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Who says Dan Hardy (Pictured) doesn't have a ground game? For Hardy fans who expected to see vintage "Outlaw" do his thing against Amir Sadollah on Saturday, Hardy decided to flip the script and showcase his improved grappling skills.
After making his name as one of MMA's most lethal gunslingers, Hardy stated after his unanimous decision victory that he's no longer interested in "chin checking" with his opponents. His refined outlook might not be as exciting, but it proved effective in its debut.
Hardy appears to have found new life after losing four straight scraps. The 30-year-old has rallied to win two consecutive contests.
UFC on FUEL TV 5 took place Saturday inside Capital FM Arena in Nottingham, England.
Please click the media player below to watch the highlights:
Video: UFC on FUEL TV 5: Hardy handles Sadollah
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subset: commoncrawl


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Burger King plans to buy Tim Hortons, a Canadian company, in order to dodge US taxes. Continue reading
EXPLORE Inequality
- August 26, 2014 | Moyers & Company
In part two of his interview, Joseph E. Stiglitz says corporate abuse of our tax system has helped make America unequal and undemocratic. But the Nobel Prize-winning economist has a plan to change that. Watch the full show » Continue reading
- August 25, 2014
A new documentary, Rich Hill, sheds a light on rural, white poverty. Continue reading
- August 23, 2014
The unrest in Ferguson appears to be settling, but it prompted debates that continue. Continue reading
- August 23, 2014
Microsoft Corp. is currently sitting on almost $29.6 billion it would owe in U.S. taxes if it repatriated the $92.9 billion of earnings it is keeping offshore. Continue reading
- August 22, 2014 | Inequality
Inequality isn't inevitable in capitalism, says the Noble Prize-winning economist in Harper's. But it is with the capitalist system America currently has. Continue reading
- August 22, 2014
Any time spent behind bars is harmful to individuals, families, and communities. In many cases, the use of jail makes society less safe. Continue reading
- August 22, 2014
A middle-class family who had a child in 2013 can expect to spend $304,408 over the course of raising her until age 18. Continue reading
- August 22, 2014
Economists are urging Obama to sign an executive order on overtime pay. Continue reading
- August 21, 2014
Over 1,200 Facebook fans wrote in with ideas. Continue reading


text: Assured Guaranty Ltd. Equity and Fixed Income Investor Day June 11, 2008 Agenda Overview and Management Introduction Sabra Purtill Assured Guaranty Ltd.: Dominic Frederico Strategic Overview Financial Guaranty Direct Mike Schozer Financial Guaranty Reinsurance Dave Penchoff Coffee Break Credit Underwriting Howard Albert Risk Management and Surveillance Andrew Pickering Capital and Financial Overview Bob Mills 2 Safe Harbor Disclosure Any forward-looking statements made in these presentations reflect Assured Guaranty Ltd.'s (the "Company") current views 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. For example, the Company's forward looking statements, including its statements regarding growth in earned premium, return on equity, amount of direct and reinsurance new business, reserves and claims, could be affected by a significant reduction in the amount of reinsurance ceded by one or more of our principal ceding companies, rating agency action such as a ratings downgrade, difficulties with the execution of the Company's business strategy, contract cancellations, developments in the world's financial and capital markets, more severe or frequent losses associated with products affecting the adequacy of the Company's loss reserve, changes in regulation or tax laws, governmental actions, natural catastrophes, the Company's dependence on customers, decreased demand or increased competition, loss of key personnel, technological developments, the effects of mergers, acquisitions and divestitures, changes in accounting policies or practices, changes in general economic conditions, other risks and uncertainties that have not been identified at this time, management's response to these factors, and other risk factors identified in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. 3 Strategic Overview Dominic Frederico President & Chief Executive Officer Assured Guaranty Ltd. Assured Guaranty Overview • Our sole focus is financial guaranty New Business Production (PVP1) Last Twelve Months (LTM) ended 3/31/08 - 20 year track record in financial guaranty market - Largest financial guaranty reinsurer in the Reinsurance business 38% - Growing financial guaranty direct franchise $396 Direct $122 million 62% $648 • Strong capitalization million - Consolidated GAAP equity of $1.5 billion, second highest in the industry as of March 31, 2008 - GAAP equity plus mark-to-market on derivatives and $250 million April 2008 equity investment by WL Ross & Co. is $2.4 billion Total PVP: $1.04 Billion 109% growth versus LTM ended 3/31/07 • Benefiting from current market conditions - New business is up 109% in the last twelve months 1. For an explanation of PVP, a non-GAAP financial measure, and a reconciliation of PVP to gross written 5 premiums, which is the most comparable GAAP term, please refer to the appendix. Key Achievements Since IPO • February - Single- name corporate credit default book of business sold • February – WL • April - Fitch • June - Moody's Ross & Co. commits assigns AAA upgrades Assured to purchase up to $1 (stable) to Assured Guaranty Corp. to billion in common Guaranty Corp. positive and affirms shares • April 22 - IPO Aa1 rating • July - Moody's • June – S&P • March – Record $18.00 per upgrades Assured upgrades Assured • December - $150 new business share Guaranty Corp. to Guaranty Corp. to million share production for Aaa (stable) • May - Assured outlook stable from repurchase from ACE Financial Guaranty Guaranty Corp. negative and Limited • October - Licensed Direct segment and upgraded to affirms AAA rating in all 50 U.S. States, 30% market share in • 4Q-06 - Financial Aa1 (stable) by Puerto Rico, District U.S. public finance • Full year - guaranty direct net Moody's of Columbia Financial guaranty par outstanding • April – WL Ross & • July Assured direct PVP exceeds exceeds financial • November- Sydney, Co. purchased $250 Guaranty (UK) financial guaranty guaranty reinsurance Australia office million in common authorized reinsurance PVP segment opens shares 2004 2005 2006 2007 2008 6 Assured Guaranty Today • One of the only two primary financial guarantors with triple-A (stable) ratings Net Par Outstanding from all three major credit rating $ 250 $ in billions agencies 200 125% growth • Second largest financial guaranty company based on first quarter 2008 150 GAAP equity and new business production 100 • 168 employees globally with offices in 50 New York, Sydney, London, Bermuda 0 2004 2005 2006 2007 1Q- 2008 7 Strategic Goals • Expand the financial guaranty direct franchise - Public finance and structured finance • Maintain leading market position in reinsurance • Exercise strict underwriting discipline • Maintain ratings - Triple-A (stable) for direct companies - Double-A (stable) for reinsurance company • Manage capital efficiently and proactively 8 Competitive Advantages • Flexible platform - Direct and reinsurance - Public finance and structured finance - U.S., Bermuda and European licensed companies • Investor capacity for Assured-wrapped bonds - Fixed income investors have limited exposure to Assured given our recent entry into the direct business • Proven track record for credit discipline - No CDOs of ABS with subprime exposure - Limited second lien exposure • Publicly-traded company based in Bermuda - Extensive financial disclosures on a quarterly basis 9 Industry Environment: Exposure to RMBS $ in billions as of March 31, 2008 1 1 AGL Ambac CIFG FGIC FSA MBIA SCA Lower risk assets US prime first lien $2.3 $11.4 $0.0 $2.4 $2.8 $2.2 $0.1 US Alt-A 7.4 6.5 0.1 2.0 1.7 3.6 3.1 Subprime RMBS 7.0 8.1 1.9 7.9 5.1 4.2 1.1 Total lower risk assets 16.7 26.0 2.0 12.3 9.6 10.0 4.3 Medium risk assets US home equity 2.3 11.4 0.8 10.1 4.5 8.7 3.0 US closed end seconds 0.5 5.0 0.5 9.0 0.8 10.1 0.5 Total medium risk assets 2.8 16.4 1.3 19.1 5.3 18.8 3.5 High risk assets CDOs with RMBS 0.0 26.5 9.4 10.9 0.0 22.1 15.2 CDOs Squared 0.0 3.0 0.0 0.0 0.0 8.6 1.6 Total high risk assets 0.0 29.5 9.4 10.9 0.0 30.7 16.8 Total RMBS & CDOs w/RMBS 2 $19.5 $71.9 $12.7 $42.3 $14.9 $59.5 $24.6 GAAP shareholder's equity $1.49 $1.30 $0.63 $0.55 $0.04 $2.06 $0.35 Lower risk assets to GAAP equity 11x 20x 3x 22x 218x 5x 12x Medium risk assets to GAAP equity 2x 13x 2x 35x 121x 9x 10x Higher risk assets to GAAP equity 0x 20x 15x 20x 0x 11x 44x Total RMBS to GAAP equity 13x 55x 20x 77x 339x 29x 71x Net par outstanding $214.9 $511.1 $78.7 $303.1 $414.1 $667.8 $154.9 % RMBS of total net par outstanding 9.1% 14.1% 16.1% 14.0% 3.6% 8.9% 15.9% (1) Data as of 9/30/07 (2) Numbers may not add up due to rounding Source: S&P Report: "Detailed Results of Subprime Stress Test of Financial Guarantors" published 2/25/2008 (data as of 9/30/2007) 10 New Competitive Tiering As of March 31, 2008, unless noted, and in millions of dollars: Ranked by 1Q-08 new business production Consolidated Net Par Ratings Holding GAAP Shareholders' Net Par Outstanding to S&P / Moody's / Fitch Company Equity Outstanding GAAP Equity 1Q-08 PVP3 Outlook AAA / Aaa / AAA FSA $44 $414,128 9,412:1 $281 Stable / Stable / Stable AAA / Aaa / AAA Assured 1,493 214,876 144:1 277 Stable / Stable / Stable AA / Aaa / AA MBIA 2,060 667,818 324:1 44 Neg / Neg / Neg AA / Aaa / AA Ambac 1,297 511,082 394:1 40 Neg / Neg / Neg A- / A3 / BB SCA 348 154,900 445:1 10 Neg / Neg / Neg BB / Baa3 / BBB FGIC 548 303,1452 553:1 N/A Neg / Neg / Neg A+ / Ba2 / CCC CIFG1 631 78,706 125:1 N/A Neg / Neg / evolving 1. Results as of March 31, 2007 2. Results as of December 31, 2007 11 3. 