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Is Billings Tap Water Safe to Drink?

Yes! Generally Safe to Drink*

LAST UPDATED: 7:47 pm, August 6, 2022
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Table of Contents

Can You Drink Tap Water in Billings?

Yes, Billings's tap water is generally considered safe to drink as Billings has no active health based violations of the Safe Drinking Water Act (SDWA) that we are aware of. Other factors such as lead piping in a home, or low levels of pollutants on immunocompromised individuals, should also be considered, however. To find more recent info we might have, you can check out our boil water notice page or the city's water provider website.

According the EPA’s ECHO database, from April 30, 2019 to June 30, 2022, Billings's water utility, City of Billings, had 0 violations of the Safe Drinking Water Act. For more details on the violations, please see our violation history section below. This assessment is based on the City of Billings water system, other water systems in the city may have different results.

While tap water that meets the EPA health guidelines generally won’t make you sick to your stomach, it can still contain regulated and unregulated contaminants present in trace amounts that could potentially cause health issues over the long-run. These trace contaminants may also impact immunocompromised and vulnerable individuals.

The EPA is reviewing if it’s current regulations around pollutant levels in tap water are strict enough, and the health dangers posed by unregulated pollutants, like PFAS.

Water Quality Report for Billings Tap Water

The most recent publicly available numbers for measured contaminant levels in Billings tap water are in its 2020 Water Quality Report. As you can see, there are levels which the EPA considers to be acceptable, but being below the maximum allowable level doesn’t necessarily mean the water is healthy.

Lead in tap water, for example, is currently allowed at up to 15ppb by the EPA, but it has set the ideal goal for lead at zero. This highlights how meeting EPA standards doesn’t necessarily mean local tap water is healthy.

EPA regulations continue to change as it evaluates the long term impacts of chemicals and updates drinking water acceptable levels. The rules around arsenic, as well as, lead and copper are currently being re-evaluated.

There are also a number of "emerging" contaminants that are not currently. For example, PFAS (Per- and polyfluoroalkyl substances), for which the EPA has issued a health advisory. PFAS are called "forever chemicals" since they tend not to break down in the environment or the human body and can accumulate over time.

We recommend looking at the contaminants present in Billings's water quality reports, or getting your home's tap water tested to see if you should be filtering your water.

Billings Tap Water Safe Drinking Water Act Violation History - Prior 10 Years

Below is a ten year history of violations for the water system named City of Billings for Billings in Montana. For more details please see the "What do these Violations Mean?" section below.

Is there Lead in Billings Water?

Based on the EPA’s ECHO Database, 90% of the samples taken from the Billings water system, City of Billings, between sample start date and sample end date, were at or below, 0.0 mg/L of lead in Billings water. This is 0% of the 0.015 mg/L action level. This means 10% of the samples taken from Billings contained more lead.

While Billings water testing may have found 0.0 mg/L of lead in its water, that does not mean your water source has the same amount. The amount of lead in water in a city can vary greatly from neighborhood to neighborhood, or even building to building. Many buildings, particularly older ones, have lead pipes or service lines which can be a source of contamination. To find out if your home has lead, we recommend getting you water tested.

No amount of lead in water is healthy, only less dangerous. As lead accumulates in our bodies over time, even exposure to relatively small amounts can have negative health effects. For more information, please check out our Lead FAQ page.

Are there PFAS in Billings Tap Water?

Currently, testing tap water for PFAS isn’t mandated on a national level. We do have a list of military bases where there have been suspected or confirmed leaks. There appears to be at least one military base - Billings NG Site - near Billings with suspected leaks.

With many potential sources of PFAS in tap water across the US, the best information we currently have about which cities have PFAS in their water is this ewg map, which you can check to see if Billings has been evaluated for yet.

Our stance is better safe than sorry, and that it makes sense to try to purify the tap water just in case.

What do these Violations Mean?

Safe Drinking Water Act Violations categories split into two groups, health based, and non-health based. Generally, health based violations are more serious, though non-health based violations can also be cause for concern.

Health Based Violations

  1. Maximum contaminant levels (MCLs) - maximum allowed contaminant level was exceeded.
  2. Maximum residual disinfectant levels (MRDLs) - maximum allowed disinfectant level was exceeded.
  3. Other violations (Other) - the exact required process to reduce the amounts of contaminants in drinking water was not followed.

Non-Health Based Violations

  1. Monitoring and reporting violations (MR, MON) - failure to conduct the required regular monitoring of drinking water quality, and/or to submit monitoring results on time.
  2. Public notice violations (Other) - failure to immediately alert consumers if there is a serious problem with their drinking water that may pose a risk to public health.
  3. Other violations (Other) - miscellaneous violations, such as failure to issue annual consumer confidence reports or maintain required records.

SDWA Table Key

Field Description
Compliance Period Dates of the compliance period.
Status Current status of the violation.
  • Resolved - The violation has at least one resolving enforcement action. In SDWIS, this indicates that either the system has returned to compliance from the violation, the rule that was violated was no longer applicable, or no further action was needed.
  • Archived - The violation is not Resolved, but is more than five years past its compliance period end date. In keeping with the Enforcement Response Policy, the violation no longer contributes to the public water system's overall compliance status. Unresolved violations are also marked as Archived when a system ceases operations (becomes inactive).
  • Addressed - The violation is not Resolved or Archived, and is addressed by one or more formal enforcement actions.
  • Unaddressed - The violation is not Resolved or Archived, and has not been addressed by formal enforcement.
show details
Health-Based? Whether the violation is health based.
Category Code
The category of violation that is reported.
  • TT - Treatment Technique Violation
  • MRDL - Maximum Residual Disinfectant Level
  • Other - Other Violation
  • MCL - Maximum Contaminant Level Violation
  • MR - Monitoring and Reporting
  • MON - Monitoring Violation
  • RPT - Reporting Violation
show details
Code A full description of violation codes can be accessed in the SDWA_REF_CODE_VALUES (CSV) table.
Contaminant Code A code value that represents a contaminant for which a public water system has incurred a violation of a primary drinking water regulation.
Rule Code Code for a National Drinking Water rule.
  • 110 - Total Coliform Rule
  • 121 - Surface Water Treatment Rule
  • 122 - Long Term 1 Enhanced Surface Water Treatment Rule
  • 123 - Long Term 2 Enhanced Surface Water Treatment Rule
  • 130 - Filter Backwash Rule
  • 140 - Ground Water Rule
  • 210 - Stage 1 Disinfectants and Disinfection Byproducts Rule
  • 220 - Stage 2 Disinfectants and Disinfection Byproducts Rule
  • 230 - Total Trihalomethanes
  • 310 - Volatile Organic Chemicals
  • 331 - Nitrates
  • 332 - Arsenic
  • 333 - Inorganic Chemicals
  • 320 - Synthetic Organic Chemicals
  • 340 - Radionuclides
  • 350 - Lead and Copper Rule
  • 410 - Public Notice Rule
  • 420 - Consumer Confidence Rule
  • 430 - Miscellaneous
  • 500 - Not Regulated
  • 111 - Revised Total Coliform Rule
show details
Rule Group Code Code that uniquely identifies a rule group.
  • 120 - Surface Water Treatment Rules
  • 130 - Filter Backwash Rule
  • 140 - Groundwater Rule
  • 210 - Stage 1 Disinfectants and Disinfection Byproducts Rule
  • 220 - Stage 2 Disinfectants and Disinfection Byproducts Rule
  • 230 - Total Trihalomethanes
  • 310 - Volatile Organic Chemicals
  • 320 - Synthetic Organic Chemicals
  • 330 - Inorganic Chemicals
  • 340 - Radionuclides
  • 350 - Lead and Copper Rule
  • 400 - Other
  • 500 - Not Regulated
  • 110 - Total Coliform Rules
  • 410 - Public Notice Rule
  • 420 - Consumer Confidence Rule
  • 430 - Miscellaneous
show details
Rule Family Code Code for rule family.
  • 100 - Microbials
  • 200 - Disinfectants and Disinfection Byproducts Rule
  • 300 - Chemicals
  • 400 - Other
  • 500 - Not Regulated
show details

For more clarification please visit the EPA's data dictionary.

Billings Water - Frequently Asked Questions

HOW DO I CONTACT BILLINGS CUSTOMER SERVICE?
To contact customer service for the Billings water provider, City of Billings, please use the information below.
By Mail: PO BOX 30958
BILLINGS, MT, 59111
HOW TO PAY BILL FOR CITY OF BILLINGS
Already have an account?

Existing customers can login to their City of Billings account to pay their Billings water bill by clicking here.

Want to create a new account?

If you want to pay your City of Billings bill online and haven't made an account yet, you can create an account online. Please click here to create your account to pay your Billings water bill.

Want to pay without an account?

If you don't want to make an account, or can't remember your account, you can make a one-time payment towards your Billings water bill without creating an account using a one time payment portal with your account number and credit or debit card. Click here to make a one time payment.

HOW TO START & STOP BILLINGS WATER SERVICE
Starting Your Service

Moving to a new house or apartment in Billings means you will often need to put the water in your name with City of Billings. In order to put the water in your name, please click the link to the start service form below. Start service requests for water bills typically take two business days.

Start Service Form

Want to create a new account?

Leaving your house or apartment in Billings means you will likely need to take your name off of the water bill with City of Billings. In order to take your name off the water bill, please click the link to the stop service form below. Stop service for water bills requests typically take two business days.

Stop Service Form

The estimated price of bottled water

$1.79 in USD (1.5-liter)

USER SUBMITTED RATINGS

Billings tap water
  • Drinking Water Pollution and Inaccessibility 38% Low
  • Water Pollution 44% Moderate
  • Drinking Water Quality and Accessibility 63% High
  • Water Quality 56% Moderate

The above data is comprised of subjective, user submitted opinions about the water quality and pollution in Billings, measured on a scale from 0% (lowest) to 100% (highest).

Related FAQS

Billings Water Quality Report (Consumer Confidence Report)

The EPA mandates that towns and cities consistently monitor and test their tap water. They must report their findings in an annual Consumer Confidence Report. Below is the most recent water quality report from Billings's Water. If you would like to see the original version of the report, please click here.

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dŚĞŝƚLJŽĨŝůůŝŶŐƐtĂƚĞƌYƵĂůŝƚLJŝǀŝƐŝŽŶƌŽƵƟŶĞůLJŵŽŶŝƚŽƌƐĨŽƌĐŽŶƚĂŵŝŶĂŶƚƐŝŶLJŽƵƌĚƌŝŶŬŝŶŐǁĂƚĞƌĂĐĐŽƌĚŝŶŐ ƚŽ&ĞĚĞƌĂůĂŶĚ^ƚĂƚĞƌĞŐƵůĂƟŽŶƐ͘dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐŚŽǁƚŚĞƌĞƐƵůƚƐŽĨŽƵƌŵŽŶŝƚŽƌŝŶŐĨŽƌƚŚĞƉĞƌŝŽĚŽĨ :ĂŶƵĂƌLJϭƐƚƚŽĞĐĞŵďĞƌϯϭƐƚ͕ϮϬϮϬ;^ŽŵĞŽĨŽƵƌĚĂƚĂŵĂLJďĞŵŽƌĞƚŚĂŶŽŶĞLJĞĂƌŽůĚďĞĐĂƵƐĞƚŚĞƐƚĂƚĞĂůůŽǁƐ ƵƐƚŽŵŽŶŝƚŽƌĨŽƌƐŽŵĞĐŽŶƚĂŵŝŶĂŶƚƐůĞƐƐŽŌĞŶƚŚĂŶŽŶĐĞƉĞƌLJĞĂƌ͘Ϳ ƌŝŶŬŝŶŐǁĂƚĞƌ͕ŝŶĐůƵĚŝŶŐďŽƩůĞĚǁĂƚĞƌ͕ŵĂLJƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽĐŽŶƚĂŝŶĂƚůĞĂƐƚƐŵĂůůĂŵŽƵŶƚƐŽĨƐŽŵĞ ĐŽŶƚĂŵŝŶĂŶƚƐ͘ƐǁĂƚĞƌƚƌĂǀĞůƐŽǀĞƌƚŚĞƐƵƌĨĂĐĞŽĨƚŚĞůĂŶĚŽƌƚŚƌŽƵŐŚƚŚĞŐƌŽƵŶĚ͕ŝƚĚŝƐƐŽůǀĞƐŶĂƚƵƌĂůůLJ ŽĐĐƵƌƌŝŶŐŵŝŶĞƌĂůƐĂŶĚ͕ŝŶƐŽŵĞĐĂƐĞƐ͕ƌĂĚŝŽĂĐƟǀĞŵĂƚĞƌŝĂů͕ĂŶĚĐĂŶƉŝĐŬƵƉƐƵďƐƚĂŶĐĞƐƌĞƐƵůƟŶŐĨƌŽŵƚŚĞ ƉƌĞƐĞŶĐĞŽĨĂŶŝŵĂůƐŽƌĨƌŽŵŚƵŵĂŶĂĐƟǀŝƚLJ͘dŚĞƉƌĞƐĞŶĐĞŽĨĐŽŶƚĂŵŝŶĂŶƚƐĚŽĞƐŶŽƚŶĞĐĞƐƐĂƌŝůLJŝŶĚŝĐĂƚĞƚŚĂƚ ǁĂƚĞƌƉŽƐĞƐĂŚĞĂůƚŚƌŝƐŬ͘ ŽƌĚĞƌƚŽĞŶƐƵƌĞƚŚĂƚƚĂƉǁĂƚĞƌŝƐƐĂĨĞƚŽĚƌŝŶŬ͕WƉƌĞƐĐƌŝďĞƐƌĞŐƵůĂƟŽŶƐǁŚŝĐŚůŝŵŝƚƚŚĞůĞǀĞůŽĨĐĞƌƚĂŝŶ ĐŽŶƚĂŵŝŶĂŶƚƐŝŶǁĂƚĞƌƉƌŽǀŝĚĞĚďLJƉƵďůŝĐǁĂƚĞƌƐLJƐƚĞŵƐ͘&ƌĞŐƵůĂƟŽŶƐĞƐƚĂďůŝƐŚůŝŵŝƚƐĨŽƌĐŽŶƚĂŵŝŶĂŶƚƐŝŶ ďŽƩůĞĚǁĂƚĞƌǁŚŝĐŚŵƵƐƚƉƌŽǀŝĚĞƚŚĞƐĂŵĞƉƌŽƚĞĐƟŽŶĨŽƌƉƵďůŝĐŚĞĂůƚŚ͘ >ŽŶŐdĞƌŵϮŶŚĂŶĐĞĚ^ƵƌĨĂĐĞtĂƚĞƌdƌĞĂƚŵĞŶƚZƵůĞ;>dϮ^tdZͿ dŚĞŝƚLJŽĨŝůůŝŶŐƐĐŽŵƉůĞƚĞĚƚŚĞƐĞĐŽŶĚƌŽƵŶĚŽĨŵŽŶƚŚůLJŵŽŶŝƚŽƌŝŶŐ;ϮϬϭϱƚŚƌŽƵŐŚϮϬϭϳͿĨŽƌ ƌLJƉƚŽƐƉŽƌŝĚŝƵŵŝŶƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞW>ŽŶŐdĞƌŵϮ^ƵƌĨĂĐĞtĂƚĞƌdƌĞĂƚŵĞŶƚ ZƵůĞ;>dϮͿ͘ dŚĞƌĞƐƵůƚƐĨƌŽŵƚŚŝƐƐĞĐŽŶĚƌŽƵŶĚŽĨƐĂŵƉůŝŶŐǁĞƌĞĨĂǀŽƌĂďůĞĂŶĚƚŚĞŝƚLJŝƐŶŽƚƌĞƋƵŝƌĞĚƚŽĂĚĚĂĚĚŝƟŽŶĂů ƚƌĞĂƚŵĞŶƚƉƌŽĐĞƐƐĞƐƚŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞƌƵůĞ͘

