8
million, or $1. These measures
are computed in accordance with accounting principles generally accepted in
the United States of America (GAAP).32 + 16% $5. Looking forward, we believe that the combination of
market/product expansion with the creativity and execution capability that
Ambac brings to those markets, produces a strong outlook for 2005 and
beyond.0 $650.8 473.4 million and
$47.3 + 39 % 228.5 230.5 + 14% $207.7 28. This
asset class had experienced significant growth in recent years fueled
by heavy issuance and strong demand for insurance, making year -to-year
comparisons more difficult. The rate of growth remains strong, however it is lower than the
prior year.

* Net investment income for the fourth quarter of 2004 was
$91. This increase was due primarily to the
growth in the investment portfolio driven by ongoing collection of
financial guarantee premiums and fees and the $125 million capital
contribution from Ambac Financial Group, Inc. Our actual results could differ
materially from those expressed or implied in the forward-looking statements.66

Weighted average number
of common shares
outstanding:
Basic 110,022,089 106,955,608 109,602,601 106,553,103
Diluted 111,459,460 110,104,339 110,898,854 109,409 ,776


Ambac Financial Group, Inc.

analytics stabilize

26) ($0.7 - 49% $542.4 $176.4 167 .1 585. Annunziata. TradeCapture's TC
Maestro(TM) product provides real-time P+L, Risk Analytics and What-If
Analysis for banks, hedge funds and high volume traders.

unrisk discretionary

This represents a 19% increase from
fourth quarter 2003 net income of $158.28 $5. public
finance production was lower , quarter on quarter, were the mix of the
issuance and increased competition. Gross premiums written for the full year of 2004 and
2003 were reduced by $70.7 - 9%
Structured Finance 70.9 - 8% $976. Net
premiums earned increased for all market segments .3 240.3 + 2% $764. Prior to the fourth
quarter, we had reserved approximately $17 million in connection with our
Active Credit Reserve for this credit.6 million.1 million and net
mark-to-market losses on derivative hedge contracts of
($16.5 million,
flat to the fourth quarter of 2003. in New York City.01) ($0.

coso cmos

69, up 17%,

Fourth Quarter Credit Enhancement Production(1) $344.a."

Revenues

Highlights

* Credit enhancement production(1) in the fourth quarter of 2004 was
$344.0 - 19% 378. U.9 million in 2003.9 million for the fourth quarter
of 2004 was relatively flat compared to $16.7 million increased by 21% from $12.
During the quarter we established a $40 million case basis reserve for an
enhanced equipment trust certificate ("EETC") exposure. As of December 31, 2004, stockholders ' equity was
$5. The increase stemmed primarily from net income
during the period .90
Discontinued operations $0.00 ($0. TradeCapture is headquartered in Stamford, Connecticut , and
has development and support centers strategically located around the
world.

treasuries stabilize

Ambac Financial Group Inc. Announces Fourth Quarter Net Income of $188.8 Million Up 19%

2 million, down 20%

NEW YORK, Ambac Financial Group, Inc. Accelerated earnings had the
effect of increasing net income by $7.2 million, or $0.
Non-recurring
items(1) $0.43) n.9 - 14%

* While overall municipal market issuance, as reported by third party
sources, was slightly lower in the fourth quarter of 2004 compared to
the comparable prior period, the primary reasons that our U. During the quarter, strong writings in consumer
asset -backed securities transactions were more than offset by the
decline in pooled debt obligation and commercial asset-backed
transactions.

* Net premiums written in the fourth quarter of 2004 of $213.6 million in the same
period of 2003.3 million earned in the fourth quarter of 2003.2 + 7% 273.

* Financial services other expenses, which represent the operating
expenses for the segment, amounted to $4. This activity relates primarily to two exposures.9 million and net mark-to-market losses on
derivative hedge contracts of $0. and Rating and
Investment Information, Inc.74
Discontinued operations $0.