3. For an explanation of PVP, a non-GAAP financial measure, and a reconciliation of PVP to gross written premiums, which is the most comparable GAAP term, please refer to the appendix. Unprecedented Market Opportunity • U.S. public finance • Asset-backed securities • International infrastructure • Reinsurance 12 2008 Goals • Continue to exercise strict underwriting discipline - No U.S. RMBS in reinsurance segment - No CDOs of ABS or other transactions with embedded leverage • Financial goals - Increase operating return on equity - Continue efficient capital management - Maintain additional capital cushion above current rating agency requirements • Position company as industry leader - Maintain position in structured finance - Expand international reach - Firmly establish U.S. public finance franchise - Opportunistic on capital and business opportunities 13 Financial Guaranty Direct Mike Schozer President Assured Guaranty Corp. Outline • Overview • U.S. public finance • Asset-backed securities • International infrastructure 15 Direct Business Senior Staff Michael Schozer President Bill Hogan Paul Livingstone Jeffrey Nabi Marc Bajer SMD SMD SMD SMD Public Finance Structured Credit Consumer ABS/MBS International John Trahan Daniel Bevill Jack Gray Nick Proud MD MD MD MD Public Finance Structured Credit MBS Structured Finance Mary Francoeur Jorge Gana Michael Babick Ralph Eley MD MD MD MD Public Finance Commercial Assets ABS Infrastructure Finance Kathleen Evers Asheligh Bischoff Craig Lee MD MD MD Public Finance CDOs Asia/Pacific Richard Cassata MD Secondary Markets 16 New Business Written Financial Guaranty Direct Financial Guaranty Direct PVP1 Gross Par Written $600 $60 $500 $476.8 $50 $47.8 $41.7 $12.2 $400 $152.6 $40 $ in millions $13.2 $ in billions $302.2 $300 $30 $119.7 $13.0 $200 $264.1 $20 $31.3 $17.2 $145.5 $12.5 $26.8 $100 $146.8 $10 $69.7 $120.6 $15.7 $61.1 $9.5 $60.1 $4.3 $24.9 $35.7 $1.4 $1.7 $0 $8.6 $0 2004 2005 2006 2007 2004 2005 2006 2007 U.S. public finance U.S. structured finance International U.S. public finance U.S. structured finance International 1. For an explanation of PVP, a non-GAAP financial measure, and a reconciliation of PVP to gross written premiums, which is the most comparable GAAP term, please refer to the appendix. 17 U.S. Public Finance Municipal Bond Issuance • Core long term franchise 500 • Fundamental value proposition of bond 450 insurance remains 400 - Enhancing liquidity 350 - Improving access to capital markets $ in billions for issuers 300 - Providing surveillance and 250 remediation 200 - Insuring against credit risk 150 100 50 0 * 05 06 07 99 00 01 02 03 04 08 20 20 20 20 19 20 20 20 20 20 New Money Refundings Source: Bond Buyer Online Combined issuance is evenly divided between new money and refundings. * As of May 31, 2008 18 U.S. Public Finance Relative Spreads Change in Interest Rate Spreads for Various Asset Classes October 2007 to Present 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 10/2/07 10/16/07 10/30/07 11/13/07 11/27/07 12/11/07 12/25/07 1/8/08 1/22/08 2/5/08 2/19/08 3/4/08 3/18/08 4/1/08 4/15/08 4/29/08 5/13/08 5/27/08 10yr AAA Insured vs. 67% 10yr Treasuries 5yr AAA Floating Rate Credit Cards vs LIBOR 10yr AA MBS (Jumbo) vs UST 7-10yr Single-A Corporates vs UST Source: Thomson's MMD Interactive and JPMorgan Global Structured Finance Research database 100 = Spread at October 2, 2007 19 U.S. Public Finance Insurance Penetration • Insured penetration for the last 10 years has averaged approximately 50% 90% 80% 70% 60% Penetration Rate 50% 40% 30% 20% 10% 0% Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Uninsured New Issue Volume Insured New Issue Volume Source: SDC Platinum 20 U.S. Public Finance Spread Environment U.S. Municipal Bond Credit Spreads (bps) 80 60 40 20 0 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 30yr BBB GO vs 30yr AAA Insured GO 30yr AAA Insured GO vs 30yr AAA Natural GO Source: Thomson's MMD Interactive 21 U.S. Public Finance Market Share Assured Guaranty Corp. New Issue Market Share 50% 40% Share of Insured Market 30% 20% 10% 0% Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Source: SDC Platinum 22 U.S. Public Finance Assured vs. FSA Spread Differential – 2008* 15 10 Spread (bps) 5 0 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Indices represent composite of bonds by insured by AGC and FSA, respectively. Each composite represent about 35 bonds from each insurer across various sectors and security features with similar maturities (25-30yrs) , coupons (near 5%), call structures and state locations. Evaluations are sourced through the JJ KENNYBASE, a product of Standard & Poor's. * Data as of May 28, 2008 23 Franchise Expansion Assured Guaranty Financial Guaranty Direct U.S. Public Finance Gross Par Written by Asset Class 18,000 16,000 14,000 Gross par written ($ billions) 12,000 10,000 8,000 6,000 4,000 2,000 - 2004 2005 2006 2007 2008* Other public finance Tax backed Higher education Transportation Healthcare Municipal utilities and investor-owned utilities General obligation Source: Assured Guaranty's public filings * As of May 31, 2008 24 Asset-Backed Securities Assured Guaranty Financial Guaranty Direct ABS Gross Par Written by Asset Class 35,000 30,000 Gross par written ($millions) 25,000 20,000 15,000 10,000 5,000 - 2004 2005 2006 2007 2008* Other structured finance Pooled corporate obligations Insurance securitization Consumer receivables Commercial receivables Mortgage-backed and home equity Commercial mortgage-backed securities Mortgage backed and home equity combines all RMBS. Structured credit is included within other structured finance * As of May 31, 2008 25 ABS Market Volumes Year-over-year U.S. ABS Issuance Change Total (84.8% ) Other Equipment (84.7% ) Credit Card 13.9% Student Loan (39.9% ) Auto (34.6% ) CDO (90.5% ) Subprime RM BS (98.6% ) $0 bil. $100 bil. $200 bil. $300 bil. $400 bil. $500 bil. $600 bil. 2007 YTD 2008 YTD (thru May) Source: Thomson Financial Securities Data and Deutsche Bank 26 Wider Spread Environment Credit Spread Development in Selected Asset Classes (bps) 300 250 200 150 100 50 0 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Auto (Near Prime) AAA 3yr Spread to Swap U.S. HY CLO AAA 6-8yr WAL Spread to LIBOR Credit Card AAA 5yr Spread to LIBOR Source: JPMorgan Global Structured Finance Research database 27 Consumer Asset-Backed Securities Total U.S. Auto ABS Issuance 100 90 80 Issuance (in $Billions) 70 60 50 40 30 20 10 0 2004 2005 2006 2007 2008 YTD Year Insured Subprime Subprime - Uninsured Prime Source: Asset-Backed Alert and Deutsche Bank Data includes auto public and 144a issuance. * As of May 31, 2008 28 International Infrastructure Finance - Europe European Infrastructure Bond Issuance by Sector 14,000 Other 12,000 GBP (millions) equivalent Repackage 10,000 Health 8,000 Communications 6,000 Accommodation 4,000 Natural resources 2,000 Transport - 2001 2002 2003 2004 2005 2006 2007 2008* Source: HSBC Data excludes public sector sponsored infrastructure bonds. * Data as of April 2008 29 International Infrastructure Finance - Europe Monoline Guaranteed European Infrastructure Bonds 12,000 10,000 8,000 GBP millions 6,000 4,000 2,000 0 2003 2004 2005 2006 2007 2008* Source: Operating supplements of each insurer Represents international public finance and related sub-categories for each insurer. FGIC incorporates all international finance. Data excludes $6.3 bn par of European infrastructure finance insured by CIFG since inception. * As of March 31, 2008 30 Asia Pacific Market Overview Australia Non-Recourse Project Finance 40,000 35,000 30,000 25,000 US$millions 20,000 15,000 10,000 5,000 - 2004 2005 2006 2007 Wrapped Unwrapped Source: Dealogic 31 Asia Pacific Market Overview Structured Finance – Australasia Issuance Source: Thomson's Financial 32 2008 Outlook • Three core markets - U.S. public finance - Asset-backed securities - International infrastructure • Favorable macro fundamentals 33 Financial Guaranty Reinsurance David Penchoff President Assured Guaranty Re Ltd. Financial Guaranty Reinsurance • Reinsurance is a core franchise at Assured - 20 year track record in this market - Has provided reinsurance to all the triple-A participants in the market • Assured Guaranty Re (AG Re) is a leading financial guaranty reinsurance company - $1,095 million in GAAP equity, before $150 million April 2008 equity addition - $2.4 billion in claims-paying resources - Double-A (stable) ratings from all three major rating agencies • AG Re is well positioned to take advantage of current market opportunities - Ratings stability - Experienced Bermuda-based team of underwriters - Capital strength and flexibility • AG Re supports the growth of Assured's direct franchise - Largest provider of reinsurance - Allows Assured to manage efficiently single risk limits for internal, regulatory and rating agency purposes 35 AG Re Staff David Penchoff President Elizabeth Sullivan Gary Burnet Darrin Futter VP Managing Director Financial Controller Risk Management Accounting & Finance Stephen Shea Sheila Joynes Serena Smith Sandra Joell Patricia Amaral VP AVP AVP Accountant Accountant Underwriting Underwriting Surveillance 36 Competitive Position As of March 31, 2008 Net Par/ GAAP Net Par S&P Moody's Fitch Reinsurer GAAP Equity Outstanding Outlook Outlook Outlook Equity Radian AA Aa3 $1,659.8 $116.8 70:1 Not Rated Asset Negative Negative AA Aa2 AA AG Re 1,095.1 113.0 103:1 Stable Stable Stable Channel AA Aa3 1 325.9 43.0 132:1 Not Rated Reinsurance Negative Negative 1 2 AA Aa3 BluePoint Re 455.0 35.4 78:1 Not Rated Negative Negative AA Aa3 RAM Re 72.2 48.7 674:1 Not Rated Negative Negative 1. As of December 31, 2006: from S&P Global Bond Insurance 2007 2. Statutory Capital: S&P Global Bond Insurance 2007 37 Comparative S&P Capital Cushion Stress test results as of Feb. 14, 2008 Summary Of Currently Expected Losses And Capital Position ($ in millions) AG Re BluePoint Channel Ram Re Total RMBS $45.7 $147.9 $37.5 $195.2 $426.3 losses CDO .2 214.5 650.2 137.0 1001.9 losses Total 45.9 362.4 687.7 332.2 1428.2 losses Adjusted capital cushion at 12/31/2007 $1,050-1,100 $250-300 $600-650 $200-250 38 Source: Standard & Poor's Current Environment • One third party treaty client (FSA) 1Q-08 Financial Guaranty Reinsurance PVP1 • Facultative clients not writing new business - Limited facultative cessions in 1Q-08 - Do not expect much volume from 47% $10.1 anyone other than FSA for 2008 $11.3 53% million million • 2008 new business activity largely focused on portfolio transactions for companies that are restructuring or in capital raising mode Facultative Treaty $21.4 million in PVP1 1. For an explanation of PVP, a non-GAAP financial measure, and a reconciliation of PVP to gross written premiums, which is the most comparable GAAP term, please refer to the appendix. 