Contract analysis

I. EXECUTIVE SUMMARY This memorandum summarizes the findings of the Phase I Environmental Site Assessment ("Phase I ESA") and the scope, status, and preliminary considerations arising from the Phase II Environmental Site Assessment ("Phase II ESA") conducted on the 62.0-acre parcel commonly known as the Stonebridge Parcel (the "Property" or "Stonebridge Parcel"), located at the northeast corner of Belmont Ridge Road

II. BACKGROUND AND SCOPE OF ENGAGEMENT A. Project Context Ironhaven Data Centers LLC ("IHDC"), a Delaware limited liability company headquartered at 44680 Prentice Drive, Suite 200, Ashburn, Virginia 20147, is developing the Stonebridge Data Center Campus (the "Campus" or "Project") on an assembled site of approximately 81.4 acres in Loudoun County, Virginia. The assembled site consists of two parcels: the 62.0-acre

III. PHASE I ENVIRONMENTAL SITE ASSESSMENT — FINDINGS A. Site Description and Historical Use The Stonebridge Parcel comprises approximately 62.0 acres of currently undeveloped and fallow land located at the northeast corner of Belmont Ridge Road (Route 659) and Stonebridge Boulevard, in unincorporated Loudoun County, Virginia 20148. The Property is identified in the Loudoun County land records by Tax Map Reference /9

IV. PHASE II ENVIRONMENTAL SITE ASSESSMENT — SCOPE AND PRELIMINARY FINDINGS A. Scope of Phase II Investigation The Phase II ESA is a targeted investigation focused exclusively on the northwest quadrant of the Stonebridge Parcel (approximately 4.2 acres), the area identified as a REC in the Phase I ESA. The investigation is designed to characterize the nature and extent of potential residual pesticide contamination in

V. IMPLICATIONS FOR THE STONEBRIDGE PARCEL ACQUISITION A. Due Diligence Timing The timing of the Phase II ESA relative to the contractual due diligence period is a critical consideration. The Phase II ESA completion target of July 1, 2025, provides approximately thirteen calendar days of buffer before the due diligence period expires on July 14, 2025. While this buffer should be sufficient to allow the team to review

VI. COORDINATION WITH OTHER DUE DILIGENCE WORKSTREAMS The environmental due diligence findings intersect with several other workstreams associated with the Stonebridge Data Center Campus development. Coordination among the various consultants, contractors, and professional advisors is essential to ensure that environmental considerations are properly integrated into the overall project plan. A. Geotechnical Investiga

VII. PENDING ACTION ITEMS AND RECOMMENDATIONS Based on the Phase I ESA findings and the pending Phase II ESA investigation, C&H recommends the following action items and next steps:

1. Await Phase II ESA Final Report. The Phase II ESA final report is targeted for receipt on or before July 1, 2025. Dr. Renata Volkov of Pendleton Environmental Associates is to deliver the final report directly to C&H and IHDC (Leonard Castellano). Upon receipt, C&H will review and analyze the findings and update this memorandum accordingly. Any preliminary results or interim communications from Pendleton should be

2. Brief the Client. C&H should schedule a call or meeting with IHDC's management team — Marcus Thorne (CEO), Priya Dasgupta (CFO), and Leonard Castellano (EVP of Development) — to advise them of the Phase I ESA findings, the Phase II ESA status, and the range of potential outcomes and their implications for the acquisition, development budget, and construction timeline. This briefing should include a discussion of I

3. Due Diligence Extension Contingency. The First Amendment to Stonebridge PSA (Due Diligence Extension) has been prepared and is available for execution in the event that the Phase II ESA results are delayed, inconclusive, or require additional investigation beyond the July 14, 2025 due diligence expiration date. If it becomes apparent that an extension may be needed, C&H should coordinate promptly with Harrison Poo

4. Lender Communication. C&H should provide a summary of the Phase I ESA findings to the construction lender syndicate — Summit National Bank, N.A. (Karen Ellsworth, relationship manager), Cascade Commercial Lending Corp. (David Rennick), and Harborview Trust Company (Susan Applegategate) — and to lender's counsel, Redmond & Calloway LLP (Victor Redmond), as part of the ongoing due diligence reporting process. The fu

5. Remediation Cost Analysis. Upon receipt of the Phase II ESA results, C&H should coordinate with Pendleton to develop a detailed, site-specific remediation cost estimate. This estimate should be compared against the available budget allocations within the Project budget, including the $14,200,000 entitlements and soft costs line item and the $34,900,000 contingency and reserves line item, to assess the financial im

6. Environmental Insurance. C&H should direct Northgate Insurance Brokerage, LLC (Willi