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

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8-K - 8-K - ASSURED GUARANTY LTD	a2199860z8-k.htm
EX-99.2 - EXHIBIT 99.2 - ASSURED GUARANTY LTD	a2199860zex-99_2.htm
EX-99.4 - EXHIBIT 99.4 - ASSURED GUARANTY LTD	a2199860zex-99_4.htm
EX-99.3 - EXHIBIT 99.3 - ASSURED GUARANTY LTD	a2199860zex-99_3.htm

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Exhibit 99.1

Assured Guaranty Corp.
June 30, 2010
Financial Supplement

Table of Contents			Page

	Selected Financial Highlights		1
	Consolidated Statements of Operations		2
	Consolidated Balance Sheets		3
	Claims Paying Resources and Statutory-basis Exposures		4
	New Business Production		5
	Financial Guaranty Gross Par Written		6
	Underwriting Gain (Loss)		7
	Investment Portfolio		8
	Estimated Net Exposure Amortization and Estimated Future Net Premium and Credit Derivative Revenues		9
	Present Value of Financial Guaranty Insurance Losses to be Expensed		10
	Financial Guaranty Profile		11-13
	Direct Pooled Corporate Obligations Profile		14
	Consolidated U.S. Residential Mortgage-Backed Securities Profile		15
	Financial Guaranty Direct U.S. RMBS Profile		16-19
	Financial Guaranty Direct U.S. Commercial Real Estate Profile		20
	Direct U.S. Consumer Receivables Profile		21
	Direct Credit Derivative Net Par Outstanding Profile		22
	Below Investment Grade Exposures		23-25
	Largest Exposures by Sector		26-29
	Loss and LAE Reserves by Segment/Type		30
	Financial Guaranty Direct and Reinsurance Segment Losses Incurred and Paid		31
	Summary of Statutory Financial and Statistical Data		32
	Glossary		33
	Endnotes Related to Non-GAAP Financial Measures		35

This supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (together with its subsidiaries, "Assured Guaranty") with the Securities and Exchange Commission ("SEC"), including Assured Guaranty's Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Reports on Form 10-Q for periods ended March 31, 2010 and June 30, 2010. For the purposes of this financial supplement, all references to the "Company" shall mean AGC.

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

Assured Guaranty Corp.
Selected Financial Highlights
(dollars in millions)

			Three Months Ended June 30,								Six Months Ended June 30,

			Three Months Ended June 30,						% Change versus 2Q-09		Six Months Ended June 30,						% Change versus YTD 2009
			2010			2009			% Change versus 2Q-09		2010			2009			% Change versus YTD 2009
Operating income reconciliation:
	Operating income (loss) ¹		$	30.2		$	(19.5	)		NM	$	(8.7	)	$	31.2			NM
	Plus after-tax adjustments:
		Realized gains (losses) on investments		(0.3	)		3.5			NM		1.6			3.6			(56)%
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		6.4			(129.3	)		NM		166.7			(143.5	)		NM
		Fair value gains (losses) on committed capital securities		3.8			(39.4	)		NM		4.7			(26.6	)		NM
		Foreign exchange gains (losses) on revaluation of premiums receivable		(1.6	)		-			NM		(3.3	)		-			NM
		Effect of consolidating variable interest entities ("VIEs") ²		(5.9	)		-			NM		1.6			-			NM

	Net income (loss)		$	32.6		$	(184.7	)		NM	$	162.6		$	(135.3	)		NM

Return on equity ("ROE") calculations ³:
	ROE, excluding unrealized gain (loss) on investment portfolio			10.2%			(73.0)%					26.2%			(27.4)%
	Operating ROE			7.9%			(6.1)%					(1.1)%			5.0%
Other Information
	Gross par written			2,372			10,558			(78)%		4,631			32,110			(86)%

			As of

Reconciliation of shareholder's equity to adjusted book value:			June 30, 2010			December 31, 2009			% Change versus 12/31/2009
	Shareholder's equity attributable to Assured Guaranty Corp.		$	1,329.7		$	1,226.2			8%
	Less after-tax adjustments:
		Effect of consolidating VIEs ²		(38.4	)		-			NM
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(213.9	)		(380.7	)		(44)%
		Fair value gains (losses) on committed capital securities		7.3			2.6			181%
		Unrealized gain (loss) on investment portfolio excluding foreign exchange effect		43.7			27.6			58%

	Operating shareholder's equity		$	1,531.0		$	1,576.7			(3)%
	After-tax adjustments
		Less: Deferred acquisition costs		33.3			29.3			14%
		Plus: Net present value of estimated net future credit derivative revenue		228.1			244.8			(7)%
		Plus: Net unearned premium reserve on financial guaranty contracts in excess of expected loss to be expensed		639.2			651.3			(2)%

	Adjusted book value		$	2,365.0		$	2,443.5			(3)%

Other Information
	Net debt service outstanding		$	179,862		$	186,606			(4)%
	Net par outstanding			124,565			130,468			(5)%
	Claims-paying resources ⁴			3,765			3,877			(3)%

1. The Company has revised its definition of operating income in the three months ended June 30, 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 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 and operating shareholder's equity reverse 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. See page 4.

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

NM = Not meaningful

Page 1

Assured Guaranty Corp.
Consolidated Statements of Operations
(dollars in millions)

			Three Months Ended June 30,								Six Months Ended June 30,

			Three Months Ended June 30,						% Change versus 2Q-09		Six Months Ended June 30,						% Change versus YTD 2009
			2010			2009			% Change versus 2Q-09		2010			2009			% Change versus YTD 2009
Revenues:
	Net earned premiums		$	25.1		$	26.7			(6)%	$	54.6		$	94.4			(42)%
	Net investment income			23.8			19.7			21%		43.4			39.0			11%
	Net realized investment gains (losses)			(0.4	)		5.4			NM		2.4			5.6			(57)%
	Change in fair value of credit derivatives:
		Realized gains and other settlements		20.9			22.0			(5)%		41.6			45.0			(8)%
		Credit impairment on credit derivatives		0.4			(26.2	)		NM		(64.2	)		(27.3	)		135%
		Non-credit impairment fair value gains (losses) on credit derivatives		9.8			(198.8	)		NM		256.5			(220.7	)		NM

	Net change in fair value of credit derivatives			31.1			(203.0	)		NM		233.9			(203.0	)		NM
	Fair value gains (losses) on committed capital securities			5.9			(60.6	)		NM		7.3			(40.9	)		NM
	Financial guaranty VIEs' revenues			27.5			-			NM		54.5			-			NM
	Other income			(2.9	)		0.4			NM		(5.1	)		1.1			NM

		Total revenues		110.1			(211.4	)		NM		391.0			(103.8	)		NM
Expenses:
	Loss and loss adjustment expenses			3.7			46.4			(92)%		38.2			67.8			(44)%
	Amortization of deferred acquisition costs			1.6			3.1			(48)%		5.7			2.8			104%
	Interest expense			3.7			-			NM		7.5			-			NM
	Financial guaranty VIEs' expenses			35.9			-			NM		51.4			-			NM
	Other operating expenses			19.1			32.2			(41)%		46.7			48.8			(4)%

		Total expenses		64.0			81.7			(22)%		149.5			119.4			25%

	Income (loss) before provision for income taxes			46.1			(293.1	)		NM		241.5			(223.2	)		NM
	Provision (benefit) for income taxes			13.5			(108.4	)		NM		78.9			(87.9	)		NM