39 Unaffiliated Reinsurer Strategy Financial Guaranty Reinsurance PVP1 and Facultative Submissions • Prior to fourth quarter 2007, AG Re's financial guaranty reinsurance segment $ 400 $397.7 focused on expanding facultative 350 business with primary financial guaranty companies 300 $ in millions - Two treaty clients in 2007 250 200 $192.8 176 • We successfully expanded unaffiliated 150 $127.7 $151.5 facultative business as a percent of total new business volume since IPO 100 65 138 146 - Had facultative relationships with all triple-A 50 rated primary companies 0 - 86% of 2007 unaffiliated reinsurance PVP was facultative 2004 2005 2006 2007 Treaty PVP Facultative PVP # of submissions 1. For an explanation of PVP, a non-GAAP financial measure, and a reconciliation of PVP to gross written premiums, which is the most comparable GAAP term, please refer to the appendix. 40 4Q-07 Ambac Transaction • In fourth quarter 2007, we underwrote our first facultative portfolio reinsurance cession from Ambac • Closed December 2007 - 82% U.S. domestic public finance - 8% U.S. structured finance - 7% international public finance - 3% international structured finance • Total par ceded was $29.1 billion • Total PVP of $259.8 million • Estimated returns on capital of 18% or higher on rating agency capital • No CDOs or RMBS 41 Portfolio Transactions Update • Reinsurance team focused on inquiries for portfolio reinsurance transactions - Maintaining our underwriting standards - Working in conjunction with credit and risk management to triage portfolios for acceptable credits • Many challenges to converting quotes to closed transactions - Uncertainty about long-term viability of some primaries - Competition from private equity, other financial guarantors, other investors - Regulatory approvals may be required - Achieving current returns on older transactions requires reduced or no ceding commission • Capital requirements for transactions being evaluated - WL Ross & Co. commitment - Debt capacity - Other structures/investors 42 Credit Underwriting Howard Albert Managing Director and Chief Credit Officer Multiple Layers of Oversight Risk Oversight Committee of Board of Directors – Three members – Chaired by Donald Layton, Chairman and CEO of E-Trade – Sets and monitors corporate risk tolerance levels Portfolio Risk Management Committee (PRMC) – Eleven members – Chaired by the CEO Direct Credit Committee – Eleven members – Only two have responsibility for business generation – All key disciplines covered – credit, surveillance, legal and finance Business Segment – Experienced in asset class – Visibility 44 Portfolio Risk Management Committee • Oversees policies and procedures for evaluation and approval of credit risks • Develops and maintains standards for transaction underwriting - Creation and maintenance of credit policy - Approval process and authority - Due diligence and fraud prevention requirements - Transaction modeling and stress testing • Develops underwriting and risk limits - Single risk - Sector - Seller/servicer - Country • New product evaluation - White paper presentation 45 Key Credit Tenets • Independence and strong oversight - Independent limits - Independent oversight and underwriting committees - Internal ratings of all risks • Stress testing - Historical data is not always predictive - We look for inflection points that may signal changes in future performance - Overly complex transactions that cannot be adequately modeled are avoided • Emphasis on avoidance of high-severity losses - Leverage on leverage; non-linear relationship between underlying assets and insured securities - Mezzanine exposures - Event risk - Correlation 46 Key Credit Tenets – cont'd • Due diligence - On-site due diligence with member of credit staff, often the Chief Credit Officer, in attendance - File reviews as appropriate • Wrapped transactions are evaluated and approved without respect to wrap - Complete transparency to, and approval of, underlying risk - Underlying risk must comply with risk limits • Mark-to-market risk in CDS is evaluated 47 Current Approach to RMBS First lien seasoned deals: • Foreclosure frequency (FF): - Current bucket – 20% - 30-day delinquent – 65% - 60-day delinquent – 90% - 90-day+, bankruptcy, foreclosure, REO – 100% • Loss severity (LS): - Market value decline - 60% for California, Florida, Nevada and Arizona, plus all condos (40% elsewhere) - No credit to mortgage insurance - Assume all option ARMS are at negative amortization cap • Increased foreclosure time (1.5 to 2.5 years, depending on state) HELOC and closed-end second lien deals: • We use a similar FF roll-rate analysis to the above (though more conservative assumptions – 35% for the current bucket, 80% and 90% for the 30 and 60-day buckets, respectively) with a 105% LS assumption but require a minimum attachment of 50% subordination (with the exception of pools comprised of bank- originated, prime-quality borrowers with a significant amount of fixed-rate underlying first mortgage liens) We require a minimum multiple of 2.0x expected loss 48 Risk Management and Surveillance Andrew Pickering Managing Director and Chief Surveillance Officer Risk Management and Surveillance Process and Responsibilities • Independent reporting structure - Report directly to the CEO - Oversight and review by Portfolio Risk Management Committee and Risk Oversight Committee of the Board - Loss Reserve Committee reviews case reserves - membership comprised of CEO, CFO, General Counsel, Chief Accounting Officer and Chief Surveillance Officer • Surveillance team responsible for monitoring all transactions in the insured portfolio - Adjust risk ratings to reflect changes in transaction performance and credit quality - Identify deteriorating credits for inclusion on the Closely Monitored Credits (CMC) list - Manage work-out and claim situations - Present analysis and recommendations to the Loss Reserve Committee - Report on portfolio composition and risk characteristics • Increase in staff to support growth of the business - Headcount budgeted to increase from 13 to 20 in 2008 - Net par outstanding in financial guaranty direct segment $116 billion at March 31, 2008 spread across 71,061 transactions, up 57% and 76%, respectively over the prior year 50 Risk Management Department Andrew Pickering MD Chief Surveillance Officer Christopher Mortello Nick Moy James Wong Jonathan Harris Michael DiRende MD MD Director Director MD ABS/MBS Public Finance Robert Heller James Lennon Diana Estrada Richard Hawkins Lili Chueng Giri Pawar Director VP AVP VP AVP VP Petra Encarnacion Phillip Chan AVP AVP Anthony White Analyst 51 Portfolio Credit Quality • Our overall portfolio credit quality Assured Guaranty Ltd. remains strong, with limited exposure $214.9B Net Par Outstanding to troubled asset classes BIG Super - No CDO of ABS after 2003 BBB 2% senior - No direct subprime RMBS below AAA after 12% 2003 20% - No CDO squareds - $2.3 billion in HELOC exposure, of which 62% is in only two deals; remainder consists of 68 deals (average size $12 million) - Limited exposure, especially at lower A attachment points, to other consumer asset 25% classes that may come under duress, such AAA as subprime auto 22% • We are well-positioned to withstand the stresses of the downturn in the credit AA cycles 19% Super senior AAA AA A BBB BIG 52 Pooled Corporate Obligations Exposure • Transaction performance remains strong overall, and the portfolio is highly rated – 93% rated AAA or super senior, and 99.9% rated AA or higher - Average credit enhancement of 35.2% compared to Moody's forecast that the speculative grade default rate will reach 6.1% by year-end 2008 Avg. Initial Net Par Credit Avg. Current Pooled Corporate Obligations: Outstanding % Average Rating Enhancement Enhancement High yield corporates $ 25,458 63.1% AAA 34.0% 32.8% Trust preferred 7,654 19.0% AAA 45.7% 44.4% Market value CDOs of corporates 3,784 9.4% AAA 40.7% 35.5% Investment grade corporates 2,341 5.8% AAA 28.6% 29.4% Commercial real estate 737 1.8% AAA 43.3% 43.1% CDO of CDOs (corporate) 389 1.0% AAA 33.0% 33.9% $ 40,362 100.0% AAA 36.7% 35.2% 53 Trust Preferreds • $7.7 billion in the trust preferred category, Deal NPO Initial Q1 with $2.6 billion on transactions where the ($ in CE 2008 underlying obligors are U.S. real-estate millions) CE credits Deal #1 $217.2 56.3% 54.3% • Defaults and rating downgrades on the Deal #2 304.2 54.5 53.0 underlying collateral, primarily mortgage Deal #3 310.5 50.1 50.2 REIT and homebuilders, have put downward pressure on ratings. Deal #4 238.0 48.7 48.1 - Although overall credit enhancement remains high, some downgrades are likely, but 46.3% Deal #5 232.2 52.8 47.8 credit enhancement provides substantial buffer to credit defaults Deal #6 307.4 51.8 47.3 Deal #7 164.5 49.3 46.7 Deal #8 254.7 48.4 46.7 Deal #9 299.1 45.6 38.6 Deal #10 276.30 43.80 39.0 Total $2,604.1 50.0% 46.3% 54 U.S. CMBS Exposure • Transactions performance remains strong overall with 94% of our U.S. CMBS exposure of $5.7 billion rated AAA – 65% of insured collateral was issued prior to 2006 • Delinquencies remain low across all vintages Year Cumulative 60+ Days NPO Pool Factor Subordination Issued Losses Delinquency 2002 $90 47.3% 22.0% 0.0% 0.6% 2003 - - - - - 2004 224 100.0% 21.1% 0.0% 0.0% 2005 3,429 100.0% 28.8% 0.0% 0.2% 2006 1,418 100.0% 30.3% 0.0% 0.2% 2007 578 95.6% 18.2% 0.0% 0.0% Total $5,738 97.3% 28.5% 0.0% 0.2% 55 Closely Monitored Credits (CMC) As of March 31, 2008; $ in billions 1 Net Par Outstanding by Credit Monitoring Category Description: NPO % # of credits Fundamentally sound risk $ 210.8 98.1% Closely monitored credits: Category 1 1.4 0.7% 32 Category 2 2.3 1.1% 20 Category 3 0.3 0.1% 29 Category 4 0.0 - 16 CMC Total 4.0 1.9% 97 Other below investment grade risk 0.0 - 47 Total $ 214.9 100.0% 1. Assured's surveillance department is responsible for monitoring the Company's portfolio of credits and maintains a list of closely monitored credits. The closely monitored credits are divided into four categories: Category 1 (low priority; fundamentally sound, greater than normal risk); Category 2 (medium priority; weakening credit profile, may result in loss); Category 3 (high priority; claim/default probable, case reserve established); Category 4 (claim paid, case reserve established for future payments). The closely monitored credits include all below investment grade (BIG) exposures where there is a material amount of exposure (generally greater than $10.0 million) or a material risk of the Company incurring a loss greater than $0.5 million. The closely monitored credits also include investment grade (IG) risks where credit quality is deteriorating and where, in the view of the Company, there is significant potential that the risk quality will fall below investment grade. 56 Top Ten Non-Investment Grade Exposures As of March 31, 2008; $ in millions Weighted Average Remaining Net Par Average 1 Name or Description Segment Life Outstanding Rating CWHEQ Revolving Home Equity Loan Trust, 2007-D Direct 6.1 $ 736 BB Countrywide Home Equity Loan Trust 2005-J Class 1 & 2 Direct 5.1 654 B Jefferson County Alabama Sewer Reinsurance 27.7 540 CCC Ballantyne Re PLC Direct 13.8 500 BB Orkney Re II, PLC Direct 10.6 423 BB SACO I Trust 2005-GP1 Direct 2.6 102 BB American Home Mortgage Assets Trust 2007-3 Direct 2.6 100 B- Domestic Residential Mortgage-backed HELOC transaction Reinsurance 6.0 79 B Trover Clinic Foundation Direct 18.9 77 BB Domestic Residential Mortgage-backed HELOC transaction Reinsurance 6.0 49 CCC Total 11.3 $ 3,261 B+ 1. Assured's internal rating. Assured's scale is comparable to that of the nationally recognized rating agencies. The super senior category, w hich is not generally used by rating agencies, is used by the Company in instances w here Assured's AAA-rated ex 57 HELOCs Consolidated Assured Guaranty Ltd. HELOC by Year Issued1,2 • Countrywide-serviced HELOCs As of March 31, 2008 comprise approximately 90% of HELOC ($ in millions) net par outstanding $244 2004 and • The transaction structures include prior provisions to mitigate the risk and 11% 2007 $893 reduce the magnitude of losses. $896 40% 2005 • Assured's HELOC exposures have 40% experienced increased delinquencies and collateral losses 2006 - Excess spread 10% - Rapid amortization triggers - Prepayment speeds $219 $2.3 billion 2007 2006 2005 2004 and prior 1. Some amounts may not add due to rounding 2. No HELOCs were insured in 2008 58 HELOC Transactions • HELOC securitizations in our insured portfolio are typical of many deals in the market and generally contain the following characteristics: - Collateral characteristics: • Revolving home equity lines of credit secured by second lien mortgage on residential property • Primarily single-family residences, but properties also include 1-4 family homes, condominiums and co-operative apartments • Prime quality borrowers – average FICO 700 -740 • Interest margin 175-250 bps over prime • 5-year revolving period during which additional draws can be made, followed by 15-year repayment period • Our attachment points are at initial rating level in the BBB range, and we cover the entire capital structure above that point 59 HELOC Transactions • Transaction structure - No or modest levels of initial credit enhancement - Credit enhancement provided by excess spread and structural protections - Losses on the underlying loans paid first out of excess spread, then from OC - After initial "spread holiday," over-collateralization (OC) scheduled to build to target level - During initial Managed Amortization Period (MAP), which runs 5-10 years, prepayments are used to fund additional draws, and any excess cash remaining after that is used to pay down the insured notes - After the end of the MAP, all principal payments are used to repay the insured notes - The MAP can be terminated prior to its originally scheduled date by the occurrence of a Rapid Amortization Event - A Rapid Amortization Event can be triggered by, among other things, claim payments exceeding a specified threshold. In most of our transactions: • This results in requirement that the servicer fund future draws on the HELOC loans • Any such draws are subordinate to us in the cash flow waterfall and represent additional credit enhancement to absorb losses and/or reimburse the insurer for prior claim payments and/or build OC to required levels • Additionally, all principal payments are used to repay the insured notes • The occurrence of a Rapid Amortization Event significantly increases the amount of credit support for the insured notes and creates potential to recover prior claim payments 60 HELOC Transaction Modeling • Key variables and assumptions: - Prepayment speed (CPR): slower repayment speed results in greater excess spread but higher projected defaults on the underlying collateral - We assume that default rates remain high for some period of time, but then decline towards historical norms - Use "roll rates" to project collateral losses on delinquent loans • 75% for loans 30-90 days delinquent • 100% for loans greater than 90 days delinquent, bankruptcy, foreclosure and REO - We assume that the draw rate will decline from historical levels as credit lines are cut back or frozen by the lender - We assume that loss severity will be 100% on all defaults - We have not incorporated any benefit from other structural protections, such as the seller's obligation to repurchase or replace loans that do not conform to the requirements specified in the transaction documents 61 Countrywide 2005J – Historical Data $ in millions Transactions Statistics as of May 15, 2008 Original principal balance $1,500.0 Remaining principal balance $623.5 Cumulative losses 5.7% (% of original principal balance) Total delinquencies (% of current balance) 15.4% 62 Countrywide 2005-J Historical Data and Assumptions for Illustrative Example Historical Assumption Conditional default rate: 1-month CDR 13.2% 3-months CDR 15.8% 1.6% 6-months CDR 14.5% 12-months CDR 10.8% Draw rate: 1-month draw rate 4.0% 3-months draw rate 4.4% 3.0% 6-months draw rate 7.2% 12-months draw rate 8.8% Conditional prepayment rate: 1-month CPR 14.3% 3-months CPR 13.4% 10.0% 6-months CPR 15.1% 12-months CPR 23.2% 63 Countrywide 2005-J Illustrative Example of Assumptions Loss severity 100.0% Excess spread in bps per year 325 Implied default rate on performing loans 9.4% 64 Countrywide 2005-J Illustrative Example of Projected Model Results $ in millions Draws funded by Countrywide following rapid $88.0 amortization Excess spread $124.3 Total future credit enhancement $212.2 Losses from delinquent loans $99.2 Losses from performing loans $58.7 Total future losses $157.9 Net insured loss $0.0 Discounted insured loss $0.0 65 Countrywide 2005-J Illustrative Example of Projected Results: Lifetime Performance % of original % of total credit principal balance enhancement Losses funded by excess spread to date 3.7% 20.6% Draws funded by Countrywide 5.9% 32.9% Future excess spread 8.3% 46.5% Total credit enhancement ($267.7 million) 19.9% 100.0% % of original principal balance % of total losses Cumulative losses to date 5.7% 35.0% Losses from delinquent loans 6.6% 40.8% Losses from performing loans 3.9% 24.1% Total losses ($243.4 million) 16.2% 100.0% Loss coverage 1.2x 66 Countrywide 2005-J Illustrative Cashflow Exhibit Claim Summary Through 12 month period 5/15/08 1 2 3 4 5+ Total Collateral balance (BOP) $1,500 $624 $479 $435 $396 $359 $1,500 Principal payments (1,100) (57) (48) (44) (40) (365) (1,653) Additional draws 309 16 14 13 12 33 397 Charge-offs (86) (104) (9) (9) (8) (28) (243) Collateral balance (EOP) 624 479 435 396 359 - - Insured note balance before claims 653 549 435 396 359 - - Claim payments during period (30) (70) - - - - (100) Insured note balance (EOP) 624 479 435 396 359 - - Claim reimbursement - 1 22 20 19 38 100 Credit Enhancement Summary Through 12 month period 5/15/08 1 2 3 4 5+ Total Excess spread 56 20 17 16 15 56 180 Draws funded by CW - 16 14 13 12 33 88 Total credit enhancement 56 37 31 29 27 89 268 Charge-offs (86) (104) (9) (9) (8) (28) (243) Excess/(deficit) (30) (68) 22 20 19 61 24 67 Capital and Financial Overview Bob Mills Chief Financial Officer Assured Guaranty Ltd. Overview • Capital adequacy and ratings • Financial results • FAS 163 69 Claims Paying Resources • $4.7 billion in claims-paying resources Assured - $4.9 billion pro forma for April 2008 As of March 31, 2008; $ in millions 1 Guaranty Ltd. WL Ross & Co. investment Claims paying resources Policyholders' surplus $ 1,495 • Mark-to-market does not affect Contingency reserve 621 regulatory or rating agency capital Qualified statutory capital 2,117 Unearned premium reserve 1,059 • $750 million equity commitment from Loss and loss adjustment expense WL Ross & Co. through April 8, 2009 reserves 19 - Our option - 17.5% collar ($19.36 - $27.57) Total policyholders' surplus and reserves 3,195 Present value of installment premium 994 • Debt capacity Standby line of credit/stop loss 480 Total claims paying resources $ 4,669 1. Totals may not add up due to rounding 70 Rating Agency Capital Adequacy Company Estimate for Assured Guaranty Corp. AAA Capital Ratio (date of NPO) March 31, 2008 Exposure1 Moody's 1.3x 1.5x (12/31/07) 1.5xE S&P 1.25x 1.5x-1.6x (12/31/06) 1.6x – 1.7xE Fitch 1.0x 1.07x (09/30/07) 1.05x – 1.10xE Assured Guaranty Re Ltd. AA Moody's 1.3x 1.4x 1.4x – 1.5xE S&P 1.0x 1.6x-1.7x 1.7x – 1.8xE 1. Includes April 2008 $150 million increase in capital at AG Re. Does not include $100 million at holding company. 