Assured Guaranty 8K Results of Operations and Financial Condition | AGO 4 Nov 10

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Exhibit 99.2

Assured Guaranty Ltd.
September 30, 2010
Financial Supplement

Table of Contents			Page

	Selected Financial Highlights		1
	Consolidated Statements of Operations		2
	Net income Reconciliation to Operating Income		3-4
	Consolidated Balance Sheets		5
	Adjusted Book Value		6
	Consolidated Capital and Claims Paying Resources and Statutory-basis Exposures		7
	New Business Production		8
	Financial Guaranty Gross Par Written		9
	Segment Consolidation		10-11
	Financial Guaranty Direct Segment		12-13
	Financial Guaranty Reinsurance Segment		14-15
	Investment Portfolio		16
	Estimated Net Exposure Amortization and Estimated Future Net Premium and Credit Derivative Revenues		17
	Expected Amortization of U.S. and Non-U.S Structured Finance Net Par Outstanding		18
	Present Value of Financial Guaranty Net Insurance Loss to be Expensed		19
	Financial Guaranty Profile		20-22
	Direct Pooled Corporate Obligations Profile		23
	Consolidated U.S. RMBS Profile		24
	Financial Guaranty Direct U.S. RMBS Profile		25-26
	Financial Guaranty Direct U.S. Commercial Real Estate Profile		27
	Direct U.S. Consumer Receivables Profile		28
	Below Investment Grade Exposures		29-33
	Largest Exposures by Sector		34-37
	Loss and LAE Reserves by Segment/Type		38
	Financial Guaranty Insurance and Credit Derivatives U.S. RMBS Representations and Warranties Benefit Development		39
	Financial Guaranty Direct and Reinsurance Segment Losses Incurred and Paid		40
	Summary Financial and Statistical Data		41
	Glossary		42-43
	Endnotes Related to Non-GAAP Financial Measures		44-45

This financial 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 its Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2010, June 30, 2010 and September 30, 2010

Amounts in this financial supplement include the consolidated results of Assured Guaranty Municipal Holdings Inc., formerly Financial Security Assurance Holdings Ltd. ("AGMH"), since Assured Guaranty acquired AGMH 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. The Company's forward looking statements could be affected by many events. These events include (1) rating agency action, including a ratings downgrade or change in outlook 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 world's credit markets, segments thereof or general economic conditions; (4) more severe or frequent losses implicating 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 portfolio opportunities available to the Company; (7) deterioration in the financial condition of our reinsurers, the amount and timing of reinsurance recoverable actually received and the risk that reinsurers may dispute amount owed to us under our reinsurance agreements; (8) the possibility that the Company will not realize insurance loss recoveries or damages expected from originators, sellers, sponsors, underwriters or servicers of residential mortgage-backed securities transactions; (9) decreased demand or increased competition; (10) changes in applicable accounting policies or practices; (11) changes in applicable laws or regulations, including insurance and tax laws; (12) other governmental actions; (13) difficulties with the execution of the Company's business strategy; (14) contract cancellations; (15) the Company's dependence on customers; (16) loss of key personnel; (17) adverse technological developments; (18) the effects of mergers, acquisitions and divestitures; (19) natural or man-made catastrophes; (20) other risks and uncertainties that have not been identified at this time; (21) management's response to these factors; and (22) 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. 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, except as required by law.

Assured Guaranty Ltd.
Selected Financial Highlights
(dollars in millions, except per share amounts)

			Three Months Ended September 30,								Nine Months Ended September 30,

			Three Months Ended September 30,						% Change versus 3Q-09		Nine Months Ended September 30,						% Change versus YTD-09
			2010			2009			% Change versus 3Q-09		2010			2009			% Change versus YTD-09
Operating income reconciliation:
	Operating income ¹		$	222.8		$	46.2			382%	$	507.4		$	137.0			270%
	Plus after-tax adjustments:
		Realized gains (losses) on investments		(1.3	)		(6.0	)		(78)%		1.1			(30.2	)		NM
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(192.6	)		(41.3	)		366%		78.8			(165.8	)		NM
		Fair value gains (losses) on committed capital securities		(3.6	)		(34.5	)		(90)%		3.8			(61.1	)		NM
		Foreign exchange gains (losses) on revaluation of premiums receivable		24.4			23.9			2%		(17.6	)		23.9			NM
		Effect of consolidating variable interest entities ("VIEs") ²		131.2			-			NM		132.9			-			NM
		Goodwill and settlement of pre-existing relationship		-			(23.3	)		(100)%		-			(23.3	)		(100)%

	Net income (loss) attributable to Assured Guaranty Ltd.		$	180.9		$	(35.0	)		NM	$	706.4		$	(119.5	)		NM

Return on equity ("ROE") calculations ³:
	ROE, excluding unrealized gain (loss) on investment portfolio			19.2%			(5.7)%					26.0%			(7.0)%
	Operating ROE			19.8%			5.8%					15.4%			6.3%
Earnings per diluted share:
	Operating income		$	1.19		$	0.29			310%	$	2.68		$	1.19			125%
	Plus after-tax adjustments:
		Realized gains (losses) on investments		(0.01	)		(0.04	)		(75)%		0.01			(0.27	)		NM
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(1.03	)		(0.26	)		296%		0.42			(1.46	)		NM
		Fair value gains (losses) on committed capital securities		(0.02	)		(0.22	)		(91)%		0.02			(0.54	)		NM
		Foreign exchange gains (losses) on revaluation of premiums receivable		0.13			0.15			(13)%		(0.09	)		0.21			NM
		Effect of consolidating VIEs ²		0.70			-			NM		0.70			-			NM
		Goodwill and settlement of pre-existing relationship		-			(0.15	)		(100)%		-			(0.21	)		(100)%

	Net income (loss) attributable to Assured Guaranty Ltd. ⁴		$	0.96		$	(0.22	)		NM	$	3.73		$	(1.05	)		NM

Other information:
	Gross par written		$	7,426		$	9,097			(18)%	$	22,875		$	41,934			(45)%
	Effective tax rate on operating income			(2.7)%			43.4%					19.4%			16.2%
	Effective tax rate on net income			(2.4)%			(43.5)%					22.2%			40.4%

		As of

		September 30, 2010		December 31, 2009
Other information:
	Net debt service outstanding	$	941,509	$	958,265	(2)%
	Net par outstanding		628,072		640,422	(2)%
	Claims-paying resources ⁵		12,798		13,051	(2)%

1. The Company has revised its definition of operating income in 2010 to exclude foreign exchange revaluation gains and losses on premiums receivable. Prior periods are presented on a consistent basis.

2. Effective January 1, 2010, GAAP accounting required the consolidation of variable interest entities ("VIEs") where the Company is determined to be the control party through rights under our financial guaranty insurance contracts. For those VIEs that the Company consolidates, it records all of the activities of the VIE and eliminates the related insurance accounting. Operating income reverses the financial effect of consolidating these entities and accounts for them as financial guaranty insurance contracts in order to present the Company's insured obligations on a consistent basis.

3. Quarterly ROE calculations represent annualized returns.

4. Total may not add due to differences in calculating GAAP and non-GAAP per diluted share amounts.

5. See page 7.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

NM = Not meaningful

Page 1

Assured Guaranty Ltd.
Consolidated Statements of Operations
(dollars and shares in millions, except per share amounts)

			Three Months Ended September 30,								Nine Months Ended September 30,

			Three Months Ended September 30,						% Change versus 3Q-09		Nine Months Ended September 30,						% Change versus YTD 2009
			2010			2009			% Change versus 3Q-09		2010			2009			% Change versus YTD 2009
Revenues:
	Net earned premiums		$	288.7		$	330.0			(13)%	$	900.4		$	557.1			62%
	Net investment income			85.6			84.7			1%		260.8			171.6			52%
	Net realized investment gains (losses)			(2.4	)		(6.1	)		(61)%		(1.4	)		(28.1	)		(95)%
	Net change in fair value of credit derivatives:
		Credit derivative revenues		50.7			57.3			(12)%		157.1			114.7			37%
		Losses incurred on credit derivatives		(15.4	)		(142.2	)		(89)%		(119.9	)		(178.4	)		(33)%
		Net unrealized gain (loss), excluding incurred losses		(267.8	)		(48.7	)		450%		82.6			(248.8	)		NM

		Net change in fair value of credit derivatives		(232.5	)		(133.6	)		74%		119.8			(312.5	)		NM
	Fair value gains (losses) on committed capital securities			(5.5	)		(53.1	)		(90)%		5.8			(94.0	)		NM
	Financial guaranty VIEs' revenues			76.5			4.9			NM		61.6			4.9			NM
	Other income			33.8			57.0			(41)%		7.4			58.4			(87)%

		Total revenues		244.2			283.8			(14)%		1,354.4			357.4			279%
Expenses:
	Loss and loss adjustment expenses			109.1			133.3			(18)%		310.8			251.1			24%
	Amortization of deferred acquisition costs			8.0			1.3			515%		23.1			41.3			(44)%
	Assured Guaranty Municipal Holdings Inc. ("AGMH") acquisition-related expenses			-			51.3			(100)%		6.8			80.2			(92)%
	Interest expense			24.9			25.2			(1)%		74.9			37.5			100%
	Goodwill and settlement of pre-existing relationship			-			23.3			(100)%		-			23.3			(100)%
	Financial guaranty VIEs' expenses			(126.7	)		10.2			NM		(131.5	)		10.2			NM
	Other operating expenses			52.2			67.3			(22)%		162.2			123.1			32%

		Total expenses		67.5			311.9			(78)%		446.3			566.7			(21)%

	Income (loss) before income taxes			176.7			(28.1	)		NM		908.1			(209.3	)		NM
	Provision (benefit) for income taxes			(4.2	)		12.2			NM		201.7			(84.5	)		NM

	Net income (loss)			180.9			(40.3	)		NM		706.4			(124.8	)		NM
	Less: Noncontrolling interest of variable interest entities			-			(5.3	)		(100)%		-			(5.3	)		(100)%

	Net income (loss) attributable to Assured Guaranty Ltd.		$	180.9		$	(35.0	)		NM	$	706.4		$	(119.5	)		NM
	Less after-tax adjustments:
		Realized gains (losses) on investments		(1.3	)		(6.0	)		(78)%		1.1			(30.2	)		NM
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(192.6	)		(41.3	)		366%		78.8			(165.8	)		NM
		Fair value gains (losses) on committed capital securities		(3.6	)		(34.5	)		(90)%		3.8			(61.1	)		NM
		Foreign exchange gains (losses) on revaluation of premiums receivable		24.4			23.9			2%		(17.6	)		23.9			NM
		Effect of consolidating VIEs' ¹		131.2			-			NM		132.9			-			NM
		Goodwill and settlement of pre-existing relationship		-			(23.3	)		(100)%		-			(23.3	)		(100)%

	Operating income		$	222.8		$	46.2			382%	$	507.4		$	137.0			270%

Weighted average shares outstanding
	Basic shares outstanding - GAAP (for net income (loss) per share calculation)			183.7			156.3			18%		184.0			113.6			62%
	Diluted shares outstanding - GAAP (for net income (loss) per share calculation)			187.3			156.3			20%		188.9			113.6			66%
	Diluted shares outstanding - non-GAAP (for operating income per share calculation)			187.5			160.1			17%		189.1			115.4			64%
	Shares outstanding at the end of period			183.7			156.6			17%
Effect of refundings and accelerations, net
	Earned premiums from refundings and accelerations, net		$	21.2		$	17.4			22%	$	52.0		$	127.7			(59)%
	Operating income effect		$	13.9		$	9.9			40%	$	33.7		$	87.5			(61)%
	Operating income per diluted share effect		$	0.07		$	0.06			17%	$	0.18		$	0.76			(76)%

1. Effective January 1, 2010, GAAP accounting required the consolidation of VIEs where the Company is determined to be the control party through rights under our financial guaranty insurance contracts. For those VIEs that the Company consolidates, it records all of the activities of the VIE and eliminates the related insurance accounting. Operating income reverses the financial effect of consolidating these entities and accounts for them as financial guaranty insurance contracts in order to present the Company's insured obligations on a consistent basis.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

NM = Not meaningful

Page 2

Assured Guaranty Ltd.
Consolidated Statements of Operations
Net Income Reconciliation to Operating Income (1 of 2)
(in millions)

				Three Months Ended September 30, 2010									Three Months Ended September 30, 2009

				GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results			GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results
Revenues:
	Net earned premiums			$	288.7		$	(12.8	)	$	301.5		$	330.0		$	-		$	330.0
	Net investment income				85.6			-			85.6			84.7			-			84.7
	Net realized investment gains (losses)				(2.4	)		(2.4	)		-			(6.1	)		(6.1	)		-
	Net change in fair value of credit derivatives:
		Realized gains and other settlements			52.4			52.4			-			71.7			71.7			-
		Net unrealized gains (losses)			(284.9	)		(284.9	)		-			(205.3	)		(205.3	)		-
		Credit derivative revenues			-			(50.7	)		50.7			-			(57.3	)		57.3
		Losses incurred on credit derivatives			-			15.4			(15.4	)		-			142.2			(142.2	)

			Net change in fair value of credit derivatives		(232.5	)		(267.8	)		35.3			(133.6	)		(48.7	)		(84.9	)
	Fair value gain (loss) on committed capital securities				(5.5	)		(5.5	)		-			(53.1	)		(53.1	)		-
	Financial guaranty VIEs' revenues				76.5			76.5			-			4.9			4.9			-
	Other income				33.8			33.6			0.2			57.0			26.9			30.1

	Total revenues				244.2			(178.4	)		422.6			283.8			(76.1	)		359.9
Expenses:
	Loss and loss adjustment expenses				109.1			(11.5	)		120.6			133.3			-			133.3
	Amortization of deferred acquisition costs				8.0			-			8.0			1.3			-			1.3
	AGMH acquisition-related expenses				-			-			-			51.3			-			51.3
	Interest expense				24.9			-			24.9			25.2			-			25.2
	Goodwill and settlement of pre-existing relationship				-			-			-			23.3			23.3			-
	Financial guaranty VIEs' expenses				(126.7	)		(126.7	)		-			10.2			10.2			-
	Other operating expenses				52.2			-			52.2			67.3			-			67.3

	Total expenses				67.5			(138.2	)		205.7			311.9			33.5			278.4

	Income (loss) before income taxes				176.7			(40.2	)		216.9			(28.1	)		(109.6	)		81.5
	Provision (benefit) for income taxes				(4.2	)		1.7			(5.9	)		12.2			(23.1	)		35.3

	Net income (loss)				180.9			(41.9	)		222.8			(40.3	)		(86.5	)		46.2
	Less: Noncontrolling interest of variable interest entities				-			-			-			(5.3	)		(5.3	)		-

	Net income (loss) attributable to Assured Guaranty Ltd.			$	180.9		$	(41.9	)	$	222.8		$	(35.0	)	$	(81.2	)	$	46.2

Note: Please refer to the endnotes for an explanation of non-GAAP financial measures.

