<SUBMISSION>
<ACCESSION-NUMBER>0001193125-07-116574
<TYPE>S-8
<PUBLIC-DOCUMENT-COUNT>9
<FILING-DATE>20070516
<DATE-OF-FILING-DATE-CHANGE>20070516
<EFFECTIVENESS-DATE>20070516
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ADA-ES INC
<CIK>0001223112
<ASSIGNED-SIC>2890
<IRS-NUMBER>841457335
<STATE-OF-INCORPORATION>CO
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8
<ACT>33
<FILE-NUMBER>333-143004
<FILM-NUMBER>07856695
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>8100 SOUTHPARK WAY B
<CITY>LITTLETON
<STATE>CO
<ZIP>80120
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ds8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML><HEAD>
<TITLE>Form S-8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>As filed with the Securities and Exchange Commission on May&nbsp;16, 2007. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></FONT></P> <P
STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM S-8 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="5"><B>REGISTRATION STATEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B><I>UNDER </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B><I>THE SECURITIES ACT OF 1933 </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>ADA-ES, Inc. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Colorado</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>84-1457385</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State of incorporation)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(IRS Employer Identification No.)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>8100 SouthPark Way, Unit B, Littleton, Colorado 80120 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices, including zip code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ADA-ES, I<SMALL>NC</SMALL>. 2003 S<SMALL>TOCK</SMALL> O<SMALL>PTION</SMALL> P<SMALL>LAN</SMALL> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ADA-ES, I<SMALL>NC</SMALL>. 2005 D<SMALL>IRECTORS</SMALL>&#146; C<SMALL>OMPENSATION</SMALL> P<SMALL>LAN</SMALL> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2005
<SMALL>CONSULTANT</SMALL> <SMALL>STOCK</SMALL> <SMALL>OPTION</SMALL> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2006 C<SMALL>ONTRACTOR</SMALL> I<SMALL>NCENTIVE</SMALL>
A<SMALL>GREEMENT</SMALL> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Full title of the plans) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Mark H. McKinnies </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>8100 SouthPark Way, B, Littleton, Colorado 80120 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(303) 734-1727 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Name, address and
telephone number, </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>including area code, of agent for service) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><I>With a copy to: </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Julie A. Herzog, Esq. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Jeffrey M. Brenman, Esq. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SCHUCHAT,
HERZOG&nbsp;&amp; BRENMAN, LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1900 Wazee Street, Suite 300 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Denver, CO 80202 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(303) 295-9700 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CALCULATION OF REGISTRATION FEE </B></FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="9" VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Title of securities</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>to be registered</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount to be<BR>registered</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Proposed<BR>maximum</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>offering price<BR>per share</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Proposed<BR>maximum<BR>aggregate<BR>offering&nbsp;price</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount of<BR>registration fee</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common Stock, no par value, issuable upon exercise of options</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">105,800&nbsp;Shares</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$16.83</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$1,780,614</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$54.66</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common Stock, no par value, issuable upon exercise of options</FONT><FONT FACE="Times New Roman"
SIZE="1" COLOR="#000000"><SUP>(4)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">25,000 Shares</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(4)</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$18.55</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(5)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$463,750</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$14.24</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="9" VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="11" VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common Stock, no par value, issuable under 2005 Directors&#146; Compensation Plan</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">43,000&nbsp;Shares</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP></SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(6)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$18.55</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP></SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(5)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$797,650</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$24.49</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP></SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common Stock, no par value, issuable under Incentive Agreement</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">1,448&nbsp;Shares</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP></SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(7)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$13.82</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP></SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(8)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$20,011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$0.61</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP></SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TOTAL</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">175,248&nbsp;Shares</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$3,062,025</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">$94.00</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="11" VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Shares of Common Stock issuable upon exercise of stock options previously granted pursuant to (i)&nbsp;the ADA-ES, Inc. 2003 Stock Option Plan (81,800 shares), (ii)&nbsp;the ADA-ES,
Inc. 2005 Directors Compensation Plan (15,000 shares) and (iii)&nbsp;a stock option granted pursuant to a professional services agreement with a consultant (9,000 shares). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Weighted average exercise price of the options for which shares are being registered hereunder. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Calculated in accordance with Rule 457(h). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Shares of Common Stock issuable upon exercise of stock options issuable pursuant to the 2005 Directors Compensation Plan. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In accordance with Rules 457(h) and 457(c), this proposed offering price is equal to the average of the high and low prices reported in the consolidated reporting system on May 11,
2007, and is applicable only for purposes of calculating the registration fee. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Shares of Common Stock issuable pursuant to the 2005 Directors Compensation Plan. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Shares of Common Stock issuable pursuant to a contractor/consultant compensation agreement. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Valuation of the shares of Common Stock issuable to contractor/consultant under a compensation agreement. </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>
<A NAME="toc"></A>TABLE OF CONTENTS </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_1">PART I</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_2">PART&nbsp;II</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_3">Item&nbsp;3. INCORPORATION OF DOCUMENTS BY REFERENCE</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_4">Item&nbsp;4. DESCRIPTION OF SECURITIES</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_5">Item&nbsp;5. INTERESTS OF NAMED EXPERTS AND COUNSEL</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_6">Item&nbsp;6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_7">Item&nbsp;7. EXEMPTION FROM REGISTRATION CLAIMED</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_8">Item 8. EXHIBITS</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_9">Item&nbsp;9. UNDERTAKINGS</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx32778_10">SIGNATURES</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INTRODUCTION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">ADA-ES, Inc., a Colorado corporation (&#147;we&#148; or the &#147;Company&#148; or the &#147;Registrant&#148;) is registering to a total of 175,248 shares of its common stock, no par value (the &#147;Common Stock&#148;) in this Registration
Statement on Form S-8 (the &#147;Registration Statement&#148;). We are registering: (i)&nbsp;81,800 shares issuable pursuant to the exercise of stock options previously issued to our employees under the ADA-ES, Inc. 2003 Stock Option Plan (the
&#147;2003 Stock Option Plan&#148;), (ii)&nbsp;43,000 shares issuable to the Company&#146;s eligible directors under the ADA-ES, Inc. 2005 Directors&#146; Compensation Plan (the &#147;2005 Directors&#146; Plan&#148;); (iii)&nbsp;40,000 shares
issuable pursuant to the exercise of stock options issuable to the Company&#146;s eligible directors under the 2005 Directors&#146; Plan, (iv)&nbsp;9,000 shares issuable to a consultant upon exercise of a stock option that was issued pursuant to a
Professional Services Consulting Agreement (the &#147;2005 Consultant Stock Option&#148;), and (v)&nbsp;1,448 shares issuable to an employee under an incentive agreement (the &#147;2006 Contractor Incentive Agreement&#148;). We collectively refer to
the 2003 Stock Option Plan, the 2005 Directors&#146; Plan, the 2005 Consultant Stock Option and the 2006 Contractor Incentive Agreement as the &#147;Plans.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_1"></A>PART I </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We have sent or given, or will send or give, documents containing the information required under Part I of this Registration Statement to participants in the Plans to
which this Registration Statement relates, as specified in Rule 428(b)(i) promulgated by the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act. We are not filing such documents with the Commission, but these
documents constitute (along with the documents incorporated by reference into the Registration Statement pursuant to Item&nbsp;3 of Part II hereof) a prospectus that meets the requirements of Section&nbsp;10(a) of the Securities Act. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_2"></A>PART II </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_3"></A>Item&nbsp;3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INCORPORATION OF DOCUMENTS BY REFERENCE </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Commission allows us
to incorporate by reference into this Registration Statement, certain information that we file with them, which means that we can disclose important information to you by referring you to those documents and by filing them with the Commission. The
information incorporated by reference is considered to be part of this Registration Statement and, in addition, information that we file later with the Commission will automatically update and supersede the information in this Registration
Statement, even if we do not specifically send or give copies of those documents to you. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We incorporate by reference the documents listed below, and any
future filings we make with the Commission under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Our Annual Report on Form 10-K for the year ended December&nbsp;31, 2006, which was filed with the Commission on March&nbsp;27, 2007. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Our Definitive Proxy Statement for our 2006 Annual Meeting of Shareholders to be held June&nbsp;19, 2007, which was filed with the Commission on April&nbsp;30, 2007.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Our current report on Form 8-K filed with the Commission on April&nbsp;4, 2007. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Our Quarterly Report on Form 10-Q, for the quarter ended March&nbsp;31, 2007, which was filed with the Commission on May&nbsp;10, 2007. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The description of our Common Stock contained in our Registration Statement on Form 10-SB filed March&nbsp;24, 2003, as amended and declared effective by the Commission.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">All reports and other documents we subsequently file pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of
this Registration Statement and before the filing of a post-effective amendment which indicates that all securities offered under this Registration Statement have been sold or which deregisters all securities remaining unsold, should also be
considered to be part of this Registration Statement from the date of the filing of those reports and documents. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Documents we file with the Commission are available on the Commission&#146;s website, which is located at
<U>http://www.sec.gov</U> on the internet. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We will provide without charge to each person, including any beneficial owner, to whom a Registration Statement
is delivered, upon written or oral request a copy of our annual, quarterly and current reports as filed with the Commission, and a copy of any or all of the other documents incorporated by reference in this document. The Annual Report on Form 10-K
includes our audited financial statements. Requests should be directed to ADA-ES, Inc., 8100 SouthPark Way, Unit B, Littleton, Colorado 80120, Attention: Investor Relations (telephone 303-734-1727). </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_4"></A>Item&nbsp;4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>DESCRIPTION OF SECURITIES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_5"></A>Item&nbsp;5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INTERESTS OF NAMED EXPERTS AND COUNSEL </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_6"></A>Item&nbsp;6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INDEMNIFICATION OF DIRECTORS AND OFFICERS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Limitation of
Director Liability </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Colorado Business Corporation Act (the &#147;CBCA&#148;) allows a Colorado corporation to eliminate or limit the personal
liability of a director to his corporation or to its shareholders for monetary damages for a breach of fiduciary duty as a director, except for liabilities arising from any breach of the director&#146;s duty of loyalty to the corporation or its
shareholders, from acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, from any transaction from which the director derived an improper personal benefit, or from any other act, omission or
transaction as to which the CBCA prohibits the elimination or limitation of liability. Our Amended and Restated Articles of Incorporation (the &#147;Articles&#148;) contain such a provision limiting director liability. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Indemnification of Directors, Officers and Others </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The CBCA
allows a corporation to indemnify its directors, officers, employees, fiduciaries and agents against liability in certain situations. Our Articles provide that we will indemnify our directors, officers, employees, fiduciaries and agents (each, a
&#147;Proper Person&#148; as defined in our Amended and Restated Bylaws (the &#147;Bylaws&#148;)) to the maximum extent provided by law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Under the CBCA
and our Articles, indemnification would be mandatory with respect to a director or officer who was wholly successful in defense of an action, suit or proceeding. As permitted by the CBCA, our Bylaws provide the following as to the indemnification of
Proper Persons: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">We will indemnify any Proper Person against reasonably incurred expenses, judgments, penalties, fines and amounts paid in settlement reasonably incurred by him in
connection with an action, suit or proceeding if it is determined that he conducted himself in good faith and that he reasonably believed (i)&nbsp;in the case of conduct in his official capacity, that his conduct was in the Company&#146;s best
interests, or (ii)&nbsp;in all other cases (except criminal cases), that his conduct was at least not opposed to the Company&#146;s best interests, or (iii)&nbsp;in the case of a criminal proceeding, that he had no reasonable cause to believe his
conduct was unlawful. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">In proceedings brought by or in the right of the Company, indemnification will be limited to reasonable expenses incurred in connection with the proceeding.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">No indemnification will be provided a Proper Person with respect to any claim, issue or matter in connection with a proceeding by or in the right of the Company in
which the Proper Person was adjudged to be liable to the Company on in any proceeding charging that the Proper Person derived an improper personal benefit, whether or not involving action in an official capacity, in which he was adjudged to be
liable to the Company on the basis that he derived an improper personal benefit. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Additional indemnification may be provided to officers, employees, fiduciaries or agents if they are not also directors,
so long as such additional indemnification is provided for by general or specific action by the Board of Directors or shareholders or by contract and would not be inconsistent with public policy. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Insurance </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Under the CBCA and our Articles, the Corporation
may obtain insurance on behalf of its directors, officers, employees, fiduciaries and agents against liabilities incurred by them in those capacities. We may maintain insurance to protect us and them against expenses, liabilities and losses whether
or not we would have the power to indemnify them under Colorado law. We purchase and maintain directors&#146; and officers&#146; liability and company reimbursement liability insurance policies. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_7"></A>Item&nbsp;7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>EXEMPTION FROM REGISTRATION CLAIMED </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_8"></A>Item&nbsp;8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBITS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Unless otherwise indicated below as being incorporated by
reference to another filing of the Corporation with the Commission, each of the following exhibits is filed herewith: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit<BR>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;5.1*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Opinion of Schuchat, Herzog &amp; Brenman, LLC as to legality of the shares</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">23.1*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consent of Hein &amp; Associates LLP</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">23.2*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consent of Schuchat, Herzog &amp; Brenman, LLC (contained in Exhibit 5.1)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.1&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ADA-ES, Inc. 2003 Stock Option Plan (1)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.2&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Form of Stock Option Agreement for 2003 Stock Option Plan (2)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.3&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ADA-ES, Inc. 2005 Directors&#146; Compensation Plan (3)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.4*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Form of Stock Option Agreement for Options under 2005 Directors&#146; Compensation Plan</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.5*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ADA-ES, Inc. Stock Option Agreement issued to Nina French dated June 29, 2005</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.6*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Contractor Incentive Agreement between ADA-ES, Inc. and Sheila Glesmann dated January 3, 2007.</FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Filed herewith. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Incorporated by reference from Exhibit 10.2 to Form 10-KSB filed by the Company on March&nbsp;30, 2006. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Incorporated by reference from Exhibit 1 to Exhibit 99.1 to Form S-8 Registration Statement filed with the SEC on December&nbsp;12, 2004 (SEC File No.&nbsp;333-121234).
