Applications

Does anyone know the following applications for Subscriber membership? I
would like to submit their applications for the Tuesday, Nov. 13 Board
meeting.
Thanks Mary

1. Commercial Risk Reinsurance Co. - a wholly owned subsidiary of SCOR, is
a specialist insurer and reinsurer that underwrites a diversified portfolio
of business on a worldwide basis. Based in Bermuda.

2. ACA Risk Structures, L.L.C. - see following description provided by the
applicant:

A. Background.

ACA Risk Structures, L.L.C. is a limited liability company organized on May
4, 2001 under the laws of the State of Delaware. ACA Risk Structures is the
swaps vehicle for the ACA group of companies and, as such, its primary
business purpose is to enter into derivative transactions. The Applicant
does not intend to make markets in derivatives.

B. Ownership and Related Entities.

The sole owner and member of ACA Risk Structures is ACA Risk Solutions,
L.L.C. ("ACA Risk Solutions"). ACA Risk Solutions is a Delaware limited
liability company created as a vehicle for ownership of ACA Risk Structures
and other subsidiaries. The sole member of ACA Risk Solutions is American
Capital Access Holdings, Incorporated, a Delaware corporation ("Holdings").
Holdings also owns the Applicant's affiliate ACA Financial Guaranty
Corporation ("ACA Financial Guaranty"), an "A" rated financial guaranty
insurance company that commenced operations in late 1997. ACA Financial
Guaranty is a Maryland-domiciled monoline insurance company with its
principal office in New York, New York. ACA Financial Guaranty is licensed
to provide financial guaranty insurance in all 50 states, the District of
Columbia, Guam, the U.S. Virgin Islands and Puerto Rico. ACA Financial
Guaranty's primary business is the provision of financial guaranty insurance
on financial obligations that are rated from "A-" to "BB" or that are
unrated and have in ACA Financial Guaranty's opinion an equivalent credit
quality.