Page 3

Assured Guaranty Ltd.
Consolidated Statements of Operations
Net Income Reconciliation to Operating Income (2 of 2)
(in millions)

				Nine Months Ended September 30, 2010									Nine Months Ended September 30, 2009

				GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results			GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results
Revenues:
	Net earned premiums			$	900.4		$	(34.4	)	$	934.8		$	557.1		$	-		$	557.1
	Net investment income				260.8			-			260.8			171.6			-			171.6
	Net realized investment gains (losses)				(1.4	)		(1.4	)		-			(28.1	)		(28.1	)		-
	Net change in fair value of credit derivatives:
		Realized gains and other settlements			117.5			117.5			-			120.1			120.1			-
		Net unrealized gains (losses)			2.3			2.3			-			(432.6	)		(432.6	)		-
		Credit derivative revenues			-			(157.1	)		157.1			-			(114.7	)		114.7
		Losses incurred on credit derivatives			-			119.9			(119.9	)		-			178.4			(178.4	)

			Net change in fair value of credit derivatives		119.8			82.6			37.2			(312.5	)		(248.8	)		(63.7	)
	Fair value gain (loss) on committed capital securities				5.8			5.8			-			(94.0	)		(94.0	)		-
	Financial guaranty VIEs' revenues				61.6			61.6			-			4.9			4.9			-
	Other income				7.4			(13.2	)		20.6			58.4			26.9			31.5

	Total revenues				1,354.4			101.0			1,253.4			357.4			(339.1	)		696.5
Expenses:
	Loss and loss adjustment expenses				310.8			(45.8	)		356.6			251.1			-			251.1
	Amortization of deferred acquisition costs				23.1			-			23.1			41.3			-			41.3
	AGMH acquisition-related expenses				6.8			-			6.8			80.2			-			80.2
	Interest expense				74.9			-			74.9			37.5			-			37.5
	Goodwill and settlement of pre-existing relationship				-			-			-			23.3			23.3			-
	Financial guaranty VIEs' expenses				(131.5	)		(131.5	)		-			10.2			10.2			-
	Other operating expenses				162.2			-			162.2			123.1			-			123.1

	Total expenses				446.3			(177.3	)		623.6			566.7			33.5			533.2

	Income (loss) before income taxes				908.1			278.3			629.8			(209.3	)		(372.6	)		163.3
	Provision (benefit) for income taxes				201.7			79.3			122.4			(84.5	)		(110.8	)		26.3

	Net income (loss)				706.4			199.0			507.4			(124.8	)		(261.8	)		137.0
	Less: Noncontrolling interest of variable interest entities				-			-			-			(5.3	)		(5.3	)		-

	Net income (loss) attributable to Assured Guaranty Ltd.			$	706.4		$	199.0		$	507.4		$	(119.5	)	$	(256.5	)	$	137.0

Note: Please refer to the endnotes for an explanation of non-GAAP financial measures.

Page 4

Assured Guaranty Ltd.
Consolidated Balance Sheets
(in millions)

			As of :

			September 30, 2010		December 31, 2009
Assets
	Investment portfolio:
		Fixed maturity securities, available-for-sale, at fair value	$	9,775.8	$	9,139.9
		Short-term investments, at fair value		907.7		1,668.3

		Total investment portfolio		10,683.5		10,808.2
	Assets acquired in refinancing transactions			133.2		152.4
	Cash			87.4		44.1
	Premiums receivable, net of ceding commissions payable			1,322.5		1,418.2
	Ceded unearned premium reserve			897.2		1,080.5
	Deferred acquisition costs			251.2		242.0
	Reinsurance recoverable on unpaid losses			18.1		14.1
	Credit derivative assets			475.6		492.5
	Committed capital securities, at fair value			15.3		9.5
	Deferred tax asset, net			842.1		1,158.2
	Salvage and subrogation recoverable			824.8		420.3
	Financial guaranty VIE assets ¹			2,296.7		762.3
	Other assets			523.5		200.4

Total assets			$	18,371.1	$	16,802.7

Liabilities and shareholders' equity
Liabilities
	Unearned premium reserve		$	7,374.8	$	8,400.2
	Loss and loss adjustment expense reserve			467.0		289.5
	Long-term debt			923.8		917.4
	Notes payable			132.1		149.1
	Credit derivative liabilities			2,180.7		2,034.6
	Reinsurance balances payable, net			259.3		215.2
	Financial guaranty VIE liabilities with recourse ¹			2,225.7		762.7
	Financial guaranty VIE liabilities without recourse ¹			236.9		-
	Other liabilities			381.6		513.9

Total liabilities				14,181.9		13,282.6
Shareholders' equity
	Common stock			1.8		1.8
	Additional paid-in capital			2,583.2		2,585.0
	Retained earnings ¹			1,264.7		789.9
	Accumulated other comprehensive income			337.5		141.8
	Deferred equity compensation			2.0		2.0

	Total shareholders' equity attributable to Assured Guaranty Ltd.			4,189.2		3,520.5
	Noncontrolling interest of financial guaranty VIEs' ¹			-		(0.4	)

	Total shareholders' equity			4,189.2		3,520.1

Total liabilities and shareholders' equity			$	18,371.1	$	16,802.7

Page 5

Assured Guaranty Ltd.
Adjusted Book Value
(dollars in millions, except per share amounts)

			As of:

			As of:												% Change versus 12/31/2009
			September 30, 2010						December 31, 2009						% Change versus 12/31/2009
			Total			Per share			Total			Per share			Total		Per share
Reconciliation of shareholders' equity to adjusted book value:
	Shareholders' equity attributable to Assured Guaranty Ltd.		$	4,189.2		$	22.80		$	3,520.5		$	19.12			19%		19%
	Less after-tax adjustments:
		Effect of consolidating VIEs¹		(73.6	)		(0.40	)		-			-			NM		NM
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(698.9	)		(3.80	)		(767.6	)		(4.17	)		(9)%		(9)%
		Fair value gains (losses) on committed capital securities		9.9			0.05			6.2			0.03			60%		67%
		Unrealized gain (loss) on investment portfolio excluding foreign exchange effect		327.3			1.78			139.7			0.76			134%		134%

	Operating shareholders' equity		$	4,624.5		$	25.17		$	4,142.2		$	22.49			12%		12%
	After-tax adjustments:
		Less: Deferred acquisition costs		258.2			1.41			235.3			1.28			10%		10%
		Plus: Net present value of estimated net future credit derivative revenue		459.5			2.50			520.0			2.82			(12)%		(11)%
		Plus: Net unearned premium reserve on financial guaranty contracts in excess of expected loss to be expensed		4,180.1			22.75			4,486.8			24.36			(7)%		(7)%

	Adjusted book value		$	9,005.9		$	49.01		$	8,913.7		$	48.40			1%		1%

1. Effective January 1, 2010, GAAP accounting required the consolidation of VIEs where the Company is determined to be the control party through rights under our financial guaranty insurance contracts. For those VIEs that the Company consolidates, it records all of the activities of the VIE and eliminates the related insurance accounting. Operating shareholders' equity reverses the financial effect of consolidating these entities and accounts for them as financial guaranty insurance contracts in order to present the Company's insured obligations on a consistent basis.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

NM = Not meaningful

Page 6

Assured Guaranty Ltd.
Consolidated Capital and Claims Paying Resources and Statutory-basis Exposures¹
(dollars in millions)

		As of September 30, 2010

		Assured Guaranty Corp.		Assured Guaranty Re Ltd.⁵		Assured Guaranty Municipal Corp.		Eliminations⁶			Consolidated
Claims paying resources
Policyholders' surplus		$	973	$	1,091	$	1,008	$	(300	)	$	2,772
Contingency reserve			666		-		1,505		-			2,171

	Qualified statutory capital		1,639		1,091		2,513		(300	)		4,943
Unearned premium reserve			882		1,009		2,305		-			4,196
Loss and loss adjustment expense reserves⁷			295		209		670		-			1,174

	Total policyholders' surplus and reserves		2,816		2,309		5,488		(300	)		10,313
Present value of installment premium²			570		303		714		-			1,587
Standby line of credit/stop loss			200		200		498		-			898

	Total claims paying resources	$	3,586	$	2,812	$	6,700	$	(300	)	$	12,798

Net par outstanding		$	123,464	$	141,810	$	351,494	$	(1,479	)	$	615,289
Net debt service outstanding		$	177,585	$	227,748	$	525,385	$	(3,486	)	$	927,232
Ratios:
	Net par outstanding to qualified statutory capital		75:1		130:1		140:1					124:1
	Capital ratio³		108:1		209:1		209:1					188:1
	Financial resources ratio⁴		50:1		81:1		78:1					72:1

1. Statutory basis.

2. Includes financial guaranty insurance and credit derivatives.

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.

5. Assured Guaranty Re Ltd. ("AG Re") numbers are the Company's estimate of U.S. statutory as this company files Bermuda statutory financial statements.

6. In 2009, Assured Guaranty Corp. ("AGC") issued a $300.0 million note payable to Assured Guaranty Municipal Corp. ("AGM"). Net par and net debt service outstanding eliminations represent second-to-pay policies between Assured Guaranty's insurance subsidiaries.

7. Reserves are reduced by approximately $1.3 billion for benefit related to representation and warranty recoverables.

Page 7

Assured Guaranty Ltd.
New Business Production
(dollars in millions)

			Three Months Ended September 30,								Nine Months Ended September 30,

			Three Months Ended September 30,						% Change versus 3Q-09		Nine Months Ended September 30,					% Change versus YTD 2009
			2010			2009			% Change versus 3Q-09		2010		2009			% Change versus YTD 2009
Consolidated new business production analysis:
	Present value of new business production ("PVP")
	Public finance - U.S.:
		Primary markets	$	74.7		$	150.6			(50)%	$	207.8	$	457.6			(55)%
		Secondary markets		9.8			4.3			128%		32.4		42.6			(24)%
	Public finance - non-U.S.
		Primary markets		-			-			NM		-		1.6			(100)%
		Secondary markets		-			-			NM		0.7		0.2			250%
	Structured finance - U.S.			3.7			2.3			61%		13.9		16.9			(18)%
	Structured finance - non-U.S.			0.7			0.9			(22)%		2.8		0.9			211%

	Total PVP			88.9			158.1			(44)%		257.6		519.8			(50)%
		Less: PVP of credit derivatives		-			-			NM		-		2.4			(100)%

	PVP of financial guaranty insurance			88.9			158.1			(44)%		257.6		517.4			(50)%
		Less: Financial guaranty installment premium PVP		4.9			4.2			17%		17.4		28.3			(39)%

	Total: Financial guaranty upfront gross written premiums ("GWP")			84.0			153.9			(45)%		240.2		489.1			(51)%
		Plus: Financial guaranty installment adjustment¹		(6.4	)		(29.8	)		(79)%		21.2		11.8			80%

	Total financial guaranty GWP			77.6			124.1			(37)%		261.4		500.9			(48)%
	Plus: Other segment GWP			-			0.1			(100)%		-		(0.9	)		(100)%

	Total GWP		$	77.6		$	124.2			(38)%	$	261.4	$	500.0			(48)%

Consolidated financial guaranty gross par written:
	Public finance - U.S.
		Primary markets	$	6,785		$	8,338			(19)%	$	19,138	$	39,497			(52)%
		Secondary markets		441			159			177%		1,103		887			24%
	Public finance - non-U.S.
		Primary markets		-			-			NM		-		466			(100)%
		Secondary markets		-			-			NM		34		90			(62)%
	Structured finance - U.S.			200			600			(67)%		2,600		994			162%
	Structured finance - non-U.S.			-			-			NM		-		-			NM

