trade credit and municipal credit. This acquisition also included a 46% interest in C-BASS — a specialist in fixing and selling credit-sensitive residential mortgages.  Through this acquisition, we have greatly broadened the scope of what we can provide to the capital markets in the U.S. and abroad. Leveraging our company’s expertise in credit and risk management, our reach across this entire spectrum creates new opportunities for clients seeking  more effective ways to get deals done — at the best prices. And to reflect both our evolution as a company and our synergistic approach to problem-solving, we united our primary business lines under the Radian brand this year.  The companies of our mortgage insurance line remain Radian Guaranty Inc. and Radian Insurance Inc. Our financial guaranty business is now comprised of Radian Reinsurance Inc. (formerly Enhance Re) and Radian Asset Assurance Inc. (formerly Asset Guaranty). And our principal mortgage services business is now RadianExpress.com Inc. (formerly ExpressClose.com). This branding strategy solidifies our By drawing on our assets of intellectual capital and fusing our varied expertise, we can serve more clients in more ways — across business lines — and create more value for our stockholders. collaborate > innovate > 8