceding commissions.
(3): Includes paid and payable losses and received and receivable recoveries.

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY REINSURANCE SEGMENT (Continued)

(dollars in millions)

			3Q-08			3Q-09			Nine Months 2008			Nine Months 2009

PVP(a):
Public finance—U.S.			$	39.5		$	—		$	86.1		$	90.7
Public finance—non-U.S.				17.7			—			22.3			0.1
Structured finance—U.S.				—			—			7.2			—
Structured finance—non-U.S.				—			—			0.5			—

Total PVP(a)				57.2			—			116.1			90.8
		Less: PVP(a) of credit derivatives GWP		1.1			—			3.0			—

PVP(a) of financial guaranty GWP				56.1			—			113.0			90.8
	Less: Present value of financial guaranty installment premiums(a)			7.5			—			15.9			5.1

	Upfront financial guaranty GWP			48.6			—			97.1			85.7
	Plus: Upfront premium due to commutation(2)			(20.8	)		—			(20.8	)		—
	Plus: Financial guaranty installment GWP			13.4			—			38.3			—
	Plus: Financial guaranty installment PVP(a) adjustment(3)			—			(7.5	)		—			(0.1	)

Financial guaranty reinsurance GWP			$	41.2		$	(7.5	)	$	114.6		$	85.6
Gross par written:
Public finance—U.S.			$	2,154		$	—		$	6,150		$	13,431
Public finance—non-U.S.				1,146			—			—			466
Structured finance—U.S.				6			—			656			21
Structured finance—non-U.S.				(24	)		—			1,623			—

	Total		$	3,282		$	—		$	8,429		$	13,918

		As of September 30,

Net par outstanding:		2008		2009
Public finance—U.S.		$	72,695	$	53,137
Public finance—non-U.S.			—		6,088
Structured finance—U.S.			9,216		6,244
Structured finance—non-U.S.			13,347		3,255

	Total	$	95,258	$	68,724

Unearned premium reserve, net of ceded reinsurance—financial guaranty		$	625.9	$	670.4
Unearned credit derivative revenues, net of ceded reinsurance			4.4		3.4
Net present value of installment premiums in force—credit derivatives(e)			11.2		12.3
Net present value of installment premiums in force—financial guaranty(e)(4)			253.4		—

(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.
(2): Relates to commutation of XLFA reinsurance cession of approximately $2.1 billion of net par outstanding.
(3): 2009 amounts represent the difference in management estimates for the discount rate applied to future installments as well as the estimated term for future installments compared to the discount rate used for ASC 944-20.
(4): The Company adopted ASC 944-20 effective January 1, 2009. Net present value of installment premiums in force for financial guaranty are included in "unearned premium reserve, net of ceded reinsurance—financial guaranty" line.

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

Note: AGM is included in the financial guaranty direct segment.

ASSURED GUARANTY LTD.

INVESTMENT PORTFOLIO

As of September 30, 2009

(dollars in millions)

				Amortized Cost						Fair Value		Annualized Investment Income(4)

Investment Portfolio, available-for-sale:
Fixed maturity securities:
	U.S. Treasury securities and obligations of U.S. government agencies			$	510.9	2.99	%	2.26	%	$	530.6	$	15.3
	Agency obligations				439.2	3.81	%	3.36	%		458.3		16.7
	Foreign government securities				350.9	2.98	%	1.96	%		351.3		10.5
	Obligations of states and political subdivisions				2,547.4	3.64	%	3.43	%		2,666.9		92.7
	Insured obligations of state and political subdivisions(1)				2,436.8	4.57	%	4.33	%		2,572.6		111.4
	Corporate securities				356.5	4.69	%	4.13	%		370.4		16.7
	Mortgage-backed securities(2):
		Pass-throughs			1,416.2	5.47	%	4.74	%		1,419.3		77.5
		PACs			23.5	4.57	%	4.27	%		23.9		1.1
	Asset-backed securities(3)				69.6	5.02	%	5.01	%		54.8		3.5

			Total fixed maturity securities		8,151.0	4.24	%	3.83	%		8,448.1		345.4
Short-term investments					1,492.5	0.21	%	0.16	%		1,492.9		3.1

			Total investment portfolio	$	9,643.5	3.61	%	3.27	%	$	9,941.0	$	348.5

		Fair Value

Ratings(5):
Treasury and U.S. government obligations		$	530.6	6.3	%
Agency obligations			458.3	5.4	%
AAA/Aaa			2,858.3	33.9	%
AA/Aa			2,890.2	34.2	%
A/A			1,412.7	16.7	%
BBB			185.4	2.2	%
Below investment grade ("BIG")(6)			112.6	1.3	%

	Total fixed maturity securities available for sale	$	8,448.1	100.0	%

Duration of investment portfolio (in years):				3.8

(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+. Includes $545.6 million insured by AGC & AGM.
(2): $2.3 million is U.S. subprime RMBS, which has an average rating of AAA.
(3): Contains no CDOs of ABS.
(4): Represents annualized investment income based on amortized cost and pre-tax book yields.
(5): Ratings are represented by the lower of the Moody's Investors Service and Standard & Poor's classifications.
(6): Includes $31.4 million which the Company purchased for risk mitigation purposes.

ASSURED GUARANTY LTD.

ESTIMATED NET EXPOSURE AMORTIZATION(1)

(dollars in millions)

		Estimated Net Debt Service Amortization		Estimated Ending Net Debt Service Outstanding

Total Financial Guaranty:
2009 (as of September 30)				$	967,440
2009 (October-December)		$	17,224		950,216
2010			69,907		880,309
2011			60,847		819,462
2012			67,740		751,722
2013			59,903		691,819
2009-2013			275,621		691,819
2014-2018			243,890		447,929
2019-2023			162,984		284,945
2024-2028			117,950		166,995
After 2028			166,995		—

	Total	$	967,440

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

ASSURED GUARANTY LTD.

ESTIMATED NET UNEARNED PREMIUM AMORTIZATION AND ESTIMATED NET FUTURE INSTALLMENT PREMIUMS

(dollars in millions)

		Non-Credit Derivative Financial Guaranty Contracts

		Run-off of Net UPR(1)		Expected Losses		Run-off of Net UPR in Excess of Expected Losses		Accretion of Discount		Credit Derivative Revenues and Other Installment Earned Premiums(2)		Total
Total Financial Guaranty:
2009 (4th Qtr)		$	304.0	$	16.6	$	287.4	$	9.9	$	60.7	$	358.0
2010			1,054.0		158.4		895.6		37.6		196.8		1,130.0
2011			809.1		116.8		692.3		35.3		175.4		903.0
2012			670.8		120.3		550.5		33.2		141.3		725.0
2013			570.7		119.2		451.5		31.0		106.9		589.4
2009-2013			3,408.6		531.3		2,877.3		147.0		681.1		3,705.4
2014-2018			1,894.1		354.5		1,539.6		126.6		220.9		1,887.1
2019-2023			1,019.1		86.1		933.0		86.9		87.0		1,106.9
2024-2028			642.0		40.8		601.2		55.4		62.5		719.1
After 2028			742.8		53.0		689.8		47.8		116.3		853.9

	Total	$	7,706.6	$	1,065.7	$	6,640.9	$	463.7	$	1,167.8	$	8,272.4

(1): Net unearned premium reserve ("UPR") amounts are U.S. GAAP based UPR and net of ceded unearned premiums.
(2): Includes earnings on future installments of credit derivatives.

