<SEC-DOCUMENT>0001157523-11-004885.txt : 20110809
<SEC-HEADER>0001157523-11-004885.hdr.sgml : 20110809
<ACCEPTANCE-DATETIME>20110809170912
ACCESSION NUMBER:		0001157523-11-004885
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110809
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110809
DATE AS OF CHANGE:		20110809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		111021781

	BUSINESS ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6825081.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 14pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Pursuant
      to Section 13 or 15(d) of</font><br><font style="font-family: Times New Roman; font-size: 10pt">
      the Securities Exchange Act of 1934</font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported): August 9, 2011&#160;(August 9,
      2011)</font><br><br><font style="font-size: 18pt"><b>MBIA INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Connecticut</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; width: 34%; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-9583</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; width: 33%; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>06-1185706</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation)
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>113 King Street,<br>Armonk, New York</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; width: 50%; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10504</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code:</font><br><b>914-273-4545</b><br><br><br><b>Not
      Applicable</b><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font><br><br><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <hr style="height: 1.0 pt; text-align: center; width: 100%; color: #000000">


    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      Item 2.02.&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
    </p>
    <p>
      The following information, including Exhibit 99.1 to this Form 8-K, is
      being furnished, not filed, pursuant to Item 2.02 - Results of
      Operations and Financial Condition of Form 8-K.
    </p>
    <p>
      On August 9, 2011, MBIA Inc. (&#8220;MBIA&#8221;) issued a press release announcing
      its results of operations for the quarter ended June 30, 2011.&#160;&#160;A copy
      of the press release is attached as Exhibit 99.1 to this Form 8-K and is
      incorporated by reference to this Item 2.02 as if fully set forth herein.
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      Item 7.01.&#160;&#160;&#160;REGULATION FD DISCLOSURE.
    </p>
    <p>
      On August 9, 2011, MBIA will post on its Web site, www.mbia.com, under
      the section &#8220;Selected Exposures,&#8221; certain information on MBIA Insurance
      Corporation&#8217;s insured structured finance portfolio and non-U.S. public
      finance portfolio as well as detailed information on its multi-sector
      CDO exposure.&#160;&#160;The information will be posted as &#8220;MBIA Insurance Corp.&#8217;s
      Insured Structured Finance Portfolio,&#8221;&#160;&#160;&#8220;MBIA Insurance Corp.&#8217;s Non-U.S.
      Public Finance Portfolio&#8221; and &#8220;MBIA Insurance Corp.&#8217;s Multi-Sector
      CDOs.&#8221; &#160;&#8220;MBIA Insurance Corp.&#8217;s Multi-Sector CDOs&#8221; will be presented as
      of September 30, 2010, December 31, 2010, March 31, 2011 and June 30,
      2011.&#160; In addition, on National Public Finance Guarantee Corporation&#8217;s
      Web site, www.nationalpfg.com, under the section &#8220;Insured Portfolio,&#8221;
      certain information on its insured portfolio will be posted as &#8220;National
      Public Finance Guarantee Corporation&#8217;s Insured Portfolio&#8221; as of June 30,
      2011.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      Item 9.01.&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.
    </p>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc. dated August 9, 2011.
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            MBIA INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By</b>:
          </p>
        </td>
        <td style="text-align: left; width: 47%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Ram D. Wertheim</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; width: 47%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; width: 47%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Legal Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            August 9, 2011
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K<br>Dated August 9, 2011
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 20%; padding-left: 0.0px" valign="top">
          Exhibit 99.1
        </td>
        <td style="text-align: left; width: 80%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release issued by MBIA Inc. dated August 9, 2011.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6825081ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <u><font style="font-family: Times New Roman; font-size: 12pt"><b>MBIA
      Inc. Reports Second Quarter 2011 Financial Results</b></font></u>
    </p>
    <p>

    </p>
    <p>
      <u><font style="font-family: Times New Roman; font-size: 12pt"><b>Highlights</b></font></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>MBIA
        Inc.&#8217;s Adjusted Book Value (ABV), a non-GAAP measure, was $37.22 per
        share at June 30, 2011 compared with $35.57 per share at March 31,
        2011.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>MBIA
        Inc.&#8217;s adjusted pre-tax income, a non-GAAP measure, was $161 million
        for the second quarter of 2011 compared with adjusted pre-tax income
        of $48 million for the second quarter of 2010.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>MBIA
        Inc. recorded net income available to common shareholders of $137
        million, or $0.68 per share, for the second quarter of 2011, compared
        with net income of $1.3 billion, or $6.32 per share, for the second
        quarter of 2010.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Since
        the end of the first quarter, MBIA Insurance Corporation (MBIA Corp.)
        has reached agreements with five counterparties for commutations of
        transactions which include multi-sector CDOs and investment grade
        corporate CDOs. The agreements eliminate $8.7 billion in gross insured
        exposure in exchange for one-time payments by MBIA Corp. that are
        within its aggregate statutory loss reserve for these transactions.</b></font>
      </li>
    </ul>
    <p>
      ARMONK, N.Y.--(BUSINESS WIRE)--August 9, 2011--MBIA Inc. (NYSE: MBI)
      (the Company) today reported Adjusted Book Value (ABV) per share (a
      non-GAAP measure defined in the attached Explanation of Non-GAAP
      Financial Measures) of $37.22 as of June 30, 2011, compared with $35.57
      as of March 31, 2011. Book value per share was $9.56 as of June 30, 2011.
    </p>
    <p>
      Adjusted pre-tax income, a non-GAAP measure (defined in the attached
      Explanation of Non-GAAP Financial Measures), for the second quarter of
      2011 was $161 million compared with adjusted pre-tax income of $48
      million for the second quarter of 2010. The increase in adjusted pre-tax
      income for the three months ended June 30, 2011 relative to the
      comparable quarter of 2010 resulted principally from a reduction in
      insurance losses driven by the early settlements of insured credit
      default swaps at amounts below previously established credit
      impairments, partially offset by losses related to fair valuing interest
      rate swaps and adverse changes in foreign currency exchange rates in the
      Company&#8217;s wind-down operations. ABV and adjusted pre-tax income provide
      investors with additional views of the Company&#8217;s operating results that
      management finds useful in measuring financial performance.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Net income available to common shareholders for the second quarter of
      2011 was $137 million, or $0.68 per share, compared with net income of
      $1.3 billion, or $6.32 per share, for the second quarter of 2010. The
      Company&#8217;s results for the second quarter of 2011 were driven by a gain
      on insured credit derivatives associated with commutation activity, and
      a $283 million income tax provision benefit related to a change in the
      Company&#8217;s projection of its full year effective tax rate.