	Net income (loss)		$	32.6		$	(184.7	)		NM	$	162.6		$	(135.3	)		NM
	Less after-tax adjustments:
		Realized gains (losses) on investments		(0.3	)		3.5			NM		1.6			3.6			(56)%
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		6.4			(129.3	)		NM		166.7			(143.5	)		NM
		Fair value gains (losses) on committed capital securities		3.8			(39.4	)		NM		4.7			(26.6	)		NM
		Foreign exchange gains (losses) on revaluation of premiums receivable		(1.6	)		-			NM		(3.3	)		-			NM
		Effect of consolidating VIEs ¹		(5.9	)		-			NM		1.6			-			NM

	Operating income (loss)		$	30.2		$	(19.5	)		NM	$	(8.7	)	$	31.2			NM

	Effect of refundings and accelerations, net
	Earned premiums from refundings and accelerations, net		$	1.4		$	1.6			(13)%	$	3.5		$	44.2			(92)%
	Operating income effect		$	0.6		$	0.7			(14)%	$	1.8		$	30.3			(94)%

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 Corp.
Consolidated Balance Sheets
(in millions)

			As of

			June 30, 2010		December 31, 2009
Assets
	Investment portfolio, available-for-sale:
		Fixed maturity securities, at fair value	$	2,363.2	$	2,045.2
		Short-term investments		389.9		802.6

	Total investment portfolio			2,753.1		2,847.8
	Cash			27.1		2.5
	Premiums receivable, net of ceding commissions payable			333.1		351.4
	Ceded unearned premium reserve			423.6		435.3
	Deferred acquisition costs			51.2		45.2
	Reinsurance recoverable on unpaid losses			56.9		50.7
	Credit derivative assets			285.3		252.0
	Committed capital securities, at fair value			11.3		4.0
	Deferred tax asset, net			181.7		241.8
	Salvage and subrogation recoverable			213.9		169.9
	Financial guaranty VIE assets ¹			392.4		-
	Other assets			116.9		99.2

Total assets			$	4,846.5	$	4,499.8

Liabilities and shareholder's equity
Liabilities
	Unearned premium reserves		$	1,424.0	$	1,451.6
	Loss and loss adjustment expense reserve			196.2		191.2
	Note payable to affiliate			300.0		300.0
	Credit derivative liabilities			879.8		1,076.7
	Reinsurance balances payable, net			150.0		166.0
	Financial guaranty VIE liabilities with recourse ¹			433.3		-
	Financial guaranty VIE liabilities without recourse ¹			12.5		-
	Other liabilities			121.0		88.1

Total liabilities				3,516.8		3,273.6
Shareholder's equity
	Common stock			15.0		15.0
	Additional paid-in capital			1,037.1		1,037.1
	Retained earnings ¹			246.5		153.7
	Accumulated other comprehensive income			31.1		20.4

Total shareholder's equity				1,329.7		1,226.2

Total liabilities and shareholder's equity			$	4,846.5	$	4,499.8

Page 3

Assured Guaranty Corp.
Claims Paying Resources and Statutory-basis Exposures ¹
(dollars in millions)

		As of

		June 30, 2010		December 31, 2009
Claims paying resources
Policyholders' surplus		$	1,019	$	1,224
Contingency reserve			627		556

	Qualified statutory capital		1,646		1,780
Unearned premium reserve			886		887
Loss and loss adjustment expense reserves			439		398

	Total policyholders' surplus and reserves ¹		2,971		3,065
Present value of installment premium ²			594		612
Standby line of credit/stop loss			200		200

	Total claims paying resources	$	3,765	$	3,877

Net par outstanding ²		$	124,565	$	130,468
Net debt service outstanding ²			179,862		186,606
Ratios:
	Net par outstanding to qualified statutory capital		76:1		73:1
	Capital ratio ³		109:1		105:1
	Financial resources ratio ⁴		48:1		48:1

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.

Page 4

Assured Guaranty Corp.
New Business Production
(in millions)

				Three Month Ended June 30,				Six Months Ended June 30,

				2010		2009		2010		2009
Consolidated new business production analysis:
	Present value of new business production ("PVP")
		Public finance - U.S.
			Primary markets	$	8.2	$	112.8	$	20.3	$	307.0
			Secondary markets		0.7		15.0		9.4		38.3
		Public finance - non-U.S.
			Primary markets		-		-		-		1.6
			Secondary markets		0.7		-		0.7		0.2
		Structured finance - U.S.			5.2		12.2		9.2		14.6
		Structured finance - non-U.S.			-		-		-		-

	Total PVP				14.8		140.0		39.6		361.7
		Less: PVP of credit derivatives			-		-		-		2.4

	PVP of financial guaranty insurance				14.8		140.0		39.6		359.3
		Less: Financial guaranty installment premium PVP			5.7		12.5		9.7		24.1

	Total: Financial guaranty upfront gross written premiums ("GWP")				9.1		127.5		29.9		335.2
		Plus: Financial guaranty installment adjustment ¹			16.7		13.9		22.2		40.8

	Total financial guaranty GWP				25.8		141.4		52.1		376.0
	Plus: Other segment GWP				-		-		-		-

	Total GWP			$	25.8	$	141.4	$	52.1	$	376.0

	Consolidated financial gross par written:
	Public finance - U.S.
		Primary markets		$	913	$	9,774	$	1,944	$	30,692
		Secondary markets			25		482		253		728
	Public finance - non-U.S.
		Primary markets			-		-		-		226
		Secondary markets			34		-		34		90
	Structured finance - U.S.				1,400		302		2,400		374
	Structured finance - non-U.S.				-		-		-		-

		Total		$	2,372	$	10,558	$	4,631	$	32,110

1. Includes the difference in management estimates for the discount rate applied to future installments compared to the discount rate used for the 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.

Page 5

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

Financial Guaranty Gross Par Written by Asset Type

			Three Months Ended June 30, 2010				Six Months Ended June 30, 2010

			Gross Par Written		Avg. Rating ¹		Gross Par Written		Avg. Rating ¹
Sector:
U.S. Public Finance
	General obligation		$	623		A	$	1,505		A
	Tax backed			68		A		230		A
	Municipal utilities			51		A		210		A
	Transportation			144		A		157		A
	Higher education			46		A+		84		A
	Healthcare			6		A		11		A

		Total U.S. public finance		938		A		2,197		A
Non-U.S. Public Finance:
	Infrastructure finance			34		BBB		34		BBB

		Total non-U.S. public finance		34		BBB		34		BBB

Total public finance			$	972		A	$	2,231		A

U.S. Structured Finance
Consumer receivables			$	400		AAA	$	1,400		AAA
Other Structured finance				1,000		AAA		1,000		AAA

		Total U.S. structured finance		1,400		AAA		2,400		AAA
Non-U.S. Structured Finance:
		Total non-U.S. structured finance		-				-

Total structured finance			$	1,400		AAA	$	2,400		AAA

Total gross par written			$	2,372		AA	$	4,631		AA

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 6

Assured Guaranty Corp.
Underwriting Gain (Loss)
(in millions)

																					Six Months Ended June 30,

			1Q-09			2Q-09			3Q-09			4Q-09			1Q-10			2Q-10			2009		2010
Income statement:
Net earned premiums:
	Scheduled net earned premiums
		Public finance - U.S.	$	13.0		$	15.0		$	(0.7	)	$	14.0		$	10.9		$	19.3		$	28.0	$	30.2
		Public finance - non-U.S.		0.8			0.6			0.8			0.6			6.1			(4.9	)		1.4		1.2
		Structured finance - U.S.		1.1			18.2			9.2			9.0			9.6			9.1			19.3		18.7
		Structured finance - non-U.S.		10.2			(8.7	)		0.9			0.9			0.8			0.9			1.5		1.7

