Who CIFG is…

2. Who CIFG is… • A group of financial guaranty companies rated Aaa/AAA/AAA with experienced industry professionals in each business line • Insurance companies with claims-paying resources well in excess of the rating agencies’ Triple-A levels • Monoline insurers • CIFG capital is segregated to support both present and future bondholder obligations • CIFG ability and willingness to pay have received top ratings from Moody’s, Standard & Poor’s (S&P) and Fitch • A member of an international group with a long and distinguished heritage in financial services

3. Overview: Progress to Date CIFG is a group of Triple-A rated monoline financial guarantors • Capital: CIFG possesses well over $500 million in claims paying resources • Business Progress: CIFG has insured over $8 billion in exposures since inception. Market conditions have allowed better than expected pricing • Licensing: CIFG is licensed in the European Community and in more than half of all US states. Remaining US licenses are expected during 2004

4. Overview: CIFG Claims Paying Resources CIFG is well capitalized • The S&P Margin of Safety compares simulated depression losses with claims-paying resources based on actual and projected portfolios. S&P calculates Margins of Safety for each of CIFG’s primary insurance companies: CDC IXIS Financial Guaranty North America (CIFG NA) and CDC IXIS Financial Guaranty Europe (CIFG Europe) • At year-end 2002, CIFG NA’s Margin of Safety was 2.0-2.1 and CIFG Europe’s was 1.5-1.6 • This ratio will likely fall as the portfolio grows; it reflects, however, management’s conservative approach to the business

5. Overview: CIFG Claims Paying Resources- cont’d CIFG is well capitalized: June 30, 2003, Capital Pro Forma for Capital Issuance of Oct ‘03 As of June 30, 2003 $ Mil.Statutory Capital $382.1 Unearned Premium Reserves $39.4 PV Annual Premiums $45.6 Total Claims Paying Resources, Before New Capital $467.1 Capital Issuance (October 2003) $114.7 Total Claims Paying Resources, After New Capital $581.8

6. CIFG Financial Snapshot CIFG’s key financials show its progress $ Mil. Nine months endedTwelve Months Ended September 30, 2003December 31, 2002 New Business: • Gross Par Written $5,939 $2,352 as ofas of September 30, 2003December 31, 2002 Portfolio: • Gross Par Outstanding $7,999 $2,375

7. Portfolio CIFG grows with a high quality risk portfolio September 30, 2003 $7,999 million of gross par outstanding

8. Portfolio- cont’d The risk portfolio is well diversified among business lines September 30, 2003 $7,999 million of gross par outstanding

9. Licensing Expansion CIFG has made major progress in U.S. licensing • CIFG NA is currently licensed in over half of the states in the US 1. • Licensing is anticipated in 40 states by the 4th quarter, 2003 • Remaining licenses expected during 2004 (1) Please refer to Appendix for a listing of US states in which CIFG NA is admitted

10. Corporate Structure and Capitalization CDC IXIS (Parent Company) CIFG is a member of a major European financial group with a long and distinguished heritage • CIFG is an independent subsidiary of CDC IXIS, a major European bank • CDC IXIS comprises commercial and investment banking activities originally part of Caisse des Depots (CDC) a 185-year old French financial institution entrusted with various public responsibilities for the benefit of French citizens • In 2001, CDC IXIS was created by CDC. Later that same year, a portion of its ownership interest was shifted to a joint venture between CDC and CNCE, the association of French mutual savings banks, called EULIA

11. Corporate Structure and Capitalization CDC IXIS (Parent Company)– cont’d Discussion of CIFG’s membership in a substantial financial group- cont’d • In late 2003, CDC and CNCE announced that they had renegotiated their respective ownership shares: By the end of July 2004 CNCE will own 100% of CDC IXIS; CDC will in turn own 35% of CNCE and be its strategic shareholder • This new entity will be the third largest bank in France, with over €19 billion of capital

12. Corporate Structure and Capitalization- cont’d The structure of CIFG CIFG Holding CDC IXIS Financial Guaranty French Reinsurance Company Invested capital $500 million REINSURANCE REINSURANCE CAPITAL SUPPORT CAPITAL SUPPORT CIFG Services CIFG NA Monoline incorporated in the U.S. Invested capital $100 million CIFG Europe Monoline incorporated in France Invested capital €32 million