    

dŚĞƚĂďůĞƐŽŶƚŚĞŶĞdžƚƚǁŽƉĂŐĞƐůŝƐƚĂůůŽĨƚŚĞĚƌŝŶŬŝŶŐǁĂƚĞƌĐŽŶƚĂŵŝŶĂŶƚƐĚĞƚĞĐƚĞĚĨŽƌƚŚĞĐĂůĞŶĚĂƌLJĞĂƌŽĨ ƚŚŝƐƌĞƉŽƌƚ͘dŚĞƉƌĞƐĞŶĐĞŽĨĐŽŶƚĂŵŝŶĂŶƚƐŝŶƚŚĞǁĂƚĞƌĚŽĞƐŶŽƚŶĞĐĞƐƐĂƌŝůLJŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞǁĂƚĞƌƉŽƐĞƐĂ ŚĞĂůƚŚƌŝƐŬ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚ͕ƚŚĞĚĂƚĂƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐĞƚĂďůĞƐŝƐĨƌŽŵƚĞƐƟŶŐĚŽŶĞŝŶƚŚĞĐĂůĞŶĚĂƌ LJĞĂƌŽĨƚŚĞƌĞƉŽƌƚ͘ ƚŚĞĨŽůůŽǁŝŶŐƐĞĐƟŽŶLJŽƵǁŝůůĮŶĚŵĂŶLJƚĞƌŵƐĂŶĚĂďďƌĞǀŝĂƟŽŶƐLJŽƵŵŝŐŚƚŶŽƚďĞĨĂŵŝůŝĂƌǁŝƚŚ͘ŚĞůƉLJŽƵ ďĞƩĞƌƵŶĚĞƌƐƚĂŶĚƚŚĞƐĞƚĞƌŵƐǁĞ͛ǀĞƉƌŽǀŝĚĞĚƚŚĞĨŽůůŽǁŝŶŐĚĞĮŶŝƟŽŶƐ͗ ƉƉŵŽƌŵŐͬů-WĂƌƚƐƉĞƌŵŝůůŝŽŶŽƌDŝůůŝŐƌĂŵƐƉĞƌůŝƚĞƌ-ŽƌŽŶĞŽƵŶĐĞŝŶϳ͕ϴϭϮŐĂůůŽŶƐŽĨǁĂƚĞƌ͘ ƉƉďŽƌђŐͬů-WĂƌƚƐƉĞƌďŝůůŝŽŶŽƌDŝĐƌŽŐƌĂŵƐƉĞƌůŝƚĞƌ-ŽƌŽŶĞŽƵŶĐĞŝŶϳ͕ϴϭϮ͕ϬϬϬŐĂůůŽŶƐŽĨǁĂƚĞƌ͘ E-EŽƚĞƚĞĐƚĞĚ Edh-EĞƉŚĞůŽŵĞƚƌŝĐƚƵƌďŝĚŝƚLJƵŶŝƚŝƐĂŵĞĂƐƵƌĞŽĨƚŚĞĐůĂƌŝƚLJŽĨǁĂƚĞƌ͘dƵƌďŝĚŝƚLJŝŶĞdžĐĞƐƐŽĨϱEdhŝƐũƵƐƚ ŶŽƟĐĞĂďůĞƚŽƚŚĞĂǀĞƌĂŐĞƉĞƌƐŽŶ͘ >-ĐƟŽŶ>ĞǀĞů-dŚĞĐŽŶĐĞŶƚƌĂƟŽŶŽĨĂĐŽŶƚĂŵŝŶĂŶƚǁŚŝĐŚ͕ŝĨĞdžĐĞĞĚĞĚ͕ƚƌŝŐŐĞƌƐƚƌĞĂƚŵĞŶƚŽƌŽƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚƐǁŚŝĐŚĂǁĂƚĞƌƐLJƐƚĞŵŵƵƐƚĨŽůůŽǁ͘ dd-dƌĞĂƚŵĞŶƚdĞĐŚŶŝƋƵĞ-ƚƌĞĂƚŵĞŶƚƚĞĐŚŶŝƋƵĞŝƐĂƌĞƋƵŝƌĞĚƉƌŽĐĞƐƐŝŶƚĞŶĚĞĚƚŽƌĞĚƵĐĞƚŚĞůĞǀĞůŽĨĂ ĐŽŶƚĂŵŝŶĂŶƚŝŶĚƌŝŶŬŝŶŐǁĂƚĞƌ͘ DĂdžŝŵƵŵŽŶƚĂŵŝŶĂŶƚ>ĞǀĞů;D>Ϳ-dŚĞD>ŝƐƚŚĞŚŝŐŚĞƐƚůĞǀĞůŽĨĂĐŽŶƚĂŵŝŶĂŶƚƚŚĂƚŝƐĂůůŽǁĞĚŝŶĚƌŝŶŬŝŶŐ ǁĂƚĞƌ͘DĂƌĞƐĞƚĂƐĐůŽƐĞƚŽƚŚĞD>'ƐĂƐĨĞĂƐŝďůĞƵƐŝŶŐƚŚĞďĞƐƚĂǀĂŝůĂďůĞƚƌĞĂƚŵĞŶƚƚĞĐŚŶŽůŽŐLJ͘ DĂdžŝŵƵŵŽŶƚĂŵŝŶĂŶƚ>ĞǀĞů'ŽĂů;D>'Ϳ-dŚĞůĞǀĞůŽĨĂĐŽŶƚĂŵŝŶĂŶƚŝŶĚƌŝŶŬŝŶŐǁĂƚĞƌďĞůŽǁǁŚŝĐŚƚŚĞƌĞŝƐ ŶŽŬŶŽǁŶŽƌĞdžƉĞĐƚĞĚƌŝƐŬƚŽŚĞĂůƚŚ͘D>'ƐĂůůŽǁĨŽƌĂŵĂƌŐŝŶŽĨƐĂĨĞƚLJ͘ ^ĞĐŽŶĚĂƌLJDĂdžŝŵƵŵŽŶƚĂŵŝŶĂŶƚ>ĞǀĞů;^D>Ϳ-dŚĞ^D>ƌĞƉƌĞƐĞŶƚƐƌĞĂƐŽŶĂďůĞŐŽĂůƐĨŽƌĚƌŝŶŬŝŶŐǁĂƚĞƌ ƋƵĂůŝƚLJĂŶĚƉƌŽǀŝĚĞĂŐƵŝĚĞůŝŶĞĨŽƌƉƵďůŝĐǁĂƚĞƌƐƵƉƉůŝĞƌƐ͘^ĞĐŽŶĚĂƌLJĐŽŶƚĂŵŝŶĂŶƚƐĂīĞĐƚŵĂŝŶůLJƚŚĞĂĞƐƚŚĞƟĐ ƋƵĂůŝƟĞƐƐƵĐŚĂƐƵŶĚĞƐŝƌĂďůĞƚĂƐƚĞŽƌŽĚŽƌƐ͘ DĂdžŝŵƵŵZĞƐŝĚƵĂůŝƐŝŶĨĞĐƚĂŶƚ>ĞǀĞů;DZ>Ϳ-dŚĞŚŝŐŚĞƐƚůĞǀĞůŽĨĂĚŝƐŝŶĨĞĐƚĂŶƚĂůůŽǁĞĚŝŶĚƌŝŶŬŝŶŐǁĂƚĞƌ͘ dŚĞƌĞŝƐĐŽŶǀŝŶĐŝŶŐĞǀŝĚĞŶĐĞƚŚĂƚĂĚĚŝƟŽŶŽĨĂĚŝƐŝŶĨĞĐƚĂŶƚŝƐŶĞĐĞƐƐĂƌLJĨŽƌĐŽŶƚƌŽůŽĨŵŝĐƌŽďŝĂůĐŽŶƚĂŵŝŶĂƟŽŶ͘ DĂdžŝŵƵŵZĞƐŝĚƵĂůŝƐŝŶĨĞĐƚĂŶƚ>ĞǀĞů'ŽĂů;DZ>'Ϳ-dŚĞůĞǀĞůŽĨĂĚƌŝŶŬŝŶŐǁĂƚĞƌĚŝƐŝŶĨĞĐƚĂŶƚďĞůŽǁǁŚŝĐŚ ƚŚĞƌĞŝƐŶŽŬŶŽǁŶŽƌĞdžƉĞĐƚĞĚƌŝƐŬƚŽŚĞĂůƚŚ͘DZ>'ƐĚŽŶŽƚƌĞŇĞĐƚƚŚĞďĞŶĞĮƚƐŽĨƚŚĞƵƐĞŽĨĚŝƐŝŶĨĞĐƚĂŶƚƐƚŽ ĐŽŶƚƌŽůŵŝĐƌŽďŝĂůĐŽŶƚĂŵŝŶĂƟŽŶ͘

 

 

tdZYh>/dzd

 

 

ŽŶƚĂŵŝŶĂŶƚ

sŝŽůĂƟŽŶzĞƐͬ

,ŝŐŚĞƐƚ>ĞǀĞů

ZĂŶŐĞĞƚĞĐƚͲ

D>

D>'

ĞƚĞĐƚĞĚ

ĞĚ

 

 

 

 

 

DŝĐƌŽďŝŽůŽŐŝĐĂůŽŶƚĂŵŝŶĂŶƚƐ

 

 

dŽƚĂůŽůŝĨŽƌŵĂĐƚĞƌŝĂ

Ϭй

 

ϱйƉŽƐŝƟǀĞ

Ϭ

dƵƌďŝĚŝƚLJ;EdhͿ

Ϭ͘Ϭϱϴ

Ϭ͘Ϭϭϳ-Ϭ͘Ϭϱϴ

ddсϵϱйŽĨ



ƐĂŵƉůĞƐфϬ͘ϯ

 

 

 

 

 

/ŶŽƌŐĂŶŝĐŽŶƚĂŵŝŶĂŶƚƐ

>ŝŬĞůLJ^ŽƵƌĐĞŽĨŽŶͲ

ƚĂŵŝŶĂƟŽŶ

EĂƚƵƌĂůůLJƉƌĞƐĞŶƚŝŶ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ

^ŽŝůƌƵŶŽī͘dƵƌďŝĚŝƚLJŝƐ

ĂŵĞĂƐƵƌĞŽĨƚŚĞ ĐůŽƵĚŝŶĞƐƐŽĨƚŚĞǁĂͲ ƚĞƌ͘dŚŝƐŝƐŵŽŶŝƚŽƌĞĚ ďĞĐĂƵƐĞŝƚŝƐĂŐŽŽĚ ŝŶĚŝĐĂƚŽƌŽĨǁĂƚĞƌ ƋƵĂůŝƚLJ͘

ƌŽƐŝŽŶŽĨŶĂƚƵƌĂůĚĞͲ ƉŽƐŝƚƐ͖ƌƵŶŽīĨƌŽŵ

ƌƐĞŶŝĐ;ƉƉďͿ

ϳ͘Ϭ

Ϯ͘Ϭϳ͘Ϭ

ŝƐƚƌŝďƵƟŽŶ^LJƐƚĞŵ&ƌĞĞŚůŽͲ

ϭ͘ϳϴ

Ϭ͘ϭϰ-ϭ͘ϳϴ

ƌŝŶĞ;ƉƉŵͿ

 

 

 

&ůƵŽƌŝĚĞ;ƉƉŵͿ

Ϭ͘ϱϬ

Ϭ͘ϭϮϬ͘ϱϬ

EŝƚƌĂƚĞ-EKϯ;ƉƉŵͿ

Ϭ͘ϯϳ

фϬ͘ϬϮ-Ϭ͘ϯϳ

ĂƌŝƵŵ;ƉƉŵͿ

Ϭ͘Ϭϲ

EϬ͘Ϭϲ

Ϭ͘ϮϳϬсϵϬƚŚƉĞƌĐĞŶƟůĞ

ŽƉƉĞƌ;ƉƉŵͿEŽ EŽƐŝƚĞƐĂďŽǀĞ>;ϮϬϮϬƐĂŵͲ ƉůŝŶŐĚĂƚĂͿ

 

 

ϯсϵϬƚŚƉĞƌĐĞŶƟůĞ

>ĞĂĚ;ƉƉďͿ

ƐŝƚĞƐĂďŽǀĞ>;ϮϬϮϬƐĂŵͲ

 

 

ƉůŝŶŐĚĂƚĂͿ

ϭϬϬ

DZ>сϰ DZ>'сϰ

ϰϰ

ϭϬϭϬ

ϮϮ

>сϭ͘ϯ

ĐƟŽŶ>ĞǀĞů—

ϵϬйŽĨƐĂŵͲ ϭ͘ϯ ƉůĞƐŵƵƐƚďĞ

ďĞůŽǁƚŚŝƐ ůĞǀĞů͘

>сϭϱ

ĐƟŽŶ>ĞǀĞů—

ϵϬйŽĨƐĂŵͲ Ϭ ƉůĞƐŵƵƐƚďĞ

ďĞůŽǁƚŚŝƐ ůĞǀĞů͘

ŽƌĐŚĂƌĚƐ͖ƌƵŶŽīĨƌŽŵ ŐůĂƐƐĂŶĚĞůĞĐƚƌŽŶŝĐƐ ƉƌŽĚƵĐƟŽŶǁĂƐƚĞƐ

tĂƚĞƌĂĚĚŝƟǀĞƵƐĞĚƚŽ ĐŽŶƚƌŽůŵŝĐƌŽďĞƐ

ƌŽƐŝŽŶŽĨŶĂƚƵƌĂůĚĞͲ ƉŽƐŝƚƐ͖ǁĂƚĞƌĂĚĚŝƟǀĞ ǁŚŝĐŚƉƌŽŵŽƚĞƐƐƚƌŽŶŐ ƚĞĞƚŚ͖ĚŝƐĐŚĂƌŐĞĨƌŽŵ ĨĞƌƟůŝnjĞƌĂŶĚĂůƵŵŝͲ ŶƵŵĨĂĐƚŽƌŝĞƐ ZƵŶŽīĨƌŽŵĨĞƌƟůŝnjĞƌ ƵƐĞ͖ůĞĂĐŚŝŶŐĨƌŽŵ ƐĞƉƟĐƚĂŶŬƐ͕ƐĞǁĂŐĞ͖ ĞƌŽƐŝŽŶŽĨŶĂƚƵƌĂůĚĞͲ ƉŽƐŝƚƐ