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Incorporated by reference from Exhibit 10.29 to Form 10-KSB filed by the Company on March&nbsp;30, 2006. </FONT></TD></TR></TABLE> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_9"></A>Item&nbsp;9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>UNDERTAKINGS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A. The undersigned Registrant hereby undertakes:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement
or any material change to such information in this Registration Statement; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">provided, however, that paragraphs (1)(i)&nbsp;and (1)(ii)&nbsp;above do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section&nbsp;13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of
the offering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx32778_10"></A>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Littleton, State of Colorado, on
May&nbsp;16, 2007 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ADA-ES, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Mark H. McKinnies</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">By: Mark H. McKinnies</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Its: Senior Vice
President and Chief Financial Officer</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by
the following persons in the capacities and on the date indicated. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Robert Caruso</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Robert Caruso, Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Michael D. Durham</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Michael D. Durham, President, Chief Executive Officer and</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="2">Director (principal executive officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ John W. Eaves</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">John W. Eaves, Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Derek. Johnson</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Derek Johnson, Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Ronald B. Johnson</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Ronald B. Johnson, Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Mark H. McKinnies</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mark H. McKinnies, Senior Vice President, Chief Financial Officer and</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Director (principal financial and accounting officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Jeffrey C. Smith</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Jeffrey C. Smith, Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;16, 2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Richard J. Swanson</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Richard J. Swanson, Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dex51.htm
<DESCRIPTION>OPINION OF SCHUCHAT, HERZOG & BRENMAN, LLC AS TO LEGALITY OF THE SHARES
<TEXT>
<HTML><HEAD>
<TITLE>Opinion of Schuchat, Herzog &amp; Brenman, LLC as to legality of the shares</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 5.1 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR>
<TD VALIGN="top">

<IMG SRC="g32778img01.jpg" ALT="LOGO"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="5"><B>S<SMALL>CHUCHAT</SMALL>, H<SMALL>ERZOG</SMALL> &amp; B<SMALL>RENMAN</SMALL>, LLC</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:81%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">May&nbsp;16, 2007 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">ADA-ES, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">8100 SouthPark Way, Unit B </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Littleton, Colorado 80120 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ADA-ES, Inc. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Registration Statement on Form S-8</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Ladies and Gentlemen:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have acted as counsel to ADA-ES, Inc., a Colorado corporation (the &#147;Registrant&#148;), in connection with certain matters relating
to the filing of a registration statement on Form S-8 (the &#147;Registration Statement&#148;) with the Securities and Exchange Commission (the &#147;SEC&#148;), with respect to the registration for resale under the Securities Act of 1933, as
amended (the &#147;Act&#148;), of an aggregate of 175,248 shares (the &#147;Shares&#148;) of common stock, no par value (the &#147;Common Stock&#148;) of the Registrant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In connection with rendering this opinion, we have reviewed copies of the following documents relating to the Shares being included in the Registration Statement: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Registration Statement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Amended and Restated Articles of Incorporation of the Registrant; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Amended and Restated Bylaws of the Registrant, as amended to date; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the following compensation plan documents (collectively the &#147;Plans&#148;): </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">(i) the ADA-ES, Inc. 2003 Stock Option Plan and option agreements; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) the ADA-ES, Inc. 2005 Directors
Compensation Plan and options agreements; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iii) Option Agreement issued to a contractor consultant exercisable to purchase 9,000 shares of
Common Stock; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iv) Consulting Agreement entered into with a contractor providing for the issuance of up to 1,448 shares of Common Stock
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1900 Wazee Street, Suite 300, Denver, CO 80202&nbsp;&nbsp;&nbsp;&nbsp;:&nbsp;&nbsp;&nbsp;&nbsp;Main.
303.295.9700&nbsp;&nbsp;&nbsp;&nbsp;:&nbsp;&nbsp;&nbsp;&nbsp;Fax. 303.295.9701&nbsp;&nbsp;&nbsp;&nbsp;:&nbsp;&nbsp;&nbsp;&nbsp;www.shblegal.com </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">documents evidencing the actions of the Board of Directors and Shareholders of the Registrant relating to the Plans; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">such other documents and records as we have deemed necessary to enable us to express an opinion on the matters covered hereby. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In rendering this opinion, we have: (a)&nbsp;assumed (i)&nbsp;the genuineness of all signatures on all documents reviewed by us, (ii)&nbsp;the
authenticity of all documents submitted to us as originals and (iii)&nbsp;the conformity to original documents of all documents submitted to us as photostatic or conformed copies and the authenticity of the originals of such copies; and
(b)&nbsp;relied on (i)&nbsp;representations, statements and certificates of public officials and others and (ii)&nbsp;as to matters of fact, statements, representations and certificates of officers and representatives of the Registrant. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Based upon the foregoing, we are of the opinion that the Shares included in the Registration Statement have been, or will be, upon payment of the
consideration required under the Plan documents, validly issued, fully paid and non-assessable according to the corporate laws of the State of Colorado, including all applicable statutory provisions of the Colorado Business Corporation Act, all
rules and regulations underlying such statutory provisions of law, and all applicable judicial and regulatory determinations concerning such laws as reported in publicly available compilations of such judicial and regulatory determinations.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We hereby consent to the use of this opinion as an exhibit to the Registration Statement. In giving the foregoing consent, we do not
thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the Securities and Exchange Commission thereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We do not express any opinion with respect to any law other than the corporate laws of the State of Colorado referred to above and the federal laws of
the United States of America. Our opinion is rendered only with respect to the laws which are currently in effect in such jurisdictions. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Schuchat, Herzog&nbsp;&amp; Brenman</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Schuchat, Herzog&nbsp;&amp; Brenman, LLC</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1900 Wazee Street, Suite 300, Denver, CO
80202&nbsp;&nbsp;&nbsp;&nbsp;:&nbsp;&nbsp;&nbsp;&nbsp;Main. 303.295.9700&nbsp;&nbsp;&nbsp;&nbsp;:&nbsp;&nbsp;&nbsp;&nbsp;Fax. 303.295.9701&nbsp;&nbsp;&nbsp;&nbsp;:&nbsp;&nbsp;&nbsp;&nbsp;www.shblegal.com </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dex231.htm
<DESCRIPTION>CONSENT OF HEIN & ASSOCIATES LLP
<TEXT>
<HTML><HEAD>
<TITLE>Consent of Hein &amp; Associates LLP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 23.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We consent to the incorporation by reference in the Registration Statement on
Form S-8 of ADA-ES, Inc. and Subsidiaries of our reports dated March&nbsp;26, 2007 relating to our audits of the consolidated financial statements and internal control over financial reporting, which appear in the Company&#146;s Annual Report on
Form 10-K of ADA-ES, Inc. and Subsidiaries for the year ended December&nbsp;31, 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px">

<IMG SRC="g32778img002.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>HEIN</I></B><I>&nbsp;&amp; ASSOCIATES LLP </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Denver, Colorado </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">May&nbsp;10, 2007 </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>4
<FILENAME>dex994.htm
<DESCRIPTION>FORM OF STOCK OPTION AGREEMENT FOR OPTIONS
<TEXT>
<HTML><HEAD>
<TITLE>Form of Stock Option Agreement for Options</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.4 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">STOCK OPTION AGREEMENT </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Stock Option Agreement made as of this
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>
between ADA-ES, Inc., a Colorado corporation, (hereinafter called the &#147;Company&#148;) and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, (hereinafter referred to as &#147;Holder&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">WHEREAS, Holder is an non-management director of the Company, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, on March&nbsp;15, 2005 the
Company&#146;s Board of Directors approved the &#147;ADA-ES, Inc. 2005 Directors Compensation Plan&#148; (the &#147;Plan&#148;), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS,
Pursuant to NASDAQ Marketplace Rule 4350 the grant of options to non-management directors require shareholder approval; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, on
May&nbsp;12, 2005 the Company&#146;s shareholders approved the Plan specifically authorized the granting of the stock option hereinafter described as a continuing incentive for the services of Holder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW THEREFORE, in consideration of the premises, the mutual covenants, hereinafter set forth, and other good and valuable considerations, the Company and
Holder agree as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. The Company hereby grants to Holder, pursuant to the Plan and effective this date, as a matter of separate
inducement and agreement, the Option to Purchase (hereinafter the &#147;Option&#148;) no more than the aggregate of 5,000 shares of the Company&#146;s Common Stock, no par value, on the terms and conditions hereinafter set forth, at the purchase
price of $<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>.<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> per share. The number of shares eligible for exercise shall be further limited to the to the vesting schedule set forth below, </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Vesting Schedule: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Date</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Aggregate&nbsp;Shares<BR>Available&nbsp;for&nbsp;Exercise</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1,667</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3,333</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) An Option that is exercisable hereunder may be exercised by delivery to the
Company on any business day, at its principal office addressed to the attention of the Secretary, of written notice of exercise, which notice shall specify the number of shares for which the Option is being exercised, and shall be accompanied by
payment in full of the Option Price of the shares for which the Option is being exercised in cash or by certified check payable to the order of the Company or in any other manner available in the Plan. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) To the extent not exercised, the remaining shares shall be exercisable, in whole or in part, at any time not later
than<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. (a)&nbsp;During the lifetime of Holder, the Option shall be exercisable only by Holder and any
eligible transferee as set forth in the Plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Only the Holder (or, in the event of the Holder&#146;s legal incapacity
or incompetency, the Holder&#146;s guardian or legal representative, and in the case of the Holder&#146;s death, the Holder&#146;s estate) may exercise the Option unless otherwise provided for in the Plan. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event that the position of Holder as a non-management director with the Company is terminated for any reason, any remaining
shares eligible for exercise under the Option will expire within 30 days from the date of termination unless otherwise provided for in the Plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(d) In the event that another company or individual acquires a 50% or greater interest in the Company, any remaining shares eligible for exercise under the Option will expire within 30 days from the date of such
acquisition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. Holder shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the
issuance of a stock certificate to him for such shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. Holder acknowledges that any purchase of stock under the Option shall be for
investment purposes, and not with a view to resale or distribution except that in the event the stock subject to such Option is registered under the Securities Act of 1933, as amended or in the event a resale of such stock without such registration
would otherwise be permissible, such condition shall be inoperative if, in the opinion of counsel for the Company, such condition is not required under the Securities Act of 1933 or any other applicable law, regulation or rule of any governmental
agency. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. The laws of the State of Colorado shall govern this agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. This agreement shall inure to the benefit of and be binding upon each successor and assign of the Company as set forth in the Plan. All obligations
imposed upon Holder and all rights granted to the Company, hereunder and in the Plan shall be binding upon Holder&#146;s heirs, legal representatives and successors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Company <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ADA-ES, Inc.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Holder:</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT>&nbsp;<FONT SIZE="">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT>&nbsp;<FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Michael D. Durham, President &amp; CEO</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Attest:</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT>&nbsp;<FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mark H McKinnies, Chief Financial Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>5
<FILENAME>dex995.htm
<DESCRIPTION>ADA-ES, INC. STOCK OPTION AGREEMENT ISSUED TO NINA FRENCH DATED JUNE 29, 2005
<TEXT>
<HTML><HEAD>
<TITLE>ADA-ES, Inc. Stock Option Agreement issued to Nina French dated June 29, 2005</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.5 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ADA-ES, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>STOCK OPTION AGREEMENT </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Stock Option Agreement made as of this 12</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> day of May 2005 between ADA-ES, Inc., a Colorado corporation, (hereinafter called the &#147;Company&#148;) and Dr.&nbsp;Nina French, 2297 Monticello Road,
Napa, CA 94559, (hereinafter referred to as &#147;Holder&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, Holder is a subcontractor of the Company directing the
Company&#146;s Refined Coal activities, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, on May&nbsp;12, 2005 the Company&#146;s Board of Directors approved and specifically
authorized the granting of the stock option hereinafter described as a portion of compensation for the service of Holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW THEREFORE,
in consideration of the premises, the mutual covenants, hereinafter set forth, and other good and valuable considerations, the Company and Holder agree as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1. The Company hereby grants to Holder, effective this date, as a matter of separate inducement and agreement, the Option to Purchase (hereinafter the &#147;Option&#148;) no more than the aggregate of 30,000 shares of
the Company&#146;s Common Stock, no par value, on the terms and conditions hereinafter set forth, at the purchase price of $14.52 per share (the &#147;Option Price&#148;). The number of shares eligible for exercise shall be further limited to the
minimum and maximum vesting schedule set forth below. From time to time the actual vesting of shares, within the ranges hereby established, will be determined on or before the end of each Vesting Period by the Company&#146;s Board of Directors based
on the success and continuance of the Company&#146;s Refined Coal activities and/or the performance of Holder in respect of her services to the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(a) Vesting Schedule: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Vesting Period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Minimum Per Year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Maximum Per Year</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Years ended 12/31/05 through &#146;09</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10% or 3,000 shares</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">40% or 12,000 shares</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) All or any portion of the Option that is exercisable hereunder may be