71 First Quarter 2008 Financial Results ($ in millions, except per share data) Quarter Ended March 31 % Change vs. 1Q-07 2008 2007 Net earned premiums $47 $37 26% Net investment income 37 32 16% Total revenues 108 86 25% Loss and loss adjustment expenses (recoveries) 55 (4) NM Operating expenses 29 21 38% Operating ROE 1 (ex-AOCI and FAS 133) 1.2% 11.5% Total expenses 103 36 189% Tax rate 30.3% 3.5% Operating income1 per diluted share 0.08 0.67 (88%) Operating income 1 6 46 (87%) After-tax (loss) gain on investments / derivatives (175) (7) NM Net (loss) income (169) 39 NM 1 Net (loss) income per diluted share (2.11) 0.57 NM NM = Not meaningful 1. For an explanation of operating income and operating ROE, both non-GAAP financial measures, and a reconciliation of operating income to net income, which is the most comparable GAAP term, please refer to the appendix. 72 Book Value Per Share Growth Since IPO Adjusted Book Value1 Per Share $40 crea se $36.57 $36.85 $36.31 44% in $35 $6.71 $30.39 $9.00 $9.63 $30 $27.38 $4.38 $25.16 $5.42 $25 $3.93 $3.79 $7.01 $3.45 $8.04 $3.26 $20 $2.99 $15 $24.44 $22.22 $20.85 $10 $18.73 $20.19 $18.63 $5 $0 2Q-04 YE 2004 YE 20051 YE 2006 YE 2007 2 1Q-082 Net present value of estimated future installment premiums in force per share, after tax Unearned premium reserve less prepaid reinsurance and deferred acquisitions costs after tax and net unearned revenue on credit derivatives, after tax Book value per share 1. For explanations of adjusted book value and net present value of estimated future installment premiums in force, which is a non-GAAP financial measure, please refer to the appendix. 2. The Company's book value per share as of 12/31/07 and 3/31/08 was reduced by approximately $5.59 and $7.77 per share, respectively, due to after-tax unrealized losses on credit derivatives and a fair value gain on Assured Guaranty Corp.'s committed capital securities 73 Unrealized Losses on Derivatives • Accounting presentation for credit derivatives is different from financial guaranty - Credit exposure is the same: claims paid only on principal or interest default • The mark-to-market loss does not reflect actual claims or credit losses - No impact on claims-paying resources, rating agency capital requirements or regulatory capital position • $633.4 million after-tax unrealized losses on derivatives on balance sheet as of March 31, 2008 - About 50% of the credit derivative liability was associated with pooled corporate obligations, about 30% was associated with U.S. RMBS and 12% with U.S. CMBS • The net gain or loss on credit derivatives will amortize to zero as the derivative approaches its maturity date, unless there is a payment default, and will be recognized in net income and book value per share - $7.77 per share reduction in book value per share as of March 31, 2008 - GAAP book value per share at March 31, 2008 would be $26.40 excluding the unrealized loss 74 FAS 163: Key Changes • FAS 163 addresses accounting for financial guaranty contracts - Contracts accounted for as derivatives are excluded • Changes to earned premium and claim liabilities are effective January 1, 2009 - Will be a one-time cumulative change in accounting principle - No change to prior period results • Disclosure requirements will be effective for the third quarter 2008 10-Q filing and will include: - Information on closely monitored credits list - Related claim activity 75 FAS 163: Key Changes • Net earned premium algorithm change - Will result in lower earned premium in first few years of an upfront deal and higher earned premium in later years - Minimal difference in installment earned premium - Dollar impact on unearned premium reserve not known at this time; will probably result in an increase to unearned premium reserve and reduction to shareholder equity effective January 1, 2009 • Discounted future installment premiums on financial guaranty contracts to be recorded on balance sheet - Accretion of premium receivable discount will be a separate component of earned premium • Loss reserves for closely monitored credits (CMC) will be set up when a claim loss is expected to exceed the unearned premium reserve based on the present value of expected net cash outflows to be paid under the contract - Loss reserves will be discounted using a risk-free market rate, which is a change from our current method of discounting based on the taxable equivalent yield on our investment portfolio - No loss reserves for non-CMC exposures 76 Conclusion Dominic Frederico President & Chief Executive Officer Assured Guaranty Ltd. Current Opportunity • Unique market opportunity - Only two companies providing triple triple-A (stable) guarantees in public finance and ABS markets - Attractive pricing environment • Strong capitalization - No rating agency reviews - Proven and committed access to capital markets - Available debt capacity • Experienced underwriting teams in all asset classes - Direct - Reinsurance 78 2008 Goals • Continue to exercise strict underwriting discipline - No U.S. RMBS in reinsurance segment - No CDOs of ABS or other transactions with embedded leverage • Financial goals - Increase operating return on equity - Maintain additional capital cushion above current rating agency requirements - Retain focus on capital efficiency • Position company as industry leader - Firmly establish U.S. public finance franchise - Expand international reach - Maintain position in structured finance • Opportunistic approach to capital and business opportunities 79 Building Earnings through Future Premium Leverage Assured Guaranty Ltd. 2004 – 1Q-08 Unearned Premium Reserve (UPR) and Present Value of Installment Premiums (PVIP)2 to GAAP Equity • Assured's UPR + PVIP leverage has been 1.11x growing 0.88x • Our leverage only 0.79x exceeded most of our 0.68x peer's 2006 leverage for 0.63x the first time in 1Q-08 - MBIA 0.84x - Ambac 0.98x - FSA 1.13x 1 1 2004 2005 Assured 2007 2006 1Q-08 1. 2007 and 1Q-08 GAAP Equity adjusted for mark-to-market losses 2. For an explanation of PVIP, a non-GAAP financial measure, please refer to the appendix. 80 2008 Year-to-date Achievements Assured Guaranty • Second highest 1Q-08 production in industry, only slightly behind FSA U.S. Public Finance New Issue Market Share • Proactive capital management 45.0% 40% 40.0% • Increased market share 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 6.1% 3.5% 5.0% 2.2% 1.5% 0.0% 1Q-07 2Q-07 3Q-07 4Q-07 2Q-08 to date Source: Thomson Financial 81 Q&A Session Appendix Appendix: Explanation of Non-GAAP Financial Measures Adjusted book value, which is a non-GAAP financial measure, is defined as shareholders' equity (book value) plus the after-tax value of the unearned premium reserve net of prepaid reinsurance premiums, plus the net present value of estimated future installment premiums in force, less future ceding commissions, after tax discounted at 6%, less deferred acquisition costs, after tax. Management believes that adjusted book value is a useful measure for management, equity analysts and investors because the calculation of adjusted book value permits an evaluation of the net present value of the Company's in-force premiums and capital base. The premiums described above will be earned in future periods, but may differ materially from the estimated amounts used in determining current adjusted book value due to changes in market interest rates, refinancing or refunding activity, prepayment speeds, policy changes or terminations, credit defaults, and other factors that management cannot control or predict. This measure should not be viewed as a substitute for book value determined in accordance with GAAP. Operating income, which is a non-GAAP financial measure, is defined as net income (loss) excluding i) after-tax realized gains (losses) on investments and ii) after-tax unrealized gains (losses) on credit derivatives and the fair value adjustment of the Company's committed capital securities, other than the Company's net estimate of after-tax incurred case and portfolio loss and loss adjusted expense reserves for credit derivatives. Operating return on equity (ROE) represents operating income as a percentage of average shareholders' equity, excluding accumulated other comprehensive income and after-tax unrealized gains (losses) on credit derivatives. Management believes that operating income and operating ROE are useful measures for management, investors and analysts because the presentation of operating income and operating ROE enhance the understanding of Assured's results of operations by highlighting the underlying profitability of Assured's business. Realized gains (losses) on investments and unrealized gains (losses) on credit derivatives and the fair value adjustment of the Company's committed capital securities, other than the portion attributable to the Company's net estimate of incurred case and portfolio loss and loss adjustment expense reserves for credit derivatives, are excluded because the amount of both of these gains (losses) is heavily influenced by, and fluctuates, in part, according to market interest rates, credit spreads and other factors that management cannot control or predict. These measures should not be viewed as substitutes for net income (loss) or ROE determined in accordance with GAAP. Present value of gross written premiums or PVP, which is a non-GAAP financial measure, is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums, on contracts written in the current period, discounted at 6% per