ŝƐĐŚĂƌŐĞŽĨĚƌŝůůŝŶŐ ǁĂƐƚĞƐ͖ŝƐĐŚĂƌŐĞŽĨ ŵĞƚĂůƌĞĮŶĞƌŝĞƐ͖ƌŽͲ ƐŝŽŶŽĨŶĂƚƵƌĂůĚĞƉŽƐͲ ŝƚƐ ŽƌƌŽƐŝŽŶŽĨŚŽƵƐĞͲ ŚŽůĚƉůƵŵďŝŶŐƐLJƐͲ ƚĞŵƐ͕ĞƌŽƐŝŽŶŽĨŶĂƚƵͲ ƌĂůĚĞƉŽƐŝƚƐ͖ůĞĂĐŚŝŶŐ ĨƌŽŵǁŽŽĚƉƌĞƐĞƌǀĂͲ ƟǀĞƐ

ŽƌƌŽƐŝŽŶŽĨŚŽƵƐĞͲ ŚŽůĚƉůƵŵďŝŶŐƐLJƐͲ ƚĞŵƐ͕ĞƌŽƐŝŽŶŽĨŶĂƚƵͲ ƌĂůĚĞƉŽƐŝƚƐ

 

 

sŽůĂƟůĞKƌŐĂŶŝĐŽŶƚĂŵŝŶĂŶƚƐ

 

 

,ĂůŽĂĐĞƟĐĐŝĚƐ;,ϱͿ;ƉƉďͿ

ϰϭ

ϯϮ-ϰϭ

ϲϬ



dŽƚĂůƚƌŝŚĂůŽŵĞƚŚĂŶĞƐ;dd,DͿ

ϱϲ

ϯϰ-ϱϲ

ϴϬ



;ƉƉďͿ

 

 

 

 

 

 

 

dŚĞƉĞƌĐĞŶƚĂŐĞŽĨ;dKͿƌĞͲ

 

 

dŽƚĂůKƌŐĂŶŝĐĂƌďŽŶ;dKͿ

ŵŽǀĂůǁĂƐŵĞĂƐƵƌĞĚĞĂĐŚ

dd



ŵŽŶƚŚĂŶĚĂůůƌĞŵŽǀĂůƌĞƋƵŝƌĞͲ

 

 

 

 

ŵĞŶƚƐǁĞƌĞŵĞƚ͘

LJ-ƉƌŽĚƵĐƚŽĨĚƌŝŶŬŝŶŐ ǁĂƚĞƌĐŚůŽƌŝŶĂƟŽŶ

LJ-ƉƌŽĚƵĐƚŽĨĚƌŝŶŬŝŶŐ ǁĂƚĞƌĐŚůŽƌŝŶĂƟŽŶ

EĂƚƵƌĂůůLJƉƌĞƐĞŶƚŝŶ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂŶĚ

ŚĂƐŶŽŚĞĂůƚŚĞīĞĐƚƐ͘ϱ

 

 

 

SECONDARY CONTAMINANTS

Contaminant

Range Detected*

SMCL

Aluminum (ppb)

ND – 12.4

50 - 200

Chloride (ppm)

5.8

– 12.5

250

Sulfate (ppm)

8.3

– 77.3

250

Total Dissolved Solids (ppm)

84

- 282

500

pH (s.u.)

7.29 – 8.18

6.5 - 8.5

 

 

 

 

Other Parameters

Total Hardness (ppm)

49

– 168

None

Alkalinity (ppm)

38

– 138

None

Potassium (ppm)

1.5

– 4.0

None

Sodium (ppm)

4.4

– 37.7

None

Magnesium (ppm)

3.6

– 14.1

None

Noticeable Effects at Elevat- ed Levels

Colored Water

Salty Taste

Salty Taste

Hardness; deposits; colored water; staining; salty taste

Low pH: bitter metallic taste; corrosion

High pH: slippery feel; soda taste; deposits

Spots; Deposits

None

None

None

None

ȗŠ‡…‘…‡–”ƒ–‹‘‘ˆ–Š‡•‡…‘–ƒ‹ƒ–•˜ƒ”‹‡••‡ƒ•‘ƒŽŽ›™‹–Š–Š‡Š‹‰Š‡•–˜ƒŽ—‡•‹–Š‡™‹–‡”ƒ†–Š‡Ž‘™‡•–˜ƒŽ—‡• †—”‹‰•’”‹‰”—-‘ˆˆǤ•›‘—…ƒ•‡‡„›–Š‡–ƒ„Ž‡ǡ‘—”•›•–‡Šƒ•Šƒ†‘˜‹‘Žƒ–‹‘•Ǥ‡–ƒ‡’”‹†‡‹’”‘˜‹†‹‰

›‘—™‹–Š†”‹‹‰™ƒ–‡”–Šƒ–‡‡–•ƒŽŽ ‡†‡”ƒŽƒ†–ƒ–‡”‡“—‹”‡‡–•Ǥ

8QUHJXODWHG&RQWDPLQDQW0RQLWRULQJ5XOH 8&05

7KH&LW\RI%LOOLQJVFRPSOHWHGWKHUHTXLUHGPRQLWRULQJIRUWKH(3$8QUHJXODWHG&RQWDPLQDQW0RQLWRULQJ5XOH 8&05 LQWKH PRQLWRULQJSHULRG0D\WR)HEUXDU\7KH(3$XVHVWKH8QUHJXODWHG&RQWDPLQDQW0RQLWRULQJ5XOH 8&05 WRFROOHFW

GDWDIRUFRQWDPLQDQWVWKDWDUHVXVSHFWHGWREHSUHVHQWLQGULQNLQJZDWHUDQGGRQRWKDYHKHDOWK-EDVHGVWDQGDUGVVHWXQGHUWKH6DIH 'ULQNLQJ:DWHU$FW 6':$ 

Contaminant

Highest Level Detected

Range Detected

Likely Source of Contamination

Haloacetic Acids (HAA5) (ppb)

49

32 - 49

 

Haloacetic Acids (HAA6BR) (ppb)

8.5

7.0 – 8.5

By-product of drinking water

chlorination

 

 

 

Haloacetic Acids (HAA9) (ppb)

57

39 - 57

 

WƌŽǀŝĚŝŶŐƚŚĞŝƚLJŽĨŝůůŝŶŐƐƌĞƐŝĚĞŶƚƐ͕ƚŚĞďĞƐƚƋƵĂůŝƚLJ ǁĂƚĞƌƉŽƐƐŝďůĞŝƐƚŚĞŐŽĂůŽĨƚŚĞtĂƚĞƌYƵĂůŝƚLJŝǀŝƐŝŽŶ͘ ǁŽƌŬƚŽƉƌŽƚĞĐƚLJŽƵƌǁĂƚĞƌƌĞƐŽƵƌĐĞƐĂŶĚƚŽƚƌĞĂƚ LJŽƵƌĚƌŝŶŬŝŶŐǁĂƚĞƌƚŽƚŚĞŚŝŐŚĞƐƚƐƚĂŶĚĂƌĚƐ͘ǁĂŶƚ ƚŽŵĞĞƚLJŽƵƌĞdžƉĞĐƚĂƟŽŶƐďƵƚĐĂŶŶŽƚŝĚĞŶƟĨLJŝƐƐƵĞƐ ǁŝƚŚŽƵƚLJŽƵƌŚĞůƉ͘LJŽƵŚĂǀĞĂŶLJǁĂƚĞƌƋƵĂůŝƚLJ ĐŽŶĐĞƌŶƐ͕ƉůĞĂƐĞĐŽŶƚĂĐƚƚŚĞtĂƚĞƌYƵĂůŝƚLJ>ĂďŽƌĂƚŽƌLJ͗

ϰϬϲ-ϲϱϳ-ϴϯϰϲ

  

ƐďĞƐƚŽƐ

:ƵůLJϮϬ͕ϮϬϮϬ͕ƚŚĞDŽŶƚĂŶĂĞƉĂƌƚŵĞŶƚŽĨŶǀŝƌŽŶŵĞŶƚĂůYƵĂůŝƚLJŝƐƐƵĞĚĂŶĂƐďĞƐƚŽƐŵŽŶŝƚŽƌŝŶŐǁĂŝǀĞƌƚŽ ƚŚĞŝƚLJŽĨŝůůŝŶŐƐƚŚƌŽƵŐŚƚŚĞLJĞĂƌϮϬϮϴ͘dŚĞŝƚLJŽĨŝůůŝŶŐƐĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵĐŽŶƚĂŝŶƐŶŽĂƐďĞƐƚŽƐĐĞŵĞŶƚ ƉŝƉĞ͘



ƌƐĞŶŝĐ

tŚŝůĞLJŽƵƌĚƌŝŶŬŝŶŐǁĂƚĞƌŵĞĞƚƐW͛ƐƐƚĂŶĚĂƌĚĨŽƌĂƌƐĞŶŝĐ͕ŝƚĚŽĞƐĐŽŶƚĂŝŶůŽǁůĞǀĞůƐŽĨĂƌƐĞŶŝĐ͘W͛Ɛ ƐƚĂŶĚĂƌĚďĂůĂŶĐĞƐƚŚĞĐƵƌƌĞŶƚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĂƌƐĞŶŝĐ͛ƐƉŽƐƐŝďůĞŚĞĂůƚŚĞīĞĐƚƐĂŐĂŝŶƐƚƚŚĞĐŽƐƚƐŽĨƌĞŵŽǀŝŶŐ ĂƌƐĞŶŝĐĨƌŽŵĚƌŝŶŬŝŶŐǁĂƚĞƌ͘WĐŽŶƟŶƵĞƐƚŽƌĞƐĞĂƌĐŚƚŚĞŚĞĂůƚŚĞīĞĐƚƐŽĨůŽǁůĞǀĞůƐŽĨĂƌƐĞŶŝĐ͕ǁŚŝĐŚŝƐĂ ŵŝŶĞƌĂůŬŶŽǁŶƚŽĐĂƵƐĞĐĂŶĐĞƌŝŶŚƵŵĂŶƐĂƚŚŝŐŚĐŽŶĐĞŶƚƌĂƟŽŶƐĂŶĚŝƐůŝŶŬĞĚƚŽŽƚŚĞƌŚĞĂůƚŚĞīĞĐƚƐƐƵĐŚĂƐ ƐŬŝŶĚĂŵĂŐĞĂŶĚĐŝƌĐƵůĂƚŽƌLJƉƌŽďůĞŵƐ͘

>ĞĂĚ

ƉƌĞƐĞŶƚ͕ĞůĞǀĂƚĞĚůĞǀĞůƐŽĨůĞĂĚĐĂŶĐĂƵƐĞƐĞƌŝŽƵƐŚĞĂůƚŚƉƌŽďůĞŵƐ͕ĞƐƉĞĐŝĂůůLJĨŽƌƉƌĞŐŶĂŶƚǁŽŵĞŶĂŶĚLJŽƵŶŐ ĐŚŝůĚƌĞŶ͘>ĞĂĚŝŶĚƌŝŶŬŝŶŐǁĂƚĞƌŝƐƉƌŝŵĂƌŝůLJĨƌŽŵŵĂƚĞƌŝĂůƐĂŶĚĐŽŵƉŽŶĞŶƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐĞƌǀŝĐĞůŝŶĞƐĂŶĚ ŚŽŵĞƉůƵŵďŝŶŐ͘dŚĞŝƚLJŽĨŝůůŝŶŐƐtĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐŚŝŐŚƋƵĂůŝƚLJĚƌŝŶŬŝŶŐ ǁĂƚĞƌ͕ďƵƚĐĂŶŶŽƚĐŽŶƚƌŽůƚŚĞǀĂƌŝĞƚLJŽĨŵĂƚĞƌŝĂůƐƵƐĞĚŝŶƉůƵŵďŝŶŐĐŽŵƉŽŶĞŶƚƐ͘dĞƐƚƌĞƐƵůƚƐƐŚŽǁƚŚĂƚLJŽƵƌ ĚƌŝŶŬŝŶŐǁĂƚĞƌŝƐǁĞůůďĞůŽǁƚŚĞĂĐƟŽŶůĞǀĞůƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ^ĂĨĞƌŝŶŬŝŶŐtĂƚĞƌĐƚ͘,ŽǁĞǀĞƌ͕ƚŚĞƌĞĂƌĞ ƐƚĞƉƐLJŽƵĐĂŶƚĂŬĞƚŽĨƵƌƚŚĞƌŵŝŶŝŵŝnjĞLJŽƵƌƌŝƐŬ͘tŚĞŶLJŽƵƌǁĂƚĞƌŚĂƐďĞĞŶƐŝƫŶŐĨŽƌƐĞǀĞƌĂůŚŽƵƌƐ͕LJŽƵĐĂŶ ŵŝŶŝŵŝnjĞƚŚĞƉŽƚĞŶƟĂůĨŽƌůĞĂĚĞdžƉŽƐƵƌĞďLJŇƵƐŚŝŶŐLJŽƵƌƚĂƉĨŽƌϯϬƐĞĐŽŶĚƐƚŽϮŵŝŶƵƚĞƐďĞĨŽƌĞƵƐŝŶŐǁĂƚĞƌĨŽƌ ĚƌŝŶŬŝŶŐŽƌĐŽŽŬŝŶŐ͘LJŽƵĂƌĞĐŽŶĐĞƌŶĞĚĂďŽƵƚůĞĂĚŝŶLJŽƵƌǁĂƚĞƌ͕LJŽƵŵĂLJǁŝƐŚƚŽŚĂǀĞLJŽƵƌǁĂƚĞƌƚĞƐƚĞĚ͘ /ŶĨŽƌŵĂƟŽŶŽŶůĞĂĚŝŶĚƌŝŶŬŝŶŐǁĂƚĞƌ͕ƚĞƐƟŶŐŵĞƚŚŽĚƐ͕ĂŶĚƐƚĞƉƐLJŽƵĐĂŶƚĂŬĞƚŽŵŝŶŝŵŝnjĞĞdžƉŽƐƵƌĞŝƐĂǀĂŝůĂďůĞ ĨƌŽŵƚŚĞ^ĂĨĞƌŝŶŬŝŶŐtĂƚĞƌ,ŽƚůŝŶĞ;ϴϬϬ-ϰϮϲ-ϰϳϵϭͿŽƌĂƚ͗

ŚƩƉ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬƐĂĨĞǁĂƚĞƌͬůĞĂĚ

ƌLJƉƚŽƐƉŽƌŝĚŝƵŵ

DŝĐƌŽƐĐŽƉŝĐŽƌŐĂŶŝƐŵƚŚĂƚ͕ŝĨŝŶŐĞƐƚĞĚ͕ĐĂŶĐĂƵƐĞĨĞǀĞƌĂŶĚŐĂƐƚƌŽŝŶƚĞƐƟŶĂůƐLJŵƉƚŽŵƐ͘ƌLJƉƚŽƐƉŽƌŝĚŝƵŵŝƐ ƌĞŵŽǀĞĚĨƌŽŵǁĂƚĞƌƚŚƌŽƵŐŚĂƐƵĐĐĞƐƐĨƵůƚƌĞĂƚŵĞŶƚĐŽŵďŝŶĂƟŽŶŽĨƐĞĚŝŵĞŶƚĂƟŽŶĂŶĚĮůƚƌĂƟŽŶ͘dŚĞŝůůŝŶŐƐ tĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚƉƌŽǀŝĚĞƐĂŶĚĂĚĚŝƟŽŶĂůůĂLJĞƌŽĨƉƌŽƚĞĐƟŽŶĨŽƌŽƵƌǁĂƚĞƌďĞLJŽŶĚǁŚĂƚŝƐƌĞƋƵŝƌĞĚďLJ ƌĞŐƵůĂƟŽŶƐ͘ƵƐĞhsĚŝƐŝŶĨĞĐƟŽŶǁŚŝĐŚƉƌŽǀŝĚĞƐĨƵƌƚŚĞƌƉƌŽƚĞĐƟŽŶĨƌŽŵĐƌLJƉƚŽƐƉŽƌŝĚŝƵŵ͘