		Total	$	7,426		$	9,097			(18)%	$	22,875	$	41,934			(45)%

1. Includes the difference in management estimates for the discount rate applied to future installments compared to the discount rate used for new financial guaranty insurance accounting standard as well as the changes in estimated term for future installments.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

NM = Not meaningful

Page 8

Assured Guaranty Ltd.
Financial Guaranty Gross Par Written
(in millions)

Financial Guaranty Gross Par Written by Asset Type

			Three Months Ended September 30, 2010				Nine Months Ended September 30, 2010

			Gross Par Written		Avg. Rating ¹		Gross Par Written		Avg. Rating ¹
Sector:
U.S. Public Finance:
	General obligation		$	3,570		A	$	9,687		A
	Tax backed			1,107		A+		3,360		A+
	Municipal utilities			985		A-		3,249		A
	Transportation			736		A		1,479		A
	Higher education			606		A		940		A
	Healthcare			216		A-		775		A-
	Investor-owned utilities			-		-		30		A-
	Other public finance			6		A-		721		A

		Total U.S. public finance		7,226		A		20,241		A
Non-U.S. Public Finance:
		Total non-U.S. public finance		-		-		34		BBB

Total public finance			$	7,226		A	$	20,275		A

U.S. Structured Finance:
	Consumer receivables		$	200		A	$	1,600		AAA
	Other structure finance			-		-		1,000		AAA

		Total U.S. structured finance		200		A		2,600		AAA
Non-U.S. Structured Finance:
		Total non-U.S. structured finance		-		-		-		-

Total structured finance			$	200		A	$	2,600		AAA

Total gross par written			$	7,426		A	$	22,875		A+

Please refer to the Glossary for a description of select 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 9

Assured Guaranty Ltd.
Segment Consolidation (1 of 2)
(in millions)

			Three Months Ended September 30, 2010

			Financial Guaranty Direct		Financial Guaranty Reinsurance ³			Other ⁴		Underwriting Gain (Loss)		Consolidation of VIEs			Total
Total PVP			$	88.9	$	-		$	-	$	88.9	$	-		$	88.9
Income statement:
Net earned premiums				284.2		16.7			0.6		301.5		(12.8	)		288.7
Credit derivative revenues ¹				50.4		0.3			-		50.7		-			50.7
Other income				0.2		-			-		0.2		-			0.2

	Total underwriting revenues			334.8		17.0			0.6		352.4		(12.8	)		339.6
Loss and loss adjustment expenses				113.4		7.1			0.1		120.6		(11.5	)		109.1
Losses incurred on credit derivatives ²				14.6		0.8			-		15.4		-			15.4

	Total incurred losses			128.0		7.9			0.1		136.0		(11.5	)		124.5
Amortization of deferred acquisition costs				3.9		4.1			-		8.0		-			8.0
Other operating expenses				42.3		7.5			0.1		49.9		-			49.9

	Total underwriting expenses			174.2		19.5			0.2		193.9		(11.5	)		182.4

		Underwriting gain (loss)	$	160.6	$	(2.5	)	$	0.4	$	158.5

			Three Months Ended September 30, 2009 ⁵

			Financial Guaranty Direct		Financial Guaranty Reinsurance ³			Other ⁴			Total
Total PVP			$	158.1	$	-		$	-		$	158.1
Income statement:
Net earned premiums				314.7		14.6			0.7			330.0
Credit derivative revenues ¹				57.0		0.3			-			57.3
Other income				30.1		-			-			30.1

	Total underwriting revenues			401.8		14.9			0.7			417.4
Loss and loss adjustment expenses				97.2		35.9			0.2			133.3
Losses incurred on credit derivatives ²				142.4		(0.2	)		-			142.2

	Total incurred losses			239.6		35.7			0.2			275.5
Amortization of deferred acquisition costs				3.0		(1.8	)		0.1			1.3
Other operating expenses				57.4		6.3			1.0			64.7

	Total underwriting expenses			300.0		40.2			1.3			341.5

		Underwriting gain (loss)	$	101.8	$	(25.3	)	$	(0.6	)	$	75.9

1. Includes premiums and ceding commissions.

2. Includes paid and payable losses and received and receivable recoveries.

3. Due to the timing of receiving reports prepared by Assured Guaranty'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.

4. Other includes the Company's former mortgage guaranty and other segments.

5. The Company has revised its definition of underwriting gain in 2010 to exclude foreign exchange revaluation gains and losses on premiums receivable. 2009 amounts are presented on a consistent basis.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

Page 10

Assured Guaranty Ltd.
Segment Consolidation (2 of 2)
(in millions)

			Nine Months Ended September 30, 2010

			Financial Guaranty Direct		Financial Guaranty Reinsurance ³			Other ⁴		Underwriting Gain (Loss)		Consolidation of VIEs			Total
Total PVP			$	257.6	$	-		$	-	$	257.6	$	-		$	257.6
Income statement:
Net earned premiums				880.7		52.2			1.9		934.8		(34.4	)		900.4
Credit derivative revenues ¹				157.1		-			-		157.1		-			157.1
Other income				20.6		-			-		20.6		-			20.6

	Total underwriting revenues			1,058.4		52.2			1.9		1,112.5		(34.4	)		1,078.1
Loss and loss adjustment expenses				307.3		49.1			0.2		356.6		(45.8	)		310.8
Losses incurred on credit derivatives ²				111.0		8.9			-		119.9		-			119.9

	Total incurred losses			418.3		58.0			0.2		476.5		(45.8	)		430.7
Amortization of deferred acquisition costs				10.4		12.6			0.1		23.1		-			23.1
Other operating expenses				131.1		22.7			1.2		155.0		-			155.0

	Total underwriting expenses			559.8		93.3			1.5		654.6		(45.8	)		608.8

		Underwriting gain (loss)	$	498.6	$	(41.1	)	$	0.4	$	457.9

			Nine Months Ended September 30, 2009 ⁵

			Financial Guaranty Direct		Financial Guaranty Reinsurance ³			Other ⁴			Total
Total PVP			$	429.0	$	90.8		$	-		$	519.8
Income statement:
Net earned premiums				446.6		108.2			2.3			557.1
Credit derivative revenues ¹				113.3		1.4			-			114.7
Other income				31.4		0.1			-			31.5

	Total underwriting revenues			591.3		109.7			2.3			703.3
Loss and loss adjustment expenses				140.7		98.3			12.1			251.1
Losses incurred on credit derivatives ²				178.8		(0.4	)		-			178.4

	Total incurred losses			319.5		97.9			12.1			429.5
Amortization of deferred acquisition costs				12.8		28.1			0.4			41.3
Other operating expenses				93.6		21.2			2.5			117.3

	Total underwriting expenses			425.9		147.2			15.0			588.1

		Underwriting gain (loss)	$	165.4	$	(37.5	)	$	(12.7	)	$	115.2

1. Includes premiums and ceding commissions.

2. Includes paid and payable losses and received and receivable recoveries.

4. Other includes the Company's former mortgage guaranty and other segments.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

Page 11

Assured Guaranty Ltd.
Financial Guaranty Direct Segment (1 of 2)
(in millions)

			3Q-09		4Q-09			1Q-10		2Q-10		3Q-10		Nine Months 2010

Income statement:
Net earned premiums:
	Scheduled net earned premiums
		Public finance - U.S.	$	69.7	$	77.8		$	67.6	$	72.0	$	74.2	$	213.8
		Public finance - non-U.S.		17.9		15.4			13.0		16.8		17.7		47.5
		Structured finance - U.S.		208.4		202.9			203.7		177.9		162.3		543.9
		Structured finance - non-U.S.		7.6		13.1			8.7		9.4		9.8		27.9

	Total scheduled net earned premiums			303.6		309.2			293.0		276.1		264.0		833.1
	Net earned premiums from refundings and accelerations			11.1		37.3			13.6		13.8		20.2		47.6

Total net earned premiums				314.7		346.5			306.6		289.9		284.2		880.7
Credit derivative revenues ¹				57.0		54.8			55.0		51.7		50.4		157.1
Other income				30.1		(0.1	)		18.2		2.2		0.2		20.6

	Total underwriting revenues			401.8		401.2			379.8		343.8		334.8		1,058.4
Loss and loss adjustment expenses				97.2		101.2			112.3		81.6		113.4		307.3
Losses (gains) incurred on credit derivatives ²				142.4		59.2			74.6		21.8		14.6		111.0

	Total incurred losses			239.6		160.4			186.9		103.4		128.0		418.3
Amortization of deferred acquisition costs				3.0		3.5			3.8		2.7		3.9		10.4
Other operating expenses				57.4		42.8			49.7		39.1		42.3		131.1

	Total underwriting expenses			300.0		206.7			240.4		145.2		174.2		559.8

		Underwriting gain (loss)	$	101.8	$	194.5		$	139.4	$	198.6	$	160.6	$	498.6

1. Includes premiums and ceding commissions.

2. Includes paid and payable losses and received and receivable recoveries.

Page 12

Assured Guaranty Ltd.
Financial Guaranty Direct Segment (2 of 2)
(in millions)

			3Q-09			4Q-09			1Q-10		2Q-10		3Q-10		Nine Months 2010

PVP:
Public finance - U.S.
	Primary markets		$	150.6		$	99.5		$	60.4	$	72.7	$	74.7	$	207.8
	Secondary markets			4.3			14.5			13.9		8.7		9.8		32.4
Public finance - non-U.S.
	Primary markets			-			-			-		-		-		-
	Secondary markets			-			-			-		0.7		-		0.7
Structured finance - U.S.				2.3			6.3			4.5		5.7		3.7		13.9
Structured finance - non-U.S.				0.9			0.1			-		2.1		0.7		2.8

Total PVP				158.1			120.4			78.8		89.9		88.9		257.6
		Less: PVP of credit derivatives GWP		-			-			-		-		-		-

PVP of financial guaranty GWP				158.1			120.4			78.8		89.9		88.9		257.6
	Less: Present value of insurance installment premiums			4.2			(2.9	)		4.5		8.0		4.9		17.4

	Upfront financial guaranty GWP			153.9			123.3			74.3		81.9		84.0		240.2
	Plus: Financial guaranty installment adjustment ¹			(22.3	)		(45.4	)		19.5		19.6		8.0		47.1

Financial guaranty direct GWP			$	131.6		$	77.9		$	93.8	$	101.5	$	92.0	$	287.3

Gross par written ²:
Public finance - U.S.
	Primary markets		$	8,338		$	6,296		$	5,816	$	6,537	$	6,785	$	19,138
	Secondary markets			159			440			372		290		441		1,103
Public finance - non-U.S.
	Primary markets			-			-			-		-		-		-
	Secondary markets			-			-			-		34		-		34
Structured finance - U.S.				600			1,250			1,000		1,400		200		2,600
Structured finance - non-U.S.				-			-			-		-		-		-

	Total		$	9,097		$	7,986		$	7,188	$	8,261	$	7,426	$	22,875

Net par outstanding (end of period):
			3Q-09			4Q-09			1Q-10		2Q-10		3Q-10
Public finance - U.S.			$	371,748		$	372,088		$	380,361	$	380,749	$	379,534
Public finance - non-U.S.				37,139			37,281			36,099		34,731		36,966
Structured finance - U.S.				135,939			132,945			128,495		121,027		120,873
Structured finance - non-U.S.				33,080			33,194			31,530		29,254		30,797

	Total		$	577,906		$	575,508		$	576,485	$	565,761	$	568,170

2. Includes committed amount including undrawn revolvers.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

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

Page 13

Assured Guaranty Ltd.
Financial Guaranty Reinsurance Segment (1 of 2)
(in millions)

			3Q-09			4Q-09			1Q-10			2Q-10			3Q-10			Nine Months 2010

Income statement:
Net earned premiums:
	Scheduled net earned premiums		$	8.3		$	17.4		$	16.6		$	15.5		$	15.7		$	47.8
	Net earned premiums from refundings and accelerations			6.3			8.8			1.8			1.6			1.0			4.4

Total net earned premiums				14.6			26.2			18.4			17.1			16.7			52.2
Credit derivative revenues ¹				0.3			0.6			(0.3	)		—			0.3			—
Other income				—			—			—			—			—			—

	Total underwriting revenues			14.9			26.8			18.1			17.1			17.0			52.2
Loss and loss adjustment expenses				35.9			25.5			28.2			13.8			7.1			49.1
Losses (gains) incurred on credit derivatives ²				(0.2	)		1.0			1.8			6.3			0.8			8.9

	Total incurred losses			35.7			26.5			30.0			20.1			7.9			58.0
Amortization of deferred acquisition costs				(1.8	)		9.0			4.3			4.2			4.1			12.6
Other operating expenses				6.3			5.2			9.4			5.8			7.5			22.7

	Total underwriting expenses			40.2			40.7			43.7			30.1			19.5			93.3

		Underwriting gain (loss)	$	(25.3	)	$	(13.9	)	$	(25.6	)	$	(13.0	)	$	(2.5	)	$	(41.1	)

1. Includes premiums and ceding commissions.

2. Includes paid and payable losses and received and receivable recoveries.

Page 14

Assured Guaranty Ltd.
Financial Guaranty Reinsurance Segment ¹ (2 of 2)
(in millions)

