Assured Guaranty 8K Results of Operations and Financial Condition | AGO 22 Mar 10

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Exhibit 99.2

Assured Guaranty Municipal Corp.

("AGM," formerly known as Financial Security Assurance Inc.)

December 31, 2009

Financial Supplement

Table of Contents

		Page

Selected Financial Highlights		1
Income Statements (Non-GAAP Presentation)		2
Consolidated Balance Sheets		3
Underwriting Gain (Loss) (Non-GAAP)		4
Claims Paying Resources and Statutory-basis Exposures		5
New Business Production		6
Investment Portfolio		7
Expected Amortization of U.S. and Non-U.S. Structured Finance Net Par Outstanding		8
Estimated Net Exposure Amortization and Estimated Future Net Premium and Credit Derivative Revenues		9
Estimated Amortization by Year of Present Value of Financial Guaranty Insurance Losses to be Expensed in the Future		10
Ceded Par Outstanding by Reinsurer		11
Financial Guaranty Profile		12-14
Pooled Corporate Obligations Profile		15
Consolidated U.S. Residential Mortgage-Backed Securities Profile		16-20
U.S. Consumer Receivable Profile		21
Credit Derivative Net Par Outstanding Profile		22
Change in Unrealized Gains (Losses) on Credit Derivatives		23
Below Investment Grade Exposures		24-27
Largest Exposures by Sector		28-31
Financial Guaranty and Credit Derivatives Surveillance Categories		32
Financial Guaranty Losses Incurred and Paid		33-35
Summary of Statutory Financial and Statistical Data		36
Glossary		37
Endnotes Related to Non-GAAP Financial Measures		38

This supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (together with its subsidiaries, "Assured Guaranty"), with the U.S. Securities and Exchange Commission ("SEC"), including Assured Guaranty's Annual Report on Form 10-K for the year ended December 31, 2009. AGM was purchased by Assured Guaranty US Holdings Inc., a subsidiary of Assured Guaranty Ltd., on July 1, 2009. This financial supplement presents financial information since its acquisition, except for statutory data, which is based on full year statutory accounting principles. Purchase accounting adjustments were pushed down to AGM, which affects comparability to periods prior to the acquisition. AGM is a subsidiary of Financial Security Assurance Holdings Ltd. ("FSAH"), which terminated its registration with the SEC in July 2009 and no longer files reports with the SEC. For the purposes of this supplement all references to the "Company" shall mean AGM.

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

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. Assured Guaranty's forward looking statements could be affected by many events. These events include (1) rating agency action, including a ratings downgrade of Assured Guaranty or its affiliates and/or of transactions insured by Assured Guaranty 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, Assured Guaranty'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 world's credit markets, segments thereof or general economic conditions; (4) more severe or frequent losses affecting the adequacy of Assured Guaranty's loss reserves; (5) the impact of market volatility on the mark-to-market of Assured Guaranty's contracts written in credit default swap form; (6) reduction in the amount of reinsurance portfolio opportunities available to Assured Guaranty; (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 Assured Guaranty's business strategy; (12) contract cancellations; (13) Assured Guaranty'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 Guaranty'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. Assured Guaranty 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 Municipal Corp.

Selected Financial Highlights

(dollars in millions)

			3Q-09			4Q-09			Six Months Ended December 31, 2009

Operating income reconciliation:
	Operating income^b		$	230.7		$	209.4		$	440.1
	Plus: Realized gains (losses) on investments, after tax			0.3			0.5			0.8
	Plus: Non-credit impairment fair value gains (losses) on credit derivatives, after tax			(50.0	)		169.2			119.2
	Plus: Unrealized gains (losses) on committed capital securities, after tax			(33.7	)		(15.6	)		(49.3	)
	Plus: Goodwill and settlement of intercompany relationship, net			232.6			-			232.6

		Net Income attributable to Assured Guaranty Municipal Corp.	$	379.9		$	363.5		$	743.4

	Earned premiums from refundings and accelerations		$	11.5		$	36.5		$	48.0
	Operating income effect		$	7.5		$	23.7		$	31.2

						As of December 31, 2009

Adjusted book value reconciliation:
	Book value attributable to Assured Guaranty Municipal Corp.					$	2,074.5
	Less: Non-credit impairment fair value gains (losses) on credit derivatives, after tax						(143.5	)
	Less: Unrealized gains on committed capital securities, after tax						3.6
	Less: Unrealized gain (loss) on investment portfolio excluding foreign exchange effect, after tax						75.1

	Operating shareholders' equity					$	2,139.3
	Less: Deferred acquisition costs, after tax						(17.5	)
	Plus: Net present value of estimated future credit derivative revenue, after tax^e1						191.9
	Plus: Net unearned premium reserve on financial guaranty contracts in excess of expected loss, after tax						2,510.6

	Adjusted book value^d					$	4,859.3

Return on equity ("ROE") calculations²:
	ROE, excluding unrealized gain (loss) on investment portfolio	104.3	%	80.0	%		45.3	%
	Operating ROE^c	53.4	%	40.7	%		24.3	%

1. Includes unearned revenue less ceded unearned premiums on credit derivatives, after tax.

2. Quarterly ROE calculations represent annualized returns. ROE for the year ended December 31, 2009 represents six months of AGM operations.

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

Page 1

Assured Guaranty Municipal Corp.

Income Statements (Non-GAAP Presentation)

(dollars in millions)

		3Q-09			4Q-09			Six Months Ended December 31, 2009

Revenues
	Net earned premiums	$	280.5		$	294.9		$	575.4
	Net investment income		44.9			47.1			92.0
	Realized gains on credit derivatives¹		28.8			27.8			56.6
	Incurred (losses) recoveries on credit derivatives		27.3			19.7	��		47.0
	Other income		34.3			0.9			35.2

	Total operating revenues		415.8			390.4			806.2
Expenses
	Loss and loss adjustment expenses		0.9			50.9			51.8
	Amortization of deferred acquisition costs		-			(0.5	)		(0.5	)
	Interest expense		2.3			2.1			4.4
	Other operating expenses		75.7			31.6			107.3

	Total operating expenses		78.9			84.1			163.0
	Operating income before provision for income taxes		336.9			306.3			643.2
	Total provision for income taxes		106.2			96.9			203.1

	Operating income^b		230.7			209.4			440.1
	Plus: Realized gains (losses) on investments, after tax		0.3			0.5			0.8
	Plus: Non-credit impairments fair value gains (losses) on credit derivatives, after tax		(50.0	)		169.2			119.2
	Plus: Unrealized gains on committed capital securities, after tax		(33.7	)		(15.6	)		(49.3	)
	Plus: Goodwill and settlement of intercompany relationship, net		232.6			-			232.6

	Net income attributable to Assured Guaranty Municipal Corp.	$	379.9		$	363.5		$	743.4

1. Represents the revenue earned on credit derivatives included in the "realized gains and other settlements" line item on the statement of operations.

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

Page 2

Assured Guaranty Municipal Corp.

Consolidated Balance Sheets
(dollars in millions)

			As of

			December 31, 2009			July 1, 2009
Assets
	Investment portfolio, available-for-sale
		Fixed maturity securities, at fair value	$	5,183.6		$	4,968.9
		Short-term investments		542.0			766.3

	Total investments			5,725.6			5,735.2
	Assets acquired in refinancing transactions			152.4			168.4
	Receivables from affiliate			300.0			-
	Cash			23.6			85.1
	Premiums receivable, net of ceding commissions payable			787.4			846.4
	Ceded unearned premium revenue			1,508.6			1,727.7
	Reinsurance recoverable on unpaid losses			13.7			-
	Credit derivative assets			227.0			297.2
	Committed capital securities, at fair value			5.6			81.4
	Deferred tax asset, net			972.4			993.6
	Financial guaranty variable interest entities' assets			762.3			1,879.4
	Other assets			202.9			295.3

Total assets			$	10,681.5		$	12,109.7

Liabilities and shareholder's equity
Liabilities
	Unearned premium reserves		$	6,287.6		$	7,286.4
	Loss and loss adjustment expense reserve			55.3			-
	Note payable to related party			149.1			164.4
	Credit derivative liabilities			625.8			920.0
	Reinsurance balances payable, net			230.5			249.6
	Financial guaranty variable interest entities' liabilities			762.7			1,878.6
	Other liabilities			496.4			328.1

Total liabilities				8,607.4			10,827.1
Shareholder's equity
	Preferred stock			-			-
	Common stock			15.0			15.0
	Additional paid-in capital			1,241.8			1,266.8
	Retained earnings			743.4			-
	Accumulated other comprehensive income (loss)			74.3			-

Total shareholder's equity attributable to Assured Guaranty Municipal Corp.				2,074.5			1,281.8
	Noncontrolling interest of variable interest entities			(0.4	)		0.8

Total shareholder's equity				2,074.1			1,282.6

Total liabilities and shareholder's equity			$	10,681.5		$	12,109.7

Page 3

Assured Guaranty Municipal Corp.

Underwriting Gain (Loss) (Non-GAAP)

(dollars in millions)

			3Q-09			4Q-09			Six Months Ended December 31, 2009

Income statement:
Net earned premiums:
	Scheduled net earned premiums
		Public finance - U.S.	$	60.7		$	55.3		$	116.0
		Public finance - non-U.S.		13.3			11.5			24.8
		Structured finance - U.S.		189.5			180.6			370.1
		Structured finance - non-U.S.		5.5			11.0			16.5

	Total scheduled net earned premiums			269.0			258.4			527.4
	Net earned premiums from refundings			11.5			36.5			48.0

Total net earned premiums				280.5			294.9			575.4
Realized gains on credit derivatives				28.8			27.8			56.6
Other income				34.3			0.9			35.2

Total underwriting revenues				343.6			323.6			667.2
Loss and loss adjustment expenses (recoveries):
	Loss and loss adjustment expenses (recoveries) - financial guaranty			0.9			50.9			51.8
	Incurred losses (recoveries) on credit derivatives			(27.3	)		(19.7	)		(47.0	)

		Total incurred losses		(26.4	)		31.2			4.8
Amortization of deferred acquisition costs				-			(0.5	)		(0.5	)
Other operating expenses				41.7			25.5			67.2

	Total underwriting expenses			15.3			56.2			71.5
Underwriting gain, pre-tax			$	328.3		$	267.4		$	595.7

Page 4

Assured Guaranty Municipal Corp.

