-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AXG7LZHg5VF6YWG9hFdclBB2T48ZoJHWyIIIQ7NNzkX7/WX2va/z+65hbqvxT5r1
 o3QH1rYY2vGxetHcSljnQQ==

<SEC-DOCUMENT>0000909567-05-001444.txt : 20050919
<SEC-HEADER>0000909567-05-001444.hdr.sgml : 20050919
<ACCEPTANCE-DATETIME>20050919164737
ACCESSION NUMBER:		0000909567-05-001444
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050919
FILED AS OF DATE:		20050919
DATE AS OF CHANGE:		20050919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STANTEC INC
		CENTRAL INDEX KEY:			0001131383
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32562
		FILM NUMBER:		051091699

	BUSINESS ADDRESS:	
		STREET 1:		10160 112TH STREET
		STREET 2:		EDMONTON ALBERTA T5K 2L6 CANADA
		CITY:			EDMONTON
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		780-917-7000

	MAIL ADDRESS:	
		STREET 1:		10160 112 ST
		CITY:			EDMONTON, ALBERTA
		STATE:			A0
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>t17934e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Report of Foreign Private Issuer</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>&nbsp;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">For the month of: September, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Commission File Number: 001-32562</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>STANTEC INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Name of
Registrant)<BR>&nbsp;</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>10160
&#150; 112 Street<BR>
Edmonton, Alberta<BR>
Canada T5K 2L6</B><BR>
(Address of Principal Executive Offices)<BR>&nbsp;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Form&nbsp;20-F&nbsp;<FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT face="Wingdings">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;<FONT face="Wingdings">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">










<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>STANTEC INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: September 19, 2005&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey S. Loyd
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jeffrey S. Lloyd&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President, Secretary and<BR>
General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">99.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Interest Guidelines</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>t17934exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.1</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793400.gif" alt="(STANTEC LOGO)">

</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 12pt"><B>Code of Ethics</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">August&nbsp;4, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BACKGROUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is the policy of Stantec to conduct business in accordance with high ethical, moral, and
legal standards, efficiently, in good faith, with due care, and in the best interests of the
Company, its Employees, shareholders, and other stakeholders. Stantec maintains business practice
standards that will earn the respect of everyone with whom the Company conducts business. These
standards are intended to protect the Company&#146;s reputation, the quality of its services and to
serve the best interests of its clients, Employees and shareholders. This Code of Ethics has been
developed to provide assistance in meeting and maintaining these standards by setting forth
principles and guidelines. Employees are expected to familiarize themselves with this Code, and
also to be familiar with the Company&#146;s business practices and policies. Copies of all Stantec
policies are available to Employees on StanNet, the Company&#146;s Intranet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the foregoing, pursuant to Multilateral Instrument 52-109 of the Canadian Security
Commission Administrators, the Chief Executive Officer and Chief Financial Officer will be required
to certify the existence and effectiveness of internal controls and disclosure controls in
Stantec&#146;s annual and interim filings. Based on the U.S. experience in the implementation of <I>The
Sarbanes-Oxley Act</I>, the prevailing view in Canada is that the controls should include a code of
ethics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>POLICY</B><BR>
<B>Region: Global</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following words, phrases or terms used in the following Code of Ethics shall have the
following meanings:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Code: means this code of ethics;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company&#148; means Stantec Inc. or any of its wholly owned subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employees&#148; means any director, officer or employee of Stantec;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Stantec&#148; means Stantec Inc. or any of its wholly owned subsidiaries;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. APPLICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code applies to all Employees and is not intended to be exhaustive. Employees are expected to
conduct themselves in the performance of their duties with high ethical, moral and legal standards.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Page 2 of 4
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reference: </B>Code of Ethics
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B. DEALING WITH EACH OTHER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stantec understands that effective relationships are based on the recognition of the value and
worth of each individual, and the necessity to provide a working climate conducive to the success
and well being of all Employees. We work to create an atmosphere of mutual trust and respect by
being honest, fair and consistent. We will treat all Employees fairly and impartially, and we will
strive to consistently follow employee policies and procedures. We listen to one another and foster
open and honest communications. We value the opinion of Employees and respect their diverse
backgrounds. We encourage communication among Employees and solicit ideas and suggestions about the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>C. DEALING WITH SHAREHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stantec is committed to protecting and improving shareholder value through the prudent use of
corporate resources and by observing high standards of legal and ethical conduct in all our
business dealings. The Company communicates with shareholders regularly, candidly and promptly,
providing the information necessary to evaluate the management and investment value of the company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>D. DEALING WITH CLIENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Serving clients is the essence of our business. Meeting our clients&#146; expectations and providing
good value is the best way to ensure ongoing demand for our services. We will accurately represent
our services and clearly communicate the terms under which our services will be provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>E. DEALING WITH SUBCONSULTANTS AND SUPPLIERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are committed to the fair treatment of subconsultants and suppliers. We will select
subconsultants and suppliers who provide the best value for our clients and the Company, while
respecting the wishes of our clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>F. PROPRIETARY INFORMATION BELONGING TO THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees must maintain the confidentiality of the Company&#146;s proprietary information. Examples of
proprietary information include strategic plans, client lists, marketing plans, rate tables, and
much of the technical information that the Company generates or uses in its business. The
disclosure or misuse of Stantec&#146;s business information can harm the Company&#146;s competitive position
and/or reputation and may be a violation of applicable laws. Employees therefore must not disclose
business information outside of the Company unless they are authorized to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>G. PROPRIETARY INFORMATION OF OTHERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stantec regularly receives proprietary information from its clients, subconsultants and suppliers.
The wrongful possession or use of any proprietary information of any third party is prohibited.
Employees may use lawfully obtained proprietary information only for the purpose for which it was
provided. If an employee is offered, or comes into, unauthorized possession of third party
proprietary information, the employee must decline the offer and take appropriate steps, if
applicable, to return the information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793401.gif" alt="(STANTEC LOGO)">