Business Editors/Technology Editors

STAMFORD, Conn.

analytics intermark

08 n.
Total excluding items $1.2 million , respectively, in ceded premiums. Ceded premiums as a
percentage of gross premiums written were 14% and 17% for the fourth
quarter of 2004 and 2003, respectively.0 - 6% 281 .2) - 27% (70. The decline is driven primarily by reduced pooled debt
obligations business . Derivative products, excluding unrealized net gains from
total return swaps, were flat from the prior period.3 million in the full year of 2004,
compared to $33. Additionally, we
increased an existing case basis reserve by $18., Standard + Poor's Ratings Services, Fitch, Inc. Ambac Financial Group, Inc.08) ($0. We are
focused on our clients' needs and are committed to providing the
highest quality of service in the industry," added Mr.com, or visiting TradeCapture's website at
http://www.M.

deterministic misys

07 per diluted share
for the fourth quarter 2004. $0.47 + 9% $6.9 million in the same
period of 2003, primarily due to the decline in business written in
public finance during the quarter.9 million were
3% lower than net premiums written of $1,005.9 million and $138.5 + 18%
Structured Finance 70.1 + 12% 682. The rate of growth in structured finance has been adversely
impacted by mortgage-backed and home equity securitizations.09 per diluted share;
consisting of net realized gains on investment securities of
$7. The following table
reconciles credit enhancement production to gross premiums written
calculated in accordance with GAAP:


$-millions Fourth Quarter Full year
2004 2003 2004 2003
Credit enhancement production $344 $429 $1,288 $1,489
Present value of estimated
installment premiums on insurance
policies and structured credit
derivatives issued in the period (219) (259) (713) (750 )
Gross up-front premiums written $125 $170 $575 $739
Gross installment premiums written
on insurance policies 122 110 473 405
Gross premiums written $247 $280 $1,048 $1,144


Ambac Financial Group, Inc.61 $5.13 $39.

deterministic proactively

44 + 17% $6.0 364.

Net investment income for the full year of 2004 was $358.4 million in
2003, to $69. The dividend is payable on March 2, 2005 to
stockholders of record on February 10, 2005.56 $6 .00 ($0.54 $5.71


Ambac Assurance Corporation and Subsidiaries
Capitalization Table - GAAP
December 31, 2004 and December 31, 2003
(Dollars in Millions)

The following table sets forth Ambac Assurance's consolidated
capitalization as of December 31, 2004 and December 31 , 2003, respectively, on
the basis of accounting principles generally accepted in the United States of
America.

TradeCapture Inc. Wins Energy Risk Magazine's Top Energy Risk Software Package Award for the 2nd Year in a Row

, the leading developer of integrated energy trading, risk
management and transaction management systems, announced today that it
has won for the 2nd year in a row Energy Risk Magazine's User Choice
Awards, for the top Energy Risk software package, in the global energy
trading industry. Recent releases of ICTS
Symphony have added new functionality for online-electronic document
management and Sarbanes-Oxley compliance.

'Risk Management - Is the practice of adjusting exposures for the firm's positions or portfolios.

xenomorph sungard

Table II
Credit Enhancement Production

$-millions Fourth Quarter Full Year
% %
2004 2003 Change 2004 2003 Change
Public Finance $101.1 - 20%
International 154.2 $428.

Net premiums written for the full year of 2004 of $976.4 million, which represented a 2% increase
from the $186.

Net premiums earned include accelerated premiums, which result from
refundings, calls and other accelerations recognized during the
quarter.15 per diluted share) in
accelerated premiums in the fourth quarter of 2003. Normal net premiums
earned exclude accelerated premiums that result from refundings, calls
and other accelerations . While the earned
premium impact from such long-term writings is not as immediate as the
mortgage-backed or pooled debt obligations, they do contribute to
stability in Ambac's earned premium stream over the long term. Accelerated
premiums were $81.0 million , or $0.0 million from the prior period on improved
interest spreads. During the fourth quarter the airline leasing the aircraft
filed for bankruptcy and defaulted on its lease obligation.9 million and net mark-to-market gains on
credit and total return derivatives of $7.63 billion, up 5% from
total assets of $16.75 billion at December 31, 2003.

Those interested in learning more about TradeCapture and its award
winning software package can contact Steve Oppenheimer @TradeCapture
by calling +1.203.7000 ext.

bdt stabilize

Fourth Quarter Net Income Per Diluted Share of $1. However, the research analysts have not
adjusted their reporting of earnings to a strictly GAAP basis.53 $5 .2 million
were 8% lower than net premiums written of $232.8 - 31% $537.9) (138.43 per diluted share) in accelerated premiums in
2003.6 million in the
fourth quarter of 2004, compared to $9.