    </p>
    <p>
      &#8220;Overall, our results for the second quarter were positive,&#8221; said MBIA
      Inc. President and Chief Financial Officer Chuck Chaplin. &#8220;New
      delinquencies in our second lien mortgage book were consistent with our
      expectations, and payments continued to be somewhat below what our
      models predicted. We also achieved substantial reductions in future
      volatility by commuting a number of CDO transactions. Reductions in
      statutory reserves for RMBS and ABS CDOs more than offset increases in
      reserves for CMBS. Although we had a setback in our
      Transformation-related litigation, we continued to make progress in our
      residential mortgage putback cases.&#8221;
    </p>
    <p>
      <b>Second Quarter 2011 Segment Results</b>
    </p>
    <p>
      The following is a summary of pre-tax results by segment for the second
      quarter:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          ($ in millions)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="2">

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>U.S. Public</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>Finance and</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Advisory</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="2">
          <b>Finance</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>International</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Services</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>Wind-down</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          2Q 2011 Pre-tax Income
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          144
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (125
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (168
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (147
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2Q 2010 Pre-tax Income
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          128
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,829
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          11
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,968
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          2Q 2011 Adj. Pre-tax Income
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          144
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (168
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          161
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2Q 2010 Adj. Pre-tax Income
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          128
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (86
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          11
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          48
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>U.S. Public Finance Results</b>
    </p>
    <p>
      The Company&#8217;s U.S. public finance insurance business is conducted
      through its National Public Finance Guarantee Corp. (National)
      subsidiary.
    </p>
    <p>
      National recorded $144 million of adjusted pre-tax income in the second
      quarter of 2011 compared with $128 million of adjusted pre-tax income in
      the second quarter of 2010. The increase in adjusted pre-tax income
      resulted from an improvement in loss and loss adjustment expenses.
    </p>
    <p>
      National's insured portfolio generated total premiums earned of $106
      million in the second quarter of 2011 compared with $119 million in
      total premiums earned in the second quarter of 2010. The decline in
      total premiums earned resulted from amortization of National&#8217;s insured
      portfolio and lower refunding activity in the quarter.
    </p>
    <p>
      Net investment income for National declined 3 percent to $54 million in
      the second quarter of 2011 from $56 million in the comparable period of
      2010 due to lower average yields. Since the second quarter of 2010,
      National&#8217;s investment portfolio increased in size by 1 percent, to $5.4
      billion at June 30, 2011.
    </p>
    <p>
      Fees and reimbursements were $1.6 million in the second quarter of 2011
      compared with $2.8 million in the second quarter of 2010. The decline in
      fees and reimbursements was primarily attributable to lower waiver and
      consent fees in the second quarter of 2011.
    </p>
    <p>
      National recorded a net benefit to loss and loss adjustment expenses of
      $9 million in the second quarter of 2011 compared with loss and loss
      adjustment expenses of $10 million in the second quarter of 2010. The
      net benefit in the second quarter of 2011 was primarily the result of a
      decrease in loss reserves on an insured affordable housing transaction
      following its remediation.
    </p>
    <p>
      Operating expenses were $19 million in the second quarter of 2011, up 15
      percent from $17 million in the comparable period of 2010. The increase
      in operating expenses was driven by higher legal and allocated overhead
      expenses, partially offset by lower compensation expenses.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      As of June 30, 2011, National&#8217;s statutory capital was $2.6 billion and
      its claims-paying resources totaled $5.7 billion.
    </p>
    <p>
      <b>Structured Finance and International Insurance Results</b>
    </p>
    <p>
      The Structured Finance and International Insurance business is conducted
      through MBIA Corp. and its subsidiaries.
    </p>
    <p>
      Adjusted pre-tax income for the Structured Finance and International
      Insurance segment for the second quarter of 2011 was $189 million
      compared with an adjusted pre-tax loss of $86 million for the second
      quarter of 2010. Premiums earned, net investment income, fees and
      reimbursements, and premiums and fees on insured derivatives totaled
      $145 million in the second quarter of 2011. Losses, credit impairments
      (a non-GAAP measure defined in the attached Explanation of Non-GAAP
      Financial Measures) and loss-related expenses on insured exposures were
      a benefit of $150 million in the second quarter while all other line
      items in the aggregate had a net $106 million negative impact on
      adjusted pre-tax income.
    </p>
    <p>
      The following is a summary of all insured portfolio economic loss
      activity in the second quarter. Economic losses for a reporting period
      represent the change in the Company&#8217;s estimate of the present value of
      expected net future claims payments without regard to the manner in
      which they are presented in the Company&#8217;s financial statements.
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2Q 2011 Economic Loss (Benefit)</b><br><b> Activity</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          ($ in thousands)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>RMBS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>ABS CDOs</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>CMBS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>Other</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Change in Expected Payments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $52,549
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($409,411)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $233,092
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $44,570
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($79,200)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Change in Expected Salvage
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (68,575)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          9,435
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (36)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (11,677)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (70,853)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>Total Economic Losses (Benefit)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>($16,026)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>($399,976)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>$233,056</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>$32,893</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>($150,053)</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      In the second quarter, the Company increased its expectations of future
      payments on RMBS exposures by $53 million. However, the increase in
      expected future claims payments was more than offset by additional
      expected recoveries of $69 million primarily from contractual claims
      related to ineligible mortgages. The Company&#8217;s estimates for expected
      recoveries related to &#8220;putbacks&#8221; of ineligible mortgages totaled $2.7
      billion as of June 30, 2011. However, based on the Company&#8217;s assessment
      of the strength of its contract claims, the Company continues to believe
      it is entitled to collect the full amount of its cumulative incurred
      losses, which totaled $4.6 billion as of June 30, 2011, from those
      securitization sponsors against whom it is pursuing litigation.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Since the end of the first quarter of 2011, MBIA Corp. has reached
      agreements with five counterparties for commutations of transactions
      including multi-sector CDOs and investment grade corporate CDOs.