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Page 3 of 4
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reference: </B>Code of Ethics
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>H. ABIDING BY THE LAW</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wherever Stantec operates, it will at all times comply with applicable laws and regulations. In
acting on behalf of Stantec, no employee shall, at any time, take any action which they know or
reasonably should know to be in violation of any applicable law or regulation. Any time an
employee is uncertain about the application or interpretation of a law or regulation, they should
consult their supervisor who, in case of doubt, should seek the opinion of the Company&#146;s Risk
Management department.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>I. IMPROPER PAYMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No payment will be made by, or improper benefit conferred, on behalf of the Company either directly
or indirectly to government officials, political candidates, or officers or employees of clients,
subcontractors, suppliers or competitors which violates applicable laws. Employees working outside
of North America should familiarize themselves with Stantec&#146;s policy regarding Foreign Business
Practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>J. REPORTING VIOLATIONS OF THE CODE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An employee who becomes aware of a violation of this Code or believes that a violation may take
place in the future must report the matter. Ordinarily, the report should be made to the employee&#146;s
immediate supervisor who, in turn, must report it to the General Counsel. If the supervisor takes
no action or the employee feels that it would be appropriate to report to a person in higher
authority, the employee should bring the matter to the attention of the General Counsel. Requests
for anonymity will be respected to the extent this does not result in the violation of the rights
of another employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>K. REPORTING VIOLATIONS OF THE LAW</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to reporting violations of this Code of Ethics, it is a Stantec policy to protect
Employees against unlawful discrimination or retaliation by their employer as a result of their
lawfully reporting information regarding, or their participating in, investigations involving
corporate fraud or other violations by the Company or its Employees of applicable law. Stantec&#146;s
Whistleblower Policy should be referred to for further information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>L. COMPLIANCE RESPONSIBILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code is to be strictly followed at all times and under all circumstances. Any violation will
subject an employee to disciplinary action, up to and including termination. The Board of Directors
is ultimately responsible for monitoring compliance with this Code. To protect our Employees,
shareholders, and other stakeholders, the Board of Directors has designated the General Counsel as
the individual who is responsible for administering and overseeing the compliance and reporting
process of this Code. The General Counsel will refer complaints submitted, as he determines to be
appropriate or as required under the directives of the Board of Directors, to the appropriate
member of the Executive Leadership Team, the Chairman of the Board or an appropriate Committee of
the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793401.gif" alt="(STANTEC LOGO)">