* Financial services were $56.2 million for the fourth quarter of
2003 primarily due to increased compensation expense. This increase was
due primarily to cash generated from business written during the
period.02 billion, an 18% increase from year-end 2003 stockholders' equity
of $4. Credit enhancement
production , which Ambac reports as analytical data, is defined as
gross (direct and assumed) up-front premiums plus the present value
of estimated installment premiums on insurance policies and
structured credit derivatives issued in the period.52 $6.
"We are thrilled to have been voted the top Energy Risk software
package in the energy trading industry for the 2nd consecutive year,"
said Vincent P. Comercio Internacional and many
others.com/

bdt coso

Earnings measures reported by research analysts typically exclude net
gains and losses from sales of investment securities and mark-to-market gains
and losses on credit and total return derivative contracts and derivative
hedge contracts ("net security gains and losses") and certain non-recurring
items.9 million.


Table II, below, provides fourth quarter and full year comparisons of
credit enhancement production, by market sector, for 2004 and 2003. International finance writings were higher than the
comparable prior period driven primarily by a large whole-business
securitization and strong European infrastructure activity.9 82. Net investment and
payment agreement revenues increased $14.9) million.8 million, or $0. Ambac's
principal operating subsidiary, Ambac Assurance Corporation, a leading
guarantor of public finance and structured finance obligations, has earned
triple-A ratings, the highest ratings available from Moody's Investors
Service , Inc. TradeCapture is also a leading
provider in the area of Consulting Services for commodity trading
organizations, offering such services as outsourcing, systems
integration/selection and workflow analysis. By combining its
proprietary software with its consulting services, TradeCapture
provides unprecedented trading solutions to multinational clients such
as ChevronTexaco, Koch Supply + Trading , UBS, Marathon Ashland
Petroleum LLC, Mercuria Energy Trading, Eni, Enel Mitsui + Co. For more information please visit http://www.

bita vinga

09 on a per diluted share basis.69 $1.
Sub-total excluding
effect of net
security gains/losses
and non-recurring
items(2) $1.41) ($0.2 + 26% 367. During the current quarter, fewer
of the large structured municipal real estate and project finance
transactions that Ambac targets came to market.
structured finance continues to transact business in a wide spectrum
of asset classes.

A breakdown of gross premiums written by market sector and ceded
premiums are included below in Table III.7 $153.1) - 49%
Net Premiums Written $213.2 - 55% 81.41), almost flat compared with
$82.8 million, representing an increase of 10% from $83 . Net investment and payment agreement revenues
increased approximately $5.

Loss Reserve Activity
Net additions to the case basis loss reserve in the fourth quarter of 2004
amounted to $51.

Other Items
* Total net securities gains/(losses) for the fourth quarter of 2004
were $16.4 million, mark-to-market gains on credit and total return
derivatives of $2.125
per share of common stock. "Energy
Risk is a very highly-regarded industry publication and we are honored
to accept this prestigious award.

bita cobit

Table I, below, provides fourth quarter and full
year comparisons for 2004 and 2003.a.1 million, respectively,
in ceded premiums.

4 - 1%
Total Gross
Premiums Written 247.6 280.2 million ($0.7 million in
the comparable period of 2003.1 million in 2003, primarily
as a result of the reasons provided above. The increase was due primarily to increased
interest rate and currency swap activity and net positive
mark-to-market adjustments in the current year compared to net
negative mark-to-market adjustments recorded in the prior period.9 million and net mark-to -market losses on
derivative hedge contracts of ($2.5 million on a pre-tax
basis , or $0.26 per diluted share, consisting of net realized
gains on investment securities of $35.1 million, mark-to-market gains
on credit and total return derivatives of $27.

Balance Sheet

Highlights
* Total assets as of December 31, 2004 were $17. They involve a number of risks and
uncertainties that are difficult to predict. and Subsidiaries
Consolidated Statements of Operations
(Unaudited )
For the Three Months and Years Ended December 31, 2004 and 2003
(Dollars in Thousands Except Share Data)

Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
Revenues:
Financial Guarantee:
Gross premiums written $247,594 $280,149 $1,047,811 $1,143,703
Ceded premiums written (34,360) (47,214) (70,946) (138,146)
Net premiums written $213,234 $232,935 $976,865 $1,005,557
Net premiums earned $178,132 $173 ,947 $716,659 $620,317
Other credit
enhancement fees 12,242 12,339 47,326 46,933
Net premiums earned
and other credit
enhancement fees 190,374 186,286 763,985 667,250
Net investment income 91,820 83,712 358,908 321,089
Net realized
investment gains 7,481 6,433 30,004 40,190
Net mark-to-market
(losses) gains on
credit derivative
contracts 7,846 6,250 17,734 23
Other income (loss) 6,118 1,321 (3,896) 5,026
Financial Services:
Interest from investment
and payment agreements 52,258 50,275 198,800 211,974
Derivative products 10,205 7,346 35,775 20 ,600
Net realized investment
gains (losses) 86 (5,769) 5 ,099 (1,981)
Net mark-to-market
(losses) gains on
derivative hedge
contracts (3,455) 40 (3,329) 779
Corporate:
Net investment income 502 2,010 1,674 7,026
Net realized investment
(losses) gains (36) 232 (18) 232
Total revenues 363,199 338,136 1,404,736 1,272,208

Expenses:
Financial Guarantee:
Loss and loss expenses 16,900 16,800 69,600 53,400
Underwriting and
operating expenses 25,528 25,061 106,827 92,035
Interest expense
on variable interest
entity floating
rate notes 806 -- 2,908 --
Financial Services:
Interest from investment
and payment agreements 43,837 46,836 168,943 196,318
Other expenses 4,246 3,239 14,671 12,103
Interest 13,514 13,460 54,322 54,201
Corporate 3,215 2,124 10,683 14,562
Total expenses 108,046 107,520 427,954 422,619

Income before
income taxes 255,153 230,616 976 ,782 849,589
Provision for
income taxes 66,382 63,417 250 ,942 221,490
Income from continuing
operations 188,771 167,199 725,840 628,099
Discontinued operations:
Loss from discontinued
operations -- (5,747) (1,349) (6,976)
Income tax expense
(benefit) -- 2,700 (60) 2,208
Net loss from discontinued
operations -- (8,447) (1,289) (9,184)

Net income $188,771 $158,752 $724,551 $618,915

Earnings per share:
Income from continuing
operations $1.69 $1.
TradeCapture 's flagship product, ICTS Symphony(TM), is a web-enabled,
fully integrated straight-through processing system that operates
across the entire transaction chain, enabling front, middle and
back-offices to share information on a real-time basis.

bita cmos

15) n.09 + 15%

(1) Fourth quarter 2003 amount represents discontinued operations of
Cadre Financial Services, Inc.9 - 17%
Structured Finance 88.7 million.6 75.6 - 3%


* Net premiums earned and other credit enhancement fees for the fourth
quarter of 2004 were $190.9 + 13%
International 53. Ambac's focus on higher value-added
structured municipal transactions, combined with diligent management
of risk limit capacity has resulted in improved returns and strong
earned premiums growth in public finance, our most mature segment.9 million,
representing an increase of 12% from $321.2 million from the prior
period on improved interest spreads .

Cash Dividend Declared
At its January 2005 Board meeting, the Board of Directors of Ambac
Financial Group, Inc. These statements are based on current expectations and the
current economic environment.
Among the factors that could cause actual results to differ materially are (1)
changes in the economic, credit, or interest rate environment in the United
States and abroad; (2) the level of activity within the national and worldwide
debt markets; (3) competitive conditions and pricing levels; (4) legislative
and regulatory developments; (5) changes in tax laws; (6) the policies and
actions of the United States and other governments; and (7) other risks and
uncertainties that have not been identified at this time.

Ambac Financial Group, Inc. Energy Risk, a publication of Incisive Media Plc,
conducted an extensive online poll over a two-month period in order to
determine those vendor(s) and software packages that energy companies
most trust with their trades and their data. I want to thank our customers,
business partners and employees, all of whom are the reasons for our
success.I.

bita deterministic

69 per diluted share. Full year 2004 amount represents additional
charges related to Cadre.S.7 million in the fourth
quarter of 2004 (which had a net income per diluted share effect of
$0.
Accordingly, the earnings from these types of exposures are recognized
over their short lives and bring some volatility to the earned premium
growth rate.

Net premiums earned and other credit enhancement fees for the full
year of 2004 were $764. Derivative products, excluding
unrealized net gains from total return swaps, increased $8.9 million of expenses for the
same quarter of 2003 primarily due to higher compensation expense as
we continue to expand our resources to meet global demand for our
product.