		3Q-09			4Q-09			1Q-10			2Q-10			3Q-10			Nine Months 2010

PVP:
Public finance - U.S.
	Primary markets	$	—		$	—		$	—		$	—		$	—		$	—
	Secondary markets		—			—			—			—			—			—
Public finance - non-U.S.																		—
	Primary markets		—			—			—			—			—			—
	Secondary markets		—			—			—			—			—			—
Structured finance - U.S.			—			—			—			—			—			—
Structured finance - non-U.S.			—			—			—			—			—			—

Total PVP			—			—			—			—			—			—
	Less: PVP of credit derivatives GWP		—			—			—			—			—			—

PVP of financial guaranty GWP			—			—			—			—			—			—
	Less: Present value of financial guaranty installment premiums		—			—			—			—			—			—

	Upfront financial guaranty GWP		—			—			—			—			—			—
	Plus: Financial guaranty installment adjustment ²		(7.5	)		(21.5	)		(1.7	)		(9.8	)		(14.4	)		(25.9	)

Financial guaranty reinsurance GWP		$	(7.5	)	$	(21.5	)	$	(1.7	)	$	(9.8	)	$	(14.4	)	$	(25.9	)

Gross par written		$	—		$	—		$	—		$	—		$	—		$	—

Net par outstanding (end of period):

		3Q-09		4Q-09		1Q-10		2Q-10		3Q-10

Public finance - U.S.		$	53,137	$	50,990	$	49,751	$	49,125	$	47,050
Public finance - non-U.S.			6,088		5,494		5,307		4,842		5,159
Structured finance - U.S.			6,244		5,356		5,049		4,928		4,806
Structured finance - non-U.S.			3,255		3,074		2,873		2,858		2,887

	Total	$	68,724	$	64,914	$	62,980	$	61,753	$	59,902

1. Due to the timing of receiving reports prepared by Assured Guaranty'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. Includes the difference in management estimates for the discount rate applied to future installments compared to the discount rate used for new financial guaranty insurance accounting standard as well as the changes in estimated term for future installments.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

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

Page 15

Assured Guaranty Ltd.
Investment Portfolio
As of September 30, 2010
(dollars in millions)

				Amortized Cost				Fair Value		Annualized Investment Income¹

Investment portfolio, available-for-sale:
Fixed maturity securities:
	U.S. Treasury securities and obligations of U.S. government agencies			$	524.4	2.70%	2.10%	$	556.4	$	14.1
	Agency obligations				514.6	3.18%	2.68%		553.8		16.4
	Obligations of states and political subdivisions				2,782.8	4.04%	3.79%		2,945.6		112.4
	Insured obligations of state and political subdivisions²				2,011.2	4.81%	4.54%		2,146.0		96.6
	Corporate securities				945.3	3.67%	3.00%		989.9		34.7
	Mortgage-backed securities ("MBS")³:
		Residential MBS ("RMBS")			1,271.3	4.97%	4.22%		1,279.1		63.2
		Commercial MBS ("CMBS")			348.4	4.95%	4.26%		367.5		17.2
	Asset-backed securities⁴				564.0	2.50%	1.86%		574.0		14.1
	Foreign government securities				356.4	3.07%	2.00%		363.5		10.9

			Total fixed maturity securities		9,318.4	4.07%	3.61%		9,775.8		379.6
Short-term investments					907.5	0.18%	0.12%		907.7		1.6

			Total investment portfolio	$	10,225.9	3.73%	3.30%	$	10,683.5	$	381.2

Ratings⁵:		Fair Value

Treasury and U.S. government obligations		$	556.4	5.7%
Agency obligations			553.8	5.7%
AAA/Aaa			3,276.0	33.5%
AA/Aa			3,505.8	35.9%
A/A			1,359.2	13.9%
BBB			104.5	1.1%
Below investment grade ("BIG")⁶			384.8	3.9%
Not rated			35.3	0.3%

	Total fixed maturity securities, available for sale	$	9,775.8	100.0%

Duration of investment portfolio (in years):				4.6

Average ratings of investment portfolio				AA

1. Represents annualized investment income based on amortized cost and pre-tax book yields.

2. Reflects obligations of state and local political subdivisions that have been insured by other financial guarantors. The underlying ratings of these bonds, after giving effect to the lower of the rating assigned by Standard & Poor's Rating Services ("S&P") or Moody's Investors Service, Inc. ("Moody's") average A+. Includes $357.8 million insured by AGC and AGM.

3. $0.3 million is U.S. subprime RMBS, which has an average rating of AAA.

4. Contains no collateralized debt obligations ("CDOs") of asset-backed securities ("ABS").

5. Ratings are represented by the lower of the Moody's and S&P classifications.

6. Included in the investment portfolio are securities purchased or obtained as part of loss mitigation strategies or other risk management of $798.5 million in par with carrying value of $344.2 million.

Page 16

Assured Guaranty Ltd.
Estimated Net Exposure Amortization ¹ and Estimated Future Net Premium and Credit Derivative Revenues
(in millions)

						Financial Guaranty Insurance ²

		Estimated Net Debt Service Amortization		Estimated Ending Net Debt Service Outstanding		Expected PV Net Earned Premiums		Accretion of Discount		Future Net Premiums Earned		Future Credit Derivative Revenues ³		Total
2010 (as of September 30)				$	941,509
2010 (October 1 - December 31)		$	18,425		923,084	$	233.9	$	8.9	$	242.8	$	31.7	$	274.5
2011			66,130		856,954		748.7		33.9		782.6		171.3		953.9
2012			70,010		786,944		593.2		31.8		625.0		137.5		762.5
2013			61,010		725,934		512.9		29.5		542.4		104.5		646.9
2014			64,696		661,238		458.5		27.5		486.0		74.9		560.9
2010-2014			280,271		661,238		2,547.2		131.6		2,678.8		519.9		3,198.7
2015-2019			222,568		438,670		1,687.1		111.6		1,798.7		166.4		1,965.1
2020-2024			164,262		274,408		1,046.5		75.4		1,121.9		79.7		1,201.6
2025-2029			115,676		158,732		650.4		46.9		697.3		58.2		755.5
After 2029			158,732		-		718.9		39.7		758.6		100.8		859.4

	Total	$	941,509			$	6,650.1	$	405.2	$	7,055.3	$	925.0	$	7,980.3

1. Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of September 30, 2010. Actual amortization differs from expected maturities because borrowers may have the right to call or prepay guaranteed obligations and because of management's assumptions on structured finance amortization.obligations.

2. See page 19 for "Present Value of Financial Guaranty Insurance Losses to be Expensed."

3. Excludes contracts with credit impairment.

Page 17

Assured Guaranty Ltd.
Expected Amortization of U.S. and Non-U.S. Structured Finance Net Par Outstanding
(in millions)

		Estimated Net Par Amortization

		U.S. and Non-U.S. Pooled Corporate		U.S. RMBS		Financial Products ¹		Other Structured Finance		Total		Estimated Ending Net Par Outstanding
Structured Finance Net Par Amortization:
2010 (as of September 30)												$	159,363
2010 (October 1 - December 31)		$	4,698	$	1,515	$	239	$	899	$	7,351		152,012
2011			9,923		5,041		700		5,827		21,491		130,521
2012			15,242		3,729		1,247		5,507		25,725		104,796
2013			13,125		2,843		969		2,302		19,239		85,557
2014			19,648		2,119		743		1,494		24,004		61,553
2010-2014			62,636		15,247		3,898		16,029		97,810		61,553
2015-2019			24,523		5,723		910		7,616		38,772		22,781
2020-2024			2,826		2,361		624		2,125		7,936		14,845
2025-2029			471		820		460		848		2,599		12,246
After 2029			3,629		1,864		1,820		4,933		12,246		-

	Total structured finance	$	94,085	$	26,015	$	7,712	$	31,551	$	159,363

1. See Glossary for description of financial products.

Page 18

Assured Guaranty Ltd.
Present Value ("PV") of Financial Guaranty Net Insurance Loss to be Expensed
(in millions)

		Net Expected Loss to be Expensed ¹

Financial Guaranty Insurance Loss to be Expensed:
2010 (October 1-December 31)		$	79.6
2011			192.9
2012			116.5
2013			89.8
2014			77.7
2010-2014			556.5
2015-2019			245.9
2020-2024			123.1
2025-2029			72.0
After 2029			72.8

	Total expected PV of net loss to be expensed		1,070.3
Discount			579.9

	Total future value	$	1,650.2

1. The expected present value of net loss to be expensed is discounted by weighted-average risk free rates ranging from 0% to 4.51%.

Page 19

Assured Guaranty Ltd.
Financial Guaranty Profile (1 of 3)
As of September, 2010
(in millions)

Net Par Outstanding and Average Rating by Asset Type

			Financial Guaranty Direct		Financial Guaranty Reinsurance		Consolidated

			Net Par Outstanding		Net Par Outstanding		Net Par Outstanding		Avg. Rating ¹
U.S. Public Finance:
	General obligation		$	165,866	$	15,860	$	181,726	A+
	Tax backed			73,791		9,822		83,613	A+
	Municipal utilities			64,020		5,916		69,936	A
	Transportation			30,247		5,970		36,217	A
	Healthcare			20,337		1,558		21,895	A
	Higher education			12,465		2,627		15,092	A+
	Housing			6,306		421		6,727	AA-
	Infrastructure finance			2,311		1,725		4,036	BBB+
	Investor-owned utilities			162		1,435		1,597	A-
	Other public finance			4,029		1,716		5,745	A-

		Total U.S. public finance		379,534		47,050		426,584	A+
Non-U.S. Public Finance:
	Infrastructure finance			13,816		2,416		16,232	BBB
	Regulated utilities			11,597		2,433		14,030	BBB+
	Pooled infrastructure			4,367		—		4,367	AA
	Other public finance			7,186		310		7,496	AA-

		Total non-U.S. public finance		36,966		5,159		42,125	A-

Total public finance			$	416,500	$	52,209	$	468,709	A

U.S. Structured Finance:
	Pooled corporate obligations		$	69,822	$	854	$	70,676	AAA
	RMBS			25,649		366		26,015	BB
	Financial products ²			7,712		—		7,712	AA-
	CMBS and other commercial real estate related exposures			6,858		386		7,244	AAA
	Consumer receivables			5,345		1,395		6,740	AA-
	Structured credit			2,088		446		2,534	BBB+
	Commercial receivables			1,302		984		2,286	BBB+
	Insurance securitizations			1,314		337		1,651	A+
	Other structured finance			783		38		821	A-

		Total U.S. structured finance		120,873		4,806		125,679	AA-
Non-U.S. Structured Finance:
	Pooled corporate obligations			22,449		960		23,409	AAA
	RMBS			4,665		24		4,689	AAA
	Commercial receivables			815		979		1,794	A-
	Structured credit			1,189		595		1,784	BBB
	Insurance securitizations			964		16		980	CCC-
	CMBS and other commercial real estate related exposures			338		311		649	AA+
	Other structured finance			377		2		379	AAA

		Total non-U.S. structured finance		30,797		2,887		33,684	AA+

Total structured finance			$	151,670	$	7,693	$	159,363	AA-

Total net par outstanding			$	568,170	$	59,902	$	628,072	A+

2. See the Glossary for a description of financial products.

Page 20

Assured Guaranty Ltd.
Financial Guaranty Profile (2 of 3)
(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio

		As of September 30, 2010

		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		$	-		0.0%	$	2,339		5.6%	$	24,062		19.1%	$	8,167		24.2%	$	34,568		5.5%
AAA			5,976		1.4%		1,407		3.3%		46,432		36.9%		15,487		46.0%		69,302		11.0%
AA			163,924		38.4%		1,348		3.2%		19,071		15.2%		2,031		6.0%		186,374		29.7%
A			212,172		49.7%		13,142		31.2%		6,191		4.9%		2,749		8.2%		234,254		37.3%
BBB			41,495		9.7%		22,169		52.6%		8,975		7.1%		3,950		11.7%		76,589		12.2%
BIG			3,017		0.8%		1,720		4.1%		20,948		16.8%		1,300		3.9%		26,985		4.3%

	Total net par outstanding	$	426,584		100.0%	$	42,125		100.0%	$	125,679		100.0%	$	33,684		100.0%	$	628,072		100.0%

1. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the nationally recognized rating agencies; however, the ratings in the above table may not be the same as ratings assigned by any nationally recognized rating agency. 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 on its internal rating scale 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 benefiting 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 21

Assured Guaranty Ltd.
Financial Guaranty Profile (3 of 3)
(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio as of September 30, 2010

			Net Par Outstanding

U.S.:
Public Finance:
	California		$	59,799	9.5%
	New York			35,242	5.6%
	Texas			31,149	5.0%
	Pennsylvania			30,203	4.8%
	Florida			27,011	4.3%
	Illinois			25,902	4.1%
	New Jersey			18,073	2.9%
	Michigan			16,836	2.7%
	Washington			12,917	2.1%
	Massachusetts			12,702	2.0%
	Other states			156,750	24.9%

		Total Public Finance		426,584	67.9%
Structured finance (multiple states)				125,679	20.0%

		Total U.S.		552,263	87.9%

Non-U.S.:
	United Kingdom			30,071	4.8%
	Australia			8,629	1.4%
	Canada			4,751	0.8%
	France			2,439	0.4%
	Italy			2,332	0.4%
	Other			27,587	4.3%

		Total non-U.S.		75,809	12.1%

	Total net par outstanding		$	628,072	100.0%

Page 22

Assured Guaranty Ltd.
Direct Pooled Corporate Obligations Profile
(dollars in millions)

Distribution of Financial Guaranty Direct Pooled Corporate Obligations by Ratings as of September 30, 2010

Ratings ¹:		Net Par Outstanding

Super Senior		$	26,092	28.3%	31.8%	29.4%
AAA			51,627	56.0%	28.4%	27.4%
AA			6,416	7.0%	40.0%	34.1%
A			1,579	1.7%	24.4%	21.9%
BBB			3,609	3.9%	36.2%	27.8%
BIG			2,948	3.1%	45.0%	24.7%

	Total exposures	$	92,271	100.0%	30.9%	28.3%

Distribution of Financial Guaranty Direct Pooled Corporate Obligations by Asset Class as of September 30, 2010

Asset class:		Net Par Outstanding

CBOs/CLOs ³		$	54,428	59.0%	31.0%	29.2%	AAA
Synthetic investment grade pooled corporates			15,031	16.3%	19.2%	17.7%	AAA
Synthetic high yield pooled corporates			9,537	10.3%	38.1%	33.4%	AAA
Market value CDOs of corporates			5,454	5.9%	35.1%	36.3%	AAA
Trust preferred - banks and insurance			3,613	3.9%	46.8%	32.1%	BBB
Trust preferred - U.S. mortgage and REITs ⁴			2,355	2.6%	50.0%	38.2%	BIG
Trust preferred - European mortgage and REITs			947	1.0%	36.7%	32.0%	BBB
Other pooled corporates			906	1.0%	24.4%	25.0%	A-

	Total exposures	$	92,271	100.0%	30.9%	28.3%	AAA

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 Guaranty'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. CBOs (collateralized bond obligation)/CLOs (collateralized loan obligation) are largely non-investment grade/high yield collateral.