year. Management believes that PVP is a useful measure for management, equity analysts and investors because it permits the evaluation of the value of new business production for Assured by taking into account the value of estimated future installment premiums on new contracts underwritten in a reporting period, which GAAP gross premiums written does not adequately measure. Actual future net earned or written premiums may differ from PVP due to factors such as prepayments, amortizations, refundings, contract terminations or defaults that may or may not be influenced by market interest rates, refinancing or refunding activity, prepayment speeds, policy changes or terminations, credit defaults, or other factors that management cannot control or predict. This measure should not be viewed as a substitute for gross written premiums determined in accordance with GAAP. Net present value of estimated future installment premiums in force, which is a non-GAAP financial measure, is defined as the present value of estimated future installment premiums from our in-force book of business, net of reinsurance and discounted at 6%. Management believes that net present value of estimated future installment premiums in force is a useful measure for management, equity analysts and investors because it permits an evaluation of the value of future estimated installment premiums. Estimated future premiums may change from period to period due to changes in par outstanding, maturity, or other factors that management cannot control or predict that result from market interest rates, refinancing or refunding activity, prepayment speeds, policy changes or terminations, credit defaults, or other factors. There is no comparable GAAP financial measure. For adjusted book value, net present value of estimated future installment premiums in force, and PVP, Assured uses 6% as the present value discount rate because it is the approximate taxable equivalent yield on Assured's investment portfolio for the periods presented. 84 Appendix: PVP1 – Reconciliation to Gross Written Premiums2 ($ in millions) Quarter Ended March 31, As reclassifed 2008 2007 2007 Gross written premiums (GWP) analysis: a Present value of financial guaranty and credit derivative GWP (PVP) $ 276.6 $ 106.7 $ 874.6 Less: PVP of credit derivatives 93.4 40.3 252.2 PVP of financial guaranty GWP 183.2 66.4 622.4 Less: Financial guaranty installment premium PVP 36.1 36.9 292.8 Total: Financial guaranty upfront GWP 147.1 29.5 329.6 Plus: Financial guaranty installment GWP 24.7 21.3 88.6 Total financial guaranty GWP 171.8 50.8 418.2 Plus: Mortgage guaranty segment GWP 0.5 1.0 2.7 Plus: Other segment GWP 3.5 3.3 3.5 Total GWP per income statement $ 175.8 $ 55.2 $ 424.5 1. For an explanation of PVP, a non-GAAP financial measure, please refer to the appendix. 2. Some amounts may not add due to rounding. 85 Speaker Biographies Howard W. Albert Managing Director and Chief Credit Officer Assured Guaranty Ltd. Howard Albert is Managing Director and Chief Credit Officer for Assured Guaranty Ltd. with responsibility for overseeing the Company's underwriting process. Mr. Albert is also Deputy Chief Credit Officer for Assured Guaranty Corp. ("Assured"), its principal direct guaranty subsidiary. He has over 24 years of experience in credit risk and structured finance. He joined the company in September 1999 as Chief Underwriting Officer of Capital Re Corp., the predecessor to Assured. Prior to joining Assured, Mr. Albert spent two years with Rothschild Inc. where he structured privately placed asset-backed securities and CDOs. He joined Rothschild from Financial Guaranty Insurance Company, where he started and managed its Asset-Backed Securities Group and ultimately became responsible for both its asset-backed securities and international businesses during his eight-year tenure. Mr. Albert began his career at The Prudential Insurance Company of America. Mr. Albert has an M.B.A. from the University of Chicago, a B.A. in English from the University of Pennsylvania and a B.S. in Economics from the Wharton School of the University of Pennsylvania. 87 Robert A. Bailenson Managing Director and Chief Accounting Officer Assured Guaranty Ltd. Robert Bailenson has been Managing Director and Chief Accounting Officer at Assured Guaranty Ltd. since May 2005 and has been with Assured Guaranty and its predecessor companies since 1990. In addition to this position, Mr. Bailenson serves as the Chief Accounting Officer of the Company's subsidiary, Assured Guaranty Corp., a position he has held since 2003. He was Chief Financial Officer and Treasurer of Assured Guaranty Re Ltd. from 1999 until 2003 and was previously the Assistant Controller of Capital Re Corp., which was acquired by ACE Limited in 1999. Mr. Bailenson was with Ernst & Young LLP prior to joining Assured Guaranty in 1990. Mr. Bailenson holds a Bachelor of Science from Lehigh University. He is a Certified Public Accountant in the State of New York and is a member of the American Institute of Certified Public Accountants. 88 Dominic J. Frederico President and Chief Executive Officer Assured Guaranty Ltd. Dominic Frederico is President and Chief Executive Officer of Assured Guaranty Ltd., a position he has held since December 2003. Before this appointment, Mr. Frederico was the Chairman of ACE Financial Services, and has supervised the operations of Assured Guaranty since its acquisition by ACE Limited in 1999. Prior to his position at Assured Guaranty, Mr. Frederico was employed with ACE for nine years, progressing to increasingly senior positions, including: President & CEO, ACE Bermuda; Chairman, President & CEO, ACE INA Holdings and President and Chief Operating Officer, ACE Limited. In addition, Mr. Frederico was Vice Chairman of ACE Limited, and Chairman of ACE INA, ACE USA and ACE Financial Services. He oversaw the successful acquisition and integration of the domestic and international property casualty operations acquired by ACE from CIGNA Corporation in July 1999 and the acquisition of Capital Re Corp., the predecessor company to Assured Guaranty, in December 1999. Prior to joining ACE, Mr. Frederico spent 13 years at various subsidiaries of the American International Group. Mr. Frederico holds an M.B.A. in Finance and a B.S. from Drexel University and a Certified Public Accountant's designation in the State of Pennsylvania. In addition to his professional responsibilities, he is a Member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants. He is also a member of the Board of Trustees of Drexel University. 89 Robert B. Mills Chief Financial Officer Assured Guaranty Ltd. Robert Mills is Chief Financial Officer of Assured Guaranty Ltd. and of its principal U.S. operating subsidiary, Assured Guaranty Corp. Prior to joining Assured Guaranty in January 2004, Mr. Mills was Managing Director, Chief Financial Officer and Operating Officer of UBS for the Americas Region and a member of the Board of Directors of the UBS Investment Bank. He joined UBS in 1994 as Chief Financial Officer of the Union Bank of Switzerland prior to its merger with Swiss Bank Corp. in 1998. Mr. Mills was previously with KPMG Peat Marwick for 23 years as a partner and the National Practice Director for Investment Banking and Capital Markets. Mr. Mills is a graduate of Niagara University. He is a member of the American Institute of Certified Public Accountants and a member of the Advisory Board of the University of Pennsylvania's Wharton School, Financial Institutions Center. He also serves as a member of the Board of Trustees and Chairman of the Finance Committee of the LaSalle College High School. 90 Donald L. Paston Managing Director and Treasurer Assured Guaranty Corp. Don Paston is Managing Director and Treasurer of Assured Guaranty Corp. Mr. Paston joined Assured Guaranty in 1997. Prior to joining Assured Guaranty, Mr. Paston served as Group Vice President for Duff & Phelps in the financial guaranty and mortgage insurance areas. He began his career at Ambac Assurance Corp. as Manager of Financial Planning and Assistant to the President. Don Paston has an M.B.A. in Finance and Marketing from The Simon School of Business Administration at the University of Rochester and a B.S. from Rensselaer Polytechnic Institute. 91 David Penchoff President and Chief Operating Officer Assured Guaranty Re Ltd. David Penchoff is the President and Chief Operating Officer of Assured Guaranty Re Ltd. (AG Re). Prior to being appointed to his current role in December 2005, he served as the Chief Underwriting Officer for AG Re, a position he had held since 2004. Mr. Penchoff's previous experience included 10 years at MBIA Insurance Corp. (MBIA), where he was a managing director for public finance with responsibility for business development and underwriting at the largest public finance group in the financial guaranty industry. Prior to MBIA, he was a Vice President in the Bond Insurance Ratings Group at Standard & Poor's and was an investment officer at Aetna Life and Casualty. David Penchoff received his graduate degree in Public Administration from the University of Southern California and his undergraduate degree from the University of Connecticut. Mr. Penchoff is a member of the National Federation of Municipal Analysts (NMFA). 92 Andrew H. Pickering Managing Director and Chief Surveillance Officer Assured Guaranty Ltd. Andrew Pickering is Managing Director and Chief Surveillance Officer at Assured Guaranty Ltd. Mr. Pickering joined Assured Guaranty in 1995 as part of the underwriting team and has held various positions with the company over the past 13 years. In August 2005, Mr. Pickering assumed responsibility for the Risk Management and Surveillance group. Mr. Pickering has been involved in credit and financial services throughout his 30-year career, covering a variety of industries and sectors both domestically and internationally. Andrew Pickering received a B.A., magna cum laude with high honors in Political Science from Colgate University and an M.B.A. in Finance from New York University's Stern School of Business. He is also a member of Phi Beta Kappa. 