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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 03/01/2016 - RESOLUTION 2016-022 AUTHORIZING THE CITY MANAGER TAgenda Item 14 Item # 14 Page 1 AGENDA ITEM SUMMARY March 1, 2016 City Council STAFF John Stokes, Natural Resources Director SUBJECT Resolution 2016-022 Authorizing the City Manager to Execute an Agreement Regarding Phase I (Development) of a Multi-Phase Plan for an Instream Flow Augmentation Plan on the Cache La Poudre River. EXECUTIVE SUMMARY The purpose of the item is to seek Council approval of a proposed Agreement between various parties to implement Phase I of a three-phase project to develop an instream flow augmentation plan on the Poudre River through and near Fort Collins. STAFF RECOMMENDATION Staff recommends adoption of the Resolution. BACKGROUND / DISCUSSION The subject of this Agenda Item is a proposed Agreement among various parties to initiate Phase I of a three- phase project intended to develop protected instream flows in the Poudre River through and near Fort Collins. The ultimate purpose of Phase I is to develop a Water Court application for the instream flow augmentation plan described below. The adjudication of the Water Court application and the development of a permanent organizational structure for the proposed plan would be completed in Phase II. Phase III would be an implementation phase. Nothing in the currently proposed Agreement concerns Phase II or III. Those phases would not proceed unless and until the parties develop additional agreements. For several years, staff has been participating in the Poudre River Runs Through It (PRTI), a group of regional water leaders convened by Colorado State University’s Colorado Water Institute. The purpose of the group is to promote dialog and to explore options for creating the world’s best example of a healthy, working river. The group is composed of farmers, ditch companies, environmental experts and organizations, water districts, municipal water providers, water attorneys, and citizens with an interest in water matters. The group has developed several initiatives, including the annual Poudre River Forum (February 5 at the Ranch); “Gage the River”, a project wherein publicly-visible flow gages were installed at two locations (including Lee Martinez Park) to help citizens understand flow-related data; and, a sub-committee that has been exploring how protected flows could be developed on the Poudre below the mouth of the Canyon. The instream flow subcommittee has developed the idea of an augmentation plan for instream flow purposes. While there are no guarantees associated with the augmentation plan approach described in this Agenda Item Summary, it holds significant promise. If successful, it could present a new statewide model for development and protection of instream flows. The project is innovative, ground-breaking, and includes many of the primary owners of water rights on the Poudre. This collaborative approach represents perhaps the best opportunity to date for developing and protecting instream flows below the canyon mouth of the Poudre; an objective that has been discussed for at least 40 years and that at times has appeared virtually unattainable. Under Colorado water law, water can be appropriated and placed to beneficial use. Allowable beneficial uses include instream flows devoted to preserve and improve the natural environment, though only the Colorado Agenda Item 14 Item # 14 Page 2 Water Conservation Board (CWCB) can acquire such instream flow water rights. Currently, there are no such instream flow water rights on the Poudre below the canyon mouth through Fort Collins. With the exception of high spring flows, almost all of the water that exits the mouth of the canyon ultimately is diverted for agricultural, municipal, and industrial uses. These diversions, while providing economic and social benefits, also can - at times - completely dewater the Poudre and cause serious environmental consequences. Thus, the potential benefits of this project are to ensure that the river is not dried up and to enhance existing or future flows. Staff has been evaluating three mechanisms to protect water for instream flows. The first is a traditional method under which the CWCB would appropriate a new instream flow water right. However, such a water right would be extremely junior and would likely have limited affects. The second is another traditional method under which the CWCB would acquire senior water rights for instream flow uses. The senior water rights must be acquired and then changed in Water Court from the current irrigation uses to instream flow uses. The approach is extremely expensive and requires senior water rights, which are difficult to acquire. It is doubtful that this approach would ever provide a meaningful amount of water. A third and non-traditional method is to utilize an augmentation plan to provide for protected instream flows, in coordination with the CWCB. Augmentation plans are detailed Water Court-approved programs that increase the supply of water available for a beneficial use though various means, such as by a pooling of water resources. Augmentation plans have historically been used to allow additional diversions of water from the stream for consumptive uses by delivering other water to offset the increased diversions and consumption of water. This other water is often commonly referred to as “augmentation water” and can be derived from various legal and physical sources. However, staff is now pursuing an augmentation plan by which augmentation water would be delivered to the stream to allow for protected instream flows. The potential advantages of the instream flow augmentation plan approach are numerous. It allows multiple entities to bring their previously-adjudicated augmentation water into the plan. Unlike a traditional instream flow water right, these entities can enter the approved instream flow augmentation plan without needing the Water Court to expressly approve of instream flow uses for their water rights. It is also intended that the instream flow augmentation plan itself will provide for the flexible use of various sources of augmentation water with more limited and less expensive administrative and Water Court procedures. In addition, entities that wish to deliver their water into the instream flow augmentation plan could be compensated, thus creating a market mechanism and incentive to bring water into the instream flow augmentation plan that could, among other things, improve low flow reaches of the river. Potential as Mitigation Tool It is important to note that if this