      Commutation agreements with two of the parties were closed in the second
      quarter, an agreement with one counterparty was reached during the
      second quarter and subsequently closed in the third quarter, while
      agreements with the remaining two counterparties were reached and are
      expected to close in the third quarter. When fully consummated, the five
      commutation agreements will have eliminated $8.7 billion in gross
      insured exposure.
    </p>
    <p>
      In the second quarter of 2011, the Company estimated $233 million of
      incremental economic losses on certain insured transactions backed by
      pools of commercial mortgage-backed securities (CMBS). While the Company
      continues to observe evidence of improving trends in the CMBS market
      overall, including a deceleration in the pace of increases in
      delinquency rates and an increase in material loan modifications, these
      positive factors were offset by some deductible erosion and projected
      deterioration in several insured transactions.
    </p>
    <p>
      Certain losses are on policies subject to insurance accounting while
      other categories of loss relate to insured VIEs or insured credit
      derivatives for which GAAP specifies alternative accounting. The
      following is a summary of second quarter economic losses based on those
      categories:
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2Q 2011 Economic Losses (Benefit)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ($ in thousands)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Change in Expected Payments
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $69,696
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Change in Insurance Recoveries
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (10,833)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Loss &amp; LAE Expense on Policies Subject to Insurance Accounting
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58,863
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Credit Impairments on Insured VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,868
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Credit Impairments on Insured Credit Derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (219,555)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          LAE on Insured Credit Derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          771
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Credit Impairments and LAE on Insured Credit Derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (218,784)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Total Economic Losses (Benefit)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>($150,053)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      In the second quarter of 2011, MBIA Corp. paid a total of $237 million
      in claims and LAE, net of reinsurance and collections, in connection
      with its residential mortgage exposures compared to $231 million in the
      first quarter of 2011 and $407 million in the second quarter of 2010.
    </p>
    <p>
      The Company&#8217;s net derivative liability (the cumulative negative
      mark-to-market) with respect to insured credit derivatives was $5.7
      billion as of June 30, 2011. The Company currently has approximately
      $2.0 billion in statutory loss reserves in connection with these insured
      credit derivatives. The Company expects the $3.7 billion unimpaired
      portion of the unrealized net loss in fair value (mark-to-market) to be
      reversed prior to or upon the maturities of the insured credit
      derivatives.
    </p>
    <p>
      As of June 30, 2011, MBIA Corp.&#8217;s statutory balance sheet reflected $2.6
      billion in cash and invested assets including $815 million of cash and
      short-term investments. Cash, short-term investments and other highly
      liquid investments available to meet liquidity demands totaled $1.1
      billion as of June 30, 2011, excluding amounts held by subsidiaries. The
      Company believes that MBIA Corp.&#8217;s liquidity resources will adequately
      provide for anticipated cash outflows.
    </p>
    <p>
      MBIA Corp. had statutory capital of $2.9 billion and claims-paying
      resources totaling $4.3 billion at June 30, 2011.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Advisory Services</b>
    </p>
    <p>
      The Company&#8217;s Advisory Services business is primarily conducted in its
      Cutwater Asset Management subsidiaries. Cutwater recorded a pre-tax loss
      of $3 million in the second quarter of 2011 driven by expenses
      associated with positioning it for future growth.
    </p>
    <p>
      Cutwater&#8217;s average assets under management in the second quarter were
      $39.8 billion, down 3 percent from $41.0 billion in the first quarter of
      2011. Third-party average assets under management in the second quarter
      totaled $25.5 billion, down 3 percent from $26.2 billion in the first
      quarter of 2011.
    </p>
    <p>
      <b>Corporate Segment</b>
    </p>
    <p>
      The Corporate segment comprises MBIA Inc.&#8217;s holding company activities
      and certain subsidiaries, including Optinuity Alliance Resources Corp.
      The Corporate segment recorded a pre-tax loss of $2 million in the
      second quarter of 2011 compared with a pre-tax loss of $9 million in the
      second quarter of 2010. The Corporate segment&#8217;s pre-tax results were
      positively impacted in the second quarters of 2011 and 2010 by
      marks-to-market of $12 million and $9 million, respectively, on
      outstanding warrants on MBIA Inc. common stock.
    </p>
    <p>
      As of June 30, 2011, the corporate activities of MBIA Inc. had $255
      million of cash and highly liquid assets available for general corporate
      liquidity purposes.
    </p>
    <p>
      The Company repurchased approximately 3 million shares of its common
      stock at an average price of $8.27 during the second quarter. As of June
      30, 2011, approximately $48 million of repurchase authorization remained
      available under the Company's $1.0 billion share buyback program.
    </p>
    <p>
      <b>Wind-down Operations</b>
    </p>
    <p>
      The Company&#8217;s wind-down operations comprise its Asset Liability
      Management (ALM) and Conduit businesses, both of which are in run-off.
    </p>
    <p>
      The Company&#8217;s wind-down operations recorded a pre-tax loss of $168
      million in the second quarter of 2011 compared with pre-tax income of
      $11 million in the second quarter of 2010. The pre-tax loss in the
      second quarter of 2011 was driven by a $133 million net loss on
      financial instruments at fair value and foreign exchange, primarily from
      mark-to-market losses resulting from a combination of an improved market
      perception of MBIA Corp.&#8217;s credit quality as well as adverse movements
      in interest rates and currency exchange rates.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      During the second quarter, the ALM business repaid an additional $200
      million of its original $2.0 billion secured loan from MBIA Corp. The
      remaining outstanding balance of the secured loan was $600 million as of
      June 30, 2011.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The Company will host a webcast and conference call for investors
      tomorrow, Wednesday, August 10, 2011 at 8:00 AM (EDT) to discuss its
      second quarter 2011 financial results and other matters relating to the
      Company. The webcast and conference call will consist of brief remarks
      followed by a question and answer session.