   

Ddd,EtWh>/tKZ<^/ZdKZ

&ŽůůŽǁŝŶŐƚŚĞƌĞƟƌĞŵĞŶƚŽĨĂǀĞDƵŵĨŽƌĚĂƐƚŚĞŝƌĞĐƚŽƌŽĨWƵďůŝĐtŽƌŬƐŝŶϮϬϮϬ͕ ƚŚĞŝƚLJŽĨŝůůŝŶŐƐƐĞƚŽƵƚŽŶĂŶĂƟŽŶ-ǁŝĚĞƐĞĂƌĐŚĨŽƌĂƌĞƉůĂĐĞŵĞŶƚ͘ƚƚŚĞ ĐŽŶĐůƵƐŝŽŶŽĨƚŚĞŝŶƚĞƌǀŝĞǁƉƌŽĐĞƐƐǁŝƚŚĂŚĂŶĚĨƵůŽĨƉƌŽŵŝƐŝŶŐĐĂŶĚŝĚĂƚĞƐ͕ŝƚǁĂƐ ĐůĞĂƌƚŽŝƚLJĚŵŝŶŝƐƚƌĂƟŽŶƚŚĂƚĞďŝDĞůŝŶŐǁĂƐƚŚĞƌŝŐŚƚĮƚƚŽƚĂŬĞŽǀĞƌƚŚĞ ƉŽƐŝƟŽŶ͘

ĞďŝŝƐĂĨĂŵŝůŝĂƌĨĂĐĞŝŶƚŚĞĞƉĂƌƚŵĞŶƚĂŶĚŚĞƌĐĂƌĞĞƌǁŝƚŚƚŚĞŝƚLJƐƉĂŶƐϭϱLJĞĂƌƐ͘ ^ŚĞŚĂƐďĞĞŶĂƐƚƌŽŶŐůĞĂĚĞƌŝŶWƵďůŝĐtŽƌŬƐĂůƌĞĂĚLJ͕ŚĂǀŝŶŐŚĞůĚƚŚĞƉŽƐŝƟŽŶŽĨ ŝƚLJŶŐŝŶĞĞƌ͕ŵĂŬŝŶŐŚĞƌĞdžƉĞƌŝĞŶĐĞĂŶĚŬŶŽǁůĞĚŐĞƵŶŵĂƚĐŚĞĚĂŶĚŚĞƌĂŶĂƚƵƌĂů

/D>/E'͕WĐŚŽŝĐĞĨŽƌĐŽŶƟŶƵĞĚƐƵĐĐĞƐƐ͘

WƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ

Ddd,Wh>/tKZ<^Whdz/ZdKZ

ƵƌŝŶŐŚĞƌϮϯ-LJĞĂƌĐĂƌĞĞƌǁŝƚŚƚŚĞŝƚLJŽĨŝůůŝŶŐƐ:ĞŶŶŝĨĞƌƵƌĂLJŚĂƐƐƉĞŶƚŵŽƐƚŽĨ ŚĞƌƚĞŶƵƌĞǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ͘

^ƚĂƌƟŶŐŚĞƌĞǁŝƚŚŚĞƌƌŽůĞĂƐ&ŝŶĂŶĐĞDĂŶĂŐĞƌ͕ƐŚĞŽǀĞƌƐĂǁƚŚĞĮŶĂŶĐŝĂůƉůĂŶŶŝŶŐ͕ ƌĞƉŽƌƟŶŐĂŶĚĚĂŝůLJĮƐĐĂůŽƉĞƌĂƟŽŶƐĨŽƌŽƵƌŽƉĞƌĂƟŶŐďƵĚŐĞƚŽĨŽǀĞƌΨϭϬϬ͕ϬϬϬ͕ϬϬϬ ĂŶŶƵĂůůLJ͘:ĞŶŶŝĨĞƌ͛ƐǁŽƌŬŽŶƚŚĞŶŶƵĂůƵĚŐĞƚĂŶĚĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ƉƌŽǀŝĚĞĚĂŶŝŶ-ĚĞƉƚŚŬŶŽǁůĞĚŐĞŽĨƚŚĞďƵƐŝŶĞƐƐŽƉĞƌĂƟŽŶƐ͕ŵĂŶĂŐĞĚĂƐƐĞƚƐĂŶĚ ŶĞĞĚƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚ͕ǁŚŝĐŚůĞĚƚŽŚĞƌƉƌŽŵŽƟŽŶƚŽĞƉƵƚLJWƵďůŝĐtŽƌŬƐ ŝƌĞĐƚŽƌŝŶϮϬϭϴ͘

:EE/&ZhZW

ŚĞƌĐƵƌƌĞŶƚƌŽůĞ͕:ĞŶŶŝĨĞƌŚĂƐƐƉĞĂƌ-ŚĞĂĚĞĚŝŶŝƟĂƟǀĞƐƚŽƌĞĮŶĞŽƵƌƐƐĞƚ WƵďůŝĐtŽƌŬƐĞƉƵƚLJŝƌĞĐƚŽƌ DĂŶĂŐĞŵĞŶƚƉƌĂĐƟĐĞƐĂŶĚ'/^^LJƐƚĞŵƐ͕ŐŝǀŝŶŐƐƚĂīƚŚĞƚŽŽůƐŶĞĞĚĞĚƚŽĨƵƌƚŚĞƌ

ŝŵƉƌŽǀĞƉƌŽĚƵĐƟǀŝƚLJĂŶĚĞĸĐŝĞŶĐŝĞƐ͘

Ddd,tdZYh>/dz/s/^/KE^hWZ/EdEEd

ƐƚŚĞŝǀŝƐŝŽŶDĂŶĂŐĞƌŽĨtĂƚĞƌYƵĂůŝƚLJ͕>ŽƵŝƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŽǀĞƌƐĞĞŝŶŐƚŚĞ ƚƌĞĂƚŵĞŶƚŽĨĚƌŝŶŬŝŶŐǁĂƚĞƌďĞĨŽƌĞŝƚŝƐƐĞŶƚƚŽŚŽŵĞƐĂŶĚďƵƐŝŶĞƐƐ͘ĂůƐŽ ŽǀĞƌƐĞĞƐǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚďĞĨŽƌĞŝƚŝƐƐĂĨĞůLJƌĞƚƵƌŶĞĚƚŽƚŚĞzĞůůŽǁƐƚŽŶĞ ZŝǀĞƌ͘

>ŽƵŝƐŚĂƐďĞĞŶŝŶŚŝƐĐƵƌƌĞŶƚƌŽůĞĨŽƌϱLJĞĂƌƐ͘WƌŝŽƌƚŽĐŽŵŝŶŐƚŽƚŚĞŝƚLJŽĨŝůůŝŶŐƐ͕ ŚĞǁŽƌŬĞĚĂƐĂƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌĨŽƌϴLJĞĂƌƐŝŶƚŚĞĂƌĞĂŽĨǁĂƚĞƌĂŶĚ ǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͘ďƌŝŶŐƐĂƉĂƐƐŝŽŶĨŽƌĞŶĞƌŐLJĞĸĐŝĞŶĐLJĂŶĚƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚǁŽƌŬƐƟƌĞůĞƐƐůLJƚŽĞŶƐƵƌĞƐĂĨĞǁĂƚĞƌĨŽƌĂůůŝůůŝŶŐƐƌĞƐŝĚĞŶƚƐĂŶĚĨŽƌƚŚĞ

>Kh/^E'>^͕WzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͘ tĂƚĞƌYƵĂůŝƚLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ

  Dzš…‡‡†‡š’‡…–ƒ–‹‘•–Š”‘—‰Š‹‘˜ƒ–‹‘ǡ ‹–‡‰”‹–›ǡƒ†•‡”˜‹…‡–‘–Š‡…‘—‹–›Ǥdz

—„Ž‹…‘”•‡’ƒ”–‡–‹•‹‘–ƒ–‡‡–

dŚĞŝƚLJŽĨŝůůŝŶŐƐǁĂƚĞƌ͕ǁĂƐƚĞǁĂƚĞƌ͕ĂŶĚĚŝƐƚƌŝďƵƟŽŶΘĐŽůůĞĐƟŽŶƐƚĂīƐŚŽƵůĚďĞƌĞĐŽŐŶŝnjĞĚĨŽƌĂůůƚŚĂƚƚŚĞLJ ŚĂǀĞĚŽŶĞƚŽŬĞĞƉŽƵƌĚƌŝŶŬŝŶŐǁĂƚĞƌƐĂĨĞĂŶĚŇŽǁŝŶŐ͕ĂŶĚĨŽƌďĞŝŶŐŐŽŽĚƐƚĞǁĂƌĚƐŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚďLJ ƉƌŽǀŝĚŝŶŐĐůĞĂŶǁĂƚĞƌďĂĐŬƚŽƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͘ ϮϬϮϬŚĂƐďĞĞŶĂLJĞĂƌŽĨĐŚĂůůĞŶŐĞƐůŝŬĞǁĞ͛ǀĞŶĞǀĞƌƐĞĞŶĂŶĚŚŽƉĞĨƵůůLJǁŽŶ͛ƚĞdžƉĞƌŝĞŶĐĞĂŐĂŝŶ͘dŚĞƉĂƐƐŝŽŶ ĂŶĚĐŽŵŵŝƚŵĞŶƚŽĨƚŚĞƉĞŽƉůĞƉƌŽǀŝĚŝŶŐƚŚĞƐĞĞƐƐĞŶƟĂůƐĞƌǀŝĐĞƐŚĂƐďĞĞŶĂƉĞƌƐŽŶĂůŝŶƐƉŝƌĂƟŽŶ͘

:ĞĂŶŶĞ,ĂƵƉƚ ŚŝĞĨŚĞŵŝƐƚ

ŵLJϮϮLJĞĂƌƐŽĨĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞǁĂƚĞƌĮĞůĚĨƌŽŵŽƉĞƌĂƚŽƌƚŽŵĂŶĂŐĞƌ͕/ŚĂǀĞŐĂŝŶĞĚƌĞƐƉĞĐƚĨŽƌƚŚĞǁŽƌŬ ƚŚĂƚǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉƌŽĨĞƐƐŝŽŶĂůƐĐŽŵƉůĞƚĞŽŶĂĚĂŝůLJďĂƐŝƐ͘dŚĞƐĞŝŶĚŝǀŝĚƵĂůƐĐŽŵƉůĞƚĞƚĂƐŬƐŝŶĞdžƚƌĞŵĞ ƚĞŵƉĞƌĂƚƵƌĞƐĚƵƌŝŶŐƐƵŵŵĞƌĂŶĚǁŝŶƚĞƌ͕ĂŶĚŵŽƐƚůLJƵŶĚĞƌƵŶĨĂǀŽƌĂďůĞĐŽŶĚŝƟŽŶƐ͘dŚĞLJĚĞĂůǁŝƚŚĨƌŽnjĞŶ ŝŶƚĂŬĞƐĂŶĚƐŽƵƌĐĞǁĂƚĞƌƐ͕ƉƌŽĐĞƐƐŝƐƐƵĞƐ͕ĂŶĚďƌŽŬĞŶǁĂƚĞƌŵĂŝŶƐũƵƐƚƚŽŶĂŵĞĂĨĞǁ͘ ƵƌŝŶŐƚŚĞƐĞƚƌLJŝŶŐĂŶĚĚŝĸĐƵůƚƟŵĞƐŽĨƚŚĞKs/-ϭϵƉĂŶĚĞŵŝĐ͕ŝƚŚĂƐďĞĞŶƵƉůŝŌŝŶŐƚŽǁĂƚĐŚŚŽǁƚŚĞƐĞ ĞƐƐĞŶƟĂůǁĂƚĞƌ͕ǁĂƐƚĞǁĂƚĞƌĂŶĚĚŝƐƚƌŝďƵƟŽŶƉĞƌƐŽŶŶĞůĐŽŶƟŶƵĞƚŽƐŚŽǁƵƉĂŶĚƐƚĞƉƵƉĞǀĞƌLJĚĂLJ͕ŶŽƚŽŶůLJ ƚŽƉƌŽƚĞĐƚŽƵƌĞŶǀŝƌŽŶŵĞŶƚďƵƚĂůƐŽƚŽĞŶƐƵƌĞƐĂĨĞĚƌŝŶŬŝŶŐǁĂƚĞƌĨŽƌƚŚĞĐŝƚLJŽĨŝůůŝŶŐƐ͘dŚĞLJŚĂǀĞŵĂĚĞĂ ĐŽŶƐĐŝĞŶƟŽƵƐĐŽŵŵŝƚŵĞŶƚƚŽĞŶƐƵƌĞƚŚĂƚĂůůŽĨƚŚĞĐŝƟnjĞŶƐŝŶƚŚŝƐŐƌĞĂƚĐŽŵŵƵŶŝƚLJĂƌĞƉƌŽƚĞĐƚĞĚĨƌŽŵƉŽƐƐŝͲ ďůĞĚŝƐĞĂƐĞŽƵƚďƌĞĂŬƐƚŚĂƚĐŽƵůĚŶŽƚŽŶůLJƐŝĐŬĞŶŵĂŶLJ͕ďƵƚĂůƐŽŚĂǀĞďĞĞŶŬŶŽǁŶƚŽŬŝůůƉĞŽƉůĞŽŶĂĚĂŝůLJďĂͲ ƐŝƐƚŚƌŽƵŐŚŽƵƚƚŚĞǁŽƌůĚ͘dŚĞůĂƚĞƐƚƐƚĂƟƐƟĐĨƌŽŵƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƟŽŶ;t,KͿƐĂLJƐƚŚĂƚϯ͘ϰŵŝůůŝŽŶ ƉĞŽƉůĞĚŝĞĨƌŽŵǁĂƚĞƌďŽƌŶĞĚŝƐĞĂƐĞƐĞǀĞƌLJLJĞĂƌ͘ Ɛ/ƉŽŶĚĞƌƚŚĞ͛Ɛ;ĞŶƚĞƌƐĨŽƌŝƐĞĂƐĞŽŶƚƌŽůͿĮƌƐƚƌĞĐŽŵŵĞŶĚĂƟŽŶŽĨǁĂƐŚŝŶŐLJŽƵƌŚĂŶĚƐǁŝƚŚƐŽĂƉ ĂŶĚǁĂƚĞƌĨŽƌĂƚůĞĂƐƚϮϬƐĞĐŽŶĚƐĚƵƌŝŶŐƚŚĞƉĂŶĚĞŵŝĐ͕ŝƚŝƐĐůĞĂƌƚŚĂƚǁŝƚŚŽƵƚĐůĞĂŶĂŶĚĚŝƐŝŶĨĞĐƚĞĚǁĂƚĞƌĂƚ ƚŚĞƚĂƉ͕ƚŚĞŝŶŝƟĂůĐƌŝƟĐĂůƐƚĞƉŽĨƉƌŽƚĞĐƟŶŐŽƵƌƐĞůǀĞƐĂŶĚŽƚŚĞƌƐĨƌŽŵƚŚŝƐǀŝƌƵƐǁŽƵůĚŚĂǀĞďĞĞŶĨƵƟůĞ͘

