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					The New Generation in
Financial Guaranty




July 13, 2011
                        a CDC IXIS company
Contents

           • Overview
           • Strategic Objectives
           • Business Focus
           • Professional Team
           • Corporate Structure and Capitalization
           • Rating Agency Perspectives
           • Underwriting and Risk Management
           • Contact information
           • Appendices
               – Professional Staff Biographies
               – Website

                                                      Page 2
Overview

           • The CIFG Group consists of two direct financial guaranty
             insurance companies, one in France and one in the U.S.,
             and a dedicated financial guaranty reinsurance company
             domiciled in France that supports both direct companies
           • These three companies are owned by the group’s holding
             company which is, in turn, owned by our parent, CDC IXIS
           • All three companies, collectively capitalized with $500
             million, are rated Triple-A by Moody’s, Standard & Poor's
             and Fitch Ratings
           • The business is managed with a unified approach to risk
             management, finance and accounting, and systems and
             operations

                                                                       Page 3
Strategic Objectives

         • To provide value to investors seeking liquidity and security
         • To provide our global clients with consistent, long-term
           trading value and unparalleled execution through a superior
           understanding of risk and business needs
         • To create a profitable, substantial Triple-A rated financial
           guaranty organization with global reach
         • To provide a new source of financial guaranty, allowing
           investors to prudently diversify their exposure to the
           industry
         • To take advantage of the growing European opportunity for
           financial guaranty by leveraging the market presence of our
           parent, CDC IXIS
                                                                      Page 4
Business Focus


        • Three business units:
           – US Public Finance
           – US Structured Finance
           – Europe

        • Business mix reflective of current market activity

        • Over 60% of business written is expected to be
          structured finance (US and European)


                                                               Page 5
Business Focus – Public Finance


        • Public Finance activity will be targeted to lower risk,
          capacity constrained, and other opportunistic
          situations
        • Initial activity will be focused in the secondary
          market to take advantage of pricing and competitive
          dynamics
        • Pre-approved list of credits will form the basis of our
          initial efforts
        • Over time focus will shift to new issue (competitive
          and negotiated) markets
                                                                 Page 6
Business Focus – Europe

        •   A major focus of The CIFG Group plan
        •   CDC IXIS, given its position in Europe, provides a strong platform
            for CIFG business
        •   Emphasis will be on structured finance, particularly:
            –   Collateralized Debt Obligations
                 •    Cash
                 •    Synthetic
            –   Consumer Assets
                 •    Trade receivables
                 •    RMBS and CMBS
            –   Commercial Assets
                 •    Small ticket leases
                 •    Large Equipment leases
                 •    Whole business securitization
        •   Selective emphasis on project finance and public-private partnership
            (PPP) transactions and public sector financing


                                                                             Page 7
Business Focus – US Structured Finance


        • US Structured Finance activity will be focused
          on:
           – Residential Mortgage and Home Equity Loans
           – Consumer Assets, including:
               • Auto Loans
               • Credit Card Balances
           – Commercial Assets, including:
               • Loans and Leases
               • Business Securitizations
               • Future Flow Transactions
           – Financial Structures and CDOs, including:
               • CBOs, Cash and Synthetic
               • CLOs, Cash and Synthetic
                                                           Page 8
Professional Team


        • Seasoned professionals in Europe and the
          United States (see attached biographical
          sketches) with extensive experience in:
           – Capital markets
           – Financial guaranty
           – Quantitative risk analytics
           – Credit markets




                                                     Page 9
Professional Team
                                                                       Jacques Rolfo
                                                                           CEO

Michael Freed           Jim O’Keefe            Chuck Webster         Marc de Bréchard         Steven Klein       Jeremy Reifsnyder        Serge Marlé
General Counsel,             CFO              Chief Risk Officer     Financial Engineering   Municipal Group     US Structured Finance   European Group
 CIFG Holding

   Kathleen Cully          John Garrity          Paul Kwiatkowski          John Calvao           Bill Hogan            Rita Duggan        Michel Rouzioux
  General Counsel,         US Controller         Managing Director           Director             Director           Managing Director    Managing Director
     CIFG NA

   Diane Nergaard        François Colinet         Joseph Spivack          Patrick Ahteck       Michael Uhouse         Victor Mahoney       Patrick Daguet
 Sr. Legal Consultant   European Controller          Director             Vice President          Director           Managing Director        Director

                            Stan Cotek            Julien Bramel              Feng Li           Michael Bartsch        Violet Diamant        Alan Douglas
                         Planning/Analysis        Vice President          Vice President       Vice President            Director              Director

                          Hélène Lepeu            Lionel Houbas                                                        Joe Keepers          Pascale Viala
                        Senior Accountant                                                                                Director             Director