project is successful at creating an instream flow augmentation plan, the plan could be used as a tool by water developers to mitigate the impacts of their project. That could, for example, include the Northern Integrated Supply Project, the proposed enlargement of Milton Seaman Reservoir, the proposed enlargement of Halligan Reservoir, and perhaps other future projects. These projects, however, are subject to federal and state review and the potential imposition of mitigation by federal and state agencies. This project has no direct bearing on the permitting processes, although it could make more feasible the implementation of mitigation obligations. Partners and Budget and Funding Sources Phase I of the instream flow augmentation plan will require the development of various legal, technical, financial, and governance tools and thus requires a budget of approximately $132,500. Because the approach has never been used before in Colorado, there will need to be substantial outreach to state agencies, in particular the CWCB, the development of technical reports, the development of a governance plan, and the development of a Water Court application. The primary partners in this effort currently include the City, the Cache la Poudre Water Users Association, Northern Water, the City of Greeley (pending approval by its Council on March 1), and the nonprofit Colorado Water Trust (CWT). The Tri-Districts (Eastern Larimer Water District, Fort Collins Loveland, and North Weld Agenda Item 14 Item # 14 Page 3 County) have expressed interest in joining the project and others also may wish to join as the project further develops. The partners have developed a budget and work plan for pursuing the instream flow augmentation plan concept. The draft budget for Phase I includes contributions from the City of Fort Collins in the amount of $20,000 (using appropriated funds from the 2015/16 budget for instream flow related efforts); the City of Greeley in the amount of $20,000; Northern Water in the amount of $20,000; and, $70,000 from the CWT including a $60,000 grant from the Gates Foundation and $10,000 from New Belgium (excerpt of Gates Grant proposal and the grant agreement attached). CWT will act as the consultant to the project and continues to fundraise for the project. The ultimate cost of the project is to be determined. If the project moves into Phase II, the Water Court Application, that application will be prosecuted in Water Court by the Colorado Water Conservation Board and the Parties. The parties would participate in the Water Court process in their individual capacities, and possibly as part of an entity that may be created to operate the ISF Augmentation Plan. The City’s participation in the Water Court process in its individual capacity would likely be handled by the he City Attorney’s Office. There may be additional legal costs if an entity is created. There will also be additional costs in that phase associated with engineering reports. The extent of these costs is currently unknown and will be evaluated during Phase I as a proposed agreement regarding Phase II is developed. In Phase III, implementation, entities participating in the plan and benefiting from the advantages associated with protected stream flows would incur costs (either by paying for the water and its administration or by contributing their own water resources). It is difficult at this time to know what those costs would be; they would depend on the value of water at that time, interest in the program, the ability to develop secondary beneficial uses, the quantity of water available, and so forth. One of the potential advantages of the augmentation approach is the ability to lease water into the program which could be far less expensive (and much more flexible) than buying senior water rights and converting them to instream flow rights. Similar to Phase II, the extent of implementation costs will be evaluated during Phase I as studies regarding the financial viability of the plan are prepared. However, the proposed Agreement for Phase I would not obligate the City for any of the costs associated with Phases II and III. The Agreement The Agreement itself describes how the parties will pursue Phase I of the project. A core purpose of the Agreement is to establish an organizational structure for Phase I. The Agreement calls for the establishment of a five-person committee that is intended to be composed of staff from the participants. The purpose of the committee essentially is to manage the technical tasks that are necessary to complete Phase I. All decisions must be unanimous and no new entity is created for the project. The CWT will act as the fiscal agent for Phase I and will be the primary consultant to the project. CITY FINANCIAL IMPACTS If the Agreement is approved by Council, the City will provide $20,000 to support Phase I. This figure does not include staff time. BOARD / COMMISSION RECOMMENDATION At its February 18, 2016 meeting, the Water Board unanimously recommended Council approve the Agreement. (Attachment 4) At its February 10, 2016 meeting, the Land Conservation and Stewardship Board unanimously supported approval of the Agreement. (Attachment 5) At its February 17, 2016 meeting, the Natural Resources Advisory Board unanimously recommended Council approve the Agreement. (Attachment 6) Agenda Item 14 Item # 14 Page 4 PUBLIC OUTREACH In addition to City advisory boards, this item has been developed with the legal representative for the Cache la Poudre Water Users Association, which is comprised of most of the major water users and owners on the Poudre (list of members attached). Staff met with a representative of Save the Poudre in October 2015 to describe the project. ATTACHMENTS 1. Partnership Proposal for Initiative Funding by Colorado Water Trust (PDF) 2. Gates Family Foundation Agreement with Grant Recipient (PDF) 3. 2015 Cache la Poudre Water Users Association Members List (PDF) 4. Water Board Minutes, February 18, 2016 (draft) (PDF) 5. Land Conservation and Stewardship Board Minutes, February 10, 2016 (draft) (PDF) 6. Natural Resources Advisory Board Recommendation (PDF) 7. Powerpoint presentation (PDF)   A (&('!(#"&" '$ 1  &-&#&#()$*"#('  ##"&  "((*)""-# #&#(&&)'( # $2'"# $#) &#( #4''!"'"   