Information about Assured Guaranty and Syncora’s Reinsurance Transaction

June 19, 2018

Under an agreement dated June 1, 2018, Assured Guaranty Corp. (AGC) is providing reinsurance to Syncora Guarantee Inc. (Syncora) with respect to certain public finance, infrastructure and structured finance policies issued by Syncora. AGC is also providing certain administrative services, on behalf of Syncora, for the reinsured policies. The press release announcing the completion of the reinsurance transaction can be found here.

Select one of the following links to view the appropriate information:

Information for Investors in Securities Insured by Syncora

Information for Participants in Transactions Involving Securities Insured by Syncora (e.g., Issuers, Trustees, and Paying Agents)

Notice of Appointment of AGC as Exclusive Agent for Syncora

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Information for Investors in Securities Insured by Syncora

Policies issued by Syncora and reinsured by AGC will not change as a result of the reinsurance transaction. Syncora remains the issuer of each policy and continues to be ultimately responsible to the beneficiary of each policy for all amounts due thereunder. Since AGC has no direct obligation to investors in securities insured by Syncora, such securities will not be assigned AGC’s financial strength ratings.

Still, investors will benefit from certain administrative services AGC is providing, on behalf of Syncora, for the reinsured policies. For example, AGC is responsible for processing all claims for losses under the reinsured policies and for monitoring the performance of such policies, including compliance with transaction covenants and the review of periodic financial and other information provided by the related issuers. AGC will also manage any workout situations and provide other risk management services related to the reinsured policies.

Investors in Syncora-insured securities should be aware that AGC or other subsidiaries of Assured Guaranty Ltd. may from time to time make open market purchases of such securities as part of AGC’s loss mitigation strategies.

A list of U.S. Public Finance securities covered by the reinsured policies can be found here.

For questions, please contact:

Robert Tucker, Senior Managing Director, Investor Relations and Corporate Communications
(212) 339-0861
rtucker@agltd.com

Andre Thomas, Managing Director, Equity Investor Relations
(212) 339-3551
athomas@agltd.com

Glenn Alterman, Assistant Vice President, Fixed Income Investor Relations
(212) 339-0865
galterman@agltd.com

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Information for Participants in Transactions Involving Securities Insured by Syncora (e.g., Issuers, Trustees, and Paying Agents)

As part of the reinsurance transaction entered into between Syncora and AGC, Syncora has appointed AGC as exclusive agent to provide certain administrative services, on behalf of Syncora, with respect to the reinsured policies. Please see the Notice of Appointment for important information and instructions.

A list of U.S. Public Finance securities covered by the reinsured policies can be found here.

Issuers of securities included in the above list, and who previously provided financial disclosures to Syncora, should now provide those disclosures to AGC. Please refer to the disclosure guidelines at http://assuredguaranty.com/munidisclosure.

For questions, please contact:

For public finance transactions:
Holly Horn, Chief Surveillance Officer, Public Finance
(212) 339-3526
hhorn@agltd.com

For infrastructure transactions:
Geoffrey Durno, Managing Director, Infrastructure Surveillance
(212) 339-3527
gdurno@agltd.com

For RMBS transactions:
Errol Uhr, Managing Director, MBS & Consumer
(212) 339-3476
euhr@agltd.com

For non-RMBS structured finance transactions:
Steven Tremblay, Chief Surveillance Officer, Structured Finance
(212) 339-3516
stremblay@agltd.com