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY PROFILE

As of September 30, 2009

(dollars in millions)

Historical Net Par Outstanding and Average Rating by Asset Type

			Financial Guaranty Direct		Financial Guaranty Reinsurance		Consolidated

			Financial Guaranty Direct		Financial Guaranty Reinsurance		Net Par Outstanding		Avg. Rating(1)
Sector:			Net Par Outstanding		Net Par Outstanding		Net Par Outstanding		Avg. Rating(1)
Public Finance
United States:
	General obligation		$	161,128	$	17,306	$	178,434	A+
	Tax backed			73,307		10,283		83,590	A+
	Municipal utilities			63,032		6,931		69,963	A
	Transportation			29,072		6,870		35,942	A
	Healthcare			19,587		2,512		22,099	A
	Higher education			11,967		3,023		14,990	A+
	Housing			7,258		1,432		8,690	AA-
	Infrastructure finance			2,454		828		3,282	BBB
	Investor-owned utilities			124		1,725		1,849	BBB+
	Other public finance			3,819		2,227		6,046	A

		Total public finance—U.S.	$	371,748	$	53,137	$	424,885	A+
Non-U.S.:
	Infrastructure finance		$	13,117	$	2,941	$	16,058	BBB
	Regulated utilities			11,331		2,584		13,915	BBB+
	Pooled infrastructure			4,389		—		4,389	AAA
	Other public finance			8,302		563		8,865	AA-

		Total public finance—non-U.S.	$	37,139	$	6,088	$	43,227	A-

Total public finance			$	408,887	$	59,225	$	468,112	A+

Structured Finance
United States:
	Pooled corporate obligations		$	74,641	$	925	$	75,566	AAA
	Residential mortgage-backed and home equity			29,555		602		30,157	BB+
	Financial products			10,914		—		10,914	AA-
	Consumer receivables			7,831		1,654		9,485	A
	Commercial mortgage-backed securities			7,076		379		7,455	AAA
	Commercial receivables			1,211		1,730		2,941	BBB+
	Structured credit			2,393		343		2,736	A-
	Insurance securitizations			1,314		337		1,651	A+
	Other structured finance			1,004		274		1,278	A-

		Total structured finance—U.S.	$	135,939	$	6,244	$	142,183	AA-
Non-U.S.:
	Pooled corporate obligations		$	23,343	$	1,037	$	24,380	AAA
	Residential mortgage-backed and home equity			5,253		65		5,318	AAA
	Structured credit			1,475		757		2,232	BBB
	Commercial receivables			1,027		871		1,898	A-
	Insurance securitizations			964		31		995	CCC
	Commercial mortgage-backed securities			452		320		772	AA
	Other structured finance			566		174		740	AAA

		Total structured finance—non-U.S.	$	33,080	$	3,255	$	36,335	AA

Total structured finance			$	169,019	$	9,499	$	178,518	AA-

Total exposures			$	577,906	$	68,724	$	646,630	A+

Mortgage guaranty risk in force							$	395	NA

(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, non-U.S. public finance, U.S. structured finance and non-U.S. structured finance obligations hat the Company insures and reinsures.

NA = Not Applicable

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY PROFILE (Continued)

As of September 30, 2009

(dollars in millions)

Gross Par Written by Asset Type

			Total Financial Guaranty		Avg. Rating(1)

			3Q-09
Sector:
Public Finance
United States:
	Tax backed		$	2,740	A
	General obligation			2,608	A
	Municipal utilities			1,289	A
	Transportation			1,196	A-
	Higher education			288	A
	Healthcare			294	A
	Infrastructure finance			56	A-
	Housing			26	AA
	Other public finance			—	—

		Total public finance—U.S.	$	8,497	A
Non-U.S.:
	Infrastructure finance		$	—	—
	Regulated utilities			—	—
	Other public finance			—	—

		Total public finance—non-U.S.	$	—	—

Total public finance			$	8,497	A

Structured Finance
United States:
	Consumer receivables		$	600	AAA
	Commercial receivables			—	—

		Total structured finance—U.S.	$	600	AAA
Non-U.S.:
		Total structured finance—non-U.S.	$	—	—

Total structured finance			$	600	AAA

Total gross par written			$	9,097	A

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY PROFILE (Continued)

As of September 30, 2009

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio

		As of September 30, 2009

		Financial Guaranty Direct					Financial Guaranty Reinsurance					Consolidated
Ratings(1):		Net Par Outstanding		%			Net Par Outstanding		%			Net Par Outstanding		%
Super senior		$	45,795		7.9	%	$	—		0.0	%	$	45,795		7.1	%
AAA			60,557		10.5	%		2,315		3.4	%		62,872		9.7	%
AA			178,235		30.8	%		20,525		29.9	%		198,760		30.7	%
A			201,298		34.8	%		30,202		43.9	%		231,500		35.8	%
BBB			70,158		12.1	%		13,517		19.7	%		83,675		12.9	%
Below investment grade			21,863		3.9	%		2,165		3.1	%		24,028		3.8	%

	Total exposures	$	577,906		100.0	%	$	68,724		100.0	%	$	646,630		100.0	%

		As of September 30, 2009

		Public Finance— U.S.					Public Finance— Non-U.S.					Structured Finance— U.S.					Structured Finance— Non-U.S.					Consolidated
Ratings(1):		Net Par Outstanding		%			Net Par Outstanding		%			Net Par Outstanding		%			Net Par Outstanding		%			Net Par Outstanding		%
Super senior		$	25		0.0	%	$	2,323		5.4	%	$	29,963		21.1	%	$	13,484		37.1	%	$	45,795		7.1	%
AAA			6,882		1.6	%		3,545		8.2	%		40,979		28.8	%		11,465		31.6	%		62,871		9.7	%
AA			167,617		39.4	%		2,753		6.4	%		26,017		18.3	%		2,373		6.5	%		198,760		30.7	%
A			208,257		49.0	%		11,978		27.7	%		8,602		6.0	%		2,664		7.3	%		231,501		35.8	%
BBB			38,952		9.2	%		22,244		51.5	%		17,153		12.1	%		5,326		14.7	%		83,675		12.9	%
Below investment grade			3,152		0.7	%		384		0.9	%		19,469		13.7	%		1,023		2.8	%		24,028		3.8	%

	Total exposures	$	424,885		100.0	%	$	43,227		100.0	%	$	142,183		100.0	%	$	36,335		100.0	%	$	646,630		100.0	%

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY PROFILE (Continued)

As of September 30, 2009

(dollars in millions)

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

		Net Par Outstanding

U.S.:
California		$	59,822	9.3	%
New York			35,457	5.5	%
Texas			30,778	4.8	%
Pennsylvania			28,952	4.5	%
Florida			25,468	3.9	%
Illinois			25,320	3.9	%
New Jersey			18,662	2.9	%
Michigan			17,133	2.6	%
Washington			13,422	2.1	%
Massachusetts			13,347	2.1	%
Other states			156,524	24.2	%
Structured finance (multiple states)			142,183	21.9	%

	Total U.S.		567,068	87.7	%

Non-U.S.:
United Kingdom			31,553	4.9	%
Australia			8,795	1.4	%
Canada			5,052	0.8	%
France			2,595	0.4	%
Italy			2,582	0.4	%
Other			28,985	4.4	%

	Total non-U.S.		79,562	12.3	%

Total exposures		$	646,630	100.0	%

ASSURED GUARANTY LTD.

