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Valuation Considerations for Solar Photovoltaic

8/12/2013

NCAREA Seminar, August 12, 2013 1

VALUATION CONSIDERATIONS

FOR SOLAR PHOTOVOLTAIC

Slide 1Presented by

Northern Colorado Association of Real Estate Appraisers


The Fine Print

Presented byNorthern Colorado Association of Real Estate Appraisers

Slide 2


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OBJECTIVES:

Increased Understanding of:S l E g P d tiSolar Energy ProductionIdentifying Relevant FeaturesValuation Techniques

TrendsCosts & Benefits

Certifications & RatingsSolar PV Considerations

TrendsCosts & Benefits

Certifications & RatingsSolar PV Considerations

3.3 kW Installation in Denver


Slide 3

Design Elements Competency IssuesDesign Elements Competency Issues


WHY IMPORTANT?

Understanding is essential for Real Estate Appraisers:Real Estate Appraisers:

Properly identify the featuresEstimate the energy savingsEstimate any income and benefits attributable to the features


Slide 4

Value using appropriate techniques


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GREEN TRENDS DRIVING CONSTRUCTION

Value of green building starts up 50% from 2008 to 2010; expected to triple by 2015

Solar PV Installations in Boulder, Colorado


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2010; expected to triple by 2015Green Building represented 25% of all new construction activity in 2010


GROWTH IN SOLAR PV INSTALLATIONSAnnual Installed Grid-Connected PV Capacity by Sector, 2002 - 2011

• More than 64,000 grid-t d PVconnected PV

installations were completed in 2011, a 30% increase over 2010

• Residential systems accounted for 88% of installationsAt th d f 2011 l


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• At the end of 2011, nearly 220,000 PV installations were connected to the U.S. grid, of which 85% were residential


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U.S. Solar PV installations grew 76% in 2012Panels installed in 2012 will

GROWTH IN SOLAR PV INSTALLATIONS

Panels installed in 2012 willgenerate enough electricity topower 400,000 U.S. homesThe average cost of a solar system dropped 27% in 2012


Slide 7


Your Thoughts...Why is it important for

Appraisersto have an understanding of


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gSolar PV Systems

and how to value them?


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In 2011, Colorado ranked 5th in the nation for new Solar PV installations

GROWTH IN SOLAR PV INSTALLATIONS

nation for new Solar PV installations

In 2012, Colorado dropped to 12th

place for new Solar PV installations due to elimination of state incentivesto homeowners and a cap on subsidies

I 2012 C l d k d 5th ti ll f t t l


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In 2012, Colorado ranked 5th nationally for total installed Solar PV electrical generation capacity


GOVERNMENT MANDATES

Colorado's PUC has mandated that by mandated that by 2020, 30% of the energy produced by XCEL must be generated from renewable resources XCEL Solar PV Installation Adjacent to Coal-Fired Power Plant


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At the end of 2012, 17% of the energy produced by XCEL was from renewable resources, 5% of which came from solar


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GOVERNMENT MANDATES

The City of Boulder mandates that new homes and remodels that new homes and remodels be between 15% and 75% more energy efficient than required by code.


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ECONOMIC REASONS FOR GROWTH

Declining costs for Solar PhotovoltaicPotential for income from excess Potential for income from excess electricity production of Solar PV installationPotential for higher rental income from leased space due to lower utility


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expensesRising cost of electricity


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SOLAR PHOTOVOLTAICS

DefinitionA technology which uses a device (usually a solar panel) to produce electric current when exposed to sunlight

AdvantagesClean energyCost effective where electricity is not readily

DisadvantagesNot cost effective where electricity is cheap Large arrays required to


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y yavailable May add value to the property

g y qproduce 100% of needsSunlight required


SOLAR PHOTOVOLTAICS


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SOLAR PHOTOVOLTAICS

PV ArrayAn assembly of PV modules that yconvert sunlight into DC electricityA typical residential module is rated between 180 to 300 wattsMonocrystalline Silicon cell: made from single silicon crystal, highly pure, most efficient (20%), most expensivePolycrystalline Silicon cell: made from many silicon


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Polycrystalline Silicon cell: made from many silicon crystals, less efficient (15%), lower costThin film cell: made from chemical vapor deposition techniques, lowest efficiencies (9%), lowest cost