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Page 4 of 4
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reference: </B>Code of Ethics
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No waiver of the requirements of this Code will be granted to the Company&#146;s Directors or Executive
Officers without approval of the Board of Director&#146;s Corporate Governance and Compensation
Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stantec and all Employees benefit from an atmosphere of good ethical conduct. Employees are
encouraged to discuss any situations of existing or potential non-compliance, involving themselves
or others, with their supervisor, regional human resources coordinator, or if they prefer, with the
Company&#146;s General Counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Action / Communication Required:</B></FONT>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Code of Ethics shall be posted on StanNet or otherwise communicated to the
Company&#146;s Employees generally. This Code shall also be noted in the orientation for new
employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Currently, Stantec&#146;s General Counsel is Jeffrey S. Lloyd.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793401.gif" alt="(STANTEC LOGO)"></DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>t17934exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793400.gif" alt="(STANTEC LOGO)">

</DIV>
<DIV align="left" style="font-size: 14pt; margin-top: 12pt"><B>Conflict of Interest Guidelines</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">August&nbsp;4, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BACKGROUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors of Stantec Inc. is entrusted by the shareholders of the company to
enhance shareholder value. The Board of Directors believes it is imperative that employees of
Stantec Inc. and its subsidiaries be seen to place the interests of the company above their own
when engaged in Stantec business. The following points are intended to provide guidance for Stantec
employees in cases where real, apparent, or potential conflicts of interest may arise. In addition
to the foregoing, pursuant to Multilateral Instrument 52-109 of the Canadian Security Commission
Administrators, Stantec&#146;s Chief Executive Officer and Chief Financial Officer will be required to
certify the existence and effectiveness of internal controls and disclosure controls in Stantec&#146;s
annual and interim filings. Based on the U.S. experience in the implementation of <I>Sarbanes-Oxley</I>,
the prevailing view in Canada is that these controls should include a conflict of interest code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>POLICY</B><BR>
<B>Region: Global</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following words, phrases or terms used in the following Conflict of Interest Guidelines
shall have the following meanings:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company&#148; means Stantec Inc. or any of its wholly owned subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employees&#148; means any director, officer or employee of Stantec;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Stantec&#148; means Stantec Inc. or any of its wholly owned subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Supervisor&#148; means the person to whom an Employee reports, and in the case of the
President &#038; CEO and members of the Board of Directors, means the Chairman of the Board of
Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>We avoid conflicts of interest with Stantec and we do not use our relationship with Stantec for
personal gain</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees have a duty to be free from the influence of any conflicting interest when representing
Stantec. In dealings with current or potential clients, sub-consultants, suppliers, contractors
and competitors, employees should act in the best interests of the Company to the exclusion of
personal advantage. A conflict of interest occurs when an individual&#146;s personal or family interests
may interfere with the performance of his or her duties or with the best interests of Stantec. Even
the appearance of a conflict of interest where none actually exists can be damaging and should be
avoided. Whether or not a conflict of interest exists or will exist can be unclear. Stantec
employees should not compete with Stantec and should never let business dealings on behalf of
Stantec be influenced, or even appear to be influenced, by
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Page 2 of 4
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reference: </B>Conflict of Interest Guidelines
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">personal or family interests. The following is a non-exhaustive list of circumstances which may
give rise to a conflict of interest:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. Moonlighting without permission</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may not be employed by (or provide consulting services to) a client, subconsultant, supplier,
or contractor of Stantec. Any activity that supports a competitor to the detriment of Stantec is
prohibited. Employment by or service on the board of a client, competitor or other service
provider is generally discouraged and must be approved in writing by your Supervisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All requests for outside employment and the disposition thereof shall be summarized in writing by
the Supervisor and a copy of the summary shall be forwarded to the Regional HR Manager to be placed
in the employee&#146;s personnel file.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B.&nbsp;Conducting business transactions with a family member or with a business in which you have a
financial interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have or intend to acquire a financial interest that may give rise to a conflict, or if you
propose to conduct Stantec business with a family member, you must seek written approval from your
Supervisor. Persons evaluating whether ownership in a business constitutes a conflict of interest
will consider:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the size and nature of the investment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nature of the relationship between the other entity and Stantec;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the employee&#146;s access to confidential information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the employee&#146;s ability to influence Stantec decisions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Material related-party transactions will be publicly disclosed as required by applicable laws and
regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>C. Dealing with Stantec property</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should not buy, sell, or lease any kind of property, facilities, equipment, or service from or
to Stantec, or to have a financial interest in any such property, facilities, equipment, or
service, without the written approval of your Supervisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>D. Dealing with Stantec information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except in the best interests of Stantec, you should not give, release, or discuss with anyone not
authorized by Stantec any data or information on Stantec activities which is not available to the
general public, nor should you use such information for the personal advantage of your family, or
friends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793401.gif" alt="(STANTEC LOGO)">