POOLED CORPORATE OBLIGATIONS PROFILE

(dollars in millions)

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

Ratings(1):		Net Par Outstanding

Super Senior		$	33,413	34.1	%	29.0	%	26.4	%
AAA			42,590	43.4	%	29.3	%	26.8	%
AA			11,971	12.2	%	34.5	%	29.5	%
A			2,410	2.5	%	33.0	%	33.5	%
BBB			5,650	5.8	%	38.1	%	29.8	%
Below investment grade			1,950	2.0	%	44.1	%	31.2	%

	Total exposures	$	97,984	100.0	%	30.7	%	27.4	%

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

Year insured:	Net Par Outstanding

2004 and prior	$	15,412	15.7	%	23.7	%	21.7	%
2005		20,667	21.1	%	29.0	%	25.7	%
2006		20,756	21.2	%	33.0	%	28.1	%
2007		38,570	39.4	%	33.0	%	29.6	%
2008		2,579	2.6	%	35.5	%	37.3	%
2009		—	—		—		—

	$	97,984	100.0	%	30.7	%	27.4	%

ASSURED GUARANTY LTD.

POOLED CORPORATE OBLIGATIONS PROFILE (Continued)

(dollars in millions)

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

Asset class:	Net Par Outstanding								Avg. Rating(1)

Synthetic high yield pooled corporate	$	11,313	11.5	%	36.7	%	31.9	%	AAA
Synthetic investment grade pooled corporate		14,796	15.1	%	19.2	%	17.8	%	Super Senior
CLOs/CBOs		57,793	59.0	%	30.3	%	26.3	%	AAA
Market Value CDOs of corporate		5,860	6.0	%	32.2	%	40.0	%	AAA
Trust Preferred—banks and insurance		3,810	3.9	%	47.7	%	38.2	%	BBB+
Trust Preferred—US Mortgage and REITs(3)		2,419	2.5	%	50.1	%	42.5	%	BB+
Trust Preferred—European Mortgage and REITs		1,069	1.1	%	36.9	%	31.3	%	BBB-
CDO of CDOs (corporate)(4)		48	0.0	%	24.4	%	16.7	%	A-
Other Pooled Corporate		876	0.9	%	N/A		N/A		A-

	$	97,984	100.0	%	30.7	%	27.4	%	AAA

(1): Assured's internal rating. Assured's scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured's AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured's exposure or (2) Assured's exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management's opinion, causes Assured's attachment point to be materially above the AAA attachment point.
(2): "Average Credit Enhancement" is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured's exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown above do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Data is obtained from third-party sources such as trustee reports and may be subject to misstatement or correction.
(3): REITs are real estate investment trusts.
(4): CDOs are collateralized debt obligations.

ASSURED GUARANTY LTD.

CONSOLIDATED U.S. RESIDENTIAL MORTGAGE-BACKED SECURITIES ("RMBS") PROFILE

(dollars in millions)

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

Ratings(1):	Direct Net Par Outstanding				Reinsurance Net Par Outstanding				Total Net Par Outstanding

Super senior	$	545	1.8	%	$	—	—		$	545	1.8	%
AAA		3,220	10.8	%		25	5.5	%		3,244	10.8	%
AA		2,336	7.9	%		46	10.4	%		2,383	7.9	%
A		2,190	7.4	%		80	18.1	%		2,271	7.5	%
BBB		4,856	16.3	%		86	19.3	%		4,942	16.4	%
Below investment grade		16,566	55.8	%		207	46.6	%		16,773	55.6	%

	$	29,714	100.0	%	$	444	100.0	%	$	30,157	100.0	%

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

Ratings(1):

Super senior	41.4	%	35.4	%	34.7	%	1.8	%
AAA	23.1	%	33.9	%	9.1	%	10.8	%
AA	0.3	%	5.0	%	8.5	%	7.9	%
A	9.2	%	6.4	%	13.4	%	7.5	%
BBB	25.1	%	9.1	%	10.4	%	16.4	%
Below investment grade	0.9	%	10.1	%	24.0	%	55.6	%

	100.0	%	100.0	%	100.0	%	100.0	%

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

Year insured:		Prime First Lien(2)		Closed End Seconds		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs(3)		Total Net Par Outstanding

Super senior		$	—	$	—	$	—	$	—	$	—	$	545	$	—	$	545
AAA			179		0		488		170		165		2,243		—		3,244
AA			37		46		546		261		21		1,471		—		2,383
A			53		2		7		1,062		56		1,092		—		2,271
BBB			109		—		442		1,706		260		2,394		31		4,942
Below investment grade			639		1,310		4,795		4,076		3,500		2,283		170		16,773

	Total exposures	$	1,016	$	1,359	$	6,279	$	7,275	$	4,000	$	10,027	$	201	$	30,157

ASSURED GUARANTY LTD.

CONSOLIDATED U.S. RESIDENTIAL MORTGAGE-BACKED SECURITIES ("RMBS") PROFILE (Continued)

(dollars in millions)

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

Year insured:		Prime First Lien(2)		Closed End Seconds		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs		Total Net Par Outstanding

2004 and prior		$	81	$	3	$	414	$	151	$	64	$	1,781	$	1	$	2,496
2005			186		—		1,336		780		189		486		15		2,992
2006			166		472		2,080		568		1,051		4,406		87		8,831
2007			583		884		2,449		3,466		2,547		3,257		98		13,284
2008			—		—		—		2,310		149		96		—		2,555
2009			—		—		—		—		—		—		—		—

	Total exposures	$	1,016	$	1,359	$	6,279	$	7,275	$	4,000	$	10,027	$	201	$	30,157

(1): Assured's internal rating. Assured's scale is comparable to that of the nationally recognized rating agencies. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured's AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured's exposure or (2) Assured's exposure benefits from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss and such credit enhancement, in management's opinion, causes Assured's attachment point to be materially above the AAA attachment point.
(2): Includes primarily Prime First Lien plus an insignificant amount of other miscellaneous MBS transactions.
(3): NIMs are net interest margin securities.

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

Year insured:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	1,584		$	116		$	227		$	148		$	421		$	2,496
2005		—			339			103			211			641			1,697			2,992
2006		545			994			1,100			917			1,377			3,898			8,831
2007		—			327			818			13			1,379			10,747			13,284
2008		—			—			246			902			1,396			10			2,555
2009		—			—			—			—			—			—			—

	$	545		$	3,244		$	2,383		$	2,271		$	4,942		$	16,773		$	30,157

% of total		1.8	%		10.8	%		7.9	%		7.5	%		16.4	%		55.6	%		100.0	%

Distribution of U.S. Home Equity Line of Credit ("HELOC") RMBS by Rating(1) and Year Insured as of September 30, 2009

Year insured:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	40		$	6		$	5		$	47		$	317		$	414
2005		—			77			—			2			161			1,095			1,336
2006		—			56			—			—			234			1,790			2,080
2007		—			315			541			—			—			1,593			2,449
2008		—			—			—			—			—			—			—
2009		—			—			—			—			—			—			—

	$	—		$	488		$	546		$	7		$	442		$	4,795		$	6,279

% of total		0.0	%		7.8	%		8.7	%		0.1	%		7.0	%		76.4	%		100.0	%

ASSURED GUARANTY LTD.