SOLAR PHOTOVOLTAICS

Power Conditioning EquipmentInverter converts 12V, 24V and 48V DC to ,residential 110V and 220V ACUseful life is generally ½ of the lifespan of the PV array, thus an inverter replacement is typically required halfway through the lifespanQuality is important; the overall efficiency of the installation is related to the ability of the inverter to


Slide 16

installation is related to the ability of the inverter to convert the DC to ACEfficiency for cheap low-quality inverters is approximately 85%, and for more costly high-quality inverters is 95%+


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SOLAR PHOTOVOLTAICS

Energy StorageBatteries that store energy Batteries that store energy produced by the PV arrays"Off the grid" homes may have all DC lighting and appliances, thus needing no DC to AC Inverter


Slide 17

Wiring and Mounting Brackets


SOLAR PHOTOVOLTAICS

Bi-directional Utility Meter for Grid-Connected SystemsWhen the solar panels generate surplus power beyond the needs of the building, the surplus power is exported into the main utility grid.The bi-directional meter monitors power imported from the grid and power exported from th l l


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the solar panels, ensuring accurate billing and crediting.


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SOLAR PHOTOVOLTAICS

Types of SystemsStand-Alone

Operate "off the grid"Typically use batteries for energy storageSizing is based on electrical loadsM DC t AC


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May use a DC to AC Inverter, or have all DC lighting and appliances


SOLAR PHOTOVOLTAICS

Types of SystemsInteractive

Tied to and operates in parallel with the main utility gridSupplements energy supply from utilityTypically does not use


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Typically does not use batteriesOperates independently of electrical loads


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SOLAR PHOTOVOLTAICS

Pre-Installation Energy AuditDocuments current energy useEvaluates ways to conserve energy Goal is to improve energy efficiency before installation

Pre-Installation Shade AnalysisPosition and orientation of array should minimize shading


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during peak sun hours Shading occurs from man-made obstructions and natural growth


SOLAR PHOTOVOLTAICS

CommissioningRequired by certification programsVerifies and documents that the installation performs as designed, including energy outputVerifies that safety features are in placeEnsures that the owner / operator is


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trained in operation & maintenanceTypically done by 3rd party


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Your Thoughts...

What might be some considerations prior to

installing a Solar PV system on a residence?


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system on a residence?


SOLAR PHOTOVOLTAICS

Documentation Includes:Energy Audit and Load StudyShade AnalysisCommissioning ReportSystem DC and AC Power RatingsWarranty informationBuilding permits, inspection certificates


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u d g pe ts, spect o ce t catesIncentives and rebates


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SOLAR PHOTOVOLTAICS

Installation ConcernsIs there shading during peak hours?Is there optimal southern exposure?

Roof-Mount ArrayIs there adequate roof area?Will a new roof need to be installed?

Ground-Mount Array


Slide 25

Will the additional installation costs outweigh the potential benefits?Will it create aesthetic concerns for the owner and neighbors?New designs are allowing for harmonious integration into structure


SOLAR PHOTOVOLTAICS

Installation ConcernsOrientation and TiltOrientation and Tilt

The efficiency of a solar array depends on the power in the sunlight, and on the orientation & tilt of the panelsThe orientation & tilt should be noted in the


Slide 26

installer's documentation


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Your Thoughts...

What documents might a real estate appraiser want to see when dealing with a property that has a Solar


Slide 27

p p yPV system?


SOLAR PHOTOVOLTAICS

Installation ConcernsHazardsHazards

Solar PV installations generate lethal high voltages, creating significant potential safety issuesHazards include electrical shock, potential for fire, and damage to persons or property from improper


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installation and failure of structural mounting components


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SOLAR PHOTOVOLTAICS

Maintenance ConcernsRoof ConcernsRoof Concerns

It is recommended that the PV system be installed along with a new roof; lifetimes are generally the sameWork with the roofing company to make sure that the solar PV installation does not void the roof warranty


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The PV system must be removed to facilitate replacement of the roofDepending on the age, the cost to remove and reinstall the PV system may exceed its value


SOLAR PHOTOVOLTAICS

Installation ConcernsPermitting & Commissioning Permitting & Commissioning

Un-permitted installations mayresult in difficulties obtaining homeowner's insurance and financingProper permitting and commissioning addresses


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many of the potential safety and hazard issues


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SOLAR PHOTOVOLTAICSMaintenance Concerns

Discoloration or bubbling f lof panels

Buildup of dust/debris onpanelsHail damage on panelsLoose or corroded wiring


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SOLAR PHOTOVOLTAICSWarranty Period

The warranty is generally 20 to 25 years on the solar panels and10 – 15 years on the inverterIt is important to establish the remaining warranty period, since this is often used as the "useful life" for valuation purposes


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The PV system is generally installed along with a new roof; lifetimes are typically about the same


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SOLAR PHOTOVOLTAICS

Special Attention for Leased PV Systemsy

Does the system stay with the home upon sale; andWho is responsible for the lease if the property sells?