93 Sabra R. Purtill Managing Director, Global Communications and Investor Relations– Assured Guaranty Ltd. Sabra Purtill is Managing Director of Global Communications and Investor Relations at Assured Guaranty Ltd. Ms. Purtill joined Assured Guaranty in 2004 from ACE Limited, the former parent company of Assured Guaranty, where she was Senior Vice President of Corporate Finance. Ms. Purtill has been involved with insurance and financial services capital markets for more than 20 years, initially as an investment banker covering the insurance and non-bank financial services industry at Chase Manhattan Bank, and later at Merrill Lynch & Co. She was a sell-side equity analyst following the financial guaranty, mortgage guaranty and life insurance industry for six years, initially at Conning & Co., an insurance boutique and later at ABN Amro. Ms. Purtill received a B.A. with High Honors from the University of Virginia and an M.A. from Georgetown University. She is a member of Phi Beta Kappa and the Association for Insurance and Financial Analysts. She received her CFA charter in 1995. 94 Michael J. Schozer President Assured Guaranty Corp. Michael Schozer has been President of Assured Guaranty Corp. since December 2003. Prior to joining Assured Guaranty, Mr. Schozer was Managing Director, Structured Finance and Credit Derivatives at Ambac Assurance Corporation (Ambac). He joined Ambac in 1996 and was responsible for the CDO, credit derivatives, large equipment leasing securitization and structured insurance businesses. Mr. Schozer was also a member of Ambac's senior credit committee. Prior to joining Ambac, he was a director in the debt capital markets business of Barclays Bank, where he ran the North American Structured Products Group. Previously, he had worked on the interest rate and currency swaps desk. Mr. Schozer began his career in public accounting and worked at both KPMG and Ernst & Young. Michael Schozer holds a B.S. from the University of Pennsylvania and an M.B.A. from the University of Virginia. 95


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Lucknow: Three aides of underworld don Chhota Rajan were arrested from Allahabad in Uttar Pradesh, police said Saturday.
Prateek Singh, Rahul Singh and Chandradhari, all in their early 20s, used to operate as shooters for the underworld don, the police alleged. They were nabbed Friday night from Georgetown locality of Allahabad, about 200 km from state capital Lucknow.
They were arrested by the Special Operation Group (SOG) and local police, SOG inspector Dhananjay Mishra told reporters.
According to police, the three men had recently come from Mumbai to lure unemployed young men to join the Chhota Rajan gang.
The three men are accused in nearly eight cases of contract killings, abduction and other crimes.


text:
Emerson College Today
The King's Speech to Be Screened, Discussed on Campus
The screening will be followed by a panel discussion with Emerson faculty from several disciplines, who will address the "art and science of speech therapy" on Thursday, March 3.
Corporate social responsibility speakers series open to Emersonians
Students and faculty are invited to sit in on discussions of Corporate Social Responsibility during classes for strategic communicators that feature guest speakers throughout the rest of the semester.
Alumnus nominated to National Council on Disability by Obama
Clyde Terry '74 has been nominated to the National Council on Disability by President Obama.
Man who planted 10,000 trees is subject of student, alumnus doc
Sarah Berkovich '10, is preparing to tell 85-year-old Victor Kaufmann's life story in a documentary film called 10,000 Trees.
Emerson dining hall switches to cage-free eggs
Working closely with the leadership of the Student Government Association and the College's food suppliers, Emerson began serving only cage-free raw whole eggs in the Dining Hall February 17.
Link passions to promote justice, says Angela Davis
Activist, author, and former Black Panther Angela Davis gave the keynote speech for Emerson College's African American History Month celebration on February 16.
Gordon researches why location matters in a networked world
Associate Professor Eric Gordon is participating in an online conference on "Why Location Matters in a Networked World." The conference will focus on geographically based social networks.
Voice of Green Bay Packers is Wayne Larrivee '77
Larrivee was in Dallas to do play-by-play coverage of the match-up between the Pittsburgh Steelers and the Packers. It was his second Super Bowl gig in a nearly 35-year radio career.
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Articles for Children's Ministry Leaders
What Kids Need to Know About Sin
"We do our kids a massive disservice when we minimize the nature of sin."Full Story
10 Things Churches Do That Keep Them From Reaching KidsDale Hudson
If you find children in your church a fading memory, be encouraged. You can turn things around.
7 Painful (but Unavoidable) Truths of BurnoutCarey Nieuwhof
"Maybe you think it's just a season and you'll push through it. That worked for me … until it didn't work any more."
Don't Simplify the Word for Kids … DISTILL ItSam Luce
We think we are supposed to be our kids' savior. We are not. We're just a signpost pointing to their Savior.
13 Great Ways to Train Your Children's Ministry VolunteersGreg Baird
Use these methods regularly—maybe even one per week—to keep your volunteers' skills fresh and always improving.
In or Out for Halloween?Dale Hudson
Dale Hudson talks about the mixed reactions children's ministries have about Halloween and how we can come together in Jesus' name.
5 Ways to Get Children to Leave the Church When They're OlderTamera Kraft
A tongue-in-cheek exploration of how kids get disconnected … even when we have their best interests at heart.
5 Things First-Time Guests HATE Doing at ChurchDale Hudson
If you are asking your first-time guests to do any of these things, you may be unknowingly pushing them away and causing them to not return.
10 Things Every Teacher Needs to Know About AutismToni Ridgaway
Train volunteers to know what to expect from a child with autism so both can be blessed by the relationship.
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"Everything about God's nature drives Him powerfully toward you." Share this video with someone who needs to hear that today.
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New Hampshire Music Festival Kicks Off 2014 Summer Season: 'The Romantic Spirit'
The New Hampshire Music Festival (NHMF) presents its 2014 summer season, with a theme of "The Romantic Spirit." The six-week season, running today July 8-August 14, will explore and celebrate the many facets of Romanticism, from the 18th century to the modern day.
The 62nd festival will take place in multiple venues throughout central New Hampshire. The Silver Center at Plymouth State University is the festival's primary venue, where it will offer full orchestra performances on Thursdays and Saturdays, and Tuesday night chamber performances.
"We will not only perform music we all know and love, from a beloved Mendelssohn overture to Tchaikovsky's towering masterpiece, his Fifth Symphony, but we will present new and exciting music, fulfilling our need and desire to keep music a living art form," said NHMF Music Director Donato Cabrera. "We also welcome to the NHMF family Dan Perkins, our new principal guest conductor, who will prepare the chorus for Verdi's epic Requiem."
Highlights of the season include concertos by Vivaldi, Mozart, Piazzolla, Milhaud, Conus, and Copland, and the festival will welcome four internationally renowned soloists to sing Verdi's Requiem. Composer Nathaniel Stookey will be the first contemporary composer in a new concert series called Composer Portraits. Stookey's The Composer is Dead, with the composer himself acting as narrator, and his newly composed overture, Go!, will be featured.
The New Hampshire Music Festival is a six-week summer music festival that honors the tradition of classical music while exploring new artistic paths. The NHMF strives to connect the Lakes Region with an engaging, immersive festival experience by presenting world-class performances, creating strong collaborations with community partners, and offering educational programs to students of all ages. The festival was founded in 1952 as a small chamber orchestra performing on Melody Island in Lake Winnipesaukee and has grown to be a highly-valued community asset. Every summer during July and August, musicians from around the country come to Plymouth to perform well-known classics and contemporary works.
Maestro Donato Cabrera, who had his first season at the helm of the festival in Summer 2013, enjoys an international career as a music director and conductor. Last year, he expanded the festival's orchestral and chamber concerts, and reestablished the family concert series. In addition to his role at NHMF, he is the music director of the California Symphony and Green Bay Symphony Orchestra, and is resident conductor of the San Francisco Symphony (SFS) and the Wattis Foundation Music Director of the San Francisco Symphony Youth Orchestra (SFSYO).
Bank of New Hampshire is the festival's first lead corporate partner, providing sponsorship for this season. "Bank of New Hampshire is proud to have been a lead supporter of the New Hampshire Music Festival for more than a decade," stated Mark Primeau, President and CEO for Bank of New Hampshire. "The New Hampshire Music Festival provides access to top musicians from all over the United States to enrich the lives of New Hampshire residents."
About Author
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text:
1.a physician specializing in obstetrics
2.a woman skilled in aiding the delivery of babies
1.(MeSH)The practice of assisting women in childbirth.