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Arthur Ditch Company B. H. Eaton Ditch Company Box Elder Ditch Company Cache La Poudre Irrigating Ditch Co. Cache La Poudre Reservoir Co. City of Fort Collins City of Greeley Board of Governors of the Colorado State University System Divide Canal & Reservoir Company East Larimer County Water District Eastman Kodak Fort Collins–Loveland Water District Jackson Ditch Company Lake Canal Company Larimer and Weld Irrigation Company Larimer and Weld Reservoir Company Larimer County Canal No. 2 Irrigation Company Larimer County Underground Water Users Association Little Cache La Poudre Irrigating Company New Cache La Poudre Irrigation Company New Mercer Ditch Company Northern Colorado Water Conservancy District North Poudre Irrigation Company North Weld County Water District Ogilvy Irrigating and Land Company Platte River Power Authority Pleasant Valley & Lake Canal Company Red Feather Storage & Irrigation Co. Taylor and Gill Ditch Company Water Supply & Storage Company Weld County Underground Water Users Association Whitney Irrigation Company Windsor Reservoir and Canal Company ATTACHMENT 3 Excerpt from Unapproved Water Board Minutes – February 18, 2016 Agreement Phase I Instream Flow Augmentation Program (Attachments Available Upon Request) John Stokes, Natural Areas Director explained the agenda item is to seek Council approval of a proposed agreement between various parties to implement Phase I of a three-phase project to develop an instream flow augmentation plan on the Poudre River through and near Fort Collins. For several years, staff has been participating in the Poudre River Runs Through It (PRTI), a group of regional water leaders convened by Colorado State University’s Colorado Water Institute. The group’s focus is to promote dialogue and explore options for creating the world’s best example of a healthy, working river. The program needs City Council approval because it requires an intergovernmental agreement. The agenda item is scheduled to go to City Council on March 1. Discussion Highlights Board members inquired about various aspects of the agreement and project, including interest among water districts to participate; Mr. Stokes gave examples of other organizations’ interest in the project, which include environmental and conservation issues. Parts of the plan may include bridges over diversions and the installation of related measurement instruments. Board Member Steve Malers moved that the Water Board recommend Council approval of the Agreement Regarding Phase I (Development) of a Multi-Phase Plan for an Instream Flow Augmentation Plan on the Cache la Poudre River. The parties to the Agreement include the City of Fort Collins, City of Greeley, Cache la Poudre Water Users Association, Northern Water, and the Colorado Water Trust. Board Member Phyllis Ortman seconded the motion. Vote on the motion: It passed unanimously, 11-0. ATTACHMENT 4 Unapproved Minutes of the Land Conservation and Stewardship Board February 10, 2016 Proposed Instream Flow Augmentation Phase I Agreement Daylan Figgs, Environmental Program Manager, introduced the instream flow augmentation plan and explained the purpose of the item is to seek Council approval of a proposed Agreement between various parties to implement Phase I of a three-phase project to develop an instream flow augmentation plan on the Poudre River through and near Fort Collins. For several years, staff has been participating in the Poudre River Runs Through It (PRTI), a group of regional water leaders convened by Colorado State University’s Colorado Water Institute. The purpose of the group is to promote dialog and to explore options for creating the world’s best example of a healthy, working river. The group is composed of farmers, ditch companies, environmental experts and organizations, water districts, municipal water providers, water attorneys, and citizens with an interest in water matters. The instream flow sub-committee has developed the idea of an augmentation plan for instream flow purposes. While there are no guarantees associated with the augmentation plan approach described in this Agenda Item Summary, it holds significant promise. If successful, it could present a new State-wide model for development and protection of instream flows. The project is innovative, ground-breaking, and includes many of the primary owners of water rights on the Poudre. This collaborative approach represents perhaps the best opportunity to date for developing and protecting instream flows below the canyon mouth of the Poudre; an objective that has been discussed for at least 40 years and that at times has appeared virtually unattainable. Under Colorado water law, water can be appropriated and placed to beneficial use. Allowable beneficial uses include instream flows devoted to preserve and improve the natural environment, though only the Colorado Water Conservation Board (CWCB) can acquire such instream flow water rights. Currently, there are no such instream flow water rights on the Poudre below the canyon mouth through Fort Collins. With the exception of high spring flows, almost all of the water that exits the mouth of the canyon ultimately is diverted for agricultural, municipal, and industrial uses. Staff has been evaluating three mechanisms to protect water for instream flows. The first is a traditional method under which the CWCB would appropriate a new instream flow water right. However, such a water right would be extremely junior and would likely have limited affects. The second is another traditional method under which the CWCB would acquire senior water rights for instream flow uses. The senior water rights must be acquired and then changed in Water Court from the current irrigation uses to instream flow uses. The approach is extremely expensive and requires senior water rights which are difficult to acquire. It is doubtful that this approach would ever provide a meaningful amount of water. A third and non-traditional method is to utilize an augmentation plan to provide for protected instream flows. Augmentation plans are detailed Water Court-approved programs that increase the supply of water available for a beneficial use though various means, such as by a pooling of water resources. Augmentation plans have historically been used to allow additional diversions ATTACHMENT 5 of water from the stream for consumptive uses by delivering other water to offset the increased diversions and consumption of water. This other water is often commonly referred to as “augmentation water” and can be derived from various legal and physical sources. However, staff is now pursuing an augmentation plan by which augmentation water would be delivered to the stream to allow for protected instream flows. The potential advantages of the instream flow augmentation plan approach are numerous. It allows multiple entities to bring their previously-adjudicated augmentation water into the plan. Unlike a traditional instream flow water right, these entities can enter