Forward Looking Statements—Safe Harbor Provisions All statements in this report that address events, developments or results that we expect or anticipate may occur in the  future are “forward-looking statements” within the meaning of Section 27A  of the Securities Act of 1933, Section 21E of the  Securities Exchange Act of 1934 and the United States (“U.S.”) Private Securities Litigation Reform  Act of 1995. In most  cases, forward-looking statements may be identified by words such as “anticipate,” “may ,” “will,” “could,” “should,” “would,”  “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” or the  negative or other variations on these words and other similar expressions.  These statements, which may include, without  limitation, projections regarding our future performance and financial condition, are made on the basis of management’ s current  views and assumptions with respect to future events.  Any forward-looking statement is not a guarantee of future performance  and actual results could dif fer materially from those contained in the forward-looking statement.  These statements speak only as  of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements,  whether as a result of new information, future events or otherwise.  We operate in a changing environment. New risks emer ge  from time to time and it is not possible for us to predict all risks that may af fect us. The forward-looking statements, as well as  our prospects as a whole, are subject to risks and uncertainties that could cause actual results to dif fer materially from those set  forth in the forward-looking statements, including the following: 3 •  our ability to continue to effectively mitigate our mortgage insurance and financial guaranty losses; •  our ability to maintain an adequate risk-to-capital position, minimum policyholder position and other surplus  requirements for Radian Guaranty Inc. (“Radian Guaranty”), our principal mortgage insurance subsidiary , including, if  necessary, our ability to write new mortgage insurance while maintaining a capital position that is not in compliance  with risk-based capital requirements imposed in certain states, either through waivers of these limitations or through  use of another mortgage insurance subsidiary , and the possibility that state regulators could pursue regulatory actions  or proceedings, including possible supervisory or receivership actions, against Radian Guaranty , in the event Radian  Guaranty’s capital and financial position is not in compliance with levels that are acceptable to such regulators; •  the potential adverse impact on the mortgage origination market and on private mortgage insurers due to increased  capital requirements for mortgage loans under proposed interagency rules to implement the third Basel Capital  Accord,  including in particular, the possibility that loans insured by the Federal Housing  Administration (“FHA”) will receive  more favorable regulatory capital treatment than loans with private mortgage insurance; •  a reduction in, or prolonged period of depressed levels of, home mortgage originations due to reduced liquidity in the  lending market, tighter underwriting standards, and general reduced housing demand in the U.S., which may be  exacerbated by regulations impacting home mortgage originations, including requirements established under the  Dodd-Frank Wall Street Reform and Consumer Protection  Act (the “Dodd-Frank Act”);  •  our ability to maintain sufficient holding company liquidity to meet our short- and long-term liquidity needs, including  in particular, additional capital contributions that may be required to support our mortgage insurance business and the  repayment of our long-term debt; •  catastrophic events or economic changes in certain geographic regions, including those af fecting governments and  municipalities, where our mortgage insurance exposure is more concentrated or where we have financial guaranty  exposure; •  changes in the way customers, investors, regulators or legislators perceive the strength of private mortgage insurers or  financial guaranty providers, in particular in light of developments in the private mortgage insurance and financial  guaranty industries in which certain of our former competitors have ceased writing new insurance business and have  been placed under supervision or receivership by insurance regulators;  •  changes in general economic and political conditions, including high unemployment rates and weakness in the U.S.  housing and mortgage credit markets, a significant downturn in the U.S. or global economies, a lack of meaningful  liquidity in the capital or credit markets, changes or volatility in interest rates or consumer confidence and changes in  credit spreads, each of, which may be accelerated or intensified by , among other things, legislative activity or  inactivity or actual or threatened downgrades of U.S. credit ratings; 