Dexia S.A. and Assured Guaranty Ltd. Announce the Primary Closing Conditions Have Been Met for the Acquisition of Financial Security Assurance Holdings Ltd. by Assured

Closing Date Expected July 1, 2009
BRUSSELS & PARIS & HAMILTON, Bermuda--(Business Wire)--
Dexia S.A. ("Dexia") and Assured Guaranty Ltd. (NYSE: AGO)("Assured") announced
that the primary closing conditions, including rating agency reviews and
agreement on key transaction documents, that are required under Assured`s
agreement to acquire Financial Security Assurance Holdings, Ltd. have been met
as of June 9, 2009. Dexia and Assured also announced today that they expect to
close the transaction on July 1, 2009.

The purchase price to be paid by Assured is US$361 million in cash and up to
44,567,000 common shares of Assured, with Assured having the option to reduce up
to half of the shares otherwise deliverable in exchange for cash at a price of
$8.10 a share. As previously announced, Assured expects to finance the cash
portion of the acquisition with the proceeds of a public offering of securities.

Assured Guaranty Ltd. is a Bermuda-based holding company. Its operating
subsidiaries provide credit enhancement products to the U.S. and international
public finance, structured finance and mortgage markets. More information can be
found at www.assuredguaranty.com.

Any forward-looking statements made in this press release reflect Assured`s
current views with respect to future events and financial performance and are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties that may
cause actual results to differ materially from those set forth in these
statements. For example, Assured`s forward-looking statements, including its
statements regarding the FSA closing, could be affected by a significant
reduction in the amount of reinsurance ceded by one or more of our principal
ceding companies, rating agency action such as a ratings downgrade, difficulties
with the execution of Assured`s business strategy, contract cancellations,
developments in the world's financial and capital markets, more severe or
frequent losses associated with products affecting the adequacy of Assured`s
loss reserve, changes in regulation or tax laws, governmental actions, natural
catastrophes, Assured`s dependence on customers, decreased demand or increased
competition, loss of key personnel, technological developments, the effects of
mergers, acquisitions and divestitures, changes in accounting policies or
practices, changes in general economic conditions, other risks and uncertainties
that have not been identified at this time, management's response to these
factors, and other risk factors identified in Assured`s filings with the
Securities and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the dates
on which they are made. Assured undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

Dexia (www.dexia.com) is a European bank, with about 36,000 members of staff and
a core shareholders` equity of EUR 17.7 billion as of March 31, 2009. Dexia
Group focuses on Public and Wholesale Banking, providing local public finance
actors with comprehensive banking and financial solutions, and on Retail and
Commercial Banking in Europe (mainly Belgium, Luxembourg and Turkey). Main
activities encompass retail, commercial and private banking, but also insurance,
asset management and investor services activities.

Dexia is a listed company. This press release contains information subject to
the transparency regulations for listed companies.

Dexia SA - Place Rogier 11, B-1210 Brussels - 1, Passerelle des Reflets,
Paris-La Défense 2, F-92919 La Défense Cedex

Assured Guaranty Ltd.
Investors:
Sabra Purtill, 212-408-6044 or 441-299-9375
Managing Director, Global Communications and Investor Relations
spurtill@assuredguaranty.com
or
Media:
Ashweeta Durani, 212-408-6042 or 917-597-2065
Vice President, Global Communications
adurani@assuredguaranty.com
or
Dexia S.A.
Investor Relations Brussels, +32 2 2 213 57 46/49
or
Press Department Brussels, +32 2 213 50 81
or
Investor Relations Paris, +33 1 58 58 85 97/22
or
Press Department Paris, +33 1 58 58 86 75

Copyright Business Wire 2009