Assured Guaranty Ltd.

"Dominic Frederico is President and Chief Executive Officer of Assured Guaranty Ltd., a position he has held since December 2003. Before taking up his current appointment, Mr. Frederico was the Chairman of ACE Financial Services, and has supervised the operations of Assured Guaranty since its acquisition by ACE Limited in 1999. Mr. Frederico worked at ACE for nine years prior to his post at Assured Guaranty progressing to increasingly senior positions, including: President & CEO, ACE Bermuda; Chairman, President & CEO, ACE INA Holdings and President & Chief Operating Officer, ACE Limited. In addition, Mr. Frederico was Vice Chairman of ACE Limited, and Chairman of ACE INA, ACE USA and ACE Financial Services. He oversaw the successful acquisition and integration of the domestic and international property casualty operations acquired by ACE from CIGNA Corporation in July 1999 and the acquisition of Capital Re Corp., the predecessor company to Assured Guaranty, in December 1999. Prior to joining ACE, Mr. Frederico spent 13 years working for various subsidiaries of the American International Group. Mr. Frederico holds an M.B.A. in Finance and a B.S. from Drexel University and a Certified Public Accountant’s designation in the State of Pennsylvania. In addition to his professional responsibilities, he is a Member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants. He is also a member of the Board of Trustees of Drexel University."

David Penchoff is the President and Chief Operating Officer of Assured Guaranty Re Ltd. (AG Re). Prior to being appointed to his current role in December 2005, he served as the Chief Underwriting Officer for AG Re, a position he had held since 2004. Mr. Penchoff's previous experience included 10 years at MBIA Insurance Corp. (MBIA), where he was a managing director for public finance with responsibility for business development and underwriting at the largest public finance group in the financial guaranty industry. Prior to MBIA, he was a vice president in the Bond Insurance Ratings Group at Standard & Poor's and was an investment officer at Aetna Life and Casualty. David Penchoff received his graduate degree in public administration from the University of Southern California and his undergraduate degree from the University of Connecticut. Mr. Penchoff is a member of the National Federation of Municipal Analysts (NMFA).

"Michael Schozer has been President of Assured Guaranty Corp. since December 2003. Prior to joining Assured Guaranty, Mr. Schozer was Managing Director, Structured Finance and Credit Derivatives at Ambac Assurance Corporation (Ambac). He joined Ambac in 1996 and was responsible for the CDO, credit derivatives, large equipment leasing securitization and structured insurance businesses. Mr. Schozer was also a member of Ambac's senior credit committee. Prior to joining Ambac, he was a director in the debt capital markets business of Barclays Bank, where he ran the North American Structured Products Group. Previously, he had worked on the interest rate and currency swaps desk. Mr. Schozer began his career in public accounting and worked at both KPMG and Ernst & Young. Michael Schozer holds a B.S. from the University of Pennsylvania and an M.B.A. from the University of Virginia."

"Howard Albert is Managing Director and Chief Credit Officer for Assured Guaranty Ltd. with responsibility for overseeing the Company’s underwriting process. Mr. Albert is also Deputy Chief Credit Officer for Assured Guaranty Corp. (“Assured”), the Company’s principal direct guaranty direct subsidiary. He has over 20 years of experience in credit risk and structured finance. He joined the company in September 1999 as Chief Underwriting Officer of Capital Re Corp., the predecessor to Assured. Prior to joining Assured, Mr. Albert spent two years with Rothschild Inc. where he structured privately placed asset-backed securities and CDOs. He joined Rothschild from Financial Guaranty Insurance Company (FGIC), where he started and managed its Asset-Backed Securities Group and ultimately became responsible for both its asset-backed securities and international businesses during his eight-year tenure. Mr. Albert began his career at The Prudential Insurance Company of America. Mr. Albert has an MBA from the University of Chicago, a BA in English from the University of Pennsylvania and a BS in Economics from the Wharton School of the University of Pennsylvania."

