>11 In early September we organized a new group, Global Structured Products, to leverage our expertise in the asset- and mortgage-backed markets. This group provides highly structured risk solutions to financial institutions, global corporations, select securitization issuers and qualified governmental entities. The result has been a diversified portfolio of comprehensive and sophisticated credit enhancement transactions that provide significant benefit  to our clients — from asset-backed securities, asset-backed commercial paper and collateralized debt obligations (CDOs), to privatization finance and new asset classes. With offices in London and New York, this group is well positioned  to respond to the potential of this enormous market —  in 2002, more than $1 trillion of issuance is expected. clients and offer a wealth of new choices. We’re also meeting with portfolio managers and CFOs to suggest new ways to securitize and sell other asset classes they may have in their portfolios, such as home equity lines of credit (HELOCs), manufactured housing or credit card receivables. Ultimately, we match the business need with the Radian unit best suited to assess the risk and offer the most beneficial capital treatment. We are innovators by nature. Guided by an entrepreneurial spirit, buttressed by rock- solid financial strength, and mindful of the risks inherent in a changing global economy. strength > boldness KNOWING WHERE TO GO