	Total scheduled net earned premiums			25.1			25.1			10.2			24.5			27.4			24.4			50.2		51.8
	Net earned premiums from refundings and accelerations			42.6			1.6			3.2			6.4			2.1			1.4			44.2		3.5

Total net earned premiums				67.7			26.7			13.4			30.9			29.5			25.8			94.4		55.3
Realized gains on credit derivatives ¹				23.0			22.0			22.4			21.5			20.7			20.9			45.0		41.6
Other income				0.7			0.4			(0.2	)		0.2			0.4			(0.4	)		1.1		-

	Total underwriting revenues			91.4			49.1			35.6			52.6			50.6			46.3			140.5		96.9
Loss and loss adjustment expenses				21.4			46.4			77.8			47.4			34.5			3.7			67.8		38.2
Incurred losses (gains) on credit derivatives ²				1.1			26.2			141.9			61.4			64.6			(0.4	)		27.3		64.2

	Total incurred losses			22.5			72.6			219.7			108.8			99.1			3.3			95.1		102.4
Amortization of deferred acquisition costs				(0.3	)		3.1			0.1			3.8			4.1			1.6			2.8		5.7
Operating expenses				15.2			14.2			13.8			14.6			24.5			15.8			29.4		40.3

	Total underwriting expenses			37.4			89.9			233.6			127.2			127.7			20.7			127.3		148.4

		Underwriting gain (loss)	$	54.0		$	(40.8	)	$	(198.0	)	$	(74.6	)	$	(77.1	)	$	25.6		$	13.2	$	(51.5	)

1. Includes premiums and ceding commissions.

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

Page 7

Assured Guaranty Corp.
Investment Portfolio
As of June 30, 2010
(dollars in millions)

				Amortized Cost		Pre-Tax Book Yield			Fair Value		Annualized Investment Income ¹

Investment portfolio, available for sale:
Fixed maturity securities:
	U.S. Treasury securities and obligations of U.S. government agencies			$	314.6		2.36%	1.53%	$	327.9	$	7.4
	Agency obligations				131.4		2.99%	1.95%		138.5		3.9
	Foreign government securities				82.1		3.78%	2.46%		87.2		3.1
	Obligations of states and political subdivisions				841.3		4.59%	4.33%		869.2		38.6
	Insured obligations of state and political subdivisions ²				399.5		3.97%	3.76%		413.6		15.9
	Corporate securities				215.9		3.49%	2.27%		221.6		7.5
	Mortgage-backed securities ("MBS"):
		Residential MBS ("RMBS")			151.3		3.72%	2.42%		140.9		5.6
		Commercial MBS ("CMBS")			74.2		5.58%	3.63%		77.7		4.1
	Asset-backed securities ³				85.8		1.54%	1.00%		86.6		1.3

			Total fixed maturity securities		2,296.1		3.81%	3.18%		2,363.2		87.4
Short-term investments					389.9		0.17%	0.11%		389.9		0.7

			Total investment portfolio	$	2,686.0		3.28%	2.73%	$	2,753.1	$	88.1

Ratings ⁴:				Fair Value		% of Total
Treasury and government obligations				$	327.9		13.9%
Agency obligations					138.5		5.9%
AAA/Aaa					628.7		26.6%
AA/Aa					900.0		38.1%
A/A					326.9		13.8%
BBB					5.3		0.2%
Below investment grade ("BIG") ⁵					35.9		1.5%

	Total fixed maturity securities available for sale			$	2,363.2		100.0%

Duration of investment portfolio (in years):							5.0

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 AA-.

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

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

5. Included in the investment portfolio are securities purchased or obtained as part of the Company's loss mitigation strategy encompassing $124.9 million in par with a carrying value of $35.9 million.

Page 8

Assured Guaranty Corp.
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 June 30)			-	$	179,862
2010 (July 1 - September 30)			2,682		177,180	$	19.5	$	1.7	$	21.2	$	10.7	$	31.9
2010 (October 1 - December 31)			2,201		174,979		19.3		1.7		21.0		20.8		41.8
2011			10,379		164,600		79.6		6.2		85.8		80.3		166.1
2012			12,557		152,043		71.6		5.7		77.3		69.4		146.7
2013			12,475		139,568		66.7		5.1		71.8		56.4		128.2
2014			14,117		125,451		61.1		4.7		65.8		41.8		107.6
2010-2014			54,411		125,451		317.8		25.1		342.9		279.4		622.3
2015-2019			42,601		82,850		253.0		18.3		271.3		112.2		383.5
2020-2024			28,849		54,001		180.6		11.4		192.0		65.9		257.9
2025-2029			20,302		33,699		120.9		6.6		127.5		46.8		174.3
After 2029			33,699		-		128.0		3.9		131.9		68.6		200.5

	Total	$	179,862			$	1,000.3	$	65.3	$	1,065.6	$	572.9	$	1,638.5

1. Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of June 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.

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

3. Excludes contracts with credit impairment.

Page 9

Assured Guaranty Corp.
Present Value of Financial Guaranty Insurance Losses to be Expensed
(in millions)

		Expected Net Loss to be Expensed ¹

Financial Guaranty Insurance Losses to be Expensed:
2010 (July 1 - September 30)		$	0.5
2010 (October 1 - December 31)			0.4
2011			1.6
2012			1.3
2013			1.1
2014			1.0
2010-2014			5.9
2015-2019			4.3
2020-2024			2.4
2025-2029			1.8
After 2029			2.5

	Total expected PV of net loss to be expensed		16.9
Discount			77.2

	Total future value	$	94.1

1. The expected present value of net loss to be expensed is discounted by weighted-average risk free rates ranging from 0% to 4.81%.

Page 10

Assured Guaranty Corp.
Financial Guaranty Profile (1 of 3)
(in millions)

Net Par Outstanding and Average Rating by Asset Type

			As of June 30, 2010

			Net Par Outstanding		Avg. Rating ¹
U.S. Public Finance:
	General obligation		$	25,934	A
	Tax backed			11,988	A
	Municipal utilities			9,293	A-
	Transportation			6,938	A
	Healthcare			5,310	A-
	Higher education			3,285	A
	Infrastructure finance			956	BBB
	Investor-owned utilities			658	BBB+
	Housing			333	AA-
	Other public finance			1,765	A

		Total U.S. public finance		66,460	A
Non-U.S. Public Finance:
	Pooled infrastructure			2,278	AA+
	Infrastructure finance			1,225	BBB
	Regulated utilities			1,052	BBB+
	Other public finance			411	AA

		Total non-U.S. public finance		4,966	A+

Total public finance			$	71,426	A

U.S. Structured Finance:
	Pooled corporate obligations		$	21,800	AA+
	RMBS and home equity			10,336	BB+
	CMBS			5,662	AAA
	Consumer receivables			2,451	AAA
	Structured credit			1,246	BBB+
	Commercial receivables			1,066	BBB+
	Insurance securitizations			255	A
	Other structured finance			119	AA

		Total U.S. structured finance		42,935	AA-
Non-U.S. Structured Finance:
	Pooled corporate obligations			6,403	AAA
	RMBS and home equity			2,085	AAA
	Commercial receivables			617	A-
	Structured credit			498	BBB
	CMBS			319	AAA
	Insurance securitizations			279	CCC-
	Other structured finance			3	A

		Total non-U.S. structured finance		10,204	AA+

Total structured finance			$	53,139	AA-

Total net par outstanding			$	124,565	A+

Page 11

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

Distribution by Ratings of Financial Guaranty Portfolio

		As of June 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%	$	1,420		28.6%	$	7,764		18.1%	$	2,123		20.8%	$	11,307		9.1%
AAA			305		0.5%		15		0.3%		16,511		38.5%		5,426		53.2%		22,257		17.9%
AA			11,987		18.0%		316		6.4%		3,507		8.2%		369		3.6%		16,179		13.0%
A			42,634		64.1%		1,468		29.6%		2,756		6.4%		403		3.9%		47,261		37.9%
BBB			10,802		16.3%		1,652		33.3%		5,064		11.8%		1,562		15.3%		19,080		15.3%
BIG			732		1.1%		95		1.8%		7,333		17.0%		321		3.2%		8,481		6.8%

