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UNITED STATES DEPARTMENT OF THE TREASURY SECTION 105(a) TROUBLED ASSETS RELIEF PROGRAM REPORT TO CONGRESS FOR THE PERIOD JANUARY 1,2009 TO JANUARY 31,2009 I. OVERVIEW In this unprecedented period of market instability, Treasury continues to develop and implement programs under the Troubled Assets Relief Program (TARP) designed to restore liquidity and stability to the U.S. financial system while safeguarding taxpayer interests. As new challenges have arisen, Treasury has responded quickly to adapt to market events and provide support to U.S. financial institutions and automotive companies in order to prevent disruption to the financial markets and restore business and household confidence. Between January 1,2009 and January 31, 2009, Treasury invested $17.8 billion in financial institutions across the nation as part of its Capital Purchase Program (CPP), directly infusing capital into healthy, viable banks in order to increase the capacity of these institutions to lend to U.S. businesses and consumers and support the U.S. economy. Since the inception of the CPP in October 2008, Treasury has invested $195.3 billion through the CPP in small and large, regional and national, financial institutions as well as Community Development Financial Institutions, in 45 states and Puerto Rico. To date, the largest investment was $25 billion and the smallest investment was approximately $1 million. On January 16,2009, Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) completed a guarantee agreement with Citigroup, Inc. (Citigroup), which was previously announced in November 2008. Under the agreement, Treasury agreed to assume a second-loss position and absorb up to $5 billion of losses on a selected group of mortgagerelated assets held by Citigroup. Similarly, Treasury and the FDIC will provide protection to Bank of America Corporation (Bank of America) against the possibility of unusually large losses on an asset pool of approximately $118 billion of loans and securities. This asset pool is backed by residential and commercial real estate and other such assets. Treasury also announced a $4 billion loan to Chrysler Holding LLC (Chrysler) on January 2, 2009, and a $1.5 billion loan to a special purpose entity created by Chrysler Financial Services Americas LLC (Chrysler Financial) on January 16,2009, as part ofa broader program to support the domestic automotive industry in becoming financially viable. The terms of each of these investments require the companies to comply with enhanced restrictions on executive compensation designed to protect taxpayers. Treasury is committed to implementing the TARP with the highest degree of accountability and transparency possible. In January, Treasury collaborated with bank regulators and CPP participants to develop a survey of the 20 largest participating institutions that will collect and disseminate monthly data on lending and other activities. In addition, the Office of Financial Stability (OFS) will analyze quarterly monitoring data (call reports) and report on the results. As part of Treasury's effort to keep taxpayers informed about TARP activities, Treasury announced on January 28,2009, that it will begin posting redacted investment contracts for future transactions on Treasury's web site within five to ten business days ofa transaction's closing. For transactions that have already closed, Treasury will publicly post contracts on a rolling basis until all investment agreements are available on the web site. As of January 31, 2009, 14 investment contracts were available on Treasury's web site. In addition to these actions, the OFS has developed a productive working relationship with TARP oversight bodies including the Government Accountability Office, the TARP Special Inspector General, the Congressional Oversight Panel, and the Financial Stability Oversight Board. In January 2009, Treasury also announced additional voluntary actions to bolster transparency and ensure that TARP investment decisions are protected from lobbyist influence. For example, under one measure, Treasury will begin certifying to Congress that each TARP investment decision is based solely on objective investment criteria. Since the passage of the Emergency Economic Stability Act of2008 (EESA) in October 2008, Treasury has made tremendous strides in developing and implementing programs aimed at restoring liquidity and stability to the U.S. financial system. In furtherance of these programs, the OFS continues to build its infrastructure by hiring highly-qualified staff, developing robust internal controls, and promoting transparency. While many challenges lie ahead, we are confident that these efforts will lay a strong foundation for economic recovery and market stability. II. REPORTING REQillREMENTS This is Treasury's third Section 105(a) Troubled Assets ReliefProgram Report to Congress (TARP Report) required by EESA. Treasury transmitted its second TARP Report to Congress on January 5, 2009, covering activities through December 31, 2008. This TARP Report covers the following activities listed in EESA section 105(a) occurring through the end of January: • • • An overview of actions taken by the Secretary, including the considerations required by section 103 and the efforts under section 109. The actual obligation and expenditure of the funds provided for administrative expenses by section 118. A detailed financial statement with respect to the exercise of authority, including: 1. all agreements made or renewed; 2. all