exercised by delivery to the Company on any business day, at its principal office addressed to the attention of the attention of the Secretary, of written notice of exercise, which notice shall specify the number of shares for which the option is
being exercised, and shall be accompanied by payment in full of the Option Price of the shares for which the Option is being exercised in cash or by certified check payable to the order of the Company. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) To the extent not exercised, the remaining shares, to the extent they have vested,
shall be exercisable, in whole or in part, at any time not later than December&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. &nbsp;&nbsp;&nbsp;&nbsp; (a) Only the
Holder (or, in the event of the Holder&#146;s legal incapacity or incompetency, the Holder&#146;s guardian or legal representative, and in the case of the Holder&#146;s death, the Holder&#146;s estate, heirs, and/or beneficiaries) may exercise the
Option. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) In the event that the position of the Holder as a subcontractor of the Company is terminated for any reason and
the Holder does not thereupon become a full or part-time employee of the Company, the minimum number of shares that would have vested at the end of the year in which the termination occurs shall then immediately vest and become exercisable. For
example, if Holder&#146;s position as a subcontractor of the Company is terminated on March&nbsp;15, 2006, then 3,000 shares (the minimum number of shares subject to vesting for the year ended 12/31/06) shall immediately vest and become exercisable
in addition to shares that previously would have vested and become exercisable for the year ended 12/31/05 pursuant to the Vesting Schedule set forth above. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event of (i)&nbsp;a sale or other transfer of all or substantially all of the assets of the Company or (ii)&nbsp;a transfer of
more than fifty percent (50%)&nbsp;of the outstanding voting equity securities of the Company in one transaction or series of related transactions <U>other</U> <U>than</U> the sale by the Company of stock in transactions the primary purpose of which
is to raise capital for the Company&#146;s operations and activities, the minimum number of shares that would have vested at the end of the year in which such event occurs shall vest and become exercisable immediately prior to the consummation of
such event. For example, if such an event is consummated on March&nbsp;15, 2006, then 3,000 shares (the minimum number of shares subject to vesting for the year ended 12/31/06) shall immediately vest and become exercisable immediately prior to the
consummation of such event in addition to shares that previously would have vested and become exercisable for the year ended 12/31/05 pursuant to the Vesting Schedule set forth above. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. Holder shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the issuance of a stock certificate to
her for such shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. Holder acknowledges that nay purchase of stock under the Option shall be for investment purposes, and not with a
view to resale or distribution except that in the event the stock subject to such option is registered under the Securities Act of 1933, as amended or in the event a resale of such stock without such registration would otherwise be permissible, such
condition shall be inoperative if, in the opinion of counsel for the Company, such condition is not required under the Securities Act of 1933 or any other applicable law, regulation or rule of any governmental agency. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. The laws of the Sate of Colorado shall govern this agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">6. This agreement shall inure to the benefit of and be binding upon each successor and assign of the Company. All Obligations imposed upon Holder and all rights granted to the Company, hereunder, shall be binding upon
Holder&#146;s heirs, legal representatives and successors. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Company and Holder have caused this Stock Option Agreement to be executed as of
this 29th day of June, 2005. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ADA-ES, Inc.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Holder:</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Michael D. Durham</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Nina B. French</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Michael D. Durham, President &amp; CEO</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dr. Nina French</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">2297 Monticello Road</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Napa, CA 94558</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Attest: </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Mark H. McKinnies</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mark H. McKinnies, Chief Financial Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>6
<FILENAME>dex996.htm
<DESCRIPTION>CONTRACTOR INCENTIVE AGREEMENT BETWEEN ADA-ES, INC. AND SHEILA GLESMANN
<TEXT>
<HTML><HEAD>
<TITLE>Contractor Incentive Agreement between ADA-ES, Inc. and Sheila Glesmann</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.6 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Agreement No.&nbsp;006-2006 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Task Order No.&nbsp;04 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>GENERAL COMPANY CONSULTING </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="85%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CONSULTANT:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EMISSION STRATEGIES INC.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>447 Larkspur
Lane</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B>Severna Park, MD 21146</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1/3/2007</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendment No.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">01</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Task Order Authorized Representative:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">C. Jean Bustard</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT FACE="Times New Roman"
SIZE="2">Office: (303)&nbsp;339-8843</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>SCOPE OF AMENDMENT </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">This Amendment No.&nbsp;1 covers the following changes to Task Order No.&nbsp;4 of Professional Services Agreement No.&nbsp;006-2006, and specifically relates to work being performed by Consultant on Company&#146;s Project Crowfoot:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amend Consultant&#146;s compensation terms, </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Provide for an incentive payment to Consultant that is contingent upon meeting goals established for the project, </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Itemize the project goals upon which the incentive payment is based, and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Provide authorization for Consultant to attend an ADA-ES, Inc. Board of Director&#146;s meeting in February 2007. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>AMENDMENTS </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">With reference to the attached ADA-ES, Inc. Board of Directors Resolution, Consultant will be paid a retainer of $16,000 per month starting with October 2006. This retainer will be
paid to Consultant each month through the end of Phase I of Project Crowfoot. Phase I is expected to end by February&nbsp;28, 2007. The Task Order Authorized Representative will be responsible for authorizing any extensions to the Phase I ending
date beyond February&nbsp;28, 2007. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">With reference to the attached ADA-ES, Inc. Board of Directors Resolution, Consultant will be given an incentive payment of $40,000 for achieving the goals itemized in Paragraph 3
below. One-half of the incentive payment will be made in ADA-ES, Inc. stock and one-half will be made in cash. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Following are the specific goals to be achieved in order for Consultant to receive the incentive payment referred to in Paragraph 2 above: </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Accomplish the goals of the project as defined in the Planning Phase of the Project Plan for the budget of $1.5MM, by end of January 2007 </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Adapt the project goals as needed to accommodate the changing situation of ADA-ES&#146;s business relationships and new intelligence (including supporting efforts to investigate
acquisition analysis) </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Have a Board-ready package by mid-January 2007 that includes </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">development phase budget, schedule and proposed project structure for Crowfoot Greenfield </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">pro forma financial analysis for Crowfoot Greenfield </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">comparative financial analysis for Alternatives to Greenfield for PAC supply </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consultant will attend an ADA-ES, Inc. Board of Director&#146;s meeting scheduled for February 2007 and participate in discussions related to Project Crowfoot. The Authorized
Representative will communicate the date of the meeting to Consultant. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Task Order Authorized Representative will be responsible for determining whether the goals itemized in Paragraph 3 have been achieved by Consultant. Any questions or issues
requiring resolution related to this Amendment No.&nbsp;1 will be addressed by the Authorized Representative. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The effective date of Amendment No.&nbsp;1 is October&nbsp;1, 2006. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">All other terms and conditions of Professional Services Agreement No.&nbsp;006-2006 shall remain in effect. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACCEPTED </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>CONSULTANT</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>ADA-ES, INC.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Signature:&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Sheila Glesmann</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle"><FONT FACE="Times New Roman" SIZE="2">Signature:&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">

<IMG SRC="g32778img003.jpg" ALT="LOGO"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Printed&nbsp;Name:&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Sheila Glesmann</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Printed&nbsp;Name:&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Richard Schlager</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Authorization of Compensation Plan for Sheila Glesmann </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the officers of the Corporation have negotiated a proposed <B>subcontract agreement</B> (including a proposed compensation agreement) between
the Corporation and Sheila Glesmann (the &#147;Glesmann Agreement&#148;), pursuant to which Ms.&nbsp;Glesmann has agreed to serve as the Project Manager for the Corporation&#146;s Crowfoot project in return for the compensation stated therein;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Glesmann Agreement provides that Ms.&nbsp;Glesmann will receive compensation consisting of a monthly cash payment and an
incentive-based component consisting of cash and shares of the Corporation&#146;s Common Stock, all in accordance with the following formula: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A monthly
retainer of $16,000 commencing as of October 2006 to be paid through the end of Phase I of the Crowfoot Project (expected to be near the end of January 2007) plus an incentive payment based on success of $40,000, one half of which shall be paid in
stock of the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Whereas, the Board of Directors has determined that it is in the best interests of the Corporation and its
shareholders to authorize the entry of the Glesmann Agreement, including as a part thereof the issuance of up to $20,000 worth of shares of the Corporation&#146;s Common Stock, the exact number of shares to be determined based on the market value of
the shares as of the close of business on November&nbsp;1, 2006; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW THEREFORE, IT IS HEREBY: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">RESOLVED, that the terms of Glesmann Agreement are hereby ratified, affirmed and approved, including the incentive based component thereof which will
require the issuance to Ms.&nbsp;Glesmann of up to $20,000 worth of the Corporation&#146;s Common Stock, such shares to be valued at a price equal to the closing bid price of the Corporation&#146;s common stock on the NASDAQ Capital Market on
November&nbsp;1, 2006, which is hereby determined to be equal to the fair market value of the Common Stock as of the date of issuance, and adequate consideration for the shares; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FURTHER RESOLVED, that there are hereby reserved a total number of shares of Common Stock equal to $20,000 worth of shares (as valued under the foregoing
formula) to honor the obligations of the Corporation under the Glesmann Agreement, and that when such shares are issued, they shall be deemed fully paid and non-assessable shares of the Corporation&#146;s Common Stock; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FURTHER RESOLVED, that the appropriate officers of the Corporation are hereby authorized and directed to execute and deliver the Glesmann Agreement, and
to perform the obligations of the Corporation thereunder, including the issuance of the shares of the Corporation&#146;s Common Stock in accordance with the foregoing resolutions; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FURTHER RESOLVED, that the officers of the Corporation are hereby authorized to include the shares of Common Stock issuable pursuant to the Glesmann
Agreement in a registration statement on Form S-8 to be filed with the United States Securities and Exchange Commission as soon as practicable after the entry of the Glesmann Agreement, and that until such shares are so registered, no such shares
shall be issued by the Corporation; </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FURTHER RESOLVED, that the officers of the Corporation are hereby authorized and directed to comply with
any relevant securities laws relating to the issuance of the shares authorized herein. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>General Authority </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">RESOLVED, that any and all actions heretofore or hereafter taken by the officers of the Corporation within the terms of any of the foregoing resolutions
are hereby ratified and affirmed as the act and deed of the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FURTHER RESOLVED, that the officers of the Corporation be, and
each of them hereby is, authorized and directed to execute and deliver any and all documents and to take such other action as any officer deems necessary, advisable or appropriate to carry out the purposes and intent, but within the limitations, of
the foregoing resolutions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>[End of Resolutions] </B></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g32778img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g32778img002.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`-0##`P$1``(1`0,1`?_$`)\``0`"`@,!````````
M```````'"04(`08*!`$!``,!`0````````````````(#!`$%$```!@(!`@4"
M`P4'!0`````!`@,$!08'"``1$B$3%!4),18B(Q=!47&!&&&AP4(S-"7PT20F
M"A$``0,"!`4!!0<$`P$``````1$"`P`A,4$2!%%A<2(3,O"!D:%"L<'18G(S
M%.%2@B.28R0%_]H`#`,!``(1`Q$`/P#W\<4IQ2M<-G-D:]K%3Z3;['!2=B1O
M&9,5X:C8Z)<LVKM.6RC:6M<;R@F>B":S:$055>+)%_,530$I1*(]P5OD:QS0
MY>YP`0+<^UZFR-TC7N:G8W4>B@6YJ1[JV.Z^`]?V?7PY.Z5"M9J5M'2+WLUF
M75R%C)]2XX0IM`MULL'ID%*H<U^(Y<-(!N^16460G(]D#==1)8A?,37'R^OE
M*=(->'Z@U2YA`-K7!(O[BHJQ\3HV,>XM1X)&*V*8)RX\*V:Y95=.*4XI3BE.
M*4XI3BE.*4XI3BE.*4XI3BE.*4XI3BE.*4XI3BE.*4XI3BE4_;ENQV#WZT:U
M'CN]Y7L83<EN9F<J:)7#1M'4!%[#8HC9$Q04\@LO;%G(&(<"]P'2,4>O3IG/
M?NV`6$8+R1D<&CXF_$+5]X]H7_5(X-&5A<H?G[L:M:NEO@,?5"TWJU/DXRLT
MVO3-IL,BJ/X&,+`QSB4DW1@^IO):-3B!0\3#T`/$>7.(:TN/I`4U5&PR2"-N
M+BE5?_$G5YJSXNS%N+=8U2/O&[.9;-EY-NNHJHXB\8QCMU7<6P)BK`!DDH^(
M;N%$NGX3H+IB'AV@%.V!;$I`!D<7E%^KTJN:7X7)SJ[=O$FXL26L:&##!MOP
M!YBK9^:*STXI3BE.*4XI3BE.*4XI3BE.*4XI3BE.*4XI3BE.*4XI3BE.*4XI
M3BE8J<FHNN0\K8)Q\WC(6"C'\S,23M0$FL=%1;55](/W"@@($;M&B!U#C^PI
M1'G"0!?"NM:Y[Q&Q2]Q0"JM/C0AW67G^PV_5G9.T9C:[(;AMC)*4;@F_@-><
M:++5;&\:CU_&BG-@R4?N"%'L45[5`\1'E<<;HVEQQD(=@+`!&K9<+]".=6[@
MCR^-H[8QI!R.;B.1/S&`S^?Y1+#/94;X-T'Q\]6;V[;J\H-K^\8F`757U]H;
MAM/Y*GENTP'0)(`BBU3$?PKIE<)AU'D96"8B`^EP4]&H3^'5*MVSQMVNW9-Q
MVM"7)=:QZ6)R!6K1*=4H&A52MTFJQZ,36:C`Q%9KT6W*!4(^&@V*$;&M$P``
M$00:-R%ZCXB(=?J(\OQ*YUC%=DXKM.*4XI3BE8&SV>`IE?F[9:IB.KU9K<4_
MG+!.RSE-G&P\1&-E'C^1?.EA*D@U:MDC'.81\`#G'$-:22@%=:USW!C02XU3
M]H-\DUWV\VSSOCZ2IPUG![VB-LF:ORDG#KQ$[:Z35;>?'%MGCN5>I)]G/V$?
M5$%/PCS)';]3B!A"J*;R.>W2@LYI_N:;$IP#A8YC&ISP^%X`>'8M(%^X(204
MX%"#P")>KG^7573BE.*4XI3BE!^G.%4MC2H7Q-L+AW.,IDV#Q;>8NX2V&[N\
MQSDMG'(2"1JO<H_S/50[A1ZS;(O!+Y1^U9L99`XD,`'Z@(<@R1CP2QS7`%"A
MP(Q!J3V/C.B0(]`?<</;'C4T<LJ-.*4XI3BE!'H'4>*5C4IF(<2+N'0E8Y>6
M8))+/HM%ZV5D62*X$,BL[8D5,Z;)*E4*)3'*`&`P=/KQ3`+E^%9'J'[P^G7^
M7[^<44KGG:55!\K&66Z6.L<:G1=SB:-8]O;?]B62WRLTQ@65%P=`@WF,R6UY
M*2"R#-B1:!`D6B*P@FJ9^</\H\K?'YCX2H80238(UMSB1[N=:(%C!G`)+2`T
M9ESK#+`9G)0:Z.M\N7Q^8,B*Y@_"4M><Z/*-68VL5NH:_P".YBZ)"RK[`K!F
MV1F"MHB!=#Y+0#K+ME5DPZBH/@(CR/\`)A>\C7J=P8"XH.@R"8FPH[:SL"R(
MO,A2OWG@E:+:_?(SA9SD_:#Y/]G:]?<?5)?[7UXU&KLA#-I.P66F0Y7\C?(G
M'K`C\K68L[:>;D=3[E%8D?'%?`B9R83E(-4>[8V-\TI,<3G`-)![FC-HS&I5
M3,`=)/:Z1PVL`4QL4\-1R+L%*V&(;<I7H/?YWK@:\N-CZQ"6F\5(^)OU@@:_
M68D[RY6>!7JY;5&Q41!]_>K89%DH5(C<3?A7'M$?#KS4\^-2]41;!20<$&)4
M7`QK-$DI`)#<5)L`F*^\)67P9E^$SWB>DY>KD#<*Q"WB)&4:5Z_UUY4KE#'1
M>NXUY'3]>?AZF/>M7K%0OU,FJ0"J)F,F<IAX'`GM73DH+3[VN`(]]0:=04X]
M0?F+&I:'PYU:E6)3GH1297KA)B+/8&T<A,.((L@T-,H1#IPLS;2JT6"OKDHQ
MR\;J))KF3!(ZB9B@;N*(`4*F=+Y^R8_=66'Z<'"E4B;/3EC^1_8N1T3QE+R4
M1K'A:2B9O=?)D(H=,MKGFKDKN$UZKCY+HFJZ,Z:^9+&`P^0JD(F*(M>Q:ASA
M([Q!0`1J(^(:#Q/U<!CC6II_C1^1J&=XL"%#1QZ\!SZUWS6ZMP5F^3;9.>HT
M:RA<7:DZWX>U(J$1$M_30T=-SC]QDRR1,<D0B:2:=?:%;-U"`!Q\P_<)NH]!