	Total net par outstanding	$	66,460		100.0%	$	4,966		100.0%	$	42,935		100.0%	$	10,204		100.0%	$	124,565		100.0%

Ceded Par Outstanding by Reinsurer and Insurer Financial Strength Rating

Reinsurer				Ceded Par Outstanding

Affiliated Companies		A1	AA	$	44,409	92.5%
Non-Affiliated Companies:
	RAM Reinsurance Co. Ltd.	WR	WR		3,091	6.4%
	Radian Asset Assurance Inc.	Ba1	BB-		176	0.4%
	MBIA Insurance Corporation	B3	BB+		171	0.4%
	Ambac Assurance Corporation	Caa2	R		109	0.2%
	Other	Various	Various		38	0.1%

Non-Affiliated Companies					3,585	7.5%

	Total			$	47,994	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 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 12

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

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

			Net Par Outstanding

U.S.:
Public Finance:
	California		$	8,012	6.4%
	Texas			6,610	5.3%
	New York			5,021	4.0%
	Florida			4,841	3.9%
	Pennsylvania			4,633	3.7%
	Illinois			3,912	3.1%
	New Jersey			2,708	2.2%
	Puerto Rico			2,044	1.6%
	Alabama			1,800	1.4%
	Michigan			1,769	1.4%
	Other states			25,110	20.2%

		Total U.S. Public Finance		66,460	53.2%
Structured finance (multiple states)				42,935	34.6%

		Total U.S.		109,395	87.8%

Non-U.S.:
	United Kingdom			7,005	5.6%
	Australia			1,238	1.0%
	Germany			833	0.7%
	Cayman Islands			738	0.6%
	Other			5,356	4.3%

		Total non-U.S.		15,170	12.2%

	Total net par outstanding		$	124,565	100.0%

Page 13

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

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

Ratings ¹:		Net Par Outstanding

Super Senior		$	4,944	17.8%	40.8%	38.5%
AAA			16,440	59.2%	33.2%	30.8%
AA			1,711	6.2%	42.1%	32.9%
A			569	2.0%	47.9%	40.4%
BBB			2,493	9.0%	46.2%	34.0%
BIG			1,623	5.8%	44.3%	25.8%

	Total exposures	$	27,780	100.0%	37.2%	32.5%

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

Asset class:		Net Par Outstanding

CBOs/CLOs ³		$	18,479	66.5%	34.7%	30.9%	AAA
Market value CDOs ⁴ of corporate			3,513	12.6%	37.7%	38.4%	AAA
Trust preferred - banks and insurance			2,701	9.7%	46.9%	32.2%	BBB
Trust preferred - US Mortgage and REITs ⁵			1,848	6.7%	50.1%	38.4%	BB
Synthetic investment grade pooled corporate			702	2.5%	30.0%	30.1%	Super Senior
Trust preferred - European Mortgage and REITs			537	2.0%	37.4%	31.6%	BBB-

	Total	$	27,780	100.0%	37.2%	32.5%	AA+

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 obligations) /CLOs (collateralized loan obligations) are largely non-investment grade/high yield collateral.

4. CDOs are collateralized debt obligations.

5. REITs are real estate investment trusts.

Page 14

Assured Guaranty Corp.
Consolidated U.S. Residential Mortgage-Backed Securities ("RMBS") Profile
(dollars in millions)

Distribution of U.S. RMBS by Rating ¹ and Type of Exposure as of June 30, 2010

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

Super senior		$	-	$	-	$	0	$	11	$	-	$	3	$	14
AAA			3		0		9		4		1		838		856
AA			27		32		9		154		40		995		1,257
A			15		1		1		75		98		1,008		1,197
BBB			20		-		9		884		61		631		1,605
BIG			535		209		549		2,645		841		629		5,408

	Total exposures	$	599	$	242	$	577	$	3,773	$	1,041	$	4,104	$	10,336

Distribution of U.S. RMBS by Year Insured and Type of Exposure as of June 30, 2010

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

2004 and prior		$	45	$	1	$	33	$	41	$	43	$	255	$	418
2005			117		-		222		266		25		36		666
2006			-		-		-		-		35		3,067		3,102
2007			437		241		322		2,042		850		745		4,637
2008			-		-		-		1,424		89		-		1,513

	Total exposures	$	599	$	242	$	577	$	3,773	$	1,041	$	4,104	$	10,336

Distribution of U.S. RMBS by Rating ¹ and Year Insured as of June 30, 2010

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

2004 and prior		$	14	$	111	$	80	$	47	$	135	$	31	$	418
2005			-		36		-		75		69		485		666
2006			-		699		993		975		331		103		3,102
2007			-		9		38		11		508		4,072		4,637
2008			-		-		145		89		562		718		1,513

	Total exposures	$	14	$	856	$	1,257	$	1,197	$	1,605	$	5,408	$	10,336

% of total			0.1%		8.3%		12.2%		11.6%		15.5%		52.3%		100.0%

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

AGC has not insured any U.S. RMBS transactions since 2008.

Page 15

Assured Guaranty Corp.
Financial Guaranty Direct U.S. RMBS Profile (1 of 4)
(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 June 30, 2010 ¹

U.S. Prime First Lien

Year insured:	Net Par Outstanding

2005	$	117	58.1%	4.9%	0.6%	6.5%	6
2006		-	-	-	-	-	-
2007		437	70.6%	10.4%	1.9%	12.9%	1
2008		-	-	-	-	-	-

	$	554	67.9%	9.3%	1.6%	11.5%	7

U.S. CES

Year insured:	Net Par Outstanding

2005	$	-	-	-	-	-	-
2006		-	-	-	-	-	-
2007		241	36.2%	6.3%	52.6%	11.1%	5
2008		-	-	-	-	-	-

	$	241	36.2%	6.3%	52.6%	11.1%	5

U.S. HELOC

Year insured:	Net Par Outstanding

2005	$	222	23.0%	0.0%	17.8%	14.3%	2
2006		-	-	-	-	-	-
2007		322	42.9%	0.0%	33.0%	8.9%	2
2008		-	-	-	-	-	-

	$	544	34.7%	0.0%	26.8%	11.1%	4

U.S. Alt-A First Lien

Year insured:	Net Par Outstanding

2005	$	266	49.1%	11.7%	2.4%	15.8%	13
2006		-	-	-	-	-	-
2007		2,042	64.2%	11.2%	6.4%	33.5%	8
2008		1,424	60.1%	27.7%	7.6%	31.7%	5

	$	3,732	61.6%	17.5%	6.6%	31.6%	26

1. For this release, net par outstanding is based on values as of June 2010. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on June 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 have been delinquent for more than 60 days and all loans that are in foreclosure, bankruptcy or real estate owned ("REO"), divided by net par outstanding.