                                                                                                                       Zhengyuan Lu         Rémi Charrier
                                                                                                                         Director          Deputy Director

                                                                                                                      Richard Zogheb
                                                                                                                         Director

                                                                                                                      Harold Cornwall
                                                                                                                        Associate

                                                                                                                      Jonathan Sloan
                                                                                                                        Associate
                                                                                                                                                     Page 10
Corporate Structure and Capitalization


         • The CIFG Group is structured to:
            – Provide optimal utilization of our $500 million capital
              base
            – Support our direct companies with capital maintenance
              and reinsurance agreements to satisfy rating agency
              requirements to achieve Triple-A ratings
            – Create financial guaranty insurance companies licensed
              and active in our major markets
            – Create a cohesive, unified business that can operate with
              maximum efficiency to benefit our clients while adhering
              to a conservative risk management philosophy on a global
              basis


                                                                     Page 11
Corporate Structure and Capitalization
CIFG Europe

                                        CDC IXIS

                                       CIFG Holding                              THE CIFG GROUP

                                            CIFG
                                 French Reinsurance Company
                                Initial Capital 300 million Euros


                         CIFG Services


   CIFG North America, Inc.                                         CIFG Europe
   Monoline incorporated in the U.S.                        Monoline incorporated in France
     Initial capital $100 million                            Initial capital 32 million Euros



                                                                                                Page 12
Corporate Structure and Capitalization
CIFG Europe

         • French monoline insurance company, regulated by the
           French insurance regulator, Commission de Contrôle
           des Assurances (CCA)
         • Initially capitalized with €32 million
         • Supported by:
            – Stop Loss reinsurance protections from CIFG attaching after €20
              million of losses, and
            – Capital support agreement from CIFG, if capital falls below €20
              million
            – Both facilities are enforceable under French law

         • CIFG Europe is rated Triple-A by Moody’s, S&P and
           Fitch
                                                                          Page 13
Corporate Structure and Capitalization
CIFG North America Inc. (NA)

                                       CDC IXIS

                                       CIFG Holding                             THE CIFG GROUP

                                           CIFG
                                French Reinsurance Company
                               Initial Capital 300 million Euros


                         CIFG Services


    CIFG North America, Inc.                                       CIFG Europe
   Monoline incorporated in the U.S.                       Monoline incorporated in France
     Initial capital $100 million                           Initial capital 32 million Euros



                                                                                               Page 14
Corporate Structure and Capitalization
CIFG North America Inc. (NA)

         • CIFG North America, Inc. (CIFG NA) is a monoline
           financial guaranty company, domiciled in New York
           and currently negotiating the purchase of licenses in
           other states
         • CIFG NA will underwrite all US business for the
           group, both structured finance and public finance
         • CIFG NA is capitalized with US$100 million and is
           supported by reinsurance and keep well agreements
           from CIFG


                                                               Page 15
Corporate Structure and Capitalization
CIFG

                                        CDC IXIS

                                       CIFG Holding                           THE CIFG GROUP

                                          CIFG
                               French Reinsurance Company
                              Initial Capital 300 million Euros


                         CIFG Services


    CIFG North America, Inc.                                      CIFG Europe
   Monoline incorporated in the U.S.                     Monoline incorporated in France
     Initial capital $100 million                         Initial capital 32 million Euros



                                                                                             Page 16
Corporate Structure and Capitalization
CIFG

         • CIFG is a single purpose, dedicated reinsurance company
           established to provide reinsurance to CIFG Europe and
           CIFG North America
         • CIFG is organized as a reinsurer under French law and is
           overseen by the Commission de Contrôle des Assurances
           (CCA)
         • CIFG was initially funded with €300 million by CDC IXIS
         • CIFG provides reinsurance and capital support to both
           CIFG Europe and CIFG North America, pursuant to
           binding legal agreements between the parties
         • CIFG is rated Triple-A by Moody’s, S&P and Fitch

                                                                   Page 17
Corporate Structure and Capitalization
CIFG – Reinsurance Agreements

         • CIFG provides Stop Loss reinsurance coverage for all
           business written by CIFG Europe (net of third party
           reinsurance). The cover will pay all claims incurred by
           CIFG Europe in excess of €20 million during its term. The
           facility runs for eight full years and is automatically
           renewable
         • CIFG provides quota share reinsurance coverage for all
           business written by CIFG NA (net of third party
           reinsurance). This cover will pay a proportionate share of
           all claims incurred by CIFG NA. CIFG NA may cede as
           much as 75% of any risk underwritten to CIFG