dŚŝŶŐƐƚŚĂƚǁĞƚĂŬĞĨŽƌŐƌĂŶƚĞĚ͕ƐƵĐŚĂƐƚŚĞĞǀĞƌLJĚĂLJĐŽŶǀĞŶŝĞŶĐĞŽĨƵƐŝŶŐƚŚĞƌĞƐƚƌŽŽŵ͕ǁŽƵůĚŶŽƚďĞƉŽƐƐŝͲ ďůĞǁŝƚŚŽƵƚƚŚĞĚĞĚŝĐĂƟŽŶĂŶĚǀŝŐŝůĂŶĐĞŽĨƚŚĞtĂƚĞƌZĞĐůĂŵĂƟŽŶ&ĂĐŝůŝƚLJƉĞƌƐŽŶŶĞů͘ /ǁĂŶƚƚŽƐĂLJƚŚĂŶŬLJŽƵƚŽƚŚĞĞƐƐĞŶƟĂůǁŽƌŬĞƌƐǁŚŽƚĂŬĞƉƌŝĚĞŝŶƚŚĞŝƌǁŽƌŬĂŶĚŬĞĞƉƚŚĞǁĂƚĞƌ͕ ǁĂƐƚĞǁĂƚĞƌ͕ĚŝƐƚƌŝďƵƟŽŶ͕ĂŶĚĐŽůůĞĐƟŽŶƐLJƐƚĞŵƐǁŽƌŬŝŶŐ͘dŚĞǁŚŽůĞƚĞĂŵŽĨDĂŝŶƚĞŶĂŶĐĞdĞĐŚŶŝĐŝĂŶƐ͕KƉĞƌͲ ĂƚŽƌƐ͕ůĞĐƚƌŝĐŝĂŶƐ͕/ŶƐƚƌƵŵĞŶƚĂŶĚŽŶƚƌŽůWĞƌƐŽŶŶĞů͕ĂŶĚ>ĂďŽƌĂƚŽƌLJŚĞŵŝƐƚƐĚŽŶŽƚƌĞĐĞŝǀĞĂůŽƚŽĨĨĂŶĨĂƌĞ ďƵƚĂƌĞǁŽƌŬŝŶŐƋƵŝĞƚůLJϮϰŚŽƵƌƐĂĚĂLJƚŽŬĞĞƉƵƐĂůůƐĂĨĞ͘ dŚĂŶŬLJŽƵĨŽƌǁŚĂƚLJŽƵĚŽĂŶĚLJŽƵƌĐŽŵŵŝƚŵĞŶƚƚŽŽƵƌĐŽŵŵƵŶŝƚLJ͘ůůŽĨLJŽƵŵĂŬĞŵĞƉƌŽƵĚƚŽďĞĂƉĂƌƚŽĨ ƚŚĞŝƚLJŽĨŝůůŝŶŐƐƉƌŽĨĞƐƐŝŽŶĂůĐŽŵŵƵŶŝƚLJ͘

:ĂƐŽŶ&ůĂĚůĂŶĚ

tĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚDĂŶĂŐĞƌ

Dz‘—”™ƒ–‡”ǡ‘—””‡•’‘•‹„‹Ž‹–›dz

ƒ–‡”—ƒŽ‹–›‹˜‹•‹‘‡”˜‹…‡–ƒ–‡‡–

   ǯ 

dŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͕ĂŚŝŐŚ-ƋƵĂůŝƚLJƐƵƌĨĂĐĞǁĂƚĞƌƐŽƵƌĐĞĂŶĚƚŚĞ ůŽŶŐĞƐƚĨƌĞĞ-ŇŽǁŝŶŐƌŝǀĞƌŝŶƚŚĞůŽǁĞƌϰϴƐƚĂƚĞƐ͕ŝƐƚŚĞƐŽƵƌĐĞŽĨŽƵƌ ĚƌŝŶŬŝŶŐǁĂƚĞƌ͘

ŝƚƐϲϰϬ-ŵŝůĞũŽƵƌŶĞLJĨƌŽŵzĞůůŽǁƐƚŽŶĞWĂƌŬ͕ƚŚĞǁĂƚĞƌƉŝĐŬƐƵƉ ĐŽŶƚĂŵŝŶĂŶƚƐ͕ƐƵĐŚĂƐŵŝĐƌŽŽƌŐĂŶŝƐŵƐ͕ŽƌŐĂŶŝĐĂŶĚŝŶŽƌŐĂŶŝĐ ĐŽŶƚĂŵŝŶĂŶƚƐ͕ƐƵƐƉĞŶĚĞĚƐŽůŝĚƐĂŶĚƚƌĂĐĞĐŽŶƚĂŵŝŶĂŶƚƐĨƌŽŵƵƉƐƚƌĞĂŵ ĂŐƌŝĐƵůƚƵƌĂůĂŶĚŝŶĚƵƐƚƌŝĂůĂĐƟǀŝƟĞƐ͘dŚĞŝƚLJ͛ƐǁĂƚĞƌƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƚLJ ƉůĂLJƐĂĐƌŝƟĐĂůƌŽůĞŝŶƌĞŵŽǀŝŶŐƚŚĞƐĞĐŽŶƚĂŵŝŶĂŶƚƐƚŽƉƌŽǀŝĚĞƵƐǁŝƚŚ ƐĂĨĞ͕ŚŝŐŚ-ƋƵĂůŝƚLJĚƌŝŶŬŝŶŐǁĂƚĞƌ͘

ĞƌƟĮĞĚŽƉĞƌĂƚŽƌƐĂŶĚůĂďŽƌĂƚŽƌLJƉĞƌƐŽŶŶĞůŽǀĞƌƐĞĞƚŚĞĞŶƟƌĞǁĂƚĞƌ ƐLJƐƚĞŵĂŶĚƉƌŽĐĞƐƐĞƐϮϰŚŽƵƌƐƉĞƌĚĂLJ͕ĞǀĞƌLJĚĂLJŽĨƚŚĞLJĞĂƌ͘dŚŝƐ ƐƚĞĂĚĨĂƐƚĐŽŵŵŝƚŵĞŶƚĞŶƐƵƌĞƐƚŚĂƚŽƵƌƐLJƐƚĞŵƐĂůǁĂLJƐĞdžĐĞĞĚǀĞƌLJ ƐƚƌŝĐƚƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͘

dŚĞŝƚLJŽĨŝůůŝŶŐƐǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵĐŽŶƐŝƐƚƐŽĨ͗

  • tĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚ
  • ϭϯƉƵŵƉƐƚĂƟŽŶƐ
  • ϭϴƐƚŽƌĂŐĞƌĞƐĞƌǀŽŝƌƐ
  • ϱϬϬŵŝůĞƐŽĨǁĂƚĞƌŵĂŝŶ
  • ϯϮ͕ϬϬϬǁĂƚĞƌŵĞƚĞƌƐ
  • ϰϳϬϬĮƌĞŚLJĚƌĂŶƚƐ

ϭϬ

  

dŚĞƚƌĞĂƚŵĞŶƚĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨĚƌŝŶŬŝŶŐǁĂƚĞƌĂŶĚƚŚĞ ŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵŝƐĂ ĐŽŵƉƌĞŚĞŶƐŝǀĞƉƌŽĐĞƐƐƚŚĂƚĐŽŶƟŶƵĞƐƚŽĞǀŽůǀĞ͘WĂƌƚŽĨ ƚŚĂƚĞǀŽůƵƟŽŶŝƐƐĞĞŶƚŚƌŽƵŐŚƚŚĞĞLJĞƐŽĨĂǁĂƚĞƌƚƌĞĂƚŵĞŶƚ ƚĞĐŚŶŝĐŝĂŶ͘

>ĞĂƌŶŝŶŐĨŽƌĂƚĞĐŚŶŝĐŝĂŶŶĞǀĞƌĞŶĚƐ͘/ŶŝƟĂůůLJ͕ƚŚĞLJĂƌĞ ƌĞƋƵŝƌĞĚƚŽƉĂƐƐƚŚĞ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨŶǀŝƌŽŶŵĞŶƚĂů YƵĂůŝƚLJ͛ƐŽƉĞƌĂƚŽƌĐĞƌƟĮĐĂƟŽŶƚĞƐƚ͘dǁŽĂĚĚŝƟŽŶĂů ĐĞƌƟĮĐĂƟŽŶůĞǀĞůƐĂƌĞĂĐƋƵŝƌĞĚďLJĨƵƌƚŚĞƌƐƚƵĚLJĂŶĚƚĞƐƟŶŐ͘

ǀĞƌLJƚǁŽLJĞĂƌƐĐŽŶƟŶƵŝŶŐĞĚƵĐĂƟŽŶĐƌĞĚŝƚƐĂƌĞ ŵĂŶĚĂƚŽƌLJ͘dĞĐŚŶŝĐŝĂŶƐŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞŬŶŽǁůĞĚŐĞŽĨ ŚĞĂǀLJĞƋƵŝƉŵĞŶƚŽƉĞƌĂƟŽŶƐ͕ĐŽŵƉƵƚĞƌƐ͕ŵĞĐŚĂŶŝĐĂů͕ ƉůƵŵďŝŶŐ͕ŚĞĂƟŶŐĂŶĚĐŽŶƚƌŽůƐLJƐƚĞŵƐĂƐǁĞůůĂƐǁĂƚĞƌ ƐĂŵƉůŝŶŐĂŶĚƚĞƐƟŶŐ͘dŚĞLJƉŽƐƐĞƐƐŶŽƚŽŶůLJƚŚĞĂďŝůŝƚLJƚŽ ƚƌŽƵďůĞƐŚŽŽƚƉƌŽďůĞŵƐ͕ďƵƚĂůƐŽŬĞĞƉƉƵŵƉƐĂŶĚǀĂƌŝŽƵƐ ŵŽŶŝƚŽƌŝŶŐĂŶĚĐŚĞŵŝĐĂůƚƌĞĂƚŵĞŶƚŝŶƐƚƌƵŵĞŶƚƐĐĂůŝďƌĂƚĞĚ ĂŶĚƌƵŶŶŝŶŐƐŵŽŽƚŚůLJ͘dĞĐŚŶŝĐŝĂŶƐĐƵƌƌĞŶƚůLJŵĂŝŶƚĂŝŶĂŶĚ ŬĞĞƉƌĞĐŽƌĚƐŽĨŽǀĞƌϭ͕ϯϬϬƉŝĞĐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘tŽƌŬŝŶŐŝŶ ĐŽŶĮŶĞĚƐƉĂĐĞƐ͕ƵƐŝŶŐƌĞƐƉŝƌĂƚŽƌƐĂŶĚƐĞůĨ-ĐŽŶƚĂŝŶĞĚ ďƌĞĂƚŚŝŶŐĂƉƉĂƌĂƚƵƐĞƐ;^Ϳ͕ƐĂĨĞůLJŚĂŶĚůŝŶŐŚĂnjĂƌĚŽƵƐ ĐŚĞŵŝĐĂůƐ͕ĂŶĚǁŽƌŬŝŶŐŽƵƚƐŝĚĞŝŶďŽƚŚŚŽƚĂŶĚĐŽůĚ ƚĞŵƉĞƌĂƚƵƌĞƐĂƌĞƌĞŐƵůĂƌŽĐĐƵƌƌĞŶĐĞƐ͘&ůĞdžŝďŝůŝƚLJĂŶĚƚŚĞ ĂďŝůŝƚLJƚŽƉƌŝŽƌŝƟnjĞǁŽƌŬůŽĂĚƐĂƌĞŶĞĐĞƐƐĂƌLJ͘ŵŝĚƐƚĂůůŽĨ ƚŚŝƐƚŚĞLJĚĞŵŽŶƐƚƌĂƚĞƉƌŽĨĞƐƐŝŽŶĂůŝƐŵĂŶĚŐŽŽĚĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞƚŽƚŚĞƉƵďůŝĐ͘

ƚĞĐŚŶŝĐŝĂŶŵƵƐƚďĞǁŝůůŝŶŐƚŽƚĂŬĞŽŶƐŝŐŶŝĮĐĂŶƚ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘ŝƐĞƐƐĞŶƟĂůƚŚĂƚƚŚĞLJĂƌĞƌĞĂĚLJƚŽ ƌĞƐƉŽŶĚŝŶĂŶĞŵĞƌŐĞŶĐLJĂŶĚĐĂŶƚŚŝŶŬƋƵŝĐŬůLJŝŶƐƚƌĞƐƐĨƵů ƐŝƚƵĂƟŽŶƐ͘ƐŵĂůůŵŝƐƚĂŬĞĐĂŶŚĂǀĞůĂƌŐĞĐŽŶƐĞƋƵĞŶĐĞƐ͘

džƉĞƌŝĞŶĐĞŝŶƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞĞǀĞƌĐŚĂŶŐŝŶŐŶĂƚƵƌĞŽĨ ŽƵƌƐŽƵƌĐĞǁĂƚĞƌ͕ƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͕ĂƐƐŝƐƚƐĂƚĞĐŚŶŝĐŝĂŶ ŝŶďĞŝŶŐĂďůĞƚŽƐƵĐĐĞƐƐĨƵůůLJĂŶƟĐŝƉĂƚĞĂŶĚĂĐƚďĞĨŽƌĞĂ ƉƌŽďůĞŵĂƌŝƐĞƐ͘dŚĞLJĚŽĂůůŽĨƚŚŝƐďĞŚŝŶĚƚŚĞƐĐĞŶĞƐ͕Ϯϰ ŚŽƵƌƐĂĚĂLJ͕ĞǀĞƌLJĚĂLJŽĨƚŚĞLJĞĂƌƐŽƚŚĂƚĞǀĞƌLJŽŶĞŝŶƚŚĞ ŝƚLJŽĨŝůůŝŶŐƐĐĂŶĞŶũŽLJŐŽŽĚƋƵĂůŝƚLJĚƌŝŶŬŝŶŐǁĂƚĞƌ͘