    </p>
    <p>
      The dial-in number for the call is (877) 694-4769 in the U.S. and (404)
      665-9935 from outside the U.S. The conference call code is 84149049. A
      live webcast of the conference call will also be accessible on <u>www.mbia.com</u>.
    </p>
    <p>
      A replay of the call will be available approximately two hours after the
      completion of the call on August 10 until 11:59 p.m. on August 24 by
      dialing (855) 859-2056 in the U.S. or (404) 537-3406 from outside the
      U.S. The replay call code is also 84149049. In addition, a recording of
      the call will be available on the Company's website approximately two
      hours after the completion of the call.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This release includes statements that are not historical or current
      facts and are &#8220;forward-looking statements&#8221; made pursuant to the safe
      harbor provisions of the Private Securities Litigation Reform Act of
      1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will continue,&#8221;
      and similar expressions identify forward-looking statements. These
      statements are subject to certain risks and uncertainties that could
      cause actual results to differ materially from historical earnings and
      those presently anticipated or projected, including, among other risks
      and uncertainties, the possibility that the Company will experience
      severe losses or liquidity needs due to increased deterioration in its
      insurance portfolios and in particular, due to the performance of CDOs
      including multi-sector, CMBS and CRE CDOs and RMBS, uncertainty
      regarding whether the Company will realize, or will be delayed in
      realizing, insurance loss recoveries expected in disputes with
      sellers/servicers of RMBS transactions at the levels recorded in its
      financial statements, the possibility that loss reserve estimates are
      not adequate to cover potential claims, the Company&#8217;s ability to access
      capital and the Company&#8217;s exposure to significant fluctuations in
      liquidity and asset values within the global credit markets, the
      Company&#8217;s ability to fully implement its strategic plan, including its
      ability to achieve high stable ratings for National or any other
      insurance subsidiaries, and the Company&#8217;s ability to commute certain of
      its insured exposures, including as a result of limited available
      liquidity, the Company&#8217;s ability to favorably resolve litigation claims
      against the Company, and changes in general economic and competitive
      conditions. These and other factors that could affect financial
      performance or could cause actual results to differ materially from
      estimates contained in or underlying the Company&#8217;s forward-looking
      statements are discussed under the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;s
      most recent Annual Report on Form 10-K, which may be updated or amended
      in the Company&#8217;s subsequent filings with the Securities and Exchange
      Commission. The Company cautions readers not to place undue reliance on
      any such forward-looking statements, which speak only to their
      respective dates. The Company undertakes no obligation to publicly
      correct or update any forward-looking statement if it later becomes
      aware that such result is not likely to be achieved.
    </p>
    <p>
      MBIA Inc., headquartered in Armonk, New York is a holding company whose
      subsidiaries provide financial guarantee insurance, as well as related
      reinsurance, advisory and portfolio services, for the public and
      structured finance markets, and asset management advisory services. The
      Company services its clients around the globe with offices in New York,
      Denver, San Francisco, Paris, London, Madrid and Mexico City. Please
      visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Explanation of Non-GAAP Financial Measures</b>
    </p>
    <p>
      The following are explanations of why MBIA believes that the non-GAAP
      financial measures used in this press release, which serve to supplement
      GAAP information, are meaningful to investors.
    </p>
    <p>
      <b>Adjusted Book Value:</b> Adjusted Book Value (ABV), a non-GAAP
      measure, is used by the Company to supplement its analysis of GAAP book
      value. The Company uses ABV as a measure of fundamental value and
      considers the change in ABV an important measure of periodic financial
      performance. ABV adjusts GAAP book value to remove the impact of certain
      items which the Company believes will reverse over time, as well as to
      add in the impact of certain items which the Company believes will be
      realized in GAAP book value in future periods. The Company has limited
      such adjustments to those items that it deems to be important to
      fundamental value and performance and which the likelihood and amount
      can be reasonably estimated. ABV assumes no new business activity. The
      Company has presented ABV to allow investors and analysts to evaluate
      the Company using the same measure that MBIA&#8217;s management regularly uses
      to measure financial performance. ABV is not a substitute for and should
      not be viewed in isolation from GAAP book value.
    </p>
    <p>
      ABV is calculated on a consolidated basis and a segment basis. ABV by
      segment provides information about each segment&#8217;s contribution to
      consolidated ABV and is calculated using the same formula.
    </p>
    <p>
      ABV per share represents that amount of ABV allocated to each common
      share outstanding at the measurement date.
    </p>
    <p>
      <b>Adjusted Pre-tax Income</b>: Adjusted pre-tax income, a non-GAAP
      measure, is used by the Company to supplement its analysis of GAAP
      pre-tax income. The Company uses adjusted pre-tax income as a measure of
      fundamental periodic financial performance. Adjusted pre-tax income
      adjusts GAAP pre-tax income to remove the effects of consolidating
      insured VIEs and gains and losses related to fair valuing insured credit
      derivatives, which the Company believes will reverse over time, and adds
      in changes in the present value of insurance claims the Company expects
      to pay on insured credit derivatives based on its ongoing insurance loss
      monitoring and loss adjustment expenses. Adjusted pre-tax income is not
      a substitute for and should not be viewed in isolation from GAAP pre-tax
      income and the Company&#8217;s definition of adjusted pre-tax income may
      differ from that used by other companies.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Claims-paying Resources (CPR)</b>: CPR is a key measure of the
      resources available to National and MBIA Corp. to pay claims under their
      respective insurance policies. CPR consists of total financial resources
      and reserves calculated on a statutory basis. CPR has been a common
      measure used by financial guarantee insurance companies to report and
      compare resources and continues to be used by MBIA&#8217;s management to
      evaluate changes in such resources. The Company has provided CPR to
      allow investors and analysts to evaluate National and MBIA Corp. using
      the same measure that MBIA&#8217;s management uses to evaluate their resources
      to pay claims under their respective insurance policies. There is no
      directly comparable GAAP measure.
    </p>
    <p>
      <b>Credit Impairments on Insured Derivatives</b>: Credit impairments on
      insured derivatives represent actual payments for the period plus the
      present value of the Company&#8217;s estimate of expected future claim
      payments for such transactions, using a discount rate required by
      statutory accounting principles, plus loss adjustment expenses.<b> </b>Since
      the Company&#8217;s insured credit derivatives have similar terms, conditions,
      risks, and economic profiles to its financial guarantee insurance
      policies, the Company evaluates them for impairment periodically in the
      same way that it estimates loss and LAE for its financial guarantee
      insurance policies. Credit impairments on insured derivatives are equal
      to the Company&#8217;s statutory losses and loss adjustment expenses for such
      contracts.
    </p>
    <p>
      Credit impairments on insured derivatives may differ from the fair
      values recorded in the Company&#8217;s financial statements. The Company
      expects that the majority of its exposure written in derivative form
      will not be settled at fair value. The fair value of an insured
      derivative contract will be influenced by a variety of market and
      transaction-specific factors that may be unrelated to potential future
      claim payments. In the absence of credit impairments or the termination
      of derivatives at losses, the cumulative unrealized losses recorded from
      fair valuing insured derivatives should reverse before or at the
      maturity of the contracts. Contracts also may be settled prior to
      maturity at amounts that may be more or less than their recorded fair
      values. Those settlements can result in realized gains or losses, and
      the reversal of unrealized losses. For these reasons, the Company
      believes its disclosure of credit impairments on insured derivatives
      provides additional meaningful information to investors about potential
      realized losses on these contracts.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>CONSOLIDATED BALANCE SHEETS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30, 2011</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31, 2010</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Assets</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Investments:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Fixed-maturity securities held as available-for-sale, at fair
            value (amortized cost
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="4">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $8,467,567 and $9,678,603)
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,155,038
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,092,060
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Fixed-maturity securities at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          182,484
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,041
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Investments pledged as collateral, at fair value (amortized cost
          $581,564 and $547,800)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          598,777
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          551,688
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Short-term investments held as available-for-sale, at fair value
          (amortized
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="4">
          cost $1,761,299 and $2,072,955)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,753,991
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,070,320
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          Other investments (includes investments at fair value of $158,332
          and $185,688)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          160,399
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          187,849
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 25.0px" valign="top" colspan="4">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Total investments
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,850,689
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,926,958
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          626,063
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          365,841
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Accrued investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          91,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          95,320
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Premiums receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,428,620
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,589,005
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          374,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          412,001
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Prepaid reinsurance premiums
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          93,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          97,270
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Insurance loss recoverable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,657,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,531,494
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Reinsurance recoverable on paid and unpaid losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,709
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,111
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,371
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,371
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Property and equipment, at cost (less accumulated depreciation of
          $136,032 and $135,127)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          71,385
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Receivable for investments sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          75,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,948
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Derivative assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,737
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,780
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Current income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          41,388
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,574,162
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          907,531
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,195
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Assets of consolidated VIEs:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          734,877
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          763,891
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Investments held-to-maturity, at amortized cost (fair value
          $3,702,516 and $3,759,915)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,934,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,038,568
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Fixed-maturity securities held as available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="4">
          (amortized cost $278,709 and $338,013)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          280,026
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          338,630
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Fixed-maturity securities at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,835,141
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,240,742
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Loans receivable at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,320,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,183,364
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Loan repurchase commitments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          905,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          835,047
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Derivative assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          680,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          699,072
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          36,148
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          38,099
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 30.0px" valign="top" colspan="4">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          31,668,201
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          32,279,011
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Liabilities and Equity</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Unearned premium revenue
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,801,242
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,145,234
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          864,725
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,129,358
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Reinsurance premiums payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,186
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          71,151
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Investment agreements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,632,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,005,326
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Medium-term notes (includes financial instruments carried at
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="4">
          fair value $205,577 and $116,310)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,763,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,739,507
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Securities sold under agreements to repurchase
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          386,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          470,570
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Short-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          64,768
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,842,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,850,532
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Current income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,521
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Deferred fee revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,995
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Payable for settlement of derivatives and investments purchased
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          235,192
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,173
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Derivative liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,933,848
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,616,509
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          232,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          272,391
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Liabilities of consolidated VIEs:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="4">
          Variable interest entity notes (includes financial instruments
          carried
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="top" colspan="4">
          at fair value $6,538,581 and $6,679,982)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,448,587
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,589,989
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="4">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          360,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          360,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="4">
          Derivative liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,160,476
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,104,242
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top" colspan="4">
          Other liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          720
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          968
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top" colspan="4">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          29,763,156
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          29,432,713
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          <b>Equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          274,922
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          274,720
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,065,734
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,063,914
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          985,993
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,123,566
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (195,339
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (405,484
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Treasury stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,250,668
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,224,577
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 30.0px" valign="top" colspan="4">
          <b>Total shareholders' equity of MBIA Inc.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,880,642
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,832,139
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          Preferred stock of subsidiary and noncontrolling interest
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          24,403
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          14,159
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top" colspan="4">
          <b>Total equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,905,045
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2,846,298
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 30.0px" valign="top" colspan="4">
          <b>Total liabilities and equity</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          31,668,201
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          32,279,011
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="39">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="39">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="39">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td colspan="39">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" rowspan="2" valign="bottom" colspan="4">
          <b>Three Months Ended June 30, 2011</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S.</b><br><b>Public Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b><br><b> Finance and</b><br><b>International</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b>Services</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b>Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Subtotal</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b>Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="3">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          75,196
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          130,117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (14,228
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          115,889
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top" colspan="3">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          30,942
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          8,047
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          38,989
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (5,732
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          33,257
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="2">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          106,138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,968
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          169,106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,960
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149,146
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,026
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (734
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          90,236
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,845
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          95,081
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          67,759
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (57,201
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,558
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="2">
          Realized gains (losses) and other settlements on
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="2">
          insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,461
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (192,695
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (191,234
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (191,238
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="2">
          Unrealized gains (losses) on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (3
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          115,742
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          115,739
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          115,739
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="2">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (76,953
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (75,495
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (75,499
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Net gains (losses) on financial instruments at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="3">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          536
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (133,482
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (102,984
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (102,984
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Investment losses related to other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="2">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,875
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,977
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,852
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,735
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Other-than-temporary impairments recognized in
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top" colspan="2">
          accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          55
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (14,047
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (13,992
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (13,992
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="top" colspan="2">
          Net investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 15.0px" valign="top" colspan="2">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,820
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18,024
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,844
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,727
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net losses on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (26
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (26
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (26
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (490
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          121
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          121
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,224
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,619
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,619
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net gains on financial instruments at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="2">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,441
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,301
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,742
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,118
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Other net realized gains
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,722
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,722
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          177,134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,998
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (126,505
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          164,234
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (66,105
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          98,129
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8,780
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58,863
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,083
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,083
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,438
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (40,246
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,667
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,398
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,918
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,111
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          99,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (24,434
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          74,971
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,038
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          80,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (6,076
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          74,906
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,384
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          697
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,183
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,898
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,520
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,214
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,979
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          183,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,918
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,531
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          41,086
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          316,678
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (71,939
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          244,739
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          144,155
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (124,511
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (2,920
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (1,577
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (167,591
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (152,444
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          5,834
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (146,610
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Benefit for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (283,155
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          136,545
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="41">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="41">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="40">
          <b>(in thousands)</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b><br><b>Finance and</b><br><b>International</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="3" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S.</b><br><b> Public Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="5">
          <b>Three Months Ended June 30, 2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b>Services</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b>Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="2" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b>Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Subtotal</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          86,261
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          64,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          150,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,715
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          130,819
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          33,026
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          99
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          33,125
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (7,619
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          25,506
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          119,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          64,372
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          183,659
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,334
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          156,325
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,618
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (115
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          106,803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          625
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          107,428
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,790
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,611
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,979
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (56,919
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,105
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Realized gains (losses) and other settlements on
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (64,251
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (64,148
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (64,148
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Unrealized gains on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          46
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,537,880
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,537,926
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,537,926
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,473,629
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,473,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,473,778
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Net gains (losses) on financial instruments at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (16,478
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,876
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,718
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,718
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Investment losses related to other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (94
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (21,668
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (21,762
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (21,762
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Other-than-temporary impairments recognized in
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,267
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          9,907
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          8,640
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          8,640
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,361
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (11,761
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,122
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,122
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,543
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,543
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,572
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (137
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (255
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,168
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,392
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,267
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,659
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,659
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net gains on financial instruments at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          264,145
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,915
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          285,060
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,806
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          290,866
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="3">
          Net gains on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,530
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          179,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,864,533
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,408
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,548
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,155,384
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (77,822
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,077,562
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (82,803
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (72,540
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (72,540
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (48,641
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,030
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,969
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          96,241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,736
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,505
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,844
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          42,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          92,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12,043
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          80,895
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,503
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          578
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,228
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,961
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,961
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,370
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          35,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          41,137
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,652
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          197,352
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (88,273
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          109,079
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          127,879
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1,829,038
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (290
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (9,491
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          10,896
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1,958,032
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          10,451
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,968,483
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          673,167
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1,295,316
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="38">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="38">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="38">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S.</b><br><b>Public Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b> <b>Finance and</b><br><b>International</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b>Services</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b>Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <b>Subtotal</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b>Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Six Months Ended June 30, 2011</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          151,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          122,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          273,767
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (30,123
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          243,644
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          43,428
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          8,109
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          51,537
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (8,837
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          42,700
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          195,114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          130,190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          325,304
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (38,960
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          286,344
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          112,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          48,451
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (469
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          201,143
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,269
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          209,412
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,069
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,715
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          134,555
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (110,046
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,509
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="2">
          Realized gains (losses) and other settlements on
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (547,204
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (545,621
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (545,629
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          Unrealized losses on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (84
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,306,916
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,307,000
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,307,000
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,854,120
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,852,621
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,852,629
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Net gains (losses) on financial instruments at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (216,335
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (126,512
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (126,512
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Net investment losses related to other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,080
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (11,327
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,407
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,290
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Other-than-temporary impairments recognized in
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,974
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (17,811
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (19,785
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (19,785
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,054
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (29,138
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (33,192
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (33,075
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (41
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,484
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,443
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,865
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Other net realized gains
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          461
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,148
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,731
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,578
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,578
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net gains (losses) on financial instruments at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (113,024
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (100,980
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,421
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (84,559
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Other net realized gains
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,722
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,722
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          329,389
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,678,348
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          84,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (157,611
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,390,551
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (119,063
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,509,614
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,435
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,930
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,930
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          41,920
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          73,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          115,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (76,279
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,179
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,038
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          199,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (49,488
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          150,203
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          67,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29,488
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          65,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          162,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12,620
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149,802
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,779
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,428
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,600
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,607
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,503
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,547
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,547
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          74,308
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          267,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          80,331
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          82,613
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          541,255
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (140,987
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          400,268
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          255,081
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (1,946,164
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (4,396
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          3,897
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (240,224
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (1,931,806
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          21,924
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,909,882
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Benefit for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (772,310
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Net loss</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (1,137,572
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="38">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="38">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="38">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S.</b><br><b>Public Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b><br><b>Finance and</b><br><b>International</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b>Services</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b>Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <b>Subtotal</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b>Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" rowspan="4" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Six Months Ended June 30, 2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          173,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          131,336
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          305,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (42,014
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          263,121
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          59,779
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,340
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          64,119
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (14,098
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          50,021
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          233,578
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          135,676
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          369,254
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (56,112
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          313,142
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          117,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          57,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (304
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          234,147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,795
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          229,352
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,402
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          150,952
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,466
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          246,537
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (113,453
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          133,084
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="3">
          Realized gains (losses) and other settlements on
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          205
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (98,483
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (98,278
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (98,278
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Unrealized losses on insured derivatives
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (38
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (673,461
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (673,499
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (673,499
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (771,944
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (771,777
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (771,777
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Net gains (losses) on financial instruments at fair value
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,885
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (14,128
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (17,922
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20,332
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (47,524
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (47,524
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Net investment losses related to other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (285
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (186,887
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (187,172
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (187,172
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Other-than-temporary impairments recognized in
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (3,604
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          147,922
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          144,318
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          144,318
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,889
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (38,965
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (42,854
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (42,854
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,541
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,541
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (101
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (137
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (22
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,313
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,313
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,057
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,829
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,829
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net gains on financial instruments at fair value
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          370,237
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,068
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          401,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,496
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          413,801
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="3">
          Net gains on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,530
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top" colspan="2">
          Other net realized losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (74,244
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (74,244
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (74,244
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          372,384
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (109,328
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          383,057
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (161,864
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          221,193
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          105,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          141,859
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          141,859
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          86,841
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          133,512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (96,734
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,778
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29,804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,403
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          179,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (48,568
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          131,003
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,581
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          90,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          192,464
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,243
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          165,221
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,161
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,651
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,969
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,624
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,624
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          112,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          349,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,403
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          85,035
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          107,023
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          685,842
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (173,706
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          512,136
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          259,751
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (459,076
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          2,846
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (51,081
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (55,225
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (302,785
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          11,842
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (290,943
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Benefit for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (106,023
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="4">
          <b>Net loss</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (184,920
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>ADJUSTED PRE-TAX INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom" colspan="8">
          <b>Three Months Ended June 30, 2011</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. Public</b><br><b> Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b><br><b> Finance and</b><br><b>International</b><br><b>
            Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b> Services</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b>Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b>Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Revenues:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          106,138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          67,040
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,960
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          153,218
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,439
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (734
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,976
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          103,625
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (56,028
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,731
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Premiums and fees on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,461
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,069
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (133,482
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (102,832
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Net investment losses related to other-than-
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,819
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18,024
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,843
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Net losses on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (26
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (26
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (490
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          121
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,696
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,696
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          177,137
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          143,191
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,998
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (126,505
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (71,016
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          177,759
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8,780
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          59,951
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Insured credit derivative impairments and LAE
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (218,784
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (218,784
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,438
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,471
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (40,246
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,663
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,616
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,918
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,111
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (24,434
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          73,189
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,038
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (6,076
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          74,906
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          5,391
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (263
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          5,128
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          32,979
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (45,442
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          19,918
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          39,531
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          41,086
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (71,019
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          17,053
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="8">
          <b>Adjusted pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>144,158</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>188,633</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(2,920</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(1,577</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(167,591</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>3</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>160,706</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="8">
          Additions to adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Impact of consolidating certain VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,553
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,831
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          43,384
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Mark-to-market on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          87,949
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          87,946
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="8">
          Subtractions from adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Impairments and LAE on insured credit derivatives
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          438,646
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          438,646
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="8">
          <b>GAAP pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>144,155</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(124,511</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(2,920</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(1,577</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(167,591</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>5,834</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(146,610</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="36">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>ADJUSTED PRE-TAX INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom" colspan="8">
          <b>Three Months Ended June 30, 2010</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. Public</b><br><b> Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b><br><b> Finance and</b><br><b>International</b><br><b>
            Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b> Services</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b> Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b>Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Revenues:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          119,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          71,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,334
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          163,527
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (115
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          111,739
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,790
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,611
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,979
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (57,978
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,046
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Premiums and fees on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,127
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,230
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Net gains on financial instruments at
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,622
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,382
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Net investment losses related to other-than-
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,361
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (11,761
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,122
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,553
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,543
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,572
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (137
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (256
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,167
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          26,713
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          26,713
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          179,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          173,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,408
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,548
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (84,415
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          380,225
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (203,218
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (192,955
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Insured credit derivative impairments and LAE
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          356,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          356,571
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,093
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (48,641
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,704
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,969
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,736
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,455
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,844
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          42,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12,043
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          80,895
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,264
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (472
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          3,792
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          51,370
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          259,497
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          17,698
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          41,137
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          51,652
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (88,892
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          332,462
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="7">
          <b>Adjusted pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>127,833</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(85,662</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(290</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(9,491</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>10,896</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>4,477</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>47,763</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="8">
          Additions to adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Impact of consolidating certain VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          98,116
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,974
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          104,090
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Mark-to-market on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,550,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,550,210
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="8">
          Subtractions from adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Impairments and LAE on insured credit derivatives
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (266,420
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (266,420
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="7">
          <b>GAAP pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>127,879</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,829,038</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(290</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(9,491</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>10,896</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>10,451</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,968,483</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="36">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>ADJUSTED PRE-TAX INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="36">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom" colspan="8">
          <b>Six Months Ended June 30, 2011</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. Public</b><br><b> Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b><br><b> Finance and</b><br><b>International</b><br><b>
            Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b> Services</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Corporate</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b>Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b> Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Revenues:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          195,114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          138,953
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (38,960
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          295,107
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          112,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          73,711
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (469
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          235,065
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,069
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,715
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (108,600
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,955
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Premiums and fees on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          57,696
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          59,271
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,089
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (216,335
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (122,737
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Net investment losses related to other-than-
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,053
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (29,138
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (33,191
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (41
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,484
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,865
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Other net realized gains
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          461
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,148
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,731
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          19,257
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          19,257
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          329,473
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          357,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          84,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (157,611
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (136,484
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          509,323
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,435
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,003
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,568
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Insured credit derivative impairments and LAE
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (34,146
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (34,146
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          41,920
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,381
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (76,279
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,022
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          57,126
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (49,488
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          138,291