the approved instream flow augmentation plan without needing the Water Court to expressly approve of instream flow uses for their water rights. It is also intended that the instream flow augmentation plan itself will provide for the flexible use of various sources of augmentation water with more limited and less expensive administrative and Water Court procedures. In addition, entities that wish to deliver their water into the instream flow augmentation plan could be compensated, thus creating a market mechanism and incentive to bring water into the instream flow augmentation plan that could, among other things, improve low flow reaches of the river. Phase I of the instream flow augmentation plan will require the development of various legal technical, financial, and governance tools and thus requires a budget of approximately $132,500. The primary partners in this effort currently include the City of Fort Collins, the Cache la Poudre Water Users Association, Northern Water, the City of Greeley, and the nonprofit Colorado Water Trust (CWT). The partners have developed a budget and work plan for pursuing the instream flow augmentation plan concept. The draft budget for Phase I includes contributions from the City of Fort Collins in the amount of $20,000 (using appropriated funds for instream flow related efforts); the City of Greeley in the amount of $20,000; Northern Water in the amount of $20,000; and, $70,000 from the CWT including a $60,000 grant from the Gates Foundation and $10,000 from New Belgium. CWT will act as the consultant to the project and continues to fundraise for the project. The Agreement itself describes how the parties will pursue Phase I of the project. A core purpose of the Agreement is to establish an organizational structure for Phase I. The Agreement calls for the establishment of a five-person committee that is intended to be composed of staff from the participants. The purpose of the committee essentially is to manage the technical tasks that are necessary to complete Phase I. All decisions must be unanimous and no new entity is created for the project. The CWT will act as the fiscal agent for Phase I and will be the primary consultant to the project. It is important to note that if this project is successful at creating an instream flow augmentation plan, the plan could be used as a tool by water developers to mitigate the impacts of their project. That could, for example, include the Northern Integrated Supply Project, the proposed enlargement of Milton Seaman Reservoir, the proposed enlargement of Halligan Reservoir, and perhaps other future projects. Those projects, however, are subject to Federal and State review and the potential imposition of mitigation by Federal and State agencies. This project has no direct bearing on the permitting processes, although it could make more feasible the implementation of mitigation obligations. Discussion: David – Daylan, overall this sounds like to me you’re asking for is a feasibility study is that correct? Daylan – Yes, this is a big feasibility study that encompasses legal, financial and technical. David – So you’re not even looking at a particular reach? Daylan – So part of the feasibility study is to identify a reach, the amount of water that is available and then how do we develop a mechanism to divert the reach. That’s part of that feasibility study. So there is a reach, there is a target flow and availability Raymond - If I understand this correctly this provides a mechanism for senior water right holders to give up some of their water without giving up their water rights, is that correct? Daylan – Right, so they can basically lease their water, and it’s not just senior water rights. It’s water rights that have already gone to the Water Board with and gotten decreed for augmentation purposes. It’s only a portion of those water rights that have the right decree. And there’s a lot of that water out there that we need to quantify. Edward - Where is the water right now? Daylan – The water is being held by a variety of different entities and its being run probably as irrigation water. The City of FC holds several water rights that have been decreed for augmentation purposes, but those water rights are also decreed for irrigation purposes. So the water is here. This allows that water to be utilized for this purpose. Which means its’ going to be managed differently. How instream flows works is once you get into the reach that you define and you come to the end of that reach, it could be used for other purposes. There are some opportunities for it to come in and out of the program. It could be diverted partway through the reach. Joe – This big crisis is mainly in the summer or winter. In the summer you can have 100 CFS at the canyon entrance but then there’s call for water for irrigation and the gatekeeper shuts the gate and we’ve seen the flow go from 100 CFS to 0.5 CFS even when there’s plenty of water. The question is how far would they have to send it? But if you have some augmentation rights they would have to let some of it go through. Daylan – One of the things we’ve done, related to this, is to look at all the water in and out of the river and identify areas where it dries out to quantify it and how often it happens. Under this program if we have a legal right to deliver that water downstream they have to let the water through. The other project we are working on is developing fish and water passage points on those diversions where we can bring that water to measure it and make sure it’s getting delivered to the right reach and so we can bypass those driest points. Joe – I think it’s a great idea, there’s only one issue and that is having Northern as a partner they will use this when they come back for mitigation to help move NISP along. Daylan - They may. They have proposed some local volumes so they are already looking at a flow mechanism. Joe - I think moving ahead with all your partners is great, to save the river from these catastrophes. Daylan - We recognize the issue with NISP, but we recognize that this is a project that could work on its own. Edward – Who would likely be our opponents? Daylan – We haven’t really had any opponents but we’ll probably run into some opponent at some point. If someone feels their water rights might be effected. The beauty of this is if you want to put your water into the program you can. It should be if you’re just opposed to the idea then you wouldn’t participate. We just have to figure out how to set a market rate for the water. Trudy Haines made a motion that the LCSB support the proposed Instream Flow Augmentation Plan on the Cache la Poudre