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Page 3 of 4
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reference: </B>Conflict of Interest Guidelines
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>E. Soliciting or accepting gifts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should not seek or accept gifts, favors, loans or preferential treatment from any person or
entity that does business or seeks to do business with Stantec except as provided below. Under no
circumstances should you solicit any cash, loans, gifts, entertainment or other preferential
treatment from clients, subcontractors, suppliers or contractors. You may not accept cash or loans
under any circumstances, however you may accept gifts or entertainment usually associated with
accepted business practices provided it is legal to do so. Where the offering of gifts,
entertainment or preferential treatment materially exceeds nominal value to you or a member of your
family, the circumstances should be promptly reported in writing by you to your Supervisor. If,
after consultation with your Supervisor, you believe that acceptance of a gift, entertainment or
preferential treatment in excess of nominal value is justified, the circumstances and a description
of the gift, entertainment or preferential treatment must be disclosed by you, in writing, to the
General Counsel. For the purposes of these guidelines, nominal value is deemed to be two hundred
fifty dollars ($250) or less.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>F. Compliance Responsibilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These Guidelines are to be strictly followed at all times and under all circumstances. Any
violation will subject an employee to disciplinary action, up to and including termination. The
Board of Directors is ultimately responsible for monitoring compliance with these Guidelines. To
protect our Employees, shareholders, and other stakeholders, the Board of Directors has designated
the General Counsel as the individual who is responsible for administering and overseeing the
compliance and reporting process of these Guidelines. If you become aware of a situation that may
involve a conflict of interest or if you have any questions about a potential conflict of interest,
you should discuss the matter with your Supervisor or Stantec&#146;s General Counsel. If the Supervisor
is involved in the potential or actual conflict, you should discuss the matter directly with the
General Counsel. The General Counsel will refer violations of the Guidelines, as he determines to
be appropriate or as required under the directives of the Board of Directors, to the appropriate
member of the Executive Leadership Team, the Chairman of the Board or an appropriate Committee of
the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No waiver of the requirements of these Guidelines will be granted to the Company&#146;s Directors or
Executive Officers without approval of the Board of Director&#146;s Corporate Governance and
Compensation Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Responsibility to avoid conflicts of interest or the perception of conflicts of interest arising
from outside activities lies with the individual employee. It is expected that employees will act
in the best interests of the company at all times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793401.gif" alt="(STANTEC LOGO)">

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Page 4 of 4
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reference: </B>Conflict of Interest Guidelines
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Action / Communication Required:</B></FONT>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These Conflict of Interest Guidelines shall be posted on StanNet or otherwise
communicated to the Company&#146;s Employees generally. These Guidelines shall also be noted
in the orientation for new employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Currently Stantec&#146;s General Counsel is Jeffrey S. Lloyd.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="t17934t1793401.gif" alt="(STANTEC LOGO)">