MY$-4TLWZ6"UK=Q`Z*+<QAG&<-9#%$4\B.>?\L%XE`O&K:V,U#R3N4CX^5C'[
M^"<HLIMDR?M73N'>.&J3UNTE&R"IUHYRNR<)K$36*0QDCE.`=H@(Z!6>LGUX
M44IU#]_]O"BE8N8G(>OQZTM.RT9"Q38[9-S)R[YK&Q[=1XZ19-"+OGJJ#5([
MIXX313`Q@$ZJA2%ZF,`"44K)@8H@`@("`_00\0$!^@AT^H"'.K0$'"L;(341
M%*QR$G+1D:M+O21L4C(/FS-63D5"&.FPCDW"J9WKTY"&,"20&4$`$0#PYRQK
MA3.M%]\-J<9Z`ZYW_+"$=5XV\619^SQU5&3"/CG5_P`K3:*GI'KYJR2;K22$
M<<1?RKI3N,#5$P"?O43`U$TK8&&0X`$@9DY`=:OAC\S^X]@Q)ZI6)^+++:>8
M=*L4620S2OG>[LFCR/R?='0OU%X_(+QR:R3E+4=/XV..]"E)SZ,<50@+)]J`
M%*J<"^$MN\/B!#@\\1@N:=,%J,K=$C@@:%P'MGBF2I5B/4/K^[EJU76N,ILK
M5(S::JZHC#S#NYVC#EAS-[VT].>%A8."LK&M(L)4HF!RDZF'#A8Z"A0,0!0[
M3``G*/(>1FOQJ=:+A9,[\:F8GB(3%-!*<[!<*E)KD^@/LCS&(F=MAG&2X"J1
M%XF*41S_`,]'U*=D7T3%6!9H)0[HYW)1JR('*)A*<H=P%`Y!--0J9U$M<&AY
M])5#Q2H`WBV%EM;->K/=J@R:R^4+)*5S%^&8%WVF0F\MY)EVU8I;9=(2F\YE
M'OGHOW1>@@+5HIU\/'E<C]&1+B0`,R3@![959#'Y']R^-H5ULA^.'4U37ES3
M:)T76U&S55,L7>X;\9%V:QO6[E8WMBDY`,ZM+Y+'1R_6E*D=\DW+2X*$D#&*
MX,43)D12\TQ3JI@GFTF"1LI[YBZXNA!50F2"Z@9`Y5N8YFY;('C1"V.Q%RTA
M+C%24N,Z])O3P^G[>GU_R]W_`&YM45YBFBARID,8YBE*4HF,8X@4A"E#J8YC
M&Z`4I0#J(_L#G38+08VKS_5C47$?RW9IS9M!GPEHG<&4R^1^&-8H6`LSRNM9
MJH8J?.POEE?'8$\Q]6\@W!VN8G:8BIVP="J)F3*;E,FWBW$;7S--RK;D=HM<
M?F<.O;P-:9GOB(VT9(TM[C:[C<V*X!`N!M:MG=])#"WQX:#Y=DL(8_H>(Y.P
M0Z6*,?A4J['PSDMNR3W5PDJ=^T1))OY"%A5'<D*JRQU3@Q#J?KX\KE='MH=#
M49&>VP`%_A\\Z;5I?/Y#?1W>\>G'BX@=*\OF1I6H8]TZJF6LPQT58<G9>QH\
MP/HQB>5116B\*:XQZ[N*R/LM)UU05FQ[SDN8.[]I>N"^8+YR9VD*@(%\C/N7
M^4>:0%2QK8P<&1M:@*&RN:KL,[8UIV[5D1JNCCD)<0J/D52GY6$I?$A"+"K-
M_CA^<&,BZOB?`&>JU&L8REU7)H3N2H4$X.(QYB+#U`CG6.6"L((.U[;8Y4(1
MVR<'2.@HHHLS\M-994X!?#NH9&K*=+]#B<4`:A:I-R7-M;,#B@SR;-["!&0=
M3PT"ZWQ).`0XKSY+<O\`&5N7;MZ<'W[.-EK</4HHN=<A4R@0D9ZDT@UH5?;5
M]Q`$LRRZZZ3VRD)*G*Z70!)%0P?A3*``)K=O-'N(1,P(22,5L"4/5,1EQJJ=
MGCE+&WC0(>HO\\*KH^1SY.MZ=(-G'T.RPM0)#6ETU@GE%MUIJ]N.QMX>P,SV
M:+<Y"K\TJQ@)YK83K))(+,0.F04C"0Z9N\<LF\EAF(DC'B(*%2%]X!0K])%^
MBFKV[:*6-OC?_M(N.!5,"BA$5"M<_%'MK0=Y][-M=E7;MQ4\@2N(\:4#&^'7
M3IY+/*WB"J.(]Q;YMY,H1R,(L9]D)^B**95"+B"JIO)*`B;EFWDAFEEDB/>"
MT(EPT`$$W()+G<;)D#>K<ZF"*!Z%K6DB_P!1)U)F@`SQ4>ZP7Y%=K[?B&LT_
M7S7Q`L[MULRX<U#$40BJEVT6#,'D6W,UD.8#%C:[1HX55DUUNU+U"8J"(IMU
M@"V20VCBO,X%.28D\AC2*-H8=S-^RPCJYQP:.9)^S*]:'TOY!-#OC,PJGK[A
M^:M^U^1Z8UF[CEZ9Q%&_<2$]?7*GG7R_7[(CE4M<9H+R:8)B=%>0%FU(DF<3
M&*(FC&Z&%IB:XD-4D`*5.+G8`*>8Y7J;HIY9/),0'O-AGT:$R'3`FNDZL[<7
M/671^T94M.&;I_6%NML?>;7A;&T^1FM(YMMV6DX64HMN@6[-RK*$Q?5*W),R
MNU79$#D,W,D`D!=(P2C<YD#&EJ2N<Y&\22H=B4!:A)*(EQ:NN#=Q+),2FUB:
M`7(<!](M=Q*@);#&NR_'.LYTQR3\G&0=J<X1TRG39+!4_G&^OQ<-(A3,5EHL
MY>[?"P"+DPK3;B(&T-(A@""95'HE2301*3RR!3!JB;*^9W;Y`A2RZ0J9V)`'
MW8#NX:9WQ!@21T:Z5](5&@Y*@))PYU]VBNY^?=J/D2R_DR^EG<2ZQ16IH7C'
M>/+-)%CHAKC60OR2=,RM9V2RQ6C:PVE*%F'JCM4""E'D*FF<S8I%%)Q2/?(]
M1IA#&D+^94)(P)`<0.%0F8QL8;&-1U$:N)`"IQ"E!S6J\<X_*1F++.3,YYT@
M]BL^:QX.JT6_CM+8NEXMDK-C;.5JI$N[9OE\@3"L<,`LUL[QKW.".%U`:MW:
M9`Z"W4(M0S>2.U/#M$8NQ6%P?B#?3R3$`&^(-7B&`O$"->\6<AN%O\ERR'.H
M`V'W#WQ^7V4Q;A^A8LFZSBB1GFE2+6J>256I]TRE"P\1+VJT9)MYF[:-0AZ>
MSD2R:;!42-(MFH54_GK]B@4[B5V]+6;:,B`NQ-^I)0!&KZ3?#-`(Q,CV["9W
M`S`7`Q0J``#_`'$8\%-A>K<,*?(K:<3FRI*N)TUGT-T*Q)7]<0O;QDC*7C:G
M:..)!5R-&ASRRJBZP/)./<(HIIG5138+$<N!,*Q/*UQ[AJ.+N[;-1H=BXNLJ
M#I8A<4J!VUVQHULA&IP![6MO:PR-E3+`57QF2O;/[?[D8*I^1[_8*CN;;E&>
M9("DPKP/TJT#Q%#,%KG37<_&&0(O.9+FTTF3^1\Q1(\>@LW*N9RX<IH-Z2R>
M7=:M09.T:FA00S2/J"(XN.(*A;85:'1&!0U=N5;S>I(!&8!"IG9;(M5:Y5E+
M.\SL^R]?[59MR<957+%DJT%<\M2MG;57-4S0FZ<M<CL699YS,(X]!\J199-@
MY13-'*-TCF1,X["YG^1\H,K72Q`NSTAR8FV#1F@088X7%C(E8TZ)0`O:J%Q^
M9L46^:&O3,_^5^&QYJ/B^I:X80I[#927P67)=LQ5C^+;,\-ZP5<D8XD'UUOC
MA`K)A%M#1Y4WS*,<JD7.+E(':H"=,''I/DAV[2UK"',8#H4=@0'N<@"#H"XV
M`!PR1;52LSQ=VD(+O(*(`3A:Y)0<4O5@OQ=9`S+;=#\9Y7V8MDI-VVT-[O?%
M[/:130E`H#VQS4G6GTH*;=LF@W)7B%60`"%*FQ,D`!T`.3B?))"Q[[$M7!+9
M6XD)SXWJB4-\SHX\BEN(L4]ZU$GQO,W^Q63]C/D6M+5^@GFVQKXEUZ8R"8H>
MS:YXS?\`H8V0:("``52[69HJ[7.'@91`3!U*?E4(UDSE>ZP'('GQ.'*K=R6L
M#=JT^C%./WU]6HRKK/7R#;L[4L6Y4,?X\CZSIGC]\F*O_L\ICN1-9LFSA1`"
MI+MVEC>HM43?B+V%\.@@;K*%72/E4:20T?XW/S/Q!J6X`;%%"JO`U'EJ_I^.
M8K0[Y8LPYURA\B6DNI^L;.#G<CXJF&.?6\5.KD"N_?ADI5Y#O;FD(E33@JC3
M()P\5`P@H9.3_``G,GUIGF/\N*.,:I`24R])%\Q8F_%$O4XFM;M7.DL'&_%!
M:Q-BI^R]EJR;6+0>WU[*S?:C<7+"^Q&T#=DY951PD@>.QAAF.DDU2O8[&M:%
M%J@1Z=)PHD9Z9!#H0YA(D50QE37MA<9!-*5>`4`L`OV]354L[71B*)NEB7XG
MJ?;X6JSWM_M'Z=/K_?\`QY>@K-6AWR:YHF,#:0YZN]:%4MNE*RRQO3#MS&37
M0MF5YR,QS"/$%"=#D7CW5E!PF("`@=(/$/J%4[RR,IB4`ZDI;G6C:_NZS@P%
MW_$$_:*V"UJP[#Z_8$Q)AF$:H-6N/*%6ZXY*W*F4KJ79QR`STDH9,`!5Q*32
MB[A0X]3'.H)A$1$1Y<@':$TM"!,$%OZUGU%_>5!=?XWJGGYI]=MM-O[3K'@C
M7G'QINI0Z]_RM=+;872<7CEK9(M@QJ]7A;!+K$600E$8V;DEVB!R]RYE0,F!
MA3,),&]BEE<QL0!(4WPZ<S6[;RPPP.<XDO<\!&CN`%U4H$7)<6]*T_TM^#;/
M4AF>'S-OS8:O88[%L7`16.<;-K(:ZMK*K1XM"(H,=973=JE&1.,JJBQ042BD
M0.H\[>Q8A"&6!:$.UW#WB?=%OE"9EWI':I(`0<`,A4'[I@9X(&N:PDJ5XE7:
M;V).)*'@,Q+N`?\`Y[Z-!637O(.<KE'3\G3_`+JM6=\?0+5X\KN2+P\N"]@I
M\2PFG*S$6-!@8PZ+5ZU!F55_Z?IU3*L<"F[#O8]Y!#1W!+.<I*WR"X`#"^)J
M4N],D;F-;I5Q0K<-M@B7L2OYB+(*L6J^D^P>$<]6:?UAV+K6+]9<KY63S)E7
M"<]BN,MDM%6E\9H-WC<339W+..JT%D$D>D#@BJ!QCC',9L'X2EY=%'-%*YH<
MPP.?J0M*A<0""`A-U()%^M9IGB8!_<)0T-L;%,"A6Z6LBYY)T#YF\FY#C==*
MCK9AR"5GLM;DY!88/K*!60.4V<(Y1!_;7@+JIJ-8Y8[#RFYG*G^U;+KN"B44
M.XO=TY_B\;&ETCU:,?B>0`J_:M8-6YE]#$^+E`3FBIS3G6U^'\8XF^/S4*':
M.HVNQ$'@'"97V0;5!0S-@]L:U.KQIFW3*KD$$7TBXG9=NX73!P<QSJ*D`?'E
M[B(XP'H&-:!R0!/;G6>.)VXF$;!WN=GS_`?96KVB>N4WF)AD[=K:ZOI/<P[A
M51Q#0E-=*/$TL,ZP3L>HWJ6*H50BJ+J)DK!`.ROI=P@=-=15<O4Q%?-[J8V%
MQ=(\(Z0!1P:,&K:^9POE85-TW>!#:*,]IXI]7#'#D%P*"`=D-:<`8ZE=;/BX
MUDQM&X^BMF;83(FP4I!D?.+&XUSP_(,I^TM[+<7WKYA^>X3+-M&-2NUS-R%3
M.B4I04*`FB*+1LF+H341^G,IB7(&WQ'2K6O(:_=._</:W&Q=B@X`9+A456G%
MWR%X:RD'R(J:WT+.MGCXZ^8[J.L:T\LVL.KV!HQPQC\:+XN]C*]BWMFDXAF[
M5L2;-!TZ40=%(F!1\SRY![XYSN#&9-;2"&NTN:,1B""3<O`Y!ME4\P2M&WA<
M61M>$+FJ'8@DW!%TTGA<C!*E\\QFVE*M5%WYW5P*VM>"=B\USV3I355W9K;1
MJM"7JMU^.K&.762V3F+?K)>YUB&*I%HR"*YGK5HJFN"0.#)'\^621A#]RQYV
MA>7!FH=KB`%-L2C>%@BBM+(VRA[(7#SM:&$I<MOZ;X*2`5S6MCX[5SY*?D'Q
M]MKLO%)Q^O6+-DJK$3M8Q/$/>^Z9>J^)JT]A\2XG@W2:,2O"8S%N=4Y5'/I$
M)1TL54&JJ!B=#V;R>.1\;0UKR'(?4X`6"J@!QN!?*H^7:Q31QW<U@TDX-;<$
MD)<GG@+A<ZL"PK@#+N[Y<"XORAK58]7/CUU:A*\O'8-R,V;1-SV)R9784&$6
MM;H-BBV%I18J47</7`G(!9%PJ8YC*J+']/N>'3.\;8RS;-R<@+K(&H"0`.JD
MCA:LC7>)B%P.Y=ZB/2!^4D*IXY"U:HZR5;<G*>L<A\>FOF)KAK1"52P9GD-K
M<]VR(<UHT[)3]OM4C%8QP^D'M[EX6QQ:;*+</$E@438$`H*(-@`Z^>/6=DW;
M0-+4C(<YP0:B22([]RG/!HMBE:I'0P;Q\ITN>9.T-](;@"Y>`P`5>51_4\9;
M^'P3HMAK#7QZV>$K>L60G-MLPYE=QD3#7_8B193R3;(EFJRLE#/C8ZH%DF59
M%LZ<>:F[6;HIF[4R@0Y7QMV[6P/)8T%RH$<6HK;FP<=2V)"(,ZX7QCR^23O>
M4[`HT+87"*0!94'$Y99SJ7\L>/:AN/5H#$<5-9LS&O8+'F7<UE;XZ<OV8*"X
MBXQ%AAO!42HW9OJXFN0S@%D@;MSG33!NGZ;RFH\@!N1'(TQ_[W$JX&Q:OI8.
