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Strictly ConfidentialNot for Distribution
Restructuring the Bond Insurersto Protect All Policyholders
February 19, 2008
Pershing Square Capital Management, L.P.
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Goals
Protect municipal policyholders and Triple A rating ofoutstanding municipal bonds
Maximize recoveries for structured finance (“SF”) policyholders
Both Bank CDO counterparties andinsured ABS security holders
Align economic interests of all participants
Minimize execution and litigation risksloss
C l a i m s p a y a b l e P r e m i u m
C l a i m s p a y a b l e P r e m i u m
Berkshire Plan
Holding Co.
Municipal
Insurer
SF
Insurer
Bond Insurer
BerkshireHathaway
ABS
Counter-parties
Bank
Counter-parties
AssignmentNovation
Dividends
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