CONSOLIDATED U.S. RESIDENTIAL MORTGAGE-BACKED SECURITIES ("RMBS") PROFILE (Continued)

(dollars in millions)

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

Year insured:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	0		$	—		$	2		$	—		$	—		$	3
2005		—			—			—			—			—						—
2006		—			—			—			—			—			472			472
2007		—			—			46			—			—			838			884
2008		—			—			—			—			—			—			—
2009		—			—			—			—			—			—			—

	$	—		$	0		$	46		$	2		$	—		$	1,310		$	1,359

% of total		0.0	%		0.0	%		3.4	%		0.2	%		0.0	%		96.4	%		100.0	%

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

Distribution of U.S. Alternative-A ("Alt-A") First Lien RMBS by Rating(1) and Year Insured as of September 30, 2009

Year insured:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	90		$	1		$	26		$	20		$	15		$	151
2005		—			80			15			134			161			391			780
2006		—			—			—			—			—			568			568
2007		—			—			—			—			364			3,102			3,466
2008		—			—			246			902			1,162			—			2,310
2009		—			—			—			—			—			—			—

	$	—		$	170		$	261		$	1,062		$	1,706		$	4,076		$	7,275

% of total		0.0	%		2.3	%		3.6	%		14.6	%		23.5	%		56.0	%		100.0	%

ASSURED GUARANTY LTD.

CONSOLIDATED U.S. RESIDENTIAL MORTGAGE-BACKED SECURITIES ("RMBS") PROFILE (Continued)

(dollars in millions)

Distribution of U.S. Alt-A Option Adjustable Rate Mortgage ("ARM") RMBS by Rating(1) and Year Insured as of September 30, 2009

Year insured:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	—		$	12		$	52		$	—		$	—		$	64
2005		—			3			—			3			38			144			189
2006		—			160			—			—			3			888			1,051
2007		—			1			9			—			70			2,467			2,547
2008		—			—			—			—			149			—			149
2009		—			—			—			—			—			—			—

	$	—		$	165		$	21		$	56		$	260		$	3,500		$	4,000

% of total		0.0	%		4.1	%		0.5	%		1.4	%		6.5	%		87.5	%		100.0	%

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

Year insured:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	1,437		$	60		$	115		$	82		$	88		$	1,781
2005		—			180			88			46			172			—			486
2006		545			616			1,100			917			1,140			89			4,406
2007		—			11			223			13			914			2,096			3,257
2008		—			—			—			—			86			10			96
2009		—			—			—			—			—			—			—

	$	545		$	2,243		$	1,471		$	1,092		$	2,394		$	2,283		$	10,027

% of total		5.4	%		22.4	%		14.7	%		10.9	%		23.9	%		22.8	%		100.0	%

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY DIRECT U.S. RMBS PROFILE

(dollars in millions)

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

Ratings(1):	Prime First Lien(2)		Closed End Seconds		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs		Total Net Par Outstanding

Super senior	$	—	$	—	$	—	$	—	$	—	$	545	$	—	$	545
AAA		167		—		488		167		161		2,237		—		3,220
AA		3		46		541		261		21		1,466		—		2,336
A		27		—		—		1,036		51		1,077		—		2,190
BBB		108		—		385		1,704		257		2,372		31		4,856
Below investment grade		635		1,297		4,658		4,071		3,494		2,242		170		16,566

Total exposures	$	939	$	1,343	$	6,072	$	7,239	$	3,983	$	9,937	$	201	$	29,714

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

Year insured:	Prime First Lien(2)		Closed End Seconds		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs		Total Net Par Outstanding

2004 and prior	$	8	$	—	$	354	$	119	$	63	$	1,710	$	1	$	2,255
2005		186		—		1,284		779		181		486		15		2,930
2006		162		459		1,985		565		1,043		4,398		87		8,700
2007		583		884		2,449		3,466		2,547		3,257		98		13,284
2008		—		—		—		2,310		149		86		—		2,545
2009		—		—		—		—		—		—		—		—

	$	939	$	1,343	$	6,072	$	7,239	$	3,983	$	9,937	$	201	$	29,714

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

Year issued:	Prime First Lien(2)		Closed End Seconds		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs		Total Net Par Outstanding

2004 and prior	$	8	$	—	$	354	$	119	$	63	$	1,710	$	1	$	2,255
2005		186		—		1,284		779		181		4,835		15		7,279
2006		162		459		2,078		879		1,043		548		87		5,257
2007		583		884		2,356		5,461		2,696		2,758		98		14,837
2008		—		—		—		—		—		86		—		86
2009		—		—		—		—		—		—		—		—

	$	939	$	1,343	$	6,072	$	7,239	$	3,983	$	9,937	$	201	$	29,714

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY DIRECT U.S. RMBS PROFILE (Continued)

(dollars in millions)

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

Year issued:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	1,563		$	69		$	153		$	83		$	388		$	2,255
2005		545			952			1,203			1,123			1,717			1,739			7,279
2006		—			389			246			13			543			4,066			5,257
2007		—			316			818			902			2,427			10,373			14,837
2008		—			—			—			—			86			—			86
2009		—			—			—			—			—			—			—

	$	545		$	3,220		$	2,336		$	2,190		$	4,856		$	16,566		$	29,714

% of total		1.8	%		10.8	%		7.9	%		7.4	%		16.3	%		55.8	%		100.0	%

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

Year insured:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	1,563		$	69		$	153		$	83		$	388		$	2,255
2005		—			336			103			205			626			1,659			2,930
2006		545			994			1,100			917			1,371			3,772			8,700
2007		—			327			818			13			1,379			10,747			13,284
2008		—			—			246			902			1,396			—			2,545
2009		—			—			—			—			—			—			—

	$	545		$	3,220		$	2,336		$	2,190		$	4,856		$	16,566		$	29,714

% of total		1.8	%		10.8	%		7.9	%		7.4	%		16.3	%		55.8	%		100.0	%

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

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY DIRECT U.S. RMBS PROFILE (Continued)

(dollars in millions)

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

U.S. Prime First Lien(2)

Year issued:	Net Par Outstanding

2005	$	186	65.9	%	5.4	%	5.5	%	0.4	%	6
2006		162	73.0	%	7.6	%	0.0	%	9.9	%	1
2007		583	79.1	%	11.1	%	9.5	%	0.9	%	1
2008		—	—		—		—		—		—
2009		—	—		—		—		—		—

	$	931	75.9	%	9.7	%	8.6	%	0.8	%	8

U.S. CES

Year issued:	Net Par Outstanding

2005	$	—	—		—		—		—		—
2006		459	29.0	%	(68.4	)%	16.1	%	10.6	%	2
2007		884	39.4	%	(16.9	)%	15.7	%	15.3	%	10
2008		—	—		—		—		—		—
2009		—	—		—		—		—		—

	$	1,343	35.8	%	(34.5	)%	15.8	%	13.7	%	12

U.S. HELOC

Year issued:	Net Par Outstanding

2005	$	1,284	26.2	%	0.6	%	10.1	%	11.9	%	6
2006		2,078	55.3	%	0.3	%	20.0	%	14.4	%	8
2007		2,356	48.3	%	3.8	%	19.4	%	7.4	%	8
2008		—	—		—		—		—		—
2009		—	—		—		—		—		—

	$	5,718	45.8	%	1.8	%	17.5	%	11.0	%	22

ASSURED GUARANTY LTD.

