Recall Rejects Non-binding Indicative Proposal from IRM

Sydney: December 15, 2014: Recall Holdings Limited Rejects Non-binding Indicative Proposal from Iron Mountain to acquire Recall for A$7.00 per share.

• Proposal represents a premium of only 9.4% to Recall’s closing price on 12 December 2014
• Proposal materially undervalues Recall whose strategy is driving double digit revenue and
  EBITDA growth, as well as margin expansion
• Recall believes Iron Mountain can potentially realise approximately US$250 million per
  annum of synergies from the proposed transaction
• Proposal provides Recall shareholders less than 5% of the potential US $3.9 billion in
  additional value created by the combination

Recall Holdings Limited (ASX: REC) (“Recall” or the “Company”) announced today that it has received
an indicative and non-binding proposal from Iron Mountain Incorporated (NYSE: IRM) (“Iron Mountain”) to acquire all of the shares in the Company by way of a scheme of arrangement (the “Proposal”).

To read the rest of the document, click here to download.