"Robert Bailenson has been Managing Director and Chief Accounting Officer of Assured Guaranty Ltd. since May 2005 and has been with Assured Guaranty and its predecessor companies since 1990. In addition to this position, Mr. Bailenson serves as the Chief Accounting Officer of the Company’s subsidiary, Assured Guaranty Corp; a position he has held since 2003. He was Chief Financial Officer and Treasurer of Assured Guaranty Re Ltd. from 1999 until 2003 and was previously the Assistant Controller of Capital Re Corp., which was acquired by ACE Limited in 1999. Mr. Bailenson was with Ernst & Young LLP prior to joining Assured Guaranty in 1990. Mr. Bailenson holds a Bachelor of Science from Lehigh University. He is a Certified Public Accountant in the State of New York, and is a member of the American Institute of Certified Public Accountants. "

"Robert Mills is Chief Financial Officer of Assured Guaranty Ltd. and of its principal U.S. operating subsidiary, Assured Guaranty Corp. Prior to joining Assured Guaranty in January 2004, Mr. Mills was Managing Director, Chief Financial Officer and Operating Officer of UBS for the Americas Region and a member of the Board of Directors of the UBS Investment Bank. He joined UBS in 1994 as Chief Financial Officer of the Union Bank of Switzerland prior to its merger with Swiss Bank Corp. in 1998. Mr. Mills was previously with KPMG Peat Marwick for 23 years as a partner and the National Practice Director for Investment Banking and Capital Markets. Mr. Mills is a graduate of Niagara University. He is a member of the American Institute of Certified Public Accountants and a member of the Advisory Board of the University of Pennsylvania’s Wharton School, Financial Institutions Center. He also serves as a member of the Board of Trustees and Chairman of the Finance Committee of the LaSalle College High School."

"Stephen Donnarumma is Managing Director and Chief Credit Officer for Assured Guaranty Corp. with responsibility for chairing its Credit Committee and overseeing the underwriting process. Mr. Donnarumma joined Assured in 1993 and was most recently the Managing Director of the Mortgage and Asset Backed Securities Group. He has also served as the Chief Underwriting Officer and Chief Operating Officer of Assured Guaranty Mortgage Insurance Company, Chief Operating Officer of Assured Guaranty Re Ltd., and Chief Risk Officer of Assured Guaranty Corp. Previously, Mr. Donnarumma served as Vice President, Structured Finance at Financial Guaranty Insurance Company and as Director of Credit Risk Analysis in the Credit Policy Division at Fannie Mae. He began his career as an analyst for Moody's Investors Service. Stephen Donnarumma received a M.B.A. from The Stern School of Business at New York University. He has a B.S. from the Wharton School of the University of Pennsylvania."

"Sabra Purtill is Managing Director of Investor Relations and Strategic Planning at Assured Guaranty Ltd. and Assured Guaranty Corp. Ms. Purtill joined Assured Guaranty in 2004 from ACE Limited, the former parent company of Assured Guaranty, where she was Senior Vice President of Corporate Finance. Ms. Purtill has been involved with insurance and financial services capital markets for more than 18 years, initially as an investment banker covering the insurance and non-bank financial services industry at Chase Manhattan Bank, N.A. and later Merrill Lynch & Co. She was a sell-side equity analyst following the financial guaranty, mortgage guaranty and life insurance industry for six years, initially at Conning & Co., an insurance boutique and later at ABN Amro. Ms. Purtill received a B.A. with High Honors from the University of Virginia and an MA from Georgetown University. She is a member of Phi Beta Kappa and the Association for Insurance and Financial Analysts. She received her CFA charter in 1995."

Craig Lee is responsible for developing Assured Guaranty’s business in the Asia Pacific and Australian region. With more than 20 years of experience, including previous roles in Tokyo, Singapore and Sydney, Mr. Lee has a track record of building businesses across the structured finance space for international banks in the Asia Pacific region and an understanding of key jurisdictions, cultures and languages. In his most recent position prior to joining Assured Guaranty, Mr. Lee was the General Manager, Front Office at Sumitomo Mitsui Banking Corporation in Sydney, Australia, where he was responsible for all of the bank’s major financing operations, including corporate, structured and project finance.

"Dan Bevill is a Managing Director in Assured Guaranty Corp.'s Structured Credit and CDO group. Mr. Bevill joined Assured Guaranty from Ambac Assurance Corp., where he was a Managing Director and head of their structured insurance group. While in this capacity, Mr. Bevill was integral in the development of their structured insurance business and completed various structured finance transactions for insurance company clients, including XXX/AXXX financings, embedded value monetizations, premium financings, and insurance regulatory capital relief. Prior to working at Ambac, Mr. Bevill held a variety of underwriting positions in the insurance industry throughout his career. Dan Bevill is a graduate of Washington & Lee University."