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

Page 16

Assured Guaranty Corp.
Financial Guaranty Direct U.S. RMBS Profile (2 of 4)
(dollars in millions)

U.S. Alt-A Option ARMs

Year insured:	Net Par Outstanding

2005	$	25	25.6%	25.8%	3.1%	25.6%	1
2006		35	42.1%	12.3%	6.3%	24.1%	1
2007		850	67.0%	11.9%	7.3%	35.5%	5
2008		89	66.7%	49.6%	6.3%	35.2%	1

	$	998	65.1%	15.6%	7.0%	34.8%	8

U.S. Subprime First Lien

Year insured:	Net Par Outstanding

2005	$	36	21.7%	80.2%	10.0%	60.3%	1
2006		3,067	26.4%	61.3%	12.6%	42.2%	2
2007		745	39.1%	30.0%	18.1%	49.2%	4
2008		-	-	-	-	-	-

	$	3,848	28.8%	55.4%	13.6%	43.7%	7

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

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 17

Assured Guaranty Corp.
Financial Guaranty Direct U.S. RMBS Profile (3 of 4)
(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 June 30, 2010 ²

U.S. Prime First Lien

Rating:	Net Par Outstanding

AAA	$	-	-	-	-	-	-
AA		-	-	-	-	-	-
A		-	-	-	-	-	-
BBB		19	54.4%	3.8%	0.2%	2.8%	1
BIG		535	68.4%	9.5%	1.7%	11.8%	6

	$	554	67.9%	9.3%	1.6%	11.5%	7

U.S. CES

Rating:	Net Par Outstanding

AAA	$	-	-	-	-	-	-
AA		32	61.7%	47.3%	8.9%	3.7%	1
A		-	-	-	-	-	-
BBB		-	-	-	-	-	-
BIG		209	32.3%	-	59.3%	12.3%	4

	$	241	36.2%	6.3%	52.6%	11.1%	5

U.S. HELOC

Rating:	Net Par Outstanding

AAA	$	-	-	-	-	-	-
AA		-	-	-	-	-	-
A		-	-	-	-	-	-
BBB		-	-	-	-	-	-
BIG		544	34.7%	0.0%	26.8%	11.1%	4

	$	544	34.7%	0.0%	26.8%	11.1%	4

U.S. Alt-A First Lien

Rating:	Net Par Outstanding

AAA	$	-	-	-	-	-	-
AA		145	59.5%	53.2%	12.2%	38.7%	1
A		75	34.5%	27.4%	4.5%	22.7%	1
BBB		867	57.2%	20.0%	5.8%	26.9%	5
BIG		2,645	63.9%	14.5%	6.6%	32.9%	19

	$	3,732	61.6%	17.5%	6.6%	31.6%	26

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

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

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

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

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

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

Page 18

Assured Guaranty Corp.
Financial Guaranty Direct U.S. RMBS Profile (4 of 4)
(dollars in millions)

U.S. Alt-A Option ARMs

Rating:	Net Par Outstanding

AAA	$	1	43.9%	18.6%	7.1%	37.5%	1
AA		6	43.9%	18.6%	7.1%	37.5%	1
A		89	66.7%	49.6%	6.3%	35.2%	1
BBB		61	41.2%	21.7%	4.4%	24.1%	1
BIG		841	66.9%	11.5%	7.3%	35.5%	4

	$	998	65.1%	15.6%	7.0%	34.8%	8

U.S. Subprime First Lien

Year insured:	Net Par Outstanding

AAA	$	743	26.0%	61.4%	12.4%	43.0%	1
AA		993	26.3%	61.1%	12.5%	42.2%	1
A		986	26.8%	61.8%	12.8%	42.5%	1
BBB		523	29.8%	50.2%	14.1%	44.4%	1
BIG		603	38.8%	32.8%	17.8%	48.8%	3

	$	3,848	28.8%	55.4%	13.6%	43.7%	7

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

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

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

Page 19

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

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

U.S. CMBS

Rating:	Net Par Outstanding

Super senior	$	3,352	91.7%	30.6%	0.3%	6.7%	185
AAA		195	86.5%	26.3%	0.3%	8.9%	7
AA		713	90.5%	13.7%	0.3%	6.9%	39
A		208	68.4%	11.0%	0.8%	6.1%	1
BBB		-	-	-	-	-	-
BIG		-	-	-	-	-	-

	$	4,468	90.2%	26.8%	0.3%	6.8%	232

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

	Net Par Outstanding

CDOs of Commercial Real Estate	$	599	51.8%	49.4%	46.9%
CDO of CMBS ⁹		557	48.2%	29.5%	44.8%

	$	1,156	100.0%	39.8%	45.9%

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

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

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

7. Represents U.S. other CMBS 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 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.

9. Relates to vintages 2003 and prior.

Page 20

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

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

Rating:	Credit Cards		Student Loans		Auto		Total Net Par Outstanding

Super senior	$	1,100	$	-	$	-	$	1,100
AAA		-		1,029		-		1,029
AA		-		-		-		-
A		-		-		140		140
BBB		-		-		61		61
BIG		-		-		-		-

	$	1,100	$	1,029	$	201	$	2,330

Average rating ¹		Super Senior		AAA		A		AAA
Avg. initial credit enhancement ²		54.2%		7.1%		19.8%		30.4%
Avg. current credit enhancement ²		55.0%		11.0%		27.4%		33.2%

Page 21

Assured Guaranty Corp.
Direct Credit Derivative Net Par Outstanding Profile
(dollars in millions)

Distribution of Direct Credit Derivative Net Par Outstanding by Rating

		June 30, 2010

Ratings ¹:		Net Par Outstanding		% of Total
Super senior		$	10,201		22.7%
AAA			18,587		41.5%
AA			3,185		7.1%
A			3,120		7.0%
BBB			4,425		9.9%
BIG			5,323		11.8%

	Total direct credit derivative net par outstanding	$	44,841		100.0%

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

			June 30, 2010

			Net Par Outstanding		Average Rating ¹
Public Finance
	U.S. public finance		$	-		-
	Non-U.S. public finance			3,125		AA-

Total public finance			$	3,125		AA-

U.S. Structured Finance:
	Pooled corporate obligations		$	18,984		AA+
	Residential mortgage-backed and home equity			7,916		BBB-
	Commercial mortgage-backed securities			5,438		AAA
	Commercial receivables			548		BBB+
	Consumer receivables			462		AAA
	Structured credit			192		BB
	Insurance securitizations			75		BBB
	Other structured finance			95		AAA

		Total U.S. structured finance		33,710		AA-

Non-U.S. Structured Finance:
	Pooled corporate obligations			5,792		AAA
	Residential mortgage-backed and home equity			1,722		AAA
	Commercial mortgage-backed securities			286		AAA
	Structured credit			125		BBB
	Commercial receivables			51		A
	Insurance securitizations			30		CCC

		Total non-U.S. structured finance		8,006		AAA

Total structured finance			$	41,716		AA

	Total direct credit derivative net par outstanding		$	44,841		AA

Page 22

Assured Guaranty Corp.
Below Investment Grade Exposures (1 of 3)
As of June 30, 2010
(in millions)

BIG Exposures by Asset Exposure Type:			Net Par Outstanding

U.S. Public Finance:
	Municipal utilities		$	232
	Transportation			162
	Healthcare			104
	General obligation			94
	Tax backed			57
	Infrastructure finance			26
	Higher education			12
	Housing			2
	Other public finance			43

		Total U.S. public finance		732
Non-U.S. Public Finance:
	Infrastructure finance			95

		Total non-U.S. public finance		95

Total public finance			$	827

U.S. Structured Finance:
Residential mortgage-backed and home equity			$	5,408
Pooled corporate obligations				1,637
Structured credit				246
Consumer receivables				13
Commercial receivables				7
Other structured finance				22

		Total U.S. structured finance		7,333

Non-U.S. Structured Finance:
Insurance securitizations				279
Pooled corporate obligations				42

		Total non-U.S. structured finance		321

Total structured finance			$	7,654

Total BIG net par outstanding			$	8,481

Page 23

Assured Guaranty Corp.
Below Investment Grade Exposures (2 of 3)
As of June 30, 2010
(dollars in millions)

Net Par Outstanding by BIG Category ¹

				Financial Guaranty Insurance and Credit Derivatives Surveillance Categories

Description:				June 30, 2010		December 31, 2009
BIG:
Category 1
	U.S. public finance			$	449	$	280
	Non-U.S. public finance				59		65
	U.S. structured finance				1,278		1,543
	Non-U.S. structured finance				-		-

		Total Category 1			1,786		1,888
Category 2
	U.S. public finance				84		63
	Non-U.S. public finance				4		4
	U.S. structured finance				4,571		4,179
	Non-U.S. structured finance				43		-

		Total Category 2			4,702		4,246
Category 3
	U.S. public finance				199		271
	Non-U.S. public finance				32		36
	U.S. structured finance				1,484		1,507
	Non-U.S. structured finance				278		279

		Total Category 3			1,993		2,093

			BIG Total	$	8,481	$	8,227

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.