Claims Paying Resources and Statutory-basis Exposures²

(dollars in millions)

			As of December 31,

			2009		2008
Claims paying resources
	Policyholders' surplus		$	909	$	711
	Contingency reserve			1,323		1,282

		Qualified statutory capital		2,232		1,993
	Net unearned premium reserve			2,392		2,520
	Net loss and loss adjustment expense reserves			1,236		1,688

		Total policyholders' surplus and reserves²		5,860		6,201
	Net present value of installment premiums¹			874		963
	Standby line of credit/stop loss			498		550

		Total claims paying resources	$	7,232	$	7,714

	Net par outstanding		$	381,148	$	424,393
	Net debt service outstanding		$	568,594	$	631,886
	Ratios:
		Net par outstanding to qualified statutory capital		171:1		213:1
		Capital ratio³		255:1		317:1
		Financial resources ratio⁴		79:1		82:1

1. Includes financial guaranty and credit derivatives discounted at 6%.

2. Statutory basis.

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

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

Page 5

Assured Guaranty Municipal Corp.

New Business Production

(dollars in millions)

				Quarter Ended September 30, 2009			Quarter Ended December 31, 2009			Six Months Ended December 31, 2009

New business production analysis:
	Present value of new business production ("PVP")^a
		Public finance - U.S.		$	13.0		$	17.9		$	30.9
		Public finance - non-U.S.			-			-			-
		Structured finance - U.S.¹			0.4			1.5			1.9
		Structured finance - non-U.S.¹			0.9			0.1			1.0

	Total PVP^a				14.3			19.5			33.8
	Less: PVP^a of credit derivatives				-			-			-

	PVP^a of financial guaranty insurance				14.3			19.5			33.8
	Less: Financial guaranty installment premium PVP^a				4.4			(21.7	)		(17.3	)

		Total: Financial guaranty upfront GWP			9.9			41.2			51.1
	Plus: Financial guaranty installment adjustment²				(9.2	)		(36.0	)		(45.2	)

		Total GWP		$	0.7		$	5.2		$	5.9

Consolidated financial guaranty gross par written:
	Public finance - U.S.			$	1,065		$	1,495		$	2,560
	Public finance - non-U.S.				—			—			—
	Structured finance - U.S.				—			—			—
	Structured finance - non-U.S.				—			—			—

			Total	$	1,065		$	1,495		$	2,560

1. These policies represent existing policies that have additional premium with no additional par outstanding.

2. Amounts represent the difference in the discount rate applied to future installments as well as the estimated term for future installments compared to the discount rate used for new financial guaranty insurance accounting standard.

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

Page 6

Assured Guaranty Municipal Corp.

Investment Portfolio

As of December 31, 2009

(dollars in millions)

				Amortized Cost						Fair Value		Annualized Investment Income²

Investment portfolio, available-for-sale:
Fixed maturity securities:
	U.S. Treasury securities and obligations of U.S. government agencies			$	68.7	3.5	%	2.3	%	$	68.3	$	2.4
	Agency obligations				108.3	2.1	%	1.4	%		107.8		2.3
	Foreign government securities				273.0	2.8	%	1.8	%		270.3		7.6
	Obligations of states and political subdivisions				1,930.4	3.5	%	3.3	%		1,983.2		67.0
	Insured obligations of state and political subdivisions¹				1,825.1	4.6	%	4.4	%		1,888.4		84.1
	Corporate securities				132.0	3.0	%	2.0	%		131.7		4.0
	Mortgage-backed securities:
		Pass-throughs			440.3	5.5	%	3.6	%		443.3		24.2
		Planned Amortization Class			4.0	4.0	%	2.6	%		4.0		0.2
	Asset-backed securities				287.3	3.3	%	2.1	%		286.6		9.3

			Total fixed maturity securities		5,069.1	4.0	%	3.5	%		5,183.6		201.1
Short-term investments					541.9	0.2	%	0.1	%		542.0		1.2

			Total investment portfolio	$	5,611.0	3.6	%	3.2	%	$	5,725.6	$	202.3

		Fair Value

Ratings³:
U.S. Treasury securities and obligations of U.S. government agencies		$	68.3	1.3	%
Agency obligations			107.8	2.1	%
AAA/Aaa			1,646.3	31.8	%
AA/Aa			2,012.7	38.8	%
A/A			949.8	18.3	%
BBB			134.7	2.6	%
Below investment grade ("BIG")⁴			264.0	5.1	%

	Total fixed maturity securities	$	5,183.6	100.0	%

Duration of investment portfolio (in years):				5.1

1. Reflects obligations of state and local political subdivisions that have been insured by financial guarantors. The underlying ratings of these bonds average A+. Includes $280.3 million insured by AGM.

2. Represents annualized investment income based on amortized cost and pre-tax book yields as of December 31, 2009.

3. Ratings are represented by the lower of Moody's Investors Service and Standard & Poor's classifications.

4. Includes $227.4 million which the Company purchased for risk mitigation purposes.

Page 7

Assured Guaranty Municipal Corp.

Expected Amortization of U.S. and Non-U.S. Structured Finance Net Par Outstanding

(dollars in millions)

		Estimated Net Par Amortization by Category

		U.S. and Non-U.S. Pooled Corporate		U.S. RMBS		U.S. Consumer Receivables		Financial Products (GICs)		Other Structured Finance		Total		Estimated Ending Net Par Outstanding
Structured Finance Net Par Amortization:
2009 (as of December 31)														$	91,420
2010		$	11,729	$	3,587	$	1,912	$	2,321	$	792	$	20,341		71,079
2011			7,274		2,246		1,301		743		399		11,963		59,116
2012			11,496		1,779		331		1,324		718		15,648		43,468
2013			7,650		1,352		36		1,028		388		10,454		33,014
2014			10,722		1,132		14		788		203		12,859		20,155
2010-2014			48,871		10,096		3,594		6,204		2,500		71,265		20,155
2015-2019			9,708		3,142		32		965		1,047		14,894		5,261
2020-2024			175		474		10		662		238		1,559		3,702
2025-2029			33		93		4		488		175		793		2,909
After 2029			81		538		—		1,932		358		2,909

	Total structured finance	$	58,868	$	14,343	$	3,640	$	10,251	$	4,318	$	91,420

Page 8

Assured Guaranty Municipal Corp.

Estimated Net Exposure Amortization¹ and Estimated Future Net Premium and Credit Derivative Revenues

(dollars in millions)

						Financial Guaranty Insurance²

				Estimated Ending Net Debt Service Outstanding		Financial Guaranty Insurance²
		Estimated Net Debt Service Amortization		Estimated Ending Net Debt Service Outstanding		Estimated PV Net Earned Premiums		Accretion of Discount		Future Net Premiums Earned		Future Credit Derivative Revenues³		Total
2009 (as of December 31)				$	583,796
2010		$	49,744		534,052	$	857.5	$	14.8	$	872.3	$	83.0	$	955.3
2011			42,090		491,962		630.9		13.8		644.7		70.3		715.0
2012			45,871		446,091		508.2		12.9		521.1		51.8		572.9
2013			38,323		407,768		419.5		12.0		431.5		35.2		466.7
2014			39,382		368,386		353.8		11.2		365.0		23.0		388.0
2010-2014			215,410		368,386		2,769.9		64.7		2,834.6		263.3		3,097.9
2015-2019			131,904		236,482		1,082.5		45.5		1,128.0		31.3		1,159.3
2020-2024			95,070		141,412		534.7		31.3		566.0		2.9		568.9
2025-2029			66,371		75,041		312.3		20.4		332.7		2.4		335.1
After 2029			75,041		-		353.3		20.8		374.1		7.4		381.5

	Total	$	583,796			$	5,052.7	$	182.7	$	5,235.4	$	307.3	$	5,542.7

1. Represents amortization of existing guaranteed portfolio (principal and interest), assuming no advance refundings, as of December 31, 2009. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay guaranteed obligations.

2. See page 10 for Present Value of Financial Guaranty Insurance Losses to be Expensed.

3. Excludes contracts with credit impairment.

Page 9

Assured Guaranty Municipal Corp.

Estimated Amortization by Year of Present Value of Financial Guaranty Insurance Losses
to be Expensed in the Future

(dollars in millions)

		Expected PV Net Loss to be Expensed¹

Year of Expected Amortization:
2010		$	183.5
2011			165.3
2012			163.6
2013			135.1
2014			112.6
2010-2014			760.1
2015-2019			272.8
2020-2024			70.0
2025-2029			39.8
After 2029			47.5

	Total	$	1,190.2

1. The expected present value of net loss to be expensed is discounted by weighted-average risk free rates ranging from 0.07% to 5.21% for a total discount of approximately $0.4 billion.

Page 10

Assured Guaranty Municipal Corp.