If the buyer does not want or qualify to assume the


Slide 33

y q ylease, the seller must pay it off prior to sale.

Who is responsible for the cost of removing and reinstalling the system if the roof needs repair?


Your Thoughts...

Can you think of any potential safety and

maintenance concerns with Solar PV systems?


Slide 34

with Solar PV systems?


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APPRAISAL STANDARDS

USPAP Issues – An appraiser must:Take all steps necessary to complete the assignment competently (SOW)

Perform the scope of work necessary to develop credible assignment results

Involves the type and extent of data researched and analysis applied

Include sufficient information in the


Slide 35

report to allow intended users to understand the scope of work Performed (SR 2-2(b))


APPRAISAL STANDARDS

USPAP Issues – An appraiser must:

Maintain a workfile to support opinions and conclusions (RKR)

Identify relevant characteristics ofthe subject property (SR 1-2(e))

The energy produced by a solar PV


Slide 36

system is an "economic attribute" of the subject property that requires analysis


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APPRAISAL STANDARDS

USPAP Issues – An appraiser must:Analyze available comparable sales data when a sales comparison approach is necessary for credible results (SR 1-4(a))

Issues with solar PV systems on comparable properties

Is the solar PV system owned or leased?


Slide 37

What is the remaining useful life?What is the condition?What is the energy production?


APPRAISAL STANDARDS

USPAP Issues – An appraiser must:Estimate the gross income potential of the property when an income approach is necessary for credible assignment results (SR 1-4(b))

The potential earnings from a solar PV system include the electricity produced over its useful life, resulting in lowered

ili bill d h i l f l


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or no utility bill and the potential for sale of surplus electricity to the utility company


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APPRAISAL STANDARDSUSPAP Issues:

Colorado currently has a performance-based incentive (PBI) which pays Solar PV owners for electricity generatedThe PBI program can accept only a limited number of applicants, and will be filled up in a couple of yearsBe aware that if the PV system was


Slide 39

purchased between 2011 and the present, there will likely be additional income that has to be accounted for. The Colorado Energy Office will be publishing a report that contains instructions on how to handle this income stream


APPRAISAL STANDARDS

USPAP Issues – An appraiser must ensure that:The appraisal report is clear, accurate and not misleading (SR 2-1(a))

Contains sufficient information to enable the intended users to understand the report properly (SR 2-1(b))

Summarizes the scope of work (SR 2-2(b))

Summarizes the information analyzed


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Summarizes the information analyzed and the rationale for the appraiser's opinions and conclusions (SR 2-2(b))


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Your Thoughts...

What are some of the standards that may apply to real estate appraisers when dealing with Solar


Slide 41

PV systems?


SOLAR PHOTOVOLTAICS

Valuation IssuesLack of market data for resales of Lack of market data for resales of homes with solar PV installationsGeneral lack of knowledge and experience among real estate professionals regarding solar PVFew established guidelines for


Slide 42

valuing solar PV


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SOLAR PHOTOVOLTAICS

Approaches to ValueSales Comparison Approachp pp

Currently, not a valid approach for valuation of solar PV systems in most assignments due to limited resalesThe exception is in newer developments where most homes have solar PV systems and credible results can be obtained from paired sales analysis


Slide 43


SOLAR PHOTOVOLTAICS

Approaches to ValueCost Approachpp

Best used as a test of reasonablenessCost does not equal value, but cost does affect a consumer's perception of valueMarshall & Swift’s data is so new and limited that it may not be reliable

Alternative for costs: Contact permitting departments for recent PV


Slide 44

permits to get costsDenver County has limited data and therefore may not be a reliable source, but many other counties doBased on a recent study by the Colorado Energy Office, cost currently averages $3,500 per kW