                                                                    Page 18
Corporate Structure and Capitalization
CIFG – Keep Well Agreements

         • CIFG has executed irrevocable keep-well (capital
           maintenance) agreements with each of the two direct
           writers
         • Each agreement requires CIFG to contribute capital to
           either operating company at any time that the capital
           of that operating company falls below a pre-set level
         • Those levels are €20 million for CIFG Europe and
           $80 million for CIFG NA



                                                              Page 19
Corporate Structure and Capitalization
CIFG Holding

                                       CDC IXIS

                                       CIFG Holding                           THE CIFG GROUP

                                          CIFG
                               French Reinsurance Company
                              Initial Capital 300 million Euros


                         CIFG Services


    CIFG North America, Inc.                                      CIFG Europe
   Monoline incorporated in the U.S.                     Monoline incorporated in France
     Initial capital $100 million                         Initial capital 32 million Euros



                                                                                             Page 20
Corporate Structure and Capitalization
CIFG Holding

         • CIFG Holding is The CIFG Group’s holding company and
           is neither an insurance nor reinsurance company. It is a
           general business corporation organized under French law
         • CIFG Holding is the entity owned by CDC IXIS and to
           which CDC IXIS is committed under the terms of the
           subordinated loan agreement to fund the balance of its $500
           (€ equivalent) investment in The CIFG Group
         • CIFG Holding is unconditionally obligated to draw on the
           subordinated loan facility if requested to do so by CIFG
         • CIFG Holding is not rated by any of the rating agencies


                                                                     Page 21
Corporate Structure and Capitalization
CDC IXIS

                                       CDC IXIS

                                       CIFG Holding                           THE CIFG GROUP

                                          CIFG
                               French Reinsurance Company
                              Initial Capital 300 million Euros


                         CIFG Services


    CIFG North America, Inc.                                      CIFG Europe
   Monoline incorporated in the U.S.                     Monoline incorporated in France
     Initial capital $100 million                         Initial capital 32 million Euros



                                                                                             Page 22
Corporate Structure and Capitalization
CDC IXIS

         • As sole owner, CDC IXIS has funded €300 million of its
           commitment to invest $500 million (€ equivalent) in The
           CIFG Group. The balance of $220 million (€ equivalent) is
           committed pursuant to an irrevocable, subordinated loan
           agreement
         • The subordinated loan agreement allows CIFG Holding to
           draw up to its full amount, if needed
            – to accommodate growth,
            – to pay claims or
            – to avoid a rating action by any of the rating agencies

         • Upon a draw, the loan amount can be converted into equity
           at the option of CIFG Holding


                                                                       Page 23
Corporate Structure and Capitalization
CDC IXIS

         • CDC IXIS is a banking institution regulated by the French
           banking regulator, Commission Bancaire, and is subject to
           Bank for International Settlements (BIS) capital adequacy
           guidelines

         • CDC IXIS is owned by (see chart on next page):
            – EULIA (53%), a joint venture of Caisse des Dépôts et Consignations
              (CDC) and Caisse Nationale des Caisses d’Epargnes (CNCE), the
               consortium of French mutual savings banks
            – CDC, directly (43.5%), and
            – San Paolo IMI, an Italian commercial bank (3.5%)


                                                                                   Page 24
Corporate Structure and Capitalization
CDC IXIS

                              35%
           CNCE                               Caisse des
                                               Dépôts
                  49.9%
                                     50.1%          43.5%
                             EULIA                                   San Paolo IMI
                                     53%                    3.5%
                                               CDC IXIS
                                                    100%
         The CIFG Group
                                             CIFG Holding

                                                CIFG
                     CIFG Services                                 CIFG Europe


                          CIFG NA
                                                                                     Page 25
Rating Agency Perspectives

        • Moody’s, Standard & Poor's and Fitch have
          determined that each of the financial guaranty
          companies in The CIFG Group is Triple-A
        • Each agency has reviewed:
           –   our plan of operation
           –   capitalization structure
           –   our management team
           –   policies and procedures, and
           –   ownership

        • Each believes that the structure, both legal and
          financial, supports its assignment of the highest
          ratings
                                                              Page 26
Rating Agency Perspective –
Fitch Ratings


        • Deems the structure and capitalization appropriate to
          support a AAA claims-paying rating
        • Employs a comprehensive, qualitative approach
        • Considers capitalization, ownership, business plan,
          management and anticipated portfolio risk profile




                                                                Page 27
Rating Agency Perspective –
Standard & Poor’s

        • Standard and Poor’s considers management and
          corporate strategy, business plan and capitalization
        • In addition to a qualitative review of these factors,
          S&P employs a quantitative stress test that subjects
          the company’s capital base to an unprecedented
          depression scenario and assesses the adequacy of that
          capital to pay assumed claims and continue its
          business
        • S&P applied this stress test to each of The CIFG
          Group’s companies as well as to the consolidated
          group and in every case, a AAA margin of safety was
          attained
                                                                 Page 28
Rating Agency Perspective –
Moody’s Investor Services

