National

 Market  Update
Bank  Approvals

4th  quarter  approvals  combined  for  14  new  

miQgaQon  banks  across  the  naQon.    11  of  these  were   Banks  Approved  
All  Districts  
approved  in  the  Mobile,  Norfolk,  Savannah  and  
90  
Vicksbrug  Districts.    Other  acQvity  indicates  that  14   80  
of  the  38  Corps  districts  approved  at  least  one  new   70  
miQgaQon  bank  in  2010.   60  
  50  
40  
District 4Q  2010 2010 30  
Jacksonville 0 2 20  
Louisville 0 1 10  
Mobile     4 6 0  
Nashville 0 6 2000   2001   2002   2003   2004   2005   2006   2007   2008   2009   2010  
New  England 0 1
New  Orleans 0 10
New  York     1 1
Norfolk     2 8 2010  saw  a  total  of  66  new  miQgaQon  banks  and/or  ILF  
Portland 0 2 sites  approved  across  the  naQon.    This  up  from  64  in  
Rock  Island 0 1 2009,  but  down  from  78  in  2008.    This  reducQon  in  bank  
Sacramento     2 3 approvals  since  2008  may  indicate  a  return  to  normalcy  
Savannah     3 14
Seattle 0 1 following  a  rush  by  bankers  to  have  projects  approved  
Vicksburg     2 10 prior  to  the  issuance  of  the  2008  Final  Rule.  
Total 14 66  
 
 

January  2011 www.mitigationcredits.com Source:  RIBITS        Page  1

National  Market  Update
Sales  Transactions
Credit  sales  may  be  stablizing  a_er  dropping  about  35%  
during  the  economic  downturn.    There  were  a  total  of  232   District 4Q  2010 2010
credit  withdrawals  in  4Q  2010  and  over  1,300  for  the  year.       Alaska 3 4
  Buffalo 4 24
Approximately  80%  of  these  transacQons  occured  in  7  Corps   Charleston 6 47
Chicago 9 30
districts  (shown  in  bold).    26  districts  had  credit  withdrawals   Galveston 0 6
occur  during  the  year,  indicaQng  that  about  70%  of  the   Huntington 0 1
districts  currently  operate  a  miQgaQon  banking  or  ILF   Jacksonville 21 95
miQgaQon  program.   Kansas  City 4 17
  Little  Rock 2 4
  Louisville 1 13
Memphis 0 3
Mobile 4 92
Nashville 2 10
Sales  TransacMons   New  Orleans 39 157
All  Districts   New  York 0 1
Norfolk 25 132
2,500  
Omaha 6 30
2,000   Portland 7 27
Rock  Island 8 29
1,500  
Sacramento 5 56
1,000   San  Francisco 2 5
Savannah 53 301
500   Seattle 2 18
0   St.  Louis 1 11
2000   2001   2002   2003   2004   2005   2006   2007   2008   2009   2010   Vicksburg 28 211
Total 232 1,324

January  2011 www.mitigationcredits.com Source:  RIBITS        Page  2

National  Market  Update
Credit  Absorption

Stream
District
Charleston
4Q  2010
0
2010
4,643
Stream  Credits  Sold  
All  Districts  
Kansas  City 1,600 4,643
Louisville 0 475 600,000  
Mobile 0 14,002 500,000  
Norfolk 17,192 32,456 400,000  
Savannah 46,919 224,306 300,000  
St.  Louis 5,043 6,765 200,000  
Vicksburg 2,000 9,745
100,000  
Total 72,754 297,034
0  
2000   2001   2002   2003   2004   2005   2006   2007   2008   2009   2010  
Wetland*    (Districts  with  greater  than  20  wetland  credits  sales  for  year)
District 4Q  2010 2010
Charleston 24 262
Chicago 11 38
Galveston 0 59 Wetland  Credits  Sold  
All  Districts*  
Jacksonville 30 250
Little  Rock 6 42 12,000  
Louisville 1 26 10,000  
Mobile 8 267 8,000  
Nashville 6 32 6,000  
New  Orleans 79 615 4,000  
Omaha 8 49 2,000  
Portland 9 26 0  
Rock  Island 18 340 2000   2001   2002   2003   2004   2005   2006   2007   2008   2009   2010  
Sacramento 3 94
Savannah 187 2,818
Vicksburg 982 2,737 *Excludes  Norfolk  &  Seattle  Districts  due  to  signficant  SOP  deviations  from  other  
Total 1,372 7,654 districts  with  regard  to  wetland  credits.

January  2011 www.mitigationcredits.com Source:  RIBITS        Page  3

National  Market  Update
Credit  Inventory  (Released,  Unsold  Credits)

Stream  inventory  has  roughly  doubled  since  2008.    This  is  

largely  due  to  new  bank  approvals  combined  with  a  40%  
Stream  Credit  Inventory  
All  Districts  
drop  in  absorpQon  rates  over  the  same  period.      Average  
2,500,000  
absorpQon  over  this  period  would  indicate  that  the  
2,000,000  
current  inventory  represents  about  a  5.5  year  supply  of  
stream  credits.    However,  addiQonal  credit  releases  from   1,500,000  
approved  banks  over  that  Qmeframe  may  increase  this   1,000,000  
figure.  
500,000  
 
  0  
2000   2001   2002   2003   2004   2005   2006   2007   2008   2009   2010  

Wetland  inventory  has  increased  about  15%  since  2008.    

AbsorpQon  over  this  period  dropped  less  than  stream  
Wetland  Credit  Inventory  
All  Districts*  
credits  (about  20%).    Average  absorpQon  rates  since   100,000  
2008  would  indicate  that  this  inventory  represents  
80,000  
about  a  9.5  year  supply  of  wetland  credits.      However,  
addiQonal  credit  releases  from  approved  banks  over   60,000  

that  Qmeframe  may  increase  this  figure.   40,000  

 
20,000  
 
0  
2000   2001   2002   2003   2004   2005   2006   2007   2008   2009   2010  

*Excludes  Norfolk  &  Seattle  Districts  due  to  signficant  SOP  deviations  from  other  
districts  with  regard  to  wetland  credits.

January  2011 www.mitigationcredits.com Source:  RIBITS        Page  4