ASSURED GUARANTY LTD

The Company hasestablished an insider trading policy that sets out guidelines for its officers, directors and employees with respect to transactions in the Company’s securities that it believes is reasonably designed to promote compliance with insider trading laws, rules and regulations, and NYSE listing standards. The policy details the circumstances under which such individuals may, after obtaining consent, buy and sell such securities. The policy also sets out the circumstances under which such individuals are authorized to enter into, amend or terminate equity trading plans established according to Section 10b5-1 of the Exchange Act with an independent broker-dealer. An equity trading plan is a written document that preestablishes the amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s securities, including sales of shares acquired under the Company’s equity plans. Under a Rule 10b5-1 trading arrangement, a broker-dealer executes trades pursuant to parameters established by the officer, director or employee when entering into the plan, without further direction from such person. The Company’s officers, directors and employees may buy or sell the Company’s securities outside of a Rule 10b5-1 trading arrangement only when they are not in possession of material nonpublic information.