insurance contracts entered into pursuant to section 102; 3. all transactions occurring during the initial 60-day period, including the types of parties involved; 4. the nature of the assets purchased; 5. all projected costs and liabilities; 6. operating expenses, including compensation for financial agents; 7. the valuation or pricing method used for each transaction; and 8. a description of the vehicles established to exercise such authority. III. INDIVIDUAL PROGRAMS AND INITIATIVES The Capital Purchase Program 2 The purpose of the Capital Purchase Program (CPP) is to stabilize the financial system by building the capital base of healthy, viable U.S. financial institutions, which in turn will increase the capacity of those institutions to lend to U.S. businesses and consumers and support the U.S. economy. Under this program, Treasury is purchasing senior preferred shares from qualifying U.S. controlled banks, savings associations, and certain bank and savings and loan holding companies. Between January 1,2009 and January 31, 2009, Treasury purchased $17.8 billion in senior preferred shares from 147 financial institutions under the CPP. Since the launch ofthe CPP in October 2008 through January 31, 2009, Treasury has invested a total of$195.3 billion in senior preferred shares in 359 financial institutions in 45 states and Puerto Rico. The application deadline for publicly-held institutions was November 14,2008, and the deadline for applications from eligible privately-held financial institutions was December 8, 2008. On January 14,2009, Treasury issued a term sheet for S corporations with an application deadline of February 13, 2009. The federal banking regulators are evaluating all submitted CPP applications and continue to send qualifying applications to Treasury for final approval. Complete details about the Capital Purchase Program are available on Treasury's web site at: http://www.treas.gov/initiatives/eesa/. The Automotive Industry Financing Program The objective of the Automotive Industry Financing Program (AIFP) is to prevent a significant disruption of the American automotive industry, which would pose a systemic risk to financial market stability and have a negative effect on the economy of the United States. The program requires participating institutions to implement plans that will achieve long-term viability. Participating institutions must also adhere to rigorous executive compensation standards and other measures to protect the taxpayer's interests, including limits on the institution's expenditures and other corporate governance requirements. Guidelines for the AIFP are published on Treasury's web site. On January 2,2009, Treasury provided a three-year $4 billion loan to Chrysler under the AIFP. The loan is secured by various collateral, including parts inventory, real estate, and certain equity interests held by Chrysler. The agreement requires Chrysler to submit a restructuring plan to achieve long-term viability for review by the President's designee and provides for acceleration of the loan if those goals are not met. Under the agreement, Chrysler must comply with other binding terms and conditions designed to protect taxpayer funds, including compliance with certain enhanced executive compensation and expense-control requirements. In lieu of warrants, Treasury received a senior unsecured note of Chrysler payable to Treasury in the principal amount of $267 million. On January 16,2009, Treasury announced that it will make a loan under the AlFP of up to $1.5 billion to Chrysler LB Receivables Trust (Chrysler Trust), a special purpose entity created by Chrysler Financial, to finance the extension of new consumer auto loans. The five-year loan is secured by a senior secured interest in a pool of newly originated consumer automotive loans, and Chrysler will serve as a guarantor for certain covenants of Chrysler Financial. Under the agreement, Chrysler Financial must comply with the executive compensation and corporate governance requirements of section 111 (b) of EESA, as well as enhanced restrictions on 3 executive compensation including the need to reduce by 40 percent its bonus pool for Senior Executive Officers and Senior Employees. In lieu of warrants, Treasury received additional notes in an amount equal to 5 percent of the maximum loan amount. The additional notes will vest 20 percent on the closing date and 20 percent on each anniversary of the closing date and will have other terms similar to the loan. , On January 21,2009, Treasury funded $5.4 billion ofa maximum $13.4 billion loan to General Motors Corporation (GM) that was discussed in detail in Treasury's second TARP Report to Congress. Treasury funded $4 billion of this loan on December 31, 2008, and will fund an additional $4 billion on February 17,2009, subject to GM meeting certain conditions. The Targeted Investment Program The Targeted Investment Program (TIP) is designed to prevent a loss of confidence in financial institutions that could result in significant market disruptions, threatening the financial strength of similarly situated financial institutions, impairing broader financial markets, and undermining the overall economy. Treasury will consider institutions as candidates for the TIP on a case-bycase basis, based on a number of factors described in the program guidelines. These factors include the threats posed by destabilization of the institution, the risks caused by a loss of confidence in the institution, and the institution's importance to the nation's economy. Program