"Dennis Clare is Assured Guaranty Corp.'s Managing Director of Information Technology, Operations and Project Management. He joined Assured Guaranty in 2005 to develop and lead the implementation and management of the company’s compliance with Sarbanes Oxley. In 2006, he also took over responsibility for Assured Guaranty's IT department. In addition, he is responsible for the management, control and implementation of specific projects within the company. Prior to joining Assured Guaranty, Mr. Clare was Executive Vice President and Chief Operating Officer of ACE USA’s Consumer Solutions Group. Mr. Clare has been involved in the Operations, IT and Project Management fields for more than twenty years. He spent seven years working for IBM Consulting Services, Insurance Practice, where he provided technology and consulting services to many insurance companies worldwide. Prior to working at IBM, he worked for AIG where he was responsible for the Domestic Brokerage Group - Regional Operations. "

"Don Paston is Managing Director and Treasurer of Assured Guaranty Corp. Mr. Paston joined Assured Guaranty in 1997. Prior to joining Assured Guaranty, Mr. Paston served as Group Vice President for Duff & Phelps in the financial guaranty and mortgage insurance areas. He began his career at Ambac Assurance Corp. as manager of Financial Planning and Assistant to the President. Don Paston has an MBA in Finance and Marketing from The Simon School of Business Administration at the University of Rochester and a BS from Rensselaer Polytechnic Institute. "

"Mr. Nabi is the Managing Director of Assured’s Consumer and Mortgage-Backed Securities Group. His responsibilities include leading Assured’s team that focuses on residential mortgages, consumer autos and leases, student loans and credit cards, as well as the commercial mortgage-backed business. In addition, he is responsible for overseeing Assured’s secondary market activities in the structured finance and asset-backed securities markets, as well as structured finance fixed income investor relations. Mr. Nabi joined Assured from Ambac Assurance Corp. (“Ambac”), where he was Managing Director of Ambac’s Consumer Asset-Backed Securities Group. In this role, he led the team responsible for underwriting and transacting mortgage-related, manufactured housing, credit card, consumer loan, auto loan and lease, rental car fleet, and other consumer-related securitizations. Prior to joining Ambac in 1997, Mr. Nabi was an Assistant Vice President in the Residential Mortgage Group at Financial Security Assurance Inc. Mr. Nabi was also an Associate at Deloitte & Touche in the Financial Products Group and a Consulting Analyst in the Public Finance Department of Goldman Sachs & Co."

"John Trahan is the Managing Director responsible for the East Region within Assured Guaranty Corp.'s Public Finance Group. Mr. Trahan joined Assured Guaranty in June 2006. Mr. Trahan brings more than 18 years of credit enhancement experience to his position at Assured Guaranty. In the course of his career in public finance, he has worked across the U.S. and with a wide range of issuers, including general government, not-for-profit, and healthcare issuers. Prior to joining the company, he was a Director in the Public Finance Group at BNP Paribas in New York City. At BNP Paribas, Mr. Trahan was responsible for business development and credit approval for municipal transactions in the eastern and southern regions of the US. He has also worked at KBC Bank and CIBC World Markets Corp. in Los Angeles, and The Sumitomo Bank and Texas Commerce Bank in Houston, Texas. He started his career as an auditor for Price Waterhouse in Dallas, Texas. John Trahan is a graduate of the Southern Methodist University in Dallas, Texas and holds a Bachelor of Business Administration degree with an accounting focus."

"Jack Gray is responsible for developing Assured Guaranty’s activities in U.S. and international commercial real estate finance and mortgage insurance. Mr. Gray has more than 20 years of experience in the securitization of a broad range of asset classes, including trade receivables, industrial equipment, consumer assets and intellectual property licensing royalties, in addition to his experience in the both the performing and non-performing markets for residential, multi-family and commercial mortgages. Prior to joining Assured Guaranty in 2003, Mr. Gray worked at several commercial and investment banks including The Industrial Bank of Japan, Bear Stearns, and Security Pacific Bank. In his prior roles he specialized in securitization transactions for both clients and for the banks’ proprietary trading and origination efforts. Mr. Gray holds a BFA degree in Photography from the San Francisco Art Institute and an MBA degree in Finance from Columbia Business School."

"Mr. Gana is responsible for Assured’s team that focuses on commercial asset-backed securities and is also in charge of developing the company’s business in Latin America. He has more than 11 years of experience in the U.S., European and Latin American markets commercial ABS markets in a broad range of asset classes, including equipment leasing, fleet rental cars, trade receivables, floor plan financing, operating assets, time-shares, CapCo programs, small business administration loans, franchise finance, aircraft, and program-wide credit enhancement for commercial paper conduits. Prior to joining Assured Guaranty Corp. in 2005, Mr. Gana was a Director of Global Commercial Asset Securitization at XL Capital Assurance (“XLCA”) and responsible for the origination of asset-backed securities in Latin America. Mr. Gana worked at Natexis Banques Populaires as Vice President in the Structured Finance Group and at Banco Santander Central Hispano prior to his position at XLCA. Mr. Gana received a B.A. from the Johns Hopkins University and an M.B.A. from the Stern School of Business at New York University."

"Ling Chow is a Managing Director and has been Assured Guaranty Corp.’s Deputy General Counsel since August 2004. She joined Assured Guaranty Corp. as a transactional lawyer in April 2002 from Brobeck, Phleger & Harrison, where she had focused on transactional work associated with public and private mergers and acquisitions, venture capital investments and public and private securities offerings. Prior to that, Ms. Chow worked at Cahill Gordon & Reindel. Ms. Chow began her career at LeBoeuf, Lamb, Greene & MacRae. Ling Chow is a graduate of the New York University School of Law and is admitted to practice law in the State of New York. She is also a graduate of Harvard College."

"Marc Bajer joined Assured Guaranty in September 2005 as Senior Managing Director in charge of Assured Guaranty’s International business. Mr. Bajer is responsible for Assured Guaranty’s EMEA and Asia Pacific operations, including the global asset- and mortgage-backed securities, structured finance, public finance, infrastructure, project finance and private finance initiative markets. Mr. Bajer has more than 29 years of experience in the U.S. and international fixed income markets, with a specialization in ABS, MBS and structured finance. He joined Assured Guaranty from Via Capital, where he was Chief Executive Officer. Previously, Mr. Bajer was Global Co-Head of Debt Markets for Commerzbank AG. "

"In January 2001, Nick Proud joined Assured Guaranty (UK) Ltd., the Company’s London-based direct financial guaranty subsidiary. Mr. Proud serves as Managing Director, Structured Finance and is responsible for the European CDO, Structured Credit, and Mortgage and Asset Backed Securities business areas. Mr. Proud has over 18 years experience in the European structured finance business with a specialisation in residential mortgages and structured credit. Prior to joining Assured Guaranty he held senior credit positions at a number of leading international insurers and intermediaries including QBE and Special Risk Services. Mr. Proud is a graduate of the University of London"

"Nicholas K. Moy is Managing Director of Underwriting and Risk Management for Assured Guaranty Corp. Mr. Moy, who has been with the firm since 1990, oversees the firm's municipal surveillance and municipal risk management activities. He sits on the company's municipal credit and underwriting committee. Prior to joining the company, Mr. Moy was employed by Bond Investors Guaranty and by Ambac as a municipal underwriter. Before joining Ambac, he was a Chief Analyst for the Office of the New York State Comptroller in an office charged with monitoring New York City's finances during the late 1970s. Mr. Moy has a B.A. from Columbia University, where he also was a doctoral candidate in political science."

"Paul Livingstone is Managing Director and is responsible for Assured Guaranty Corp.'s Structured Credit and CDO group. Prior to joining Assured Guaranty in 2004, he was most recently Managing Director of Ambac Assurance Corp., where he was responsible for its Structured Insurance Business. Mr. Livingstone has spent 18 years in the financial services industry, including significant experience in the insurance industry. Mr. Livingstone holds a BS in Actuarial Science from the New Jersey Institute of Technology. He is a Fellow of the Casualty Actuarial Society"

"Mr. Cassata is responsible for the Public Finance Group's secondary markets desk. Prior to joining Assured Guaranty Corp., he spent six years working at Financial Guaranty Insurance Company (FGIC) managing the Secondary Markets and Competitive underwriting desk. Prior to joining FGIC, Mr. Cassata spent 13 years in investment banking as a trader and institutional salesman. Mr. Cassata received a B.S. from Western New England College. He is a member of the Municipal Bond Club of New York."

"Bill Hogan is the Senior Managing Director of the Public Finance Group at Assured Guaranty Corp., with responsibility for a team that covers the healthcare, investor-owned utilities and domestic project finance sectors. Prior to joining Assured Guaranty in 2004, he worked at CIFG and Financial Security Assurance. Mr. Hogan began his career as an analyst at Moody’s Investors Service where he covered a broad range of transactions in the public finance market. Bill Hogan completed his undergraduate studies at Rutgers University in New Brunswick, New Jersey. He is a member of several industry organizations including the National Federation of Municipal Analysts Board of Governors. "

"James Michener is General Counsel and Secretary of Assured Guaranty Ltd and General Counsel of its principal U.S. operating subsidiary, Assured Guaranty Corp.. Prior to joining Assured Guaranty in February 2004, Mr. Michener was General Counsel and Secretary of Travelers Property Casualty Corp. (NYSE: TAP) from 2002 to February 2004. In 2001 and 2002, Mr. Michener served as general counsel of Citigroup’s Emerging Markets business. From 1996 to 2001, Mr. Michener was General Counsel of Travelers Insurance Companies, including Travelers Property Casualty Corp. (NYSE: TAP). In 1995 and 1996, Mr. Michener was Deputy General Counsel of United Healthcare Group. In 1995, he was also General Counsel of the MetraHealth Companies. Prior to 1995, Mr. Michener held a number of positions with The Travelers Insurance Companies. James Michener is a graduate of Boston College and Georgetown University Law School."

"Mr. Buhl became a director of Assured Guaranty Ltd. upon completion of the IPO and currently serves as Chairman of the Audit Committee of the Board of Directors. Mr. Buhl was a partner at Ernst & Young LLP and its predecessors through 2003. During his 35-year accounting career, Mr. Buhl served as the Regional Director for Insurance Services in Ernst & Young’s Philadelphia, New York and Baltimore offices and as audit engagement partner for more than 40 insurance companies, including those in the financial guaranty industry. Mr. Buhl also serves as a director for Harleysville Group, Inc. and is a member of that company’s audit committee."

Walter Scott became a director of Assured Guaranty Ltd. upon completion of the IPO in April 2004 and was named Chairman of the Board on May 5, 2005. Mr. Scott was Chairman, President and CEO of ACE Limited (''ACE'') from March 1991 until his retirement in September 1994 and President and CEO of ACE from September 1989 to March 1991. Subsequent to his retirement, he served as a consultant to ACE until September 1996. Mr. Scott was a director of ACE from September 1989 until May 2005. Prior to joining ACE, Mr. Scott was President and CEO of Primerica's financial services operations. Mr. Scott is currently Chairman and CEO of Green Mountain Beverage, a Vermont-based hard-cider company. Mr. Scott is a member of the Executive Committee of the Board of Trustees of Lafayette College and a founding trustee of the Bermuda Foundation for Insurance Studies.

"Mr. O’Kane became a director of Assured Guaranty Ltd. on August 3, 2005. Mr. O’Kane was employed at TIAA-CREF in a number of different capacities from 1986 until his retirement in 2004. He was most recently Senior Managing Director, Securities Division, responsible for a significant portion of TIAA-CREF’s $300 billion in assets under management. "

"Mr. Baron became a director of Assured Guaranty Ltd. upon completion of the IPO and is currently Chairman of the Finance Committee of the Board of Directors. Mr. Baron has been Chairman of Criterion Research Group, LLC, an independent securities research firm since March 2002. From July 1998 to March 2002, Mr. Baron was a private investor. Mr. Baron was Vice Chairman and General Counsel of Fitch Ratings, a nationally recognized statistical ratings organization, from April 1989 to August 1998. Prior to joining Fitch, Mr. Baron was in private practice for more than 20 years, including at the law firm of Booth & Baron, specializing in structured finance and rating agency matters."

Mr. Kenny is a member of our board of directors. Mr. Kenny has served as the President and Chief Executive Officer of the International Insurance Society since 2001. Mr. Kenny served as Executive Vice President of Frontier Insurance Group, Inc., from 1998 until 2001. Mr. Kenny also served as Senior Vice President of SS&C Technologies, where he was responsible for mergers and acquisitions, and relationships with banking and regulatory institutions. From 1988 to 1994, Mr. Kenny served as Chief Financial Officer of Aetna Life & Casualty, where he was responsible for Corporate Finance and Communication, Internal Auditing, Information Technology, and Investor Relations. Mr. Kenny spent the first 23 years of his career at KPMG Peat Marwick, last serving as Senior Audit partner. He is currently a director of Foresters, where he serves on the Human Resources and Compensation and Investments Committees. Mr. Kenny also serves as a director of ING Funds, where he chairs the Compliance Committee, and serves on the Audit and International Review committees. He is also a director of Assured Guaranty Ltd., where he serves on the Audit Committee, and as Chairman of the Compensation Committee. Mr. Kenny holds the CPA designation and currently serves on our Audit, Compensation and Transaction Review Committees. Mr. Kenny is a resident of West Hartford, Connecticut.

Robin was the Chief Executive Officer of Fitch, the global credit rating business, until the end of 2001. Previously Robin founded IBCA (which acquired Fitch in 1997) and was joint Managing Director of Fox-Pitt Kelton. Earlier in his career he served as a Royal Naval pilot for 10 years and subsequently received a Masters of Science degree from the Sloan School of Management at the Massachusetts Institute of Technology.