4. REITs are real estate investment trusts.

Page 23

Assured Guaranty Ltd.
Consolidated U.S. RMBS Profile
(dollars in millions)

Distribution of U.S. RMBS by Rating¹ and by Segment as of September 30, 2010

Ratings¹:	Direct Net Par Outstanding			Reinsurance Net Par Outstanding			Total Net Par Outstanding

Super senior	$	-	0.0%	$	-	0.0%	$	-	0.0%
AAA		2,949	11.5%		42	11.5%		2,991	11.5%
AA		2,474	9.6%		50	13.7%		2,524	9.7%
A		1,457	5.7%		40	10.9%		1,497	5.8%
BBB		2,136	8.3%		34	9.3%		2,170	8.3%
BIG		16,633	64.9%		200	54.6%		16,833	64.7%

Total exposures	$	25,649	100.0%	$	366	100.0%	$	26,015	100.0%

Distribution of U.S. RMBS by Rating¹ and Type of Exposure as of September 30, 2010

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			11		0		459		112		113		2,296		-		2,991
AA			172		35		275		228		37		1,777		-		2,524
A			20		2		5		100		126		1,244		-		1,497
BBB			26		-		14		1,098		101		901		31		2,170
BIG			656		1,143		4,232		4,737		3,025		2,887		153		16,833

	Total exposures	$	885	$	1,180	$	4,985	$	6,274	$	3,402	$	9,105	$	184	$	26,015

Distribution of U.S. RMBS by Year Insured⁵ and Type of Exposure as of September 30, 2010

Year insured⁵:		Prime First Lien		CES		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		NIMs		Total Net Par Outstanding

2004 and prior		$	61	$	2	$	371	$	139	$	55	$	1,645	$	-	$	2,273
2005			183		-		1,104		714		159		406		-		2,567
2006			143		459		1,539		506		892		3,951		87		7,577
2007			498		719		1,971		3,090		2,181		3,014		96		11,571
2008			-		-		-		1,825		114		88		-		2,027

	Total exposures	$	885	$	1,180	$	4,985	$	6,274	$	3,402	$	9,105	$	184	$	26,015

Distribution of U.S. RMBS by Rating¹ and Year Insured as of September 30, 2010

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

2004 and prior		$	-	$	1,501	$	91	$	193	$	98	$	390	$	2,273
2005			-		209		105		101		124		2,028		2,567
2006			-		981		1,668		1,052		421		3,456		7,577
2007			-		300		481		38		719		10,033		11,571
2008			-		-		178		114		809		926		2,027

	Total exposures	$	-	$	2,991	$	2,524	$	1,497	$	2,170	$	16,833	$	26,015

% of total			0.0%		11.5%		9.7%		5.8%		8.3%		64.7%		100.0%

2. Includes primarily Prime First Lien plus an insignificant amount of other miscellaneous RMBS transactions.

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

4. NIMs are net interest margin securities.

5. Assured Guaranty has not insured any U.S. RMBS transactions since 2008.

Page 24

Assured Guaranty Ltd.
Financial Guaranty Direct U.S. RMBS Profile (1 of 2)
(dollars in millions)

Distribution of Financial Guaranty Direct U.S. RMBS Insured January 1, 2005 or Later by Exposure Type, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of September 30, 2010¹

U.S. Prime First Lien²

Year insured:	Net Par Outstanding

2005	$	180	55.1%	5.1%	0.9%	7.9%	6
2006		143	66.2%	7.9%	0.0%	13.5%	1
2007		498	67.0%	10.4%	2.1%	14.8%	1
2008		-	-	-	-	-	-

	$	820	64.3%	8.8%	1.5%	13.1%	8

U.S. CES

Year insured:	Net Par Outstanding

2005	$	-	-	-	-	-	-
2006		448	22.5%	-	54.5%	17.1%	2
2007		719	27.1%	-	60.0%	12.0%	10
2008		-	-	-	-	-	-

	$	1,167	25.3%	-	57.9%	14.0%	12

U.S. HELOC

Year insured:	Net Par Outstanding

2005	$	1,048	21.8%	2.5%	12.4%	11.7%	6
2006		1,509	36.0%	2.0%	27.8%	11.3%	7
2007		1,971	51.0%	3.2%	25.1%	6.9%	9
2008		-	-	-	-	-	-

	$	4,528	39.2%	2.6%	23.0%	9.5%	22

U.S. Alt-A First Lien

Year insured:	Net Par Outstanding

2005	$	711	42.7%	11.8%	4.4%	19.6%	21
2006		506	50.2%	1.2%	12.3%	39.7%	7
2007		3,090	62.1%	8.0%	8.4%	35.1%	12
2008		1,825	57.5%	27.0%	8.6%	30.3%	5

	$	6,132	57.5%	13.5%	8.3%	32.3%	45

1. For this release, net par outstanding is based on values as of September 30, 2010. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on September 30, 2010 information obtained from Intex, Bloomberg, and/or provided by the trustee and may be subject to restatement or correction.

2. Includes primarily Prime First Lien plus an insignificant amount of other miscellaneous MBS transactions.

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 real estate owned ("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 25

Assured Guaranty Ltd.
Financial Guaranty Direct U.S. RMBS Profile (2 of 2)
(dollars in millions)

Distribution of Financial Guaranty Direct U.S. CMBS Insured January 1, 2005 or Later by Exposure Type, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of September 30, 2010 ¹

U.S. Alt-A Option ARMs

Year insured:	Net Par Outstanding

2005	$	149	30.6%	9.2%	7.5%	37.7%	4
2006		885	57.2%	5.4%	10.3%	50.8%	7
2007		2,181	63.5%	6.0%	10.8%	40.4%	11
2008		114	64.3%	49.3%	7.3%	34.5%	1

	$	3,330	60.4%	7.5%	10.4%	42.8%	23

U.S. Subprime First Lien

Year insured:	Net Par Outstanding

2005	$	401	36.3%	49.2%	4.9%	40.9%	7
2006		3,944	26.1%	61.3%	13.2%	40.7%	4
2007		3,014	60.1%	27.0%	12.6%	48.6%	13
2008		82	72.4%	33.6%	6.3%	32.8%	1

	$	7,442	41.0%	46.5%	12.4%	43.8%	25

1. For this release, net par outstanding is based on values as of September 2010. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on September 30, 2010 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 26

Assured Guaranty Ltd.
Financial Guaranty Direct U.S. Commercial Real Estate Profile
(dollars in millions)

Distribution of Financial Guaranty Direct U.S. RMBS Insured January 1, 2005 or Later by Exposure Type, Internal Rating ¹, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of September 30, 2010 ²

U.S. CMBS

Rating:	Net Par Outstanding

Super senior	$	4,185	89.4%	33.6%	0.5%	7.7%	185
AAA		244	85.1%	27.6%	0.3%	9.9%	7
AA		950	87.8%	18.8%	0.6%	7.3%	39
A		229	64.4%	11.9%	0.9%	8.1%	1
BBB		-	-	-	-	-	-
BIG		-	-	-	-	-	-

Total exposures	$	5,608	87.9%	30.0%	0.5%	7.7%	232

CDOs of U.S. Commercial Real Estate and CMBS ⁷

	Net Par Outstanding

CDOs of Commercial Real Estate	$	712	57.7%	49.4%	48.3%
CDOs of CMBS ⁹		522	42.3%	29.6%	45.3%

Total exposures	$	1,234	100.0%	41.0%	47.0%

2. For this release, net par outstanding is based on values as of September 30, 2010. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on September 30, 2010 information obtained from Intex, Trepp LLC, 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, over-collateralization and any first loss deductible, 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 and any matured non-performing loans divided by net par outstanding.

7. Represents other U.S. Commercial Real Estate not included in the table above.

8. "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.

9. Relates to vintages 2003 and prior.

Page 27

Assured Guaranty Ltd.
Direct U.S. Consumer Receivables Profile
(dollars in millions)

Distribution of Direct U.S. Consumer Receivables by Rating ¹ as of September 30, 2010

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

Super senior		$	1,150	$	-	$	-	$	-	$	1,150
AAA			-		1,261		83		40		1,384
AA			-		-		46		1,365		1,411
A			-		-		-		472		472
BBB			89		-		-		673		762
BIG			-		-		166		-		166

	Total exposures	$	1,239	$	1,261	$	295	$	2,550	$	5,345

Average rating ¹			AAA		AAA		A-		A+		AA
Avg. initial credit enhancement ²			50.8%		7.2%		27.6%		12.8%		21.1%
Avg. current credit enhancement ²			53.6%		8.4%		26.1%		31.0%		30.6%

Page 28

Assured Guaranty Ltd.
Below Investment Grade Exposures (1 of 5)
As of September 30, 2010
(in millions)

BIG Exposures by Asset Exposure Type U.S. Public Finance:			Net Par Outstanding ¹

	General obligation		$	849
	Municipal utilities			537
	Tax backed			418
	Healthcare			347
	Transportation			162
	Infrastructure finance			61
	Higher education			21
	Housing			8
	Other public finance			614

		Total U.S. public finance		3,017
Non-U.S. Public Finance:
	Infrastructure finance			1,426
	Municipal finance			294

		Total non-U.S. public finance		1,720

Total public finance			$	4,737

U.S. Structured Finance:
	RMBS		$	16,833
	Pooled corporate obligations			2,876
	Consumer receivables			536
	Structured credit			288
	Commercial receivables			241
	Other structured finance			174

		Total U.S. structured finance		20,948

Non-U.S. Structured Finance:
	Insurance securitizations			923
	Pooled corporate obligations			355
	Commercial receivables			19
	RMBS			3

		Total non-U.S. structured finance		1,300

Total structured finance			$	22,248

Total BIG net par outstanding			$	26,985

1. As of September 30, 2010, securities purchased for loss mitigation purposes represented $484.6 million of gross par outstanding. In addition, under the terms of certain credit derivative contracts, the Company has obtained the underlying collateral of transactions and recorded it in invested assets in the consolidated balance sheets. Such amounts totaled $274.4 million in gross par outstanding.

Page 29

Assured Guaranty Ltd.
Below Investment Grade Exposures (2 of 5)
(dollars in millions)

Net Par Outstanding by BIG Category ¹

				Financial Guaranty Insurance and Credit Derivatives Surveillance Categories

				September 30, 2010 ²		December 31, 2009
Category 1
	U.S. public finance			$	1,689	$	1,761
	Non-U.S. public finance				1,673		600
	U.S. structured finance				3,446		4,275
	Non-U.S. structured finance				234		2

		Total Category 1			7,042		6,638
Category 2
	U.S. public finance				757		719
	Non-U.S. public finance				6		4
	U.S. structured finance				10,618		9,913
	Non-U.S. structured finance				67		3

		Total Category 2			11,448		10,639
Category 3
	U.S. public finance				571		647
	Non-U.S. public finance				41		40
	U.S. structured finance				6,884		6,202
	Non-U.S. structured finance				999		1,000

		Total Category 3			8,495		7,889

			BIG Total	$	26,985	$	25,166

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: Below investment grade 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. BIG Category 2: Below investment grade transactions for which expected losses have been established but for which no unreimbursed claims have yet been paid. BIG Category 3: Below investment grade 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.

2. As of September 30, 2010, securities purchased for loss mitigation purposes represented $484.6 million of gross par outstanding. In addition, under the terms of certain credit derivative contracts, the Company has obtained the underlying collateral of transactions and recorded it in invested assets in the consolidated balance sheets. Such amounts totaled $274.4 million in gross par outstanding.