FINANCIAL GUARANTY DIRECT U.S. RMBS PROFILE (Continued)

(dollars in millions)

Year issued:	Net Par Outstanding

2005	$	779	49.1	%	18.0	%	2.8	%	16.6	%	21
2006		879	63.3	%	4.5	%	7.1	%	35.8	%	10
2007		5,461	71.0	%	18.1	%	4.1	%	30.9	%	14
2008		—	—		—		—		—		—
2009		—	—		—		—		—		—

	$	7,119	67.7	%	16.4	%	4.3	%	29.9	%	45

Year issued:	Net Par Outstanding

2005	$	4,835	30.4	%	60.1	%	9.6	%	43.2	%	12
2006		548	47.1	%	29.6	%	12.2	%	47.8	%	3
2007		2,758	71.0	%	29.4	%	7.0	%	46.8	%	13
2008		86	77.7	%	35.3	%	2.9	%	36.7	%	1
2009		—	—		—		—		—		—

	$	8,227	45.6	%	47.5	%	8.8	%	44.7	%	29

Year issued:	Net Par Outstanding

2005	$	3,517	94.6	%	28.9	%	0.1	%	2.1	%	159
2006		1,418	97.8	%	28.4	%	0.0	%	2.6	%	58
2007		502	86.5	%	21.7	%	0.1	%	3.6	%	13
2008		—	—		—		—		—		—
2009		—	—		—		—		—		—

	$	5,437	93.6	%	28.1	%	0.1	%	2.4	%	230

Year issued:	Net Par Outstanding

Commercial Real Estate	$	741	54.0	%	49.2	%	48.8	%
CDO of CMBS		630	46.0	%	29.1	%	42.4	%

	$	1,371	100.0	%	40.0	%	45.9	%

Year issued:	Credit Cards		Student Loans		Manufactured Housing		Auto		Total Net Par Outstanding

2004 and prior	$	47	$	34	$	340	$	63	$	484
2005		1,074		192		—		565		1,831
2006		—		715		—		1,335		2,050
2007		489		1,191		—		2,370		4,050
2008		—		—		—		660		660
2009		200		210		—		—		410

	$	1,810	$	2,342	$	340	$	4,993	$	9,485

Year issued:	Super Senior			AAA Rated			AA Rated			A Rated			BBB Rated			BIG Rated			Total

2004 and prior	$	—		$	3		$	52		$	95		$	52		$	187		$	389
2005		—			1,153			—			96			208			—			1,457
2006		—			420			—			48			999			—			1,467
2007		—			1,261			—			—			2,187			—			3,448
2008		—			14			—			118			528			—			660
2009		—			200			—			210			—			—			410

	$	—		$	3,051		$	52		$	567		$	3,974		$	187		$	7,831

% of total		0.0	%		39.0	%		0.7	%		7.2	%		50.7	%		2.4	%		100.0	%

Asset class:	Net Par Outstanding				Average Rating(1)

Student loans	$	1,471	18.8	%	AAA	6.4	%	7.4	%
Credit cards		1,689	21.6	%	AAA	25.7	%	25.9	%
Auto		4,337	55.4	%	BBB	12.2	%	24.9	%
Manufactured Housing		334	4.3	%	BBB	27.6	%	26.7	%

	$	7,831	100.0	%	A+	14.7	%	21.9	%

			September 30, 2009

Sector:			Net Par Outstanding		Average Rating(1)
Public Finance
United States:
	General obligation		$	557	AA-
	Healthcare			319	A-
	Municipal utilities			202	A-
	Tax backed			141	A+
	Infrastructure finance			141	BBB+
	Transportation			36	A
	Housing			31	AA-
	Other public finance			29	B
	Investor-owned utilities			20	AAA

		Total public finance—U.S.	$	1,476	A+
Non-U.S.:
	Pooled infrastructure		$	4,389	AAA
	Infrastructure finance			1,967	BBB
	Regulated utilities			1,099	BBB+
	Other public finance			989	AAA

		Total public finance—non-U.S.	$	8,444	AAA

Total public finance			$	9,920	AA

Asset Type:			Net Par Outstanding (in billions)				3Q-09 Unrealized Gain (Loss) (in millions)			YTD 3Q-09 Unrealized Gain (Loss) (in millions)

Financial Guaranty Direct:
	Pooled corporates(1)
	High yield corporates		$	60.7	AAA		$	47.9		$	(28.0	)
	Trust preferred			6.1	BBB-			(32.3	)		(32.6	)
	Market value CDOs of corporates			5.5	AAA			(0.8	)		(8.1	)
	Investment grade corporates			14.8	Super senior	(5)		(21.6	)		(18.7	)
	CDO of CDOs (corporate)			—	—			6.6			6.3

		Total pooled corporate obligations		87.1	AAA			(0.2	)		(81.1	)
	U.S. RMBS(2):
	Prime first lien			3.1	A+			(31.3	)		(70.0	)
	Alt-A first lien			6.2	BB+			(41.8	)		(287.6	)
	Subprime lien			5.5	A+			(1.5	)		2.2

		Total U.S. RMBS		14.8	A-			(74.6	)		(355.4	)
	Commercial mortgage-backed securities(3)			7.3	AAA			0.1			(31.9	)
	Other(4)			12.6	AA-			(102.2	)		52.3

Financial Guaranty Direct:				121.8	AA+			(176.9	)		(416.1	)
Financial Guaranty Reinsurance:				1.6	AA+			(28.4	)		(16.5	)

	Total Financial Guaranty		$	123.4	AA+		$	(205.3	)	$	(432.6	)

Name or Description		Net Par Outstanding		Internal Rating(1)

Deutsche ALT-A Securities Mortgage Loan Trust, Series 2007-2	28.7	$	937	CCC	7.9	%
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I	4.8		757	CCC	0.0	%
US A Rated Residential MBS	2.6		665	BB	34.6	%
CWHEQ Revolving Home Equity Loan Trust, Series 2006-F	4.2		631	CCC	0.5	%
MASTR Adjustable Rate Mortgages Trust 2007-3	3.2		607	CCC	11.5	%
Jefferson County Alabama Sewer	19.4		598	D	N/A
MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2	3.8		583	BB	11.1	%
Deutsche Mortgage Securities Re-REMIC Trust Certificates, Series 2007-RS7	6.5		518	B	27.7	%
Ballantyne Re PLC Class A-2 Floating Rate Notes	26.6		500	D	NM
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2007-3	3.5		477	B	14.2	%
Detroit (City of) Michigan	11.8		461	BB	N/A
CWHEQ Revolving Home Equity Loan Trust, Series 2007-D	5.6		453	CCC	0.0	%
Countrywide Home Loans Alternative Loan Trust 2007-HY9	1.9		441	CCC	8.6	%
Deutsche Mortgage Securities Re-REMIC Trust Certificates, Series 2007-RS3	1.7		423	B	21.6	%
Orkney Re II, PLC Floating Rate Notes	8.8		423	D	NM
Option One Mortgage Loan Trust 2007-FXD2	4.2		412	BB	20.8	%
AAA Trust 2007-2	2.0		400	B	40.3	%
CWHEQ Revolving Home Equity Loan Trust, Series 2007-A	4.4		396	CCC	0.0	%
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-1	4.5		390	CCC	7.2	%
CWHEQ Revolving Home Equity Loan Trust, Series 2005-D	4.4		380	CCC	0.0	%
HarborView Mortgage Loan Trust 2006-12	3.9		363	BB	11.9	%
MASTR Adjustable Rate Mortgages Trust 2007-1	3.8		351	B	7.4	%
CWHEQ Revolving Home Equity Loan Trust, Series 2007-B	4.5		346	CCC	0.0	%
Aeroporti Di Roma—Romulus Finance S.R.L. (Rome Airport)	3.7		314	BB	N/A
GMACM Home Equity Loan Trust, Series 2004-HE3	4.1		308	BB	0.3	%
Taberna Preferred Funding IV, Ltd.	26.2		292	BB	44.7	%