* Financial services other expenses for the full year of 2004 of
$14.5 million on a pre-tax basis, or $0.com

About TradeCapture: is a leading global provider of innovative and
cost effective solutions designed and developed for companies in the
field of commodity trading and transaction management.

guideline deterministic

Certain research analysts further exclude the impact of accelerated
premiums earned on guaranteed obligations that have been refunded and other
accelerated earnings ("accelerated earnings").66 + 15%
Effect of net
security
(gains)/losses ($0. ($0. Gross premiums written in the
fourth quarter of 2004 and 2003 were reduced by $34. Excluding the return premiums recorded in 2004, ceded
premiums for the full year of 2004 decreased by 2% to $135.4) (47.07), down 55% from $28.7 + 20 %
Total Normal
Premiums/Fees 177. Although writings in the segment recently
have been strong, the accelerated prepayments in this book of business
combined with increased competition from both other financial
guarantors and the market in the form of senior/subordination
structures, have led to lower growth in this asset class.7 million
from the prior period.

Financial guarantee expenses of $179. approved the regular quarterly cash dividend of $0.69 $1. ICTS Symphony
functions include deal capture, confirm generation, scheduling,
inventory management, risk management, VaR, accounting and SAP feeds,
position reporting and option analytics. Ltd.tradecapture.

proactively coso

In order to
assist investors in their understanding of quarterly results, Ambac provides
other information.5 109.9 - 20% $1,287.9 $1,005.4 + 18% 201.2 0%
Total $190.3 + 14%

Public finance exhibited a healthy growth trend as its earned premium,
before accelerations, grew 14%.3 million earned in the full year of 2003.04 per diluted share),
as discussed in the second quarter.5 million and net mark-to-market gains on credit and total return
derivatives of $11.26 per diluted share,
consisting of net realized gains on investment securities of
$38.

Annual Meeting of Stockholders
The Board of Directors also set the 2005 Annual Meeting of Stockholders
for Tuesday, May 3, 2005, at 11:30 a. The definition of
credit enhancement production used by Ambac may differ from
definitions of credit enhancement production used by other public
holding companies of financial guarantors.

deterministic misys

Net Income Per Diluted Share
Ambac presents net income and net income per diluted share.7
million, $0.52 + 14 %
Effect of accelerated
earnings ($0.53 $1.
public and structured finance.6 $592. Accelerated premiums were $12. The declining
interest rate environment present in 2003 prompted the relatively high
level of accelerated premiums. Declining
interest rates adversely impacted net interest rate spreads in the
prior period.4 million in the full year of 2003.4 million of expenses for the same
period of 2003 primarily due to additions to the loss provision,
higher compensation expense and the impact on net reinsurance
commissions in connection with the cancellation of reinsurance in the
second quarter.6 million in 2004, reflecting adverse credit migration on
certain exposures in the financial guarantee portfolio during the
period. common stock is
listed on the New York Stock Exchange (ticker symbol ABK).01) ($0.44 $6.
TradeCapture enables clients to streamline operations, reduce
transactions costs and manage their Physicals, Swaps, OTC Options ,
Futures and Exchange Traded Options in a single platform.
TradeCapture's TC Maestro product provides real-time P+L, real-time
Risk Analytics and What-If Analysis.

cmos deterministic

(NYSE: ABK) (Ambac) today announced fourth quarter 2004 net income of $188.a.60 $1.87 $5. Full year 2003 also includes the
write off of previously deferred issuance expenses related to
redeemed debentures. Growth in
international production was offset by declines in production in U.7 - 8%
Ceded Premiums Written (34.2 $232.0 million, which represented a 14% increase
from the $667. Accelerated premiums in 2004 include the impact of the
reinsurance cancellations ( $7. The recent increase in short-term interest rates and
stabilization of longer-term interest rates has improved the net
interest margin of the investment agreement business. The loss provision of $16.5 million for a stressed
health care exposure that has defaulted on its debt obligations .4) million.8 million.25 billion.

deterministic bita

S.9 + 1%
Total $344.


A breakdown of net premiums earned and other credit enhancement fees
by market sector are included below in Table IV.1 $47.0 65.2 million ($0.5 million for the fourth
quarter of 2003 .2 million for the fourth
quarter of 2004, up 31% from $3.08)
Net income $1.

cmos misys

44 per diluted share in the fourth quarter of
2003.a.a.01 $0.

