Bruce Elliot Stern — Executive Officer of Government & Corporate Affairs at Assured Guaranty

Mr. Bruce Elliot Stern serves as an Executive Officer of Government & Corporate Affairs of Assured Guaranty Municipal Corp. and Assured Guaranty Corp. Mr. Stern served as General Counsel of Dexia Holding, Inc. Mr. Stern is instrumental in applying the requirements of securities, insurance, insolvency and tax laws and regulations to insured structured financings and obtaining clarifications or amendments of those laws and regulations where appropriate. He has been an Executive Officer of Government & Corporate Affairs at Assured Guaranty Ltd. since July 2009. He served as a Managing Director of Assured Guaranty Municipal Corp (Financial Security Assurance, Inc.) since March 1989, Secretary since April 1993 and also as its General Counsel since joining in 1987. Mr. Stern served as Managing Director, Secretary and General Counsel of Assured Guaranty Municipal Holdings Inc. (Financial Security Assurance Holdings Ltd.) from April 1993 to July 2009. Mr. Stern served as the Secretary of Financial Security Assurance, Inc. (FSA) from April 1993 to July 2009. He managed FSA's Legal Department, which was responsible for transaction execution, regulatory compliance, reinsurance and general corporate legal matters. He has helped develop many of the legal standards commonly used today in insured structured financings and has also helped pioneer innovative financial guaranty reinsurance products. In 1989, he played an important role in negotiating the provisions of the insurance law enacted in the State of New York to regulate financial guarantors. Mr. Stern was an Attorny with Cravath, Swaine & Moore. At Cravath, he had extensive experience in project and lease financings, securitized real estate financings, public offerings, private placements, M&A transactions and commercial banking transactions. He serves as Director of Assured Guaranty Corp. He has been a Director of FSA since August 1990. He served as a Director of Assured Guaranty Municipal Corp since August 1990. He served as a Director of Financial Security Assurance Inc. at Assured Guaranty Municipal Holdings Inc. Mr. Stern is a graduate of Harvard College and Harvard Law School.