S Cif BANK OF NOVASCOTI 35.000 51.0145 0.0200 1.786207.50 CCAO CRI 000 688.03 688.03 0.03 0.03 CAO Perlind ROB 1223/2011 12/302011 Buy TRPCN TRANSCANN:1A CORP 25.000 43.9888 0.0200 1.100215.00 CCAD CRI 000 491.45 491.45 0.00 0.00 CAD Perlind ROB 1223/2011 12/302011 Sei N-ACN

put out a best-guess of about 5100MM to $200MM. From a relative value perspective, PM bonds widened more than some comparably rated MLPs, like EPD, TRPCN and MMP since the oil pipeline explosion in mid-May. We continue to view PPA bonds as good value based on the view that the recent spread widening