Ceded Par Outstanding by Reinsurer

(dollars in millions)

Reinsurer		Ceded Par Outstanding

Affiliated Companies		$	34,075
Non-Affiliated Companies:
	Tokio Marine & Nichido Fire Insurance Co., Ltd.		30,272
	Radian Asset Assurance Inc.		23,790
	RAM Reinsurance Co. Ltd.		11,355
	Syncora Guarantee Inc.		4,329
	R.V.I. Guaranty Co. Ltd.		4,140
	Swiss Reinsurance Company		4,046
	Mitsui Sumitomo Insurance Co. Ltd.		2,520
	Other		2,427

Non-Affiliated Companies			82,879

Total		$	116,954

Page 11

Assured Guaranty Municipal Corp.

Financial Guaranty Profile (1 of 3)

(dollars in millions)

			Six Months Ended December 31, 2009				As of December 31, 2009

			Gross Par Written		Avg. Rating¹		Net Par Outstanding		Avg. Rating¹
U.S. Public Finance:
	General obligation		$	1,295		A	$	126,375	A+
	Tax backed			433		A		53,759	A+
	Municipal utilities			346		A-		49,263	A
	Transportation			425		A		20,428	A
	Healthcare			4		A-		11,033	A
	Higher education			31		A		7,909	A+
	Housing			26		AA		6,653	AA-
	Infrastructure finance			-		-		1,201	BBB
	Investor-owned utilities			-		-		27	BBB
	Other public finance			-		-		1,413	A

		Total U.S. public finance		2,560		A		278,061	A+
Non-U.S. Public Finance:
	Infrastructure finance			-		-		11,111	BBB
	Regulated utilities			-		-		6,845	BBB+
	Other public finance			-		-		6,553	AA-

		Total non-U.S. public finance		-				24,509	A-

Total public finance			$	2,560		A	$	302,570	A+

U.S. Structured Finance:
	Pooled corporate obligations			-		-	$	44,597	AAA
	Residential mortgage-backed and home equity			-		-		14,343	BB
	Financial products			-		-		10,251	AA-
	Consumer receivables			-		-		3,640	BBB
	Insurance securitization			-		-		369	AA
	Commercial receivables			-		-		96	BBB
	Structured credit			-		-		81	BBB
	Other structured finance			-		-		762	A

		Total U.S. structured finance		-		-		74,139	AA-
Non-U.S. Structured Finance:
	Pooled corporate obligations			-		-		14,271	AAA
	Residential mortgage-backed and home equity			-		-		1,808	AA+
	Structured credit			-		-		624	BBB
	Commercial receivables			-		-		244	A
	Insurance securitizations			-		-		38	A+
	Other structured finance			-		-		296	AAA

		Total non-U.S. structured finance		-		-		17,281	AAA

Total structured finance			$	-		-	$	91,420	AA

Total exposures			$	2,560		A	$	393,990	A+

1. Assured Guaranty's internal rating. Assured Guaranty's scale is comparable to that of the nationally recognized rating agencies.
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 that the Company insures and reinsures.

Page 12

Assured Guaranty Municipal Corp.

Financial Guaranty Profile (2 of 3)

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio

		As of December 31, 2009

		Public Finance - U.S.					Public Finance- non - U.S.					Structured Finance - -U.S.					Structured Finance- non - U.S.					Consolidated
Ratings¹:		Net Par Outstanding		%			Net Par Outstanding		%			Net Par Outstanding		%			Net Par Outstanding		%			Net Par Outstanding		%
Super senior		$	24		0.0	%	$	-		0.0	%	$	16,480		22.2	%	$	7,221		41.8	%	$	23,725		6.0	%
AAA			5,111		1.8	%		1,301		5.3	%		19,651		26.5	%		5,208		30.1	%		31,271		7.9	%
AA			122,605		44.1	%		1,487		6.1	%		20,245		27.3	%		1,996		11.6	%		146,333		37.1	%
A			127,831		46.0	%		7,236		29.5	%		2,896		3.9	%		1,088		6.3	%		139,051		35.3	%
BBB			20,983		7.5	%		14,105		57.6	%		4,596		6.2	%		1,687		9.8	%		41,371		10.5	%
BIG			1,507		0.6	%		380		1.5	%		10,271		13.9	%		81		0.4	%		12,239		3.2	%

	Total exposures	$	278,061		100.0	%	$	24,509		100.0	%	$	74,139		100.0	%	$	17,281		100.0	%	$	393,990		100.0	%

1. Assured Guaranty's internal rating. Assured Guaranty'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 Guaranty's AAA-rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured Guaranty's exposure or (2) Assured Guaranty'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 Guaranty's attachment point to be materially above the AAA attachment point.

Page 13

Assured Guaranty Municipal Corp.

Financial Guaranty Profile (3 of 3)

(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio as of December 31, 2009

			Net Par Outstanding

U.S.:
Public Finance:
	California		$	40,932	10.4	%
	New York			22,200	5.6
	Pennsylvania			20,456	5.2
	Texas			19,253	4.9
	Illinois			16,862	4.3
	Florida			14,523	3.7
	Michigan			12,802	3.2
	New Jersey			12,296	3.1
	Washington			9,980	2.5
	Massachusetts			8,319	2.1
	Other states			100,438	25.5

		Total Public Finance		278,061	70.5
Structured finance (multiple states)				74,139	18.8

	Total U.S.			352,200	89.3

Non-U.S.:
	United Kingdom			12,148	3.1
	Australia			4,947	1.3
	Canada			4,320	1.1
	France			1,909	0.5
	Italy			1,838	0.5
	Other			16,628	4.2

		Total non-U.S.		41,790	10.7

Net par outstanding			$	393,990	100.0	%

Page 14

Assured Guaranty Municipal Corp.

Pooled Corporate Obligations Profile

(dollars in millions)

Distribution by Ratings of Pooled Corporate Obligations as of December 31, 2009

Ratings¹:	Net Par Outstanding

Super senior	$	23,144	39.3%	25.6%	23.3%
AAA		21,484	36.5%	25.6%	24.8%
AA		10,066	17.1%	32.2%	28.7%
A		2,939	5.0%	23.0%	22.3%
BBB		991	1.7%	15.9%	12.4%
Below investment grade		244	0.4%	38.9%	10.5%

Total exposures	$	58,868	100.0%	26.6%	24.6%

Distribution of Pooled Corporate Obligations by Year Insured as of December 31, 2009

Year insured:	Net Par Outstanding

2004 and prior	$	13,907	23.6%	21.8%	21.2%
2005		13,257	22.5%	24.7%	22.0%
2006		8,410	14.3%	27.7%	26.4%
2007		23,047	39.2%	29.9%	27.1%
2008		247	0.4%	34.1%	34.1%
2009		—	—	—	—

	$	58,868	100.0%	26.6%	24.6%

Distribution of Pooled Corporate Obligations by Asset Class as of December 31, 2009

Asset class:	Net Par Outstanding					Avg. Rating¹

CLOs/CBOs	$	32,248	54.8%	27.2%	25.1%	AAA
Synthetic investment grade pooled corporates		12,493	21.2%	17.4%	15.7%	AAA
Synthetic high yield pooled corporates		11,705	19.9%	36.7%	31.9%	AAA
Market Value CDOs of corporates		1,493	2.5%	17.0%	32.3%	AAA
Trust preferred – banks and insurance		166	0.3%	47.5%	45.9%	A
CDO of CDOs (corporate)³		37	0.1%	24.2%	18.9%	A-
Other Pooled Corporates		726	1.2%	N/A	N/A	A-

	$	58,868	100.0%	26.6%	24.6%	AAA

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

3. CDOs are collateralized debt obligations.

Page 15

Assured Guaranty Municipal Corp.

Consolidated U.S. Residential Mortgage-Backed Securities ("RMBS") Profile (1 of 5)

(dollars in millions)

Distribution of U.S. RMBS by Rating¹ and Type of Exposure as of December 31, 2009

Ratings:	Prime First Lien²		Closed End Seconds ("CES")		HELOC³		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs⁴		Total Net Par Outstanding

Super senior	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
AAA		112		-		445		132		155		1,321		-		2,165
AA		2		249		522		-		-		338		-		1,111
A		1		-		227		-		-		77		-		304
BBB		-		-		142		62		-		718		31		952
BIG		-		961		3,273		1,382		2,308		1,720		168		9,811

Total exposures	$	115	$	1,210	$	4,608	$	1,575	$	2,463	$	4,173	$	199	$	14,343

Distribution of U.S. RMBS by Year Insured and Type of Exposure as of December 31, 2009

Year insured:	Prime First Lien²		CES		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs		Total Net Par Outstanding

2004 and prior	$	7	$	-	$	307	$	71	$	-	$	1,324	$	0	$	1,710
2005		-		-		711		395		133		403		15		1,657
2006		108		454		1,811		556		958		126		86		4,100
2007		-		756		1,779		553		1,371		2,250		98		6,806
2008		-		-		-		-		-		70		-		70
2009		-		-		-		-		-		-		-		-

Total exposures	$	115	$	1,210	$	4,608	$	1,575	$	2,463	$	4,173	$	199	$	14,343

Distribution of U.S. RMBS by Rating¹ and Year Insured as of December 31, 2009

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

2004 and prior	$	-		$	1,316		$	48		$	1		$	18		$	327		$	1,710
2005		-			237			83			-			420			917			1,657
2006		-			317			-			303			-			3,480			4,100
2007		-			294			981			-			444			5,087			6,806
2008		-			-			-			-			70			-			70
2009		-			-			-			-			-			-			-

	$	-		$	2,165		$	1,111		$	304		$	952		$	9,811		$	14,343

% of total		0.0	%		15.1	%		7.7	%		2.1	%		6.7	%		68.4	%		100.0	%

2. Includes primarily Prime First Lien plus an insignificant amount of other miscellaneous mortgage-backed securities ("MBS") transactions.