        • Moody’s evaluated The CIFG Group on a
          consolidated basis
        • In addition to its qualitative review of management
          expertise, risk management, ownership and business
          plan, Moody’s utilizes a model that “estimates the
          entire potential loss distribution associated with the
          guarantor’s insured exposure”. The model assesses
          risk by credit quality, maturity, distribution across
          sectors and, importantly, risk concentrations
        • The results of this assessment for The CIFG Group
          compare favorably with the other Aaa rated financial
          guaranty companies (see following chart)
                                                               Page 29
Rating Agency Perspective –
Moody’s Investor Services

                    Net Par         Expected 99.9%                  99.99%          Credit        Diversity Hard      Total
                                    Loss     Loss                   Loss            Quality       Ratio     Capital   Capital
                                                                                    Ratio                   Ratio     Ratio
                                          $ Millions                                  Bps
       CIFG*        55,720             146         572     667                         26          3.92x      1.45x    1.24x
       Ambac        279,655           1,062       3,715   4,179                        38          3.50x      1.32x    1.27x
       FGIC         156,401            274        1,044   1,190                        17          3.82x      2.32x    2.12x
       FSA          154,021            365        1,452   1,725                        24          3.98x      1.65x    1.46x
       MBIA         418,504           1,412       5,135   5,854                        34          3.64x      1.49x    1.40x
       XLCA & 10,597                    37         278     346                         35          7.52x      1.76x    1.63x
       XLFA**
       * Projected model results for 2006 portfolio
       ** Model results as of 2Q 2001. Others are as of year-end 2000.
       1.   Expected Loss: present value based on portfolio and Moody’s Default studies
       2.   99.9% Loss: present value of portfolio losses at the 99.9% confidence interval
       3.   99.99% Loss: present value of portfolio losses at the 99.99% confidence interval
       4.   Credit Quality Ratio: expected losses/Adjusted Net Par outstanding; Lower is better
       5.   Diversity Ratio: 99.9 Percentile Losses/Expected Losses; lower is better (more diversity)
       6.   Hard Capital Ratio: Hard Capital/99.9 percentile losses; higher is better
       7.   Total Capital Ratio: Total Capital/ 99.99 percentile losses; higher is better

                                                                                                                                Page 30
Underwriting and Risk Management

        • The CIFG Group employs modern, conservative risk
          management and credit underwriting techniques and
          methods
        • Comprehensive underwriting and risk management policies
          and procedures are designed to ensure zero-loss
          underwriting and diversified portfolio structure
        • CIFG will only insure investment grade obligations and
          will require shadow ratings of all transactions
        • Considerations include:
           –   Single risk limits
           –   Geographic and sectoral concentration limits
           –   Correlation effects
           –   Ratings volatility analysis


                                                                   Page 31
Underwriting and Risk Management

        • On the underwriting and risk control side, CIFG has taken the
          best of traditional practices and new ideas and forged an
          identity that learns from the past but is not constrained by it
        • Risk practices
            – CIFG can build on best existing practices
            – No legacy systems
            – Impose the risk technology built in the past 10 years

        • Risk systems
            – CIFG can use “best in breed” risk analytics
            – No legacy systems

        • Transparency: CIFG process is as transparent as possible

                                                                       Page 32
Surveillance, Workout and Remediation

        • CIFG has developed a comprehensive surveillance plan for
          all sectors of business
        • The surveillance plan details:
            – ongoing information requirements and credit quality parameters
              to be be monitored
            – Surveillance requirements and frequency of reviews, risk-
              weighted by sector and customized for individual transactions

        • Deal performance will be measured against expectations,
          with variance from expectations analyzed and rated
        • If slippage is noted, deal terms provide for early
          intervention
        • CIFG management has extensive workout experience in
          financial guaranty business as well as related capital
          markets and banking businesses
                                                                          Page 33
Investor Reporting


         • The CIFG Group produces full financial statements.
           Reports include:
            – Consolidated group statements
            – French or US GAAP and Statutory statements for the
              constituent companies of The CIFG Group

         • Reports are available in French and English
         • Portfolio data will also be available via periodically
           produced supplements
         • Other information will be made available as requested

                                                                    Page 34
Key Contacts

     • Chief Executive Officer
        – Jacques Rolfo       (212) 909-3936   j.rolfo@cifg.com

     • Public Finance
        – Steven Klein        (212) 909-3927   s.klein@cifg.com

     • US Structured Finance
        – Jeremy Reifsnyder   (212) 909-3946   j.reifsnyder@cifg.com