Page 30

Assured Guaranty Ltd.
Below Investment Grade Exposures (3 of 5)
As of September 30, 2010
(dollars in millions)

Public Finance BIG Exposures Greater Than $50 Million

Name or Description			Net Par Outstanding

U.S. Public Finance:
	Jefferson County Alabama Sewer		$	512	D
	Detroit (City of) Michigan			414	BB
	Jefferson County Alabama School Sales Tax Limited Obligation			177	BB
	Detroit (City of) School District Michigan			164	BB
	Guaranteed Student Loan transaction			163	BB
	San Joaquin Hills California Transportation			162	BB
	St. Barnabas Health System—New Jersey			147	BB
	Guaranteed Student Loan transaction			136	CCC
	Reading (City of) Pennsylvania			119	BB
	Orlando Tourist Development Tax—Florida			118	BB+
	Mashantucket Pequot Tribe, Connecticut			107	B
	Harrisburg (City of) Pennsylvania General Obligation			95	B-
	Guaranteed Student Loan transaction			91	BB-
	Puerto Rico Public Finance Corporation—Commonwealth Appropriation			88	BB+
	Guaranteed Student Loan transaction			69	BB-

		Total	$	2,562
Non-U.S. Public Finance:
	Reliance Rail Finance Pty. Limited			776	BB
	Hellenic Republic			294	BB+
	Aeroporti Di Roma (ADR) Romulus Finance S.R.L. (Rome Airport)			293	BB
	Cross City Tunnel Motorway Finance Limited			283	BB

		Total	$	1,646

Total			$	4,208

Page 31

Assured Guaranty Ltd.
Below Investment Grade Exposures (4 of 5)
As of September 30, 2010
(dollars in millions)

Structured Finance BIG Exposures Greater Than $50 Million

Name or Description			Net Par Outstanding

U.S. Structured Finance:
	U.S. RMBS:
	Deutsche ALT-A Securities Mortgage Loan 2007-2		$	830	CCC	2.7%	32.0%
	MABS 2007-NCW			603	B	33.5%	66.1%
	Countrywide HELOC 2006-I			565	CCC	0.0%	8.9%
	MASTR 2007-3			532	CCC	2.9%	54.1%
	Mortgage IT Securities Corp. Mortgage Loan 2007-2			498	B	10.4%	14.8%
	Private Residential Mortgage Transaction			480	B	22.7%	28.9%
	Countrywide HELOC 2006-F (includes $39.6 million repurchased) ³			461	CCC	0.0%	19.1%
	Private Residential Mortgage Transaction			440	BB	22.5%	28.4%
	Deutsche ALT-A Securities Mortgage Loan 2007-3			425	B	7.1%	21.9%
	Private Residential Mortgage Transaction			421	CCC	25.8%	31.9%
	Option One 2007-FXD2			392	CCC	18.0%	29.4%
	CWALT Alternative Loan Trust 2007-HY9			384	CCC	6.5%	46.4%
	Nomura Asset Acceptance Corp. 2007-1 (includes $0.9 million repurchased) ³			382	CCC	0.0%	42.0%
	Private Residential Mortgage Transaction			377	CCC	16.2%	36.3%
	Countrywide Home Equity Loan Trust 2007-D			346	CCC	0.0%	9.0%
	Countrywide Home Equity Loan Trust 2005-J			345	CCC	0.0%	16.0%
	AAA Trust 2007-2			328	CCC	35.9%	48.1%
	HarborView 2006-12			327	BB	9.7%	56.6%
	Countrywide HELOC 2005-D			312	CCC	0.0%	12.2%
	Countrywide HELOC 2007-A			291	CCC	0.0%	9.2%
	MARM 2007-1 (FKA MASTR 2007-OA1) (includes $1.3 million repurchased) ³			290	CCC	0.0%	35.5%
	Countrywide 2007-13			278	B	31.6%	56.4%
	Countrywide HELOC 2007-B			262	CCC	0.0%	8.3%
	GMACM 2004-HE3			259	BB	0.0%	3.0%
	Terwin Mortgage Trust 2006-12SL (includes $74.3 million repurchased) ³			251	CCC	0.0%	19.0%
	FHABS 2007-HE1 HELOC			223	BB	0.0%	2.6%
	CWABS 2007-4			221	B	22.0%	43.5%
	IndyMac 2007-H1 HELOC			212	CCC	0.0%	9.8%
	Terwin Mortgage Trust 2007-1SL (includes $46.0 million repurchased) ³			207	CCC	0.0%	11.1%
	FHABS 2006-HE2 HELOC			203	BB	0.0%	4.2%
	Soundview 2007-WMC1			199	CCC	10.9%	71.4%
	Terwin Mortgage Trust 2006-10SL (includes $32.8 million repurchased) ³			196	CCC	0.0%	14.6%
	HarborView 2006-1			191	CCC	4.6%	61.8%
	HarborView 2007-1			187	BB	13.0%	58.1%
	New Century 2005-A			168	B	20.5%	30.9%
	CWALT 2007-OA10 (includes $54.1 million repurchased) ³			163	CCC	8.6%	55.1%
	Countrywide HELOC 2005-C			150	CCC	0.0%	11.1%
	Renaissance (DELTA) 2007-3			148	B	25.9%	35.4%
	HarborView 2006-10			145	B	0.0%	30.4%
	CSAB 2006-3			145	CCC	0.0%	45.6%
	Lehman Excess Trust 2007-16N			126	CCC	9.3%	40.6%
	Flagstar HELOC 2006-2			125	CCC	21.3%	10.9%
	Flagstar HELOC 2005-1			119	BB	18.5%	6.4%
	NAAC 2007-S2			109	CCC	0.0%	12.7%
	Taylor Bean & Whitaker 2007-2 (includes $30.5 million repurchased) ³			108	CCC	0.0%	35.1%
	American Home Mortgage Assets Trust 2007-4			106	CCC	0.0%	31.3%
	ACE Home Equity Loan Trust 2007-SL3			105	BB	0.0%	10.7%
	IndyMac IMSC Mortgage Loan Trust 2007-HOA1			96	CCC	0.0%	31.2%
	CSAB 2006-2 (includes $12.1 million repurchased) ³			92	CCC	2.1%	40.3%
	Deutsche ALT-B 2006-AB1			91	CCC	3.7%	29.6%
	Countrywide ALTA 2005-22T			89	B	6.0%	25.5%
	MASTR Asset Backed Securities Trust 2005-NC2			80	B	16.9%	40.0%
	Countrywide HELOC 2006-H (includes $15.1 million repurchased) ³			74	CCC	0.0%	19.4%
	Terwin Mortgage Trust 2005-16HE			71	BB	12.5%	27.6%
	CSMC 2007-3			69	CCC	0.0%	32.6%
	Terwin Mortgage Trust 2007-6ALT (includes $27.7 million repurchased) ³			67	CCC	0.0%	82.2%
	Deutsche ALT-B 2006-AB4			66	CCC	0.0%	37.0%
	ACE 2006-GP1			64	CCC	0.0%	10.0%
	ACE 2007-SL1			64	CCC	0.0%	11.6%
	CSAB Mortgage-Backed Trust 2007-1 (includes $12.2 million repurchased) ³			62	CCC	0.4%	34.4%
	GSAA 2005-12			58	B	10.8%	22.4%
	Terwin Mortgage Trust 2005-14HE			57	B	11.1%	26.1%
	CWALT 2005-62			56	CCC	10.5%	58.0%
	DSLA 2005-AR5			54	CCC	0.0%	26.5%
	CSAB 2006-4 (includes $17.6 million repurchased) ³			52	CCC	0.0%	40.6%
	Luminent 2006-2			51	CCC	5.3%	58.1%
	ACE Home Equity Loan Trust 2007-SL2			50	CCC	0.0%	9.4%

		Total U.S. RMBS	$	14,998

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.

3. Represents amounts of gross par which were purchased or obtained as part of loss mitigation strategies and recorded as part of the investment portfolio.

Page 32

Assured Guaranty Ltd.
Below Investment Grade Exposures (5 of 5)
As of September 30, 2010
(dollars in millions)

Structured Finance BIG Exposures Greater Than $50 Million

Name or Description				Net Par Outstanding

U.S. Structured Finance:
	Other:
	Taberna Preferred Funding IV, Ltd.			$	292	CCC	33.4%
	Taberna Preferred Funding III, Ltd.				287	CCC	28.4%
	Alesco Preferred Funding XVI, Ltd.				258	B-	6.4%
	Taberna Preferred Funding II, Ltd.				236	CCC	33.8%
	Trapeza CDO XI				232	BB	28.5%
	Attentus CDO I Limited				231	BB	33.8%
	Weinstein Film Securitization				225	BB	N/A
	Alesco Preferred Funding XVII, Ltd.				204	B-	10.6%
	Attentus CDO II Limited				189	BB	31.2%
	Trapeza CDO X, Ltd.				177	BB	32.1%
	NRG Peaker ²				155	B	N/A
	Private Student Loan Transaction				155	CCC	N/A
	Taberna Preferred Funding VI, Ltd.				152	CCC	35.1%
	US Capital Funding IV, Ltd.				150	B-	14.7%
	Private Student Loan Transaction				125	CCC	N/A
	Preferred Term Securities XVI, Ltd.				122	BB+	19.8%
	Synthetic High Yield Pooled Corporate CDO				114	CCC	7.7%
	Conseco Finance Manufactured Housing Series 2001-2				99	BB	17.0%
	Greenpoint 2000-4				73	BB	13.8%
	Private Student Loan Transaction				65	B-	N/A
	America West Airlines EETC				63	BB	N/A
	CAPCO - Excess SIPC Excess of Loss Reinsurance				63	BB	N/A
	Rental Car Finance Corp 2006-1				60	BB	N/A
	Preferred Term Securities XX, Ltd.				54	BB+	30.4%
	Rental Car Finance Corp 2007-1				50	BB	N/A

		Total Other		$	3,831

			Total	$	18,829
Non-U.S. Structured Finance:
	Ballantyne Re PLC Class A-2 Floating Rate Notes (includes $106.4 million repurchased) ³			$	500	CC	N/A
	Orkney Re II, PLC Series A-1 Floating Rate Notes				423	CCC	N/A
	Augusta Funding Limited 05 Perpetual Note Issue				82	BB	N/A
	Augusta Funding Limited 07 Perpetual Note Issue				77	BB	N/A
	Synthetic High Yield Pooled Corporate CDO				76	CCC	7.7%

		Total		$	1,158

	Total			$	19,987

2. Net par shown is net of $96 million of ceded par. The Company owns 100% of the collateral in the insured transaction.

3. Represents amounts of gross par which were purchased or obtained as part of loss mitigation strategies and recorded as part of the investment portfolio.

Page 33

Assured Guaranty Ltd.
Largest Exposures by Sector (1 of 4)
As of September 30, 2010
(in millions)

50 Largest U.S. Public Finance Exposures

Credit Name:		Net Par Outstanding

New Jersey (State of)		$	4,758	AA-
California (State of)			3,794	A-
Massachusetts (Commonwealth of)			3,317	AA
New York (State of)			3,300	AA
New York (City of) New York			3,140	AA-
Chicago (City of) Illinois			2,559	AA-
Puerto Rico (Commonwealth of)			2,376	BBB-
Houston Texas Water and Sewer Authority			2,324	A+
Washington (State of)			2,317	AA-
Illinois (State of)			2,296	BBB+
Miami-Dade County Florida Aviation Authority - Miami International Airport			2,248	A+
Wisconsin (State of)			2,209	AA-
Port Authority of New York and New Jersey			2,202	AA-
Los Angeles California Unified School District			2,151	AA-
Philadelphia (City of) Pennsylvania			1,943	BBB-
Massachusetts (Commonwealth of) State Sales Tax			1,927	AA
New York MTA Transportation Authority			1,918	A
Pennsylvania (Commonwealth of)			1,872	AA-
University of California Board of Regents			1,850	AA-
Long Island Power Authority			1,835	A-
Michigan (State of)			1,786	A+
New York City Municipal Water Finance Authority			1,779	AA+
Chicago-O'Hare International Airport			1,644	A
Arizona (State of)			1,553	AA-
Miami-Dade County Florida School District			1,537	A-
Chicago Illinois Public Schools			1,500	A+
Florida (State of)			1,489	AA+
Kentucky (Commonwealth of)			1,474	AA-
Los Angeles California Department of Water and Power - Electric Revenue Bonds			1,462	AA-
New York MTA Dedicated Tax			1,419	AA-
Puerto Rico Highway and Transportation Authority			1,397	BBB
New Jersey Turnpike Authority			1,377	A-
Hawaii (State of) Department of Hawaiian Home Lands			1,372	AA
Atlanta Georgia Water & Sewer System			1,367	BBB+
Massachusetts (Commonwealth of) Water Resources			1,358	AA
San Francisco Airports Commission			1,325	A
Metro Washington Airport Authority			1,279	AA-
Broward County Florida School Board			1,269	AA-
Illinois Toll Highway Authority			1,236	AA
Philadelphia Pennsylvania School District			1,201	A
Connecticut (State of)			1,194	AA+
District of Columbia			1,182	A+
New York State Thruway - Highway Trust Fund			1,165	AA-
Austin Texas Combined Utility System Revenue Bonds			1,152	AA-
Detroit Michigan Sewer			1,147	A+
California (State of) Department of Water Resources - Electric Power Revenue			1,146	A-
Puerto Rico Electric Power Authority			1,139	A-
California State University System Trustee			1,130	AA-
Clark County Nevada School District			1,083	AA-
Houston (City of) Texas Airport System			1,069	A

