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Dick Heberton serves as XL Capital Assurance s (XLCA) chief credit officer. In this role, Mr. Heberton oversees XLCA s risk management efforts, including maintaining the company s commitment to credit discipline and to the underwriting of fundamentally sound financial guarantee transactions. He is a member of XLCA s managing committee and board of directors. Mr. Heberton has been with XLCA since its inception, and, until March 2005, served as head of XLCA s Surveillance and Research Group. In this role, he led an expert team of credit professionals responsible for the proactive monitoring of XLCA s portfolio of insured credits, and implementation of remediation procedures when necessary to mitigate risk. Mr. Heberton joined XLCA from MBIA Insurance Corporation. At MBIA, Mr. Heberton was a director and a manager in the Insured Portfolio Management department, where he oversaw the company s tax-backed and special revenue bond surveillance activities and led remediations for this sector. He was a member of MBIA s corporate underwriting committee. Prior to joining MBIA, Mr. Heberton served as an assistant vice president in the risk management group at First Interstate Bank Ltd. in Los Angeles. He began his career at Texaco, Inc. as a petroleum geologist. Mr. Heberton received an A.B. from Colgate University, an M.A. from Indiana University, and an M.B.A. from the Anderson Graduate School of Management at the University of California, Los Angeles. | 