ŽŶƟŶƵĞĚŽŶŶĞdžƚƉĂŐĞ͘͘͘

ϭϭ

   ǤǤǤ

DĂŝŶƚĞŶĂŶĐĞŝƐĂŶŝŵƉŽƌƚĂŶƚƉĂƌƚŽĨƉƌŽǀŝĚŝŶŐƐĂĨĞĂŶĚƌĞůŝĂďůĞǁĂƚĞƌƐĞƌǀŝĐĞƚŽŽǀĞƌϭϭϬ͕ϬϬϬŝůůŝŶŐƐ ĐƵƐƚŽŵĞƌƐ͘ŝůůŝŶŐƐŚĂƐďŝůůŝŽŶƐŽĨĚŽůůĂƌƐŝŶǀĞƐƚĞĚŝŶĂƐƐĞƚƐƚŽƉƌŽĚƵĐĞǁĂƚĞƌ͕ƐŽƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨŽƵƌǁĂƚĞƌ ƉůĂŶƚĂŶĚƉƵŵƉŝŶŐƐƚĂƟŽŶƐŝƐƚŽƉƉƌŝŽƌŝƚLJ͘dŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚŝƐĞƋƵŝƉŵĞŶƚŝƐĐŽŵƉůĞƚĞĚďLJĂƐŵĂůůŚĂŶĚĨƵů ŽĨƚĞĐŚŶŝĐŝĂŶƐǁŚŽĐŽŶƚƌŝďƵƚĞĚĂŝůLJƚŽƚŚĞŽŶĞŐŽĂůǁĞŚĂǀĞĂƚƚŚĞtĂƚĞƌWůĂŶƚ͕ƚŽƉƌŽĚƵĐĞƐĂĨĞĚƌŝŶŬŝŶŐǁĂƚĞƌ ĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϭϭϬ͕ϬϬϬƉĞŽƉůĞ͘WƌŽǀŝĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞƉƌŝŽƌƚŽĞƋƵŝƉŵĞŶƚĨĂŝůƵƌĞ͕ĂůƐŽŬŶŽǁŶĂƐ ƉƌĞǀĞŶƚĂƟǀĞŵĂŝŶƚĞŶĂŶĐĞŝƐƚŚĞŬĞLJƚŽĚĞůŝǀĞƌŝŶŐĂŶƵŶŝŶƚĞƌƌƵƉƚĞĚƐƵƉƉůLJŽĨƐĂĨĞǁĂƚĞƌĨŽƌŚŽƐƉŝƚĂůƐ͕ŝŶĚƵƐƚƌLJ͕ ĂŶĚŚŽŵĞƐĨŽƌĚŽŵĞƐƟĐƵƐĞĂƐǁĞůůĂƐĨŽƌƉƵďůŝĐƐĂĨĞƚLJ͘WƌĞǀĞŶƚĂƟǀĞŵĂŝŶƚĞŶĂŶĐĞŝƐĂůƐŽƚŚĞŬĞLJƚŽŵĂdžŝŵŝnjŝŶŐ ƚŚĞǀĂůƵĞŽĨŽƵƌĂƐƐĞƚƐƚŽƐĂǀĞŽƵƌĐƵƐƚŽŵĞƌƐŵŽŶĞLJďLJƉƌŽůŽŶŐŝŶŐƚŚĞŶĞĞĚĨŽƌƌĞƉůĂĐĞŵĞŶƚƐ͘

dŚĞĐƵƌƌĞŶƚŵĂŝŶƚĞŶĂŶĐĞƐƚĂīƌĞĐŽŐŶŝnjĞƐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƉƌĞǀĞŶƚĂƟǀĞŵĂŝŶƚĞŶĂŶĐĞƚŽďŽƚŚƌĞůŝĂďŝůŝƚLJĂŶĚ ĐŽƐƚ͘dŚƌŽƵŐŚŽŶŐŽŝŶŐƚƌĂŝŶŝŶŐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚĞĐŚŶŝƋƵĞĂŶĚĞƋƵŝƉŵĞŶƚŝůůŝŶŐƐĐĂŶƌĞƐƚĂƐƐƵƌĞĚƚŚĞŵĞŶ ĂŶĚǁŽŵĞŶŽĨƚŚĞŝůůŝŶŐƐWƵďůŝĐtŽƌŬƐtĂƚĞƌYƵĂůŝƚLJŝǀŝƐŝŽŶǁŝůůŵĂdžŝŵŝnjĞƚŚĞǀĂůƵĞŽĨĞǀĞƌLJĚŽůůĂƌƐƉĞŶƚ͘

dŚĞƐLJƐƚĞŵŝƐĂůƐŽŚĞĂǀŝůLJ ƌĞůŝĂŶƚŽŶƚŚĞĞdžƉĞƌƟƐĞŽĨ ƚŚĞĞůĞĐƚƌŝĐĂůĂŶĚĐŽŶƚƌŽůƐ ƐƚĂīǁŚŽŵĂŶĂŐĞƚŚĞƐĞ ĐƌŝƟĐĂůĂƐƉĞĐƚƐŽĨďŽƚŚƚŚĞ tĂƐƚĞǁĂƚĞƌZĞĐůĂŵĂƟŽŶ &ĂĐŝůŝƚLJĂŶĚƚŚĞtĂƚĞƌ dƌĞĂƚŵĞŶƚWůĂŶƚ͘

dŚĞĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ ŝŶƚĞŐƌŝƚLJŽĨƚŚĞĚŝŐŝƚĂů ƐĞĐƵƌŝƚLJ͕ĂŶĚĨŽƌŬĞĞƉŝŶŐĂůů ĞůĞĐƚƌŝĐĂŶĚĐŽŵƉƵƚĞƌŝnjĞĚ ŽƉĞƌĂƟŽŶƐŽŶůŝŶĞ͘

ůůŽĨƚŚĞtĂƚĞƌYƵĂůŝƚLJ dĞĂŵǁŽƌŬƚŽŐĞƚŚĞƌƚŽ ĞŶƐƵƌĞƚŚĂƚƚŚŝŶŐƐĂƌĞ ĂůǁĂLJƐ͚ďƵƐŝŶĞƐƐĂƐƵƐƵĂů͛ ĨŽƌƚŚĞĐŽŵŵƵŶŝƚLJ͘

ϭϮ

   

dŚĞtĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚ>ĂďŽƌĂƚŽƌLJ

dŚĞŝƚLJŽĨŝůůŝŶŐƐtĂƚĞƌYƵĂůŝƚLJŝǀŝƐŝŽŶŚĂƐĂŶ ŽŶ-ƐŝƚĞƐƚĂƚĞĐĞƌƟĮĞĚůĂďŽƌĂƚŽƌLJƚŚĂƚŝƐ ƌĞƐƉŽŶƐŝďůĞĨŽƌŵŽŶŝƚŽƌŝŶŐƚŚĞǁĂƚĞƌƋƵĂůŝƚLJ ĨƌŽŵƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌƚŽƚŚĞĮŶŝƐŚĞĚ ǁĂƚĞƌůĞĂǀŝŶŐƚŚĞƉůĂŶƚĂŶĚƚŚƌŽƵŐŚŽƵƚƚŚĞ ĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵƚŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚ ƐƚĂƚĞĂŶĚĨĞĚĞƌĂů^ĂĨĞƌŝŶŬŝŶŐtĂƚĞƌĐƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘DŽƌĞƚŚĂŶϭϬϬƐĂŵƉůĞƐĂƌĞ ĐŽůůĞĐƚĞĚĞĂĐŚŵŽŶƚŚĂƚƌĞƉƌĞƐĞŶƚĂƟǀĞƐŝƚĞƐŝŶ ƚŚĞĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵƚŽŵŽŶŝƚŽƌǁĂƚĞƌ ƋƵĂůŝƚLJ͘

dŚĞtĂƐƚĞǁĂƚĞƌZĞĐůĂŵĂƟŽŶ&ĂĐŝůŝƚLJ>ĂďŽƌĂƚŽƌLJ

dŚĞŝƚLJŽĨŝůůŝŶŐƐtĂƚĞƌZĞĐůĂŵĂƟŽŶ&ĂĐŝůŝƚLJ >ĂďŽƌĂƚŽƌLJĐŽŶƐŝƐƚƐŽĨĂ>ĂďŽƌĂƚŽƌLJdĞĐŚŶŝĐŝĂŶ͕Ă ŚĞŵŝƐƚ͕ĂŶĚĂ>ĂďŽƌĂƚŽƌLJ^ƵƉĞƌǀŝƐŽƌ͘

dŚĞůĂďŽƌĂƚŽƌLJĨƵůĮůůƐƚǁŽŵĂŝŶƌŽůĞƐ͘dŚĞĮƌƐƚŝƐ ĐŽůůĞĐƟŶŐĂŶĚƚĞƐƟŶŐƐĂŵƉůĞƐĨŽƌŵŽŶŝƚŽƌŝŶŐĂŶĚ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĨĂĐŝůŝƚLJ͛ƐĚŝƐĐŚĂƌŐĞƉĞƌŵŝƚ͘dŚĞ ƐĞĐŽŶĚƌŽůĞŝƐĂƐƐŝƐƟŶŐŽƉĞƌĂƟŽŶƐǁŝƚŚƚĞƐƟŶŐƚŽ ĂĐŚŝĞǀĞŽƉƟŵŝnjĂƟŽŶŽĨƚŚĞĨĂĐŝůŝƚLJ͘

ĂĚĚŝƟŽŶ͕ƚŚĞůĂďŽƌĂƚŽƌLJƉĞƌĨŽƌŵƐƚĞƐƟŶŐĨŽƌƐƉĞĐŝĂů ƉƌŽũĞĐƚƐĨŽƌƉŽƐƐŝďůĞĨĂĐŝůŝƚLJŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂĚĚŝƟŽŶƐͬ ĐŚĂŶŐĞƐĂŶĚƚĞƐƟŶŐŽĨƐĂŵƉůĞƐĨƌŽŵƚŚĞǁĂƐƚĞǁĂƚĞƌ ĂŶĚƐƚŽƌŵǁĂƚĞƌĐŽůůĞĐƟŽŶƐLJƐƚĞŵŝŶƚŚĞŝƚLJ͘

ϭϯ

—ƒŽ‹–›‡Ž‹˜‡”‡†

Š‡ƒ–‡”‹•–”‹„—–‹‘›•–‡

WŝĐƚƵƌĞĚƚŽƉĂŶĚůĞŌ͕ƚŚĞŝƐƚƌŝďƵƟŽŶΘ

ŽůůĞĐƟŽŶŝǀŝƐŝŽŶ͛ƐƌĂŌŝŶŐƐƚĂīĂƌĞƐŚŽǁŶ ŐĂƚŚĞƌŝŶŐĮƌĞŇŽǁĚĂƚĂŽŶƚŚĞǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶ ƐLJƐƚĞŵ͘ĂƚĂŐĂƚŚĞƌĞĚĨƌŽŵƚŚĞƐĞƚĞƐƚƐŝƐ ƐƵďŵŝƩĞĚƚŽƚŚĞ&ŝƌĞĞƉĂƌƚŵĞŶƚĂŶĚŝƐ ŝŶƚĞŐƌĂƚĞĚŝŶƚŽĂǁĂƚĞƌŵŽĚĞůŽĨƚŚĞŝƚLJŽĨ ŝůůŝŶŐƐ;KͿǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵ͘dŚĞ ŵŽĚĞůŝƐĐĂůŝďƌĂƚĞĚǁŝƚŚƚŚŝƐŝŶĨŽƌŵĂƟŽŶƚŽŚĞůƉ ƵƐƉƌĞĚŝĐƚŶĞĐĞƐƐĂƌLJŝŵƉƌŽǀĞŵĞŶƚƐǁŚŝĐŚŚĞůƉ ƵƐĞŶƐƵƌĞƉƌŽƉĞƌĮƌĞƉƌŽƚĞĐƟŽŶƚŽĂůůƚŚĞƵƐĞƌƐ ŽĨƚŚĞǁĂƚĞƌƐLJƐƚĞŵ͘

ǀĞƌLJLJĞĂƌ͕ƚŚĞWƵďůŝĐ tŽƌŬƐĞƉĂƌƚŵĞŶƚ;WtͿ ƉĞƌĨŽƌŵƐĚĂŝůLJŝŶƐƉĞĐƟŽŶƐ ĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ĂƐǁĞůů ĂƐƐĞƌǀŝĐĞƌĞƉĂŝƌƐŽŶĮƌĞ ŚLJĚƌĂŶƚƐ͕ǁĂƚĞƌǀĂůǀĞƐ͕ ǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌ ŵĂŝŶƐ͘ĞLJŽŶĚƚŚĞƐĞ ƌĞŐƵůĂƌŵĂŝŶƚĞŶĂŶĐĞĂŶĚ ĞŵĞƌŐĞŶƚƌĞƉĂŝƌŶĞĞĚƐ͕ƚŚĞWtƉƵƌƐƵĞƐ ƉƌŽũĞĐƚƐƚŚĂƚǁŝůůƉƌŽǀŝĚĞĂĚĚŝƟŽŶĂůǀĂůƵĞƚŽƚŚĞ ĐŽŵŵƵŶŝƚLJ͘dŚŝƐŝŶĐůƵĚĞƐǁĂƚĞƌŵĂŝŶ ƌĞƉůĂĐĞŵĞŶƚƐƚŚĂƚĂĚĚƌĞƐƐĂƚůĞĂƐƚϯ͕ϬϬϬĨĞĞƚŽĨ ĂŐŝŶŐǁĂƚĞƌŵĂŝŶƐĂLJĞĂƌƚŽƉƌŽǀŝĚĞŝŶĐƌĞĂƐĞĚ ƐĞƌǀŝĐĞĂŶĚƌĞůŝĂďŝůŝƚLJ͘

ZĞĐŽŶƐƚƌƵĐƟŽŶƉƌŽũĞĐƚƐĂůƐŽƉƌŽǀŝĚĞĐŽŵƉůĞƟŽŶ ŽĨŝŶŝƟĂƟǀĞƐůŝŬĞƚŚĞ>ĞĂĚ^ĞƌǀŝĐĞZĞƉůĂĐĞŵĞŶƚ ƉƌŽŐƌĂŵ͕ǁŚŝĐŚŝƐĚĞƐŝŐŶĞĚƚŽŝĚĞŶƟĨLJĂŶĚ ƌĞƉůĂĐĞƐŽƵƚĚĂƚĞĚůĞĂĚƐĞƌǀŝĐĞůŝŶĞƐƚŚƌŽƵŐŚŽƵƚ ƚŚĞŝƚLJǁĂƚĞƌƐLJƐƚĞŵŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘dŚĞŝƚLJŽĨ ŝůůŝŶŐƐŚĂƐĐŽŵƉůĞƚĞĚƚŚĞĞŶƟƌĞƐŽƵƚŚƐŝĚĞĂƌĞĂ ŽĨƚŚĞŝƚLJĂŶĚŝƐǁŽƌŬŝŶŐƚŽƌĞŵŽǀĞůĞĂĚƐĞƌǀŝĐĞ ůŝŶĞƐĞŶƟƌĞůLJĨƌŽŵƚŚĞǁĂƚĞƌƐLJƐƚĞŵ͘

ϭϰ



 

  

dŚĞƐŬŝůůĞĚƐƚĂīĂƚƚŚĞŝƚLJŽĨŝůůŝŶŐƐtĂƚĞƌZĞĐůĂŵĂƟŽŶ&ĂĐŝůŝƚLJ;tZ&ͿǁŽƌŬƐŚĂƌĚĞǀĞƌLJĚĂLJƚŽ ĞĸĐŝĞŶƚůLJĂŶĚĞīĞĐƟǀĞůLJŵĞĞƚƚŚĞǁĂƚĞƌƌĞƐŽƵƌĐĞƌĞĐŽǀĞƌLJŶĞĞĚƐŽĨƚŚĞǁĂƚĞƌƵƐĞƌƐŽĨƚŚĞŝƚLJŽĨ ŝůůŝŶŐƐ͘