	Total top 50 U.S. public finance exposures	$	90,567

Page 34

Assured Guaranty Ltd.
Largest Exposures by Sector (2 of 4)
As of September 30, 2010
(dollars in millions)

50 Largest U.S. Structured Finance Exposures

Credit Name:		Net Par Outstanding

Fortress Credit Opportunities I, LP.		$	1,302	AA	29.6%
Stone Tower Credit Funding			1,254	AAA	32.9%
Synthetic Investment Grade Pooled Corporate CDO			1,157	AAA	13.3%
Synthetic High Yield Pooled Corporate CDO			975	AA-	42.2%
Synthetic High Yield Pooled Corporate CDO			855	AAA	25.0%
Synthetic High Yield Pooled Corporate CDO			851	Super Senior	31.4%
Synthetic High Yield Pooled Corporate CDO			840	Super Senior	30.3%
Deutsche ALT-A Securities Mortgage Loan 2007-2			830	CCC	2.7%
Synthetic Investment Grade Pooled Corporate CDO			765	Super Senior	14.8%
Synthetic Investment Grade Pooled Corporate CDO			754	Super Senior	29.4%
Synthetic Investment Grade Pooled Corporate CDO			752	Super Senior	23.4%
Synthetic Investment Grade Pooled Corporate CDO			740	Super Senior	29.2%
Mizuho II Synthetic CDO			738	A	30.7%
Synthetic High Yield Pooled Corporate CDO			732	AA-	40.0%
Private Structured Credit Transaction			666	BBB+	N/A
280 Funding I			660	AAA	39.5%
Synthetic Investment Grade Pooled Corporate CDO			653	AAA	17.2%
Citibank OMNI Trust 2007-A7			650	Super Senior	49.4%
ARES Enhanced Credit Opportunities Fund			608	AAA	45.0%
MABS 2007-NCW			603	B	33.5%
Applebees Enterprises LLC			584	BBB-	N/A
Countrywide HELOC 2006-I			565	CCC	0.0%
Sandelman Finance 2006-1 Limited			563	AAA	40.7%
MASTR 2007-3			532	CCC	2.9%
Synthetic High Yield Pooled Corporate CDO			523	Super Senior	29.7%
Synthetic High Yield Pooled Corporate CDO			523	Super Senior	24.5%
Synthetic Investment Grade Pooled Corporate CDO			514	Super Senior	14.3%
Jupiter Securitization Company			505	AAA	N/A
Mortgage IT Securities Corp. Mortgage Loan 2007-2			498	B	10.4%
LIICA Holdings, LLC			495	AA	N/A
Synthetic High Yield Pooled Corporate CDO			494	AAA	46.7%
Eastland CLO, Ltd.			490	Super Senior	33.9%
Denali CLO VII, Ltd.			490	AAA	20.0%
Shenandoah Trust Capital I Term Securities			484	A+	N/A
Private Residential Mortgage Transaction			479	B	22.7%
Private Residential Mortgage Transaction			466	BBB-	22.6%
Countrywide HELOC 2006-F (includes $39.6 million repurchased)²			461	CCC	0.0%
SLM Private Credit Student Loan Trust 2007-A			450	AAA	11.2%
Avenue CLO V			449	AAA	20.4%
Private Residential Mortgage Transaction			441	BB	22.5%
Synthetic High Yield Pooled Corporate CDO			437	AAA	29.5%
Synthetic Investment Grade Pooled Corporate CDO			433	AAA	10.7%
Synthetic Investment Grade Pooled Corporate CDO			431	Super Senior	12.0%
Liberty CLO Ltd. Series			428	Super Senior	35.1%
Deutsche ALT-A Securities Mortgage Loan 2007-3			426	B	7.1%
Private Residential Mortgage Transaction			421	CCC	25.8%
Synthetic High Yield Pooled Corporate CDO			419	AAA	34.2%
Grayson CLO			418	Super Senior	24.0%
Churchill Financial Cayman			413	AAA	N/A
KKR Financial CLO 2007-1			409	AAA	50.8%

	Total top 50 U.S. structured finance exposures	$	30,626

2. Represents amounts of gross par which were purchased or obtained as part of loss mitigation strategies and recorded as part of the investment portfolio.

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Assured Guaranty Ltd.
Largest Exposures by Sector (3 of 4)
As of September 30, 2010
(in millions)

25 Largest Non-U.S. Exposures

Credit Name:		Net Par Outstanding

Quebec Province		$	2,263	A+
Sydney Airport Finance Company			1,654	BBB
Thames Water Utility Finance PLC			1,515	BBB+
PB Domicile 2006-1			1,129	AAA
Essential Public Infrastructure Capital II			998	Super Senior
Fortress Credit Investments I			976	AAA
Essential Public Infrastructure Capital III			894	Super Senior
Channel Link Enterprises Finance PLC			892	BBB
Southern Gas Networks PLC			831	BBB
International AAA Sovereign Debt Synthetic CDO			821	AAA
Reliance Rail Finance Pty. Limited			776	BB
Paragon Mortgages (No.13) PLC			738	AAA
United Utilities Water PLC			709	A
Synthetic Investment Grade Pooled Corporate CDO			704	Super Senior
Capital Hospitals (Issuer) PLC			702	BBB-
Powercor Australia LLC			681	A-
International Infrastructure Pool			676	A-
International Infrastructure Pool			676	A-
International Infrastructure Pool			676	A-
Japan Expressway Holding and Debt Repayment Agency			655	AA
Artesian Finance II PLC (Southern)			609	A-
Synthetic Investment Grade Pooled Corporate CDO			561	Super Senior
Taberna Europe CDO II PLC			553	BBB-
Campania Region—Healthcare receivable			551	A-
DBNGP Finance Co Pty Ltd Note Issue 1 & 2			534	BBB

	Total top 25 non-U.S. exposures	$	21,774

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Assured Guaranty Ltd.
Largest Exposures by Sector (4 of 4)
As of September 30, 2010
(in millions)

10 Largest U.S. Residential Mortgage Servicers Exposures

Servicer:		Net Par Outstanding

Bank of america, N.A.¹		$	8,186
American Home Mortgage Acceptance, Inc			2,803
GMAC Mortgage Corporation			2,423
Wells Fargo Bank, N.A.			2,209
Ocwen Loan Servicing, LLC.			1,152
JPMorgan Chase Bank			943
Specialized Loan Servicing, LLC.			915
OneWest Bank Group, LLC.			870
Select Portfolio Servicing, Inc.			494
First Tennessee Bank, N.A.			426

	Total top 10 residential mortgage servicers exposures	$	20,421

10 Largest U.S. Healthcare Exposures

Credit Name:		Net Par Outstanding

CHRISTUS Health		$	485	A+	TX
MultiCare Health System			417	A+	WA
Methodist Healthcare			369	A	TN
Virtua Health			363	A	NJ
Meridian Health System			352	A-	NJ
Covenant Health			346	A-	TN
Iowa Health System			332	A+	IA
Bon Secours Health System Obligated Group			313	A-	MD
Asante Health System			297	A	OR
Lehigh Valley Health Network			293	A+	PA

	Total top 10 U.S. healthcare exposures	$	3,567

1. Includes Countrywide Home Loans Servicing LP.

2. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the nationally recognized rating agencies; however, the ratings in the above table may not be the same as ratings assigned by any nationally recognized rating agency.

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Assured Guaranty Ltd.
Loss and Loss Adjustment Expense ("LAE") Reserves by Segment/Type
(in millions)

		As of September 30, 2010

		Financial Guaranty Direct		Financial Guaranty Reinsurance		Total Financial Guaranty		Other		Total
Financial Guaranty segments insurance reserves by segment and type:
Gross loss and LAE reserves on financial guaranty contracts:
Case		$	344.0	$	119.4	$	463.4	$	1.0	$	464.4
Incurred but not reported ("IBNR") and portfolio			-		-		-		2.6		2.6

	Total gross loss and LAE reserves	$	344.0	$	119.4	$	463.4	$	3.6	$	467.0
Ceded loss and LAE reserves on financial guaranty contracts:
Case		$	16.6	$	-	$	16.6	$	0.9	$	17.5
IBNR and portfolio			-		-		-		0.6		0.6

	Total ceded loss and LAE reserves	$	16.6	$	-	$	16.6	$	1.5	$	18.1
Loss and LAE reserves on financial guaranty contracts net of ceded reinsurance:
Case		$	327.4	$	119.4	$	446.8	$	0.1	$	446.9
IBNR and portfolio			-		-		-		2.0		2.0

	Total net loss and LAE reserves	$	327.4	$	119.4	$	446.8	$	2.1	$	448.9

Salvage and subrogation recoverable on financial guaranty contracts:
Gross		$	808.3	$	16.5	$	824.8	$	-	$	824.8
Ceded¹			97.2		-		97.2		-		97.2

	Net salvage and subrogation recoverable	$	711.1	$	16.5	$	727.6	$	-	$	727.6

Credit impairment on credit derivative contracts²:
Case gross		$	548.0	$	-	$	548.0	$	-	$	548.0
Case ceded			41.7		-		41.7		-		41.7

	Case net credit derivative reserves	$	506.3	$	-	$	506.3	$	-	$	506.3

Net loss and LAE reserves on financial guaranty insurance and credit derivative contracts, net of reinsurance³
Net loss and LAE reserves on financial guaranty contracts net of ceded reinsurance		$	327.4	$	119.4	$	446.8
Credit impairment on credit derivative contracts			506.3		-		506.3

Net loss and LAE reserves		$	833.7	$	119.4	$	953.1

1. Recorded in "reinsurance balances payable, net" on the consolidated balance sheets.

2. Credit derivative assets and liabilities recorded on the balance sheet incorporate credit impairment on credit derivatives.

3. Gross of salvage and subrogation assets.

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Assured Guaranty Ltd.
Financial Guaranty Insurance and Credit Derivatives U.S. RMBS Representations and Warranties ("R&W") Benefit Development
(dollars in millions)

Financial Guaranty Insurance			Outstanding Principal and Interest Policies with R&W Benefit Recorded as of September 30, 2010		Future Net R&W Benefit at December 31, 2009		R&W Development and Accretion of Discount during Year		R&W Recovered During 2010		Future Net R&W Benefit at September 30, 2010

Prime First Lien		1	$	58.5	$	-	$	1.0	$	-	$	1.0
Alt-A First Lien		17		1,964.2		64.2		19.8		-		84.0
Alt-A Option ARMs		10		2,083.3		203.7		86.8		42.5		248.0
Subprime First Lien (including NIMs)		-		-		-		-		-		-
CES		3		312.9		76.5		59.5		-		136.0
HELOC		11		3,618.9		828.7		98.1		88.9		837.9

	Total	42	$	8,037.8	$	1,173.1	$	265.2	$	131.4	$	1,306.9

Credit Derivatives		5	$	3,938.4	$	37.6	$	46.8	$	-	$	84.4

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Assured Guaranty Ltd.
Financial Guaranty Direct and Reinsurance Segment Losses Incurred and Paid
As of September 30, 2010
(in millions)

Financial Guaranty Insurance Contracts and Credit Derivatives					Total Net Par Outstanding for BIG Transactions ¹		3Q-10 Losses Incurred			3Q-10 Paid Losses			Net Loss and LAE Reserves ²			Net Salvage and Subrogation Assets			Net Expected Loss to be Expensed

Total Financial Guaranty Direct and
Reinsurance:
	First Lien:
		Prime First Lien			$	655.9	$	0.5		$	-		$	0.8		$	-		$	-
		Alt-A First Lien				4,736.8		16.8			14.1			164.7			2.3			184.3
		Alt-A option ARMs				3,024.6		65.9			54.6			268.5			34.9			440.7
		Subprime First Lien (including NIMs)				3,040.1		5.2			2.7			163.3			-			83.0

				Total First Lien		11,457.4		88.4			71.4			597.3			37.2			708.0
	Second Lien:
		CES				1,143.3		9.9			23.8			35.6			56.8			188.2
		HELOC				4,232.0		17.2			129.5			5.8			664.5			210.8

			Total Second Lien			5,375.3		27.1			153.3			41.4			721.3			399.0

			Total U.S. RMBS			16,832.7		115.5			224.7			638.7			758.5			1,107.0
	Other structured finance					5,415.5		20.2			(9.2	)		277.0			0.8			35.2
	Public finance					4,737.2		0.2			23.7			58.0			43.2			38.1

Total Financial Guaranty Direct and
Reinsurance					$	26,985.4	$	135.9		$	239.2		$	973.7		$	802.5		$	1,180.3

Effect of consolidating of VIEs						- -		(11.5	)		(37.0	)		(20.6	)		(74.9	)		(110.0	)

Total excluding consolidated VIE amounts					$	26,985.4	$	124.4		$	202.2		$	953.1		$	727.6		$	1,070.3

2. Includes credit impairment on credit derivative transactions.

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Assured Guaranty Ltd.
Summary Financial and Statistical Data
(dollars in millions, except per share amounts)