Page 24

Assured Guaranty Corp.
Below Investment Grade Exposures (3 of 3)
As of June 30, 2010
(dollars in millions)

BIG Exposures Greater Than $50 Million

Name or Description				Net Par Outstanding

U.S. Public Finance:
	Jefferson County Alabama Sewer			$	190	D
	San Joaquin Hills California Transportation				162	BB
	Detroit (City of) Michigan				87	BB+
	Orlando Tourist Development Tax - Florida				57	BB+
	St. Barnabas Health System - New Jersey				56	BB

			Total	$	552
Non-U.S. Public Finance:
			Total	$	-
U.S. Structured Finance:
	U.S. RMBS:
	Deutsche ALT-A Securities Mortgage Loan 2007-2			$	528	CCC	4.7%	32.4%
	MortgageIT Securities Corp. Mortgage Loan 2007-2				437	B	10.4%	12.9%
	Private Residential Mortgage Transaction				390	CCC	26.3%	31.3%
	Private Residential Mortgage Transaction				369	B	23.8%	30.1%
	Deutsche ALT-A Securities Mortgage Loan 2007-3				369	B	9.3%	26.7%
	Private Residential Mortgage Transaction				348	BB	23.1%	29.3%
	CWALT Alternative Loan Trust 2007-HY9				336	CCC	7.2%	47.1%
	Private Residential Mortgage Transaction				330	B	17.0%	36.9%
	Countrywide Home Equity Loan Trust 2007-D				307	CCC	0.0%	9.0%
	AAA Trust 2007-2				286	CCC	37.4%	50.2%
	Countrywide Home Equity Loan Trust 2005-J				182	CCC	0.0%	15.6%
	CWALT Alternative Loan Trust 2007-OA10				141	CCC	10.0%	39.7%
	Lehman Excess Trust 2007-16N				109	CCC	0.0%	12.3%
	ACE Home Equity Loan Trust 2007-SL3				95	BB	0.0%	37.8%
	Taylor Bean & Whitaker 2007-2				94	CCC	9.1%	55.3%
	MASTR Asset Backed Securities Trust 2005-NC2				68	CCC	18.9%	44.0%
	CSAB Mortgage-Backed Trust 2007-1				53	CCC	0.1%	34.7%

		Total U.S. RMBS		$	4,442
	Other:
	Taberna Preferred Funding IV, LTD.			$	219	CCC	33.4%
	Alesco Preferred Funding XVI, LTD.				216	B-	6.7%
	Weinstein Film Securitization				192	BB	NA
	Taberna Preferred Funding II, LTD.				185	CCC	30.5%
	Attentus CDO I Limited				174	BB	32.3%
	Alesco Preferred Funding XVII, LTD.				172	B	17.0%
	Taberna Preferred Funding III, LTD.				146	CCC	27.8%
	Attentus CDO II Limited				142	BB	32.2%
	Taberna Preferred Funding VI, LTD.				114	CCC	37.1%
	US Capital Funding IV, LTD.				113	B	15.1%
	Taberna Preferred Funding III, LTD.				69	CCC	27.8%
	CAPCO - Excess SIPC Excess of Loss Reinsurance				54	BB	NA

		Total Other		$	1,796

			Total	$	6,238
Non-U.S. Structured Finance:
	Orkney RE II, PLC Series A-1 Floating Rate Notes			$	149	CCC	NA
	Ballantyne RE PLC Class A-2 Floating Rate Notes				130	CC	NA

			Total	$	279

Total				$	7,069

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

Page 25

Assured Guaranty Corp.
Largest Exposures by Sector (1 of 4)
As of June 30, 2010
(dollars in millions)

50 Largest U.S Public Finance Exposures

Credit Name:		Net Par Outstanding		Internal Rating ¹

California (State of)		$	1,169	A-
Puerto Rico (Commonwealth of)			885	BBB-
North Texas Tollway Authority			713	A+
Miami-Dade County Florida Aviation Authority - Miami International Airport			684	A+
Miami-Dade County Florida School District			649	A-
Pennsylvania Turnpike Commission			592	AA-
Philadelphia (City of) Pennsylvania			581	BBB+
New Jersey (State of)			578	AA-
New York (City of) New York			512	AA-
Puerto Rico Highway and Transportation Authority			503	BBB
New York (State of)			497	AA-
Houston Texas Water and Sewer Authority			490	A+
San Francisco Airports Commission			429	A
Georgia Board of Regents			423	A
Dade County, Florida General Obligation			399	AA-
Chicago-O'Hare International Airport			388	A
Denver (City and County of) Colorado Airport Revenue Bonds			356	A+
Chicago Illinois Public Schools			355	A+
New York MTA Transportation Authority			353	A
Michigan (State of)			351	A+
Massachusetts (Commonwealth of)			334	AA
Dormitory Authority of the State of New York School District			316	A
Indianapolis Indiana Waterworks Project			304	A+
Chicago (City of) Illinois			299	AA-
Puerto Rico Aqueduct & Sewer Authority			288	BBB-
Piedmont Municipal Power Authority - South Carolina			275	BBB
American Municipal Power-Ohio, Inc. - Prairie State			269	A
Massachusetts Turnpike Authority			269	A
Kentucky (Commonwealth of)			264	AA-
Metro Wash Airports Authority Dulles Toll Road			263	BBB+
New Jersey Higher Education Student Assistance 2008-A			263	A
Long Island Power Authority			257	A-
Chicago Transit Authority Capital Grant Receipts			252	A
Louisiana (State of) - Dependent Credits			248	A+
Louisville Arena Authority Inc.			246	BBB-
Dallas (City of) Texas Civic Center Convention Complex			244	A
North Carolina Eastern Municipal Power Agency			239	BBB
Florida (State of) Department of Environmental Protection			239	A+
Oakland (City of) California General Obligation			227	A
Virtua Health			221	A
Orange County Schools, Florida			216	A+
Nassau County, New York			209	A
District of Columbia Water and Sewer Authority Public Utility Bonds			209	A+
North Carolina Turnpike Authority - Triangle Expressway			203	BBB-
Yankee Stadium LLC			202	BBB-
Puerto Rico Electric Power Authority			200	A-
Iowa Health System			196	A+
Port Authority of New York and New Jersey			191	AA-
Jefferson County Alabama Sewer			190	D
Maine (State of)			189	A