3. Home equity line of credit ("HELOC") securitizations.

4. NIMs are net interest margin securities.

Page 16

Assured Guaranty Municipal Corp.

Consolidated U.S. RMBS Profile (2 of 5)

(dollars in millions)

Distribution of Financial Guaranty U.S. Mortgage-Backed Securities Insured January 1, 2005 or Later by Exposure Type, Net Par Outstanding, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of December 31, 2009¹

U.S. CES

Year insured:	Net Par Outstanding

2005	$	-	-		-	-		-		-
2006		454	27.1	%	-	50.7	%	15.9	%	2
2007		756	35.2	%	-	52.9	%	14.7	%	9
2008		-	-		-	-		-		-
2009		-	-		-	-		-		-

	$	1,210	32.2	%	-	52.1	%	15.2	%	11

U.S. HELOC

Year insured:	Net Par Outstanding

2005	$	711	24.6	%	0.8	%	7.4	%	10.7	%	4
2006		1,811	43.8	%	0.2	%	21.7	%	15.8	%	7
2007		1,779	59.7	%	4.7	%	19.1	%	8.1	%	7
2008		-	-		-		-		-		-
2009		-	-		-		-		-		-

	$	4,300	47.2	%	2.2	%	18.3	%	11.8	%	18

U.S. Alt-A First Lien

Year insured:	Net Par Outstanding

2005	$	395	42.8	%	14.5	%	4.9	%	23.0	%	8
2006		556	57.5	%	3.4	%	8.5	%	39.5	%	7
2007		553	-		4.3	%	8.4	%	48.8	%	4
2008		-	-		-		-		-		-
2009		-	-		-		-		-

	$	1,504	32.5	%	6.6	%	7.5	%	38.6	%	19

1. For this release, net par outstanding and number of transactions are based on values as of December 2009. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on December 31, 2009 information obtained from Intex, Bloomberg, and/or provided by the applicable trustee and may be subject to restatement or correction.

2. Pool factor is the percentage of the current collateral balance divided by the original collateral balance of the transactions at inception.

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

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

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

6. Many of the CES transactions insured by the Company have unique structures whereby the collateral may be written down for losses without a corresponding write-down of the obligations insured by the Company. Many of these transactions are currently under-collateralized, with the principal amount of collateral being less than the principal amount of the obligation insured by the Company. The Company is not required to pay principal shortfalls until legal maturity (rather than making timely principal payments), and takes the under-collateralization into account when estimating expected losses for these transactions.

Page 17

Assured Guaranty Municipal Corp.

Consolidated U.S. RMBS Profile (3 of 5)

(dollars in millions)

U.S. Alt-A Option ARMs

Year insured:	Net Par Outstanding

2005	$	133	36.8	%	8.8	%	6.8	%	45.5	%	3
2006		958	65.4	%	8.4	%	6.9	%	51.3	%	6
2007		1,371	73.2	%	7.6	%	6.5	%	45.5	%	5
2008		-	-		-		-		-		-
2009		-	-		-		-		-		-

	$	2,463	68.2	%	8.0	%	6.7	%	47.8	%	14

U.S. Subprime First Lien

Year insured:	Net Par Outstanding

2005	$	403	38.6	%	47.3	%	3.8	%	37.8	%	6
2006		126	43.9	%	42.8	%	9.3	%	43.4	%	2
2007		2,250	73.9	%	27.5	%	6.8	%	50.0	%	9
2008		70	76.4	%	35.3	%	3.5	%	35.4	%	1
2009		-	-		-		-		-		-

	$	2,849	67.7	%	31.2	%	6.4	%	47.6	%	18

1. For this release, net par outstanding is based on values as of December 2009. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on December 31, 2009 information obtained from Intex, Bloomberg, and/or provided by the trustee and may be subject to restatement or correction.

2. Pool factor is the percentage of the current collateral balance divided by the original collateral balance of the transactions at inception.

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

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

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

Page 18

Assured Guaranty Municipal Corp.

Consolidated U.S. RMBS Profile (4 of 5)

(dollars in millions)

Distribution of Financial Guaranty U.S. Mortgage-Backed Securities Insured January 1, 2005 or Later by Exposure Type, Net Par Outstanding, Internal Rating¹, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of December 31, 2009²

U.S. CES

Rating:	Net Par Outstanding

Super senior	$	-	-		-	-		-		-
AAA		-	-		-	-		-		-
AA		249	44.3	%	-	45.5	%	12.6	%	4
A		-	-		-	-		-		-
BBB		-	-		-	-		-		-
BIG		961	29.0	%	-	53.8	%	15.8	%	7

	$	1,210	32.2	%	-	52.1	%	15.2	%	11

U.S. HELOC

Rating:	Net Par Outstanding

Super senior	$	-	-		-		-		-		-
AAA		421	76.7	%	7.6	%	0.4	%	1.0	%	3
AA		522	71.2	%	11.1	%	6.2	%	3.4	%	2
A		227	67.0	%	0.3	%	5.1	%	2.9	%	1
BBB		142	29.4	%	1.8	%	6.6	%	10.1	%	1
BIG		2,990	38.3	%	0.0	%	24.4	%	15.5	%	11

	$	4,300	47.2	%	2.2	%	18.3	%	11.8	%	18

U.S. Alt-A First Lien

Rating:	Net Par Outstanding

Super senior	$	-	-		-		-		-		-
AAA		61	37.1	%	27.7	%	2.9	%	17.3	%	3
AA		-	-		-		-		-		-
A		-	-		-		-		-		-
BBB		62	32.1	%	16.1	%	8.9	%	24.4	%	1
BIG		1,382	60.6	%	5.3	%	7.6	%	40.1	%	15

	$	1,504	58.5	%	6.6	%	7.5	%	38.6	%	19

2. For this release, net par outstanding is based on values as of December 2009. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on December 31, 2009 information obtained from Intex, Bloomberg, and/or provided by the trustee and may be subject to restatement or correction.

3. Pool factor is the percentage of the current collateral balance divided by the original collateral balance of the transactions at inception.

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

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

6. 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

7. Many of the CES transactions insured by the Company have unique structures whereby the collateral may be written down for losses without a corresponding write-down of the obligations insured by the Company. Many of these transactions are currently under-collateralized, with the principal amount of collateral being less than the principal amount of the obligation insured by the Company. The Company is not required to pay principal shortfalls until legal maturity (rather than making timely principal payments), and takes the under-collateralization into account when estimating expected losses for these transactions.

Page 19

Assured Guaranty Municipal Corp.

Consolidated U.S. RMBS Profile (5 of 5)

(dollars in millions)

U.S. Alt-A Option ARMs

Rating:	Net Par Outstanding

Super senior	$	-	-		-		-		-		-
AAA		155	69.2	%	5.0	%	7.8	%	52.1	%	1
AA		-	-		-		-		-		-
A		-	-		-		-		-		-
BBB		-	-		-		-		-		-
BIG		2,308	68.1	%	8.2	%	6.6	%	47.5	%	13

	$	2,463	68.2	%	8.0	%	6.7	%	47.8	%	14

U.S. Subprime First Lien

Rating:	Net Par Outstanding

Super senior	$	-	-		-		-		-		-
AAA		104	25.4	%	80.4	%	4.7	%	44.2	%	2
AA		293	42.5	%	41.5	%	6.0	%	34.3	%	2
A		77	24.9	%	55.4	%	13.6	%	46.8	%	1
BBB		700	70.9	%	29.5	%	2.7	%	42.3	%	7
BIG		1,675	75.3	%	26.0	%	7.8	%	52.4	%	6

	$	2,849	67.7	%	31.2	%	6.4	%	47.6	%	18

3. Pool factor is the percentage of the current collateral balance divided by the original collateral balance of the transactions at inception.

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

6. 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Page 20

Assured Guaranty Municipal Corp.

U.S. Consumer Receivables Profile

(dollars in millions)

Distribution of U.S. Consumer Receivables by Rating¹ as of December 31, 2009

Rating:	Credit Cards			Auto			Manufactured Housing			Total Net Par Outstanding

Super senior	$	-		$	-		$	-		$	-
AAA		-			62			91			153
AA		-			-			48			48
A		-			42			-			42
BBB		88			3,131			-			3,219
BIG		-			-			178			178

	$	88		$	3,235		$	317		$	3,640

Average rating¹		BBB			BBB			A-			BBB
Avg. initial credit enhancement²		13.2	%		11.2	%		27.6	%		12.7	%
Avg. current enhancement²		13.2	%		24.5	%		26.7	%		24.4	%

2. "Average Credit Enhancement" is intended to provide a measure of the amount of equity and/or subordinate tranches that are junior in the capital structure to AGM'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 adjustments.

Page 21

Assured Guaranty Municipal Corp.

Credit Derivative Net Par Outstanding Profile

(dollars in millions)

Distribution of Credit Derivative Net Par Outstanding by Rating

		December 31, 2009

Ratings¹:		Net Par Outstanding		%
Super senior		$	22,892		39.6	%
AAA			19,275		33.2	%
AA			9,939		17.1	%
A			3,539		6.1	%
BBB			1,611		2.8	%
BIG			720		1.2	%

	Total credit derivative net par outstanding	$	57,976		100.0	%

Distribution of Financial Guaranty Credit Derivative Net Par Outstanding by Sector and
Average Rating

			December 31, 2009

			Net Par Outstanding		Average Rating¹
Public Finance:
	U.S. public finance		$	879	A-
	Non-U.S. public finance			2,571	A

Total public finance			$	3,450	A

U.S. Structured Finance:
	Pooled corporate obligations		$	40,218	AAA
	Residential mortgage-backed and home equity			395	BBB-
	Insurance securitizations			368	AA
	Commercial receivables			67	BBB-
	Other structured finance			119	B

		Total U.S. structured finance		41,167	AAA
Non-U.S. Structured Finance:
	Pooled corporate obligations			12,684	AAA
	Residential mortgage-backed and home equity			567	AA
	Structured credit			70	BBB
	Insurance securitizations			38	A+

		Total non-U.S. structured finance		13,359	AAA

Total structured finance			$	54,526	AAA

Total credit derivative net par outstanding			$	57,976	AAA

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 that the Company insures and reinsures.