M*$^H@"ZK8B)=MS(QVIPC"(."7)-[WP0?)5CNX?%K\B>T=:UBJ2>#L;:UX3Q;
M43T&CTE[=V1IC'<:^7C7=PR5DR/(*D]9KI?YAF:0<$;I>?WE!$Z3?_4/R:+<
M3%C(XVLB8U!J<I'ZD"'%1I&*DW-6_P`B!H>"Y[R2"<@J?3F@PO\`95JET^).
M9HV(<):JZYOJZPPUD6[LW>_>4[`(M<RY2JM=<Q%FCV45(I+&\FO3,G&NH_V=
M`11:).D3?B`KE12[^,]L8@:1XW%7N^HF_-$-AQ&6=4,W22&=RZV@AK1Z0OSM
MUN%M@EQ.3,3QUYP?><)0KP])AK7C*>QG$.H1`"!58R5K;BML%(YHFHB`H1#1
M0@$1*<G5,G8`EZ]>:I6N?$YH*$@A>%4PR^*=LR*6N7VX<JJ4H^H7RR5+'E-P
M%7]N=<<6XAHU;BZ3"VO'&+9);)!:Q"-2,6!V[:7ATHUI,.&J13.%4W2:OG&,
M<%3&$3#Q\F\<P-C;MVO#44!Y5.()("H/2`G"G_F\KI#Y7`W`):&@E<$`=\7$
M<JC?"'Q3[X8\JTQB-_\`(S-8_P`+OK7;["YCL05("WZP+VQ^M)3$S(7::2C9
MR)FI]Z[54=`+N0*D?H)3G#P#+#%_]!D0@\D8C&8:KD-[&R&YZ6/*KIIX)'>3
MQJY!B2BX8!`F"5.F@/Q<*:F;.9^SE=+/(Y*6DF4!3<%6^Z6%6X9`2J;B%9*W
MF?M$H\9M3Q\_-S#<K,B27>4C!'M[Q`PASNUV7\>1TCB7NR)N4S'3-/PIN9XY
M8F1QC2@4\%Y?,^^KG>>A6.G%*U_V4_I]_39#^IG[8_3+[\QIY/W>#KV?[]^_
M(#]-/]D/G^M^^O0^1U_)[_\`5_*[^5R^/2WR?WM3CJ4:4YJB5;'Y$=XU30Y?
MTIW?*I_#_'Q_CR83*JJ>'C_?SO6E<\4IQ2G%*Q$A[)ZV(]R]K]R]2O[#Z[T?
MKO6>C<>J]G]1^?ZKV_S?,\C\?D]W7\/7@8UP^F^%8'(OV%]B6[]4OMO]./MV
M5^^/O'V_[4^UO1J>]_</N?\`QWM'H>_S_._+[.O7PY%Z?4FE1BB?.K(_)J'C
M76MDQKL\;Z#T#/VOR/;?2MO;_2>7Z3T/DD])Z3RORO2^G[?+[?P]G3IX=.2*
MJ=2ZEOUJIFC2-":$LF"9)RX):HN<?HS^N;+SAJ']0?Z52'M_>#3[^_1[[LC_
M`'+TO>(//M+[R]-YG3\OU?;U\>5GQ^3_`+--^BY\E^=6'7XPO[6KEBE^>%2]
M^_Z_]?NY*W.N5'N3_P!+/LV4_6;["_3[JW][_4[[=^S>OGD])[G]U?\`"=WJ
M>WRO-\>_IV^/.'0AU^G-</?E76:OH5?;Y5W&)]M]N9>S>D]G]&T]J]N]/[9[
M;Y"?H?;?2?\`C>W^E[?)\O\`+\OIV_AZ<F<+U'*V%9'P\>O\_P"'.9<J4'I^
FW_'BU<M0/Y_SZ_X^/%2-<\[7*<Y2G.TIQ2G%*<4IQ2G%*<4K_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g32778img003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g32778img003.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`(@"M`P$1``(1`0,1`?_$`'0``0`"`@,!`0``````
M```````'"`()`0,&!0H!`0`````````````````````0```&`@(!`08$`PD`
M``````(#!`4&!P$(``D1$B$Q,A,4%;%R%A>1(QCP05%AP2)"&0H1`0``````
M``````````````#_V@`,`P$``A$#$0`_`/U_[%;_`-54)8R>B8W7UX[,[(K(
MNAF@=?\`66N3["FC#$WA<J:F&4V5)G-PC-64[&7YS1'%(EDJ?V@*W"<X28)^
M"1^`A1_[&[@J;$:E^S'79L;0=)RJ<5779%G*+1U>M1ZC$HMV2-<'BQ$RJ:J+
MCE$^RF,G+^WMXL1XB1J\!4Y/$G`449D(;5<X\9SC/OQGQ_#@<<!P'`<#C(@A
MP(0A!``(<B&,6<!"`(<9R(0A9\8"$(<><YS[,8X$':Y;'T]ME5+;=]"2L$ZJ
MQ\DU@Q:/3),A6HFJ2*JSGTDK:2.D?,6DD"=8X=)HHLP@7E8RG7I@@/)$(L81
M9"<N!5#<;=?7S0ZK6:X=DI')8W"I'8$9JV/FQ.OYQ9+T\3V8@<!QN/(X_`F%
M_=L*';[6>$HPPHLD1H0E8'DTPL`@CVL^Q[6NR+4@=)+DU[TY:=KEO1E3138S
M6B^:!_=/,;95$C?TE?2"T(!'8I)WAI8$ARTYO3KQ.'TI1AP21%@&((7QX#@.
M`X#@.`X#@.!ECX!?F#^`^!I][&9@RZ.VM1W9@W-[RH0-[M'=1-I(=#6$Y_E=
MT4S;S^I24B4QM)2L@M?8=0;$.[>:Q#R'`Q-$F?4?K#A4#(`E&G=9K>OJT87M
MMO>%,BE,(<@RS6;3J//A+Y5.JJY:UF(DD[GCJB))27/MDG9W16A5R#(S8[&2
MU:A''B<^L]U7!8B,[#KXO66Q%M[1)JMI&OJ+LFWT09LQ6LCL&+.%(UV86H:+
M)ERM,S-2J"3)2CR>F=XL:6J6-KBD$4`T_P"<5Y"#[;["H,R=?6R&\U<QZPFM
MBJ:IY]+((DO*G[*IM7,9.W0Y,ZUV>3#;*9H5+ED*E\D?6U(4NP2G*/\`6:$!
M@1%BS@+3/5[UY63KK]75SSR)Q"X]A5IL0KF%Y4&B73ZP([!E<WG+;%$*8*PP
M;:P-+4J/.5&B`D(#D@H9WSE"<!H11>_83I1K):M7T9>NR59U_<ERR9AB-=U@
MM=%#M.'EYE"PAOCF5\<CJ-X<XNS/3@I+(3.;J6B;33AX!@_U>S@7""H3C4'I
M`*"!JDH"#%*8!Q8U"8M3\WZ8:@@(LFD@4?('\O(L8P/T"\>?&>!0+L^NYKI[
M0O=5Q:I.G1VDDU6M/]OXTSG#<IVX3*>LB^L*IPPQ5J^HDBTZ2VO)6QG0&DIQ
M`,<E)96!>OV<#GJD8J5C76OI$QZ\N#4[5(W:Y5J2P.C0H+4E.#T-A3G3U6YF
M%ED9+E!]@F.HG@HPLD\AV^H+-++,`,`0V!^,^//C/C_'Q[/X\#R4Z@4&M"(O
MT`LJ&Q>P(+*$(VR20Z:,+7)HP_-Y@@C$C=V-Y2K&U>G^8`(L!,+%@(@X%CQG
M&,\#6;GKEE^NK\@FO7[=:^K6:-'KWQCT_O8M5<>I(WM2VJVX\JMUC\%VN758
MU[1."I*:HA+L)D2EJA9RP*B_6G-";Z=W_J:7TQ<-G7VFQJ+*]8%BMFVQK"ZY
M$RHE]$NJ5/\`5H'A1)R!D,TWJ^?-^0K(?*6T(F^4)1X"E#A:6I1D!X6Z^QRK
MVCK2M;L*I1>>Y19)6$S=:4%:D-E]98F%D_?'"N*N9W2(SY!#Y:0TS2T1($Z3
M`R4YCDB5%FIA"`<6/(698-H*6Q>##J%(K@KUPV\Q3Y%N2FH(R>L,>4<6;S&-
MH?I8<VX^XAC+(J?7LK+>F<58%JE*;@PH)Q99AF`@:NK@=GS?/>@+_::=KH_6
M6AM68<YQ5V>B&J'PFQ9"CN>[;-L.0GN)Q3:U*#ZQDL1+.6F&E%EH4?\`,\8!
MZN!]W33LQT<[!5]FM6H%_1^Y7.GUZ5%8"%K9)<Q*&<EQ<7AK9WE+B51]C+?(
MZ^*F%5E&O0B4ICRP8%@?@8/4%O$5AU^Y3=[K-NG<,<+)C+0W2&25XAE#&KG,
M>8'@6`-#Z^1).N,?FAG=!Y]*92H3EDGB]@!9SP.]UG4(8I/%(2^3**,TTGF'
ML4&B#K(FANE,S#&4(722"B<?5K"7:1!C[8+"A=E(2=A(1G`S?2'/G@>IX#@9
M8^`7Y@_@/@:W>T;42[]U]>H'3]"W9FA92R[.ZX6W()MA,A7"Q":GLQHFCT!$
MW.+%($3K(6!4V)7QF1J"BT:UY:4I"LT"4P[/`C59IQVCO#<-K<NY)T90`,&F
M)=X#H)K4RR-6UY"/`#WA;+'.=LPY-D>09&J0-[<AS@(L!1`R+&0!]&+=6S`+
M4;<?3*V;LF-F5WM9=MNW"GGJ9@CL0MN(K+=?X_8S@H?'EL3G1*9RQDMMO5.Q
M"W[,@0')#"41B'))6<"#S=L]6$MVGJ2;5ANWNQ<6T2-VA$JCT$8SZ^J.F:JA
M4X>(PO8XQ<SU7%5QAL-LNR(`ZJPNS1]]=%;$@<RP*DK60I*3G$AY9AZG)I8B
M)?=^V&U,BFW8=^LXE+ZPVXI^#QN&-^KC;7Z9W:HM6NN=43XFQH>S5V_-$C=P
MS)*Z$+39H>\GC<!"^F;L(@UCU%_YR]M:^N:3[727L>B<\VM:]I<[-UW8<LUK
M)D+1-Y,66X1A/_42+]>L<TD;*TUZYJ4L=C<;=6%CBJI<J$1A4687@H-EL1ZF
MKPK22K[SJCLKV`@6W5O,Q2#<&\EU<5;9\3V/6M:XY=!CV^C+-0R&OZ5;J?1K
MU;/$TL:"G"A8E(R%>5R@PU48$>Q_I8EK7OW&-HY3ME-K=JL`:0L.SVJWR%LP
MOJS;MU\?+#E==-)$[`L;8'6>N26RILCFQD*C#"UM1<D8&\*=,2006(`6UF74
MUKLOF\JGU*V;M?IR[3]X=)+8+'IYL?.*4KJ:RMZ6_<7B8.]4IA/=9HI<\+<Y
M-6N3<TH5BTT8AJ##1B$+(31K[HO`->["46JCNK;RX9\KA68$I==A-I[>MMC&
MQC<$SF,XFO7J0$UFA>\JD@,A7)V8E24$1F"Q@P<=ZPNMP-?<BU"V1;K&LN>4
MQV+;!P5FLN1K):.I;-@5+7_6$#=UR8A,<@K/$NA[-8\1AQ6$P3"&0N1F-Z<X
M9@BP!P/TX"IE[]4-IV4RJ[._JE+NW;@=C:MS19*]E:NB!&OLOAFJE@3FQH12
MC[2E'ML`1)(6JDUCNB_+FL-?GU,NPG,`HS@D&`A[*<]=5X[JP*R6GLFNJL)N
MZ.D4F<=H*NM<Z[D$4I?7*7R:+O,8;M@R";$DTCF=LW[%R7<0V5P=%*)J809.
MPA0@4J#%G`[6#J=_;*+02<4ELW-(7O3'9A/K#L?=F9U_%+1D.Q,JM]JC;1;+
M/==9/*QM95U8/Z.$L!3)'V-Q9,1$B.MI34I)+*4!5!6FUNA^26:S6J('81=S
M!*]G%4)F^Y1&:QKE_J3::WJXDB][ASS-JR=3<NL<IU(Q..(TM@3/($K:[QIN
M;4:U2?E*,Q0$NLO4;<,5D$:N2$=C5P5ILQ'O1'@3"K*$U[@.O(JI!'UC$35!