13. Corporate Structure and Capitalization (cont’d) Professional Team – Business Units Jacques Rolfo CEO Steven Klein Global Single Risk and Marketing Michel Rouzioux Managing Director European Operations and Reinsurance Jeremy Reifsnyder Global Structured Finance Charles Gundy European Structured Finance US Structured Finance US Public Finance European Infrastructure and Public Finance Tom Collimore Investor Development Rémi Charrier Director Rita Duggan Managing Director Bill Hogan Director Patrick Daguet Director Victor Mahoney Managing Director Olivier de Duve Director Michael Uhouse Director Alan Douglas Director Violet Diamant Director Pascale Viala Director Michael Bartsch Vice President Joe Keepers Director Walid Ben Khecib Analyst Leigh Schaffer Ass’t. Vice President Zhengyuan Lu Director Minnie Lau Analyst Pat McCormick Director Richard Zogheb Director Harold Cornwall Associate Jonathan Sloan Associate

14. Professional Team – Corporate Functions Jacques Rolfo CEO Michael Freed General Counsel, CIFG Holding Jim O’Keefe CFO Chuck Webster Chief Risk Officer Marc de Bréchard Financial Engineering and Systems Kathleen Cully General Counsel, CIFG NA John Garrity Controller - US Joseph Spivack Director Paul Kwiatkowski Surveillance Tom Struppeck Head of Actuarial Studies Director Systems Edward Napoli Ass’t General Counsel François Colinet Controller - Europe Julien Bramel Vice President Jayce Fox Director Patrick Ahteck Vice President Stan Cotek Planning/Analysis Lisa Heller Vice President Feng Li Vice President Hélène Lepeu Senior Accountant

15. Corporate Strategy: US Public Finance Public Finance has targeted traditional, capacity-constrained, and other opportunities • Initial activity was in the secondary market to take advantage of pricing and competitive dynamics and in the New York primary market where CIFG NA was first licensed . • CIFG has shifted focus to new issue (negotiated and competitive) markets across the country as licenses are approved in each state

16. Representative Transactions: US Public Finance Typical examples of CIFG transactions • Primary market insurance for • New York City GO ($45 million Series 2002E and $50 million Series 2003B) • NYS Dormitory Authority (State University) ($50 million Series 2002) • NYS ESDC $100 million of Auction Rate Securities for refunding (Series 2002B) • NYS Dormitory Authority (City University) ($50 million Series 2003) • Long Island Power Authority (LIPA) ($100 million Series 2003) • NYS Dormitory Authority (NYSDA Pool) ($27 million Series 2003) • Active Secondary insurance for New York and non-New York names • Over $360 million of bonds insured in over 90 trades • Representative secondary market names include • New York City, Port Authority of NY and NJ • Puerto Rico GO and related credits • California GO, appropriation credits and DWR • Province of Quebec/Hydro Quebec

17. Portfolio Distribution: US Public Finance CIFG US Public Finance September 30, 2003 $2,456 million

18. Corporate Strategy: US Structured Finance Focus has been on low risk (AAA or higher attachment points) transactions with sizable premiums • The Collateralized Debt Obligation (CDO) market and insured Enhanced Equipment Trust Certificates (EETCs) have provided numerous such opportunities due to investor and guarantor capacity constraints • Continued portfolio diversification • Commercial Mortgage Backed Securities (CMBS) • Residential Mortgage Backed Securities (RMBS) • Credit card transactions • Auto loan transactions • Future flow transactions

19. Investors/Counterparties: US Structured Finance Investors and counterparties have included: Bank of America Bear Stearns BNP Paribas Citigroup CSFB Deutsche Bank Goldman Sachs HSBC JP Morgan Chase Lehman Brothers Merrill Lynch Morgan Stanley Royal Bank of Scotland UBS

20. Representative Transactions: US Structured Finance Examples of US structured finance transactions closed in 2003 include: • CDOs • Investment grade CDOs • Multi-sector (ABS) CDOs • Consumer Assets • Auto loans • Home equity lines of credit (HELOCs) • Rental cars • Sub prime Residential Mortgage Backed Securities (RMBS) • Insured Aircraft Transactions • Insured EETC for major European airline • Insured aircraft lease portfolio

21. Portfolio Distribution: US Structured Finance US Structured Finance September 30, 2003 $ 3,348 million

22. Corporate Strategy: Europe There are two sub sectors for the European business • Infrastructure/Public Finance • Direct government issues • Infrastructure financing • Private Finance Initiative (PFI) • Structured Finance • Collateralized Debt Obligations (CDOs) • Asset-backed Securities (ABS) • Residential Mortgage-Backed Securities (RMBS) • Commercial Mortgage-Backed Securities (CMBS)