Name or Description			Internal Rating(1)

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2007-H1	4.8	282	CCC	0.0	%
Alesco Preferred Funding XVI, Ltd.	23.6	260	B	13.1	%
Terwin Mortgage Trust 2006-12SL	20.8	256	CCC	(74.7	)%
Taberna Preferred Funding II, Ltd.	26.1	244	CCC	36.6	%
Attentus CDO I, Ltd.	11.2	237	BB	36.9	%
CWHEQ Revolving Home Equity Loan Trust 2005-J	4.6	216	N/A	0.0	%
Soundview Home Loan Trust 2007-WMC1	3.3	215	CCC	15.9	%
CWHEQ Revolving Home Equity Loan Trust 2005-J	4.6	214	CCC	0.0	%
Terwin Mortgage Trust 2007-1SL	21.1	211	CCC	(77.9	)%
HarborView Mortgage Loan Trust 2007-1	4.4	205	BB	14.4	%
HarborView Mortgage Loan Trust 2006-1	2.2	204	CCC	9.9	%
Terwin Mortgage Trust 2006-10SL	20.0	203	CCC	(60.5	)%
Attentus CDO II, Ltd.	13.0	196	BB	33.9	%
Taberna Preferred Funding III, Ltd.	21.7	195	B	36.5	%
CWHEQ Revolving Home Equity Loan Trust, Series 2005-C	4.2	181	BB	0.2	%
Jefferson County Alabama School Limited Obligation Sales Tax	11.5	178	BB	N/A
Detroit (City of) Michigan School District	6.2	176	BB	N/A
Countrywide Home Loans Alternative Loan Trust 2007-OA10	2.3	176	CCC	10.3	%
Flagstar Home Equity Loan Trust 2006-2	3.2	174	CCC	0.0	%
HarborView Mortgage Loan Trust 2006-10	4.4	172	B	6.4	%
NRG Peaker Finance Company LLC	5.5	164	B	N/A
Nomura Asset Acceptance Corporation Alternative Loan Trust, Series 2007-S2	2.3	158	CCC	0.0	%
St. Barnabas Health System—New Jersey	10.8	155	BB	N/A
CSAB Mortgage-Backed Trust 2006-3	4.7	155	CCC	3.4	%
National Collegiate Trust—Private Student Loan Transaction	23.9	155	BB-	N/A
Guaranteed Student Loan transaction	31.3	152	C	N/A
Taberna Preferred Funding VI, Ltd.	27.2	152	BB	43.5	%
Renaissance Home Equity Loan Trust 2007-3	6.4	148	BB	27.6	%
Texas Turnpike Authority—Central Texas Turnpike Project	25.7	146	BB+	N/A
New Orleans (City of) Louisiana	3.6	142	BB	N/A
Lehman XS Trust, Series 2007-16N	3.8	135	BB	11.6	%
Mashantucket Pequot Tribe—Connecticut	2.6	130	B	N/A
American Home Mortgage Assets Trust 2007-4	6.0	127	CCC	3.2	%
IndyMac IMSC Mortgage Loan Trust 2007-HOA1	6.6	127	CCC	4.0	%

Name or Description			Internal Rating(1)

ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL3	4.9	125	CCC	19.0	%
NATIONAL COLLEGIATE TRUST SERIES 20	23.9	125	BB-	N/A
International Synthetic High Yield Pooled Corporate CDO	2.7	116	CCC	12.9	%
TBW Mortgage-Backed Trust Series 2007-2	3.5	113	B	6.5	%
Conseco Finance Manufactured Housing Contract, Series 2001-2	1.9	111	BB	18.3	%
Countrywide Home Loans Alternative Loan Trust 2005-22T1	5.1	103	B	6.7	%
Guaranteed Student Loan transaction	36.8	95	B	N/A
Harrisburg (City of) Pennsylvania	14.3	93	BB+	N/A
Taberna Preferred Funding III, Ltd.	21.7	93	B	36.5	%
CWHEQ Revolving Home Equity Loan Trust, Series 2006-H	3.9	93	CCC	0.0	%
CSAB Mortgage-Backed Trust 2006-2	4.7	92	CCC	2.7	%
Deutsche ALT-B Securities Mortgage Loan Trust, Series 2006-AB1	5.1	90	CCC	8.0	%
Deutsche ALT-B Securities Mortgage Loan Trust, Series 2006-AB4	3.4	88	CCC	3.2	%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-GP1	2.9	87	CCC	0.0	%
Orlando Florida Tourist Development Tax	29.1	86	BB	N/A
Erie (City of) Pennsylvania	9.0	84	BB+	N/A
Xenia Rural Water District, Iowa	20.3	84	BB	N/A
GreenPoint Credit Manufactured Housing, Series 2000-4	4.7	82	BB	16.8	%
MASTR Asset Backed Securities Trust 2005-NC2	4.2	80	B	27.2	%
DeKalb County Medical Center—Georgia	13.5	78	BB	N/A
Terwin Mortgage Trust 2007-6ALT	4.3	77	CCC	3.7	%
International Synthetic High Yield Pooled Corporate CDO	2.7	77	CCC	12.9	%
ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL2	1.7	74	CCC	0.0	%
GSAA Home Equity Trust 2005-12	2.4	71	BB	11.4	%
CSMC Mortgage-Backed Trust 2007-3	7.3	71	CCC	3.3	%
SACO I Trust 2005-GP1	1.2	68	CCC	0.0	%
Countrywide Home Loans Alternative Loan Trust 2005-62	2.0	68	CCC	14.1	%
ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL1	21.3	66	CCC	(46.2	)%
Customer Asset Protection Company (CAPCO), Excess SIPC	0.4	63	BB	N/A

Name or Description		Net Par Outstanding		Internal Rating(1)

CSAB Mortgage-Backed Trust 2007-1	5.1		63	CCC	3.8	%
DSLA Mortgage Loan Trust 2005-AR5	2.5		61	CCC	10.0	%
FFMLT 2007-FFC	4.1		60	CCC	0.0	%
Deutsche ALT-B Securities Mortgage Loan Trust, Series 2006-AB3	3.2		60	CCC	3.6	%
Luminent Mortgage Trust 2006-2	1.2		55	CCC	11.5	%
Private Commercial Receivables Transaction	3.9		55	BB+	N/A
CSAB Mortgage-Backed Trust 2006-4	4.8		53	CCC	4.7	%
Countrywide Home Loans Alternative Loan Trust 2005-55CB	7.3		52	BB	9.4	%
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2006-2	3.3		52	B	17.8	%
Private Commercial Receivables Transaction	2.6		50	BB	N/A

Total		$	21,781

Credit Name:		Net Par Outstanding		Rating(1)