M>I#-%P5VZLS2-06J:W9_7/TA:S4X`IUP2L9+X&M1TZJKHZ?HK=79G'.P&Y]C
M;ZB\A@DALQN?J9J*.-5W5E)-B(L[VS"+*?C6B>61A#)V20JE:QS0/3>),L;D
M*H[UI6U,G*"T]SZ`=K4M[5!=B,*=NO)Z:H/73I2^ND+MF2[&.(Z>BHE\L0%6
MBM;XS"$(GZRI/%9X\`=6M`ZM3,:%64G,,/-0I7#`6V=-!.P?"D5KQ+M_N=@V
M*?6LE'-FQ\H*G)IILL)0_*/:F&!ZQN9"-[KAN;S_`)Q1CLFEZF2N))^<KER@
M0"L%AZINJCNH3)2D*[=/KZ<A&!2$*'P>C-S)G-(607D*E<0WIMP"VI>O6C\9
MR`04Y!8O.0A]/^S@=N-.>QK&N1D(_P"UZ29V;%LL3<F-A,ZITY^BP50!&?'Q
M:YAHK"O#9F!&LX\.0E(GG+MA\!@05>$V1%9#:QP'`<!P'`<!P'`<!P'`<!P'
M`<!P'`U_=KE7OUS]9V^5:11`H=I5)]5+J!%VE)\\2IUDC5!W9]8FQ,4F3JE"
MD]P=6LHD)(`9$<(?R\>/5YP%BM7+=;+^UKH&[F=*Y-[=:].5S/B&UY;5#.\-
M0Y-$VIT5-+LU*@`/;G-J5J#$Z@D6/Y9I0L8SG&,9R$[\!P,L?`+\P?P'P,>`
MX#@.`X#@.`X#@.`X#@.`X#@.`X'./?CW^_'N]_O_`+O\^!D/X\_%[_\`E[_[
1?Z<##@.!ECX!?F#^`^!__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g32778img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g32778img01.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`=0!M`P$1``(1`0,1`?_$`-0```(!!`,!`0``````
M``````D*"`$&!PL``@0#!0$``@(#`0$`````````````!08$!P$"`P`($```
M!@$"!`(&!00*#@L````!`@,$!08'$0@`$A,)(10Q(A46%PI!43(C&&'14AEQ
ML<%"DB76>#D:D7(S4R0TM9:V=[<X63KP@>%UA39&)U>76A$``0($!`(%!P@&
M"0,%`````0(#`!$$!2$Q$@9!$U%A<8$4D:&QP2(R%?#1X4)R-18'\5)B(W,V
MPC-#8X,D-"5&LE1T@J+21";_V@`,`P$``A$#$0`_`'U9N;AJS#R=AL4K'04#
M",74I,S4N];1T5$QC%$[A[(2+]XJBU9LVC=,QU%%#%*4H"(CQXMU+DD4B=3R
MB``(\2D(*U$`#IA<+=5\QAB.C61_0-I&+)+<-8O.DB&=YF7KZMX_D)0Y_+MD
MJK$1S-Y<+JDX64`J1B$CRKC_`'(RA>4POUOV*^_3"LNZTL4H$U?K2[Q+Y9PN
MU6X&D!;-&A2ZL8)RD3Y9Q^/2LJ?,9[@XY*V5?'F"=N]9D2`\C6=]K==@)91H
MH',DF:&M3F[V=$IRCS%,Z:-C&)H/IXW>H]@T$TEU]Q8_4$QY9@=O&.%/4[HJ
M4Z@VTD2^M,'T1ZK&U^9;HT>I,-[-M\R@#7JKJP=:BL2&E54P`R@MT&K^L4OS
M0$*&A2IN`4,(@`:CQ'0O8JS(E\'KGZE&-BYN5.,D'R&(ELOF`-]^W2Z.,=[P
M-JU.<V**.E[6AE8VVX9NB;8QNF#IF#TUJ@7S18Q!%-9)`S=4?L*<H@/!QS8%
MLN;'B+34:VND'4/GB&C<E;0O<FN:!)X@?/\`-#(&Q+>C6]]V$$,X5/'-]QM#
M'L$E6/9EZ1BS>T).$30++/*S*Q;M=*?@&CM<6P.Q2:\SA)4G3U((\5Y=K6Y9
MJOP+BD+5+#3/+A.<I&&:WUZ+FV7FTJ2`<9R\TIX1-+@8#/&):5!0U#*!G]W+
M-N9-N>QO)>:,$6\U)R!1[%C=PE-%C8>8_B>8NL57I-FI'3C"2CUTW9)8H&`R
M0FT+J`AZ>&+:=#2U]]:I*P:F79B76(&W9]5)1KJD>\F4+R=O'NU=P;<OO>VV
MX9R=FV.EZ!<;R]1MD-&8UQO6E)J*C*K8)Q9@M)1%<9R"2"@Q0")4U2G$`'01
MX>]S;6V];;4\]2(<YPRU&8P[SG"U:KK75E9R:A0,E"4N@XXX0Z7]?[/_`$_;
MXJ%M)2B7U9F'H"2`D^]'.-HQ'.,%6E)/48\!J]GIA1SN[=SS?)M%WS7#%N$,
MP,JSCDV/\:V")K<G0:!:D6#Z8A%0EUVCRPP#Z11%Z_;F4,4ZIBZZ\G*'AQ:&
MU=M6F[[?#]4E7B@LS(PP!R^0A0O%UN-%6&FIBD``''L[(QVAW1-_H]K^4W6'
MS>4V5B[[X'%3:?'']`]EHXT/A"QRSVMIUL(3V)TW%Q(W='6%$5^HD4@"!-=9
M1V[8_P`4)M_+/@_"%4N.K4D3S]<:B\5_PHULT\WF!/F,^'3*,[?,F[K[=76&
M)-G]3EW43!7N&=94RP1DL*!I^%82ZD12:N\.F8%5(@TM'/'[E`?NUU4$.;4$
M].!7Y?6I567J](!=;("9\`<SY(Z[EJW&GDTS9DV1,]T81^6OV[8YO61,[;A[
M;$QT_<,/#2ZECMK(-D'1*W(7)I/2$S;V:*FI"2XL(LK)!P)!.@157D,`GU`A
M^8M<^P&:1"U%AP8B1`,N$^W'NCEMBDIJDJJP274'B./KAQX`ZFIN4P_0.I3#
MKIX_3X#XCQ5!#"\52"N&/&',E;?LI)\D<Y`_O0^G7[`CX_0/C]/'M;GZS<8T
MO?KP./N=;!*]OZVZ3E$8LJ]$YJKP$E\.9!FDE6@5V>3<)&=Q,M*,6+V3&IV!
MD"B+QN1-0.H*:P$ZB91`]MF_5-@K`^E8-,?>1.8(^>!UPMC-PIREP`.\#],2
MVV\87KVWC!^)\)51DFC"XRH==J"*J*8%!X[BX],DM**@"9!.XF98RSM4X^)E
M5S#H&H\0[G<#<KH]7N%(#CBE`3RF9@#J`PB324B:2F0RW+!(!\D9H$#?HF_@
MF_-P-;D$R4I,^T1(2WI$IB!8=ZUB+_MC;IT@34$S6NTV2$2ZDY21V2*@[$YS
M#IZA`(.H?3PU;.6EO<=*\HCEA1Z^$"+\RIVUO-H*=<@<QE"@G942*KW-=KPG
M(4P)S5[4+S``@50F-+=RG+K^^*!QT$/$->+-WPI*;.\DD:B01Y1"9M_VKD%C
MW21YA*-B5H;]$W\$WYN**2M!1[PS/&+,*3AB,HIH(:>J?Q'3[)OS<9FG]9/E
M$>"">(\L4']$?`?J'P'CFX05<D>^1&J""H2X&$2_F)4DT^X<F9-,I5'&!L9G
M6,0I0,J<)"UH@8XCX&,"*8%#7T``<7AL%0_#Y1]8+5Z80MQ&5V43D$>J/($&
MW#Y>(TH!?OU-^Q)4WW".G412/6R?><O4'_!5S#U->?7U==/#CAXI/XY#?#PI
M'G"O5*.8;/X:*^'/![I&)9_,O8!MK?*&#-S;",>/:-*TA7#UEDT$%%FM?M$+
M-RMBK:4@J0#$9HV&.G'14#G$`.LU,0/6$`X@_EA64[;510.+":M8FE)S(`QE
MPPXXQ-W2R[STU*4DL2D5<`3P@*>Q[?+E#9#<[M*4IW**4_*U->43(\+#2*<+
M8RL72#Q.(N-&G'320:5_(-)=/#NXMTX;+MA.(I+IF24$2N=XL=/<Z9M3P!JF
MUZ@D\>H](.1^>`E#<56U!+9(01C+/N@Q6VW,MPW+^6CX+OTY7Q1;7RJWE\?Y
MTH3*CS[9,5C^70+97%F3H\\[(B)"G,R>B"BGB5,A1`O";6(8H"H/69#B0/>2
M`1\_F@PP^W7_`+SQCJ%@X`DC'NX=,$[C^W!W(I=BWE(GO/92E(QVD59I(QM,
M9OF#I$WB55L\:V55LNF8/0)#"`\`5[@L3:M*[4V%=!&,%FZ*Z/8M5*5#J)E'
ML#MG]S(0U#O'Y>'T?^@D_0/B`_\`F+Z>-%;DV\CWK6T.Z-S;KN,Z@>>.WZL[
MN9_\8[+W^827\HN-#N?;B1,VQF1ZHQ\/NW_<#SQ3]6=W,_\`C'9?_P`PDOY1
M<93N;;JA--K:EV1[X?=O^X'GB,&]K8[O6P[LWW2W[-_<<R-N*Q_$89F0D<66
M"I)QD5,R"\[7`B'RSOVPZZ0P[I(%B@!#")_JX*6?<=B<NC#+%M#;I6!J`$A/
MHZ^GJCA5VZJ11NO53VKV>N6$+I=N!H]D-W^-HJ+R^QP#+3,+DR&@\TR+M@Q:
MXUFY3&]G9QEI!S*/(Y@5PR=K$!(JJZ0**&`H#J/#WN9!\"\ZEE+XU).B4U2P
MP`],H3;7XA50VAIQ+0(.),N.<,Q-]L.ZATB5PU^8,8N$%->19&7Q^=,_*(E-
MRG)D$2FT-Z=/1Q7PO%LY09591S4DS.@S,^Z&U%+6I65"M00>&K*/O^%G=?\`
M_H%;#_XK0?Y?\;MW6UI6-5DF.C0?FCSM-7*TCQK:1J'UL\#A%Q]OK)V>L/[W
MMQ^+=T&^`,_8+JF(JL[QOEF]W>E0U"L=SEWM5EI0M;#V^Y;^UH9@_=,U@!<Y
MM$%!T`!XX7IJDK;%3U-!1I9K"^H+2A!U@`&4\,HZ65=8S7/-U;Z5L#W3/.`E
M=_R\4K(&_1&P4*X5:[P1<&8[8C-5&?B;+$`_:R5J.NR-(P[MXS!T@"I!.F)^
M<H&#4/$.&O8Z5T]G*'P4+4LR!$B<>N`^X2'*]3J""WHS'9&6!_Y<,O@'^^"<
MOH#T>_I"?5^CX?L<"O\`GO\`@_T8Z_\`%S_%'H,.D9*Q?C[,E&LN,\I5.&O-
M"N,<K%62KV!J5Y&2C)7QY3IB)5$'**@`=%PD8BZ"A"G3.4Q0$*P8>>IW0\PH
MI=3D1#F^TT\T6WA-!X0J1OH^7B@*'7[[F7;%FF,J]&J$#/7.QX_S8M*+,:W`
M03)Q+RRL'D*&82#]5BQ8-SF*C(,EE2D+ZSDX\6/8]_OO.-T=T02[,!!2,SD)
M]L*=QVZ'$J<95I0!QA?"_;.=R./*A#Y"G\0V>:Q=8V02E;RM16:>1L6ST8<Q
MTR247>*>,S#>5,HD8ANN9!1,X"10I3@)0>FKQ;JAWEN+0E\*`*5$!0/1I,C/
MJEC"VJUUM,G4T%*0<B`2#V$8&+?PMNCW&;>I%&2P;F_)6-5FRG^)UBU2:4(H
M)!#F0?5EVL[KKU(2ARF37:*%T#00XGU-IH+@"'V&G@>F2?FC1NYW&@XJ'E$'
M6VO?,>;@Z*YCH+=)0*WFVL`*2;^X4MFWH>2&B9@,7KG8):4JQ*$*7Q(",<<X
ME'[SQUXK^Z?EW0OI*K8XH''WLO+##2;MY`_S*2KL^6,-:[6-W."=Y.-V^4,"
MW1O:((BQ&,]%.43QEIITR9`JYX&VP#DWG(J2(0X"4P@9NX(`G044)ZW%;5]F
MJ+.LHJD*P)`PF%2,II/'T].8AQIZIFL:2^R00M(,@02)XR(X$1)?77QX@(6E
MQ(6D2!X91W@;?=]\>VGO%T_^(G/^D4!P;V_]\TPX\Y/KB!=_NI[[)]4(9;*-
MLQ-X>YG&&W)6W!1$<DNYYH>U>PPL9HKV+6Y2P\Y889*)!X*_LKI>+A,"=3GU
M'ETXO*_7(6NA=K4IU+3*0Z>&<5O;*9FJJ6FG"H*((!$Y9PQA_5=*UZ`W@R&@
M:^`X1C1`!$1$=-;Z(>(CP@TWYDU#:2HTB%3Z"`>^8AJ<VHD+UAY0!BG]5TK8
M>C>"_P#_`*0B_P"7?$H?FB^@Z_!##]I/S1J-II6M,WU2!G\LHAGCKLF8NR+O
M0SOLGC]Q-ZC;?@&BU2^3UX=XDJJE5L#&WM:TZ:1L3'-[X,RU?,RV=,%C+:)&
M%,W*(\P<2WM\UK-D8NGA4\M;JQ(D&9D0<)<.F!]-MV=S=82^J4IGU=G?`YNX
MMLD3V![A2X&1R&.2R'H5>O!+(%9+4="6)U+-RQ9XE.7G4Q,U+$";K=8.ISZ"
M!=`X8=OW=%\M(J5MI0X%G`=1B!=:-FWO<A2E*<PZ>(@D8_\`+AE_GA'_`-/R
M<*/_`#W_``?5!7_BY_BCT&'A.*JAYB*N^K_<GW=_S:<V?[.[!P1M'WK3?QV_
M^H1$K_\`1N_8/HB.G9O(4W;$VA)F#4BF-Y4ATQT%,Y37FW`8IR"`@8!U\0'P
M$!\>"6[9_B&J()!YV8S]P8]W#KB-9I?!V9Y2/I,73N:[6.R#=:T>*Y%PK`0%
MM<IK%1R+C%%#'UV;+J@8?-+R$"BW831P5-S\LBV=D,(:"&FO'"U[CN]MD::H
M4H=#F/F/JC-3;:&N/M`0F+W/NV#=^W?<:V[1LJ^1\'9&=2#6B7U=@5A-QLO&
M($=.ZE=6#4@QZ$WY%8%FKAN)4'R"9S%(D=-1/BW-K;IIKS3EIV0>`Q'K'5"9
M=[.FC&I/NQ>/8TSS:\.=PC$]1A7K@*GG@TIB^\P1%A\A*E6AY2;K4LNAH"1W
M]?G(TIT5=.<$EEB:Z*&UUWG0IJ=OK?&5,K4.J9^0C&VJKPU4*<?75Z8V"9"\
MI0+KKH&FNFFOU^'UZ\43U],60H2,#7[PKD[3MG;P54P`PGQDU:"`^@"OK=6V
M9SAX#ZQ$UA$/K'@]ME.K<-(/VR?)C`Z\?=;OV3ZH3A[*'])MM@_[WO7^S6W<
M6IO#[@=[?6(2-O?ZIKM]<;$C\_[@<4:/<[S%D'AV14.,*]Q7V3&IR[X`]M>_
MIYNX]_-XPO\`Y&Q-PZU_\E4'_D.^A4`:#^8:K["(!7\Q7_2%(?Z@<:ZZ?5[4
MMW#IL'[E5]M7I@#N3[S7]CU1=(K%_JX12\Z?4_&*=/EYATZGOT1QT]=/M='U
MN!N'X]_P?5'3_BQ/]Z/089]S5W#\4X"WL85VB9*"/@$<UXYD;1%Y&?3";:.@
M;>M9A@:=3YUDJW!-DTN)(]YY>0.L5,CM)-$Q0!3G!%I;'55ML=NM,)EI0!XS
M!&)EU0TOW%%'7HI#FI)/DC,>^@0'9-NZ$`$`_#9FTN@AXZEQY80'7^QQ#LRU
MKNE.ET#6FH;_`.H1(KG.;;W5_L*]!B._9M_HQMG_`/JYE/\`3JV\$]V?S%4_
MQOZ`B)9?NACL/I,$SX7()PNC\R;DFE1&T#&F*)!RU4OM[S7!6:LQ(G3.^1K]
M)@I[WDGA2*<546:2DXV9\XARG4<\H#J4='K\OZ:L=N:ZI`]A"#/OR]$*F[*I
M+5&W3F6I2N_"`H]A';-:,T;Z*KE<D:X''FV]H_NUEGS%$K,MKE8B2A*/`(+&
M+RJOWKIXN[,0OK%:LSF'0#%U<=ZW@T%C51J$E59EY,X";=HB_6<]/]FKT&'W
M`#E#3P\/#P#0!#Z!`/HU#QT^CBE")8=$6.3,S@5'>T>@Q[8^Z(0,<AG</1(\
M3$5Z0Z/\EU!MR#^F4X#H)?WP#PU[*_F:D[50-O7W:>TPH5V5E4T>YOM<%0Y2
M=:<O*"8#X<RA\97`Y2E^LP@F/AQ9>]L+*_\`:]8A*L/^O3VQL3/S_N!Q1(]S
MO,6.>'9%0XPKW%?9,:G+O@#^U[^GG[CW\WC#'^1L3<.MP_DF@_\`(=_I0!H/
MY@JOL(@%'S%"J9NX44A3D,=+`>-2*%`VHI&&0MBA>J`>)/4.4P?D$!X=]A_<
MB?XJO3`+</WN?L>J/Q@L*!OEYCQ.C?K);_4HH?OU.KU5XM:V%U2Y>7K])N)0
M3UY>EZWIXX<L?CS7/$L3\DAZXY!1_#A1_?CT&)F=ZSMI;Z,V[G+?N7QU3FF;
M<<R%?JE<K==QZ^$]]HT!6(WD4C9&H22K9Y+'7F%W;WKQ9G7,9P4#)IB`<T+9
M>X[%26\VJK7RGEDDJ5BG#'+KR$3[Y;JM^L#[)5J`PD<0/3*(-43NO[V,!X@N
MNTS=/0K;D/%]KH5GQ4Y9Y186.@9EJ-;L<&ZK;M"NWJ<AW82RL4T>&*T++,)`
M"&(4O4Y"\O$^KVO9JE]-SM;P\4A84F1`22%#,"!@N-UIT^$?0I5.H2)QF!U1
M/_9?W[MH6UC;3BK;RYQ)N!DTL6P#R#8RZC_&DJO*(NIB3FR*+JH3M?Y5"*2A
MD@,5FD0Q2`?0.80`3>MF76ON[SI=IPXHI4<98R`Z_D8,4=[I*.G"5(<DD9<.