guidelines for the TIP are published on Treasury's web site. On January 16,2009, Treasury completed its second transaction under the TIP, investing $20 billion in Bank of America. Under the agreement with Bank of America, Treasury purchased $20 billion of preferred stock and warrants and will receive an 8 percent dividend, payable quarterly. As part of this agreement, Bank of America must implement rigorous executive compensation standards and other restrictions on corporate expenditures. As previously disclosed, Treasury has also invested in Bank of America through the CPP. The Asset Guarantee Program The Asset Guarantee Program (AGP) provides guarantees for assets held by systemically significant financial institutions that face a risk of losing market confidence due in large part to a portfolio of distressed or illiquid assets. The AGP will be applied with extreme discretion in order to improve market confidence in the systemically significant institution and in financial markets broadly. Treasury does not anticipate that the program will be made widely available, and notes that the EESA requires that premiums under section 102 be set to ensure that taxpayers are fully protected. Details on the AGP are available on Treasury's web site. Treasury completed its first transaction under the AGP on January 16,2009, when it finalized the terms of a guarantee agreement with Citigroup that was previously announced on November 23, 2008. Under the agreement, Treasury, the Federal Reserve, and the FDIC will provide protection against the possibility of large losses on an asset pool of approximately $301 billion of loans and securities backed by residential and commercial real estate and other such assets, which will 4 remain on Citigroup's balance sheet. The following loss-sharing protocol will apply: Citigroup will absorb the first $39.5 billion in losses!; losses over $39.5 billion are shared by Treasury (90 percent) and Citigroup (10 percent) (the "second loss"). Treasury absorbs the second loss up to $5 billion, the FDIC absorbs the third loss up to $10 billion, and the Federal Reserve funds any residual loss through a non-recourse loan. The guarantee is in place for ten years for residential assets and five years for non-residential assets. As a fee for the guarantee, Citigroup will issue $7 billion of preferred stock with an 8 percent dividend rate; $4 billion will be issued to Treasury and $3 billion to the FDIC. As part of the agreement, Citigroup must submit an executive compensation plan to Treasury and the FDIC for approval and must comply with certain common stock dividend restrictions. As previously announced, Treasury has also invested in Citigroup through the CPP and the TIP. In addition, Treasury and the FDIC announced that they will provide protection to Bank of America against the possibility of unusually large losses on an asset pool of approximately $118 billion of loans and securities backed by residential and commercial real estate loans, and other trading book assets that have been marked to current market value. The large majority of these assets were assumed by Bank of America as a result of its recent acquisition of Merrill Lynch & Co. The assets will remain on Bank of America's balance sheet. As a fee for this arrangement, Bank of America will issue preferred shares to Treasury and the FDIC. In addition and if necessary, the Federal Reserve is prepared to backstop residual risk in the asset pool through a non-recourse loan. As part of the agreement, Bank of America will be required to submit an executive compensation plan to Treasury and the FDIC for approval and to adhere to certain common stock dividend restrictions. The Bank of America guarantee was announced on January 16,2009, but has not yet been finalized. This represents $29 billion as a "first loss" amount, $9.5 billion in reserves, and $1 billion related to an agreement on hedging procedures. 1 5 IV. Certification As the Interim Assistant Secretary for the Office of Financial Stability at the United States Department of the Treasury, I am the official with delegated authority to approve purchases of troubled assets under the Troubled Assets Relief Program. I certify to the Congress that each decision of my office to approve purchases of troubled assets, from the beginning of the program until the end of this reporting period, was based on my office's evaluation of the facts and circumstances of each proposed investment, including recommendations from regulators, in order to promote financial stability and the other purposes of the Emergency Economic Stabilization Act of 2008. ~- Interim Assistant Secretary Office of Financial Stability 6 V. TARP ADMINISTRATIVE EXPENSES United States Department of Treasury Office of Financial Stability Report of Administrative Obligations and Expenditures For PeftocrEnclng JanuUY 31, 2IDOI ~ PERSONNEL SERVICES NON-PERSONNEL SERVICES Budget Oblect Class 1100& 1200 2100 2200 2300 2400 2500 2600 3100 3200 Budaet ObJect Class TIlle PERSONNEL COMPENSATION & BENEFITS PERSONNEl: SERVICES Tola/: TRAVEL & TRANSPORTATION OF PERSONS TRANSPORTATION OF THINGS RENTS, COMMUNICATIONS, UTILITIES & MISC CHARGES PRINTING & REPRODUCTION OTHER SERVICES SUPPLIES AND MATERIALS EQUIPMENT LAND & STRUCTURES NON-¥ERSONNEL SERVICES Tola/: -. • • For Februa~ Obllaallons 51092 473 11.ClllZA73 17 937 ExD.ndltu~ 36S 918 7227 8539067 138163 26,981 293768 395 6073497 17833 26,981 $1049446 11'041'4411 9852 . It'OIS'm! ;;:<1&:422.321: , : .. Projected Obllaatlons $1600000 11100000 20000 738 000 395 27000 000 150000 50,000 90000 $211:041'3"1 ... ; Notes: The statutorily required reporting date results in OFS estimating amounts prior to the Department of the Treasury's accounfing records closing on February 4. 