(1)  Represents our exposure to the aggregate outstanding principal on insured obligations.  (2)  A net claim liability is recorded on the balance sheet when there is evidence that deterioration has occurred and the net  present value of our expected losses for a particular policy exceeds the unearned premium reserve for that policy . The  claim liability reported is net of estimated salvage and subrogation, which may result in a net claim asset. (3)  Represents either the net (asset) liability recorded within derivative assets or derivative liabilities for derivative contracts,  or the net (asset) liability recorded within  VIE debt and other financial statement line items for financial guaranty  consolidated VIEs. (4)  Includes $1.6 billion and $3.0 billion at December 31, 2012 and 2011, respectively, of tax supported revenue bonds.  (5)  Escrowed transactions are legally defeased bond issuances where our financial guaranty policy is not legally extinguished  although cash or securities in an amount suf ficient to pay remaining obligations under such bonds have been deposited in  an escrow account for the benefit of the bond holders.  Although we have little to no remaining credit risk on these  transactions, they remain outstanding for GAAP  purposes. (6)  Represents other types of municipal obligations, including human service providers, second-to-pay international public  finance, non-profit institutions, project finance accommodations and stadiums, none of which individually constitutes a  material amount of our financial guaranty net par outstanding. (7)  Includes $2.9 billion and $3.2 billion at December 31, 2012 and 2011, respectively, of international public finance insured  obligations (which includes sovereign debt), of which $105.2 million and $143.8 million at  December 31, 2012 and 2011,  respectively, which is related to Spain, Italy, Hungary, Portugal, Greece and Ireland (collectively , the “Stressed European  Countries”). (8)  Represents other types of structured finance obligations, including diversified payment rights (“DPRs”), collateralized  guaranteed investment contracts or letters of credit, foreign commercial assets and life insurance securitizations, none of  which individually constitutes a material amount of our financial guaranty net par outstanding. 119 December 31, 2011 Net Par Outstanding (1) % of Total Net Par Outstanding (1) Net Claim (Asset) Liability (2) Fair Value Net (Asset) Liability (3) Type of Obligation (In billions) (In millions) (In millions) Public finance: General obligation and other tax supported (4). . . . . . $ 15.8 22.8% $ 6.1 $ 0.3 Healthcare and long-term care. . . . . . . . . . . . . . . . . . . 5.4 7.8 17.4 0.7 Water/sewer/electric gas and investor-owned utilities . 3.6 5.2 33.9 1.0 Airports/transportation. . . . . . . . . . . . . . . . . . . . . . . . . 3.3 4.8 0.4 7.9 Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 3.2 (13.7) — Escrowed transactions (5) . . . . . . . . . . . . . . . . . . . . . . 1.4 2.0 — — Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 0.4 — Other Public finance (6). . . . . . . . . . . . . . . . . . . . . . . . 0.9 1.3 (8.0) 0.9 Total public finance (7). . . . . . . . . . . . . . . . . . . . . 32.9 47.5 36.5 10.8 Structured finance: CDO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.1 50.7 1.5 111.9 Asset-backed obligations. . . . . . . . . . . . . . . . . . . . . . . 0.9 1.3 22.5 7.9 Other structured (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.5 — (1.1) Total structured finance. . . . . . . . . . . . . . . . . . . . . 36.3 52.5 24.0 118.7 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 69.2 100.0% $ 60.5 $ 129.5