MG`1D*\_,?6:^]:K;2MFUZM=P?@HWAI&YR#NRB@X53$B3@U'QM&2;N0%)4P"!
M#2B28Z>L(!X\:-_E^6C_`+G5LH3^R1Z9^J,_B5^K'^1IU8](,11HO:I[D_<P
MS&.==\4]*X8KLD**+F3O#9$ET9UDJZK@E6QCB9LX,A5(M`%S=$9([0A#*&54
M(Y4$=2=1NG;U@H%4VWD%50>/IF?TF([=FJ[H\*BO*N6,IX^0&&R]KVUG#>S_
M`!/"X;PC6$ZY58DQGCYXNH5[8;9/N$DDG]IMDP*22LK.OP0+SG$"IIE`J:12
M)E*4*IKJZIN;O/K%*6HDD!1)"9F<D@SD!/`"&VGIF*5`0PE*1+,`"?6>DQ(K
MB+'>!L]V3`>9-S^R;(N#L$5UE9[]=;%CL"1LE/1%;9$AH.X1MADW;B5G%F[%
M,C8L60P$`W54$="`/HX-;<K:2VW=-;5*4$I'`G`\)2RGC.!=Z8<JZ#P[1(65
M<(7V[?'9YW][9-Z^W3-V1L>4MO0Z-=GCRW2$%D^G3$A&PDE5;!!+OB18.DGC
MY$BDL4IR-RJ+:#J`:!KP\[@W9:[G;'**E"BI>,U`Y]1/7`"TV=^EJT/+/LI&
M.(./E/EAR_30-/3X^GBJD@B8/28=5XJU#*45#C*O<5]DQH<N^`/;7OZ>?N/?
MS>,+_P"1L3<.5S,MCT)_OW?7"]23^/54L]+?I$09[MO:IWN[Q-[-LR]A?'U1
ME<;GH6.*]$3<_D>J5QP_>0D*N6:3)$.GAY5,&;]V9,#KII%.`:DYB^/!?:NZ
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MRK4R`M4RZ?/Y#SZZD]"IR3!(R+@&[#VI*HR3ILW*H+0FHD*^WFST3%:]4W.X
M*HP=)#29JD)##.?`GH$^^%^EKU5'[NFITO%(Q60)GS8=7R$2W>=V+.&R*RU6
MN;Z^W2CM[HULD@8162<#2\%8*LCX`H]*BQ8M%8Z6=LVH]99FC*(OA1*)BMS:
M>(L[8IKVSS+'7*J74CW5$S_1YC'<WBKHE:ZVG"&3T0?C&.2Z#F2A57*.,+-&
MW*A7>(;SM9LT2J=1E*1SL/!0`5*FN@X04*9)9%4I%D%2&34*4Y1`$9YBKH72
MQ5$\T&1!`!AA;J$5+.MD_NB.$7YQK&R9:1+*4<X]&T4Y`$?L\PF#ETU#UO$!
M``YO5#Q#C4A).E>,9"009>]`=9GOJ=N2OVBR5"R9*OD'.U"P3M4FFK_$=Y(5
MK-5J8>P<JW!1K&N"J$1?,E"E'3E,0`'Z>&*GV??JIH.4;.H*R,\AY1`)Z_VN
MD=-.ZHAV?1],=Y'OS=L-BF)BY[EGJP";5JQQ?D4SH.5/J"(I.*\V``T$`\1\
M#&#7PX['9>XT@!QH!SCB)GNG&3?J``$*64GJBQA^86[:`&$I,B914'F$H"7#
MML.01`VGJCT"^G3T".N@^CCHSL;<C[@;0VD](*DB8\L:_B"W)6DK*],^CZ8A
M)M@W^[)&_=%W6;M)?<M4:QC7/V)<=TBFLKA6,A5BP,IZKM:,QD"6#S]1&!CF
M"QJVN=)<7XD$AB<W*(F`#=SL5Y9VS2VVH8U.MON*(!F9&<LC$2CN-L^*/51<
MTI6`,>J&9Z'D3'F5*VSN&-+O4\@U20\&=CIEAC+)"N#\I3&2)(P[ITU!P0#!
MS)F,"A1\!`.*_6W54CI15)4A1R!$O2/HAG0^A[]ZP0I)&?5%Y\A/T2_5Z`TT
M^K3T:<<OK:OK1GAIX3GWQV^O]CC!)!`'$@>6/<850^9@W"66*B,`;7X.0>Q]
M?N*4WEJ_-VJRB*=@2KDBVA*7$/1)IYABUE!=NS)";DZZ2)A#F*40LK\N[<RI
M+U:1-U*]*)\,9D]^'DA7W-5.-TZJ1,N4X)*PZ^!@MO9JQO2\>]N+;2>H-&":
MU\IQ\C6Z39IID7FKC:)!XM*N9%9/47#N,302CBB(^HDS*0```TX6MYN//;DJ
MT.^TE,A(]@P@G9TI;HD);`$QC+/HCU]XJK4RS=MS=(6[-V:C:O45&UU]X\23
M.M%7.%GH=2K/XY4_*9"05DE"M@$@@)TUSIZ"4Q@'CM0OTM^I_`DI"E2(&(D<
M^P2^>,W4M+M[H7CIRG$-OEP)>T2&P^TQ\V9PK`0&?;U'T]1=10Y$V3J$JLG-
M,V0'$2E9(3SU90.74HK+J#Z1'@G^80IOBK:V,'=(YF.$Q.79$+;G-\"6B?8G
M^GU0P!PFB<L<X8$C2D)Z!'.,QF.Q?23^W+^V''-6<SP(C9LG4L<-/SQJ_-Y\
M5[`W@;IX?EY/9^X?,1.4>7P!:_SSK4.41#358?2(C]?'TK8'W#9*0@Z9M"<L
M(J6X-H35O/$3<#G'&':>T#MKP/(]NS;+9K1A##]CM=GI\S-35FG<:5&7L$Q[
M1N=E7;GE9J5AG,E('3:],A145,`$*4"Z%``XIK==?6M[BJ&&WG0VG3]=7$3X
M&+`M+##E`AQ2$%1_9$$6E]I>U>?9K1\UMJP'),W":B*J#K$&/SAR*E$BG(<*
M^"J1SE'[13%,'T"'"\+C<4K2I%0\"%3P6KH/7$YRDI2V06T2[!TPI5N[[>>+
M<Y;N=].`]K>):YAB^[5L74O,U-9U&1E"U/*M?EJO4I2U4>7JLFY?-*Y;!>SJ
MRT3(QJC9HJ)2MG+4P&*X)9MNW!7TEJI*RK<Y@>>*"5`&6?Z(4[A:6'JMZG81
M(H:"Q+IF)^;*!![+-[.9=C.68/)^+K%*)02<BS^(N-G#M;W6R!5@<)'EX:8A
MSF.U3E?(@86CXI"NVCD"B!P*!B"V7RUT]YI5I=;072T2@@2(5P,_5`6EKJNE
MY9840>8`0<I3RE&R(^*-;^$?QJZX^Y7P[^*7G-/O/='W7][O,<OV?,>R?H^S
MS_DX^?\`D.^*\'_;\S3+OE+Z8LS7^YYG[$XR7QP62)$9ZA&RE%,B.D0J[\S!
MMYGIVJ8#W/PC)9Y$4!S,8IOID$3']F1]N=M9>G2SQ0@F,FP/-M'+(1$H%!=T
MD`F]<-+/_+JN"*AVV`IYJSK0#Q5Q'9*%;=;+BFTNLC5+/JC)GRZN\B)N^"I_
M9[:)5%._X8D92U8^9NUBD6GL4V:2,_D&\>0>47"]-M3YP"Q">*;1Z@(%Y2F$
M(7Y@VRJIJY5V83K:>("NI66$N$2=N5B*A@L5'L*2.'TQ:?=)W%W3N*95KG;!
MV0`2^D1M,?8MR.3HI47>/ZRE77Q3M8"6GFP*1XP54?E%[)*`H;S,D@U9-RJ+
M`<`[[?MS6W*1.X;X=+B@>4V/>,^)!Q$^'$#'C*(EQJA5K7:K<"MU1Q4?=\L'
MQVE;::+M#P#CW;]C[J+PE%B`2?33A$J#ZTV:155?V>U2"914*1W/3*ZJPDYC
M`BF)$BCRIAPC7.M<NE6Y5O`)4XJ<AD.@"?1#+0TZ:%KE(F>V)(\0CB8DDS,X
MYQZ,1V`-=`_*'TZ>D?1KQR7D>Z,I]E4_UAZ(UH7<L:%8]P7>8@3EY/Q$9(<E
M`I0*0OFI@SH"`33P`"JAK]8ZC]/'T5MY9%AH_P"#%5W$3N#]/]7F9\8>U[4:
M!$.W%LX(03"`X.JJOK#KZRYWRYP_8`Z@@'U!Q2.X5EV_53QS+ABQ+7A;FD<`
MGUF""CJ`>&G_`%_3^3@2!.:3@",8G$:B$?549'J&<+RXNR#5L4=Z/NJ9*NLB
MSBJI1=I^,;7/OGJZ#=!*+A*SBU\Y**C@Q4A4<=($DRCXG5.4H`(B`<.50W45
M>TK;3TX!<-8L><D>:?I@"'TL76IJ7I!M+(';D/3A"7,!4[#F'),;2:#"NI:T
M9/NOL2JP#!N==TYD;9,J)L&2;5$#G*1N5W]YIJ":29C"(%+KQ<;SB**D;4^H
M)*&IG'H$(2%*>KN33@J27)^>-G!\&U/PM?AZ]I)];X`_!CVOR_=]?X<>XWM'
M3FTZ?6^]_M?#\O'SCXG_`'0U\O\`[(5+JQ/;%JR5X*7]KHTRX3E+TQ((.(J@
M#*9D`9QWTZ_9$#-[F.Z?91AO!.0,6;M[3'R;#*=+E(1'$<&BE8<BV1FZ3T;R
ML-`(N6YX8T4^*1RUDWBS-LBY0*<JHG)R\&=OVV_UEQ3<+.@@-J!F<`.&?9`R
MXUE`VRJG?6"ZI,@.W*-?G*1V3L'6AA+QR.5L5/;!`2,S0Y::;3./;A/8PM)I
M.%CY9!RU.@J>,L<,FHV<G:**M5AZA2&,7037\AIBO9\-4E"^44ZLB->&/<>$
M(+G.IG5%R:*=0(GT@P^5V:)79Y8]G=<EMIM&B<?KE.VB,V5]PZ)+Y!:Y.CF:
M19(;Q8EC'E9UO(<QG44NITVQV2H`@DD8%$RTAN]%S9O*V[DLJ2">7A),N$AZ
M8>[2*-VWA-,F:I2)GCWGSP730=`U$/0'UZ:_D\/1KPJ\P_JJ\GTP3YB.D^2,
M99FRS3\$8HR'F3(#XL;3,:5&:N%@<\Q`5.RAF:CKR3,%!*561DUB%;M4]=57
M"I"!XFXDTK2JRI32,3+ZI82Z?FXQJX\AFF-2[[*03Z9#RQ:NW'<?B?=7B:JY
MFPU9V-FJ-G8(*JD0<(FE:S-@V26E*G:(\AS*Q-C@UE>BY0.'@8.<@F3,0YNM
M?1U-N>-/5(4EP'HX=(Z8PU4-.MAU)]E0C/!1T$!'3P$!]/Y?^SB&I&I/LG$D
M8'#C'5)*UC3[N./T1K4.YWZW<-WE:>.N?KX`:?3J]3]''T/M]!38*(N^RDL8
M<>,5A=T^'NKZUY%8]$,2[(>^=L-VZ;0]OF$,C2^4RWK%V,8"HVA&#Q^$G&%F
M(HBQ7*<?(&G&Q7:!C*>H<2D`?R<(%SV-?*VX.U=+RE,+62/:D9'I$L(:J&]T
M+-&VDE9($LHRG>_F7MF$8Q6''&+<ZY!E"IF%!O)L:?2(P[@>8$2N)!6SS[Q!
