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13 October 2015

Dear Directors

We refer to the scheme implementation deed between Recall Holdings Limited (ABN 27 116 537 832) (Recall) and Iron Mountain Incorporated (Iron Mountain) dated 8 June 2015 (the SID). Terms defined in the SID have the same meaning when used in this document.

The parties agree to amend the SID in the manner shown in the mark-up which forms Attachment 1 to this letter.

For the avoidance of doubt, the parties hereby acknowledge and agree that the indemnification and deeds of indemnity in favour of the directors and officers of each Recall Group Member contemplated by clause 6.3 of the SID (and the related Iron Mountain undertaking provided for in clause 6.3(a) of the SID) shall apply to any and all damages, losses, claims, costs, liabilities or expenses suffered or incurred by any such director or officer in connection with, relating to or arising out of the amendments provided for in this letter (and Attachment 1 hereto).

This letter takes effect, and the parties agree to be bound by the SID as amended by this deed, from the date of this letter.

Except as specifically amended by this letter, all of the terms and conditions of the SID remain in full force and effect. With effect from the date of this letter, the SID as amended by this letter is to be read as a single integrated document incorporating the amendments effected by this letter.

This letter may be executed in any number of counterparts. All counterparts, taken together, constitute one instrument. A party may execute this letter by signing any counterpart.

Please sign a copy of this document where indicated below to confirm that the above terms are agreed.

Executed and delivered as a Deed.

Clause 1.1 of the SID is amended by inserting the definitions for “Exchange Act” and “Fixed Register Date”, deleting the definitions for “Iron Mountain Registration Statement” and “Securities Act” and amending the definitions of “Ineligible Foreign Shareholder” and “Iron Mountain Information” as follows:

Exchange Act means the United States Securities Exchange Act of 1934.

Fixed Register Date means the date which is three trading days on the ASX after the date of this Deed.

Ineligible Foreign Shareholder means a Scheme Shareholder whose address shown in the Recall Share Register is a place which Iron Mountain reasonably determines is a place that it is unlawful or unduly onerous to issue that Scheme Shareholder with New Iron Mountain Shares when the Scheme becomes Effective (provided that a Scheme Shareholder whose address shown in the Recall Share Register is within Australia and its external territories, New Zealand, United Kingdom (provided further that such Scheme Shareholder certifies to the reasonable satisfaction of Iron Mountain that such Scheme Shareholder is a “qualified investor” as defined in Article 2.1(e) of the EU Prospectus Directive), Hong Kong, Singapore, Canada or the United States will not be an Ineligible Foreign Shareholder). For the avoidance of doubt, any Scheme Shareholder whose address shown in the Recall Share Register is within the United Kingdom that does not certify to the reasonable satisfaction of Iron Mountain that such Scheme Shareholder is a “qualified investor” as defined in Article 2.1(e) of the EU Prospectus Directive will be considered an Ineligible Foreign Shareholder.

Iron Mountain Information means information regarding the Iron Mountain Group; the merged Recall-Iron Mountain entity following implementation of the Scheme; the Scheme Consideration and Iron Mountain's intentions in relation to Recall Group's business, assets and employees, provided by Iron Mountain to Recall in writing for inclusion in the Scheme Booklet (which includes information in the Iron Mountain Proxy Statement and which, for the avoidance of doubt, excludes the Recall Information and the Independent Expert's Report or an investigating accountants report).

Clause 3.4 of the SID is amended and restated as follows:

Without limiting clause 3.2, Iron Mountain must:

Clause 4.3(d) of the SID is amended and restated as follows:

entitled in those circumstances, each such parcel of Scheme Shares will be treated as though it were held by a separate Scheme Shareholder, provided that:

Clause 4.4(b) of the SID is amended and restated as follows:

(A-B) x (C÷D)

Where:

(A-B) x (C÷D)

Where:

Clause 5.1(b) and 5.1(c) of the SID are amended and restated as follows:

Clause 5.2(b) and 5.2(c) of the SID are amended and restated as follows:

Assume that the aggregate of the first 5,000 Recall Shares (or, where a lesser number of Recall Shares is held, that number) held by all validly electing Scheme Shareholders who were on the Recall Share Register as at the Fixed Register Date (and which they continue to hold until the Record Date) is 10,000,000 Recall Shares. The aggregate of the amounts which would be payable to all those validly electing Scheme Shareholders under clause 4.4(b)(i)(A) would therefore be $78,500,000 (being 10,000,000 shares multiplied by $7.85). Because $78,500,000 is less than $225,000,000, the proviso to clause 4.4(b)(i)(A) would not apply.

Assume that the aggregate of the first 5,000 Recall Shares (or, where a lesser number of Recall Shares is held, that number) held by all validly electing Scheme Shareholders who were on the Recall Share Register as at the Fixed Register Date (and which they continue to hold until the Record Date) is 30,000,000 Recall Shares. The aggregate of the amounts which would be payable to all validly electing Scheme Shareholders under clause 4.4(b)(i)(A), if not for the proviso to clause 4.4(b)(i)(A) would therefore be $235,500,000 (being 30,000,000 shares multiplied by $7.85). Because $235,500,000 exceeds $225,000,000, the proviso to clause 4.4(b)(i)(A) would apply.

The following “Events” in Annexure 1 of the SID are amended and restated as follows:

Clause 1.1 of Annexure 2 of the SID is amended and restated as follows:

Ineligible Foreign Shareholder means a Scheme Shareholder whose address shown in the Recall Share Register is a place which Iron Mountain reasonably determines is a place that it is unlawful or unduly onerous to issue that Scheme Shareholder with New Iron Mountain Shares when the Scheme becomes Effective (provided that a Scheme Shareholder whose address shown in the Recall Share Register is within Australia and its external territories, New Zealand, United Kingdom (provided further that such Scheme Shareholder certifies to the reasonable satisfaction of Iron Mountain that such Scheme Shareholder is a “qualified investor” as defined in Article 2.1(e) of the EU Prospectus Directive), Hong Kong, Singapore, Canada or the United States will not be an Ineligible Foreign Shareholder). For the avoidance of doubt, any Scheme Shareholder whose address shown in the Recall Share Register is within the United Kingdom that does not certify to the reasonable satisfaction of Iron Mountain that such Scheme Shareholder is a “qualified investor” as defined in Article 2.1(e) of the EU Prospectus Directive will be considered an Ineligible Foreign Shareholder.

Clause 4.4(d) of Annexure 2 of the SID is amended and restated as follows:

Clause 4.5(b) of Annexure 2 of the SID is amended and restated as follows:

(A-B) x (C÷D)

Where:

(A-B) x (C÷D)

Where: