FSA Second Quarter Financial Results.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 5, 2002

ORIGINATIONS (PV PREMIUMS) $199.9 Million in Q2 02 (+30.1% over Q2 01) $374.5 Million in H1 02 (+28.5% over H1 O1) CORE EARNINGS $63.2 Million in Q2 02 (+22.8% over Q2 01) $123.0 Million in H1 02 (+22.5% over H1 01) OPERATING EARNINGS $66.8 Million in Q2 02 (+27.8% over Q2 01) $127.7 Million in H1 02 (+25.5% over H1 01) NET INCOME $45.4 Million in Q2 02 (-12.3% over Q2 01) $99.5 Million in H1 02 (unchanged over H1 01) Financial Security Assurance Holdings Ltd. (the Company), the holding company for bond insurer Financial Security Assurance Inc. (FSA), achieved growth rates of approximately 28% and 23%, respectively, in operating and core earnings for the quarter. The Company reported a 12% decline in net income from that of the second quarter of 2001.

KEY RESULTS

Second Quarter 2002

-- Core earnings were $123.0 million, a 22.5% increase over the previous year's result. -- Operating earnings rose 25.5% to $127.7 million. -- FSA produced $374.7 million of present value (PV) premiums, 28.5% above the $291.5 million originated in the same period of 2001. -- Net income was $99.5 m...

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