23. Representative Transactions: Europe CIFG Europe’s closed transactions include: • Public Finance • City of Marseilles • Infrastructure Finance • Anglian Water • Rome Airport • Prado Tunnel, Marseilles • Structured Finance • Leveraged loan CLOs • Multi-sector (ABS) CDOs • Italian consumer finance securitization

24. Portfolio Distribution: Europe CIFG Europe Portfolio September 30, 2003 $2,195 million

25. Underwriting and Oversight Risk management is autonomous, centralized and conservative • Risk Management reports directly to CEO • Centralized decision-making ensures consistent application of underwriting standards • All transactions are underwritten to no-loss standard • No Watch List items or downgrades to date

26. Reinsurance Reinsurance helps CIFG adjust the portfolio • Facultative strategy • Reinsurance functions as a risk management tool • Reinsurers have been rated at least Double-A

27. Rating Agency Perspectives How the rating agencies determine that CIFG is Triple-A • Moody’s Investor Services Aaa • In addition to its qualitative review of management expertise, risk management, ownership and business plan, Moody’s utilizes a model that “estimates the entire potential loss distribution associated with the guarantor’s insured exposure”. The model assesses risk by credit quality, maturity, distribution across sectors and, importantly, risk concentrations • Standard & Poor’s AAA • Along with its qualitative review, S&P employs a quantitative stress test that subjects the company’s capital base to an unprecedented depression scenario and assesses the adequacy of that capital to pay assumed claims and continue its business • Fitch Ratings AAA • Considers capitalization, ownership, business plan, management and anticipated portfolio risk profile

28. Liquidity CIFG keeps a short duration, top-quality investment portfolio • CIFG’s liquidity requirements are met by maintaining a short duration investment portfolio • The investment portfolio will be adjusted to reflect expected liabilities as the insured portfolio grows and evolves

29. Investment Portfolio Composition June 30, 2003 S&P Rating: AAA/A-1 Average Duration: less than one year

30. Consolidated Balance Sheet: CIFG June 30,2003 Condensed Consolidated Balance Sheet French GAAP-unaudited € ‘000 December 31, 2002 (1) Assets Deferred acquisition costs 14,301 8,007 Investments € 372,009 € 278,148 Intangible assets and goodwill 7,235 --- Other 8,202 10,112 Total assets € 401,747 € 296,267 Liabilities Deferred premium reserves€ 33,347 € 15,169 Losses and LAE reserves548 131 Other 10,841 14,819 Total liabilities 44,736 30,119 Shareholder’s equity 357,011 (2) 266,148 Total liabilities and shareholder’s equity € 401,747 € 296,267 (1) Derived from audited financial statements. (2) In October CIFG issued additional equity capital of €100 million

31. CIFG in conclusion CIFG is an important addition to the financial guaranty industry • Triple-A by Moody’s, Standard & Poor’s and Fitch • Rigorous risk management culture • Low-risk insured portfolio • Experienced staff in all markets • Strong, committed parent with long, distinguished history in financial services

32. Business Contacts • Chief Executive Officer • Jacques Rolfo +1 212 909 3936 j.rolfo@cifg.com • Global Single Risk & Marketing • Steven Klein +1 212 909 3927 s.klein@cifg.com • Global Structured Finance • Jeremy Reifsnyder +1 212 909 3946 j.reifsnyder@cifg.com • European Infrastructure and Public Finance • Alan Douglas + 44 207 648 6955 a.douglas@cifg.com • European Structured Finance • Charles Gundy + 44 207 648 6954 c.gundy@cifg.com • Reinsurance • Michel Rouzioux + 331 40 49 58 05 m.rouzioux@cifg.com • Investor Development • Tom Collimore + 1 212 909 3952 t.collimore@cifg.com

33. Websites • Rating agency reports, financial statements and other materials are available at: • www.cifg.com • Information of other members of the group of companies is available at: • www.caissedesdepots.fr Click on HTML Version/ News/ Group • www.groupe.caisse-epargne.fr Click on Notre Groupe/ Site Institutionnel/ British Flag/ Press Room • www.cdcixis.com click on English version/Media/Press Releases

34. Appendix Alabama Alaska Arkansas Colorado Delaware District of Columbia Florida Georgia Idaho Illinois Indiana Iowa Kentucky Louisiana Michigan Montana New Jersey New York North Dakota Oklahoma Oregon Pennsylvania South Carolina South Dakota Texas Utah Virginia Washington West Virginia Wyoming US Licenses (as of 11/19/2003)