2009- 7 ng 28, 2IDOI Projected ExDllndltures $1500000 11'100'0001 12000 - 420000 395 9000000 30000 50,000 45000 $t157.3l111i I VI. DETAILED FINANCIAL STATEMENTS Section l05(a)(3)(A) U.S. Treasury Department Office of Financial Stability Troubled Asset Relief Program Agreements Under TARP [Section 105(a)(3)(A)] For Period Ending January 31, 2009 Date Approved or Renewed Type of Transaction BPA 10/10/2008 BPA 10/11/2008 10114/2008 Financial Agent BPA 10/16/2008 BPA 10/18/2008 IAA 10/23/2008 BPA 10/29/2008 BPA 10/29/2008 Contract 10/31/2008 BPA 111712008 IAA 11/14/2008 IAA 1213/2008 IAA 12/5/2008 1215/2008 Procurement BPA 12/10/2008 12115/2008 IAA 12124/2008 Procurement 11712009 Procurement BPA 1/27/2009 1/27/2009 Procurement Vendor Simpson, Thacher & Bartlett EnnisKnupp Bank of New York Mellon PricewaterhouseCoopers Ernst & Young GSA - Turner Consulting· Hughes Hubbard & Reed Squire Sanders & Dempsey Lindholm & Associates· Thacher Proffitt & WoodSecurities and Exchange Commission Trade and Tax Bureau - Treasury Department of Housing and Urban Development Washington Post Thacher Proffitt & WoodOffice of Thrift Supervision Cushman and Wakefield of VA, Inc. Colonial Parking Cadwalader Wickersham & Taft, LLP Whitaker Brothers Bus. Machines Purpose Legal Services Investment and Advisory Services Custodian and Cash Mangement Internal Control Services Accounting Services Archiving Services Legal Services Legal Services Human Resources Services Legal Services Detailees IT Services Detailees Vacancy Announcement Legal Services Detailees Painting Parking Legal Services Shredder • Small or Women-, or Minority-Owned Small Business -Contract responsiblities assumed by Sonnenschein Nath & Rosenthal via novation. Note: Kirkland and Ellis LLP was reflected as being awarded on 12/18/08. The BPA was not finalized. Section l05(a)(3)(B) 8 u.s. Treasury Department Office of Financial Stability Troubled Asset Relief Program Insurance Contracts [Section 105(a)(3«B)] For Period Ending January 31, 2009 Name Amount Citigroup $5,000,000,000 VI. DETAILED FINANCIAL STATEMENTS CONTINUED Section l05(a)(3)(F) u.s. Treasury Department Office of Financial Stability Troubled Asset Relief Program Programmatic Operating Expenses [Section 105(a)(3)(F)) For Period Ending January 31, 2009 Type of Expense Amount Compensation for financial agents and legal firms $11,369,573 Section l05(a)(3)(H) u.S. Treasury Department Office of Financial Stability Troubled Asset Relief Program Description of Vehicles Established [Section 105(a)(3«H)) For Period Ending January 31, 2009 Date Vehicle Description None 9 VII. TRANSACTION REPORT - CAPITAL PURCHASE PROGRAM Section l05(a)(3)(C), (D), and (G) U.S. Tr... ury Department omee of Ananelal Stability Troubled Asset Relief Program Transactions Report For ""rtoe! ending January 30,2009 CAPITAl. PURCHASE PROGRAM Seller Name of In.lltullon Date 1012812008 Bank of America COrDoration 1012812008 Bank of New Vork Mellon COrDoration 1012812008 CitiorDUO Inc. 1012812008 The Goldman Sachs GrDuo. Inc. 1012812008 JPMoraan Chase & Co. 1012812008 Moman Stanley 1012812008 State Street COrDoration 1012812008 Wells FarDo & Comoany 11/1412008 Bank of Commerce HoldinGS 1111412008 1st FS COrDoration 11/1412008 UCBH HoldinGS Inc. 1111412008 Northem Trust Corooration 1111412008 SunTrust Banks Inc. 1111412008 BroadwaY Financial Corooration 1111412008 Washinaton Federal Inc. 11/1412008 BB&TCorD. 1111412008 Provident Bancshares COlO. 11/1412008 Umooua Holdinas COrD. 1111412008 Comerica Inc. 1111412008 Remons Financial Com. 1111412008 CaDital One Financial Corooration 1111412008 First Horizon National COrDoration 11/1412008 Huntinaton Bancshares 11/1412008 KevCorD 1111412008 Vallev National BancOrD 1111412008 Zions Bancorooration 1111412008 Marsha" & Ilsley Comoration 1111412008 U.S. BancorD 1111412008 TCF Financial Comoration 1112112008 First Niaaara Financial Gro,m 1112112008 HF Financial COrD. 1112112008 Centerstate Banks of Florida Inc. 1112112008 City National Comoration 1112112008 First Communitv Bankshares Inc. 1112112008 Wes1em Alliance BancorDoration 1112112008 Webster Financial Comoration 1112112008 Pacific Caoital BancorD 1112112008 HeritaGe Commerce COrD. 1112112008 Ameris BancorD 1112112008 Porter Bancom Inc. 1112112008 Banner COrDoration 1112112008 Cascade Financial Corooration 1112112008 Columbia Bankina System Inc. 1112112008 Heritaoe Financial COrDoration 1112112008 First PacTru" Bancom Inc. 1112112008 Sevem BancorD. Inc. 1112112008 Boston Private Financial HoldinGS Inc. CItv Chartotte NewVork New Vork New Vork New Vork New Vork Boston San Francisco ReddinG Hendersonville San Francisco Chicaao Atlanta Los Anael.. Seattle Winston-Salem Baltimore Portland Dallas BirminGham Mclean Memohis Columbus Cleveland WaYne Salt LakeCilv Milwaukee Minneaoolis Wayzata LockDOrt Sioux Falls Oavennort Bevertv Hills Bluefield Las Veaas Watertlurv Santa Bartlara San Jose Moultrie Louisville Walla Walla Everett Tacoma Olymoia Chula Vista Annaoolis Bos1on Stale NC NV NV NV NV NV MA CA CA NC CA IL GA CA WA NC MO OR TX AI. VA TN OH OH NJ UT WI MN MN IN SO FL CA VA NV CT CA CA GA KV WA WA WA WA CA MO MA 10 Tran.actlon TYDIl Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Punchase Punchase Purchase Purchase Punchase Punchase Punchase Punchase Punchase Punchase Punchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase De.crtDllon Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred S10ck wlWarrants Preferred S10ck wlWarrants Preferred S10ck wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred S10ck wlWarrants Preferred S10ck wlWarrants Preferred Stock wlWarrents PreferredStockwlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrents Preferred Stock wlWarrents Preferred Stock wlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWerrants Preferred Stock wlWerrants Preferred Stock wlWerrants Preferred Stock wlWarrents Preferred !;tock wlWarrents Preferred Stock wlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrents Preferred Stock wlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrents Preferred Stock wlWarrents Preferred Stock wlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrents Preferred Stock wlWarrants Preferred Stock wlWarrents Preferred Stock wlWarrents Preferred Stock wlWarrants prtce Paid $15000000000 $3 000 000 000 $25 000 000 000 $10000000000 $25 000 000 000 $10000000000 $2 000 000 000 $25 000 000 000 $17 000 000 $16369000 $298737000 $1 576 000 000 $3 500 000 000 $9000000 $200000000 $3 133 640 000 $151500000 $214181000 $2 250 000 000 $3 500 000 000 $3 555 199 000 $866 540000 $1 398 071 000 $2 500 000 000 $300 000000 $1 400 000 000 $1 715000 000 $6 599 000 000 $361172000 $184011000 $25000000 ~27 875 000 $400000 000 $41500000 $140000000 $400000000 $180634 000 $40000000 $52000000 $35000000 $124000000 $38970000 $76898000 $24000000 $19300000 $23393000 $154 000 000 Prtclng Mechanlam Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Per Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par Par 1112112008 Associated Bane-Coro 1112112008 Trustmark Corooration 1112112008 First Communitv Comoration 1112112008 Tavlor Caoital Grouo 1112112008 Nara Bancom Inc. 121512008 Midwest Bane Holdinos Inc. 121512008 MB Financial Inc. 121512008 First Midwest Bancoro. Inc. 121512008 United Communitv Banks Inc. 121512008 Wesbanco Bank Inc. 121512008 Encore Baneshares Inc. 121512008 Manhattan Bancoro 121512008 Iberiabank Corooration 121512008 Eaale Bancoro. Inc. 121512008 Sandv Sarina Bancoro Inc. 121512008 Coastal Bankina Comoanv. Inc. 121512008 East West Bancoro 121512008 South Financial Grouo. Inc. 121512008 Great Southern Bancoro 121512008 CathaY General Bancoro 121512008 Southern Communitv Financial Coro. 121512008 CVB Financial Coro 121512008 First Defiance Financial Coro. 121512008 First Financial Holdinas Inc. 1215/2008 Suaerior Bancoro Inc. 1215/2008 Southwest Bancoro. Inc. 121512008 Pooular Inc. 1215/2008 Blue Vallev Ban Coro 121512008 Central Federal Corooration 121512008 Bank of Marin Bancoro 121512008 Bank of North Carolina 121512008 Central Bancom Inc. 121512008 Southern Missouri Bancoro. Inc. 121512008 State Bancom Inc. 121512008 TIB Financial Coro 121512008 Unitv Bancoro Inc. 121512008 Old Line Baneshares Inc. 1215/2008 FPB Bancoro Inc. 121512008 Steriina Financial Corooration 121512008 Oak Vallev Bancoro 1211212008 Old National Bancoro 1211212008 Caaital Bank Corooration 12/1212008 Pacific International Bancoro 1211212008 SVB Financial Groua 12/1212008 LNB Bancoro Inc. 12/1212008 Wilminaton Trust Corooration t2/1212008 Susouehanna Baneshares Inc 12/1212008 Sianalure Bank 12/1212008 HooFed Bancoro 1211212008 Citizens Reaublic Bancoro Inc. 1211212008 Indiana Community Bancoro 1211212008 Bank of the Ozarks Inc. 1211212008 Center Financial Corooration 1211212008 NewBridae Bancoro 12/1212008 Steriino Baneshares Inc. 1211212008 The Bancoro Inc. 1211212008 TowneBank 12/1212008 Wilshire Bancoro Inc. 12/1212008 Vallev Financial Corooration 1211212008 Indeeendent Bank Corooration 1211212008 Pinnacle Financial Partners Inc. t2/1212008 First Litchfield Financial Corooration 1211212008 National Penn Baneshares Inc. 1211212008 Northeast Bancoro 1211212008 Citizens South Bankina Corooration 1211212008 Viroinia Commerce Bancoro 1211212008 Fidelitv Bancoro. Inc. 1211212008 LS B Corooration 12/1912008 Intermountain Community Bancoro 1211912008 Comm unftv West Baneshares 1211912008 Svnovus Financial Coro. 1211912008 Tennessee Commerce Bancoro. Inc. 12/1912008 Community Bankers Trust Corooration 1211912008 BancTrust Financial Groue. Inc. t2/1912008 Enterorise Financial Services Coro. t211912008 Mid Penn Bancoro. Inc. t211912008 Summit State Bank 1211912008 VIST Financial Coro. 1211912008 Wainwriaht Bank & Trust Comeanv 1211912008 Whitney Holdino Corooration 1211912008 The Connecticut Bank and Trust Comeanv 1211912008 CoBiz Financial Inc. 1211912008 Santa Lucia Bancoro 1211912008 Seacoast Bankino Corooration of Florida t211912008 Horizon Bancoro 1211912Cf08 Fidelitv Southern Corooration 1211912Cf08 Community Financial Corooration 12/1912008 Berkshire Hills Bancoro. Inc. 12/1912CfCf8 First Cal~omia Financial Groue Inc 12/1912008 AmeriServ Financial Inc Green Bav Jackson Lexinaton Rosemont Los Anneles Melrose Park Chieaao Itasea Blairsville Wheelina Wl MS SC IL CA IL IL IL GA WV Houston TX EI Seaundo CA Lafavette LA Bethesda MD Olnev MD Fernandina Beach FL Pasadena CA Greenville SC Sorinafield MO Los Anaeles CA Winston-Salem NC Ontario CA Defiance OH Charieston SC Birrninoham AL Stillwater OK San Juan PR Overiand Park KS Fairiawn OH Novato CA Thomasville NC Somerville MA Poolar Bluff MO Jericho NY Naoles FL NJ Clinton Bowie MD PortSI. Lucie FL Sookane WA Oakdale CA Evansville IN Ralieah NC Seattle WA CA Santa Clara Lorain OH Wilminaton DE Lititz PA New York NY Hookinsvile KY Flint MI Columbus IN Little Rock AR CA Los Anoeles Greensboro NC Houston TX Wilminaton DE Portsmouth VA Los Anaeles CA Roanoke VA Ionia MI Nashville TN Litchfield CT Bovertown PA Lewiston ME NC Gastonia Ariinoton VA PA Pittsburoh North Andover MA ID Sandeoint Goleta CA Columbus GA Franklin TN GlenAllen VA Mobile AL SI. Louis MO Millersbura PA Santa Rosa CA Wvomissina PA Boston MA NewOrieans LA Hartford CT Denver CO Ataseadero CA Stuart FL Michioan City IN Allanta GA 51aunton VA Pittsfield MA WesUake Villa.... 