New Jersey (State of)		$	4,974	AA-
New York (State of)			3,889	AA
Massachusetts (Commonwealth of)			3,432	AA
California (State of)			3,420	A
New York (City of) New York			3,288	AA-
Puerto Rico (Commonwealth of)			2,541	BBB-
Washington (State of)			2,407	AA
Chicago (City of) Illinois			2,387	A+
Houston Texas Water and Sewer Authority			2,355	A+
Port Authority of New York and New Jersey			2,277	AA-
Wisconsin (State of)			2,253	AA-
Los Angeles Unified School District			2,146	AA
Philadelphia (City of) Pennsylvania			2,106	BBB
Miami-Dade County Florida Aviation Authority—Miami International Airport			2,063	A+
New York MTA Transportation Authority			2,054	A
New York City Municipal Water Finance Authority			1,993	AA+
Massachusetts (Commonwealth of) State Sales Tax			1,949	AA
University of California Board of Regents			1,886	AA-
Long Island Power Authority			1,857	A-
Michigan (State of)			1,813	A+
Pennsylvania (Commonwealth of)			1,723	AA-
Chicago Illinois Public Schools			1,699	A+
California (State of) Department of Water Resources			1,688	A-
District Of Columbia			1,641	A+
Illinois (State of)			1,634	AA
Illinois Toll Highway Authority			1,556	AA
Florida (State of)			1,547	AA+
Kentucky (Commonwealth of)			1,535	AA-
Chicago-O'Hare Airport			1,524	A
New York State Thruway Highway Trust Fund			1,498	AA-
Miami-Dade County School Board			1,447	A
Hawaii (State of) Department of Hawaiian Home Lands			1,426	AA
Puerto Rico Highway & Transportation Authority			1,403	BBB
Los Angeles Department of Water & Power—Electric Revenue Bonds			1,397	AA-
New York MTA Dedicated Tax			1,387	AA-
San Francisco Airports Commission			1,370	A
Massachusetts (State of) Water Resources			1,346	AA
Puerto Rico Electric Power Authority			1,333	A-
New Jersey Turnpike Authority			1,321	A
Metropolitan Washington DC Airports Authority			1,283	AA-
Los Angeles County Metropolitan Transportation Authority—Sales Tax			1,282	AA
Atlanta Georgia Water & Sewer System			1,255	BBB+
Broward County Florida School Board			1,247	AA-
Connecticut (State of)			1,237	AA-
Pennsylvania Turnpike Commission			1,230	A+
Clark County Nevada School District			1,229	AA
Skyway Concession Company Llc			1,199	BBB
Detroit Michigan Sewer			1,170	A+
Austin Texas Combined Utility Systems			1,149	AA-
Philadelphia Pennsylvania School District			1,149	A

	Total top 50 U.S. public finance exposures	$	92,995

Credit Name:		Net Par Outstanding		Rating(1)

US Synthetic High Yield Pooled Corporate CDO		$	1,463	AA-	40.0	%
US AA Rated Previously Insured Cash Flow CLO			1,399	AA	30.9	%
International AAA Cash Flow CLO			1,254	AAA	34.5	%
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			1,166	Super senior	14.0	%
Private Credit Card Transaction			1,000	AAA	12.5	%
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2007-2			937	CCC	7.9	%
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			811	Super senior	23.4	%
US Super AAA Synthetic Investment Grade Pooled Corporate CDO			771	Super senior	14.9	%
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I			757	CCC	0.0	%
US Super AAA Synthetic Investment Grade Pooled Corporate CDO			754	Super senior	26.3	%
International Synthetic High Yield Pooled Corporate CDO			738	A	30.9	%
US Super AAA Synthetic High Yield Pooled Corporate CDO			728	AAA	25.0	%
FORTRESS CREDIT INVESTMENTS I LTD			672	AAA	36.5	%
MASTR Asset Backed Securities Trust 2007-NCW			665	BB	34.6	%
280 FUNDING I			660	AAA	38.3	%
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			653	Super senior	18.3	%
CWHEQ Revolving Home Equity Loan Trust, Series 2006-F			631	CCC	0.5	%
MASTR Adjustable Rate Mortgages Trust 2007-3			607	CCC	11.5	%
Deutsche Mortgage Securities Re-REMIC Trust Certificates, Series 2007-RS4			603	BBB	25.4	%
Private Structured Credit			600	BBB+	Private
ANCHORAGE CROSSOVER CREDIT FINANCE LTD			600	AAA	29.1	%
ARES ENHANCED CREDIT OPPORTUNITIES FUND LTD			595	AAA	41.0	%
Applebee's Enterprises LLC			584	BBB-	33.9	%
MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2			583	BB	11.1	%
Americredit 2007-B-F			578	BBB	17.8	%
SANDELMAN FINANCE 2006-1 LIMITED			563	AA	28.4	%
US Super AAA Synthetic High Yield Pooled Corporate CDO			562	AAA	24.3	%
Deutsche Mortgage Securities Re-REMIC Trust Certificates, Series 2007-RS6			558	BBB-	26.9	%
Deutsche Mortgage Securities Re-REMIC Trust Certificates, Series 2007-RS5			549	A	26.2	%
US Super AAA Synthetic High Yield Pooled Corporate CDO			523	Super senior	24.5	%
US Super AAA Synthetic High Yield Pooled Corporate CDO			522	Super senior	29.7	%
Deutsche Mortgage Securities Re-REMIC Trust Certificates, Series 2007-RS7			518	B	27.7	%
US Super AAA Synthetic Investment Grade Pooled Corporate CDO			514	Super senior	14.4	%
Eastland CLO LTD			511	Super senior	29.6	%
Denali Capital CLO VII, Ltd.			500	AAA	20.6	%
LIICA Holdings, LLC			495	AA	28.5	%
US Synthetic High Yield Pooled Corporate CDO			494	AA	46.7	%
Shenandoah Trust Capital I Term Securities			484	A+	19.3	%
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2007-3			477	B	14.2	%
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			463	Super senior	12.9	%
US Super AAA Synthetic High Yield Pooled Corporate CDO			461	Super senior	25.0	%
Avenue CLO V, Ltd.			460	AAA	16.4	%
CWHEQ Revolving Home Equity Loan Trust, Series 2007-D			453	CCC	0.0	%
Private Student Loan Transaction 2007			450	AAA	11.0	%
KKR FINANCIAL CLO 2007-1 LTD			443	AAA	40.7	%
Countrywide Home Loans Alternative Loan Trust 2007-HY9			441	CCC	8.6	%
US Super AAA Synthetic High Yield Pooled Corporate CDO			440	AAA	29.5	%
LIBERTY CLO LTD			437	AAA	33.6	%
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			433	Super senior	11.9	%
Grayson CLO LTD			432	Super senior	21.7	%

	Total top 50 U.S. structured finance exposures	$	31,992

Credit Name:		Net Par Outstanding		Rating(1)

Quebec Provence		$	2,423	A+
Sydney Airport Finance Company			1,510	BBB
Thames Water Utility Finance PLC			1,366	BBB+
Prime European RMBS			1,324	AAA
Essential Public Infrastructure Capital III			909	Super senior
Channel Link Enterprises Finance Plc			901	BBB
Essential Public Infrastructure Capital II			863	Super senior
Southern Gas Networks Plc			832	BBB
International AAA Sovereign Debt Synthetic CDO			821	AAA
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			756	Super senior
Reliance Rail Finance Pty. Limited			721	A-
International Infrastructure Pool			689	A-
International Infrastructure Pool			689	A-
International Infrastructure Pool			689	A-
Capital Hospitals (Issuer) plc			681	BBB-
United Utilities Water PLC			679	A
Paragon Mortgages (No.13) Plc			663	AAA
Powercor Australia LLC			622	A-
Artesian Finance II Plc (Southern)—Swap Policy			613	A-
Japan Expressway Holding and Debt Repaymnet Agency			610	AA-
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			605	Super senior
Campania Region—Healthcare receivable			603	A-
Taberna Europe CDO II Plc			597	BBB-
Global Senior Loan Index Fund 1 B.V.			570	AAA
Stichting Profile Securitisation I			550	Super senior