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>t17934t1793400.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 t17934t1793400.gif
M1TE&.#EA8`!;`.8``,_0T:ZNKX&`@<K)R<3%QI.2DC(P,)>7F&II:E124UU<
M7$A'1[FYNHR+C#T[//+R\J*BHW5U=5]>7E!.3D)`0#4S,]?7UZ^NKKR[N^3E
MYH:%A>7DY*&@H/W]_7AW=_;V]^WN[OCY^=W>W^#@X6MI:>+CX^_P\.;GZ.OK
M[/O[^]+2T^GIZO3T]+"PL.OKZ[R[O(^.CYZ>GH."@H6%A=;6U^;FY]74U9N;
MG)&0D*&@H<#`P'%P<(J)B>WM[6AG9ZBGI\O+S-G9VJ6EI<W-SK2TM=O<W2<E
M)?___P``````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````````"'Y!```````
M+`````!@`%L```?_@$>"@X2%AH0L(!DJ18V.CQDH#RF'E9:7F)F:A2XKCY^@
MCR4H(9NFIZB'#P4WH:ZO&0^IL[25'S\5!Z^[KB,?M<"I*2<(1A&\R*$9E,'-
MER8BQ48!R8X`$`(1#=L!U*`@SN&$'2=%`D;HU00'"1('`-;=KAD=XLX=)44$
M!NA&!+P0$CAH`$]?`P$"`A1T5:*>O5H/:#0ZUP^!*P("'"#P5@1"A'?5BH@H
M]3#5`R*.'/1#AV`A@P,2#$3XURA`!&_7`C#XU*T;39&_2IIZL./1RI4)%J`S
M(&`A@8V-`,B+"E/E42,+&C0B*133@PD<BRB]BF[@0@`1!#AJH*L1`0ED_Z\Z
M"#"R*R8/1CXQX'?4W2=V-#$NI!B7K`05#NT:4H$5%,8$"`2`?$0@P;%&!]H6
M`3"V<%P'+Q0;8M'`2(*0F!=P9.MHK^?7%3:()C1"Z>EJ`!!(6'BS-=_7!B0D
M#(!MK(+9@D``*%OM@`/-12+L;.0:>--0E8U@F-U!1(!^8;%+6#"]D71KG0OO
MYM6`PFP31;Z77?@)8W#Z",H72?#:B-9D$5P@6C[RE176-=+\YP@""IK3WV75
M\*!8#]3)E4`"OQD0'@(6M=9?AR$Q8(%=+3CR6UP)T%<$`@[0EQY9!JB83&A"
M/0##@IXUB-DTCQ!6F(Z@!'!06"K(4A(&:D5U8O\_">A788,`+"G7+AFMI)HC
M-0BE09+4687.`M!9$]PGTG@6)GIQM76"4!-P&=5!`CB)7HN4]>>`*YQY!H%(
M)3U@&FJ;*>4D?Z]!^,F+5QGP#U?AV(".C*_DZ69\_?D3BH^%G0:./2B@`R2>
M2H'H"*&>+8#=B08D@!!<*P6PPD,9+`5I?4HMH&*!.8;"JFE[/H(6DQG`2JBH
MH1S`3XR@D.K93XY`T,^9OJ$3!*QE2L"L(P%TUNLCN!9F`"@`J*0A+_+E`*NS
M_1B`P`'=>)0>M%YZ)@$HYQ@@YZ5&'&=/!D7$:V:QE1H1)@'H;,L+P?J*PR^Z
MKT';;\#7%O/I*PDD'`[_OT7L"J/#I55J:IT?8W>M.04\A$)4B"YU[V92QC5I
M,>%A9M5SW)9L#WQ1E5G1K"L&;(1^!!.[F;+H0`@`!P^YH)<`$F@S,K<^W_D(
M`L@^PD#*/#8RP$,/K,Q+N#X;2K".^Q06LI'VQ`!H(QKWIU]&G^2Y;!$C"(4#
MSZ[H;*>OXZ)95M,OZK+FD9/RHO>#/=Z&HQ$(,$M`9VJ94&,NR0#0=J7E[1-6
M,0D\+;=:C-J#E\/8^ENIU(WH-K4QNQ!LA`!U=V4!.@G$#``[/A^EX#Z#&6"P
M*_P)L&E7"O3CP(478AUPU2LJ:*S7/1HA0V)"79"[SR`RH'@`]E9SC@ZS47!]