Commenting on the overall results, Ambac President and Chief Executive
Officer, Robert J.7 320.

Expenses

Highlights
* Financial guarantee expenses of $43.3 million for the full year of
2004 increased by 23% over the $145.53 $5.

It tries to stabilize variability of returns while trimming large - dominant - net exposures as well.

exposures bgm

8 million, and a 17% increase in net
income per diluted share from $1.a.5 $197.2 122.8 million was 14% lower than credit enhancement production of
$1,488.3 51.1 + 17%
Accelerated Premiums 12.

Structured finance earned premiums and other credit enhancement fees
grew 7%.

International earned premiums and other credit enhancement fees grew
18%.

Mortgage-backed and home equity securitizations and pooled debt
obligations exposures have relatively short average lives. This EETC exposure represents a
securitization of aircraft leases where Ambac wrapped the senior most layer of
the transaction.1 million, or $0.62 $5 .08) ($0. TradeCapture's
flagship product is the integrated commodity trading system, ICTS
Symphony , for straight-through-processing of commodities transactions.

numerix intermark

09) ($0.26) n.07) ($0. Genader, noted , "I am very pleased with the overall
results and the level of business produced during the quarter and the full
year, especially in light of the challenging credit spread and competitive
environment.2 million, down 20% from the strong production of the fourth
quarter of 2003 which came in at $428.8 $1,488. Additionally, while
spreads in the municipal sector generally remain wide relative to
historical levels, competition amongst financial guarantors in certain
municipal sectors has intensified and pricing has weakened.S.

* Credit enhancement production for the full year of 2004 of
$1,287.6 - 12%
International 71.1 - 12% 1,047.8 1,143.7 158.0 $667. New business generation in this asset class has
slowed significantly as credit spreads have narrowed to the point
where returns are generally not attractive. A significant portion of the recent premium writings in
public finance and for certain bond types within structured finance
and international are for longer -term transactions. to Ambac Assurance in
December 2003.8 million recorded in the
fourth quarter of 2003.1 million in expenses for the
full year of 2003.

Total net securities gains/(losses) for the full year of 2004 were
$45. We undertake no
obligation to publicly correct or update any forward-looking statement if we
later become aware that it is not likely to be achieved, except as required by
law.


Footnotes
(1) Credit enhancement production, which is not promulgated under GAAP,
is used by management , equity analysts and investors as an indication
of new business production in the period .09)
Net income $1.48 $6. and Subsidiaries
Consolidated Balance Sheets
December 31, 2004 and December 31, 2003
(Dollars in Thousands Except Share Data)

December 31, December 31,
2004 2003
(unaudited)
Assets

Investments:
Fixed income securities, at fair value
(amortized cost of $13,198 ,868 in 2004
and $12,592,398 in 2003) $13,674,611 $13,049,219
Fixed income securities pledged as
collateral, at fair value (amortized
cost of $345,195 in 2004 and
$662,046 in 2003) 341,742 661,422
Short-term investments, at cost
(approximates fair value) 521 ,226 250,382
Other, at fair value (cost of $3,731
in 2004 and $4,528 in 2003) 4,234 4,417
Total investments 14,541,813 13,965,440

Cash 19,511 24,539
Securities purchased under
agreements to resell 353,000 54,015
Receivable for securities sold 1,319 4,425
Investment income due and accrued 160,438 159,680
Reinsurance recoverable on paid
and unpaid losses 16,765 3,030
Prepaid reinsurance 297,330 325,461
Deferred acquisition costs 184,766 175,296
Loans 678,406 837,981
Derivative product assets 1,297,972 1,146,408
Other assets 77,523 51,039
Total assets $17,628,843 $16,747,314

Liabilities and Stockholders' Equity

Liabilities:
Unearned premiums $2,778,893 $2,545,490
Loss and loss expense reserves 254,055 189,414
Ceded reinsurance balances payable 18,248 15,383
Obligations under investment
and payment agreements 6,813,914 6,545,759
Obligations under investment
repurchase agreements 266,806 530,644
Securities sold under agreement
to repurchase -- 225,500
Variable interest entity
floating rate notes 119,504 189,151
Deferred income taxes 217,373 171,058
Current income taxes 16 ,406 43,176
Debentures 791,839 791,775
Accrued interest payable 69,094 74,235
Derivative product liabilities 1,048,619 946,178
Other liabilities 209,629 222,163
Payable for securities purchased 6 2,830
Total liabilities 12,604,386 12,492 ,756