	Total top 25 non-U.S. exposures	$	21,286

Servicer:		Net Par Outstanding

Countrywide Home Loans Servicing LP		$	9,287
American Home Mortgage Acceptance, Inc.			3,062
GMAC Mortgage Corporation			2,766
Wells Fargo Bank Minnesota			2,378
Ocwen Loan Servicing LLC			1,239
One West			1,124
JPMorgan Chase Bank, National Association			1,040
Specialized Loan Servicing LLC			964
Select Portfolio Servicing, Inc			513
First Tennessee Bank N.A.			474

	Total top 10 residential mortgage servicers exposures	$	22,847

Credit Name:		Net Par Outstanding		Rating(1)	State

CHRISTUS Health		$	491	A+	TX
Methodist Healthcare System			469	A	TN
MultiCare Health System			395	A+	WA
Virtua Health			370	A	NJ
Iowa Health System			339	A+	IA
Covenant Health			338	A-	TN
Meridian Health System			336	A-	NJ
Bon Secours Health System Obligated Group			314	A-	MD
Sutter Health (fka Sutter/CHS Obligated Group)			305	AA-	CA
Catholic Healthcare West			297	A	CA

	Total top 10 U.S. healthcare exposures	$	3,654

			September 30, 2009

Description:			Net Par Outstanding		% of Total			Number of Credits in Category
BIG:
	Category 1		$	12,364		51.5	%		305
	Category 2			7,504		31.2	%		199
	Category 3			4,160		17.3	%		123

		BIG Total	$	24,028		100.0	%		627

		As of September 30, 2009

Financial guaranty insurance reserves by segment and type(1):		Financial Guaranty Direct		Financial Guaranty Reinsurance		Mortgage Guaranty		Total Financial Guaranty		Other		Total
Case		$	137.7	$	76.0	$	0.1	$	213.8	$	1.1	$	214.9
Incurred but not reported ("IBNR") and portfolio			—		—		2.0		2.0		1.8		3.8

	Total financial guaranty insurance loss and LAE reserves(2)	$	137.7	$	76.0	$	2.1	$	215.8	$	2.9	$	218.7

Credit derivative reserves by segment and type:
Case		$	371.2	$	—	$	—	$	371.2	$	—	$	371.2

	Total credit derivative reserves	$	371.2	$	—	$	—	$	371.2	$	—	$	371.2

	Total loss and LAE reserves	$	508.9	$	76.0	$	2.1	$	587.0	$	2.9	$	589.9

ASSURED GUARANTY LTD - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 16, 2009

Attached files

Also read

			Total Net Par Outstanding for BIG transactions			3Q-09 Incurred Losses(2)(4)			YTD 3Q-09 Incurred Losses(2)(4)		Loss and Loss Expense Adjustment Reserves(3)(4)		Expected Losses		Credit Derivative Losses

Total Financial Guaranty Direct and Reinsurance:(1)
	Prime first lien		$	638.7	4.2	$	2.2		$	1.9	$	2.2	$	2.2	$	—
	Prime closed end seconds			1,310.1	13.5		(0.2	)		35.2		89.1		30.5		58.6
	Prime HELOC			4,795.4	4.6		58.8			99.2		14.9		14.9		—
	Alt-A first lien			4,075.8	9.9		77.4			100.4		121.0		20.5		100.5
	Alt-A option ARMs			3,499.7	3.7		86.9			114.9		133.0		19.7		113.4
	Subprime first lien			2,453.4	4.1		19.2			34.6		86.8		21.8		65.0

		Total U.S. RMBS		16,773.1	6.3		244.3			386.2		447.0		109.6		337.5
	Other structured finance			3,718.5	18.7		30.6			9.8		96.0		62.3		33.7
	Public finance			3,536.3	13.9		0.4			21.6		42.0		42.0		—

Total Financial Guaranty Direct and Reinsurance			$	24,027.9	9.3	$	275.3		$	417.6	$	585.0	$	213.9	$	371.2

						Year Ended December 31,

			YTD 2009			2008			2007			2006
GAAP Summary Income Statement Data
	Net earned premiums(1)		$	557.1		$	261.4		$	159.3		$	144.8
	Realized gains and other settlements on credit derivatives			114.8			117.6			74.0			73.9
	Net investment income			171.6			162.6			128.1			111.5
	Total expenses(1)			575.3			440.9			161.4			150.4
	(Loss) income before provision for income taxes			(209.3	)		112.3			(463.0	)		190.0
	Net income (loss) of Assured Guaranty Ltd. and subsidiaries			(119.5	)		68.9			(303.3	)		159.7
	Operating income(b)			160.9			74.5			178.0			157.2
	Net (loss) income of Assured Guaranty Ltd. and subsidiaries per diluted share(2)		$	(0.22	)	$	0.77		$	(4.38	)	$	2.13
	Operating income per diluted share(2)		$	0.44		$	0.84		$	2.57		$	2.12
	Expense ratio(f)			23.9	%		38.7	%		55.8	%		59.2	%

GAAP Summary Balance Sheet Data (End of Period)
	Total investments and cash		$	10,201.5		$	3,643.6		$	3,147.9		$	2,469.9
	Total assets			16,202.6			4,555.7			3,762.9			2,931.6
	Unearned premium reserves(1)			8,632.7			1,233.7			887.2			631.0
	Loss and LAE reserves(1)			218.7			196.8			125.6			115.9
	Long-term debt			915.2			347.2			347.1			347.1
	Shareholders' equity of Assured Guaranty Ltd. and subsidiaries			2,801.6			1,926.2			1,666.6			1,650.8
	Book value attributable to Assured per share		$	17.89		$	21.18		$	20.85		$	24.44

Other Financial Information (GAAP Basis):
	Net debt service outstanding (end of period)		$	967,440		$	348,816		$	302,413		$	180,174
	Gross debt service outstanding (end of period)			1,108,750			354,858			307,657			181,503
	Net par outstanding (end of period)			646,630			222,722			200,279			132,296
	Gross par outstanding (end of period)			735,636			227,164			204,809			133,303

Other Financial Information (Statutory Basis):
	Net debt service outstanding (end of period)		$	950,565		$	348,816		$	302,413		$	180,174
	Gross debt service outstanding (end of period)			1,087,393			354,858			307,657			181,503
	Net par outstanding (end of period)			631,742			222,722			200,279			132,296
	Gross par outstanding (end of period)			716,752			227,164			204,809			133,303
	Consolidated qualified statutory capital			4,464			2,310			2,079			1,658
	Consolidated policyholders' surplus and reserves			9,921			3,652			3,040			2,374
	Ratios:
		Par insured to statutory capital		142:1			96:1			96:1			80:1
		Capital ratio(3)		213:1			151:1			145:1			109:1
		Financial resources ratio(4)		75:1			70:1			68:1			53:1
	Gross debt service written:
	Public finance—U.S.		$	71,643		$	68,265		$	66,190		$	13,260
	Public finance—non-U.S.			888			3,350			11,849			10,531
	Structured finance—U.S.			1,233			13,972			42,414			28,902
	Structured finance—non-U.S.			—			5,490			13,122			7,448

	Total gross debt service written		$	73,764		$	91,078		$	133,575		$	60,141

	Net debt service written			73,676			89,871			129,872			59,775
	Net par written			41,879			55,418			84,686			50,541
	Gross par written			41,934			56,140			88,117			50,892