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FSB 1211912008 Aniance Rnancial Corooration 1211912008 Heartland Rnancial USA Inc. 1211912008 Citizens First Corooration 1211912008 FFWCorD<ll'8tion 12/1912008 Plains Caottal CorooraliOn 12/1912008 Tri-Counlv F... anciaJ Corooralion 1211912008 OneUnited Bank 1211912008 Patriot Beneshares Inc. 12/1912008 PaCific Cilv FinaCial Corooration 1211912008 Marauette National Corooration 1211912008 Exchanae Bank 12/1912008 Monadnock Bancoro. Inc. 12/1912008 Bridaeview Bancoro. Inc. 12/1912008 Fidelity Financial Co'lloralion 12/1912008 Pataosco Bancoro. Inc. 12/1912008 NCAL Bancoro 1211912008 FCB Bancoro. Inc. 1212312008 First FinanCial Bancoro 1212312008 Bridae Caoital Holdinas 1212312008 International Baneshares Corooration 1212312008 Rrst Sound Bank 1212312008 M&T Bank Corooration 1212312008 Emc:faire FinanCial Com. 1212312008 Pari< National Corooration 1212312008 Green Bankshares Inc. 1212312008 CeCil Banco'll. Inc. 1212312008 RnanciaJ InstiMions Inc. 1212312008 Fulton RnanciaJ Corooration 1212312008 Untted Bancorooration of Alabama. Inc. 1212312008 MutualRrst RnanCiaI Inc. 1212312008 BCSB Bancoro. Inc. 1212312008 HMN RnanCial Inc. 1212312008 Rrst Community Bank ::ortloralion of America 1212312008 Steriina Bancoro 1212312008 Intervest Baneshares Corooration 1212312008 Poooies Bancoro of North Carolina Inc. 1212312008 Pari<vaJe Financial Coroorefion 1212312008 Timberiand Bancoro Inc. 1212312008 1st ConstiMion Bancoro 1212312008 Central Jersey Bancoro 1212312008 Weslem Illinois Bancshares Inc. 1212312008 Saioon National Bank 1212312008 CaDital PaCific Bancoro 1212312008 Uwharrie Caottal Coro 1212312008 Mission Valley Bancoro 1212312008 The Uttle Bank Incorooraled 1212312008 Pacific Commerce Bank 1212312008 Citizens Community Bank 1212312008 Seacoast Commerce Bank 1212312008 TCNB Financial CO'll. 1212312008 Leader Bancoro. Inc. 1212312008 Nicolet Bankshares Inc. 1212312008 Maana Bank 1212312008 Western Communilv Baneshares Inc. 1212312008 CommunitY Investors Banco'll. Inc. 1212312008 Caottal Bancoro. Inc. 1212312008 Cache Valley Bankino Comoany 1212312008 Citizens Bancoro 1212312008 TeMessee Valley Rnancial Hoidinos Inc. 1212312008 PacifIC Coast Bankers' Baneshares 1213112008 SunTrust Banks Inc. 1213112008 The PNC Financial Services Grouo Inc. 1213112008 Fifth Third Bancoro 1213112008 Hamoton Roads Bankshares Inc. 1213112008 CIT Grouo Inc. 1213112008 West Bancorooration Inc. 1213112008 Rrst Banks Inc. 11912009 Bank of America Comoration 11912009 FirstMerit Co'lloration 11912009 Farmers Caottal Bank Corooration Aiken Lake FCf8st Laka Success Cheseoeake Chartottesville Bowtino Green Ml Pleasant Providence Lee'sSummn Elmira Syracuse Dubuque Bowline Green Wabash Danas Waldorf Boston Houston Los Anoeles Chicaao Santa Rosa Peterborouah Bridoeview Wichtta Dundalk Los Anaeles Louisville Cincinn81i San Jose Laredo Seattle Buffalo Emlenton Newari< Greeneville Elkton Warsaw Lancaster Atmore Muncie Baltimore Rochester Pinellas Park New Yori< NewYori< Newton Monroeville Hoauiam Cranbury 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21 21 21 21 21 21 21 21 31 21 21 21 21 21 31 21 21 21 21 21 21 21 21 21 21 21 31 21 21 11912009 Peaoack-Gladstolle Financial CorooratiDn 11912009 Commerce NatiDllaI Bank 11912009 The First Bancoro. Inc. 11912009 Sun Bancoro. Inc. 11912009 Crescent Financial Coroor:>tion 11912009 American ExDress Comoanv 11912009 Central Pacific Financial CorD. 11912009 Centrue Financial Cornoration 11912009 Eastern Virainia Bankshares Inc. tl9l2OO9 Colonv Bankcoro. Inc. 11912009 Indeoendent Bank Coro. 11912009 Cadence Financial ComoratiDn 11912009 LCNBCDID. 11912009 Center Bancorn Inc. 11912009 F.N.B. ColllOration 11912009 C&F Financial Corooration 11912009 North Central Bancshares Inc. 11912009 Carolina Bank Holdinas Inc. 11912009 First Bancoro 11912009 First Financial Service Comoration 11912009 Codorus Vallev Bancoro. Inc. 11912009 MidSouth Bancoro. Inc. 11912009 First Securilv Grouo Inc. 11912009 Shore Baneshares Inc. 11912009 The Queensborouah Comoanv 119/2009 American Slate Baneshares Inc. 11912009 Security California BanCDro 11912009 Security Business Bancorn 11912009 Sound Banking Company 11912009 Mission Community Bancoro 11912009 Redwood Financial Inc. 11912009 Surrey Bancoro 11912009 Indeoendence Bank 11912009 Vanev Communitv Bank 11912009 Risino Sun Bancoro 11912009 Communitv Trust Financial ColDOration 11912009 GrandSouth Bancorooration 11912009 Texas National BanCDrooration 11912009 Conaaree Baneshares Inc. 11912009 New Yor!