M_Z4_I4A=W[X&,+(`[LV&P?BO<=E`KWN%"<&N+3V2@(#(%0\_62%C0)(X`QWG
M7$54/D".(#90@?]=93IH09EF`$"TE3BB!;)1X!&LY\!^<"E_%-P6]S+EB"%H
M<!!XZ:#B(@`/"I:G7L(1@-[F581@G5`07W&@K2:R$\M-YW$.^-WCGB42ZITP
MA^/+7Q$(LAD68L8`$SN`K(H0NALBT6?_(4"OA)2SSD4*'6I!VPW'`83#D24_
M;IG._&J2E:\9(49B'.,X2O"4EF7E)P5AP$R:Z$5>2%$(09'C(?!1$X0@!`+W
MPL@6$_`[/#E``\P09"7(D0P&0,`;$%A72&:P'4EFXO\#(W@%`;R!$0$T<A<6
MB*,G+=$!$(@`3R\AW3RJN$I,=,`$H5P;*$J@REJ:(@0HR"6@1+`"6OHR%2%0
M!#)&<`(0!/*8#_G`!T!`31-(\YG0S*8VM\G-;M:B@^`,ISB-8#-OFO.<Z$RG
M.M&Y@0&X,X/K;(8%_->/"6S@`1C0@`*V%HP!%$`!Y3SF^\CBSW[PLQ8#Z$=`
M?4E/@&I`?`5%QT%ID5!T++26_6B?(#1P`0WTPP,%&-$&"D#2`G`@@^XDZ09)
MBK0->!0=`.TD!DK:R4%8H*0%J&E)^E&!$:'P*C,EBX!6(KZ/<N`J&K@B.B9@
MI)>N9*+V*"I,^4E/@Q:`+!7_.()G4KB2`DR@GOT@P1&XNA*[<)"H%K#`4='!
M@0$\X`(%<.L#2-"/#:R$!!QH(%O7:@0/1-0(`N+K68W05@R(U:QZY>E-#3J(
MD2K@JP:%K!$V:M"*DO,(=#4"!=PY4,WV`VD*?(`'I)JOJTI4$*:]R@#H*8C.
MNE.A1Y"L9^"IP=22D[&IK8`'Z+G:?@C"LJ^UJ%8KU<O92#:U6_,?!62!7-8>
M`;B6+1ED*^#.`?@TLX!%3@7X=X3.4@"Y1U"N+)S:6W3\MK*PY6I`X:K8W]+6
M'NBH@`)(2]*,*B"Q%)!M>2?[7/3&5P$>P*\"_&<!TC[6"%`51UPF<`2[KD0#
MB3W*/7[/BPX!13BG<3F"!2*,CO>*@P.RG0!HNUO4":05L@K0YX`MH&)]S7/`
6`IIG?&-,`JDJ@'^K.#`%-'"$0```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>t17934t1793401.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 t17934t1793401.gif
M1TE&.#EA5@`3`,0``,K)R34S,U!.3O+R\D)`0(:%A>7DY*^NKGAW=[R[NZ&@
MH-?7UVMI:9.2DEU<7"<E)?___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````!6`!,```7_8/.,9&F>
M:*JN;(M"<"S/=&W?>*[O?.__P*!P2"P:CTBCH>%H(A(#&.!07"22PT7@!$",
M',/#%RLDD)HC@&-4&(H>8/+/0%+`#(R%8(0`&"`&"0T-"@MW``I^"@U7!EX/
M`@"&`P"#4#(+@XED`"0(43!K)0T,)W8D9IX%)@X#>R0!DZ(D<B4!#7^O)$PC
M`ELC`RJS7Z\"KP00NK1D"B=4H@TP!U<08FDD`@F/#Y5CU@11J:M\TG(0`*DD
M"=`P`P6_)`"OT9UI;V"/#H/#(^8TZR08L#,`KX2:$=$@Q+L'@=^)./YFO$+S
M(-HC`E?BL5-H;TPI2(-"ID+FST`!4!!2;5&,)JH-1VX;%XYY`R[&@#</[$!`
MB:13@";P%(@*\.Y,NH,58<AD@^`745(!#L`3X"``)Q0"(.!\P*"@1H1*T]3[
M8LV$)*]DW%5]$("!SIM-'"18T-6!T"8+"C2ATA!OM;CT$.PAX(#ODK@%0@``
!.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