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SOLAR PHOTOVOLTAICS

Effect of Incentives on ValueIncentives and rebates are availablefrom Federal and State Governmentsand local municipalitiesIncentives which lower the cost tothe purchaser must be considered by the valuing the solar PV system by the cost approachValue is in the energy produced; incentives and rebates often

lt i t t th t i l th th b k f g


Slide 45

result in a net cost that is less than the payback from energy production over the system's useful lifeWebsite to check for the rebates in your area: www.cleanenergyauthority.com\solar-rebates-and-incentives


SOLAR PHOTOVOLTAICS

Cost Approach IssuesDepreciationDepreciation

Straight-line, based on useful life (generally the warranty period for the panels)Example, using replacement cost

2-year old system, 25-year warranty, $30,000 gross cost


Slide 46

2 / 25 = .08 x $30,000 = $2,400 depreciation$30,000 - $2,400 = $27,600 contributory value of system


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SOLAR PHOTOVOLTAICSIncome Capitalization Approach

Currently, the most credible approach to value solar PV systems since data is typically available to support each stepConsiders details of the solar PV system, including its condition and proper functioning, and the potential income generated


Slide 47

Supportable assumptions must be used.


SOLAR PHOTOVOLTAICS

Discounted Cash Flow (DCF) Analysis"The procedure in which a discount rate is applied to a set of projected income streams..." - Dictionary of Real Estate AppraisalDCF is used to determine the present value of the energy produced by the Solar PV array over its remaining lifeDCF analysis is the most detailed, transparent and potentially accurate method when compared with the other


Slide 48

p y papproaches to value; however, DCF has one major disadvantage in that it relies on assumptions regarding future income, and should therefore be used with caution


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SOLAR PHOTOVOLTAICSQuote from “PV Value User Manual V. 1.1” pg 2

The income approach is based on the idea that the value of i l h i li d l f h i a property is equal to the capitalized value of the net income

stream generated by that property. Applying this approach to PV looks at what one may be willing to pay today for the opportunity to receive future cash flows using a discounted cash flow model. This model needs to adequately consider the present value


Slide 49

of projected future energy production along with estimated operation and maintenance costs that are anticipated to occur during the solar module power production warranty timeframe.


SOLAR PHOTOVOLTAICS

Discounted Cash Flow (DCF) AnalysisThe present value of the energy produced can be used as a line item adjustment in the subject's sales comparison approach for comparables without a solar PV systemMay also be used as a separate item in the subject's cost approach to indicate the contributory value of the solar PV systemIs indicated as a separate line item in the cost approach


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p ppbecause it is generally depreciated differently than the other improvements


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SOLAR PHOTOVOLTAICS

Valuation IssuesAge Production LossAge, Production Loss

Useful life of the system is generally the Warranty Period of the panels, typically 25 yearsAs panels age, they produce approximately ½ percent (0.5%) less electricity per year, on average

This is called the "Degradation Loss Rate"


Slide 51

Documentation from a particular manufacturermay indicate a different Degradation Loss

Rate that may be more accurate than the average


SOLAR PHOTOVOLTAICS

Valuation IssuesDeteriorationDeterioration

Deterioration can be caused by hail, water leaks, squirrels and rodents, lighteningInefficiencies in the system can be caused by component aging and corrosion of wiring

Inverters generally require replacement every 10 –15


Slide 52

15 yearsThis is called the "Loss Factor" and is calculated at approximately 5% per year.


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SOLAR PHOTOVOLTAICS

Other Necessary InformationAge of Systemg y

The DCF Template requires the system age to be in MONTHS so that the average monthly electrical production can be calculated

Historical Electrical ProductionThis is the total electricity produced by the array to-date


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Typically found on a meter located near or on the inverter, or provided by an online monitoring serviceThis is used to calculate the average monthly production


SOLAR PHOTOVOLTAICSCurrent Average Electrical Cost

This can be obtained from the Sandia Labs PV Value Tool ( l ) th l l l t i tilit b (www.pvvalue.com), the local electric utility, or can be calculated from recent utility bills for the subjectThis is used to calculate the projected average electricity cost beyond year one, modified by the projected rate increases

Projected Electrical Rate IncreaseThis can be obtained from the Sandia Labs PV Value Tool


Slide 54

(www.pvvalue.com) or the local electric utility This is used to calculate the projected average electricity cost beyond year one


