Annual audits from PWC since the inception of the company:
To the Board of Directors of Syncora Holdings Ltd.:
We have audited the accompanying consolidated financial statements of Syncora Holdings Ltd. and its
subsidiaries, which comprise the consolidated balance sheets as of December 31, 2016 and December 31, 2015,
and the related consolidated statements of operations and comprehensive income, of changes in shareholders'
equity and of cash flows for the years then ended.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Syncora Holdings Ltd. and its subsidiaries as of December 31, 2016 and December 31,
2015, and the results of their operations and their cash flows for the years then ended in accordance with
accounting principles generally accepted in the United States of America.
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