Agreement Evidencing An Award Of Performance Shares Sample Contracts

Assured Guaranty Muni Hldgs – Financial Security Assurance Holdings Ltd. Agreement Evidencing an Award of Performance Shares (February 15th, 2008)

We are pleased to notify you that by the determination of the Human Resources Committee (the Committee) of the Board of Directors of Financial Security Assurance Holdings Ltd. (together with any successor thereto, the Company) an award of (Number of Shares) ( ) Performance Shares has been granted to you under the Financial Security Assurance Holdings Ltd. 2004 Equity Participation Plan (as amended from time to time, the Plan). Unless otherwise defined herein, all capitalized terms contained herein shall have the definitions that are ascribed to them in the Plan.

Assured Guaranty Muni Hldgs – Financial Security Assurance Holdings Ltd. Agreement Evidencing an Award of Performance Shares (February 17th, 2006)

We are pleased to notify you that by the determination of the Human Resources Committee (the Committee) of the Board of Directors of Financial Security Assurance Holdings Ltd. (together with any successor thereto, the Company) an award of (Number of Shares) ( ) Performance Shares has been granted to you under the Financial Security Assurance Holdings Ltd. 2004 Equity Participation Plan (as amended from time to time, the Plan). Unless otherwise defined herein, all capitalized terms contained herein shall have the definitions that are ascribed to them in the Plan.

Assured Guaranty Muni Hldgs – Financial Security Assurance Holdings Ltd. Agreement Evidencing an Award of Performance Shares (February 23rd, 2005)

We are pleased to notify you that by the determination of the Human Resources Committee (the Committee) of the Board of Directors of Financial Security Assurance Holdings Ltd. (together with any successor thereto, the Company) an award of (Number of Shares) ( ) Performance Shares has been granted to you under the Financial Security Assurance Holdings Ltd. 2004 Equity Participation Plan (as amended from time to time, the Plan). Unless otherwise defined herein, all capitalized terms contained herein shall have the definitions that are ascribed to them in the Plan.

Assured Guaranty Muni Hldgs – Financial Security Assurance Holdings Ltd. Agreement Evidencing an Award of Performance Shares (November 23rd, 2004)

We are pleased to notify you that by the determination of the Human Resources Committee (the Committee) of the Board of Directors of Financial Security Assurance Holdings Ltd. (together with any successor thereto, the Company) an award of (Number of Shares) ( ) Performance Shares has been granted to you under the Financial Security Assurance Holdings Ltd. 2004 Equity Participation Plan (as amended from time to time, the Plan). Unless otherwise defined herein, all capitalized terms contained herein shall have the definitions that are ascribed to them in the Plan.