Page 22

Assured Guaranty Municipal Corp.

Change in Unrealized Gains (Losses) on Credit Derivatives

(dollars in millions)

Asset Type:			Net Par Outstanding		Wtd. Avg. Credit Rating¹	4Q-09 Unrealized Gain (Loss)			2009 Unrealized Gain (Loss)

Pooled corporates:
	CLOs/CBOs		$	27,113	AAA	$	202.8		$	225.5
	Synthetic investment grade pooled corporate			12,493	AAA		(4.8	)		(27.0	)
	Synthetic high yield pooled corporate			11,705	AAA		80.8			104.7
	Trust preferred			99	AA		2.3			2.7
	Market value CDOs of corporate			1,492	AAA		4.2			5.7

		Total pooled corporate obligations		52,902	AAA		285.3			311.6
U.S. RMBS²:
	Subprime first lien (including NIMs)			174	BB+		0.2			0.1
	CES and HELOCs			221	BBB		3.1			11.5

		Total U.S. RMBS		395	BBB-		3.3			11.6
	Other³			4,679	A		(0.7	)		(99.8	)

		Total credit derivatives	$	57,976	AAA	$	287.9		$	223.4

1. Assured Guaranty's internal rating. Assured Guaranty's scale is comparable to that of the nationally recognized rating agencies.

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

3. Other includes all other U.S. and international asset classes, such as commercial receivables, non-U.S. residential mortgage-backed and home equity securities, and non-U.S. infrastructure and pooled infrastructure securities.

Page 23

Assured Guaranty Municipal Corp.

Below Investment Grade Exposures (1 of 4)

As of December 31, 2009

(dollars in millions)

BIG Exposures by Asset Type:			Net Par Outstanding		Internal Rating¹


U.S. Public Finance:
	General obligation		$	611	BB
	Health care revenue			278	BB-
	Tax-supported			219	BB
	Municipal utility revenue			166	D
	Housing revenue			7	B
	Education/University			5	BB+
	Other public finance			221	BB-

		Total U.S. public finance		1,507	B+
Non-U.S. Public Finance:
	Infrastructure finance			380	BB

		Total non-U.S. public finance		380	BB

Total public finance			$	1,887	BB-
U.S. Structured Finance:
	Residential mortgages		$	9,811	B-
	Consumer receivables			178	BB
	Pooled corporate			163	CCC+
	Other structured finance			119	B

		Total U.S. structured finance		10,271	B-
Non-U.S. Structured Finance:
	Pooled corporate			81	CCC

		Total non-U.S. structured finance		81	CCC

Total structured finance			$	10,352	B-

Total BIG net par outstanding			$	12,239	B

1. Assured Guaranty's internal rating. Assured Guaranty's scale is comparable to that of the nationally recognized rating agencies.

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

Page 24

Assured Guaranty Municipal Corp.

Below Investment Grade Exposures (2 of 4)

As of December 31, 2009

(dollars in millions)

Public Finance BIG Exposures Greater Than $50 Million as of December 31, 2009

Name or Description		Net Par Outstanding		Internal Rating¹

U.S. Public Finance:
Detroit (City of) School District Michigan		$	175	BB
Jefferson County Alabama Sewer			151	D
Jefferson County Alabama School Sales Tax Limited Obligation			144	BB
Detroit (City of) Michigan			137	BB+
Mashantucket Pequot Tribe - Connecticut			84	B
Erie (City of) Pennsylvania			81	BB+
Harrisburg (City of) Pennsylvania			75	BB
DeKalb County Medical Center - Georgia			74	BB
New Orleans (City of) Louisiana			68	BB-
St. Barnabas Health System - New Jersey			62	BB
PHEAA Student Loan Adjustable Rate Revenue Bonds 2001 Series A (12/15/01 Indenture)			61	BB
PHEAA Student Loan Adjustable Rate Revenue Bonds 2002 Series A (02/15/02 Indenture)			53	BB

	Total U.S. public finance	$	1,165
Non-U.S. Public Finance:
Aeroporti Di Roma - Romulus Finance S.R.L. (Rome Airport)		$	224	BB
Cross City Tunnel Motorway Finance Limited			156	BB

	Total non-U.S. public finance	$	380

Total		$	1,545

1. Assured Guaranty's internal rating. Assured Guaranty's scale is comparable to that of the nationally recognized rating agencies.

Page 25

Assured Guaranty Municipal Corp.

Below Investment Grade Exposures (3 of 4)

As of December 31, 2009

(dollars in millions)

Structured Finance BIG Exposures Greater Than $50 Million as of
December 31, 2009

Name or Description U.S. Structured Finance:		Net Par Outstanding		Internal Rating¹

U.S. RMBS:
Countrywide HELOC 2006-I		$	664	CCC	0.0	%	12.1	%
MABS 2007-NCW			647	BB	34.6	%	67.0	%
MASTR 2007-3 (NEGAM) G1A			585	CCC	9.1	%	56.6	%
Countrywide HELOC 2006-F			581	CCC	0.0	%	27.6	%
Option One 2007-FXD2			404	BB	19.8	%	31.9	%
Nomura Asset Accept. Corp. 2007-1			388	CCC	5.0	%	48.3	%
Harborview 2006-12 (NEGAM)			354	BB	11.9	%	54.2	%
Countrywide HELOC 2007-A			342	CCC	0.0	%	13.6	%
MARM 2007-1 (FKA MASTR 2007-OA1 NEG			338	B	5.6	%	35.6	%
Countrywide HELOC 2005-D			330	CCC	0.0	%	13.1	%
Countrywide HELOC 2007-B			304	CCC	0.0	%	10.8	%
GMACM 2004-HE3			283	BB	0.0	%	0.0	%
Terwin Mortgage Trust 2006-12SL			254	CCC	-		18.5	%
Indymac 2007-H1 HELOC			248	CCC	0.0	%	11.8	%
CWABS 2007-4 (Class A-4W)			220	BB	22.1	%	40.3	%
Soundview 2007-WMC1			209	CCC	14.9	%	71.1	%
Terwin Mortgage Trust 2007-1SL			208	CCC	-		13.5	%
Terwin Mortgage Trust 2006-10SL			200	CCC	-		12.7	%
Harborview 2006-1 (NEGAM)			200	CCC	9.2	%	57.1	%
Harborview 2007-1 (NEGAM)			199	BB	14.6	%	52.2	%
Countrywide HELOC 2005-C			167	BB	0.0	%	10.8	%
Harborview 2006-10 (NEGAM)			163	B	4.0	%	37.6	%
Flagstar HELOC 2006-2			159	CCC	0.0	%	14.9	%
CSAB 2006-3			153	CCC	1.8	%	43.4	%
Renaissance (Delta) 2007-3			146	BB	27.5	%	40.9	%
NAAC 2007-S2			141	CCC	0.0	%	16.0	%
Ahma 2007-4 NEGAM			125	CCC	0.9	%	30.3	%
IMSC 2007-Hoa1 NEGAM A-1-2			124	CCC	1.1	%	27.4	%
Countrywide Alta 2005-22T			99	B	6.3	%	20.7	%
CSAB 2006-2			91	CCC	5.6	%	37.9	%
Deutsche ALT-B 2006-AB1			90	CCC	7.0	%	30.3	%
Deutsche ALT-B 2006-AB4			86	CCC	0.2	%	37.5	%
ACE 2006-GP1			81	CCC	0.0	%	12.1	%
Terwin Mortgage Trust 2005-16HE			77	BB	17.9	%	29.0	%
CSMC 2007-3			71	CCC	2.0	%	36.2	%
GSAA 2005-12			70	BB	11.3	%	22.5	%
Countrywide HELOC 2006-H			68	CCC	0.0	%	21.6	%
Terwin Mortgage Trust 2007-6ALT			65	CCC	-		71.3	%
ACE 2007-SL1			65	CCC	-		16.9	%
CWALT 2005-62 (NEGAM)			63	CCC	13.3	%	54.7	%
Deutsche ALT-B 2006-AB3			59	CCC	0.0	%	46.9	%
DSLA 2005-AR5 (NEGAM)			57	CCC	5.7	%	37.0	%
Luminent 2006-2 (NEGAM)			54	CCC	9.7	%	56.0	%
CSAB 2006-4			52	CCC	3.6	%	38.9	%
FFMLT 2007-FFC			51	CCC	0.0	%	15.9	%

	Total U.S. RMBS	$	9,335

1. Assured Guaranty's internal rating. Assured Guaranty's scale is comparable to that of the nationally recognized rating agencies.

2. 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Page 26

Assured Guaranty Municipal Corp.

Below Investment Grade Exposures (4 of 4)

As of December 31, 2009

(dollars in millions)

Structured Finance BIG Exposures Greater Than $50 Million as of
December 31, 2009

Name or Description					Net Par Outstanding		Internal Rating¹

U.S. Structured Finance:
		Other:
		NRG Peaker			$	119	B	N/A
		Synthetic High Yield Pooled Corporate CDO				115	CCC	12.0	%
		Conseco Finance MH Series 2001-2				100	BB	18.2	%
		Greenpoint 2000-4				78	BB	16.1	%

			Total other		$	412

				Total U.S. structured finance	$	9,747
	Non-U.S. Structured Finance:
		Synthetic High Yield Pooled Corporate CDO				77	CCC	12.0	%

				Total non-U.S. structured finance	$	77

			Total		$	9,824

1. Assured Guaranty's internal rating. Assured Guaranty's scale is comparable to that of the nationally recognized rating agencies.