     • Europe
        – Serge Marlé         +33 1 4049 3480 s.marle@cifg.com

     • Chief Financial Officer
        – James O’Keefe       (212) 909-3930   j.okeefe@cifg.com
                                                                   Page 35
Appendix


           Professional Staff
              Biographies




                                Page 36
Corporate Group

      Jacques Rolfo: Chief Executive Officer
      Jacques Rolfo is in charge of The CIFG Group. From 1990 to 2000, Jacques was an Executive Vice President of the CDC Group in
      New York, where he was one of the founding managers of the asset management and capital market operations. Prior to CDC, Jacques
      worked for the World Bank in Washington, DC, for 11 years – primarily in the Investment Department – where he was Division Chief,
      and with Lehman Brothers for three years, where he created and headed the Derivative Research Group. Jacques holds a Ph.D. from
      Stanford University (Finance), an M.B.A. from the University of Pennsylvania, a Master’s in Mathematics from Paris University, and a
      diploma of engineering from L'Ecole des Mines de Paris.
      Jim O’Keefe: Chief Financial Officer
      Jim is responsible for The CIFG Group’s overall financial practices in North America and Europe. He joins The CIFG Group from
      MBIA, where he spent nine years in various financial roles, with significant responsibilities for MBIA’s non-US financial guaranty
      activities. Prior to his tenure at MBIA, Jim worked at Coopers & Lybrand as a manager in the Insurance Services Group and did a stint
      in the firm’s National Accounting and Auditing directorate. Jim, a C.P.A., holds a B.A. from PACE University.
      Chuck Webster: Chief Risk Officer
      Chuck is responsible for all risk management functions at The CIFG Group in North America and Europe. He was most recently
      Director of Fixed Income Research at Brown Brothers Harriman and prior to that, was a senior member of the Fixed Income Division at
      Sanford Bernstein. Chuck also spent nine years at Lehman Brothers, serving in various research and strategy groups. Prior to working
      in the private sector, Chuck taught economics at Washington University and Fordham University. Chuck holds a Ph.D. in Economics
      from University of Michigan and Master’s and Bachelor’s degree from University of Missouri.
      Paul Kwiatkoski: Head of Surveillance
      Paul is responsible for surveillance activities for The CIFG Group and is a member of the Risk Management Group. In 1986, Paul was a
      founder of Enhance Reinsurance Company – the first monoline financial guaranty reinsurer – and served as its President from 1996-99.
      He also served as an Executive Vice President of Asset Guaranty, an affiliate company. Prior to that, Paul was a Vice President and
      Underwriter with FGC Services – a financial guaranty intermediary. He was also with Moody’s Investors Service, where he was an
      Assistant Vice President in the Municipal Research Group where he managed the Bond Insurance Unit . Paul holds an M.P.A. from
      Syracuse University’s Maxwell School and a B.A. from Cornell University.




                                                                                                                                  Page 37
Corporate Group (continued)

      Michael Freed: General Counsel of CIFG Holding
      Michael is the chief legal representative for The CIFG Group. From 1997 to 2001, he served as General Counsel and Managing Director
      of ACA Financial Guaranty Corporation. Michael also served as an Executive Vice President of ACA, with responsibility for the public
      and structured finance underwriting, secondary market, surveillance and legal departments. Prior to ACA, Michael served as an attorney
      in private practice and as corporate counsel for a variety of corporations. Michael received his J.D. from U.C.L.A. Law School, M.A.
      from U.C.L.A., and B.A. from University of California at San Diego.
      Kathleen G. Cully: General Counsel of CIFG North America
      Kathleen has primary responsibility for the insurance activities of CIFG North American and its affiliate CIFG Europe. She has over
      20 years’ experience in finance and has been involved in all aspects of structured and project finance since working on the first private
      mortgage-backed securities in 1985. Prior to joining the CIFG Group, Ms. Cully served for five years as General Counsel of the
      American Capital Access group of companies, including ACA Financial Guaranty Corporation, an A-rated financial guaranty insurance
      corporation. From 1993 to 1998, she acted as Deputy General Counsel of Fitch, Inc., the third largest rating agency, where she was
      responsible for the day-to-day management of the Legal Department as well as for the legal aspects of new structures and criteria.
      Previously, she held various positions at Citicorp, including heading the securitization unit of its Office of Corporate Finance and
      serving as an associate general counsel. She was an associate with Sullivan & Cromwell before joining Citicorp in 1985. Ms. Cully
      received her J.D. in 1982 from Yale Law School, where she served as an editor of the Yale Law Journal.
      Marc de Bréchard: Head of Systems, Technology, and Financial Engineering
      Marc is responsible for all aspects of technology for The CIFG Group. Prior to his role at The CIFG Group, Marc served as a Vice
      President, Applications Development at CDC Investment Management Corporation, where he developed trading and reporting systems.
      Marc also worked for CDC North America as a quantitative analyst and developer. From 1994 to 1995, Marc completed his military
      obligations during a 16-month internship with CDC Investment Management. Marc received his Master’s degree in Physics from
      University of Paris VI and graduated from France’s Ecole Normale Supérieure de Paris.