	Total top 50 U.S. public finance exposures	$	18,229

Page 26

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

50 Largest U.S Structured Finance Exposures

Credit Name:		Net Par Outstanding

Citibank OMNI Trust 2007-A7		$	650	Super Senior	49.4%
Deutsche ALT-A Securities Mortgage Loan 2007-2			528	CCC	4.7%
ARES Enhanced Credit Opportunities Fund			506	AAA	42.0%
Anchorage Crossover Credit Finance LTD			504	AAA	31.3%
280 Funding I			495	AAA	39.0%
MortgageIT Securities Corp. Mortgage Loan 2007-2			437	B	10.4%
Private Structured Credit Transaction			400	BBB+	N/A
Private Residential Mortgage Transaction			390	CCC	26.3%
Southfork CLO LTD. Series 2005-A1			383	AAA	27.6%
SLM Private Credit Student Loan Trust 2007-A			375	AAA	15.0%
Private Residential Mortgage Transaction			369	B	23.8%
Deutsche ALT-A Securities Mortgage Loan 2007-3			369	B	9.3%
Private Residential Mortgage Transaction			358	BBB-	23.5%
Applebees Enterprises LLC			352	BBB-	N/A
Private Residential Mortgage Transaction			348	BB	23.1%
KKR Financial CLO 2007-1			341	AAA	50.9%
Sandelman Finance 2006-1 Limited			338	AAA	38.2%
CWALT Alternative Loan Trust 2007-HY9			336	CCC	7.2%
SLM Student Loan Trust 2007-6			333	AAA	3.6%
Private Residential Mortgage Transaction			330	B	17.0%
Liberty CLO LTD			321	Super Senior	31.1%
Symphony Credit Opportunities Fund			308	AAA	35.1%
ARES Enhanced Credit Opportunities Fund			308	AAA	42.0%
Countrywide Home Equity Loan Trust 2007-D			307	CCC	0.0%
Private Consumer Receivable Transaction			300	Super Senior	62.2%
AAA Trust 2007-2			286	CCC	37.4%
Wasatch CLO, LTD.			273	AAA	21.5%
CDX.NA.IG.8 5-YR 30-100%			272	Super Senior	30.3%
GEER Mountain Financing, LTD.			270	AAA	28.2%
Cent CDO XI Limited			270	AAA	21.4%
Alesco Preferred Funding XIV			269	BBB-	28.4%
SLM Private Credit Student Loan Trust 2006-C			267	AAA	14.0%
HSAM Long/Short 2007-2			255	AAA	29.6%
Jupiter Securitization Company			249	AAA	N/A
Babcock & Brown Air Funding I LTD. Series 2007-1			248	A-	N/A
Field Point IV, Limited			247	AA-	22.5%
Sandelman Finance 2006-2, LTD.			235	AAA	34.0%
Kodiak CDO II			233	AA	50.1%
Newstar Credit Opportunities Funding II LTD			231	AAA	18.3%
Blue Mountain CLO LTD. 2005-1			227	Super Senior	34.5%
CDX.NA.IG.4 7-YR 30-100%			225	Super Senior	29.7%
Kingsland IV			224	AAA	21.0%
Baker Street CLO II			224	AAA	21.4%
RAIT Preferred Funding II, LTD.			223	Super Senior	48.7%
Taberna Preferred Funding IV, LTD.			219	CCC	33.4%
Kingsland V			219	AAA	24.6%
Franklin CLO V Limited			219	AAA	25.0%
Foothill CLO I, LTD.			217	AAA	26.8%
Alesco Preferred Funding XVI, LTD.			216	B-	6.9%
Stone Tower CLO IV LTD			213	Super Senior	33.5%

	Total top 50 U.S. structured finance exposures	$	15,717

Page 27

Assured Guaranty Corp.
Largest Exposures by Sector (3 of 4)
As of June 30, 2010
(dollars in millions)

25 Largest Non-U.S. Exposures

Credit Name:		Net Par Outstanding

PB Domicile 2006-1		$	778	AAA
Fortress Credit Investments I Class A-1 Revolver			738	AAA
Essential Public Infrastructure Capital III			626	Super Senior
Essential Public Infrastructure Capital II			541	Super Senior
Global Senior Loan Index Fund 1 B.V.			401	Super Senior
Windmill CLO I PLC			377	Super Senior
Paragon Mortgages (NO.13) PLC			354	AAA
Harvest CLO III			311	AAA
RMF EURO CDO V PLC			294	AAA
NSW Housing # 1 Property Limited			294	AA
Taberna Europe CDO I PLC			294	BBB-
International Infrastructure Pool			286	A-
International Infrastructure Pool			286	A-
International Infrastructure Pool			286	A-
NEMUS Funding NO.1 PLC			286	AAA
Broadcast Australia Finance			284	BBB
Airspeed Limited Series 2007-1			281	BBB+
Wood Street CLO V B.V.			267	Super Senior
Halcyon Structured Management Europe CLO 2007-I			264	AAA
Halcyon Structured Management Europe CLO 2007-I			260	Super Senior
Stichting Profile Securitisation I			252	Super Senior
Alpstar CLO 2 PLC			251	Super Senior
Highlander EURO CDO			244	Super Senior
Taberna Europe CDO II PLC			243	BBB-
Dalradian European CLO IV B.V.			225	AAA

	Total top 25 largest non-U.S. exposures	$	8,723

Page 28

Assured Guaranty Corp.
Largest Exposures by Sector (4 of 4)
As of June 30, 2010
(dollars in millions)

10 Largest U.S. Residential Mortgage Servicers Exposures

Servicer:		Net Par Outstanding

Bank of America, N.A. ¹		$	2,798
Wells Fargo Bank NA			1,513
GMAC Mortgage, LLC			1,442
American Home Mortgage Servicing, Inc.			1,153
JPMorgan Chase Bank			833
Ocwen Loan Servicing, LLC			327
Wilshire Credit Corporation			321
Carrington Mortgage Services			305
OneWest Bank Group LLC			269
Select Portfolio Servicing, Inc.			226

	Total top 10 residential mortgage servicers exposures	$	9,187

10 Largest Healthcare Exposures

Credit Name:		Net Par Outstanding

Virtua Health		$	221	A	NJ
Iowa Health System			196	A+	IA
CHRISTUS Health			167	A+	TX
Integris Health, Inc.			164	AA-	OK
Children's Hospital			162	A+	AL
Fairview Health Services			160	A	MN
Spartanburg Regional Medical Center			141	A	SC
Essentia Health			139	A-	MN
Methodist Healthcare			136	A	TN
Meridian Health System			136	A-	NJ

	Total top 10 healthcare exposures	$	1,622

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.

Page 29

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

		As of June 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		$	155.5	$	39.6	$	195.1	$	0.7	$	195.8
Incurred but not reported ("IBNR") and portfolio			-		-		-		0.4		0.4

	Total gross loss and LAE reserves	$	155.5	$	39.6	$	195.1	$	1.1	$	196.2
Ceded loss and LAE reserves on financial guaranty contracts:
Case		$	55.5	$	0.3	$	55.8	$	0.7	$	56.5
IBNR and portfolio			-		-		-		0.4		0.4

	Total ceded loss and LAE reserves	$	55.5	$	0.3	$	55.8	$	1.1	$	56.9
Loss and LAE reserves on financial guaranty contracts net of ceded reinsurance:
Case		$	100.0	$	39.3	$	139.3	$	-	$	139.3
IBNR and portfolio			-		-		-		-		-

	Total net loss and LAE reserves	$	100.0	$	39.3	$	139.3	$	-	$	139.3

Salvage and subrogation recoverable on financial guaranty contracts:
Gross		$	203.7	$	10.2	$	213.9	$	-	$	213.9
Ceded ¹			59.8		-		59.8		-		59.8

	Net salvage and subrogation recoverable	$	143.9	$	10.2	$	154.1	$	-	$	154.1

											-
Credit impairment on credit derivative contracts ²:
Case gross		$	377.2	$	-	$	377.2	$	-	$	377.2
Case ceded			82.2		-		82.2		-		82.2

	Case net credit derivative reserves	$	295.0	$	-	$	295.0	$	-	$	295.0

Net loss and LAE reserves on financial guaranty insurance and credit derivative contracts, net of reinsurance ³
Net loss and LAE reserves on financial guaranty contracts net of ceded reinsurance		$	100.0	$	39.3	$	139.3
Credit impairment on credit derivative contracts			295.0		-		295.0

	Net Loss and LAE reserves	$	395.0	$	39.3	$	434.3

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 recoverable.