ĞƐƉŝƚĞĐŚĂůůĞŶŐĞƐƉƌĞƐĞŶƚĞĚďLJǀĂƌLJŝŶŐĚŝƐĐŚĂƌŐĞƐŝŶƚŽƚŚĞƐĞǁĂŐĞĐŽůůĞĐƟŽŶƐLJƐƚĞŵĂŶĚǁĞĂƚŚĞƌ ĞdžƚƌĞŵĞƐ͕ǁŚŝĐŚĂīĞĐƚƚŚĞďŝŽůŽŐŝĐĂůƉƌŽĐĞƐƐĞƐƵƐĞĚĚƵƌŝŶŐƌĞĐůĂŵĂƟŽŶ͕ƚŚĞĞŵƉůŽLJĞĞƐŽĨƚŚĞtZ& ĐŽŶƟŶƵĞƚŽĞŶƐƵƌĞƚŚĂƚǁĞŵĞĞƚŽƵƌŐŽĂůŽĨŵĂŝŶƚĂŝŶŝŶŐƚŚĞĐŚĞŵŝĐĂů͕ƉŚLJƐŝĐĂůĂŶĚďŝŽůŽŐŝĐĂů ŝŶƚĞŐƌŝƚLJŽĨƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͘dŚŝƐŝƐĚŽŶĞďLJƉƌŽƉĞƌŽƉĞƌĂƟŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨĂůĂƌŐĞ͕ ĐŽŵƉůĞdžĨĂĐŝůŝƚLJ͘

dŚĞtZ&ŚĂƐƌĞĐĞŶƚůLJƵŶĚĞƌŐŽŶĞŵĂũŽƌƌĞĐŽŶƐƚƌƵĐƟŽŶĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽŝŶĐƌĞĂƐĞĐĂƉĂĐŝƚLJĂŶĚ ƵƉŐƌĂĚĞƚƌĞĂƚŵĞŶƚƚŽƌĞŵŽǀĞŶŝƚƌŽŐĞŶĂŶĚƉŚŽƐƉŚŽƌƵƐĨƌŽŵƚŚĞǁĂƐƚĞǁĂƚĞƌƚŽŵĞĞƚŵŽƌĞ ƐƚƌŝŶŐĞŶƚƐƚĂƚĞĚŝƐĐŚĂƌŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘

ĚĚŝƟŽŶĂůŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞƉůĂŶŶĞĚƚŽŝŶĐůƵĚĞĂƌĞĐĞŝǀŝŶŐƐƚĂƟŽŶƚŚĂƚǁŝůůƌĞŵŽǀĞ&ĂƚƐ͕KŝůƐĂŶĚ 'ƌĞĂƐĞ;&K'Ϳ͕ǁŚŝĐŚĐĂƵƐĞƐĂĚĚŝƟŽŶĂůŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐĂŶĚĐĂŶƐŚŽƌƚĞŶƚŚĞůŝĨĞŽĨƐŽŵĞ ĞƋƵŝƉŵĞŶƚ͘

ϭϱ

Š‡–‘”›‘ˆ–‘”™ƒ–‡”ƒƒ‰‡‡–

ĐĂƉƚƵƌĞƌƵŶ-ŽīĨƌŽŵƌĂŝŶĨĂůůĂŶĚƐŶŽǁŵĞůƚ͕ƚŚĞŝƚLJŚĂƐĂƉƉƌŽdžŝŵĂƚĞůLJϭϯϱŵŝůĞƐŽĨƉŝƉĞ͕ĐƵůǀĞƌƚƐĂŶĚ ŽƉĞŶĚŝƚĐŚĞƐ͕ĂŶĚϳ͕ϬϬϬŝŶůĞƚƐƚƌƵĐƚƵƌĞƐƚŽƌĞŵŽǀĞƚŚĞǁĂƚĞƌĨƌŽŵŽƵƌŝƚLJƐƚƌĞĞƚƐ͘dŚĞƉŝƉĞƐƌĂŶŐĞŝŶƐŝnjĞ ĨƌŽŵϭϮ͟ƚŽϳϮ͟ŝŶĚŝĂŵĞƚĞƌ͘dŚĞƐƚŽƌŵǁĂƚĞƌŝŶůĞƚƐƚƌƵĐƚƵƌĞƐĂƌĞƚŚŽƐĞŵĞƚĂůŐƌĂƚĞƐƚŚĂƚĂƌĞƚLJƉŝĐĂůůLJ ůŽĐĂƚĞĚŝŶŝŶƚĞƌƐĞĐƟŽŶƐŽŶƚŚĞĐƵƌďĨĂĐĞƚŽĐŽůůĞĐƚƚŚĞƌƵŶŽīŝŶƚŽƚŚĞƉŝƉŝŶŐƐLJƐƚĞŵ͘dŚĞŝƚLJ͛ƐƐLJƐƚĞŵ ĐĂƉƚƵƌĞƐƌƵŶ-ŽīĨƌŽŵĂŶĂƌĞĂƚŚĂƚĞdžĐĞĞĚƐϰϱƐƋƵĂƌĞŵŝůĞƐ͘/ƚ͛ƐĂůŽƚŽĨƚĞƌƌŝƚŽƌLJĨŽƌŝƚLJĐƌĞǁƐƚŽŵĂŝŶƚĂŝŶ͘

ůůĐŽůůĞĐƚĞĚƐƚŽƌŵǁĂƚĞƌŝƐƵŶƚƌĞĂƚĞĚ͘dŚĞƐƚŽƌŵǁĂƚĞƌĚŝƐĐŚĂƌŐĞƐŝŶƚŽĞŝŐŚƚƉƌŝŵĂƌLJŽƵƞĂůůƐ͕ǁŚŝĐŚĂůůŇŽǁ ŝŶƚŽƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͘ĂĐŚŽƵƞĂůůĚƌĂŝŶƐĂƐƉĞĐŝĮĐĂƌĞĂŽĨƚŚĞŝƚLJĐĂůůĞĚƐƵď-ďĂƐŝŶƐ͘dŚĞƐĞŽƵƞĂůůƐĂƌĞ ůŝƐƚĞĚŚĞƌĞ͗

  • ůŬĂůŝƌĞĞŬ
  • ůƵĞƌĞĞŬ
  • ĂŶLJŽŶƌĞĞŬ
  • ŝƚLJͬŽƵŶƚLJƌĂŝŶ
  • ŽǀĞƌĞĞŬ
  • &ŝǀĞDŝůĞƌĞĞŬ
  • ,ŝůůƚŽƉKƵƞĂůů
  • ,ŽŐĂŶ͛Ɛ^ůŽƵŐŚ
  • ,ŽůůŝŶŐƌĂŝŶ
  • zĞŐĞŶƌĂŝŶ

dŚĞŝƚLJͬŽƵŶƚLJƌĂŝŶ͕,ŽŐĂŶ͛Ɛ^ůŽƵŐŚ͕ĂŶĚzĞŐĞŶƌĂŝŶĂĐĐŽƵŶƚĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϳϬйŽĨƚŚĞƚŽƚĂů ƐƚŽƌŵǁĂƚĞƌĐŽůůĞĐƟŽŶƐLJƐƚĞŵ͘ǀŝĞǁƚŚĞŝƚLJ͛ƐƐƚŽƌŵǁĂƚĞƌƐLJƐƚĞŵƉůĞĂƐĞŐŽƚŽŝƚĐŚ-ĂŶĚ-ƌĂŝŶ-DĂƉ-W& ;ďŝůůŝŶŐƐŵƚƉƵďůŝĐǁŽƌŬƐ͘ŐŽǀͿ͘ĞůŽǁĂƌĞƚŚĞĚĞƐĐƌŝƉƟŽŶƐĨŽƌĞĂĐŚŽĨƚŚĞŽƵƞĂůůƐ͘

ůŬĂůŝƌĞĞŬƐƚŽƌŵǁĂƚĞƌĐŽůůĞĐƟŽŶĂƌĞĂŝƐĞĂƐƚŽĨůĂĐŬKƩĞƌdƌĂŝůĂŶĚŝƌƉŽƌƚZŽĂĚƚŽƚŚĞŶŽƌƚŚ

ůƵĞƌĞĞŬƚŚĞĐŽůůĞĐƟŽŶĂƌĞĂŝŶĐůƵĚĞƐĞĚĂƌWĂƌŬĂŶĚƌŝĂƌǁŽŽĚƐƵďĚŝǀŝƐŝŽŶƐĂůŽŶŐ^ŽƵƚŚŝůůŝŶŐƐ ŽƵůĞǀĂƌĚĂŶĚůƵĞƌĞĞŬZŽĂĚ͘

ĂŶLJŽŶƌĞĞŬĂĐŽůůĞĐƟŽŶĂƌĞĂǁĞƐƚŽĨϯϮŶĚ^ƚƌĞĞƚtĞƐƚĂŶĚƐŽƵƚŚŽĨ<ŝŶŐǀĞŶƵĞtĞƐƚ͘

ŝƚLJͬŽƵŶƚLJƌĂŝŶůŽĐĂƚĞĚĂůŽŶŐtĂƐŚŝŶŐƚŽŶ^ƚƌĞĞƚ͕ĚƌĂŝŶƐƚŚĞĐĞŶƚƌĂůĂƌĞĂŽĨƚŚĞŝƚLJ͘'ĞŶĞƌĂůůŝŵŝƚƐ͖ǁĞƐƚ ŽĨϭϭƚŚ^ƚƌĞĞƚ͕ĞĂƐƚŽĨϮϰƚŚ^ƚƌĞĞƚtĞƐƚ͕ŶŽƌƚŚŽĨ<ŝŶŐǀĞŶƵĞĂƐƚ͕ƐŽƵƚŚŽĨZŝŵƌŽĐŬZŽĂĚ͘

&ŝǀĞDŝůĞƌĞĞŬĂƌĞĂǁĞƐƚŽĨDĂŝŶ^ƚƌĞĞƚĂŶĚEŽƌƚŚŽĨtĞƐƚtŝĐŬƐ>ĂŶĞ͘ ,ŝůůƚŽƉKƵƞĂůůĂƐŵĂůůĐŽůůĞĐƟŽŶĂƌĞĂĂůŽŶŐ,ŝůůƚŽƉZŽĂĚĞĂƐƚŽĨtĂŶĂů͘

,ŽŐĂŶ͛Ɛ^ůŽƵŐŚůŽĐĂƚĞĚĂůŽŶŐ^ŽƵƚŚϮϬƚŚ^ƚƌĞĞƚĂŶĚĚƌĂŝŶƐƚŚĞǁĞƐƚĞƌŶƐĞĐƟŽŶŽĨƚŚĞŝƚLJ͘'ĞŶĞƌĂůůŝŵŝƚƐ͖ ǁĞƐƚŽĨϯϳƚŚ^ƚƌĞĞƚtĞƐƚ͕ŶŽƌƚŚŽĨ<ŝŶŐǀĞŶƵĞ͕ĂŶĚƐŽƵƚŚŽĨ'ƌĂŶĚǀĞŶƵĞ͘

,ŽůůŝŶŐƌĂŝŶŐĞŶĞƌĂůĐŽůůĞĐƟŽŶĂƌĞĂŶŽƌƚŚŽĨtŝĐŬƐĂŶĚǁĞƐƚŽĨ,ĂǁƚŚŽƌŶĞ>ĂŶĞ͘

zĞŐĞŶŝƚĐŚůŽĐĂƚĞĚĂůŽŶŐƚŚĞĞĂƐƚĞƌŶĞĚŐĞŽĨƚŚĞŽŶŽĐŽƚĂŶŬĨĂƌŵ͘dŚŝƐĚŝƚĐŚƉƌŽǀŝĚĞƐĚƌĂŝŶĂŐĞĨŽƌƚŚĞ ĂƌĞĂŶŽƌƚŚŽĨ<ŝŶŐǀĞŶƵĞĂƐƚ͕ǁĞƐƚŽĨEŽƌƚŚϯϮŶĚ^ƚƌĞĞƚĂŶĚƐŽƵƚŚŽĨϭϮƚŚǀĞŶƵĞEŽƌƚŚ͘

ŽŶƟŶƵĞĚŽŶŶĞdžƚƉĂŐĞ͘͘͘

ϭϲ

Š‡–‘”›‘ˆ–‘”™ƒ–‡”ƒƒ‰‡‡–‘–‹—‡†ǤǤǤ

dŚĞƐƚŽƌŵǁĂƚĞƌĐŽůůĞĐƟŽŶƐLJƐƚĞŵƌĞƋƵŝƌĞƐĐŽŶƟŶƵĂůŵĂŝŶƚĞŶĂŶĐĞǁŽƌŬƚŚĂƚŝƐƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJ͛Ɛ^ƚƌĞĞƚ ĂŶĚdƌĂĸĐŝǀŝƐŝŽŶĐƌĞǁƐ͘>ŝƐƚĞĚďĞůŽǁĂƌĞĂĨĞǁŽĨƚŚĞƐĞĂĐƟǀŝƟĞƐ͖

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/ŶƐƉĞĐƚ͕ĐůĞĂŶ͕ƌĞƉĂŝƌƚŚĞϳ͕ϬϬϬƐƚŽƌŵǁĂƚĞƌŝŶůĞƚƐƚƌƵĐƚƵƌĞƐ͘ƌĞǁƐƚƌLJƚŽŝŶƐƉĞĐƚĞĂĐŚƐƚŽƌŵǁĂƚĞƌŝŶůĞƚĂƚ ůĞĂƐƚŽŶĐĞĂLJĞĂƌ͘

/ŶƐƉĞĐƚƉŝƉĞƐĞĐƟŽŶƐƵƐŝŶŐĂƐƉĞĐŝĂůƌĞŵŽƚĞĐŽŶƚƌŽůůĞĚĐĂŵĞƌĂƚŚĂƚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĞŶƚĞƌƉŝƉĞƐĞĐƟŽŶƐĂŶĚ ƌĞĐŽƌĚŝŵĂŐĞƐ͘

ůĞĂŶďůŽĐŬĂŐĞƐƚŚĂƚĂƌĞĨŽƵŶĚƵƐŝŶŐĂũĞƚͬǀĂĐƵƵŵƚƌƵĐŬ͘ ZĞƉĂŝƌĂŶĚƌĞƉůĂĐĞƉŝƉĞƐĞĐƟŽŶƐƚŚĂƚĂƌĞŝŶŶĞĞĚŽĨƌĞƐƚŽƌĂƟŽŶ͘

