ACA Capital Holdings, Inc.

ACA MANAGEMENT

underwriting, reinsurance, guaranty insurance, surety insurance, and insurance for transactions for new issue and secondary market issuers of municipal, international, and specialty bonds, collateralized bond obligations, collateralized debt obligations, corporate and consumer debt, interest rate swaps, currency swaps, credit default swaps and other financial derivatives; investment and financial management services, namely, portfolio investment management and credit risk management; institutional structured finance transaction advisory services, namely, the creation and issuance of collateralized bond obligations, collateralized debt obligations, interest rate swaps, currency swaps, credit default swaps and other financial derivatives;MANAGEMENT;