MN93EYC>4.(:_8'33CC3_`)<WQQ>BH+;;9&8.KS8>F/56Z*-A`4A*E*)EC[/G
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M7R,"C[LO<?8;`L(LQJ3:-G,_914DH7%,')`5>.A$F":(3>19YF`B9S$5H7B1
M4&Q^4'S\Y$M>F5808-N;?^/5!+\TT;7M*Z3+)([>/0.V`EWN7P]@E']<<!WY
MP"?85V_\A;@\"[@>YQN&<V'-&:IRAY5L6V2O6)HK<)*R9#KD%,)5[*$A#/47
MK:RG:6YD5K684[=5@FHVZO0,3H)@ZWR_MT5:QM^URIZ8!/,4)#V<)@RR,L3"
M]06I-;1KN-2%+?5BD#.??%C6VH[A-[6V7!&UO->QW=15=R.*8ZT%H^\&\5FU
M2<58[/.2\U8W-+R:5[56\G#TV\.7:3,'BKQ9"(D"-W'(5MU@#LRY06BZ.5U%
M6-+MCP!+9,E@@`3D,,)3SF1AG*.MRI:FOI4TQ86`CB?TP.+8+O1RIVW]S:ME
M=1-@+6B2KBA;A,1O2JL7DK#QDDLSD6YF#H.BPN].D`578*F`#]0IVYAZ2Y]6
M#<-KI[];&WIA57+V%I]T?:X^:`EKN#MGJ^4L*2UUPU).]XC.*<JN[Q=VU\Z9
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MA#8\?KQ9;(NB!F;15PL=G'E01$PB0=(-QME'?J@W&KN;"'7/JS]T#`#KRF>D
M]43F[I7T*!2,TKBVVQ(&0D>,QCUQ(A7O([LDTE#D[/6[HYB)G,5,`GP%0Q2B
M8I2ZXR])A#3@6_M*S:"6[DRIP#C,><$^B.[=\K%.IYM,ZF?4)>F%)-_]B?V_
M>CN5MTC!O:I*6G)TI9I&K2>OM&KR4\PCI9[79+F1;G"1@73LS1QS$(;JHF$2
M%'4H6G8M+%D890M+JDMD3X#Y9PGW%QUZYO*7+45B0ZNN&)]NV\RP8CV[[>:)
M7.T-?-RL3%X(Q4\1S95:%$R,+=74M4H^2D5DG@8OGE%GD8]=':.#'=K&%=`^
MH@.H<(%5:&:FO><7=0PKF&:"H@#$Y2,_1A+"&.GN%2Q3H;32!W#-/T@=D75;
M-YQ[R@=O;_EY\@V!(X*$.21Q/$*F.10G(.JWP7*J4PE`-/'4H^(#KQHFRM-K
M247P`ZA]=7SY1U-Q>?'+=MY*>L#/SXQ#F@]N1GW#<FY^BF^R2Y]MN/AZ)$6S
M",[+PE[1K$I9T5(F%E*/>(FQ(-:S,,91XHX?%=PJ4<_8HG#F37(GRB3JMQ+V
MZIK36IK?:DHC23(SQ'6.@\.,1TT*:]TLJIC3@B8(Z1D._&!,8KW$;P^VIG2U
MU2F7*Q8[N&-K@\K-_P`8/GRLECNPO(1\8DBPG:RN88J0C)5(I3MWB":+GH*E
M624*(ET:WJ"V;BHD/J9;5S4^_DH3XB0S@$BJK;3<%4JG%*0G,`X2[X==_6G8
MM_5J_K!O9`\@UX8[X;^?'S'QF"1"K?#OVCR\_E/>H>?S7+S>R_O^7F\.*<_#
M*OQ)\'F)$SU<-(XRZ9'+*?5A#C\41\)-=(Z=0$N,\>O+CGU9PJ;WYLBV"]=R
M#+T5).7'LS%U6H5`K#%50QVS&/+56=K>N&:1A$I3OYBS+JJZ`',;E`=0#BT=
ME4M.SMY-2G^M<49^4@_1"SN-YU=PY7]D"`>_*'2.WZRK,9L>VC,JGY<\$GM\
MQ6HR.V$AR"]<5)@ZE3J"EJ0BXS"KCJ?HJ\P#XZ\4_=RI5ZJ5.^\'%2[)P_4+
M*46YI+>``$^R7GSB89M1`0U$=0TTU-H/[(:Z#^[P+UDE6L21+`YQ)ZRKS0KW
MWW.URKD*+EM[F`JT=S?ZY&E6SS2(1B"CJZUF.223#(\2Q:D,HXLU:;(D]J)$
M*8SR/("_BJW-U+#V-N@-@6:N40T?ZM1]![>'DZ(4-S6M-53EYH'F]4!![?W=
MDS=L"IV3Z#762%_Q]<(&<E*96IA\J1ACW*SUBDG%W>-3$B@+PCA0H'E(LO*5
M^*9%`.10#"9POFV;?>UM53P+3J"-2DXAP=&$`*.]U=JIS3`ZTRS(RAF3LS=O
M29PC69;>1N+<EN&ZC<@T7MYI*1=)2KNBTV[F+8UD#O2*+-EKA>%70/959(QR
MH(BDT3-RD5YT/=]^35.)M%$"BVTP#?1-2!IRX@$8=)QAOLU"D4XKER-4Z-7<
MK'T&#P@<?TC_`,(?S\(:42$@5$=LH/*U3X"*E,;G`>8P@(E``U$?I\?K].O'
M0Z4-DB97VQZ>H!(`*@9DY81K1.YBN1SW"=YBI2"0/Q"Y$;B4P!J(M)<[83@(
M>!@5!/FU^L>/H?;#7^RTB5@);4SB1Q,^B*MNI2*UYU$Y<R'L^U(Z\QVYMG2B
M?,"8X/JY`'4WB9%1\@?TCKXBGJ`_2'%(;D:Y=_JF@3[+AXR^7T18MMT&VM+0
M1J(QP^7&<$'YS?I&_A&_./`75RO:5,]\XE*"U"04!W1\5^8Z9@'[P=`T*(CI
MJ(Z:Z>@--?$?JXZ(4T])1$EB<O)&64Z5ZG%DH'5&N[[UDK7YCN;[G%JZ=N9%
MI*46(EU&ZB:B9['%XXJC.;`YR:%!=!=,$E2B.I%$S%'Q`>+WV@'V=M,*>&)7
M,2Q.DF8P$5K>W&1<W7.&DC+C&2TXFWAV#GCT_F?=HW<=CI%OX'\L$(3&DI$O
M%@#[(-#7DZ`B.G+U0`/3X\1CX3\;A4QJ\&3UZM8]4$-*OPS_`.N?FB7_`,Q9
ML]M]4SE#[QZQ%.I+&^3H.O4O(<@R:F53I^0JRT-%0SJ542*)&49;J^5`B"Y]
M"^=:'((\QR`(O\O;NPJC<MM2L)J!,H2<R,S+AA$G<M*&U)K)?N2?:/`'A/MC
M(?9-[NV-L14*"V>[I+0C2*]7GK\,,94FA5"L,(F6=+O7&/[C(`0X0"+*6<G4
MC'RW^"\BXMUC)<B9AA[KV<\Z?BU`"XX<5)3GV]?6.\=!Q8[XE9%,^L)$Y"?R
M\D-J0MVI=DARV*NW"JS]?,B1R6=A;%#RD.9LH4#IN"R;%XNR%%0@ZE-S\H@/
M@/%;N4U0W-+C:P>@I(]4-Q<;4DZ5)E+I$#VWA]T_:OM1BAARVMCF_,TU_%5,
MP1B1ZSN5RLDZ\-Y=C&RAHCVBRK3)PN8"J"Z$7"A1$J#=8_J\&[;M:Z79;;J$
M+9I$G%U7LI`';*<1*JZ4U*QIP6N60QA0_>IVR]UN,\1/M]&0<74O&=<R??IB
MR73!U!;OA6V]PUO?$=5$9IFLX=$;Q#UZ]%!RD101BEE$BK@3JF(C:MEW-15E
M0G;Z'$N(:P2Y^N1GCAGYX2:ZT5(9\2ILAHS/8.GLQB:_95[N"V#Y.N[1-RMG
M,;#LV^;QF(L@S;HI@Q/,R*W(VJ$^]<'`Z>.I=XIHU64U]DN51YA*V.(HA=[[
M4\03<Z!LE8Q6`./'O'GB?8[HHE+"S^Z2)#NP\GRZH=$15*LDFJ0Q#$5(50AB
M&`Y#IG#4BA#E,8ITU"^)3`(E$/0(\5)-2L5`A71#O/5CTQ]B^DG]N7]L..:L
MY=)'IC+8]I?V?GC6!;UY8\_O(W5S!QY_/[BLPG`P$Y.8$;].M`#E!574P`W_
M`$M?'T!Z./I*P(6BR484"/W0BJJ_]Y4/-IQ7S,H>^[,LTE.=M#:GTETE58RD
MS$,LDFLFJJ@,5=K0Q3(N0AC';&*F@``F<`$H!Q2>[T__`*2H=$^6K3(RD"0,
M9=,6#9B/AZ&YC6G,3Q@G#MPWCVRSU^Y;,6;9,RKEV\71;-6Z1?M*KKK'(DBF
M4/28P@`<+94L$!M!6LF4@()$@"9(`@-'<%[S6V[:74+#6L77*L9MW"N63AE6
M:=3))O9*W4Y==(Z;2=R'/Q2BT8Q8QJQP4&.164?NS$Z8$3()E2N.W]EU]YJ4
M+6TMNEQ)4<,A.0[<I\($7"[4E.PH-NH-3P3F?F,)O[:]I^Y[N-9REFE#AY.S
MSMLM4C9,K9AGFSA.CU1>=DUI";L%JFP*9N=ZHHY.=M&MQ.\=&`J::92ZF+:]
MUO5MVW1A*%(-0$:0WQ!E++*$>FH:RX5!66U%!.</8_JY,'_@&_`#TI#X>^YG
ML7WIZ+3WE]^//!9/B;R\OE_;PW7^,.G]CD^XYN3BC_C57\7^-X\_5[O[/1Y,
M(??`(^&^%EPRZY1,/+/PL^&MY^-GN=\)?=]_\0OB'[,]R?=KH_X?[P^V?XN\
MAR?WSPY].7U].!]/XKGI\%J\3/"4Y^;S]6>$3:CPO*/C9>'XSRGP\^77"+&Z
MQIV*G=[FRX/L&\^OL0<K=5;#=/HEOQ08W4/SC`-LY7FCW`D:"OH`BQFXETZ.
MA>+KVZ=]!@232&GX\Q1!EUR2?082[B+&5'E%85PT`'R>T(C;387ML(&4/+Y+
M[F4I6NOJX;TS!V`8&/%#F#JE>/&VX6R-@.(Z^L5`=/WH>CB;6JW%S!J1;`[,
M2FM1QG_#$1:<4/+,U5<OLC_Y0SEVB?U-GM$P;/!3'<$#14'YL^!RY],3P\X,
M"25$U9((^/7"L&,(%YNH(E\>*XW7^*N<?BX1X+^Z/L?^T>F&>S^!TCD3G^WG
MW2@XF7?AE\+LA_&3V'\)_<RQ?$CWIZ/NU[F^R7'M_P!M=7[KRGL_J\W+ZW/]
MG[SDX2J;Q7CT>!GXC4)2Z>$OEVX04?Y?@E<V7(TF?9\OHQA+TG]7"Z1O,_C"
MZ7,^U\R-L!'RW47]'EP%+R_E_P"YZ_>='3J>MS<7)2G\Q?`F8I/#:<=9,Y=?
MLY]/7"72?ASFGEE_7,SPPG/AC#;>R'W(_#)BKX9_&WX:^P?_`&X_$""P9)"B
M]4_NX#_S8C+C!>S^7V6,EH]\AT^?U>3BI[GS_'N^)T>(U>UH]V<AE\LYP[4O
M+\.GE3Y<L)YQ+,NO,7337F]7773F_+IXZ<#C+6)Q*1D99RA`K,;7LVAF;-/Q
M%F^Y,>\#E_)HV\(BK;?4HA.S#<YGWB3BQ4N"RZL:2:Z_0.IR+&2TYRE-J'%W
MV4[W\"W\-%+X;2):B<N'U92E%;W`6/QJN:I[G3QTI$N_VHMV,:]H@R*842>[
MN")NJH(&K=3PZY0$O.?K%1)'71HV*;J:^)3";77PUUXW>.Y^:?$IM7-XZE'U
MICS8M4O955Z>I(\\E1ZG;/M<E1*-IL?>,4@@.3SY)RE8D0C#I:#J#M5]?G""
M9!#Z3$,/Y..C!W%K.A-FU:3]8^:2<XW(MO\`9JK)_9X=ZHF7M7_JWP3$:%C'
M,YY/KEZ!MT1;8G6NOS#TO:9,7&4I`(=3T^<-T?3U/4UX7+J=^Z3R@UI_NCAG
MUB)E$-O\Y.LN\Z9]\8=\B8;@P?\``OX=0/X<_AK\*>@G[O?"/W>]RNGR)_XK
M[L?Q;YKEY>KS??Z_;\=.*UK/B?B#\1U<Z>.J<_/CZH<J?PO+_P`O+3PC,/'&
$.D?_V3\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