River. Edward Reifsnyder seconded the motion. The motion was unanimously approved. Environmental Services 215 N. Mason PO Box 580 Fort Collins, CO 80522 970.221-6600 970.224-6177 - fax fcgov.com MEMORANDUM NATURAL RESOURCES ADVISORY BOARD DATE: February 18, 2016 TO: Mayor and City Council Members FROM: John Bartholow, on behalf of the Natural Resources Advisory Board (NRAB) SUBJECT: Recommendation Regarding Proposed Poudre River Flow Augmentation MOU The NRAB recommends Council approval of the Agreement Regarding Phase I (Development) of a Multi-Phase Plan for an Instream Flow Augmentation Plan on the Cache la Poudre River. The parties to the Agreement include the City of Fort Collins, City of Greeley, Cache la Poudre Water Users Association, Northern Water, and the Colorado Water Trust. As always, we’d be happy to augment this memo if Council desires. Respectfully Submitted, John Bartholow Chair, Natural Resources Advisory Board cc: Darin Atteberry Susie Gordon and Katy Bigner ATTACHMENT 6 Phase I Poudre River Instream Flow Augmentation Agreement City Council March 1, 2016 ATTACHMENT 7 • Ultimate purpose of the venture is to augment and protect stream flows in the Poudre • Purpose of Phase I is to study, explore and develop the concept • Phase II would be a water court application • Phase III would be implementation Seeking Council approval of the IGA that launches Phase I Partners • Cache La Poudre Water Users Association • City of Greeley • Northern Water • Colorado Water Trust Phase I • Engineering • Legal Analysis • Financial analysis • Outreach to State agencies • Development of an organizational structure • Development of a draft Water Court Application Why? • Poudre River flows below mouth of canyon are heavily diverted • Currently no mechanism to protect environmental flows • City goal for decades Augmentation Concept – Identify stream reaches that are depleted – Augment the depleted flows – Added water would be protected from diversion Augmentation Concept Concerns • Uncertain outcomes – Complex approval process – Instream augmentation plan never done before although allowed by statute – Unknown how much water available or possible – Ultimate costs of successful program unknown Concerns • Potential mitigation tool – Could serve as a mitigation tool for water developers although unknown at this time – IGA approved by Northern’s Board on behalf of the NISP Water Activity Enterprise – Major projects subject to Federal and State reviews and permits and mitigation requirements – This tool has no direct bearing on those processes Benefits • Instream flow protection • Multiple partners increase chances of success – Water Court – Funding • Leverage: may be more cost effective and flexible than traditional methods • Potential for creating a flexible market to deliver instream flows • Innovative concept may be exportable to other rivers -1- RESOLUTION 2016-022 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT REGARDING PHASE I (DEVELOPMENT) OF A MULTI-PHASE PLAN FOR AN INSTREAM FLOW AUGMENTATION PLAN ON THE CACHE LA POUDRE RIVER WHEREAS, the Cache la Poudre River (“Poudre River”) flows through Fort Collins and is a significant amenity to the City and its citizens; and WHEREAS, the Poudre River is the source of water supply for numerous water users, including the City, such that the majority of flows in the Poudre River are diverted into canals, ditches, pipelines, reservoirs, and other waterworks; and WHEREAS, such diversions reduce the flows of water through Fort Collins, which has various adverse ecological, environmental, recreational, sociological, and other impacts; and WHEREAS, the City desires to enhance Poudre River flows through Fort Collins within the existing legal context, including, but not limited to, the prior appropriation doctrine; and WHEREAS, the City has actively participated in the Poudre Runs Through It Study/Action Work Group (“PRTI”), a group of community water leaders convened by the Colorado State University’s Colorado Water Institute for the purpose of exploring options to improve the Poudre River as a healthy, working river; and WHEREAS, the PTRI’s FLOWS committee (“FLOWS Committee”) was formed thereafter from members of the PRTI, including: the City; the Cache la Poudre Water Users Association, a Colorado non-profit corporation; the Colorado Water Trust, a Colorado non-profit organization; the City of Greeley, a home rule municipality; the Northern Colorado Water Conservancy District, a quasi-municipal entity and political subdivision of the State of Colorado, acting by and through its Northern Integrated Supply Project Water Activity Enterprise, a government-owned business; and other water users and interested persons (together “Parties”); and WHEREAS, the FLOWS Committee was tasked with exploring options to improve river flows in the Poudre River, particularly downstream of the canyon mouth, and at times when flows would improve the ecological health of the river, while recognizing and honoring existing adjudicated water rights and existing exchanges on the Poudre River; and WHEREAS, as part of this effort, the FLOWS Committee developed the idea of an augmentation plan for instream flow purposes (“ISF Augmentation Plan”) to enhance and protect additional flows in portions of the Poudre River without adversely impacting or injuring existing adjudicated water rights and existing exchanges; and -2- WHEREAS, the Parties plan to proceed with the initial Phase I of what is contemplated to be a multi-phase plan to develop and implement the ISF Augmentation Plan within some yet- to-be determined reach of the Poudre River; and WHEREAS, the Parties have negotiated an Agreement for Phase I of the multi-phase plan, a copy of which is attached as Exhibit “A”; and WHEREAS, other water users and interested entities have expressed interest in contributing to the ISF Augmentation Plan and may desire to participate in the effort by joining the Agreement for Phase I of the multi-phase plan at a later date, which would be to the overall benefit of the City and the Poudre River; and WHEREAS, the Agreement calls for the City to contribute $20,000 towards Phase I, which amount has been appropriated for 2016 for instream flow related efforts; and WHEREAS, proceeding with Phase I will benefit the City and its citizens because it will further the goal of preserving and improving the ecological, environmental, recreational, sociological, and other resources benefitted by Poudre River flows. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby makes and adopts the determinations and findings contained in the recitals set forth above. Section 2. That the City Manager is hereby authorized to execute an Agreement substantially in the form of Exhibit “A”, with such additional terms and conditions as the City Manager, in consultation with the City Attorney, determines to be necessary and appropriate to protect the interests of the City or effectuate the purposes of this Resolution. Section 3. That the City Manager is hereby authorized to execute amendments to such Agreement as may be necessary to effectuate the purposes of this Resolution including, but not limited to, adding additional water users and interested entities to the Agreement. Passed and adopted on at a regular meeting of the Council of the City of Fort Collins this 1st day of March, A.D. 2016. __________________________________ Mayor ATTEST: _______________________________ City Clerk   ƒ‰‡ͳ‘ˆͳͷ      ƒ‰‡ʹ‘ˆͳͷ ˜ƒ”‹‘—•‡‰‹‡‡”‹‰ǡˆ‡ƒ•‹„‹Ž‹–›ǡƒ†‘–Š‡”ƒƒŽ›•‡•‘ˆ–Š‡   ƒ‰‡͵‘ˆͳͷ •— —‰‡–ƒ–‹‘ŽƒǤŠ‡ ™Š‹…Šƒ‹•„› …Š …Šƒ††‹–‹‘ƒŽˆŽ‘™•‘–‹†‡–‹ˆ‹‡†‹–Š‡†‡ ™ƒ–‡” Šƒ• ˆŽ‘™‡†   ƒ‰‡Ͷ‘ˆͳͷ ˆ‘ŽŽ‘™‹‰ǣ ’‡”ˆ‘”‡† –›’‡•‘ˆ•— ȋƒȌ–Š‡ ˆ‘” …ŠƒƒŽ›•‡•–‘„‡’‡”ˆ‘”‡†ƒ†™Š‡–Š‡”–‘”‡–ƒ‹ Šƒ•‡ ‡‰‹‡‡”‹‰ǡ   ƒ‰‡ͷ‘ˆͳͷ —ƒ‰›‡–ƒ–‹‘ŽƒǤ’‘ƒ‰”‡‡‡–‘ˆ–Š‡ƒ”–‹‡•ǡ–Š‡ƒ–‡””—•– ƒ–‡”–Š‡ ”‡–ƒ‹ ”—•– …‘•—Ž–ƒ–• •Šƒ”‡• ƒ› ™‹–Š ƒ† ”‡•’‡ ƒŽŽ …– ‹ˆ‘”ƒ–‹‘ –‘ Šƒ•‡   ƒ‰‡͸‘ˆͳͷ ”‡‹„—”•‡† — ƒ”–‹‡•ǡ…‡•’”‘˜‹†‡†–‘–Š‡‘–Š‡” …Š”‡“—‡•–••ŠƒŽŽ„‡‹–Š‡ˆ‘”‘ˆ†‡–ƒ‹Ž‡†‹˜‘‹ ™Š‹ …Š ˆ”‘ •ŠƒŽŽ –Š‡ ‹  …Ž—†‡ǡ …‘—– ƒ‘‰ ˆ‘” ‹–• ‘–Š‡” –‹‡ ”‡Ž‡˜ƒ– ƒ† ”‡•‘—” ‹ˆ‘”ƒ–‹‘ …‡• •’‡– ‘ ƒ• Šƒ•‡ ƒ› „‡   ƒ‰‡͹‘ˆͳͷ Ǥ –Š‡ƒ”–‹‡•ˆ”‘ Ǧ …‘–”‹„—–‹‰‘Ǧ‘‡–ƒ”›”‡•‘—”   ƒ‰‡ͺ‘ˆͳͷ ‹‹Ǥ ’‘ ‘„Ž‹‰ƒ–‹‘•Š‡”‡—†‡”Ǥ  ‹–Š†”ƒ™ƒŽ„›–Š‡ƒ–‡””—•–Ǥ –Š‹•‰”‡‡‡–ǡ–Š‡ˆ‘ŽŽ‘™‹‰–‡”   ƒ‰‡ͻ‘ˆͳͷ †ƒƒ›†••ŠƒŽŽ„‡†‡‡‡†‰‹˜‡™Š‡’‡”•‘ƒŽŽ›†‡Ž‹˜‡”‡†ǡ‘”ƒˆ–‡”–Š‡Žƒ’•‡‘ˆˆ‹˜‡ȋͷȌ„—•‹‡•• ‹—‹–› –ƒ–‡Žƒ™Ǥ ͳʹǤ ˆ‘ŽŽ‘™‹‰   ‘ˆ   ƒ‰‡ͳͲ‘ˆͳͷ ‹–Š ––ǣ˜‹”‘‡–ƒŽƒ†…ƒ‡–‡”‡•‘—” ͳͳͲͲͳͲ…‡• …‘’›–‘ǣ ”‡‡Ž‡›‹–›––‘”‡›ǯ•ˆˆ‹  †ƒ‹‡ŽǤ„‹™‡”̷‰”‡‡Ž‡›‰‘˜Ǥ ”‡‡Ž‡›ǡ‘Ž‘”ƒ†‘ͺͲ͸͵ͳ –Š–”‡‡–ǡ—‹–‡ͶͲͳ …‘ ƒ•‹–™ƒ•’”‡’ƒ”‡†„›–Š‡ƒ”–‹‡•Ǥ ”‡ˆ‡”‡ ͳ͵Ǥ   …‡‘Ž›ƒ†•ŠƒŽŽ‹‘™ƒ›†‡ˆ‹‡ǡŽ‹‹–ǡ‘”’”‡•   ƒ‰‡ͳͳ‘ˆͳͷ          ƒ‰‡ͳʹ‘ˆͳͷ ‘Ž‘”ƒ†‘ƒ–‡””—•–ǡƒ‘Ž‘”ƒ†‘‘Ǧ’”‘ˆ‹– ‘”‰ƒ‹œƒ–‹‘    ›ǣ̴̴̴̴›̴̴̴̴‡̴ƒ̴–̴‹̴‡̴ǡ̴̴̴š̴‡̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴  …—–‹˜‡‹”‡ …–‘” ǣ  ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴  ȏ‡ƒ‹†‡”‘ˆƒ‰‡‡ˆ–Žƒ   ƒ‰‡ͳ͵‘ˆͳͷ    ƒ‰‡ͳͶ‘ˆͳͷ         ƒ‰‡ͳͷ‘ˆͳͷ     ǡ ǡ ƒ Š‘‡ ”—Ž‡ —‹ …‹’ƒŽ‹–›  ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴  ‘‘”–‘ǡƒ›‘” ǣ  ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ‡–•› ‘Ž†‡”ǡ‹–›Ž‡” ǣ ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴   ‘›––‘ǡ‹–›ƒƒ‰‡”    ǣ ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴  ‘—‰ƒ”‡ǡ‹–›––‘”‡›       ǣ ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ‹ …–‘”‹ƒ—Ž‡ǡ‹”‡ …–‘”‘ˆ ‹ƒ …‡ ȏ‡ƒ‹†‡”‘ˆƒ‰‡‡ˆ–Žƒ   –‡–‹‘ƒŽŽ›Ȑ  ǡ ƒ ’‘Ž‹–‹ …ƒŽ •—„†‹˜‹•‹‘‘ˆ–Š‡–ƒ–‡‘ˆ‘Ž‘”ƒ†‘     ›ǣ̴”̴‹̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ …‹Ž‹•‘ǡ ‡‡”ƒŽƒ‰‡” ǣ  ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴   –‡–‹‘ƒŽŽ›Ȑ ȏ‡ƒ‹†‡”‘ˆƒ‰‡‡ˆ–Žƒ       ǡ ǡ ƒ ‘Ž‘”ƒ†‘Š‘‡”—Ž‡  …‹–›  ›ǣ̴̴ƒ̴”̴‹̴̴̴̴̴Ǥ̴̴–̴–̴‡̴„̴̴‡̴”̴”̴›̴̴ǡ̴̴̴‹–̴›̴̴̴̴ƒ̴̴̴ƒ̴‰̴̴‡̴”̴̴̴  ǣ  ›ǣ̴‹̴–̴›̴̴̴Ž̴‡̴”̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴     ǣ ›ǣ̴̴‹̴–̴›̴̴̴–̴–̴‘̴”̴̴̴‡̴›̴̴ǯ•̴̴̴̴ˆ̴ˆ‹̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ …‡  –‡–‹‘ƒŽŽ›Ȑ  ȏ‡ƒ‹†‡”‘ˆƒ‰‡‡ˆ–Žƒ  –‡–‹‘ƒŽŽ›Ȑ  ǡ ƒ ‘Ž‘”ƒ†‘ ‘Ǧ’”‘ˆ‹– ‘”’‘”ƒ–‹‘    ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ǣ  ›ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴   ȏ‡ƒ‹†‡”‘ˆƒ‰‡‡ˆ–Žƒ  –‡–‹‘ƒŽŽ›Ȑ ǤŠ‹•‰”‡‡‡–•ŠƒŽŽ„‡ ‡ƒ†‹‰•‹–Š‹•‰”‡‡‡–ƒ”‡ …‘•–”—‡†ƒ …”‹„‡–Š‡ …‘”†‹‰–‘‹–•ˆƒ‹”‡ƒ‹‰ • …‘’‡ ˆ‘” …‘˜‡‹‡ ‘” ‹–‡– …‡ ‘ˆ ƒ† ƒ› ’”‘˜‹•‹‘‘ˆ–Š‹•‰”‡‡‡–Ǥ ͳͶǤ ƒ”–‹‡• ƒ”–‹‡•ƒ†–Š‡‹””‡–Š•’‡‡ƒ––‡”•ƒ††”‡••‡†Š‡”‡‹ǤŠ‹•‰”‡‡‡–„‹†•ƒ†„‡‡ˆ‹–•–Š‡  ”‡‰ƒ”†‹‰   Ǥ …–‹˜‡•—  …‡••‘”•Ǥ‘˜‡ƒ–•‘””‡’”‡•‡–ƒ–‹‘•‘– Š‹• ‰”‡‡‡– …‘•–‹–—–‡• –Š‡ ‡–‹”‡ ƒ‰”‡‡‡– …‘–ƒ‹‡†‹–Š‹• ‘ˆ –Š‡ ‰”‡‡‡–”‡‰ƒ”†‹‰–Š‡ƒ––‡”•ƒ††”‡••‡†Š‡”‡‹•ŠƒŽŽ‘–„‹†–Š‡ƒ”–‹‡•Ǥ „‡ŠƒŽˆ‘ˆ–Šƒ–ƒ”–›Šƒ•–Š‡ƒ—–Š‘”‹–›–‘‡š‡ ’‘™‡”ƒ†ƒ—–Š‘”‹–›–‘‡–‡”‹–‘–Š‹•‰”‡‡‡–ƒ†–Š‡‹†‹˜‹†—ƒŽ ͳͷǤ   Ǥ  ƒ …Š ƒ”–› ”‡’”‡•‡–• …—–‡–Š‹•‰”‡‡‡–‘‹–•„‡ŠƒŽˆƒ†Ž‡‰ƒŽŽ› –‘ –Š‡ ‘–Š‡” ’ƒ”–‹‡• •‹‰‹‰ –Šƒ– ‹– „‡Ž‘™ Šƒ• –Š‡ ‘ ‰”‡‡‡–™ ‹–Š‘—––ŠǤ‡™‘”‹––ƒ‡”–›ƒ›ƒ••‹‰ƒ›”‹‰Š–•‘”†‡Ž‡‰ƒ–‡ƒ›†—–‹‡•—†‡”–Š‹•  „‹†–Šƒ–ƒ”–›Ǥ ͳ͸Ǥ   …‘•‡–‘ˆƒŽŽ‘–Š‡”ƒ”–‹‡•Ǥ  ȏ‡ƒ‹†‡”‘ˆƒ‰‡‡ˆ–Žƒ –‡–‹‘ƒŽŽ›Ȑ ǤŽŽ‘–‹ –Š‡ƒ”–‹‡•™Š‘ ƒ‹Ž‹‰ …‡•‘”‘–Š‡” „› …‡”–‹ˆ‹‡† ƒ”‡ ‰‘˜‡”‡–• …‘—‹ ƒ‹ŽǦ”‡–—” …ƒ–‹‘•Š‡”‡—†‡”•ŠƒŽŽ„‡•—ˆˆ‹ ‘” ƒ› ”‡ …‡‹’– ‘–Š‡” ”‡“—‡•–‡†ǡ ‰‘˜‡”‡–ƒŽ ’‘•–ƒ‰‡ ’”‘˜‹•‹‘• …‹‡–Ž›‰‹˜‡ ’”‡’ƒ‹†ǡ ‘ˆ ƒ††”‡••‡‘†ƒ•••ˆ‘‘ŽŽ‘™•ǣ …‹ƒ–‹‘ǣ   ‹• …Š‡”ǡ”‘™ǡƒ”–Ž‡––Ƭ —ǡǤǤ ͳ͵ͳͻƒ•–”‘•’‡  †ƒ„”‘™̷ˆ„‰’ ‘”–‘ŽŽ‹•ǡͺͲͷʹͷ …Ǥ …–†Ǥ …‘  ‘ ‘”–‘ŽŽ‹•ǣ   ‹–› ‹–›ƒƒ‰‡” ƒŽŽ‡•–  ͵ͲͲƒ‘”–‡˜‡—‡ǢǤǤ‘šͷͺͲ ‘”–‘ŽŽ‹•ǡ‘Ž‘”ƒ†‘ͺͲͷʹʹǦͲͷͺͲ ‹–Š …‘’›–‘ǣ ͵ͲͲƒ‘”–‡˜‡—‡ǢǤǤ‘šͷͺͲ ‘”–‘ŽŽ‹•‹–›––‘”‡› ‘”–‘ŽŽ‹•ǡ‘Ž‘”ƒ†‘ͺͲͷʹʹǦͲͷͺͲ ƒ†ǣ  ‡’‘–›‘†›̷ˆ ‘”–‘ŽŽ‹•–‹Ž‹–‹‡• …‰‘˜Ǥ …‘ ––ǣƒ–‡”‡•‘—” ͹ͲͲ‘‘†–”‡‡–ǤǤ‘šͷͺͲ  ‘”–‘ŽŽ‹•ǡ‘Ž‘”ƒ†‘ͺͲͷʹʹǦͲͷͺͲ …‡•ƒƒ‰‡” ƒ†ǣ ͹Ͷͷ ƒ–—”ƒŽ”‡ƒ•‡’ƒ”–‡– ‘ˆˆƒ‹ŽŽ‘ƒ†  Œ•–‘‡•̷ˆ ‘”–‘ŽŽ‹•ǡ‘Ž‘”ƒ†‘ͺͲͷʹͶ …‰‘˜Ǥ …‘Ǣ†ˆ‹‰‰•̷ˆ …‰‘˜Ǥ …‘ ‘ƒ–‡””—•–ǣ ͳͶʹͲ‰†‡–”‡‡–ǡ—‹–‡ʹ ‡˜‡”ǡ‘Ž‘”ƒ†‘ͺͲʹͳͺ   –ƒˆˆ––‘”‡› ‘‘”–Š‡”ƒ–‡”ǣ   ʹʹͲƒ–‡”˜‡—‡ ‡‡”ƒŽƒƒ‰‡” ‡”–Š‘—†ǡ‘Ž‘”ƒ†‘ͺͲͷͳ͵ ‘ ”‡‡Ž‡›ǣ  ”‡‡Ž‡›ƒ–‡”ƒ†‡™‡”‡’ƒ”–‡– ––ǣ‡’—–›‹”‡ ͳͳͲͲͳͲ–Š–”‡‡–ǡ—‹–‡͵ͲͲ…‡• …–‘”‘ˆƒ–‡”‡•‘—”   ”‡‡Ž‡›ǡ‘Ž‘”ƒ†‘ͺͲ͸͵ͳ •ˆ–ƒŠ‡†ƒ–‡””—•–™‹–Š†”ƒ™•ˆ”‘ ƒ–‡””—•–•ŠƒŽŽ”‡–—”ƒ›ˆ—†•’”‘˜‹†‡†–‘–Š‡ƒ–‡””—•–ˆ‘” ™‹–Š†”ƒ™ƒŽ •ƒ‹† ƒ”–‹‡• •ŠƒŽŽ Šƒ˜‡ …‘†‹–‹‘••ŠƒŽŽƒ’’Ž›ǤŠ‡ ‘ ˆ—”–Š‡” Ž‹ƒ„‹Ž‹–› ‘” ‡š–‡––Šƒ–•—–Š‡ …‘•—Ž–ƒ–•ǤŠ‡ƒ–‡””—•–•ŠƒŽŽ –Š‡ ’—”’‘•‡• …Šˆ—†•ƒ”‡‘–‡‡†‡†–‘‡‡–‡š‹•–‹‰‘„Ž‹‰ƒ–‹‘•–‘ ‘ˆ –Š‹• ‰”‡‡‡– ’—”•—ƒ– …‘–‹—‡–‘„‡”‡•’‘•‹„Ž‡ˆ‘”ƒ› –‘ ƒ”ƒ‰”ƒ’Š͵Ǥ … –‘ ’—”•—ƒ– ƒ†ƒŽŽ ƒ–‡”…‘•—Ž–ƒ–•‹–Šƒ•”‡–ƒ‹‡†’—”•—ƒ––‘ƒ”ƒ‰”ƒ’Š͵ǤƒǤ˜‹ǤŠ‡ ”—•– –‘ –Š‹• •ŠƒŽŽ ‰”‡‡‡–Ǥ „‡ ‡–‹–Ž‡†  ƒ‹† –‘ ”‡–ƒ‹ ™‹–Š†”ƒ™ƒŽ ƒ› ‹ˆ‘”ƒ–‹‘ •ŠƒŽŽ ‘– ƒˆˆ‡ ƒ …“—‹”‡† …– –Š‡ ’”‘˜‹•‹‘•‘ˆ–Š‹•‰”‡‡‡–•ŠƒŽŽ„‡–Š‡‡š…‡‘ˆ–Š‡ ‰”‡‡‡–Ǥ ͹Ǥ  Ǥ‹–Š†”ƒ™ƒŽ’—”•—ƒ––‘ƒ”ƒ‰”ƒ’Š͸Ǥ „—–‘–Ž‹‹–‡†–‘ǡƒ‰”‡‡‡–•’—”•—ƒ––‘ƒ”ƒ‰”ƒ’Š͵ǤƒǤ˜‹Ǥ ƒ–‡” ”—•–ǯ• ‘‰‘‹‰ ‘„Ž‹‰ƒ–‹‘•™‹–Š”‡•’‡ …Ž—•‹˜‡”‡‡†›ˆ‘”ƒ› …ƒ†•’‡ …‹ˆ‹ …– …’‡”ˆ‘”ƒ –‘ Šƒ•‡ „”‡ƒ  …Š ‹ …Ž—†‹‰ǡ ‘ˆ –Š‹• ͺǤ –Š‡ Ǥ‘–™‹–Š•–ƒ†‹‰ƒ›‘–Š‡”’”‘˜‹•‹‘‘ˆ–Š‹•‰”‡‡‡––‘ –Š‹•’ƒ”ƒ‰”ƒ’ŠȌ…–‹–›dz‹ …‘–”ƒ”›ǡ–Š‡‘„Ž‹‰ƒ–‹‘•‘ˆ  ‹ ˆ‹•  …ƒŽ ›‡ƒ”• ƒˆ–‡” ‘”–‘ŽŽ‹•ǡ‘”–Š‡”ƒ–‡”ǡƒ† –Š‡ ˆ‹• …ƒŽ ›‡ƒ” ‘ˆ –Š‹• ‰”‡‡‡–•ŠƒŽŽ„‡•—„Œ‡ ”‡‡Ž‡›ȋDz—„Ž‹ …––‘ ƒ’’”‘’”‹ƒ–‹‘‘ˆˆ—†••—ˆˆ‹ •‘Ž‡†‹•…–‹–›Šƒ˜‹‰–Š‡ —†‡”–Š‹•‰”‡‡‡–ǡƒ†–Š‡ˆƒ‹Ž—”‡‘ˆ–Š‡—„Ž‹…‹‡–ƒ†‹–‡†‡†ˆ‘”—•‡ …”‡–‹‘–‘†‡–‡”‹‡™Š‡–Š‡”–Š‡•—„Œ‡ …‹‡–ƒ†‹–‡†‡†–Š‡”‡ˆ‘”ǡ™‹–Š–Š‡—„Ž‹ …–ˆ—†•ƒ”‡•—ˆˆ‹ …–‹–›–‘ƒ’’”‘’”‹ƒ–‡•— …Šˆ—†••ŠƒŽŽ „‡‰”‘—†•ˆ‘”–Š‡—„Ž‹ ƒ”ƒ‰”ƒ’Š͸Ǥ ͻǤ ƒ”–‹‡•ˆ‘”–Š‡’—”’‘•‡••‡–ˆ‘”–ŠŠ‡”‡‹Ǥ „‡‡ˆ‹ …‹ƒ”‹‡•‘ˆ–Š‹•‰”‡‡‡–ƒ†–Š‡ƒ”–‹‡•ƒ”‡‘Ž›„‡‡ˆ‹––‡†–‘–Š‡‡š–‡–’”‘˜‹†‡†   …Ǥ Ǧ …–‹–›–‘™‹–Š†”ƒ™ˆ”‘–Š‹•‰”‡‡‡–   ǤŠ‹•‰”‡‡‡–‹•‡–‡”‡†‹–‘„‡–™‡‡–Š‡ –‹•–Š‡‹–‡–‘ˆ–Š‡ƒ”–‹‡•–Šƒ––Š‡›ƒ”‡–Š‡‘Ž› ’—”•—ƒ– –‘ —†‡”–Š‡‡š’”‡••–‡”•ƒ† ͳͲǤ ƒ …‘•–‹–—–‹‘•ǡ•–ƒ–—–‡•ǡƒ†”—Ž‡•ƒ†”‡‰—Žƒ–‹‘•‘ˆ–Š‡–ƒ–‡‘ˆ‘Ž‘”ƒ†‘ƒ†‘ˆ–Š‡‹–‡† …‘”†ƒ   …‡ ™‹–Š  –Š‡  Žƒ™• ‘ˆ …‘†‹–‹‘•‘ˆ–Š‹•‰”‡‡‡–Ǥ –Š‡  –ƒ–‡ ‘ˆ  ‘Ž‘”ƒ†‘Ǥ ǤŠ‹•‰”‡‡‡–•ŠƒŽŽ„‡  Š‡ ƒ”–‹‡• ”‡ …‘‰‹œ‡ …‘•–”—‡†‹ –Šƒ– –Š‡ –ƒ–‡•ǡ ”‡‰—Žƒ–‹‘•ǡ‹’‘•‡ …ƒ””›‘—––Š‡–‡”•ƒ† ƒ• ™‡ŽŽ ƒ• –Š‡ …‡”–ƒ‹Ž‡‰ƒŽ ƒ”–‹‡• …‘†‹–‹‘•‘ˆ–Š‹•‰”‡‡‡–•—„Œ‡ ”‡•’‡ …‘•–”ƒ‹–•‘‡ƒ …–‹˜‡ „›Žƒ™•ǡ …‹–› …Šƒ”–›ƒ†–Šƒ––Š‡ƒ”–‹‡•‹–‡†–‘ …Šƒ”–‡”• ƒ† …––‘–Š‘•‡ …‘†‡•ǡ ƒ† …‘•–”ƒ‹–•Ǥ ”—Ž‡• ƒ† Š‡‡˜‡”’‘••‹„Ž‡ǡ‡ƒ •‘ƒ•–‘„‡‡ˆˆ‡  …–‹˜‡ƒ†˜ƒŽ‹†—†‡”ƒ’’Ž‹ …Š’”‘˜‹•‹‘‘ˆ–Š‹•‰”‡‡‡–•ŠƒŽŽ„‡‹–‡”’”‡–‡†‹•— …ƒ„Ž‡Žƒ™Ǥ …Šƒƒ‡” ͳͳǤ …‘•–‹–—–‡ƒ™ƒ‹˜‡”‘ˆƒ›•—„•‡“—‡–„”‡ƒ ‰”‡‡‡–Ǥ‘–Š‹‰‹–Š‹•‰”‡‡‡–•ŠƒŽŽ„‡  Ǥ™ƒ‹˜‡”‘ˆƒ„”‡ƒ …Š‘ˆƒ›‘ˆ–Š‡’”‘˜‹•‹‘•‘ˆ–Š‹•‰”‡‡‡–•ŠƒŽŽ‘– …Š‘ˆ–Š‡•ƒ‡‘”ƒ‘–Š‡”’”‘˜‹•‹‘‘ˆ–Š‹• …‘•–”—‡†ƒ•ƒ›™ƒ‹˜‡”‘ˆ‰‘˜‡”‡–ƒŽ    Ǥ‘–Š‹‰Š‡”‡‹•ŠƒŽŽ’”‡ …‡•ˆ‘”Šƒ•‡ Ǥ …Ž—†‡ ͷǤ —‰‡–ƒ–‹‘ ’”‡’ƒ”ƒ–‹‘…‹’ƒ–‡†–‘„‡–Š‡  ‘ˆ ŽƒǤ ƒ †”ƒˆ–  • •–ƒ–‡† ƒ–‡”  ‹ Ǥ‡‘ˆ–Š‡–ƒ••ˆ‘”Šƒ•‡ ‘—”– ƒ”ƒ‰”ƒ’Š͵ǤƒǤ˜ǡ ƒ’’Ž‹ …ƒ–‹‘ –Š‡ ”‡“—‡•–‹‰ ‘‹––‡‡ ‹•ƒ–‹ ƒ’’”‘˜ƒŽ ™‹ŽŽ ‘– Šƒ˜‡ ˆ‘” –Š‡ ‹–• ‘™   ƒ––‘”‡›ǤŠ‡ƒ”–‹‡•™‹ŽŽ‹•–‡ƒ†™‘”–‘‰‡–Š‡”ǡ‹ ƒ––‘”‡›ȋ•Ȍǡ–‘’”‡’ƒ”‡ƒ†”ƒˆ–ƒ’’Ž‹ ƒ ’‘”–‹‘ ‘ˆ –Š‡ Ž‡‰ƒŽ ˆ‡‡• ‹ …—””‡† …ƒ–‹‘ǤŠ‡‘‹––‡‡ƒ›ǡŠ‘™‡˜‡”ǡ†‡–‡”‹‡–‘’ƒ› „› ‹†‹˜‹†—ƒŽ ƒ”–‹‡• …Ž—†‹‰–Š”‘—‰Š–Š‡‹”‘™”‡•’‡ ”‡Žƒ–‡† –‘ –Š‡ ’”‡’ƒ”ƒ–‹‘ …–‹˜‡ ƒ† †”ƒˆ–‹‰‘ˆ–Š‡ƒ’’Ž‹ ƒ’’Ž‹…Š†”ƒˆ– –‘’”‘˜‹†‡•—…‘ˆ‹†‡–‹ƒŽǡ–‘–Š‡‡š–‡–ƒŽŽ‘™‡†„›Žƒ™ǡ—Ž‡••ƒ†—–‹Ž–Š‡ƒ”–‹‡•ƒ‰”‡‡ …ƒ–‹‘ȋ•Ȍ …Š†”ƒˆ–ƒ’’Ž‹ …ƒ–‹‘ǤŠ‡ƒ”–‹‡•ƒ‰”‡‡–‘™‘”–‘‰‡–Š‡”–‘‡‡’•— …ƒ–‹‘ȋ•Ȍ–‘‘–Š‡”•ˆ‘”–Š‡‹”‹ˆ‘”ƒ–‹‘ǡ ”‡˜‹‡™ǡ ƒ†Ȁ‘” ‘‡–ǤŠ‡ƒ”–‹‡•ƒ‰”‡‡–‘”‡˜‹‡™–Š‡‡‡†ˆ‘”•—„•‡“—‡–ƒ‰”‡‡‡–•”‡‰ƒ”†‹‰–Š‡ –…‘‘‘‹–‡”‡•–•‘ˆ–Š‡ƒ”–‹‡•ƒ†–‘–Š‡‡š–‡–Ž‡‰ƒŽŽ›’‡”‹••‹„Ž‡ƒ†—–—ƒŽŽ›ƒ‰”‡‡†ǡ ‡‡’ …‘ˆ‹†‡–‹ƒŽ ƒŽŽ ‹ˆ‘”ƒ–‹‘ ƒ† †‘ …—‡–ƒ–‹‘ ”‡Žƒ–‡† –‘–Š‡ƒ–‡”‘—”–  Ǥ ͸Ǥ ƒ’’Ž‹ …ƒ–‹‘ƒ†”‡Žƒ–‡†’”‘ ǡ ƒǤ  ǤŠ‹•‰”‡‡‡–•ŠƒŽŽ”‡ƒ‹‹‡ˆˆ‡ ’–Š—‡”•Ž—ƒ•ƒ––†ƒ––‘‡‹––Š‹‹•••‹‰ƒ”‡ƒ†‰”„ƒ›’Š–Š͸‡Ǥƒ”Š–‹‹‡••ǡ—‰”Ž‡‡‡••‹‡–‹–•–•‡Š”ƒŽŽ…‹ƒ„Žƒ‡‡–‡††ƒƒ—„”–‡‘›ˆ‡‘ƒ”ƒ”‡–‹ˆ–”Š‘‡  ǡ …‡••ƒ•Šƒ•‡  ’”‘ …‡‡†•Ǥ …–ˆ‘”‘‡ȋͳȌ …ƒŽŽ› ”‡‡™‡†ˆ‘”ƒ††‹–‹‘ƒŽ‘‡ȋͳȌ›‡ƒ”’‡”‹‘†ȋ•Ȍǡ„—–‘––‘‡š ›‡ƒ”•‹–‘–ƒŽǡ—Ž‡••–‡”‹ƒ–‡†’—”•—ƒ––‘–Š‹•ƒ”ƒ‰”ƒ’Š͸Ǥ …‡‡† –Š”‡‡ ȋ͵Ȍ „Ǥ  ‡š’‹”ƒ–‹‘‘ˆ‹–•–‡”ǡƒ•–Š‡•ƒ‡ƒ›„‡‡š–‡†‡†ǡƒ••‡–ˆ‘”–Š ƒ”ƒ‰”ƒ’Š͸ǤƒǤ  Ǥ   Š‹• Š‹• ‰”‡‡‡– ‰”‡‡‡– •ŠƒŽŽ •ŠƒŽŽ ƒŽ•‘ –‡”‹ƒ–‡ –‡”‹ƒ–‡ ƒ—–‘ƒ–‹ ‹ˆ ƒ”–‹‡• …ƒŽŽ› —’‘ ™‹–Š†”ƒ™ –Š‡ ‹  …Ǥ ˆ”‘–Š‹•‰”‡‡‡–—’‘™”‹––‡‘–‹…”‡–‹‘ǡ•ŠƒŽŽ„‡‡–‹–Ž‡†–‘™‹–Š†”ƒ™ ™‹–Š†”ƒ™ƒŽˆ”‘–Š‹•‰”‡‡‡–•ŠƒŽŽ…‘‡––’‘”‡–Š‡”‡ƒ‹‹‰ƒ”–‹‡•Ǥƒ”–›ǯ• ’—”•—ƒ––‘ƒ”ƒ‰”ƒ’Š͸Ǥ   Ǥƒ …Šƒ”–›ǡ‹‹–••‘Ž‡†‹• …•— …Š–Šƒ––Š‡”‡‹•‘Ž›‘‡ƒ”–›”‡ƒ‹‹‰Ǥ …Ž—†‡–Š‡ƒ”–›ˆ”‘„‡‹‰ƒ„Ž‡  –‘’ƒ”–‹ ‹’Ž‡‡…‹’–ƒ––Š‡‡‹•—„•‡“—‡–’Šƒ•‡•‘ˆ–Š‡—Ž–‹Ǧ’Šƒ•‡’Žƒ–‘†‡˜‡Ž‘’ƒ†  —‰‡–ƒ–‹‘ŽƒǤ ‹Ǥ ‹–Š†”ƒ™ƒŽ„›–Š‡••‘ …‹ƒ–‹‘ǡ ‘”–‘ŽŽ‹•ǡ‘”–Š‡”ƒ–‡”ǡ‘” ”‡‡Ž‡›Ǥ ™‹–Š†”ƒ™•ˆ”‘–Š‹•‰”‡‡‡–ǡ–Š‡ˆ‘ŽŽ‘™‹‰–‡”•ƒ† •ŠƒŽŽƒ’’Ž›Ǥ…‘†‹–‹‘• ˆ–Š‡••‘  ƒ‹† ƒ”–‹‡• …‹ƒ–‹‘ǡ •ŠƒŽŽ ‘”–‘ŽŽ‹•ǡ‘”–Š‡”ƒ–‡”ǡ‘” ‘– „‡ ‡–‹–Ž‡† –‘ ”‡‹„—”•‡‡– ”‡‡Ž‡› ˆ‘” ƒ› ‰”‡‡‡–’—”•—ƒ––‘ƒ”ƒ‰”ƒ’Š͵Ǥ ”‡–ƒ‹ƒ›‹ˆ‘”ƒ–‹‘ƒ…Ǥƒ‹†ƒ”–‹‡••ŠƒŽŽ„‡‡–‹–Ž‡†–‘ ˆ—†• ’”‘˜‹†‡† –‘ –Š‡ …“—‹”‡†’—”•—ƒ––‘–Š‹•‰”‡‡‡–Ǥƒ‹† ƒ–‡” ”—•– ˆ‘” –Š‡ ’—”’‘•‡• ‘ˆ –Š‹• ™‹–Š†”ƒ™ƒŽ …‘–”ƒ ‹ …Ž—†‹‰ǡ„—–‘–Ž‹‹–‡†–‘ǡƒ‰”‡‡‡–•’—”•—ƒ––‘ƒ”ƒ‰”ƒ’Š͵ǤƒǤ˜‹Ǥ …–•‘”ƒ‰”‡‡‡–•™‹–Š–Š‡ƒ”–‹‡•ƒ†™‹–Š”‡•’‡ •ŠƒŽŽ ‘– ƒˆˆ‡ …– •ƒ‹† ƒ”–‹‡•ǯ ”‹‰Š–• –‘ ‡ˆ‘” …––‘Šƒ•‡ …‡ ‘–Š‡”  Ǥ ”‡“—‡•–‡†„›–Š‡‘–Š‡”ƒ”–‹‡•ˆ”‘–‹‡–‘–‹‡ǡƒ•’‡ …‘•–• ƒ–‡””—•–•–ƒˆˆ‘Šƒ•‡ȋ„Ȍ–Š‡Š‘—”••’‡–„› ‹ …—””‡†„›–Š‡ƒ–‡””—•––Šƒ–ƒ”‡ Ǣȋ …Ȍ–Š‡”ƒ–‡ȋ•Ȍ …Žƒ‹‡†ˆ‘”ƒ–‡””—•–•–ƒˆˆǢƒ† …Žƒ‹‡†Ǣ …‹ˆ‹ …ƒ–‹‘‘ˆǣȋƒȌ–Š‡ ȋ†Ȍƒ —„Œ‡ ƒ–‡””—•–•ŠƒŽŽ„‡‡–‹–Ž‡†–‘”‡ƒ•‘ƒ„Ž‡…‡•„›–Š‡‘–Š‡”ƒ”–‹‡•ǡ–Š‡ …––‘’”‹‘””‡˜‹‡™ƒ†ƒ’’”‘˜ƒŽ‘ˆ–Š‡‹˜‘‹ †‡• …”‹’–‹‘ ‘ˆ –Š‡ ƒ••‘ …‹ƒ–‡† –ƒ• •‘ …‘’‡•ƒ–‹‘ˆ”‘–Š‡ …Žƒ‹‡† „› –Š‡ ƒ–‡” ”—•–Ǥ …‘—– –‘–Š‡‡š–‡––Šƒ––Š‡”‡ƒ”‡ˆ—†•‹–Š‡ƒ ”‡ƒ‹†‡„—’”—•”‡•–—Šƒ‡––ƒ‘–‡”ƒ”ƒ”—‰”•ƒ–Ǥ’Š͵›Ǥ„ƒǤ†Šƒ‡ŽŽ’ƒƒ›”–‹‡‡•–‡•š–’‘”‡–Š…••ƒ‡Ž›„ƒƒ‡–‡Žƒ”™ˆ”——Ž•Ž›–•—Š•ƒ‡Ž†Ž„–‘‡ …‘—––Šƒ– …‘™Ž‡†‰‡ –Šƒ–ǡ †—‡–‘‹–•—‹“—‡’‘•‹–‹‘ƒ‘‰–Š‡ƒ”–‹‡•ǡ–Š‡”‘Ž‡‘ˆ–Š‡ƒ–‡””—•–‹ –Š‡ ƒ––‡”ˆ‘”†‹• ˆ‘”–Š …‘‹‰ …—••‹‘Ǥ ‘”‰ƒ‹œƒ–‹‘ •–”— …–—”‡ȋ•Ȍ ˆ‘” Šƒ•‡•  ƒ† ™‹ŽŽ„‡ƒ ͶǤ   Ǥ ƒǤ Šƒ•‡   ™‹ŽŽ‹  …Ž—†‡‘‡–ƒ”›      …‘–”‹„—–‹‘•ˆ”‘‘‡‘”‘”‡‘ˆ–Š‡ƒ”–‹‡•Ǥ    ǤŠ‡‘‡–ƒ”›”‡•‘—” …‡•ˆ‘” ‹Ǥ ‹–‹ƒŽ‘–”‹„—–‹‘•Ǥ –Š‰‘”—‡•‡ƒ‡††–Ǥ‘ŽŽƒ”•‘ȋ”̈́–Šʹ‡Ͳ”ǡͲͲͲȌƒ–‘–‡–”Š‡Š‡”ƒ‡–„‡›”ƒ”‰—”•‡–‡ˆ•‘”––‘Š‡’’”—‘”˜’‹‘†•‡‡•–‘™ˆ‡–Š–‹›• ‘”–‘ŽŽ‹•Š‡”‡„›ƒ‰”‡‡•–‘’”‘˜‹†‡–™‡–› –Š‰‘”—‡•‡ƒ‡††–Ǥ‘ŽŽƒ”•ȋ̈́ʹͲǡͲͲͲȌ–‘–Š‡ƒ–‡””—•–ˆ‘”–Š‡’—”’‘•‡•‘ˆ–Š‹• †‘ŽŽƒ”• ȋ̈́ʹͲǡͲͲͲǤͲͲȌ  ”‡‡Ž‡› –‘ Š‡”‡„› –Š‡ ƒ–‡” ƒ‰”‡‡• ”—•– –‘ ’”‘˜‹†‡ ˆ‘” –Š‡ –™‡–› ’—”’‘•‡• –Š‘—•ƒ† ‘ˆ –Š‹• ‹‹Ǥ ‰”‡‡‡–Ǥ  —„•‡“—‡– ƒ††‹–‹‘ƒŽ ‰”‡‡‡–Ǥ›ƒ”–›ƒ‹‰•—–Š‹• ˆ—†• ‘–”‹„—–‹‘•ǤŠ‡ƒ”–‹‡•ƒ›ˆ—”–Š‡” –‘ –Š‡ ƒ–‡” ”—•– …Šƒ …‘–”‹„—–‹‘•ŠƒŽŽ‘–‹ˆ›–Š‡ ˆ‘” –Š‡ ’—”’‘•‡• …‘–”‹„—–‡ ‘ˆ  ‹‹‹Ǥ ‘–Š‡”ƒ”–‹‡•‘ˆ•— ‘‰‘‹‰ —†‡” …‘–”‹„—–‹‘•ǡ–Š‡ –Š‹• ƒ”ƒ‰”ƒ’ŠͶǤƒ ‹ƒ …Š …‹ƒŽ„Ž‹‰ƒ–‹‘•Ǥ …‘–”‹„—–‹‘Ǥ …‘–”‹„—–‹‰ƒ”–›•ŠƒŽŽŠƒ˜‡‘‘‰‘‹‰ ƒ”‡ ˜‘Ž—–ƒ”›  Š‡ ƒ†ǡ ‘‡–ƒ”› —’‘ …‘–”‹„—–‹‘• ƒ‹‰ •— …Š „Ǥ •‡‡ƒ††‹–‹‘ƒŽ‘‡–ƒ”›”‡•‘—” ƒ –Š”‘—‰Š˜ƒ”‹‘—•ˆ—†”ƒ‹•‹‰  …–‹˜‹–‹‡•‹  ‘„Ž‹‰ƒ–‹‘•‡š   Ȁ …Ž—†‹‰ǡ„—–‘–‡ …‡’–ƒ•‡š’”‡••Ž›•‡–ˆ‘”–ŠŠ‡”‡‹Ǥ  …‡••ƒ”‹Ž›Ž‹‹–‡†–‘ǡ•‡‡‹‰‰”ƒ–•ǤŠ‡ …‡•ˆ‘”Šƒ•‡ Ǧ ǤŠ‡ƒ”–‹‡•‹–‡†–‘ ƒ”–‹‡• ‘‹––‡‡Ǥ •ŠƒŽŽ ’—”•—‡ •— …Š ƒ …–‹˜‹–‹‡• ’—”•—ƒ– –‘ †‹”‡ …–‹‘ ˆ”‘–Š‡  Ǣ ’”‘˜‹†‡† ’”‘˜‹†‡† –Šƒ– „› –Š‡ ‘•—Ž–ƒ–•™‹–Š‡ƒ ‘ˆƒ›ƒ†ƒŽŽ†‘ ƒ–‡””—•–‡š’…”—‡••‡Ž›–•—’‘”‡“—‡•–Ǣƒ†’”‘˜‹†‡†ˆ—”–Š‡”–Šƒ––Š‡ …Š‘ˆ–Š‡‘–Š‡”ƒ”–‹‡•ǡ‹ ‹†‡–‹ˆ‹‡• ‹ ‹–• …‘–”ƒ …Ž—†‹‰’”‘˜‹†‹‰ …–™‹–Š–Š‡ …‘•—Ž–ƒ–• …‘’‹‡• ‡ƒ ‡ˆ‘”…‹ƒ”‹‡•™‹–Š–Š‡”‹‰Š––‘ ƒ”–‹‡•ˆ”‘”‡–ƒ‹‹‰ …Š‘ˆ–Š‡‘–Š‡”ƒ”–‹‡•ƒ•–Š‹”†Ǧ’ƒ”–›„‡‡ˆ‹ …‡Ǥ‘–Š‹‰‹–Š‹•‰”‡‡‡–•ŠƒŽŽǡŠ‘™‡˜‡”ǡ’”‡ …‘•—Ž–ƒ–• …‘ŽŽ‡ …–‹˜‡Ž›ǡ—’‘ƒ‰”‡‡‡–‘ˆ–Š‡ …Ž—†‡–Š‡ „Ǥ   –‹ŠǤƒ‡”ƒ‰”ƒƒ”’–‹Š‡•͵Ǥ„ˆǤ‘”–Š‡’—”’‘•‡•‘ˆ–Š‹•‰”‡‡‡–ǡƒ••‡–ˆ‘”…–ƒŠŽƒ‹‰‡––Š‘‹•ˆ ƒ–‡””—•––‘ ƒŽŽ‘‡–ƒ”›”‡•‘—” ‹•–‹–—–‹‘–Šƒ–‹•ƒ ƒ”–‹‡•Ǥ  ‘Ž†‘‹‡•ˆ‘”Šƒ•‡ ǤŠ‡ƒ–‡””—•–•ŠƒŽŽƒ …‡’–ƒ„Ž‡–‘–Š‡ƒ”–‹‡•ȋDz …‡•ˆ‘”Šƒ•‡ ‹ƒƒ ǤŠ‡ƒ–‡””—•–•ŠƒŽŽŠ‘Ž† …‘—–™‹–Šƒˆ‹ƒ …‘—–dzȌǤŠ‡‘‡–ƒ”› …–ƒ•–Š‡ˆ‹• …‹ƒŽ ‘ˆƒ•‡’ƒ”ƒ–‡ƒ…‘’Ž‹•Š‡†‡‹–Š‡”„›–Š‡—•‡ ”‡•‘—” ‘”‘‡–ƒ”›”‡•‘—” •ŠƒŽŽ‘–„‡‹–‡”‹‰Ž‡†™‹–Šƒ›‘–Š‡”ˆ—†• …‡•ˆ‘”Šƒ•‡ …‘—–™‹–Šƒˆ‹ƒ …‡•ǡ™Š‹ …Šƒ›„‡ƒ …‹ƒŽ‹•–‹–—–‹‘‘”„›ƒ …‘—–‹‰ˆ‘” –Š‡‘‡–ƒ”›”‡•‘—” ‘‡› ‡š’”‡••Ž› ‹ –Š‡ ƒ—–Š‘”‹œ‡†  …‘—– …‡•ˆ‘”Šƒ•‡ •ŠƒŽŽ „› –Š‡ „‡ •’‡– ƒ”–‹‡• ƒ•„‡‹‰•‡’ƒ”ƒ–‡ˆ—†•Ǥ‘ „› –Š‡ –‘ ƒ–‡” †‘ •‘ ”—•– ’—”•—ƒ– ‡š …‡’– ƒ• –‘ ‹‹Ǥ ƒ”ƒ‰”ƒ’Š͵ǤƒǤ‹‹‹Ǥ  ‡’‘”–‹‰ǤŠ‡ƒ–‡””—•–•ŠƒŽŽ’”‘˜‹†‡ƒˆ‹ƒ ™”‹–‹‰ǡ ‡ …‡••ƒ”‹Ž›Ž‹‹–‡†–‘ǡ–Š‡ –‘ –Š‡ ‘‹––‡‡ …‘—–„ƒŽƒ ƒ– ‹–• ‡‡–‹‰• …‡ǡƒ–‹ …‹’ƒ–‡†‡š’‡†‹–—”‡• ‹ …Ž—†‹‰ǡ …‹ƒŽ”‡’‘”–ǡ‹ „—– ‘– ƒ† ”—•–•ŠƒŽŽ’”‘˜‹†‡–‘ƒ›ƒ”–›ƒ›†‘ ”‡‰ƒ”†‹‰–Š‡ ™‹–Š†”ƒ™ƒŽ•ǡ …‘—–—’‘”‡“—‡•–Ǥ ƒ† ƒ–‹ …‹’ƒ–‡† ”‡˜‡—‡•Ǥ …—‡–•‘”‘–Š‡”‹ˆ‘”ƒ–‹‘   ƒ††‹–‹‘ǡ –Š‡ ƒ–‡”  ‹‹‹Ǥ ‡„–ǤŠ‡ƒ–‡””—•–•ŠƒŽŽ‘–‹ ‡š…‘‹–‡–•†‘‘– …‹ƒ–‡†™‹–Š–Š‡ …‡‡†–Š‡„ƒŽƒ …‘—–ƒ†•ŠƒŽŽ‡•—”‡–Šƒ–‡š’‡†‹–—”‡•ƒ† …‡ˆ‘”–Š‡ …‘—–Ǥ …—”ƒ›†‡„–ƒ••‘  ‹˜Ǥ —•‡† ‘ƒ”–ƒ‰”ƒ’Š͸Ǥ„ǡ–Š‡”‡ƒ”‡‘‡–ƒ”›ˆ—†•–Šƒ–Šƒ˜‡‘–„‡‡•’‡–ǡƒ”‡ ”‡“—‹”‡† —†•Ǥ –‘ „‡ ˆǡ—’‘–‡”‹ƒ–‹‘‘ˆ–Š‹•‰”‡‡‡–’—”•—ƒ––‘ ”‡–—”‡† –‘ –Š‡ ‰”ƒ–‹‰ ‡–‹–› ’—”•—ƒ– –‘ –Šƒ– ‘‰”„ƒŽ‹‰–ƒǯ•–‹‘ƒ‰•”ǡ‡–‡Š‡‡ƒ–”ǡ–‹‡ƒ•†•ŠƒƒŽ”Ž‡‘–‡‡†‡†–‘’ƒ›ƒ›‘—–•–ƒ†‹‰ —•‡†ƒ†Ȁ‘””‡ˆ—†‡†Ǥ…Šˆ—†•ƒ›„‡ …‘ˆ‡””‡‰ƒ”†‹‰Š‘™•—  …Ǥ  ’‘• ‹–‹‘ǤŠ‡ƒ”–‹‡•ƒ‰”‡‡–Šƒ–ǡ†—‡–‘‹–•—‹“—‡ ƒ‘‰ –Š‡ ƒ”–‹‡•ǡ –Š‡ ƒ–‡” ”—•– ƒ› ”‡“—‡•– –Šƒ– ‹–„‡  ‹ …Ž—†‹‰ǡ ˆ‡ƒ•‹„‹Ž‹–›ǡ „—– ‘– ‡ ƒ† …‡••ƒ”‹Ž› ‘–Š‡” ƒƒŽ›•‡•–‘„‡ Ž‹‹–‡† –‘ǡ –Š‡ ‘•—Ž–ƒ–• ‹ …‡”–ƒ‹‰”ƒ–•Ǣȋ …Ž—†‹‰ǡ„—–‘–‡ –‘ …Ȍ‡š’‡†‹–—”‡•‘ˆ‘‡›‹–Š‡ ’‡”ˆ‘” …‡••ƒ”‹Ž›Ž‹‹–‡†–‘ǡ™Š‡–Š‡”ƒ†Š‘™–‘’—”•—‡ •— …Š ƒƒŽ›•‡•Ǣ ȋ„Ȍˆ—†”ƒ‹•‹‰ …‘—–ǡƒ•†‡ˆ‹‡†‹ ƒ …–‹˜‹–‹‡• ƒ”ƒ‰”ƒ’Š͵Ǥ„Ǥ‹Ǣȋ†Ȍ’—„Ž‹ ƒ …–‹‘•ƒ†–ƒ••–‘„‡–ƒ‡‹‘”†‡”–‘ …‹–›‘ˆŠƒ•‡ …‘’Ž‡–‡Šƒ•‡ Ǣƒ†ȋ‡Ȍ–Š‡˜ƒ”‹‘—•‘–Š‡” Ǥ  ‹‹‹Ǥ  †‡ „›‡ƒ…–‹‘•–‘„‡–ƒ‡ …–‹‘Ǥ …‹•‹‘—•–„‡—ƒ‹‘—•™‹–Š–Š‡ƒ’’”‘’”‹ƒ–‡ƒ …Šƒ”–›’—”•—ƒ––‘–Š‡ƒ‰”‡‡†Ǧ—’‘ƒ ‘”ƒ›ƒ …–‹‘–‘„‡–ƒ‡‹ˆ—”–Š‡”ƒ …–‹‘Ǥ …‡‘ˆŠƒ•‡ ǡ–Š‡ ‹˜Ǥ  ‡‡–‹‰•Ǥ ‡‡–‹‰ƒ›‘…Š‡†—Ž‡‘–ŠŽ›‡‡–‹‰•ǡ„—–•ƒ‹† †‡–‡”‹‡–‘„‡…’—””—†‡‘”–‡Ǥˆ”‡Š“‡—‡ƒ”––Ž‹›‡•‘”•ŠŽƒ‡Ž•Ž•ƒˆ‰””‡‡“‡—‘‡–ƒŽ›–‹ƒ•‡–Šƒ‡†ƒ’”Ž–ƒ‹‡• Š‡‘‹––‡‡™‹ŽŽ• …‡ ‘ˆ‡‡–‹‰•–Šƒ–‹• ”—•–•ŠƒŽŽ…ƒŽˆ‘”ƒŽŽƒ”–‹‡•ǤŠ‡ƒ–‡” Ž‡ƒ•–‘‡ȋͳȌ™‡‡‹ƒ†˜…ƒ‹ƒŽ”‡’‘”–’—”•—ƒ––‘ƒ”ƒ‰”ƒ’Š͵Ǥ„Ǥ‹‹ƒ– …‹” …—Žƒ–‡ƒˆ‹ƒ …‘˜‡‹‡–ƒ†’”ƒ …‡‘ˆ–Š‡‡‡–‹‰•ǡ—Ž‡••‘–Š‡”™‹•‡ …–‹ ƒ‰”‡‡†–‘„›–Š‡ƒ”–‹‡•ǤŠ‡ƒ–‡””—•–•ŠƒŽŽ–ƒ‡ƒ ƒŽŽ…–‹‘‹—–‡•‘ˆ ƒ––‡†‡‡•ƒ†ȋ„Ȍƒ›ƒ†ƒŽŽ†‡ ‡‡–‹‰• ‹†‡–‹ˆ›‹‰ǣ ȋƒȌ–Š‡ …‹•‹‘•ƒ†‡ƒ†ƒ ‘‹––‡‡ ‡„‡”• …–‹‘•–ƒ‡„›–Š‡ ƒ† ‘–Š‡” ƒ”–‹‡•ǤŠ‡†”ƒˆ–ƒ …‹” ƒ›–Š‡‘‹––‡‡ˆ‘ŽŽ‘™‹‰–Š‡‡‡–‹‰ˆ‘”ƒ’’”‘˜ƒŽƒ† …—Žƒ–‡† …‘‡–•‘” –‘ …‘””‡ …–‹‘‹—–‡•–ƒ‡„›–Š‡ƒ–‡””—•–•ŠƒŽŽ„‡ …–‹‘•ǤŠ‡ƒ”–‹‡•ƒ› …‘‘”†‹ƒ–‡–‘–ƒ‡ ‘”‡†‡–ƒ‹Ž‡†‹—–‡•ǡ‹ƒ††‹–‹‘–‘–Š‡ƒ „›ƒ”––Š‹‡‡•ǡ‹ƒ–‡ƒ”††‹”–—‹‘•–Ǥ–‘‡–‡Š–‡‹‰•‡•Š„ƒ‡ŽŽ”•„‡‘ˆ‘’–Š‡‡–‘‘”‡’”‹–‡–•‡‡‡Ǥ–ƒ–‹Š˜‡‡•‘ƒˆ”––‹Š‡‡• …–‹‘‹—–‡•–‘„‡–ƒ‡ ƒ› –Š‡ƒ”–‹‡•ƒ›ƒ––‡†ƒ›‡‡–‹‰ȋ•ȌǤ …‘ŽŽ‡ …–‹˜‡Ž› †‡–‡”‹‡ ‹ˆ ’‡”•‘• ‘–Š‡” –Šƒ ”‡’”‡•‡–ƒ–‹˜‡• ‘ˆ  ˜Ǥ ‹†‹˜‹†—ƒŽƒ”–›…Ž—†‡ƒ ‡‰ƒŽ‘—•‡ŽǤŠ‡‘‹––‡‡•ŠƒŽŽ‘–”‡–ƒ‹Ž‡‰ƒŽ ‘™„‡ŠƒŽˆǤ‘–Š‹‰‹–Š‹•‰”‡‡‡–•ŠƒŽŽǡŠ‘™‡˜‡”ǡ’”‡ ˆ”‘ ”‡–ƒ‹‹‰ ‹–• ‘™ Ž‡‰ƒŽ …‘—•‡Ž ”‡‰ƒ”†‹‰–Š‹• …‘—•‡Ž‘‹–• ƒ––‡”ƒ†ǡ‹‹–••‘Ž‡†‹• ƒ†…ƒ–‹‰™‹–Š–Š‡‘‹––‡‡ ”‡•’‡‘™ ‘–Š‡” …–‹˜‡ ƒ––‘”‡› ƒ”–‹‡• ‘ ˆ‡‡•™‹–Š”‡•’‡ –Š‹• …”‡–‹‘ǡ ƒ––‡”Ǥ …‘—‹ …–  ƒ –‘ …Š –Š‹•ƒ––‡”ǤŠ‡‘‹––‡‡ ƒ”–› •ŠƒŽŽ ‹ …—” ‹–• —‰‡–ƒ–‹‘ ƒ›ǡŠ‘™‡˜‡”ǡ†‡–‡”‹‡–‘’ƒ›ƒ’‘”–‹‘‘ˆ–Š‡Ž‡‰ƒŽˆ‡‡•‹ ‹†‹˜‹†—ƒŽ ƒ”–‹‡• Žƒ ‹ ȋ‡Ǥ‰Ǥ ’‡”ˆ‘”‹‰ ƒ’’Ž‹ …ƒ–‹‘ –ƒ•• †”ƒˆ–‹‰ ”‡Žƒ–‡† –‘ ƒ† Šƒ•‡ ”‡˜‹‡™ȌǤ  ‘ˆ …—””‡†„› –Š‡  Š‡   ’”‡’ƒ”ƒ–‹‘‘ˆƒƒ–‡”‘—”–ƒ’’Ž‹ ƒ”ƒ‰”ƒ’Šͷ„‡Ž‘™Ǥ‹•ƒ††”‡••‡†‹ …ƒ–‹‘ ˆ‘”Šƒ•‡   ˜‹Ǥ „‡ŠƒŽˆǡ…‘•—Ž–ƒ–•‘‹–•‘™ ‘•—Ž–ƒ–•ǤŠ‡‘‹––‡‡•ŠƒŽŽ‘–”‡–ƒ‹ ‹†‹˜‹†—ƒŽ „—– ƒ”–‹‡• ƒ› ‹ †‡–‡”‹‡ ’‡”ˆ‘”‹‰ –‘ –ƒ•• ’ƒ› …‘•—Ž–ƒ–ˆ‡‡•‹ ”‡Žƒ–‡† –‘ Šƒ•‡  …—””‡†„› ‘ˆ –Š‡    –Š”‘—‰Š —‰‡–ƒ–‹‘Žƒ™‹ŽŽ‹ –Š‡ ”‡ƒ …Šȋ‡•Ȍ …”‡‡ ƒ• …ƒ„‡ƒ††‡†–‘–Š‡ …Ž—†‡ƒ‡ †‡ˆ‹‡† ‹ –Š‡     —‰‡–ƒ–‹‘ …‘’‡•ƒ–‹‘–‘–Š‡‘™‡”‘ˆ–Š‡”‹‰Š–•–‘•— —‰‡–ƒ–‹‘Žƒ™‹ŽŽ„‡ Žƒ ˆ‘” –‡’‘”ƒ”› …”ƒˆ–‡†•‘ƒ•–‘‘–ǣȋͳȌƒ†˜‡”•‡Ž›‹’ƒ ‘” ’‡”ƒ‡– …Šƒ††‹–‹‘ƒŽˆŽ‘™•ǤŠ‡ —•‡ǡ ™‹–Š ‘” …–‘”‹Œ—”‡ ™‹–Š‘—–   ‡š‹•–‹‰ ‘’‡”ƒ–‹‘‘ˆ•— —…Šƒ‰‡•‘”‡”‹•›‘” …‡”–ƒ‹‘”‘”‡ƒ–‡”‹ƒŽŽ›†‹ˆˆ‹ ™ƒ–‡” …Š‡š‹•–‹‰™ƒ–‡””‹‰Š–•ƒ†‡š‹•–‹‰‡š ”‹‰Š–• ‘” ‡š‹•–‹‰ ‡š …—Ž–ǡ‘”ȋ͵Ȍƒ†˜‡”•‡Ž›‹’ƒ …Šƒ‰‡•™‹–Š‹ –Š‡ ”‡ƒ …Šǡ …–‡š‹•–‹‰†‹– ȋʹȌƒ‡ –Š‡ …Š ƒ† ‹’Ž‡‡–ƒ–‹‘ †‡–‡”‹‡†‹Šƒ•‡ ”‡•‡”˜‘‹” ƒ† †‹˜‡”•‹‘• Ǥ ƒƒ‰‡‡– ‘” ‘’‡”ƒ–‹‘•Ǥ ‘ˆ –Š‡   —‰‡–ƒ–‹‘  ‡–ƒ‹Ž• ”‡‰ƒ”†‹‰ Žƒ ™‹ŽŽ„‡ –Š‡ ͵Ǥ    ƒǤ  •‡’ƒ”ƒ–‡‡–‹–›™‹ŽŽ„‡ˆ‘”‡†ǤŠ‡ƒ”–‹‡•™‹ŽŽ‹•–‡ƒ†‡‡–ǡ†‹• …‘ˆ‡”™‹–Š”‡•’‡   Ǥ  ‘”–Š‡’—”’‘•‡•‘ˆŠƒ•‡ …––‘Šƒ•‡  –Š”‘—‰Šƒƒ†˜‹•‘”›  Ǥ ǡ–Š‡ƒ”–‹‡•Šƒ˜‡ƒ‰”‡‡†–Šƒ–‘ …‘‹––‡‡ȋDz‘‹––‡‡dzȌ …—••ǡƒ† ƒ••‡–ˆ‘”–Š‹–Š‹•ƒ”ƒ‰”ƒ’Š͵ǤƒǤ ‹Ǥ  ‡„‡”•Ǥ †‡•‹‰ƒ–‡ ‘‹––‡‡Ǥ ‘‡  ƒ –‹•–Š‡‹–‡–‘ˆ–Š‡ƒ”–‹‡•–Šƒ–‡ƒ ȋͳȌ …Š ƒŽ–‡”ƒ–‡ǡ ƒ”–› •ŠƒŽŽ –‘ †‡•‹‰ƒ–‡ „‡ –Š‡ ƒ”–›ǯ• ‘‡ ȋͳȌ ”‡’”‡•‡–ƒ–‹˜‡ …Š‡„‡”‘ˆ–Š‡ ’‡”•‘ǡ ƒ† ‘ ƒ› –Š‡ „—– ’‘•‹–‹‘•‘–Š‡‹••—‡•ƒ†”‡’‘”––‘–Š‡‘‹––‡‡‘–Š‡•–ƒ–—•‘ˆ ‘‹––‡‡ ‘– Ž‹‹–‡† ™‹ŽŽǣ ȋƒȌ”‡’”‡•‡– –‘ǡ …‘—‹ ‹–• …ƒ–‹‰ ƒ”–› –Š‡ ‘ ƒ”–›ǯ• –Š‡ ‘‹––‡‡ ’‡”•’‡ …–‹˜‡• ‹ …Ž—†‹‰ǡ ƒ† –ƒ••ƒ••‘ ƒ”–›‘–Š‡™‘”‘ˆ–Š‡‘‹––‡‡ƒ†–Š‡–ƒ••ƒ••‘ Šƒ•‡ Ǣƒ†ȋ …‹ƒ–‡†™‹–ŠŠƒ•‡ …Ȍ–ƒ‡‘–Š‡”ƒ …–‹‘•‘„‡ŠƒŽˆ‘ˆ‹–•ƒ”–›‹ˆ—”–Š‡”ƒ Ǣȋ„Ȍ …‘—‹ …ƒ–‡ƒ†™‘”™‹–Š‹–• …‹ƒ–‡†™‹–Š …‡ ‘ˆŠƒ•‡ ƒ••‡–ˆ‘”–ŠŠ‡”‡‹Ǥ  Š‡ˆ‘ŽŽ‘™‹‰ƒ”‡–Š‡ƒ”–‹‡•ǯ‹‹–‹ƒŽ‘‹––‡‡‡„‡”•ǣ ••‘ …‹ƒ–‹‘ǣ  ƒ”‘™ ‡„‡”   Ž–‡”ƒ–‡ ‘‡  ‘”–Š‡”ƒ–‡”ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ƒ–‡””—•–ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ‘”–‘ŽŽ‹•ǣ ƒ  ‘Š–‘‡• ”ƒ†‹† …Š‹–Š ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴  ƒ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ …Š ƒ”–› ”‡‡Ž‡›ǣ •ŠƒŽŽ „‡ ‡–‹–Ž‡†ǡ ‡‹ˆ‡”‡–”œ‡Žƒ ƒ– ‹–• •‘Ž‡ †‹• …”‡–‹‘ǡ –‘ …Šƒ‰‡‹–• ‡„‡” ’”‘˜‹†‡•’”‘’–‘–‹ ƒ† ƒŽ–‡”ƒ–‡ …‡‘ˆ–Š‡•ƒ‡–‘–Š‡‘–Š‡”ƒ”–‹‡•Ǥ ‘ –Š‡ ‘‹––‡‡ǡ ’”‘˜‹†‡† –Šƒ– –Š‡ ƒ”–› ‹‹Ǥ …‘ˆ‡””‹‰  Šƒ”‰‡ǤŠ‡‘‹––‡‡‹• ”‡‰ƒ”†‹‰ Šƒ•‡ …Šƒ”‰‡†™‹–Š‡‡–‹‰ǡ†‹•  ‹ …Ž—†‹‰ǡ „—– ‘– Ž‹‹–‡† …—••‹‰ǡƒ† –‘ǡ –Š‡ ǡƒ••‡–ˆ‘”–ŠŠ‡”‡‹Ǣ ƒ†–Š‡’”‡’ƒ”ƒ–‹‘‘ˆƒƒ’’Ž‹ ‘”‰ƒ‹œƒ–‹‘‘ˆ–Š‡ƒ”–‹‡•ˆ‘”–Š‡’—”’‘•‡•‘ˆ’—”•—‹‰Šƒ•‡ …ƒ–‹‘”‡“—‡•–‹‰ƒ’’”‘˜ƒŽ‘ˆ–Š‡   —‰‡–ƒ–‹‘  —‰‡–ƒ–‹‘ ŽƒǢ Žƒ–‘„‡ˆ‹Ž‡†‹–Š‡‹•–”‹ Šƒ•‡…–‘—”–ˆ‘”ƒ–‡”‹˜‹•‹‘ͳȋDzƒ–‡”‘—”–dzȌǤ ȋ’’”‘˜ƒŽƒ† ‘”ƒ–‹‘Ȍ‹• …—””‡–Ž› …‘–‡’Žƒ–‡†–‘‰‡‡”ƒŽŽ› …‘ …‡” ”‡ƒ–‡ƒ’‡”ƒ‡–‘”‰ƒ‹œƒ–‹‘ƒŽ•–”— –Š‡…–—”‡ˆ‘”–Š‡ƒ†‹‹•–”ƒ–‹‘ƒ†‘’‡”ƒ–‹‘‘ˆ –Š‡ –ƒ••‡‡†‡†–‘ƒ  —‰‡–ƒ–‹‘Žƒ•— …“—‹”‡ ˆ‘”ƒŽƒ’’”‘˜ƒŽ‘ˆ–Š‡ …Š–Šƒ–‹– …ƒ„‡‹’Ž‡‡–‡†Ǥ‘–Š‹‰  —‰‡–ƒ–‹‘Žƒƒ†–‘ ‹ –Š‹• ‰”‡‡‡–‹•‹–‡†‡†–‘ –‘ƒˆˆ‡ ƒ†‘–Š‹‰Š‡”‡‹•ŠƒŽŽ„‡‹–‡”’”‡–‡†  …–Šƒ•‡ ‹ƒ›™ƒ›Ǥ …‘ …‡”Šƒ•‡ ‡‡†‡† ‰”‡‡‡–‹•‹–‡†‡†–‘ Šƒ•‡ ȋ –‘ ’Ž‡‡–ƒ–‹‘Ȍ‹• ‹’Ž‡‡– –Š‡ …‘ ƒ’’”‘˜‡† …‡”Šƒ•‡ …—””‡–Ž› …‘–‡’Žƒ–‡†–‘‰‡‡”ƒŽŽ›  ƒ†‘–Š‹‰Š‡”‡‹•ŠƒŽŽ„‡‹–‡”’”‡–‡†  —‰‡–ƒ–‹‘ ŽƒǤ  …‘ ‘–Š‹‰ …‡”–Š‡–ƒ•• ‹ –Š‹• ͳǤ  ‹ˆˆ—ŽŽ›”‡•–ƒ–‡†‹–Š‡‹”‡–‹”‡–›Ǥ   –‘ƒˆˆ‡ …–Šƒ•‡  ‹ƒ›™ƒ›Ǥ    ǤŠ‡ˆ‘”‡‰‘‹‰”‡ …‹–ƒŽ•ƒ”‡Š‡”‡„›‹  …‘”’‘”ƒ–‡†ƒ• ʹǤ   Ǥ ƒǤ  ‡•–ƒ„Ž‹•Š Šƒ•‡   –ƒ•• Ǥ ƒ  ‘”‰ƒ‹œƒ–‹‘ƒŽ …ƒ„‡  Š‡ …‘’Ž‡–‡†‹ƒ‘”‰ƒ‹œ‡†ƒ†–‹‡Ž›ƒ‡”Ǥ ’—”’‘•‡• •–”— …–—”‡ ƒ† ˆ‘” ‘„Œ‡ –Š‡ …–‹˜‡• ƒ”–‹‡• ‘ˆ –Š‹• •— …Š ‰”‡‡‡– –Šƒ––Š‡˜ƒ”‹‘—• –‹•–Š‡ ƒ”‡ –‘ ‹–‡–‘ˆ–Š‡ƒ”–‹‡•–Šƒ––Š‡‘”‰ƒ‹œƒ–‹‘ƒŽ•–”— Š‡”‡‹™‹ŽŽ„‡‡‹–Š‡”ǣ–‡”‹ƒ–‡†ƒ†”‡’Žƒ…–—”‡‘ˆ–Š‡ƒ”–‹‡••‡–ˆ‘”–Š ‘”‰ƒ‹œƒ–‹‘ƒŽ•–”— …–—”‡–‘„‡•‡–ˆ‘”–Š‹ƒ‡™ƒ‰”‡‡‡–”‡‰ƒ”†‹‰ …‡†„›ƒ‡™‘”‘†‹ˆ‹‡† Šƒ•‡ –Š‡ ƒ”ƒ‰”ƒ’Š͸Ǥ –‡”• ‘”‘†‹ˆ‹‡†’Šƒ•‡‘ˆ–Š‡—Ž–‹Ǧ’Šƒ•‡’Žƒǡ‘”–‡”‹ƒ–‡†’—”•—ƒ––‘ ƒ† …‘†‹–‹‘• ‘ˆ –Š‹• ‰”‡‡‡–ǡ ƒ‡Ž›ǡ –Š‘•‡ •‡– ˆ‘”–Š ‹ „Ǥ ‹’Ž‡‡–‡†—†‡”–Š‡—Ž–‹Ǧ’Šƒ•‡’Žƒ†‡• †‡•    …”‹’–‹‘    ‘ˆ –Š‡ ǤŠ‡ƒ”–‹‡•ƒ‰”‡‡–‘–Š‡ˆ‘ŽŽ‘™‹‰   —‰‡–ƒ–‹‘ Žƒ …”‹„‡†ƒ„‘˜‡ǡ‘ˆ™Š‹ –Šƒ– ‹• –‘ „‡ †‡˜‡Ž‘’‡† …ŠŠƒ•‡ …‘ …‡’–—ƒŽ ƒ† ‹• ƒ ƒ††‹–‹‘ƒŽˆŽ‘™•‹–‘–Š‡‘—†”‡‹˜‡”–Šƒ–™‹ŽŽ„‡Ž‡‰ƒŽŽ›’”‘–‡ †‹˜‡”•‹‘ȋ‹ ’ƒ”–Ǥ  Š‡ …Ž—†‹‰ǡ„—–‘–Ž‹‹–‡†–‘ǡ†‹˜‡”•‹‘•—†‡”‘–Š‡”ƒ—‰‡–ƒ–‹‘   —‰‡–ƒ–‹‘ Žƒ ™‹ŽŽ ’”‘˜‹†‡ ˆ‘” –Š‡ ‹–”‘†— …–‡† …–‹‘ ˆ”‘ ‘ˆ ’Žƒ•ƒ†•—„•–‹–—–‹‘•ƒ†‡š ‘ˆ–Š‡‘—†”‡‹˜‡”†‘™•–”‡ƒ‘ˆ–Š‡ •—…‹’ƒ–‡†–Šƒ– …Šƒ††‹–‹‘ƒŽˆŽ‘™•™‹ŽŽ„‡’”‹ƒ”‹Ž›‹–Š‡ˆ‘”‘ˆ™ƒ–‡”ƒ––”‹„—–ƒ„Ž‡–‘ …Šƒ‰‡•Ȍ™‹–Š‹ƒ†‡•‹‰ƒ–‡†”‡ƒ …ƒ›‘‘—–ŠǤ –‹•ƒ–‹ …Š‘””‡ƒ …Š‡• ™ƒ–‡” ƒ–‹ •——‰‡–ƒ–‹‘Žƒ™‹ŽŽ’”‘˜‹†‡ˆ‘”–Š‡”‡—•‡ƒ†Ȁ‘” …‡••‹˜‡—•‡‘ˆ•— …‹’ƒ–‡†–Šƒ––Š‡ ”‹‰Š–• –Šƒ– …ƒ  …Šƒ††‹–‹‘ƒŽˆŽ‘™•ǡ–‘–Š‡‡š–‡–ƒŽŽ‘™‡†„› „‡ —•‡† ‹ –Š‡   —‰‡–ƒ–‹‘ ŽƒǤ  –‹•ˆ—”–Š‡” Žƒ™ǡƒˆ–‡”    ȋȌ  Ǧ    ‘—†”‡ƒ–‡”•‡”•••‘…Š‡Žƒ  Š‹•‰”‡‡‡–‹•‡–‡”‡†‹–‘„›ƒ†„‡–™‡‡–Š‡ˆ‘ŽŽ‘™‹‰ƒ”–‹‡•ǣ–Š‡ƒ   …‹ƒ–‹‘ǡƒ‘Ž‘”ƒ†‘‘Ǧ’”‘ˆ‹–    …‘”’‘”ƒ–‹‘  ȋDz••‘ …‹ƒ–‹‘dzȌǢ  –Š‡ ‹–›‘ˆ ‘”—••–‡ǡ”ƒ˜ƒ‘Ž‘”ƒ†‘‘Ǧ’”‘ˆ‹–‘”‰ƒ‹œƒ–‹‘ȋDzƒ–‡””—•–dz‘ȌǢ”––Š‡‘ŽŽ‹‘•”dz–ŠȌǢ‡–”Š‡‘‘ŽŽ‘‘””ƒƒ††‘‘ƒƒ––‡‡”” ‘”–‘ŽŽ‹•ǡ‘Ž‘”ƒ†‘ǡƒŠ‘‡”—Ž‡—‹ …› ‹•–”‹ …– ȋƒ “—ƒ•‹Ǧ—‹ …‹’ƒŽ ‡–‹–› …‹’ƒŽ‹–›ȋDz ƒ† ’‘Ž‹–‹ …ƒŽ •—„†‹˜‹•‹‘ ‘ˆ –Š‡ –ƒ–‡ ‘ˆ ‘Ž‘”ƒ†‘Ȍǡƒ –‡”’”‹•‡ȋƒ‰‘˜‡”‡–Ǧ‘™‡†„—•‹‡••™‹–Š‹–Š‡‡ƒ‹‰‘ˆ”–‹ ʹͲȋʹȌȋ†Ȍǡ‘ˆ–Š‡‘Ž‘”ƒ†‘‘•–‹–—–‹‘ǡ‘”‰ƒ‹œ‡†’—”•—ƒ––‘ǤǤǤȚȚ͵͹ǦͶͷǤͳǦͳͲͳ‡–•‡“ǤȌ …–‹‰„›ƒ†–Š”‘—‰Š‹–•‘”–Š‡” –‡‰”ƒ–‡†—’’Ž›”‘Œ‡ …–ƒ–‡” …Ž‡ ǡ ‡ …–‹˜‹–› …–‹‘ Ǥ …‘—‹–›™ƒ–‡”Ž‡ƒ†‡”• ȋDz‘”–Š‡” ȋDz  ”‡‡Ž‡›dzȌǤ Š‡ ‘—†”‡ ƒ–‡”dzȌǢ —• ƒ† Š”‘—‰Š …‘˜‡‡†„›–Š‡‘Ž‘”ƒ†‘–ƒ–‡‹˜‡”•‹–›ǯ• –Š‡ ‹–› – ‘ˆ –—†›Ȁ  ”‡‡Ž‡›ǡ  …–‹‘ ‘Ž‘”ƒ†‘ǡ ‘” ”‘—’ ƒ Š‘‡ ȋDz ”—Ž‡ dzȌ ‘Ž‘”ƒ†‘ ‹• —‹ ƒ ‰”‘—’ …‹’ƒŽ‹–› ƒ–‡” ‘ˆ •–‹–—–‡ ȋDz‘—†”‡‹˜‡”dzȌƒ•ƒŠ‡ƒŽ–Š›ǡ™‘”‹‰”‹˜‡”Ǥ ‹ˆ‘”ƒŽ‹‹–‹ƒ–‹˜‡Ǧ•’‡ ˆ‘” –Š‡ ’—”’‘•‡ …‹ˆ‹ … …‘‹––‡‡•–‘ƒ†˜ƒ ‘ˆ ‡š’Ž‘”‹‰ ‘’–‹‘• …‡ –‘ …‘ ”‘–‹‡Ǧ–‘Ǧ–‹‡–Š‡ ‹’”‘˜‡ …‡’–•‘”ƒ –Š‡ …–‹‘••—’’‘”–‡†„› ƒ …Š‡ ƒ ‘—†”‡ ‡•–ƒ„Ž‹•Š‡• ‹˜‡” Ǥ Ǥ ‡„‡”•‘ˆ–Š‡ Š‡  ǯ•  ƒ†™ƒ•–ƒ•‡†™‹–Š‡š’Ž‘”‹‰‘’–‹‘•–‘‹’”‘˜‡”‹˜‡”ˆŽ‘™•‹–Š‡ 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