                                                                                                                                      Page 38
Public Finance Group

      Steven Klein: Managing Director, Head of Public Finance Group
      As the Head of the Public Finance Group, Steven is responsible for all public finance transactions in North America. Prior
      to leading the Public Finance Group, Steven served as Senior Vice President at Enhance Reinsurance Company and Asset
      Guaranty Insurance Company, with responsibility for marketing and business development. From 1990 to 1994 he served as
      a Vice President for Product and Business Development at FGIC. From 1983 – 1990, Steven was a public finance
      investment banker at Donaldson, Lufkin and Jenrette. A graduate of Harvard University’s Kennedy School of Government
      (MPA), Steven received his J.D. from Boston University’s Law School and B.A. from Haverford College (BA).
      William J. Hogan: Director, Public Finance Group
      Bill is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance
      business. Over the last fifteen years, Bill served as Managing Director of Secondary Market Underwriting and a member of
      senior credit committee at ACA, Vice President and Senior Analyst at Financial Security Assurance, and Vice President and
      Senior Analyst at Moody’s Investors Service. He is also a member of the board of governors for the National Federation of
      Municipal Analysts. Bill received his B.A. from Rutgers College.
      Michael J. Uhouse: Director, Public Finance Group
      Mike is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance
      business. Prior to The CIFG Group, Mike was Vice President in Institutional Fixed Income for ABN-AMRO. From 1985 to
      1995, Mike was a Vice President in the Public Finance Banking Group of Donaldson, Lufkin and Jenrette Securities
      Corporation . Mike received his M.B.A. and B.S. from SUNY Albany.
      Michael Bartsch: Vice President, Public Finance Group
      Before joining CIFG NA, Michael was one of five Senior Analysts on the tax-exempt bond and money market desks at the
      Vanguard Fixed Income Group, the bond department of a mutual fund with over $60 billion in municipal bond assets under
      management. While there, he was the lead analyst for the Massachusetts, Ohio, and Pennsylvania State Specific Funds, and
      lead analyst of the transportation sector. Before that, Michael was an AVP/analyst in the States and High Profiles Ratings
      Group at Moody’s Investors Service, the bond rating agency. He has a Masters of Public Administration from New York
      University.




                                                                                                                                   Page 39
European Group

      Serge Marlé: Managing Director, Head of European Group
      Serge is responsible for all of The CIFG Group’s European operations. Earlier in his career, Serge held senior positions in
      Europe for both FGIC and MBIA. Prior to a career in the financial guaranty business, Serge was employed at a number of
      major international banks, including Union Bank of Finland, the Paris branch of Mitsubishi Bank Limited, Citibank, and
      Crédit Lyonnais. Serge is a graduate of Ecole Supérieure Libre des Sciences Commerciales Appliquées.
      Michel Rouzioux: Managing Director, Deputy Head of European Group
      Michel is responsible for local underwriting and day-to-day operations for The CIFG Group's European operations.
      Previously, he worked at CDC Capital Markets as a Managing Director in charge of developing structured finance products
      in Europe. Prior to his tenure at CDC, Michel worked from 1978 to 1998 at Crédit Agricole, where he held several senior
      positions. He also spent six years working in London and Paris for Groupe des Banques Populaires. Michel holds a
      Master's in Mathematics, a Diplôme d'Etudes Approfondies in Computer Science, and a Master of Economics from Paris
      University. He is also a graduate of L'Ecole des Mines de Paris.
      Pascale Viala: Director, Structured Finance
      Pascale is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, she was Vice
      President – Senior Analyst at Moody’s Investors Service Limited in London. Prior to that, Pascale worked at the European
      Investment Bank in Luxembourg as an economist and as an Assistant Professor of economics at the University of Montreal.
      Pascale holds a Ph.D. in Management Science from Groupe HEC and has degrees from the University of Paris – IX
      Dauphine and the University of Montpellier I.




                                                                                                                                      Page 40
European Group (cont.)