ZĞŵŽǀĞƵŶĚĞƌďƌƵƐŚĂŶĚĚĞďƌŝƐĨƌŽŵƚŚĞŵŝůĞƐŽĨŽƉĞŶƐƚŽƌŵǁĂƚĞƌĚŝƚĐŚĞƐƚŚĂƚŚĂǀĞƚŚĞƉŽƚĞŶƟĂůƚŽďĂĐŬ- ƵƉǁĂƚĞƌĂŶĚƉŽƚĞŶƟĂůůLJĐĂƵƐĞŇŽŽĚŝŶŐ͘

dŚŝƐŝƐĂƚĂůůůŝƐƚĨŽƌĂĚŝǀŝƐŝŽŶƚŚĂƚŝƐĂůƐŽƌĞƐƉŽŶƐŝďůĞĨŽƌŬĞĞƉŝŶŐŽƵƌƐƚƌĞĞƚƐĂŶĚŝŶƚĞƌƐĞĐƟŽŶƐĨƵŶĐƟŽŶŝŶŐŝŶĂ ƐĂĨĞŵĂŶŶĞƌĨŽƌŽƵƌĐŝƟnjĞŶƐ͘

dŚŝƐŝƐǁŚĞƌĞLJŽƵĐĂŶŚĞůƉ͊dŚĞŶĞdžƚƟŵĞLJŽƵĂƌĞŽŶĂǁĂůŬƚĂŬĞĂďĂŐĂŶĚƉŝĐŬ-ƵƉĚŝƐĐĂƌĚĞĚƚƌĂƐŚďĞĐĂƵƐĞ ŝƚĐĂŶƉŽƚĞŶƟĂůůLJĞŶĚƵƉŝŶƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͘tŚĞŶǁĂůŬŝŶŐLJŽƵƌƉĞƚƐƉŝĐŬƵƉƚŚŽƐĞůŝƩůĞƐƵƌƉƌŝƐĞƐƚŚĂƚ ƚŚĞLJůĞĂǀĞďĞŚŝŶĚĂŶĚƉƌŽƉĞƌůLJĚŝƐƉŽƐĞŝŶĂƚƌĂƐŚĐŽŶƚĂŝŶĞƌ͘LJŽƵŚĂǀĞĂƐƚŽƌŵǁĂƚĞƌŝŶůĞƚŝŶ-ĨƌŽŶƚŽĨLJŽƵƌ ƌĞƐŝĚĞŶĐĞ͕ĚŽŶ͛ƚĐŽŶƚƌŝďƵƚĞďLJƌĂŬŝŶŐŽƌďůŽǁŝŶŐŐƌĂƐƐĐůŝƉƉŝŶŐƐŽƌůĞĂǀĞƐŝŶƚŽƚŚĞŐƵƩĞƌǁŚĞƌĞŝƚĐĂŶ ƉŽƚĞŶƟĂůůLJƉůƵŐƚŚĞŝŶůĞƚ͘ůƐŽ͕ŝĨLJŽƵĚŽLJŽƵƌŽǁŶǀĞŚŝĐůĞŵĂŝŶƚĞŶĂŶĐĞŝŵŵĞĚŝĂƚĞůLJĐůĞĂŶ-ƵƉĂŶLJƐƉŝůůĞĚŽŝů ŽƌĂŶƟĨƌĞĞnjĞǁŝƚŚĂĚƌLJĂďƐŽƌďĞŶƚĂŶĚĚŝƐƉŽƐĞŽĨŝƚŝŶƚŚĞƚƌĂƐŚ͕ĚŽŶŽƚŚŽƐĞŽīƚŚĞƐƉŝůů͘&ŝŶĂůůLJ͕ŝĨLJŽƵǁĂƐŚ LJŽƵƌǀĞŚŝĐůĞĂƚŚŽŵĞ͕ǁĂƐŚƚŚĞĐĂƌŽŶƚŚĞŐƌĂƐƐĂŶĚƉŽƵƌĂŶLJƌĞŵĂŝŶŝŶŐǁĂƐŚǁĂƚĞƌŽŶLJŽƵƌƚƵƌĨĂŶĚŶŽƚ ĚŽǁŶƚŚĞŐƵƩĞƌ͘

LJŽƵŚĂǀĞĂďƵƐŝŶĞƐƐ͕ƚŚĞƌĞĂƌĞĂĐƟŽŶƐƚŚĂƚLJŽƵŽƌLJŽƵƌůĂŶĚůŽƌĚĐĂŶƚĂŬĞƚŽŵŝŶŝŵŝnjĞƐƚŽƌŵǁĂƚĞƌƉŽůůƵƟŽŶ͘ ^ĐŚĞĚƵůĞƌĞŐƵůĂƌƉĂƌŬŝŶŐĂƌĞĂƐǁĞĞƉŝŶŐƚŽƌĞŵŽǀĞƐĞĚŝŵĞŶƚĂŶĚĚĞďƌŝƐƚŚĂƚĐŽůůĞĐƚƐŽǀĞƌƟŵĞĂŶĚŝŶƐƵƌĞ ƚŚĂƚƚŚĞƌĞĂƌĞĂŶĂĚĞƋƵĂƚĞŶƵŵďĞƌŽĨƚƌĂƐŚĐŽŶƚĂŝŶĞƌƐŽŶƚŚĞƐŝƚĞ͘

ĐĂŶĂůůĚŽŽƵƌƉĂƌƚƚŽŬĞĞƉŽƵƌƐƚƌĞĞƚƐĂŶĚƐŝĚĞǁĂůŬƐĐůĞĂŶĂŶĚĚŝƌĞĐƚůLJŚĞůƉƚŽŬĞĞƉƐƚŽƌŵǁĂƚĞƌƉŽůůƵƟŽŶ ŽƵƚŽĨƚŚĞzĞůůŽǁƐƚŽŶĞZŝǀĞƌ͘

ZĞŵĞŵďĞƌŝƚ͛ƐŽƵƌďĂĐŬLJĂƌĚ͊

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ƉĂƌƚLJŽƵǁŝůůďĞĂďůĞƚŽůĞĂƌŶŵŽƌĞĂďŽƵƚLJŽƵƌ ǁĂƚĞƌƐĞƌǀŝĐĞůŝŶĞƐ͕ŚŽǁƚŽŵĂŶĂŐĞƚŚĞŵĂŶĚ ŽƚŚĞƌĐŽŶƐƵŵĞƌďĞƐƚƉƌĂĐƟĐĞŝŶĨŽƌŵĂƟŽŶ͘

ĚĚŝƟŽŶĂůůLJ͕ƌĞƐŽƵƌĐĞƐĨƌŽŵƚŚĞŶǀŝƌŽŶŵĞŶƚĂů WƌŽƚĞĐƟŽŶŐĞŶĐLJ;WͿĂŶĚƚŚĞDŽŶƚĂŶĂ ĞƉĂƌƚŵĞŶƚŽĨŶǀŝƌŽŶŵĞŶƚĂůYƵĂůŝƚLJ;DYͿ ǁŝůůďĞƌĞĂĚŝůLJĂǀĂŝůĂďůĞƚŽƌĞĨĞƌĞŶĐĞ͘

ďĞůŝĞǀĞĂƐĂǀǀLJĐŽŶƐƵŵĞƌŝƐƉĂƌĂŵŽƵŶƚŝŶ ŚĞůƉŝŶŐŬĞĞƉŽƵƌĐŽŵŵƵŶŝƚLJƐĂĨĞĂŶĚŚĞĂůƚŚLJ͘

:ŽŝŶƵƐŽŶůŝŶĞĂƚďŝůůŝŶŐƐŵƚƉƵďůŝĐǁŽƌŬƐ͘ŐŽǀƚŽ ůĞĂƌŶŵŽƌĞ͊

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zŽƵŵĂLJƌĞĐĞŝǀĞĂůĞƚƚĞƌŝŶƚŚĞŵĂŝůŽƌĂ

ĚŽŽƌŚĂŶŐĞƌĨƌŽŵWƵďůŝĐtŽƌŬƐƐƚĂĨĨ ĂƐŬŝŶŐĨŽƌLJŽƵƌƐƵƉƉŽƌƚƚŽĐŽŵƉůĞƚĞĂ ƐƵƌǀĞLJ͕ƉƌŽǀŝĚĞǁĂƚĞƌĨŽƌƚĞƐƚŝŶŐŽƌĂƐĂ ŶŽƚŝĐĞĂďŽƵƚǁĂƚĞƌůŝŶĞƌĞƉůĂĐĞŵĞŶƚ͘

ĚĞƉĞŶĚŽŶĐŽŵŵƵŶŝƚLJĨĞĞĚďĂĐŬƚŽ ŵĞĞƚƌĞŐƵůĂƚŝŽŶƐ͕ƉƌŽƉĞƌůLJƉůĂŶĂŶĚ ƐĞƌǀŝĐĞƚŚĞǁĂƚĞƌƐLJƐƚĞŵ͘

ŚŽƉĞLJŽƵǁŝůůĐŚŽƐĞƚŽďĞĂŚĞƌŽŝŶ

LJŽƵƌŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŚĞůƉƐƵƐĂůů͘

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&ƵƚƵƌĞ,ŽŵĞŽĨƚŚĞ ŝƚLJŽĨŝůůŝŶŐƐtĞƐƚ ŶĚtĂƚĞƌdƌĞĂƚŵĞŶƚ WůĂŶƚϮϬϮϰ

   

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WŚĂƐĞ/ǁŝůůŝŶĐůƵĚĞĐŽŶƐƚƌƵĐƟŽŶŽĨƚŚĞŶĞǁ ŝŶƚĂŬĞ͕ƉƵŵƉƐƚĂƟŽŶĂŶĚƉŝƉĞůŝŶĞĨƌŽŵƚŚĞ zĞůůŽǁƐƚŽŶĞZŝǀĞƌŶĞĂƌƵĐŬƌĞĞŬďƌŝĚŐĞĂŶĚ ƚŚĞŶĞǁtĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚƚŚĂƚǁŝůůďĞ ƐŝƚƵĂƚĞĚŶĞĂƌƚŚĞĐŽƌŶĞƌŽĨ^ŚŝůŽŚZŽĂĚĂŶĚ ,ĞƐƉĞƌZŽĂĚ͘WŚĂƐĞ//ǁŝůůƉƌŽǀŝĚĞŵƵĐŚ ŶĞĞĚĞĚƌĂǁǁĂƚĞƌƐƚŽƌĂŐĞĨŽƌŐƌĞĂƚĞƌ ƌĞƐŝůŝĞŶĐLJƚŽƐƵƉƉŽƌƚŽƵƌĐŽŵŵƵŶŝƚLJ͘

ŶŐŝŶĞĞƌŝŶŐĂŶĚĚĞƐŝŐŶĂƌĞŝŶĨƵůůƐǁŝŶŐĂŶĚ LJŽƵĐĂŶǀŝĞǁƚŚĞƉƌŽƉŽƐĞĚĐĂŵƉƵƐŚĞƌĞ͗

ŚƩƉƐ͗ͬͬǀŝŵĞŽ͘ĐŽŵͬϰϭϵϭϬϮϮϴϴ

 

WƵďůŝĐKƵƚƌĞĂĐŚĂŶĚĚƵĐĂƟŽŶŝƐƚŚĞƐŝŶŐůĞŵŽƐƚŝŵͲ ƉŽƌƚĂŶƚƚŽŽůǁŚĞŶŝƚĐŽŵĞƐƉƌŽƚĞĐƟŶŐŽƵƌǁĂƚĞƌƐŚĞĚƐ ĂŶĚŵĂŬŝŶŐƐƵƌĞŽƵƌǀĂůƵĂďůĞƌĞƐŽƵƌĐĞƐĂƌĞĂǀĂŝůĂďůĞ ĨŽƌĨƵƚƵƌĞŐĞŶĞƌĂƟŽŶƐ͘dŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ ŝƐĐŽŵŵŝƩĞĚƚŽƉƌŽǀŝĚŝŶŐĞĚƵĐĂƟŽŶƚŽŽƵƌLJŽƵƚŚĂŶĚ ƚŚĞĐŽŵŵƵŶŝƚLJĂƚůĂƌŐĞĂďŽƵƚŽƵƌǁĂƚĞƌƐLJƐƚĞŵƐ͕ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ƐĂŶŝƚĂƟŽŶŵĂŶĂŐĞŵĞŶƚĂŶĚ ƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨĐŽŶƐĞƌǀĂƟŽŶĂŶĚƌĞĐLJĐůŝŶŐ͘ƉƌŽͲ ǀŝĚĞĐůĂƐƐƌŽŽŵƉƌĞƐĞŶƚĂƟŽŶƐĂŶĚĨĂĐŝůŝƚLJƚŽƵƌƐĨŽƌĞůĞͲ ŵĞŶƚĂƌLJ͕ũƵŶŝŽƌŚŝŐŚ͕ĂŶĚŚŝŐŚƐĐŚŽŽůŽŶƚŚĞĨŽůůŽǁͲ ŝŶŐƚŽƉŝĐƐ͗

  • tĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĚŝƐƚƌŝďƵƟŽŶ
  • tĂƐƚĞǁĂƚĞƌƌĞĐůĂŵĂƟŽŶĂŶĚĐŽůůĞĐƟŽŶ
  • ^ƚŽƌŵǁĂƚĞƌƉŽůůƵƟŽŶƉƌĞǀĞŶƟŽŶ
  • ^ŽůŝĚǁĂƐƚĞĐŽůůĞĐƟŽŶĂŶĚůĂŶĚĮůůŵĂŶĂŐĞŵĞŶƚ
  • ZĞĐLJĐůŝŶŐĂŶĚŽƚŚĞƌƌĞƐŽƵƌĐĞƉƌŽƚĞĐƟŽŶƉƌĂĐƟĐĞƐ
  • ĚĚŝƚŝŽŶĂů/ŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŽƵƌ ƐĞƌǀŝĐĞƐĂŶĚĐŽŶƐƵŵĞƌƚŝƉƐĂƌĞ ĂǀĂŝůĂďůĞŽŶůŝŶĞĂƚ͗ ďŝůůŝŶŐƐŵƚƉƵďůŝĐǁŽƌŬƐ͘ŐŽǀ
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PUBLIC WORKS DEPARTMENT

OFFICE OF ADMINISTRATION

2224 Montana Ave

Billings, MT. 59101

  • 406.657.8230
    billingsmtpublicworks.gov
    facebook@billingsmtpublicworks
    instagram@billingsmtpublicworks

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Contaminants


City of Billings

EWG's drinking water quality report shows results of tests conducted by the water utility and provided to the Environmental Working Group by the Montana Department of Environmental Quality, as well as information from the U.S. EPA Enforcement and Compliance History database (ECHO). For the latest quarter assessed by the U.S. EPA (January 2019 - March 2019), tap water provided by this water utility was in compliance with federal health-based drinking water standards.

Utility details

  • Serves: 114000
  • Data available: 2012-2017
  • Data Source: Surface water
  • Total: 19

Contaminants That Exceed Guidelines

  • Arsenic
  • Bromodichloromethane
  • Chloroform
  • Chromium (hexavalent)
  • Dibromochloromethane
  • Dichloroacetic acid
  • Nitrate and nitrite
  • Total trihalomethanes (TTHMs)
  • Trichloroacetic acid

Other Detected Contaminants

  • 4-Androstene-3%2C17-dione
  • Bromochloroacetic acid
  • Dibromoacetic acid
  • Fluoride
  • Haloacetic acids (HAA5)
  • Molybdenum
  • Monobromoacetic acid
  • Monochloroacetic acid
  • Strontium
  • Vanadium

Reminder

Always take extra precautions, the water may be safe to drink when it leaves the sewage treatment plant but it may pick up pollutants during its way to your tap. We advise that you ask locals or hotel staff about the water quality. Also, note that different cities have different water mineral contents.

Sources and Resources

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The Environmental Protection Agency (EPA) has released a new study that shows the harmful impact of tap water contamination on children. According to the EPA, there are more than 20 contaminants that can be found in tap water.

In its report, the EPA states that most of the water contaminants found are from heavy metals, pesticides, herbicides and prescription drugs. The problem is not only the fact that the water is full of contaminants but the fact that these contaminants are not monitored for. In this process, the public is exposed to these chemicals and other substances through drinking water. Children who suffer from these contaminated water cannot only develop health problems, but they also become vulnerable to diseases and other illnesses.

When looking into the impact of tap water on children, the study did not take into consideration the amount of money that a family has to spend on bottled water. This study only looked into the effects of chem

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