Stockholders' equity:
Preferred stock -- --
Common stock 1,089 1,073
Additional paid-in capital 694,465 606,468
Accumulated other comprehensive income 296,814 266,919
Retained earnings 4,032,089 3,380,098
Common stock held in treasury at cost -- --
Total stockholders' equity 5,024,457 4,254,558
Total liabilities and
stockholders' equity $17,628,843 $16 ,747,314

Number of shares outstanding
(net of treasury shares) 108 ,915,944 107,144,148
Book value per share $46.

December 31, December 31,
2004 2003
(unaudited)

Unearned premiums $2,783 $2,553
Variable interest entity
floating rate notes 120 189
Notes payable to affiliate -- 84
Other liabilities 2,189 2,008
Total liabilities 5,092 4,834

Stockholder 's equity:
Common stock 82 82
Additional paid-in capital 1,233 1,144
Accumulated other
comprehensive income 238 243
Retained earnings 4 ,094 3,430
Total stockholder's equity 5,647 4,899
Total liabilities and
stockholder's equity $10,739 $9,733

We are dedicated to providing our customers with high
quality, leading edge trading solutions that provide them with the
competitive edge they need to stay ahead of the competition, and that
are flexible enough to continue to meet their evolving needs.327. 130, sending an e-mail message to
info@tradecapture.tradecapture.

' - Barkley's Financial Glossary

xenomorph coso

05) n.00 $0.
(2 ) Consensus earnings that are reported by earnings estimate services,
such as First Call , are on this basis, which excludes net security
gains and losses and non-recurring items . Ceded premiums written in the second quarter of
2004 included the collection of $64.

Table IV
Net Premiums Earned and Other Credit Enhancement Fees

$-millions Fourth Quarter Full Year
% %
2004 2003 Change 2004 2003 Change
Public Finance $54.4 $186. Pooled debt obligations
had been one of our fastest growing asset classes in the international
segment in recent years, making year-to-year comparisons more
difficult.2 million for the fourth quarter
of 2004 increased by 3% over the $41.05 per diluted share; consisting of net realized gains on
investment securities of $0.

* Interest expense for the fourth quarter of 2004 was $13. We caution you that these statements are not
guarantees of future performance.

, headquartered in New York City, is a holding
company whose affiliates provide financial guarantees and financial services
to clients in both the public and private sectors around the world.81

Earnings per diluted share:
Income from continuing
operations $1.----TradeCapture,
Inc. Annunziata, founder and CEO of TradeCapture.,
Arcadia Petroleum, China Oil, P.

exposures deterministic

During the fourth quarter 2004,
net security gains and losses had the effect of increasing net income by $10.

Table I

Fourth Quarter Full Year
% %
2004 2003 Change 2004 2003 Change
Net income per
diluted share $1.12 n. ($0.8 million in return premiums from
the cancellation of certain reinsurance contracts, as discussed in
that quarter .

Table III
Gross Premiums Written

$-millions Fourth Quarter Full Year
% %
2004 2003 Change 2004 2003 Change
Public Finance $105. As interest rates have risen in 2004,
the level of accelerated premiums has declined.6 45.9 million for the full year of 2004 (which had a net
income per diluted share effect of $0.

* Financial services, which is composed of gross interest income less
gross interest expense from investment and payment agreements plus
revenue from certain derivative products and excludes net realized
investment gains and losses and unrealized gains and losses on total
return swaps and derivative hedge contracts, were $14. The loss provision increased from $53.5 million. For the fourth quarter
of 2003, net securities gains/(losses) were $8. For the full year of 2003 net securities
gains/(losses) were $42.m. The record date for
determining stockholders entitled to notice of, and to vote at, the annual
meeting will be the close of business, March 7, 2005.

Forward -Looking Statements
This release, in particular the President and Chief Executive Officer's
remarks , contains statements about our future results that may be considered
"forward-looking statements " under the Private Securities Litigation Reform
Act of 1995.72 $1.72 $1.

It can also be used to secure more favorable financing for inventories or pricing of securities or commodities.

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