Page 27

Assured Guaranty Municipal Corp.

Largest Exposures by Sector

As of December 31, 2009

(in millions)

50 Largest U.S. Public Finance Exposures

Credit Name:		Net Par Outstanding		Internal Rating¹

New Jersey (State of)		$	2,914	AA-
New York (State of)			2,081	AA
Massachusetts (Commonwealth of)			2,057	AA
New York (City of) New York			1,572	AA-
Massachusetts (Commonwealth of) State Sales Tax			1,472	AA
Houston Texas Water and Sewer			1,461	A+
New York City Municipal Water Finance Authority			1,436	AA+
Washington (State of)			1,422	AA
Chicago (City of) Illinois			1,419	A+
University of California Board of Regents			1,413	AA
Wisconsin (State of)			1,401	A+
Pennsylvania (Commonwealth of)			1,335	AA-
Port Authority of New York and New Jersey			1,294	AA-
California (State of)			1,290	A
Illinois Toll Highway Authority			1,260	AA
Los Angeles California Unified School District			1,254	AA
Atlanta Georgia Water & Sewer System			1,227	BBB+
California (State of) Department of Water Resources			1,209	A-
Illinois (State of)			1,175	AA
New York MTA Dedicated Tax			1,134	AA-
Broward County Florida School Board			1,101	AA-
New York MTA Transportation Authority			1,086	A
Puerto Rico (Commonwealth of)			1,027	BBB-
Denver (City and County of) Colorado School District No.1			1,015	A+
Massachusetts (Commonwealth of) Water Resources			992	AA
Los Angeles Department of Water & Power - Electric Revenue Bonds			980	AA-
Long Island Power Authority			952	A-
Chicago O'Hare Airport			944	A
Connecticut (State of)			937	AA-
Detroit Michigan Sewer			907	A
San Diego (County of) California Water			901	AA
Michigan (State of) Gas & Motor Vehicle Tax			896	AA
Kentucky (Commonwealth of)			895	AA-
Michigan (State of)			877	A+
New York State Thruway Highway Trust Fund			877	AA-
New Jersey Turnpike Authority			874	A
Chicago Illinois Public Schools			873	A+
Metropolitan Washington DC Airports Authority			865	AA-
Louisiana (State of) Gas and Fuel Tax			864	A
Florida (State of)			861	AA+
Oregon (State of)			834	AA-
San Diego California Unified School District			832	AA
Hawaii (State of) Department of Hawaiian Home Lands			827	AA
California State University System Trustee			819	AA-
Philadelphia (City of) Pennsylvania			817	BBB-
Austin Texas Combined Utility System			808	AA-
Skyway Concession Company LLC			806	BBB
Clark County Nevada School District			798	AA
Miami-Dade County Florida Aviation Authority - Miami International Airport			796	A+
Philadelphia Pennsylvania School District			773	A

	Total top 50 U.S. public finance exposures	$	56,660

1. Assured Guaranty's internal rating. Assured Guaranty's scale is comparable to that of the nationally recognized rating agencies.

Page 28

Assured Guaranty Municipal Corp.

Largest Exposures by Sector

As of December 31, 2009

(dollars in millions)

50 Largest U.S. Structured Finance Exposures

Credit Name:		Net Par Outstanding		Internal Rating¹

Fortress Credit Opportunities I, LP.		$	1,268	AA	28.6	%
Synthetic Investment Grade Pooled Corporate CDO			1,126	Super Senior	13.5	%
Stone Tower Credit Funding			1,119	AAA	32.3	%
Synthetic High Yield Pooled Corporate CDO			973	AA-	42.7	%
Synthetic Investment Grade Pooled Corporate CDO			791	Super Senior	23.4	%
Synthetic Investment Grade Pooled Corporate CDO			763	Super Senior	14.9	%
Synthetic Investment Grade Pooled Corporate CDO			754	Super Senior	29.4	%
Mizuho II Synthetic CDO			735	A	30.7	%
Synthetic High Yield Pooled Corporate CDO			730	AA-	40.0	%
Synthetic High Yield Pooled Corporate CDO			723	AAA	25.0	%
Countrywide HELOC 2006-I			664	CCC	0.0	%
Synthetic Investment Grade Pooled Corporate CDO			652	Super Senior	17.8	%
MABS 2007-NCW			647	BB	34.6	%
MASTR 2007-3 (NEGAM) G1A			585	CCC	9.1	%
Countrywide HELOC 2006-F			581	CCC	0.0	%
Synthetic High Yield Pooled Corporate CDO			562	AAA	24.3	%
Synthetic High Yield Pooled Corporate CDO			523	Super Senior	29.7	%
Synthetic High Yield Pooled Corporate CDO			521	Super Senior	24.5	%
Americredit 2007-B-F			518	BBB	18.5	%
Synthetic Investment Grade Pooled Corporate CDO			512	Super Senior	14.2	%
Eastland CLO, LTD			504	Super Senior	31.2	%
Synthetic High Yield Pooled Corporate CDO			492	AA	46.7	%
Denali CLO VII, LTD.			475	AAA	20.1	%
Synthetic High Yield Pooled Corporate CDO			461	Super Senior	25.0	%
Avenue CLO V			453	AAA	18.1	%
Synthetic Investment Grade Pooled Corporate CDO			451	Super Senior	12.7	%
Synthetic Investment Grade Pooled Corporate CDO			433	Super Senior	11.3	%
Synthetic High Yield Pooled Corporate CDO			427	AAA	23.8	%
Synthetic High Yield Pooled Corporate CDO			419	AA	23.7	%
Synthetic High Yield Pooled Corporate CDO			419	AAA	36.0	%
Churchill Financial Cayman			414	AAA	34.5	%
Westchester CLO			405	Super Senior	32.3	%
Option One 2007-FXD2			404	BB	19.8	%
Grayson CLO			403	Super Senior	21.4	%
Synthetic Investment Grade Pooled Corporate CDO			399	Super Senior	14.0	%
Synthetic Investment Grade Pooled Corporate CDO			397	Super Senior	13.9	%
Nomura Asset Accept. Corp. 2007-1			388	CCC	5.0	%
Synthetic High Yield Pooled Corporate CDO			383	Super Senior	36.4	%
Stone Tower III			381	AA-	21.2	%
Synthetic Investment Grade Pooled Corporate CDO			377	Super Senior	11.0	%
Synthetic High Yield Pooled Corporate CDO			369	AAA	29.5	%
Cent CDO 15 Limited			360	Super Senior	16.9	%
Stone Tower CLO V			357	Super Senior	27.8	%
Harborview 2006-12 (NEGAM)			354	BB	11.9	%
Synthetic High Yield Pooled Corporate CDO			353	AAA	34.0	%
Monument Park CDO			352	A+	11.6	%
Synthetic High Yield Pooled Corporate CDO			349	AAA	24.7	%
Countrywide HELOC 2007-A			343	CCC	0.0	%
Cifc Funding 2006-1			341	AAA	23.0	%
Muir Grove CLO			341	AA+	20.0	%

	Total top 50 U.S. structured finance exposures	$	26,751

Page 29

Assured Guaranty Municipal Corp.

Largest Exposures by Sector

As of December 31, 2009

(dollars in millions)

10 Largest Residential Mortgage Servicers

Servicer:		Net Par Outstanding

Countrywide Home Loans Servicing LP		$	6,040
American Home Mortgage Acceptance, Inc.			1,787
GMAC Mortgage Corporation			1,135
Specialized Loan Servicing, LLC			898
Ocwen Federal Bank			852
Wells Fargo Bank Minnesota, N.A.			755
OneWest Bank Group LLC			737
First Tennessee Bank N.A.			464
Flagstar Bank, FSB			300
Litton Loan Servicing LP			297

	Total top 10 residential mortgage servicers	$	13,265

Page 30

Assured Guaranty Municipal Corp.

Largest Exposures by Sector

As of December 31, 2009

(dollars in millions)

10 Largest Healthcare Exposures

Credit Name:		Net Par Outstanding		Internal Rating¹	State

SSM Health Care		$	250	A+	MO
Carolina HealthCare System			217	AA-	NC
Hospital Sisters Health Services Inc Obligated Group			203	AA-	IL
MultiCare Health System			198	A+	WA
CHRISTUS Health			192	A+	TX
Childrens National Medical Center			190	BBB+	DC
Carilion Health System			189	A	VA
Clarian Health Partners			184	A+	IN
St. Lukes Health System Kansas			184	A	MO
Catholic Health Initiatives			167	AA	CO

	Total top 10 healthcare exposures	$	1,974

10 Largest Non-U.S. Exposures

Credit Name:		Net Par Outstanding		Rating¹

Quebec Provence		$	1,949	A
Sydney Airport Finance Company			1,385	BBB
Thames Water Utility Finance PLC			1,145	A-
Channel Link Enterprises Finance Plc			909	BBB
International AAA Sovereign Debt Synthetic CDO			821	AAA
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			736	Super Senior
International Super AAA Synthetic Investment Grade Pooled Corporate CDO			590	Super Senior
Japan Expressway Holding and Debt Repayment Agency			586	AA
Artesian Finance II Plc (Southern) - Swap Policy			512	A-
Central Nottinghamshire Hospitals plc			473	BBB

	Total top 10 non-U.S. exposures	$	9,106

Page 31

Assured Guaranty Municipal Corp.