Advertizing ▼
MidwifeMid"wife` (?), n.; pl. Midwives (#). [OE. midwif, fr. AS. mid with (akin to Gr. �) + � woman, wife. Properly, the woman or wife who is attendant upon a woman in childbirth. See Meta-, and Wife.] A woman who assists other women in childbirth; a female practitioner of the obstetric art.
MidwifeMid"wife`, v. t. To assist in childbirth.
MidwifeMid"wife`, v. i. To perform the office of midwife.
accoucheur, accoucheuse, obstetrician, female midwife practitioner (American), male midwife (British), male midwife practitioner (American)
Advertizing ▼
↗ deliver
Nurse-Midwife • female midwife practitioner • male midwife • male midwife practitioner • midwife toad • nurse-midwife
Betic Midwife Toad • Certified Nurse Midwife • Common Midwife Toad • Iberian Midwife Toad • Majorcan midwife toad • Midwife Salome • Midwife toad • The Midwife's Apprentice
Continuing Nursing Education, Education, Nursing, Continuing[Analogie]
Midwife (n.) [MeSH]↕
personne aidant (fr)[ClasseParExt.]
métier : service médical (fr)[Classe]
métier : étude et recherche (fr)[Classe...]
Dr; doctoral degree; doctor's degree; doctorate; Dr.; doctor; Ph.D.; PhD[Classe]
specialist; medical specialist; consultant[Classe]
give a hand; give a hand with; help with; lend a hand; lend a hand with; be of help; assist; aid[Classe]
medical science; medicine; medical specialty[Classe]
(accoucheuse; male midwife; male midwife practitioner; female midwife practitioner; obstetrician; accoucheur), (have a baby; bear; give birth to; give birth), (parturition; childbirth; delivery; obstetrical delivery)[Thème]
(infirmary; hospital), (hospital department; ward; hospital ward)[Thème]
(gynecologist; gynaecologist; woman's doctor)[Thème]
(deliver)[termes liés]
doc, doctor, Dr., MD, medico, physician - medical science, medical specialty, medicine[Hyper.]
specialise, specialize - specialisation, specialism, speciality, specialization, specialty - specialism - specialistic - specialistic - accoucheur, accoucheuse, female midwife practitioner, male midwife, male midwife practitioner, midwife, obstetrician - obstetric, obstetrical[Dérivé]
accoucheuse; male midwife; male midwife practitioner; female midwife practitioner; obstetrician; accoucheur[ClasseHyper.]
membre du personnel hospitalier (fr)[ClasseParExt.]
specialist; medical specialist; consultant[Classe]
gynecologist; gynaecologist; woman's doctor[Classe]
(deliver)[termes liés]
consultant, medical specialist, specialist[Hyper.]
midwifery, OB, obstetrics, tocology[PersonneQuiFait]
midwife (n.)↕
personne aidant (fr)[ClasseParExt.]
métier : service médical (fr)[Classe]
métier : catégorie socio-professionnelle (fr)[Classe...]
(accoucheuse; male midwife; male midwife practitioner; female midwife practitioner; obstetrician; accoucheur), (have a baby; bear; give birth to; give birth), (parturition; childbirth; delivery; obstetrical delivery)[Thème]
(infirmary; hospital), (hospital department; ward; hospital ward)[Thème]
(consulting room; practice; practise)[Thème]
caregiver, health care practitioner, health-care practitioner, health care professional, health-care professional, health care provider, health practitioner, health professional, PCP, primary care provider[Hyper.]
nurse-patient relation[membre]
accoucheuse; male midwife; male midwife practitioner; female midwife practitioner; obstetrician; accoucheur[Classe]
membre du personnel hospitalier (fr)[ClasseParExt.]
profession libérale (fr)[ClasseParExt.]
femme (fr)[Classe...]
midwife (n.)↕
Integral Dictionary[Thème]
Descripteurs EUROVOC (fr)[Thème]
midwife (n.)↕
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The English word games are:
○ Anagrams
○ Wildcard, crossword
○ Lettris
○ Boggle.
Lettris is a curious tetris-clone game where all the bricks have the same square shape but different content. Each square carries a letter. To make squares disappear and save space for other squares you have to assemble English words (left, right, up, down) from the falling squares.
Boggle gives you 3 minutes to find as many words (3 letters or more) as you can in a grid of 16 letters. You can also try the grid of 16 letters. Letters must be adjacent and longer words score better. See if you can get into the grid Hall of Fame !
English dictionary
Main references
Most English definitions are provided by WordNet .
English thesaurus is mainly derived from The Integral Dictionary (TID).
English Encyclopedia is licensed by Wikipedia (GNU).
The wordgames anagrams, crossword, Lettris and Boggle are provided by Memodata.
The web service Alexandria is granted from Memodata for the Ebay search. The SensagentBox are offered by sensAgent.
Change the target language to find translations.
Tips: browse the semantic fields (see From ideas to words) in two languages to learn more.
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Pokémon Omega Ruby and Alpha Sapphire have arrived!
Check BNN and Bulbanews for up-to-date Pokémon news and discuss it on the forums or in our IRC channel.
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i see you removed your welcome, allow me to give you a new one! no need to thank me. -- MAGNEDETH 02:06, 23 August 2009 (UTC)


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The path to a sleek, sexy stomach begins with your fork. Include these six bona fide belly flatteners in your eating routine; their trimming powers will help you uncover a toned, summer-ready tummy.
more slideshows
2014 Holiday Gift Guide: Get Pretty With These Fashion and Beauty EssentialsShopping for pretty things makes the act of holiday shopping
2014 Holiday Gift Guide: Get Cozy With These At-Home GiftsDress up any room, meal or even that bottle of
Spiralizer Recipes You'll Want To Try (STAT)Prepare any of these twists on carb-heavy dishes and you'll
Superfoods for Flat Abs
Superpower: revs metabolism Everyone has a six-pack in there somewhere. Unveil yours by melting the fat covering it up. Drinking three cups of green tea a day may kick up your metabolism and erase 30 calories daily, a study in Medicine & Science in Sports & Exercise shows.
How it works The compound ECGC in green tea makes it easier for your body to fry fat. The extra burn can help you shed about 3 pounds a year, simply from sipping.
KEYWORDS: flat abs,Stomach,Superfoods
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Trailer: Straw Dogs (2011) (remake)
L.A. screenwriter David Sumner relocates with his wife to her hometown in the deep South. There, while tensions build between them, a brewing conflict with locals becomes a threat to them both.
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Find a copy in the library
Finding libraries that hold this item...
Personal narratives
|Named Person:
|Anne Frank; Anne Frank; Anne Frank
|Material Type:
|Document Type:
|All Authors / Contributors:
Anne Frank; David Barnouw; Gerrold van der Stroom; Arnold Pomerans; B M Mooyaart-Doubleday; Susan Massotty; Rijksinstituut voor Oorlogsdocumentatie (Netherlands); Netherlands. Gerechtelijk Laboratorium.
|0385508476 9780385508476
|OCLC Number:
|Translation of: Achterhuis.
|ix, 851 p. : ill. ; 27 cm.
|1. "Originally from Frankfurt-am-Main" --
2. The arrest --
3. The betrayal --
4. Imprisonment and deportation --
5. The diaries, Het Achterhuis and the translations --
6. The play --
7. Attacks on the authenticity of the diary --
8. Anne Frank and academia --
9. Document examination and handwriting identification of the text known as the Diary of Anne Frank : summary of findings --
10. Scientific examination of a few previously unknown pages to determine whether they belong to the 'Diary of Anne Frank' --
Afterword --
On the presentation of the text --
Translator's note --
The diaries of Anne Frank --
Epilogue --
Tales from the secret annex and Cady's life --
Manuscripts and editions --
Deletions and additions.
|Other Titles:
|Tales from the secret annex.
Cady's life.
|prepared by the Netherlands State Institute for War Documentation ; introduced by Harry Paape, Gerrold van der Stroom, and David Barnouw ; with a summary of the report by the Netherlands Forensic Institute compiled by H.J.J. Hardy ; edited by David Barnouw and Gerrold van der Stroom ; translated by Arnold J. Pomerans, B.M. Mooyaart-Doubleday and Susan Massotty.
Diary of the adolescent Jewish girl who ultimately perished in the Nazi death camps. Read more...
User-contributed reviews
Similar Items
Related Subjects:(10)
- Frank, Anne, -- 1929-1945 -- Diaries.
- Holocaust, Jewish (1939-1945) -- Netherlands -- Amsterdam -- Personal narratives.
- Jews -- Persecutions -- Netherlands -- Amsterdam.
- Amsterdam (Netherlands) -- Ethnic relations.
- Jews -- Netherlands -- Amsterdam -- Diaries.
- Frank, Anne, -- 1929-1945.
- Ethnic relations.
- Jews.
- Jews -- Persecutions.
- Netherlands -- Amsterdam.


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1 month ago
RT community's opinion on Kanye West
I'm just curious as to what people think of him. What I've found is that pretty much everyone hates him and just thinks he's this huge,...
1 month ago
FFXIV Community Intros and Glamours
SHOW ME YOUR GLAMOUR! In all seriousness nice to see the FFXIV community here on the RT forums and sharing fashion seems to be the right directions. "Meme...
1 month ago
Ask an Economist; a New Community Series
Hello everyone! As someone who occasionally lurks and contributes in this forum, I keep coming back for the many great topics of conversation here. But...
1 month ago
Anyone Looking for a Clan / Community?
Hey guys, my name's Tyler and I represent Demons of War, an online gaming community that's been in operation since 2012. Since that time, we...
1 month ago
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