Contract analysis

I. Executive Summary The purpose of this memorandum is to outline the projected staffing, workstream assignments, timeline, and estimated legal fees and disbursements for the full scope of Calderwood & Harkness LLP's representation of Ironhaven Data Centers LLC ("IHDC") in connection with the approximately $600,000,000 Stonebridge Data Center Campus ground-up development located in Loudoun County, Virginia (the "Proj

II. Engagement Team — Core Staffing The proposed engagement team has been assembled to provide the depth and breadth of experience required by a matter of this scale and complexity. The team is designed to deliver efficient, senior-level attention to each workstream while maintaining the continuity of personnel that facilitates seamless coordination across the multiple interdependent transaction components. The follo

III. Workstream Assignments and Descriptions The following section describes each identified workstream in detail, including the assigned team members, scope of work, key parties and contacts, anticipated timeline, and estimated hours. The workstreams are presented in approximate order of commencement, though it should be noted that many of these workstreams will proceed in parallel throughout the active engagement p

IV. Summary Staffing Allocation Table The following table summarizes the estimated hours for each member of the engagement team across all workstreams: The above ranges reflect our current best estimate of the level of effort required to complete the engagement as described in the workstream narratives above. Actual hours may vary depending on the complexity of negotiations, the responsiveness of counterparties, the

V. Fee Estimate A. Legal Fees Based on the estimated hours set forth in Section IV and the applicable billing rates for each timekeeper category, we project the following fee ranges. The blended rate assumptions underlying these estimates are as follows: The estimated total legal fees for the engagement range from $1,800,000 to $2,500,000, subject to the actual complexity of negotiations, the intensity of the entitle

VI. Disbursement Estimate A. Third-Party Legal and Consulting Fees (Passed Through) The following third-party fees are anticipated to be incurred in connection with the engagement and will be passed through to IHDC on Calderwood & Harkness's invoices unless otherwise noted: B. Other Disbursements In addition to the third-party legal and consulting fees identified above, the following categories of disbursements are a