       Patrick Daguet, CFA : Director, Infrastructure Finance
       Patrick is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe. Prior to joining CIFG
       Europe, Patrick was Senior Structurer and Underwriter at Swiss Re, based in Zurich, where he primarily concentrated on the
       Project Finance, CDOs and ABS activities of the lead reinsurance company. Before, Patrick worked at FGIC and in the
       MBIA*AMBAC joint venture based in Paris as Senior Underwriter for Infrastructure Finance for a period of 6 years in total. He
       also spent 10 years at BNP in various capacities. Patrick holds the CFA Designation and is a CFA Charterholder. He also holds
       an MBA in Information Technology and graduated from the University of Paris V - René Descartes, where he earned a DESS
       Banque et Finance. Patrick also graduated from the Conservatoire National des Arts et Métiers (CNAM), where he obtained the
       Diplôme d'Etudes Supérieures Bancaires (DESB-ITB) and two other undergraduate degrees.
       Alan Douglas: Director, Infrastructure Finance
       Alan is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe. Prior to joining CIFG
       Europe, Alan was a Principal in the Bank of America Global Infrastructure department. There he worked as financial adviser
       and lead arranger on a wide range of infrastructure transactions throughout Western Europe. Keynote transactions on which he
       worked included the first limited recourse transaction in Greece, the first privately financed light rail system in the UK, the first
       toll road in the UK and the first major PFI/PPP project to reach financial close in the UK. He has also worked on transactions in
       Portugal, France, Italy and Poland. He holds a degree in Banking and Finance from Loughborough University.
       Rémi Charrier: Deputy Director, Structured Finance
       Remi is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, he was Deputy
       Director for AGF Assurances Financières, supervising the launch of the financial guaranty business. Prior to that, Remi was the
       Associate Director in Structured Finance at Standard & Poor’s, with responsibility for analyzing credit risks and legal issues. He
       began his career at Crédit Lyonnais as a project manager specializing in market activities at the General Audit Office. Rémi is a
       graduate of the Ecole Supérieure de Commerce de Paris.




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US Structured Finance Group

      Jeremy Reifsnyder: Managing Director, Head of US Structured Finance Group
      As the Head of the Structured Finance Group, Jeremy is responsible for all structured finance transactions in North America.
      Before joining The CIFG Group, Jeremy was a Managing Director at MBIA Insurance Corporation and Capital Markets
      Assurance Corporation (CapMAC), where he led the Corporate & Special Products Group as well as the Structured
      Secondary Markets and Conduits Group. Prior to joining CapMAC, Jeremy was a consultant to the Global Asset Backed
      Securities Group at Chase Manhattan Bank, and Managing Director of North American Structured Finance at Deutsche
      Bank and Deutsche Morgan Grenfell. His previous experience included service with Continental Bank N.A. and Société
      Générale. Jeremy holds an M.B.A. from the Wharton School of the University of Pennsylvania, an M.A. in East Asian
      Studies from Harvard University, and a B.A. in political science from Columbia University.
      Rita Duggan: Managing Director, US Structured Finance Group
      Rita is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
      business. Prior to joining The CIFG Group, Rita was a Director at MBIA Insurance Corporation in the Structured Finance
      Risk Management Group as the primary risk officer for both the CDO and the future flow new business groups. Prior to
      that, she was a senior transactor for several years in the Corporate Asset-Backed & Special Products Group, specializing in
      new assets. Rita’s experience prior to joining MBIA was at PPM America in the Structured Finance Group, where she
      invested in asset-backed securities; Rothschild Inc. in the Capital Markets Group, where she structured asset-backed
      transactions; Fitch in the Asset-Backed Securities Group, where she rated asset-backed transactions; and Daiwa Bank where
      she was a lending officer for structured and project finance transactions. Rita received a Master’s degree in International
      Affairs from Columbia University and a B.S. degree from Marymount College.
      Victor Mahoney: Managing Director, US Structured Finance Group
      Victor is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
      business. Prior to joining the CIFG Group, Victor was a Director in the Securitization Group of Dresdner Kleinwort
      Wasserstein Securities, where he originated asset-backed transactions in the public, private and conduit markets. Prior to
      that, Victor performed a similar role as a Vice President with Deutsche Bank Securities’ Mortgage and Asset-Backed Group.
      Victor’s broad experience ranges across the highly liquid asset classes of credit cards, autos, trade receivables and student
      loans to the more esoteric boat and RV loans, equipment leases, rental car leases, franchise loans and senior settlements.
      Victor’s earlier experience also includes positions with the asset-backed groups at NatWest Markets and Sumitomo Bank.
      Victor holds an M.B.A. from the Wharton School of the University of Pennsylvania, and a B.A. from Dartmouth College.




                                                                                                                                      Page 42
US Structured Finance Group (cont.)

