The following table provides information regarding the subordination for our directly insured corporate CDO portfolio as  of December 31, 2012, by year of scheduled maturity . (1)  No directly insured corporate CDO transactions are scheduled to mature in 2015 or 2016.  All of our directly insured  corporate CDO transactions are scheduled to mature on or before December 31, 2017. (2)  Does not include our one insured corporate CDO of CDOs with a net par outstanding of $31.5 million, because the  payments of principal and interest on this CDO depend on the cash flows actually generated from the CDO’ s underlying  collateral and the likelihood that we would have to pay a claim is not measurable in terms of sustainable credit events.  (3)  The average number of sustainable credit events at the inception of each transaction.  Average amounts presented are  simple averages. (4)  The average number of sustainable credit events determined as of  December 31, 2012. Average amounts presented are  simple averages. (5)  The number of sustainable credit events represents the number of credit events on dif ferent corporate entities that can  occur within a single transaction before we would be obligated to pay a claim. It is calculated using the weighted average  exposure per corporate entity and assumes a recovery value of 30% to determine future losses (unless the parties have  agreed upon a fixed recovery , then such recovery is used to determine future loss) or in the case of a defaulted reference  entity pending settlement, we use market-indicated recovery levels.  (6)  The current average number of dif ferent corporate entities in each of the transactions. 125 Year of Scheduled Maturity (1) Number of CDO Contracts/ Policies (2) Aggregate Net Par Exposure Initial Average # of Sustainable Credit Events (3)(5) Current Average # of Sustainable Credit Events (4)(5) Minimum # of Sustainable Credit Events (5) Avg. # of Current Remaining Entities in Transaction (6) (In billions) 2013 . . . . . . . . . . . . . . . . . . . 11 $ 4.7 25.5 20.9 13.4 93 2014 . . . . . . . . . . . . . . . . . . . 8 3.0 25.4 19.1 6.1 2017 . . . . . . . . . . . . . . . . . . . 15 6.0 26.7 25.6 10.3 99 Total . . . . . . . . . . . . . . . . . . . 34 $ 13.7 ___________________