1. AAI Rulemaking and Minimizing Environmental Liabilities Charlotte Neitzel Holme Roberts & Owen LLP

2. Innocent Purchaser No knowledge or reason to know of contamination Due care and precautions against foreseeable acts or omissions Bona Fide Purchaser Knows of contamination Acquires property after January 11, 2002 Windfall liens Contiguous Property Owner No knowledge or reason to know of contamination (Contaminated Aquifer Policy may be broader, but subject to EPA discretion) Cannot own property that is source of contamination Can apply to present and prior landowners

3. Common Elements All appropriate inquiry No affiliation with liable party Complies with land use restrictions and institutional controls Cooperates, assists, and gives access Complies with information requests and administrative subpoenas Provides legally required notices Takes reasonable steps to stop continuing releases, prevent threatened future releases, and prevent or limit human, environmental, or natural resource exposure.

4. 2003 Guidance Re Reasonable Steps Not full scale investigation or remediation Notification Assess extent of contamination Access limitations Containment

5. AAI Rules Data Gaps  Good faith efforts to gather information  Definition of data gaps  Commenting on data gaps  Sampling not required, but may be appropriate Ability to detect contamination by appropriate investigation  Sampling before or after acquiring property may be needed

6. Other Options Colorado Voluntary Clean Up Program CERCLA comfort/status letters or prospective purchaser agreements De minimis settlements Contiguous property comfort letters and settlements RCRA comfort/status letters or prospective purchaser agreements