< Private Bank & Trust Cornoration 1/1612009 Home Banesharas Inc. 1/1612009 Washinmon Banking Comoanyl WhidbeY Island Bank 1/1612009 New Hamoshire Thrift Baneshares Inc. 1/1612009 Bar HlM"bor BankshareslBar Harbor Bank & Trust 1/1612009 Somerset Hins Bancoro 1/1612009 SCBT Fonancial ::omoratiDn 1/1612009 S&T Bancoro 1/1612009 ECB Bancoro. Inc.lEast Carolina Bank 1/1612009 FrnBanCDID 1/1612009 Texas CaDital Bancshares Inc. 1/1612009 Yadltin Vallev Financial CorDoration 1/1612009 Carver Bancom Inc 1/1612009 Citizens & Northern ColDOration 1/1612009 MainSource Financial Grouo. Inc. 1/1612009 MetroCoro Baneshares Inc. 1/1612009 United Bancoro. Inc. 1/1612009 Old Second Bancom. Inc. 1/1612009 Pulaski Financial Corp 1/1612009 OceanFirst Financial Corp. 1/1612009 Communitv 1st Bank 1/1612009 TCB Holdina Company. Texas Communilv Bank 1/1612009 Centra Financial Holdinas Inc./Centra Bank Inc. 1/1612009 First Bankers Trustshares Inc. 1/1612009 Pacific Coast National Bancorp 1/1612009 Community Bank of the Bav 1/1612009 Redwood Caoital Bancom 1/1612009 Svrinaa Bancoro 1/t6l2009 Idaho Bancoro 1/1612009 Puaet Sound Bank 1/1612009 Untted Financial Banking Companies Inc. t/1612OO9 Dickinson Financial CorDoration " 1/1612009 The Baraboo BanCDmoration 1/1612009 Bank of Commerce 1/1612009 Slate Bankshares Inc. 1/1612009 BNCCORP Inc. 1/1612009 First Manitowoc Bancoro. Inc. 1/1612009 Southern Bancom. Inc. 1/1612009 Morrill Bancshares Inc. 1/1612009 Treatv Oak BanCDro. Inc. 112312009 1st Source Comoration Gladstona NllWDDrtBeach Damariscotta Vineland Carv NewYClI1< HonCllulu SI. Louis Taooahannock Fitzoerald Rockland Slarkvine Lebanon Union Hermitage West Poiol FortDodoe Greensboro Trov Elizabethtown Yor!< Lafavette Chattanoooa Easton Louisville Great Bend Riverside San Dieoo Morehead City San Luis Obispo Redwood Falls MountAirv East Greenwich Pleasenton RisinoSun Ruston Greenvine Jacksonville Cavce NewYor!< Conway Oak Harbor Newoor1 Bar Harllor Bernardsville Columbia Indiana Enaenhard SanJuan Dallas Elkin NewYor!< WensbDrD Greensbum Houston Tecumseh Aurora Creve Coeur Toms River Roseville The Woodlands Moraantown Quincv San Clemente Oakland Eureka Boise Boise Bellewe Vienna KansasCttv Baraboo Charlotte Farao Bismarck Manttowoc Made/ohia Merriam Austin South Bend NJ CA ME NJ NC NY HI MO VA GA MA MS OH NJ PA VA IA NC NC KY PA LA TN MD GA KS CA CA NC CA MN NC RI CA MD LA SC TX SC NY AR WA NH ME NJ SC PA NC PR TX NC NY PA IN TX MI IL MO NJ CA TX WV IL CA CA CA 10 10 WA VA MO WI NC NO NO WI AR KS TX IN 13 PUfChase PUfchue Purchase Purchase Purchase PUfchasa 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AB&T Financial Comoration First Citizans Banc Com WSFS Financial Comoration Commonwealth Business Bank Seaside National Bank & Trust 112312009 112312009 112312009 112312009 112312009 112312009 112312009 112312009 112312009 112312009 112312009 1/2312009 112312009 112312009 112312009 112312009 113012009 113012009 113012009 113012009 113012009 113012009 1/3012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113l112009 113012009 113012009 113012009 113012009 113012009 113012009 1/3012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 113012009 CalWest Ban""'" Fresno First Bank First ULB Coro. Alarion Financial SlIVicas Inc. Midland States Bancom Inc. Moscow Bancshares Inc. Fanmers Bank California Oaks State Bank Pierce Counlv Bancom Calvart Financial Corooration Liberlv Bancshares Inc Cmsstown Holdina Comnany BankFirst Caoital Corooration Southern Illinois Bancom Inc. FPB Financial Com. Stonebridne Financial Com. Peooles Bancom Inc. Anchor BanCom Wisconsin Inc. Par1<e Bancorc. Inc. Central Viminia Bankshares Inc. Flaastar Bancom Inc. Middlebura Financial Corooration Peninsula Bank Holdina Co. PrivateBancorD. Inc. Central Valley Communilv Bancora Plumas Bancorc Stewardshio Financia' Corooration Oak Ridae Financial SlIVicas Inc. First Uniled COrDoration Communilv Partners Ban""'" Guarantv Federal Baneshares Inc. AnnaMlis Bancom Inc DNB Financial Corooration Firstbank Coraoration ValleY Commerce Bancom Grear Bancshares Incorcorated O'ai Community Bank Adbanc Inc Beach Business Bank Leoaev Bancorc. Inc. Irst SOulham Bancora. nc Countrv Bank Shares Inc. Katahdin Bankshares COrD. Raoers Bancshares Inc. UBT Bancshares Inc. Bankers' Bank of the West Bancoro. Inc. W.T.B. Financial Comoration AMB Financial Corc. Goldwater Bank N.A. Eouitv Baneshares Inc. WashinotonFirst Bank Central Baneshares Inc. Hilltoo Communitv Bancorc. Inc. NorthwaY Financial Inc. Monument Bank Metra Cilv Bank F & M Bancshares Inc. First Resource Bank Princeton Gastonia SanduskY Wilminaton Los Anoeles Orlando Rancho santa Marcarita Fresno Oakland ocala Effinaham Moscow Windsor Thousand Oaks Tacoma Ashland Jonesboro Blaine Macon Carmi Hammond West Chester Marietta Madison Sewall Powhatan Tmy Middlebura Palo Alto Chicaao Fresno Quincv Midland Par1< Oak Ridne Oakland Middletown Sorinafield Annaoolis Downinatown Alma Visalia Greer Oiai caallala Manhattan Beacih Milwaukee Bclca Raton Milford Houllon Little Rock Marysvilla Denver SMkane Munster Scottsdale Wichita Reston Houston Summit Bertin Bethesda Doraville Trezevant Exton IL NC OH DE CA FL Purchase Purchase Purchase Purchase Purchase Purchase Preferred Stock wi Warrants Preferred Stock wi Warrants Preferred Stock wi Warrants Preferred Stock wi Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants CA CA CA FL IL TN VA Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchasa Purchasa Purchasa Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purcha'se Purchase Purchase IPurchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferrad Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Prefl!rred Stock wlWarrants Prefl!rred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wlWarrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock IPreiarred stock w' !:xerased warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants Preferred Stock wi Exercised Warrants CA WA MO AR MN MS IL LA PA OH WI NJ VA MI VA CA IL CA CA NJ NC MD NJ MO MD PA MI CA SC CA NE CA WI L NE ME AR KS CO WA IN AZ. KS VA TX NJ NH MD GA TN PA TOTAL I 525083000 13.500 000 523184 000 