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Triad Guaranty, Inc. (TGIC) Yearly Returns

Year	Beginning Price	Ending Price	Gain or Loss	Percent Gain or Loss
1994	16.25	12.75	-3.50	-21.54%
1995	12.75	26.50	13.75	107.84%
1996	26.50	43.125*	16.625	62.74%
1997	28.75	58.00*	29.25	101.74%
1998	29.00	22.0625	-6.9375	-23.92%
1999	22.0625	22.75	0.6875	3.12%
2000	22.75	33.125	10.375	45.60%
2001	33.125	36.27	3.145	9.49%
2002	36.27	36.86	0.59	1.63%
2003	36.86	50.35	13.49	36.60%
2004	50.35	60.48	10.13	20.12%
2005	60.48	43.99	-16.49	-27.27%
2006	43.99	54.87	10.88	24.73%
2007	54.87	9.80	-45.07	-82.14%
2008	9.80	0.38	-9.42	-96.12%
2009	0.38	0.27	-0.11	-28.95%
2010	0.27	0.24	-0.03	-11.11%
2011	0.24	0.11	-0.13	-54.17%

*The 1996 ending price for Triad Guaranty has been adjusted for a 3 for 2 stock split.
*The 1997 ending price for Triad Guaranty has been adjusted for a 2 for 1 stock split.