20211424 Ver 1_Initial Credial Credit Release Letter

August 23, 2023

Regulatory Division/Isenhour

Action ID No. SAW-2021-01309

Re: Initial Credit Release associated with the Wildlands Cape Fear 02 Umbrella
Mitigation Bank—Flat Rock Mitigation Site

Mr. Shawn Wilkerson
Wildlands Holdings VI, LLC
1430 South Mint Street, Suite 104
Charlotte, North Carolina 28203

Dear Mr. Wilkerson:

This correspondence is in reference to the Wildlands Cape Fear 02 Umbrella
Mitigation Bank—Flat Rock Mitigation Site located approximately 7.5 miles south of
Reidsville in a 69.6 acres conservation easement in Guilford County, North Carolina
(36.24166° N, -79.68855° W), within the Cape Fear River Basin Cataloging Unit
(03030002). The purpose of this letter is to confirm the initial release of credits for this
mitigation site.

Pursuant to the Mitigation Banking Instrument (UMBI) entitled, Agreement to Establish
the Cape Fear 02 Umbrella Mitigation Bank in the Cape Fear River Basin Within the
State of North Carolina, approved May 31, 2023, 15 percent of the mitigation site’s
stream and wetland restoration credits shall be available for sale immediately upon
completion of all the following:

a. Approval of the final mitigation plan (May 8, 2023);

b. Issuance of the 404-permit authorization for construction of the site (July 6,
2023);

c. Delivery of the executed financial assurance documents as described in
Section X of the UMBI and Section 14, Appendix 8 of the Final Mitigation Plan
(May 8, 2023);

REPLY TO
ATTENTION OF:
DEPARTMENT OF THE ARMY
WILMINGTON DISTRICT, CORPS OF ENGINEERS
69 DARLINGTON AVENUE
WILMINGTON, NORTH CAROLINA 28403-1343
d. Recordation of the Corps-approved site protection mechanism described in the
UMBI including a title commitment covering the property (May 8, 2023);

e. Execution of the UMBI by the sponsor and USACE (May 31, 2023); and

f. Documentation of the establishment of the long-term endowment/escrow
account (July 28, 2023).

By copy of this correspondence, we confirm that you have satisfied the above
requirements for the initial credit release; and 1196.370 warm stream mitigation units
(SMUs), constituting 15 percent of the mitigation site’s total restoration and enhancement
credits, plus 5.180 riparian wetland credits are now available. The total potential riparian
wetland credits for the site are 34.535 WMUs. The total potential warm water stream
credits for the site are 7975.800 SMUs.

Credit Type Site Total Release % Release
SMUs: Restoration &
Enhancement
7975.800 15% 1196.370
Stream TOTAL 7975.800 1196.370

Riparian Wetland 34.535 15% 5.180

Wetland TOTAL 34.535 5.180

Thank you for your interest in restoring and protecting waters of the United States. If
you have questions regarding this letter, please contact me at [phone] or
[e-mail].

Sincerely,

Kimberly Isenhour
for Todd Tugwell
Mitigation Branch Chief
Wilmington District Regulatory Division

Electronic Copies Furnished:

NCIRT Distribution List