552625000 57701000 55677 000 $4 656 000 Par 51968 000 Par $4.900 000 Par $6 514 000 Par 510189000 Par $6 216 000 Par sa 752 000 Par 13 300000 Par $6 800 000 Par 51037000 Par 557500000 Par 510650000 Par 515500000 Par S5000 000 Par 53240000 Par 510973000 Par 539000000 Par $110000000 Par $16288000 Par $11385000 Par $266657000 Par $22000000 Par $6 000 000 Par $243 815 000 Par $7000 000 Par $11949000 Par 510000000 Par S7700000 Par 530000000 Par $9000000 Par $17 000 000 Par sa 152 000 Par $11750000 Par 533.000 000 Par 7700 000 Par 9993000 Par $2080000 Par $12720000 Par $6.000 000 Par $5 498 000 Par 510.911 000 ar S7525000 Par $10449000 Par $25000000 Par $8950 000 Par $12639000 Par $110 00 000 Par $3674000 Par 52568000 Par $8750000 Par $6633000 Par 55800000 Par $4 000 000 Par S10 000 000 Par $4 734000 Par S7700000 Par $4 609 000 Par S2600000 Par $195,328,219,000 I 11 This transaction was Included In pravJous Transaction Rep<>rts wilh Morrin Lynch & Co.. Inc. bled as the qualifying ins1itutJon and a 1012812008 transa<1lon date. footnoted to Incrocate that settlement was deferred pending melller. The purchase of Morrin Lynch by Bank of America was completed on 11112009. and this transaction _erthe CPP was funded on 11912009. 21 Privately-held qualified financial institution; Treasury received a warrant to purchase additional shares of preferred stock. which ft exercised Immediately. 31 To promote community development f"ancial institutions (CDFls), Treasury does not require warrants as part of its investment in certified COFls when the SiZe Of the investment is $SO miUlon or less. 14 Par Par Par Par Par Per VII. TRANSACTION REPORT CONTINUED SYSTEMICALLY S1GNIACANT FAILING INSTlTUnONS sener I I Dlte 1112512008 AIG Name of Institution I City NewYorl< I Slate NY TrlnSlctionType Purchase Description Preferred Stock wi Warrants Pricing Price Plld Mechanism $40 000 000 000 Par AUTOMOTIVE INDUSTRY FINANCING PROGRAM senor Date City Name of Institution Slate Description Trans.ction Tvoe Pricing Mechanism Amount Uquidalion 11 21 31 12129/2008 GMACLLC 1212912008 General Motors Corooration 1213112008 General Motors Cof1X)ration 1/212009 Chrvsler Holding LLC 1/1612009 Chrvs5er Rnancial Services Americas lLC Deltoil Purchase Detro~ Purcha.. MI MI Detro~ MI Auburn Hills MI F.minaton Hills MI Purchase Purchase Purchase Preferred Stod< wi Exercised Werrants Debt Obligation Debt Obligation wi Warrants and Additional Note Debt Obligation wi Additional Note Debt Obligation wi Additional Note TOTAL $5,000,000,000 $884 024131 $9 400 000 000 $4,000 000 000 $1,500000000 Preference NlA NlA NlA NlA $20,784,024,131 1/ Treasury committed to lend General Motors Corporation up to $1,000,000,000. The ultimate level of funding was dependent upon the level of investor participation in GMAC LLC's rights offering. The Amount has been updated to reflect the finalltv.1 at funding. 21 The Amount indudes $4,000,000,000 funded on December 31, 2008, and $5,400,000,000 funded on January 21, 2009; ~ does not indude an additional loan of $4,000,000,000, which is contingent on Treasury's authority under sedion 115(a) of EESA. 31 The loan was funded through Chrysler LB Receivables Trust, a special purpose vehicle created by Ct'wysler Financial. The Amount of $1,500,000,000 represents the maximum loan amount. The loan will be inctementally funded. TARGETED INVESTMENT PROGRAM Slnar Dlte Name of Institution 1213112008 Citigroup Inc. 1/1612009 Bank of America CorJ)Oralion I Cilv NewYorl< Charlotte I Pricing Stale NY NC Transaction TVDe Purchase Purchase Descriotlon Preferred Stodt wi Warrants Preferred Stodt wi Warrants TOTAL Mechanism Price Paid $20 000 000 000 Par $20 000 000,000 Pw $40,000,000,000 ASS£T GUARANTEE PROGRAM Sellar Date Name of lnstitutlon 1/1612009 Citigroup Inc. I CIty INewYOrl< I Premium Slate INY Transaction TYDe Guarantee Description Second-Loss Guarantee on Asset Pool TOTAL 15 Guarantee Limit Recolved Preferred Stodt $5,000,000000 and Warrants $5,000,000,000 I VIII. PROJECTED COSTS AND LIABILITIES Section l05(a)(3)(E) Projected Costs and Liabilities [Section 105(a)(3«E)] For Period Ending January 31,2009 Type of Expense/Liability Amount None Note: Treasury interprets this reporting requirement as applicable to costs and liabilities related to insurance contracts entered into under the provisions of section 102 of the EESA; and the single insurance contract with Citigroup is structured such that no costs are anticipated, Le. the currently anticipated cash inflows of the contract slightly exceed anticipated cash outflows. The subsidy rate for this guarantee is determined to be -0.25 percent. Per EESA section 102(c)(3), premiums shall be set at a level necessary to meet anticipated claims. To ensure that the guarantee remains compliant with section 102(c)(3), the Master Agreement provides for post-signing adjustments including additional Citigroup preferred stock, a reduction of the covered asset pool, and/or an increased Citigroup deductible (section 5.2 of the Master Agreement). Under this section of the agreement, the subsidy rate will be reassessed once the loan pools are finalized and details are provided to Treasury (changes in the composition of assets are expected). Citigroup must either transfer more preferred stock or absorb more in first losses (it is unlikely the size of the asset pool would be reduced), if it is found that the risks of the assets in the loan pool exceed those estimated today and would not meet the requirements of EESA section 102(c)(3). This "true-up" would occur over the next 9 months. 16