       Violet Diamant: Director, US Structured Finance Group
       Violet is responsible for underwriting, origination and marketing for The CIFG Group’s North American structured
       finance business. Before joining the CIFG Group, Violet worked in the Global Securitization Americas group at
       WestLB AG for several years originating asset-backed transactions in the conduit market. Prior to that, Violet was a
       Director at Standard & Poor’s Structured Finance Ratings where she rated transactions backed by consumer assets,
       including auto loans, auto leases, marine loans, recreation vehicle loans and residential mortgages. Violet holds an
       M.B.A. from New York University’s Stern Graduate School of Business, a J.D. from the Duke University School of
       Law and a B.A. in economics from St. John’s University.

       Richard J. Zogheb: Director, US Structured Finance Group
       Richard is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured
       finance business. Prior to joining The CIFG Group, Richard was a Vice President at MBIA Insurance Corporation in
       the Global Operating Assets Group as the primary deal manager for both aircraft and other operating asset
       transactions. Prior to that, he was a transactor in the Corporate Asset-Backed Group, specializing in CDO and small-
       ticket lease transactions. Before joining MBIA, Richard was a Vice President in the structured finance department at
       The Industrial Bank of Japan where he was a senior member of the team that structured CDOs from the bank’s
       balance sheet; Standard and Poor’s in the Structured Finance Group, where he rated esoteric asset-backed and CDO
       transactions; and Republic National Bank of New York where he was an officer in the Trading Risk Management
       group and risk officer for the Emerging Markets Trading group. Richard holds an M.B.A. from New York
       University’s Stern School of Business’ Executive Finance Program and a B.A. in economics from Hunter College.
       Zhengyuan Lu: Director, US Structured Finance Group
       Lu is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured
       finance business. Prior to joining The CIFG Group, Lu was a Director at MBIA Insurance Corporation in the CDO
       and Structured Product Group, specializing in funded & synthetic CDOs and other credit derivative based products.
       Prior to MIBA, Lu was a senior transactor in the Structured Finance Group of Asset Guaranty Insurance Company,
       with responsibility of originating and executing ABS transactions. Lu's experience prior to joining Asset Guaranty
       was at PPM America in the Structured Finance Group, where he invested in asset-backed securities; Rothschild Inc.
       in the Capital Markets Group and Credit Suisse First Boston in the Asset Finance Group, where he structured asset-
       backed transactions. Lu received a B.A. degree in Economics and Computer Science from Middlebury College, and
       was elected as a member of Phi Beta Kappa                                                                          Page 43
US Structured Finance Group (cont.)

       Joe W. Keepers: Director, US Structure Finance Group
       Joe is responsible for transaction modeling for The CIFG Group’s North American structured finance business.
       Prior to joining The CIFG Group, Joe was a Senior Vice President with the Structured Finance Department at
       Mizuho Corporate Bank (formerly the Industrial Bank of Japan), where he was responsible for transaction
       modeling and deal support, working on transactions for the bank and it clients involving diverse asset types such
       as CDOs, CLOs, trade receivables, equipment leases, and high LTV mortgages. Joe was responsible for
       developing the capital models and getting rating agency approval for a new SIV, sponsored by the bank. Prior to
       that he was a Vice President at Rothschild, Inc., Wertheim Schroder & Co. J.P. Morgan Securities Inc., and
       Goldman Sachs & Co. where he specialized in transaction modeling in CMOs, MBS, and Asset Backed
       Securities. Joe is a CFA and holds a Ph.D. in Pharmaceutical Chemistry, from The University of California
       at San Francisco.
       Harold Cornwall: Associate, US Structured Finance Group
       Harold is responsible for underwriting, origination, and marketing for The CIFG Group's North American
       structured finance business. Prior to joining The CIFG Group, Harold was an Associate at Wachovia Securities on
       their Structured Funds Management team specializing in multi-sector CDOs. Before joining Wachovia, Harold
       was a Lieutenant in the United States Navy, with tours of duty on nuclear fast attack submarines in Charleston,
       S.C. and staff positions with the U.S.S. Independence Carrier Battlegroup in Tokyo, Japan. Harold received a
       M.B.A from the University of California at Berkeley and a B.S. in Systems Engineering from the United States
       Naval Academy. He has successfully completed CFA level three.
       Jonathan Sloan: Associate, US Structured Finance Group
       Jonathan Sloan is responsible for underwriting, origination, and marketing for The CIFG Group's North American
       structured finance business. Prior to joining The CIFG Group, Jonathan was an Associate at J.P. Morgan
       Securities, Inc. in the North American Asset-Backed Securities Group where he marketed and executed
       securitization and synthetic portfolio transactions in several different asset classes including student loans and
       global residential mortgage backed securities. His prior experiences included working as a senior accountant at
       the New York based hedge fund D.E. Shaw & Co. and in the Commercial Products division of Arthur Andersen
       LLP. Jonathan graduated summa cum laude from Binghamton University where he received his M.S. and B.S. in
       Accounting.
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