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SOLAR PHOTOVOLTAICS

Discount Rate"A rate of return on capital, usually expressed as p , y pa compound annual percentage rate." -Dictionary of Real Estate AppraisalMirrors the cost of borrowing for the purchaserThis is used to calculate the present value of the total energy produced for the remaining life of


Slide 55

gy p gthe array


SOLAR PHOTOVOLTAICSDiscount Rate

This can be the typical rate of return expected by lenders who provide financing for Solar PV installationsExamples of current interest rates:

HELOC: Per Bankrate.com, 5% - 8%Conventional: FNMA 30-Yr, 60-day Commitment, ≈ 4%Specialty Lenders, Unsecured: 5% - 7%+

The Sandia Labs PV Value Tool (www.pvvalue.com)


Slide 56

provides suggested discount rates based on current Fannie Mae and Freddie Mac 15 or 30 year rates plus a factor for risk


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Your Thoughts...

What may be some difficulties in valuing a

Solar PV system?


Slide 57


Tools forValuation


Slide 58


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SOLAR PHOTOVOLTAICS

Tools for ValuationGreen and Energy Efficient gyAddendum1

Available for residential and commercial buildingsDocuments all data the appraiser needs to value green and energy efficient features including solar


Slide 59

efficient features, including solar PV systemsAvailable in appraiser's software programs

1Published by the Appraisal Institute


GREEN AND ENERGY EFFICIENT ADDENDUM1


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GREEN AND ENERGY EFFICIENT ADDENDUM1


Slide 61



SOLAR PHOTOVOLTAICS

Tools for ValuationSandia Labs PV Value Tool (www.pvvalue.com)

Excel spreadsheet developed with DOE funding, uses DCF to determine the value of a solar PV system based on the

t ti l d d th t ' i i lif ti


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potential energy produced over the system's remaining lifetimeCan automatically input data for local electricity rates, rate increases, and solar radiance based on the zip code of the subject


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SOLAR PHOTOVOLTAICS

Tools for ValuationSandia Labs PV Value Tool (www.pvvalue.com)Sandia Labs PV Value Tool (www.pvvalue.com)

Much more sophisticated than the Excel spreadsheet we will examineUsers may have issues opening the spreadsheet depending on the version of Excel and the operating system usedAn update is being worked on which will feature a web-based user interface


Slide 63

The update will also have the functionality to collect valuation data related to solar PV installations which will aid appraisers to locate comparable data


SOLAR PHOTOVOLTAICSTools for Valuation

Excel DCF Template1

Uses Discounted Cash Flow Analysis to calculate the present value of the energy producedThe Discount Rate is typically the interest rate charged by lenders who finance solar PV installations (currently 4 8%)


Slide 64

installations (currently 4 - 8%)Requires input of specific data gathered by the appraiser

1 Based on spreadsheet tool originally designed by Timothy P. Runde, MAI, Leed AP


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SOLAR PHOTOVOLTAICSSave the blank template in your electronic workfile.TYPE IN THE GREEN FIELDS ONLY. All other fields are protected to pre ent o er riting form lasprevent overwriting formulas.Fill in the Appraiser Name, Subject Address and Date fields.


Slide 65


SOLAR PHOTOVOLTAICSEnter the "System Rated Capacity." This is for reference only since this field is not used in any calculations.Enter the "S stem Age" in MONTHS This is sed to calc late the Enter the "System Age" in MONTHS. This is used to calculate the average monthly production and remaining life.Enter the "Warranty Period" in YEARS. This is used to calculate the remaining life.

Note: The remaining life is calculated using the system age in months and the warranty period in years, and is rounded to the nearest year for the DCF analysis.


Slide 66


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SOLAR PHOTOVOLTAICSEnter the "Historical Production," or total electricity produced to-date by the PV array, typically found on a meter located near the inverter or provided by an online monitoring service This is used to inverter or provided by an online monitoring service. This is used to calculate the average monthly production.Enter the Degradation Rate. On average, Solar PV panels typically produce one-half percent less electricity per year (0.5% is entered as .005). However, documentation for a particular manufacturer may indicate a different degradation loss figure that may be more accurate than the average. This is used to modify the annual


Slide 67

electric output calculation.