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          67,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29,488
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          65,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12,620
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149,802
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          10,931
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (522
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          10,409
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          74,308
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          189,416
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          36,187
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          80,331
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          82,613
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (138,909
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          323,946
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="8">
          <b>Adjusted pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>255,165</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>168,510</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(4,396</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>3,897</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(240,224</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>2,425</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>185,377</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="8">
          Additions to adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Impact of consolidating certain VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58,299
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Mark-to-market on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (84
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,502,966
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,503,050
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="8">
          Subtractions from adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Impairments and LAE on insured credit derivatives
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          650,508
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          650,508
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="7">
          <b>GAAP pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>255,081</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(1,946,164</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(4,396</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>3,897</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(240,224</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>21,924</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(1,909,882</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="35">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="35">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="35">
          <b>ADJUSTED PRE-TAX INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="35">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>Six Months Ended June 30, 2010</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. Public</b><br><b> Finance</b><br><b>Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Structured</b><br><b> Finance and</b><br><b>International</b><br><b>
            Insurance</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Advisory</b><br><b> Services</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Corporate</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Wind-down</b><br><b>Operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Intercompany</b><br><b> Eliminations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom" colspan="3">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Revenues:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          233,578
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          148,507
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (56,112
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          325,973
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          117,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          82,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (304
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,141
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          255,092
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,402
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          150,953
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,466
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (113,244
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          133,294
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="6">
          Premiums and fees on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          205
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,415
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="6">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,885
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (17,921
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20,332
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,424
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Net investment losses related to other-than-
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,889
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (38,965
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (42,854
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,541
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (101
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,572
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (137
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (23
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,311
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          41,656
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          41,656
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          372,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          459,077
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (173,497
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          778,004
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          Expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (121,205
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (85,047
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Insured credit derivative impairments and LAE
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          562,862
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          562,862
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          88,472
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (96,734
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,409
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29,804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          59,220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,403
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,587
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (49,047
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          131,953
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,580
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          90,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,243
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          165,220
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          VIE expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          7,603
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (472
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          7,131
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="3">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          112,633
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          657,929
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          31,403
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          85,035
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          107,024
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (173,496
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          820,528
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="7">
          <b>Adjusted pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>259,789</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(198,852</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>2,846</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(51,081</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(55,225</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(1</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(42,524</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="7">
          Additions to adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Impact of consolidating certain VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,708
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="6">
          Mark-to-market on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (38
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (685,631
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (685,669
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="7">
          Subtractions from adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="6">
          Impairments and LAE on insured credit derivatives
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (409,542
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (409,542
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="7">
          <b>GAAP pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>259,751</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(459,076</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>2,846</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(51,081</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(55,225</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>11,842</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(290,943</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="15">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Components of Adjusted Book Value per Share</b></u>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30, 2011</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31, 2010</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>Change</b>
        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          <b>Reported Book Value</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $9.56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $14.18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($4.62)
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Plus:
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Cumulative unrealized loss on insured
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          credit derivatives, after tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19.76
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14.58
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $5.18
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Less:
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Cumulative impairments on insured
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <p style="margin-top: 0px; margin-bottom: 0px">
            credit derivatives, after tax<sup> (1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (6.31)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8.69)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $2.38
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reverse:
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Unrealized losses included in OCI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.74
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($1.53)
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reverse:
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Impact of consolidating certain VIEs<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $0.12
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Plus:
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="4">
          Net unearned premium revenue, after tax<sup> (1) (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12.85
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13.97
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($1.12)
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>Adjusted Book Value</b> <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $37.22
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $36.81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $0.41
        </td>
        <td style="text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          As of June 30, 2011 and December 31, 2010 the discount rate on
          Financial Guarantee installment premiums was the
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          risk-free rate as defined by accounting principles for Financial
          Guarantee insurance contracts and the discount rate was
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          5.00% on Insured Derivative installment revenue and impairments.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Represents the impact on consolidated total equity of VIEs that are
          not considered business enterprises of the Company.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          The amounts consist of installment and upfront Financial Guarantee
          premiums, Insured Derivative revenue and deferred
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          commitment/structuring fees, net of deferred acquisition costs.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          A non-GAAP measure.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="4">
          <b>Net Income (Loss) per Common Share:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="5">
          <b>June 30</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="7">
          <b>June 30</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2011</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $0.69
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $6.34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($5.70
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($0.90
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $0.68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $6.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($5.70
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          ($0.90
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="8">
          <b>Weighted-Average Number of Common Shares Outstanding:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          199,295,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          204,377,833
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          199,602,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          204,639,226
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          200,064,679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          204,921,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          199,602,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          204,639,226
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="4">
          <b>INSURANCE OPERATIONS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Selected Financial Data Computed on a Statutory Basis</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          (dollars in millions)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>National Public Finance Guarantee Corporation</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>June 30, 2011</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>December 31, 2010</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Policyholders' surplus
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,054.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          907.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          Contingency reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,504.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,473.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 20.0px" valign="top" colspan="2">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,558.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,381.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,742.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,872.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          Present value of installment premiums <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          268.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          282.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 20.0px; padding-right: 0.0px" valign="top" colspan="2">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,011.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,154.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Loss and loss adjustment expense reserves <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          89.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          95.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="top" colspan="3">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          5,659.4
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          5,631.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net debt service outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          715,719.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          752,420.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          280:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          316:1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          155:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          166:1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="top" colspan="2">
          <b>MBIA Insurance Corporation</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>June 30, 2011</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>December 31, 2010</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Policyholders' surplus
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,167.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,074.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="2">
          Contingency reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,738.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,655.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 20.0px" valign="top" colspan="2">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,905.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,730.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          684.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          703.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top" colspan="4">
          Present value of installment premiums <sup>(5) (6)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,442.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,655.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 20.0px" valign="top" colspan="2">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,126.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,358.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="4">
          Loss and loss adjustment expense reserves <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (714.3
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          155.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="top" colspan="3">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          4,318.0
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          5,243.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          Net debt service outstanding <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          216,010.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          244,548.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          74:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          90:1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          60:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55:1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          At June 30, 2011 and December 31, 2010 the discount rate was 4.19%.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          The amounts consist of Financial Guarantee premiums and Insured
          Derivative premiums.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net debt service outstanding divided by statutory capital.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          Net debt service outstanding divided by the sum of statutory
          capital, unearned premium reserve (after-tax), present
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          value of installment premiums (after-tax) and loss and loss
          adjustment expense.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          At June 30, 2011 and December 31, 2010 the discount rate was 5.93%.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Excludes $42.4 million present value of future premiums related to
          policies for which commutation
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          agreements were either reached or executed after June 30, 2011.
        </td>
      </tr>
      <tr>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Excludes $15.1 billion of gross insured CDO debt service for which
          commutation agreements were
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          either reached or executed after June 30, 2011.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>MBIA Inc., Media:</b><br>Kevin Brown, +1-914-765-3648<br>or<br>Elizabeth
      James, +1-914-765-3889<br>or<br><b>MBIA Inc., Investor Relations:</b><br>Greg
      Diamond<b>,</b> +1-914-765-3190
    </p>
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