Contract analysis

I. Purpose and Executive Summary The purpose of this memorandum is to analyze the backup power strategy for the Stonebridge Data Center Campus (the "Campus" or "Project"), located at the intersection of Belmont Ridge Road and Stonebridge Boulevard, unincorporated Loudoun County, Virginia 20148, being developed by Ironhaven Data Centers LLC ("IHDC") through its single-purpose subsidiary, Stonebridge Campus Holdings LL

II. Project Power Architecture Overview A. Primary Utility Supply Primary electrical power for the Campus will be provided by Vantage Power Cooperative ("VPC"), a member-owned electric cooperative serving portions of Loudoun County and adjacent jurisdictions. IHDC has applied for and is in the process of negotiating a Large Load Service Agreement ("LLSA") with VPC under VPC Service Application No. LSA-2025-0091. The

III. 2N Diesel Generator Configuration A. Redundancy Architecture Explained The term "2N" refers to a power redundancy architecture in which two fully independent power generation systems are deployed, each individually capable of powering the entire critical IT load and associated mechanical overhead of the building it serves. In this nomenclature, "N" represents the minimum generator capacity required to support th

IV. Fuel Storage Requirements A. On-Site Fuel Storage Capacity Adequate on-site fuel storage is essential to the backup power program, as the generators' utility is limited by the quantity of fuel available on-site at the time of a utility outage. The design standard for the Stonebridge Campus is a minimum of 48 hours of continuous runtime at full load per building, consistent with industry best practice for mission-

V. Environmental Permitting Considerations A. Air Quality Permitting — Virginia Department of Environmental Quality (VDEQ) The diesel generators to be installed at the Stonebridge Campus are classified as stationary internal combustion engines and are subject to air quality permitting under the Virginia Air Pollution Control Law (Virginia Code § 10.1-1300 et seq.) and the Virginia Air Pollution Control Board regulati

VI. EPC Contract Integration — Generator Procurement Within GMP A. Confirmation of Scope Inclusion The EPC Agreement with Titan-McAllister Construction Group, LLC (GMP: $412,000,000) expressly includes within the GMP scope the procurement, delivery, installation, testing, and commissioning of all backup diesel generators and all associated equipment, including but not limited to: generator sets and engines; enclosure

VII. Insurance Considerations for Backup Power Systems A. Builder's Risk Coverage During the construction phase, the diesel generators and all associated backup power equipment are covered under the builder's risk insurance policy for the Project. The builder's risk policy has been procured through Northgate Insurance Brokerage, LLC (William Keane, Account Executive) and is underwritten by Great Basin Surety & Insura