SOLAR PHOTOVOLTAICSEnter the "Current Average Electricity Cost." This can be obtained from the local electric utility, or can be calculated from recent utility bills This is used to calculate the projected average electric cost bills. This is used to calculate the projected average electric cost beyond year one modified by the projected electricity rate increase.Enter the "Projected Electricity Rate Increase" as a decimal (a 1.9% increase is entered as .019). This can be obtained from the local electric utility. This is used to calculate the projected average electric cost beyond year one.


Slide 68


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SOLAR PHOTOVOLTAICSOperational and maintenance costs impact the overall benefits received from a Solar PV installation. These are estimated to average 5% ( 05) per year This includes costs related to monitoring average 5% (.05) per year. This includes costs related to monitoring, inverter replacement, periodic inspections, cleaning and maintenance, and loss related to wiring corrosion. This is used to calculate the net benefit for each year of the DCF analysis.Enter the "Annual Discount Rate" as a decimal (5.26% would be entered as .0526), which will be rounded to one decimal place (5.3%). This is generally the typical rate of return expected by


Slide 69

lenders who provide financing for Solar PV installations. This is used to calculate the present value of the total energy produced for the remaining life of the array.


SOLAR PHOTOVOLTAICSEnter the "Building GLA / GBA" in square feet. This is use to calculate the contributory value per building sq. ft. of the present value of energy produced This figure is not used in the DCF value of energy produced. This figure is not used in the DCF analysis.


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SOLAR PHOTOVOLTAICS


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SOLAR PHOTOVOLTAICS


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SOLAR PHOTOVOLTAICS


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SOLAR PHOTOVOLTAICS


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SOLAR PHOTOVOLTAICSThe calculation for Annual Electric Output (kWh) for year 1 is the monthly energy production multiplied by 12 months.1 099 166 * 12 13 1901,099.166 * 12 = 13,190


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Note: Rounding of the figures by Excel may cause small differences in the results.


SOLAR PHOTOVOLTAICSThe Annual Electric Output (kWh) for each subsequent year is calculated by applying the percentage for Solar Panel Degradation to the previous year's figure for Annual Electric Output (kWh)to the previous year s figure for Annual Electric Output (kWh).13,190 * (1 - .005) = 13,190 * (.995) = 13,124


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SOLAR PHOTOVOLTAICSThe Average Electricity Cost ($/kWh) for the first year equals the figure entered by the appraiser. Each subsequent year is calculated by applying the percentage for the annual Projected Elec Rate by applying the percentage for the annual Projected Elec. Rate Increase to the previous year's figure for Average Electricity Cost.

$0.112 * (1 + .019) = $0.112 * (1.019) = $0.114


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SOLAR PHOTOVOLTAICSThe Avoided Electricity Cost per Year for each year equals the Annual Electric Output multiplied by the Average Electricity Cost.

13,190 * $0.112 = $1,47613,124 * $0.114 = $1,496


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SOLAR PHOTOVOLTAICSThe calculation for each year's Loss Factor amount is the Avoided Electricity Cost multiplied by the Loss Factor entered by the appraiserappraiser.

$1,476 * 0.05 = ($74)$1,496 * 0.05 = ($75)


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SOLAR PHOTOVOLTAICSThe calculation for each year's Net Benefit amount is the Avoided Electricity Cost plus the Loss Factor figure.

$1,476 - ($74) = $1,402$1,496 - ($75) = $1,422


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SOLAR PHOTOVOLTAICSThe "Net Present Value" equals the sum of the following formula for each year in the DCF analysis:

P t V l F t V l / (1 + Di t R t ) # of YearsPresent Value = Future Value / (1 + Discount Rate) # of Years

Based on our example, the formulas for the first 3 years are:

Present Value = $1,402 / (1 + 0.0526)1 = $1,332

Present Value = $1,422 / (1 + 0.0526)2 = $1,283

Present Value = $1,441 / (1 + 0.0526)3 = $1,236


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SOLAR PHOTOVOLTAICSBased on our example, the Solar PV system has the potential to produce approximately $35,759 of electricity over the 22 years of remaining liferemaining life.

However, the "Net Present Value" of the $35,759 is $20,322.


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Questions?


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CONCLUSION

Sustainable Development, Green Building and Solar Photovoltaic are here to staySolar Photovoltaic are here to stayTechnologies are changing rapidly, resulting in increased efficiencies and lower costsTake time to become knowledgeable; courses are available from multiple providers


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