Financial Guaranty and Credit Derivatives Surveillance Categories

(dollars in millions)

Net Par Outstanding by BIG Category¹

			December 31, 2009

Description:			Net Par Outstanding		% of Total Net Par Outstanding			Number of Credits in Category
	Category 1		$	3,148		0.8	%		59
	Category 2			4,933		1.3	%		54
	Category 3			4,158		1.1	%		28

		BIG Total	$	12,239		3.2	%		141

1. Assured Guaranty's surveillance department is responsible for monitoring our portfolio of credits and maintains a list of below investment grade ("BIG") credits. The BIG credits are divided into three categories: BIG Category 1: BIG transactions showing sufficient deterioration to make material losses possible, but for which no losses have been incurred. Non-investment grade transactions on which liquidity claims have been paid are in this category. Intense monitoring and intervention is employed, with internal credit ratings reviewed quarterly. BIG Category 2: BIG transactions for which expected losses have been established but for which no unreimbursed claims have yet been paid. Intense monitoring and intervention is employed, with internal credit ratings reviewed quarterly. BIG Category 3: BIG transactions for which expected losses have been established and on which unreimbursed claims have been paid. Transactions remain in this category when claims have been paid and only a recoverable remains. Intense monitoring and intervention is employed, with internal credit ratings reviewed quarterly.

Page 32

Assured Guaranty Municipal Corp.

Financial Guaranty Losses Incurred and Paid (1 of 3)

As of December 31, 2009

(dollars in millions)

													Six Months Ended December 31, 2009

			Total Net Par Outstanding for BIG Transactions		4Q-09 Incurred Losses			2009 Incurred Losses			4Q-09 Paid Losses		Six Months Ended December 31, 2009		Gross Reserves		Expected Loss to be Expensed
Financial Guaranty Insurance Contracts and Credit Derivatives			Total Net Par Outstanding for BIG Transactions		4Q-09 Incurred Losses			2009 Incurred Losses			4Q-09 Paid Losses		Paid Losses		Gross Reserves		Expected Loss to be Expensed
First lien:
	Prime first lien		$	-	$	-		$	-		$	-	$	-	$	-	$	-
	Alt-A first lien			1,382.0		1.6			1.6			-		-		1.8		174.2
	Alt-A option ARMs			2,307.9		25.8			28.5			0.2		0.6		32.5		489.3
	Subprime first lien			1,887.9		(3.0	)		(0.9	)		0.3		1.0		35.3		56.6

		Total first lien		5,577.8		24.4			29.2			0.5		1.6		69.6		720.1
Second lien:
	CES			960.7		(12.9	)		(25.4	)		13.3		38.1		45.3		213.9
	HELOC			3,272.8		14.7			14.1			117.1		297.8		11.6		202.0

		Total second lien		4,233.5		1.8			(11.3	)		130.4		335.9		56.9		415.9

		Total U.S. RMBS		9,811.3		26.2			17.9			130.9		337.5		126.5		1,136.0
Other structured finance				540.1		(0.1	)		(19.5	)		-		4.0		25.8		8.3
Public finance				1,887.8		5.1			6.4			1.2		2.3		5.6		45.9

Total			$	12,239.2	$	31.2		$	4.8		$	132.1	$	343.8	$	157.9	$	1,190.2

Page 33

Assured Guaranty Municipal Corp.

Financial Guaranty Losses Incurred and Paid (2 of 3)

As of December 31, 2009

(dollars in millions)

												Six Months Ended December 31, 2009

			Total Net Par Outstanding for BIG Transactions		4Q-09 Incurred Losses		2009 Incurred Losses			4Q-09 Paid Losses		Six Months Ended December 31, 2009		Gross Reserve		Expected Loss to be Expensed
Financial Guaranty Insurance Contracts			Total Net Par Outstanding for BIG Transactions		4Q-09 Incurred Losses		2009 Incurred Losses			4Q-09 Paid Losses		Paid Losses		Gross Reserve		Expected Loss to be Expensed
First lien:
	Prime first lien		$	-	$	-	$	-		$	-	$	-	$	-	$	-
	Alt-A first lien			1,382.0		1.6		1.6			-		-		1.8		174.2
	Alt-A option ARMs			2,307.9		25.8		28.5			0.2		0.6		32.5		489.3
	Subprime first lien			1,820.9		0.8		(0.4	)		0.3		1.0		0.9		56.6

		Total first lien		5,510.8		28.2		29.7			0.5		1.6		35.2		720.1
Second lien:				-
	CES			868.3		-		-			13.3		38.1		-		213.9
	HELOC			3,272.8		14.7		14.1			117.1		297.8		11.6		202.0

		Total second lien		4,141.1		14.7		14.1			130.4		335.9		11.6		415.9

		Total U.S. RMBS		9,651.9		42.9		43.8			130.9		337.5		46.8		1,136.0
Other structured finance				204.5		2.9		1.6			-		-		2.9		8.3
Public finance				1,663.2		5.1		6.4			1.2		2.3		5.6		45.9

		Total Financial Guaranty Insurance Contracts	$	11,519.6	$	50.9	$	51.8		$	132.1	$	339.8	$	55.3	$	1,190.2

Page 34

Assured Guaranty Municipal Corp.

Financial Guaranty Losses Incurred and Paid (3 of 3)

As of December 31, 2009

(dollars in millions)

													Six Months Ended December 31, 2009

			Total Net Par Outstanding for BIG Transactions		4Q-09 Incurred Losses			2009 Incurred Losses			4Q-09 Paid Losses		Six Months Ended December 31, 2009		Gross Reserves
Credit Derivatives			Total Net Par Outstanding for BIG Transactions		4Q-09 Incurred Losses			2009 Incurred Losses			4Q-09 Paid Losses		Paid Losses		Gross Reserves
First lien:
	Prime first lien		$	-	$	-		$	-		$	-	$	-	$	-
	Alt-A first lien			-		-			-			-		-		-
	Alt-A option ARMs			-		-			-			-		-		-
	Subprime first lien			67.0		(3.8	)		(0.5	)		-		-		34.4

		Total first lien		67.0		(3.8	)		(0.5	)		-		-		34.4
Second lien:
	CES			92.4		(12.9	)		(25.4	)		-		-		45.3
	HELOC			-		-			-			-		-		-

		Total second lien		92.4		(12.9	)		(25.4	)		-		-		45.3

		Total U.S. RMBS		159.4		(16.7	)		(25.9	)		-		-		79.7
Other structured finance				335.6		(3.0	)		(21.1	)		-		4.0		22.9
Public finance				224.6		-			-			-		-		-

Total Credit Derivatives			$	719.6	$	(19.7	)	$	(47.0	)	$	-	$	4.0	$	102.6

Page 35

Assured Guaranty Municipal Corp.

Summary of Statutory Financial and Statistical Data

(dollars in millions)

			Year Ended December 31,

			2009		2008			2007		2006		2005
Statutory Data
	Net income (loss)		$	228.2	$	(1,376.7	)	$	312.9	$	339.6	$	293.5
	Policyholders' surplus		$	909	$	711		$	1,609	$	1,543	$	1,511
	Contingency reserve			1,323		1,282			1,094		1,011		907

		Qualified statutory capital		2,232		1,993			2,703		2,554		2,418
	Net unearned premium reserve			2,392		2,520			2,275		2,071		1,850
	Net loss and loss adjustment expense reserves			1,236		1,688			98		53		54

		Total policyholders' surplus and reserves		5,860		6,201			5,076		4,678		4,322
	Net present value of installment premiums			874		963			1,113		828		804
	Standby line of credit/stop loss			498		550			550		550		550

		Total claims-paying resources	$	7,232	$	7,714		$	6,739	$	6,056	$	5,676

Other Financial Information:
	Net debt service outstanding (end of period)		$	568,594	$	631,886		$	623,158	$	552,695	$	497,625
	Gross debt service outstanding (end of period)			755,360		834,426			858,458		765,632		686,134
	Net par outstanding (end of period)			381,148		424,393			426,512		376,456		351,398
	Gross par outstanding (end of period)			493,798		545,568			564,515		498,619		472,374
	Ceded par to all Assured Guaranty companies			32,501		32,927			30,872		37,590		44,599
	Ceded par to other companies			79,433		88,248			107,131		84,573		76,377
	Qualified statutory capital			2,232		1,992			2,703		2,554		2,418
	Policyholders' surplus & reserves			5,860		6,201			5,076		4,678		4,322
	Ratios:
		Net par insured to statutory capital		171:1		213:1			158:1		147:1		145:1
		Capital ratio¹		255:1		317:1			231:1		216:1		206:1
		Financial resources ratio²		79:1		82:1			92:1		91:1		88:1
	Gross debt service written:
	Public finance		$	4,202	$	85,666		$	133,792	$	127,294	$	120,745
	Structured finance			-		5,193			57,434		48,794		40,347

	Total gross debt service written		$	4,202	$	90,859		$	191,226	$	176,088	$	161,092

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

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

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Glossary

Below are the brief descriptions of selected types of U.S. public finance, non-U.S. public finance, U.S. structured finance and non-U.S. structured finance obligations that the Company insures and reinsures. For a more complete description, please refer to Assured Guaranty Ltd.'s Annual Report on Form-10K for the year ended December 31, 2009.

Other Public Finance. Other domestic public finance obligations insured by AGM include bonds secured by revenues and guarantees from the Federal government, financings supported by specific state or local government entity revenues and stadium financings.

Pooled Corporate Obligations are securities primarily backed by various types of corporate debt obligations, such as secured or unsecured bonds, bank loans or loan participations and trust preferred securities. These securities are often issued in "tranches," with subordinated tranches providing credit support to the more senior tranches. The Company's financial guaranty exposures generally are to the more senior tranches of these issues.