					Year Ended December 31,

			YTD 2010		2009		2008		2007			2006
GAAP Summary Income Statement Data
	Net earned premiums		$	900.4	$	930.4	$	261.4	$	159.3		$	144.8
	Realized gains and other settlements on credit derivatives			117.5		163.6		117.6		74.0			73.9
	Net investment income			260.8		2,529.2		162.6		128.1			111.5
	Total expenses			446.3		796.7		440.9		161.5			150.4
	Income (loss) before income taxes			908.1		132.9		112.3		(463.0	)		190.0
	Net income (loss) attributable to Assured Guaranty Ltd.			706.4		97.2		68.9		(303.3	)		159.7
	Operating income			507.4		293.3		74.5		178.0			157.2
	Net income (loss) attributable to Assured Guaranty Ltd. per diluted share		$	3.73	$	0.75	$	0.77	$	(4.38	)	$	2.13
	Operating income per diluted share		$	2.68	$	2.27	$	0.84	$	2.57		$	2.12

GAAP Summary Balance Sheet Data (End of Period)
	Total investments and cash		$	10,770.9	$	10,852.3	$	3,643.6	$	3,147.9		$	2,469.9
	Total assets			18,371.1		16,802.7		4,555.7		3,762.9			2,931.6
	Unearned premium reserve			7,374.8		8,400.2		1,233.7		887.2			631.0
	Loss and LAE reserves			467.0		289.5		196.8		125.6			115.9
	Long-term debt			923.8		917.4		347.2		347.1			347.1
	Shareholders' equity attributable to Assured Guaranty Ltd.			4,189.2		3,520.5		1,926.2		1,666.6			1,650.8
	Book value attributable to Assured per share		$	22.80	$	19.12	$	21.18	$	20.85		$	24.44

Other Financial Information (GAAP Basis):
	Net debt service outstanding (end of period)		$	941,509	$	958,265	$	348,816	$	302,413		$	180,174
	Gross debt service outstanding (end of period)			1,051,334		1,095,037		354,858		307,657			181,503
	Net par outstanding (end of period)			628,072		640,422		222,722		200,279			132,296
	Gross par outstanding (end of period)			696,155		726,929		227,164		204,809			133,303

Other Financial Information (Statutory Basis):
	Net debt service outstanding (end of period)		$	927,232	$	942,193	$	348,816	$	302,413		$	180,174
	Gross debt service outstanding (end of period)			1,034,301		1,076,039		354,858		307,657			181,503
	Net par outstanding (end of period)			615,289		626,274		222,722		200,279			132,296
	Gross par outstanding (end of period)			680,901		709,786		227,164		204,809			133,303
	Consolidated qualified statutory capital			4,943		4,841		2,310		2,079			1,658
	Consolidated policyholders' surplus and reserves			10,313		10,409		3,652		3,040			2,374
	Ratios:
		Par insured to statutory capital		124:1		129:1		96:1		96:1			80:1
		Capital ratio ¹		188:1		195:1		151:1		145:1			109:1
		Financial resources ratio ²		72:1		72:1		70:1		68:1			53:1
	Gross debt service written:
		Public finance - U.S.	$	34,795	$	87,940	$	68,265	$	66,190		$	13,260
		Public finance - non-U.S.		49		894		3,350		11,849			10,531
		Structured finance - U.S.		1,890		2,501		13,972		42,414			28,902
		Structured finance - non-U.S.		-		-		5,490		13,122			7,448

	Total gross debt service written		$	36,734	$	91,335	$	91,077	$	133,575		$	60,141

	Net debt service written		$	36,734	$	91,335	$	89,871	$	129,872		$	59,775
	Net par written			22,875		49,759		55,418		84,686			50,541
	Gross par written			22,875		49,921		56,140		88,117			50,892

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

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

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

Page 41

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 10-K report for December 31, 2009.

General Obligation Bonds are full faith and credit bonds that are issued by states, their political subdivisions and other municipal issuers, and are supported by the general obligation of the issuer to pay from available funds and by a pledge of the issuer to levy ad valorem taxes in an amount sufficient to provide for the full payment of the bonds.

Tax-Backed Bonds are obligations that are supported by the issuer from specific and discrete sources of taxation. They include tax-backed revenue bonds, general fund obligations and lease revenue bonds. Tax-backed obligations may be secured by a lien on specific pledged tax revenues, such as a gasoline or excise tax, or incrementally from growth in property tax revenue associated with growth in property values. These obligations also include obligations secured by special assessments levied against property owners and often benefit from issuer covenants to enforce collections of such assessments and to foreclose on delinquent properties. Lease revenue bonds typically are general fund obligations of a municipality or other governmental authority that are subject to annual appropriation or abatement; projects financed and subject to such lease payments ordinarily include real estate or equipment serving an essential public purpose. Bonds in this category also include moral obligations of municipalities or governmental authorities.

Municipal Utility Bonds are obligations of all forms of municipal utilities, including electric, water and sewer utilities and resource recovery revenue bonds. These utilities may be organized in various forms, including municipal enterprise systems, authorities or joint action agencies.

Transportation Bonds include a wide variety of revenue-supported bonds, such as bonds for airports, ports, tunnels, municipal parking facilities, toll roads and toll bridges.

Healthcare Bonds are obligations of healthcare facilities, including community based hospitals and systems, as well as of health maintenance organizations and long-term care facilities.

Higher Education Bonds are obligations secured by revenue collected by either public or private secondary schools, colleges and universities. Such revenue can encompass all of an institution's revenue, including tuition and fees, or in other cases, can be specifically restricted to certain auxiliary sources of revenue.

Housing Revenue Bonds are obligations relating to both single and multi-family housing, issued by states and localities, supported by cash flow and, in some cases, insurance from entities such as the Federal Housing Administration.

Infrastructure Bonds include obligations issued by a variety of entities engaged in the financing of infrastructure projects, such as roads, airports, ports, social infrastructure and other physical assets delivering essential services supported by long-term concession arrangements with a public sector entity.

Investor-Owned Utility Bonds are obligations primarily backed by investor-owned utilities, first mortgage bond obligations of for-profit electric or water utilities providing retail, industrial and commercial service, and also include sale-leaseback obligation bonds supported by such entities.

Regulated Utilities Obligations are issued by government-regulated providers of essential services and commodities, including electric, water and gas utilities. The majority of the Company's international regulated utility business is conducted in the UK.

Pooled Infrastructure Obligations are synthetic asset-backed obligations that take the form of CDS obligations or credit-linked notes that reference either infrastructure finance obligations or a pool of such obligations, with a defined deductible to cover credit risks associated with the referenced obligations.

Other public finance: primarily includes government insured student loans, government-sponsored project finance and structured municipal which includes excess of loss reinsurance on portfolios of municipal credits.

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

Page 42

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 guaranteed investment contracts ("GICs") portion of the former Financial Products Business of AGMH. 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 SA and certain of its affiliates. 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 in 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") and other commercial real estate relates exposures 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.

Page 43

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

The Company references financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP").

Assured Guaranty's management and board of directors utilize non-GAAP measures in evaluating the Company's financial performance and as a basis for determining senior management incentive compensation. By providing these non-GAAP financial measures, investors, analysts and financial news reporters have access to the same information that management reviews internally. In addition, Assured Guaranty's presentation of non-GAAP financial measures is consistent with how analysts calculate their estimates of Assured Guaranty's financial results in their research reports on Assured Guaranty and with how investors, analysts and the financial news media evaluate Assured Guaranty's financial results.

The following paragraphs define each non-GAAP financial measure and describe why they are useful. A reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure, if available, is presented above. Non-GAAP financial measures should not be viewed as substitutes for their most directly comparable GAAP measures.

Operating Income: Management believes that operating income is a useful measure because it clarifies the understanding of the underwriting results of the Company's financial guaranty insurance business, and also includes financing costs and net investment income, and enables investors and analysts to evaluate the Company's financial results as compared to the consensus analyst estimates distributed publicly by financial databases. Operating income is defined as net income (loss) attributable to Assured Guaranty Ltd., as reported under GAAP, adjusted for the following:

1): Elimination of the after-tax realized gains (losses) on the Company's investments, including other than temporary impairments, and credit and interest rate related gains and losses from sales of securities. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate related gains or losses, is largely subject to the Company's discretion and influenced by market opportunities, as well as the Company's tax and capital profile. Trends in the underlying profitability of the Company's business can be more clearly identified without the fluctuating effects of these transactions.
2): Elimination of the after-tax non-credit impairment unrealized fair value gains (losses) on credit derivatives, which is the amount in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss. Additionally, such adjustments present all financial guaranty contracts on a more consistent basis of accounting, whether or not they are subject to derivative accounting rules.
3): Elimination of the after-tax fair value gains (losses) on the Company's committed capital securities. Such amounts are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
4): Elimination of the after-tax foreign exchange gains (losses) on revaluation of net premium receivables. Long-dated receivables constitute a significant portion of the net premium receivable balance and represent the present value of future contractual or expected collections. Therefore, the current period's foreign exchange revaluation gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.
5): Elimination of the effects of consolidating certain financial guaranty VIEs in order to present all financial guaranty contracts on a more consistent basis of accounting, whether or not GAAP requires consolidation. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company even though the Company does not own such VIEs and is not liable for such debt obligations.
6): Elimination of goodwill and settlement of pre-existing relationship in order to show the 2009 contribution to operating income of AGMH without the distorting effects of acquisition accounting adjustments recorded on date of closing of the acquisition of AGMH by the Company.

Operating Shareholders' Equity: Management believes that operating shareholders' equity is a useful measure because it presents the equity of Assured Guaranty Ltd. with all financial guaranty contracts accounted for on a more consistent basis and excluding fair value adjustments that are not expected to result in economic loss. Many investors, analysts and financial news reporters use operating shareholders' equity as the principal financial measure for valuing Assured Guaranty Ltd.'s current share price or projected share price and also as the basis of their decision to recommend, buy or sell the Assured Guaranty Ltd.'s common shares. Many of the Company's fixed income investors also use operating shareholders' equity to evaluate the Company's capital adequacy. Operating shareholders' equity is the basis of the calculation of adjusted book value (see below). Operating shareholders' equity is defined as shareholders' equity attributable to Assured Guaranty Ltd., as reported under GAAP, adjusted for the following:

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

Page 44

2): Elimination of the after-tax non-credit impairment unrealized fair value gains (losses) on credit derivatives, which is the amount in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
3): Elimination of the after-tax fair value gains (losses) on the Company's committed capital securities. Such amounts are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
4): Elimination of the after-tax unrealized gains (losses) on the Company's investments, that are recorded as a component of accumulated other comprehensive income (AOCI) (excluding foreign exchange revaluation). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore will not recognize an economic loss.

Operating return on equity ("Operating ROE"): Operating ROE represents operating income for a specified period divided by the average of operating shareholders' equity at the beginning and the end of that period. Management believes that operating ROE is a useful measure to evaluate the Company's return on invested capital. Many investors, analysts and members of the financial news media use operating ROE to evaluate Assured Guaranty Ltd.'s share price and as the basis of their decision to recommend, buy or sell the Assured Guaranty Ltd. common shares. Quarterly and year-to-date operating ROE are calculated on an annualized basis.

Adjusted Book Value: Management believes that adjusted book value is a useful measure because it enables an evaluation of the net present value of the Company's in force premiums and revenues in addition to operating shareholders' equity. The premiums and revenues included in adjusted book value will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current adjusted book value due to changes in, foreign exchange rates, refinancing or refunding activity, prepayment speeds, terminations, credit defaults and other factors. Many investors, analysts and financial news reporters use adjusted book value to evaluate Assured Guaranty Ltd.'s share price and as the basis of their decision to recommend, buy or sell the Assured Guaranty Ltd. common shares. Adjusted book value is operating shareholders' equity, as defined above, further adjusted for the following:

1): Elimination of after-tax deferred acquisition costs. These amounts represent net deferred expenses that have already been paid or accrued that will be expensed in future accounting periods.
2): Addition of the after-tax net present value of estimated net future credit derivative revenue. See below.
3): Addition of the after-tax value of the unearned premium reserve on financial guaranty contracts in excess of net expected loss to be expensed, net of reinsurance. This amount represents the expected future net earned premiums, net of expected losses to be expensed, which are not reflected in GAAP equity.

Net present value of estimated net future credit derivative revenue: Management believes that this amount is a useful measure because it enables an evaluation of the value of future estimated credit derivative revenue. There is no corresponding GAAP financial measure. This amount represents the present value of estimated future revenue from the Company's credit derivative in-force book of business, net of reinsurance, ceding commissions and premium taxes in excess of expected losses, and is discounted at 6% (which represents the Company's tax-equivalent pre-tax investment yield on its investment portfolio). Estimated net future credit derivative revenue may change from period to period due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

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

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		Contacts: Equity Investors: Sabra Purtill Managing Director, Investor Relations (212) 408-6044 spurtill@assuredguaranty.com Ross Aron Assistant Vice President, Investor Relations (212) 261-5509 raron@assuredguaranty.com

Assured Guaranty Ltd. 30 Woodbourne Avenue Hamilton HM 08 Bermuda (441) 279-5705 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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Exhibit 99.2

Assured Guaranty Ltd. September 30, 2010 Financial Supplement

Assured Guaranty (AGO) 8-KResults of Operations and Financial Condition