Page 30

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

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

Financial Guaranty Direct and
Reinsurance:
	First lien:
		Prime first lien		$	535.1	$	-		$	-		$	0.1	$	-		$	-
		Alt-A first lien			2,645.3		(17.0	)		0.1			116.7		-			1.5
		Alt-A option ARMs			840.6		(1.2	)		(2.9	)		115.8		-			0.9
		Subprime first lien			629.6		18.4			3.3			72.5		-			3.2

			Total first lien		4,650.6		0.2			0.5			305.1		-			5.6
	Second lien:
		Closed end seconds			208.8		(10.2	)		9.4			3.7		11.5			4.0
		HELOC			548.7		8.5			18.6			3.9		136.7			0.1

			Total second lien		757.5		(1.7	)		28.0			7.6		148.2			4.1

			Total U.S. RMBS		5,408.1		(1.5	)		28.5			312.7		148.2			9.7
	Other structured finance				2,246.2		15.0			1.0			92.6		0.8			3.5
	Public finance				827.2		(10.2	)		6.5			29.0		9.3			3.7

Total Financial Guaranty Direct and
Reinsurance				$	8,481.5	$	3.3		$	36.0		$	434.3	$	158.3		$	16.9

Effect of consolidating VIEs					-		-			(4.2	)		-		(4.2	)		-

Total				$	8,481.5	$	3.3		$	31.8		$	434.3	$	154.1		$	16.9

1. Includes credit impairment on credit derivative transactions.

Page 31

Assured Guaranty Corp.
Summary of Statutory Financial and Statistical Data
(dollars in millions)

							Year Ended December 31,

				YTD 2010			2009			2008		2007		2006
Statutory Data
	Net income (loss)			$	(56.4	)	$	(243.1	)	$	27.7	$	71.6	$	64.3
	Policyholders' surplus			$	1,019		$	1,224		$	378	$	400	$	286
	Contingency reserve				627			556			712		582		631

			Qualified statutory capital		1,646			1,780			1,090		982		917
	Unearned premium reserve				886			887			570		302		239
	Loss and LAE reserves				439			398			15		12		15

			Total policyholders' surplus and reserves		2,971			3,065			1,675		1,296		1,171
	Present value of installment premium				594			612			566		554		356
	Standby line of credit / stop loss				200			200			200		280		455

			Total claims-paying resources	$	3,765		$	3,877		$	2,441	$	2,130	$	1,982

Statutory Financial Ratios
	Loss and LAE ratio				156.7%			243.9%			90.3%		(13.5)%		4.5%
	Expense ratio				65.8%			15.4%			11.5%		49.9%		64.8%

	Combined ratio				222.5%			259.3%			101.8%		36.4%		69.3%

Other Financial Information (Statutory basis):
	Net debt service outstanding (end of period)			$	179,862		$	186,606		$	164,283	$	128,351	$	85,522
	Gross debt service outstanding (end of period)				250,421			259,867			225,152		172,046		112,115
	Net par outstanding (end of period)				124,565			130,468			111,025		94,127		68,370
	Gross par outstanding (end of period)				172,559			180,765			152,801		127,743		91,858
	Ceded par to all Assured Guaranty companies				44,409			46,411			37,372		29,087		22,569
	Ratios:
		Par insured to statutory capital			76:1			73:1			102:1		75:1		75:1
		Capital ratio ¹			109:1			105:1			151:1		93:1		93:1
		Financial resources ratio ²			48:1			48:1			67:1		43:1		43:1
	Gross debt service written:
		Public finance - U.S.		$	3,483		$	78,012		$	56,865	$	8,142	$	3,440
		Public finance - non-U.S.			43			522			771	$	5,202		7,402
		Structured finance - U.S.			1,810			2,480			13,228		35,396		26,848
		Structured finance - non-U.S.			-			-			5,265		10,061		5,843

	Total gross debt service written			$	5,336		$	81,014		$	76,128	$	58,801	$	43,533

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

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

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Glossary

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

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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.

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

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

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

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

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

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

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Explanation of Non-GAAP Financial Measures:

Assured Guaranty references financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these financial measures not in accordance with GAAP ("non-GAAP financial measures") and believes they assist investors and analysts in evaluating Assured Guaranty's financial results.

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. In addition, Assured Guaranty's management and board of directors also utilize non-GAAP financial measures as a basis for determining senior management incentive compensation. By providing a calculation of Assured Guaranty's non-GAAP financial measures in Assured Guaranty's financial results press release, periodic financial reports filed with the U.S. Securities and Exchange Commission and investor presentations, investors, analysts and financial news media reporters have access to the same information that management reviews internally.

The following paragraphs describe why each non-GAAP financial measure is useful for Assured Guaranty and define such non-GAAP financial measures on a separate company basis for Assured Guaranty Corp. In each case, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure, if available, is presented. 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 Assured Guaranty's financial guaranty insurance business, and also includes financing costs and net investment income, and enables investors and analysts to evaluate Assured Guaranty's financial results as compared to the consensus analyst estimates distributed publicly by financial databases. Operating income for Assured Guaranty Corp. is defined as net income (loss) attributable to Assured Guaranty Corp., as reported under GAAP, adjusted for the following:

1): Elimination of the effects of consolidating certain financial guaranty variable interest entities (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.
2): 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.
3): 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.
4): 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.
5): 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.

Operating Shareholder's Equity: Management believes that operating shareholder's equity is a useful measure because it presents the equity of Assured Guaranty 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 members of the financial news media use operating shareholder's 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. common shares. Many of Assured Guaranty's fixed income investors also use operating shareholder's equity to evaluate Assured Guaranty's capital adequacy. Operating shareholder's equity for Assured Guaranty Corp. is the basis of the calculation of adjusted book value (see below). Operating shareholder's equity is defined as shareholder's equity attributable to Assured Guaranty Corp., 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.

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2): 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.
3): 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.
4): 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.

Operating return on equity ("Operating ROE"): Operating ROE represents operating income for a specified period divided by the average of operating shareholder's equity at the beginning and the end of that period. Management believes that operating ROE is a useful measure to evaluate Assured Guaranty'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 Assured Guaranty's in force premiums and revenues in addition to operating shareholder's 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 members of the financial news media 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 for Assured Guaranty Corp. is operating shareholder's equity for Assured Guaranty Corp. 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: 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. 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.

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 Corp. 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 Corp. 31 West 52nd Street New York, NY 10019 (212) 974-0100 www.assuredguaranty.com		Fixed Income Investors: Robert Tucker Managing Director, Fixed Income Investor Relations (212) 339-0861 rtucker@assuredguaranty.com Michael Walker Director, Fixed Income Investor Relations (212) 261-5575 mwalker@assuredguaranty.com Media: Betsy Castenir Managing Director, Corporate Communications (212) 339-3424 bcastenir@assuredguaranty.com Ashweeta Durani Vice President, Corporate Communications (212) 408-6042 adurani@assuredguaranty.com

QuickLinks

Exhibit 99.1

Assured Guaranty Corp. June 30, 2010 Financial Supplement

ASSURED GUARANTY LTD - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - August 13, 2010

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