Residential Mortgage-Backed Securities ("RMBS") and Home Equity Securities are obligations backed by closed-end first mortgage loans and closed- and open-end second mortgage loans or home equity loans on one-to-four family residential properties, including condominiums and cooperative apartments. First mortgage loan products in these transactions include fixed rate, adjustable rate ("ARM") and option adjustable-rate ("Option ARM") mortgages. The credit quality of borrowers covers a broad range, including "prime", "subprime" and "Alt-A". A prime borrower is generally defined as one with strong risk characteristics as measured by factors such as payment history, credit score, and debt-to-income ratio. A subprime borrower is a borrower with higher risk characteristics, usually as determined by credit score and/or credit history. An Alt-A borrower is generally defined as a prime quality borrower that lacks certain ancillary characteristics, such as fully documented income.

Financial Products is the GICs portion of the former Financial Products Business of FSAH. AGM has issued financial guaranty insurance policies on the GICs and in respect of the GICs business that cannot be revoked or cancelled. Assured Guaranty is indemnified against exposure to the former Financial Products Business by Dexia. In addition, the French and Belgian governments have issued guaranties in respect of the GICs portion of the Financial Products Business. The Financial Products Business is currently being run off.

Structured Credit Securities include program-wide credit enhancement for commercial paper conduits in the U.S., and securities issued in whole business securitizations and intellectual property securitizations. Program-wide credit enhancement generally involves insuring against the default of ABS in a bank-sponsored commercial paper conduit. Securities issued in whole business and intellectual property securitizations are backed by revenue-producing assets sold to a limited-purpose company by an operating company, including franchise agreements, lease agreements, intellectual property and real property.

Consumer Receivables Securities are obligations backed by non-mortgage consumer receivables, such as automobile loans and leases, credit card receivables and other consumer receivables.

Commercial Mortgage-Backed Securities ("CMBS") are obligations backed by pools of commercial mortgages. The collateral supporting CMBS include office, multi-family, retail, hotel, industrial and other specialized or mixed-use properties.

Commercial Receivables Securities are obligations backed by equipment loans or leases, fleet auto financings, business loans and trade receivables. Credit support is derived from the cash flows generated by the underlying obligations, as well as property or equipment values as applicable.

Insurance Securitization Securities are obligations secured by the future earnings from pools of various types of insurance/reinsurance policies and income produced by invested assets.

Other Structured Finance Securities are obligations backed by assets not generally described in any of the other described categories.

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Endnotes related to non-GAAP financial measures discussed in the financial supplement:

This Financial Supplement references financial measures that are not in accordance with U.S. generally accepted accounting principles ("non-GAAP financial measures"), which management uses in order to assist analysts and investors in evaluating the Company's financial results. These non-GAAP financial measures are defined below. In each case, the most directly comparable financial measure under accounting principles generally accepted in the United States of America (GAAP), if available, is presented and a reconciliation of the non-GAAP financial measure and GAAP financial measure is provided. This presentation is consistent with how Assured Guaranty's management, analysts and investors evaluate the Company's financial results and is comparable to estimates published by analysts in their research reports on AGM.

(a) PVP or present value of new business production: PVP is a non-GAAP financial measure defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums, on insurance and credit derivative contracts written in the current period, discounted at 6% for December 31, 2009. Management believes that PVP is a useful measure for management, investors and analysts because it permits the evaluation of the value of new business production for AGM by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period, whether in insurance or credit derivative contract form, which GAAP gross premiums written and the net credit derivative premiums received and receivable portion of net realized gains and other settlement on credit derivatives ("Credit Derivative Revenues") do not adequately measure. For purposes of the PVP calculation, management discounts estimated future installment premiums on insurance contracts at 6% per year, 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, prepayments, amortizations, refundings, contract terminations or defaults that may or may not result from changes in market interest rates, foreign exchange rates, refinancing or refundings, prepayment speeds, policy changes or terminations, credit defaults or other factors. PVP should not be viewed as a substitute for gross written premiums determined in accordance with GAAP.

(b) Operating income: Operating income is a non-GAAP financial measure defined as net income (loss) attributable to Assured Guaranty Municipal Corp. (which excludes noncontrolling interests in consolidated variable interest entities), adjusted for the following:

1) Elimination of the after-tax realized gains (losses) on the Company's investment portfolios;

2) Elimination of the after-tax non-credit impairment fair value gains (losses) on credit derivatives accounted for as derivatives, which is the amount in excess of the present value of the expected estimated economic credit losses;

3) Elimination of the after-tax fair value gains (losses) on the Company's committed capital securities; and

4) Elimination of goodwill and settlement of pre-existing relationships.

Management believes that operating income is a useful measure for management, investors and analysts because the presentation of operating income clarifies the understanding of the Company's results of operations by highlighting the underlying profitability of its business. Realized gains and losses on the Company's investment portfolios are excluded from operating income because the timing and amount of realized gains and losses are not directly related to the Company's insurance businesses. Both non-credit impairment fair value gains and losses on credit derivatives as well as fair value gains and losses on the Company's committed capital securities are excluded from operating income because these gains and losses do not result in an economic gain or loss and are heavily affected by, and fluctuate, in part, according to changes in market interest rates, credit spreads and other factors. Operating income should not be viewed as a substitute for net income (loss) determined in accordance with GAAP.

(c) Operating shareholders' equity ("Operating Shareholders' Equity"): Operating shareholders' equity is a non-GAAP financial measure calculated as shareholders' equity attributable to Assured Guaranty Municipal Corp. (which excludes noncontrolling interests in consolidated variable interest entities) reported under GAAP, adjusted for the following fair value adjustments deemed to be unrelated to credit impairment:

1) Elimination of the after-tax unrealized gains (losses) on the Company's investment portfolios, recorded as a component of accumulated comprehensive income, excluding foreign exchange revaluation;

3) Elimination of the after-tax fair value gains (losses) on the Company's committed capital securities.

Management believes that operating shareholders' equity is a useful measure for management, investors and analysts because the presentation of this measure clarifies the understanding of the Company's results of operations by highlighting the underlying profitability of its business. Unrealized gains and losses on the Company's investment portfolios recorded in accumulated comprehensive income, non-credit impairment fair value gains and losses on credit derivatives, and fair value gains and losses on the Company's committed capital securities are excluded from operating shareholders' equity because these gains and losses do not result in an economic gain or loss and are heavily affected by, and fluctuate, in part, according to changes in market interest rates, credit spreads and other factors. Operating shareholders' equity should not be viewed as a substitute for shareholders' equity determined in accordance with GAAP.

(d) Operating return on equity ("Operating ROE"): Operating ROE is a non-GAAP financial measure that represents operating income for the specified period divided by the average of operating shareholders' equity at the beginning and the end of the specified period.

(e) Adjusted Book Value: Adjusted book value is a non-GAAP financial measure calculated as shareholders' equity attributable to Assured Guaranty Municipal Corp. (which excludes noncontrolling interests in variable interest entities) adjusted for the following:

1) Elimination of the after-tax unrealized gains (losses) on the Company's investment portfolios, recorded as a component of accumulated comprehensive income, excluding foreign exchange revaluation;

3) Elimination of the after-tax fair value gains (losses) on the Company's committed capital securities;

4) Elimination of after-tax deferred acquisition costs;

5) Addition of the after-tax net present value of expected estimated future revenue on credit derivatives in force, discounted at 6%, and the addition of the after-tax value of net unearned revenue on credit derivatives; and

6) Addition of the after-tax net unearned premium reserve on financial guaranty contracts in excess of net expected loss.

Management believes that adjusted book value is a useful measure for management, analysts and investors because the calculation of adjusted book value permits an evaluation of the net present value of the Company's in force premiums and shareholders' equity. The premiums included in adjusted book value will be earned in future periods, but may differ materially from the estimated amounts used in determining current adjusted book value due to changes in market interest rates, foreign exchange rates, refinancing or refunding activity, prepayment speeds, policy changes or terminations, credit defaults or other factors. This measure should not be viewed as a substitute for shareholders' equity attributable to AGM determined in accordance with GAAP.

(e) Net present value of expected estimated future revenue on credit derivatives in force: Net present value of expected estimated future revenue on credit derivatives in force is a non-GAAP financial measure defined as the present value of estimated future revenue from our credit derivative in-force book of business, net of reinsurance, ceding commissions and premium taxes in excess of expected losses, and discounted at 6%. Management believes that net present value of expected estimated future revenue on credit derivatives in force is a useful measure for management, investors and analysts because it permits an evaluation of the value of future estimated credit derivative revenue. Estimated future credit derivative revenues may change from period to period due to changes in par outstanding, maturity, or other factors that result from market interest rates, foreign exchange rates, refinancing or refunding activity, prepayment speeds, policy changes or terminations, credit defaults or other factors. There is no comparable GAAP financial measure.

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		Contacts:
		Equity Investors: Sabra Purtill Managing Director, Investor Relations (212) 408-6044 spurtill@assuredguaranty.com
		Ross Aron Associate, Investor Relations (212) 261-5509 raron@assuredguaranty.com
Assured Guaranty Municipal Corp. 31 West 52^nd Street New York, NY 10019 (212) 974-0100 www.assuredguaranty.com		Fixed Income Investors: Robert Tucker Managing Director, Fixed Income Investor Relations (212) 339-0861 rtucker@assuredguaranty.com
		Michael Walker Director, Fixed Income Investor Relations (212) 261-5575 mwalker@assuredguaranty.com
		Media: Betsy Castenir Managing Director, Corporate Communications (212) 339-3424 bcastenir@assuredguaranty.com
		Ashweeta Durani Vice President, Corporate Communications (212) 408-6042 adurani@assuredguaranty.com

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